Federal Reserve Statistical Release, H.4.1, Factors Affecting Reserve Balances; title with eagle logo links to Statistical Release home page
Release Date: May 22, 2008
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FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                               May 22, 2008
1. Factors Affecting Reserve Balances of Depository Institutions
Millions of dollars
                                                                   Averages of daily figures
Reserve Bank credit, related items, and                   Week ended   Change from week ended     Wednesday
reserve balances of depository institutions at           May 21, 2008 May 14, 2008 May 23, 2007 May 21, 2008
Federal Reserve Banks

Reserve Bank credit                                         871,207    +   4,994    +  21,236      883,337
 Securities held outright                                   502,831    -  17,223    - 287,322      502,863       
    U.S. Treasury (1)                                       502,831    -  17,223    - 287,322      502,863
       Bills (2)                                             41,155    -   9,312    - 235,864       41,155
       Notes and bonds, nominal (2)                         417,391    -   7,998    -  57,281      417,391
       Notes and bonds, inflation-indexed (2)                39,171            0    +   4,712       39,171
       Inflation compensation (3)                             5,114    +      86    +   1,111        5,146
    Federal agency (2)                                            0            0            0            0      
 Repurchase agreements (4)                                  123,357    +  27,536    + 101,286      134,000
 Term auction credit                                        125,000            0    + 125,000      125,000  
 Other loans                                                 27,791    -   3,254    +  27,649       28,871
    Primary credit                                           13,536    -     880    +  13,494       15,264
    Secondary credit                                              0    -       1            0            0
    Seasonal credit                                              46    +       9    -      55           52
    Primary dealer credit facility                           14,209    -   2,383    +  14,209       13,555
    Other credit extensions                                       0            0            0            0
 Float                                                         -912    +     297    +      25       -1,563
 Other Federal Reserve assets                                93,140    -   2,361    +  54,599       94,168
Gold stock                                                   11,041            0            0       11,041
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            38,777    +      14    +     334       38,777
       
Total factors supplying reserve funds                       923,225    +   5,009    +  21,570      935,355
                                                                   
Currency in circulation (5)                                 817,761    +   2,001    +   8,943      820,510
Reverse repurchase agreements (6)                            38,348    -     703    +   6,133       37,026
   Foreign official and international accounts               38,348    -     703    +   6,133       37,026
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          251    -       4    -      15          272
Deposits with F.R. Banks, other than reserve balances        11,829    -     308    +      78       11,855       
  U.S. Treasury, general account                              4,399    -     258    -     514        4,420
  Foreign official                                               98            0    +       4           98
  Service-related                                             7,045            0    +     576        7,045
     Required clearing balances                               7,045    +       1    +     576        7,045
     Adjustments to compensate for float                          0    -       1            0            0
  Other                                                         288    -      48    +      13          292
Other liabilities and capital                                44,505    +     942    +   5,445       44,874

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  912,694    +   1,928    +  20,584      914,537

Reserve balances with Federal Reserve Banks                  10,531    +   3,081    +     986       20,818
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts (2,7)        2,276,672    -   2,002    + 331,936    2,281,658
     U.S. Treasury                                        1,337,621    -  11,027    + 115,884    1,340,300
     Federal agency                                         939,051    +   9,026    + 216,052      941,358
  Securities lent to dealers                                131,069    -  19,472    + 126,913      129,021   
     Overnight facility (8)                                   8,942    -   3,510    +   4,786        9,431
     Term facility (9)                                      122,127    -  15,962    + 122,127      119,590


Note: Components may not sum to totals because of rounding.

1. Includes securities lent to dealers under the overnight and term securities lending facilities.  
2. Face value of the securities. 
3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed
   securities. 
4. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
5. Estimated. 
6. Cash value of agreements, which are collateralized by U.S. Treasury securities.
7. Includes U.S. Treasury STRIPS and other zero coupon bonds at face value.
8. Fully collateralized by U.S. Treasury securities.
9. Fully collateralized by U.S. Treasury securities, federal agency securities, and highly rated
   non-agency asset-backed and mortgage-backed securities.

Sources: Federal Reserve Banks and the U.S. Department of the Treasury.


2. Consolidated Statement of Condition of All Federal Reserve Banks
Millions of dollars
                                              Eliminations                          Change Since
                                                  from       Wednesday        Wednesday        Wednesday
Assets, liabilities, and capital             consolidation May 21, 2008     May 14, 2008     May 23, 2007

Assets
Gold certificate account                                        11,037                0                0
Special drawing rights certificate account                       2,200                0                0
Coin                                                             1,345        -      41        +     440
Securities, repurchase agreements, term auction
      credit, and other loans                                  790,733        +  22,172        -  30,817
   Securities held outright                                    502,863        -  12,793        - 287,319
      U.S. Treasury (1)                                        502,863        -  12,793        - 287,319       
         Bills (2)                                              41,155        -   8,455        - 235,864
         Notes and bonds, nominal (2)                          417,391        -   4,425        -  57,281
         Notes and bonds, inflation-indexed (2)                 39,171                0        +   4,712
         Inflation compensation (3)                              5,146        +      87        +   1,114
      Federal agency (2)                                             0                0                0
   Repurchase agreements (4)                                   134,000        +  34,000        + 102,750    
   Term auction credit                                         125,000                0        + 125,000
   Other loans                                                  28,871        +     966        +  28,753
Items in process of collection                      (426)          883        -   1,399        -   2,252
Bank premises                                                    2,151        +       4        +     137
Other assets (5)                                                91,901        -   1,238        +  55,066
      Total assets                                  (426)      900,249        +  19,497        +  22,573
                          
Liabilities
Federal Reserve notes, net of FR Bank holdings                 783,345        +   2,556        +   9,239
Reverse repurchase agreements (6)                               37,026        -   2,088        +   4,408
Deposits                                              (0)       32,557        +  17,598        +   4,663       
  Depository institutions                                       27,747        +  17,173        +   4,524
  U.S. Treasury, general account                                 4,420        +     400        +     108
  Foreign official                                                  98        +       1        +       5
  Other                                               (0)          292        +      24        +      26
Deferred availability cash items                    (426)        2,447        -     182        -   1,861
Other liabilities and accrued dividends (7)                      3,926        +   1,192        -   1,994
      Total liabilities                             (426)      859,301        +  19,077        +  14,454
                          
Capital accounts
Capital paid in                                                 19,923        +      62        +   3,902
Surplus                                                         18,479                0        +   3,105
Other capital accounts                                           2,547        +     358        +   1,113
      Total capital                                             40,949        +     421        +   8,120


Note: Components may not sum to totals because of rounding.

1. Includes securities lent to dealers under the overnight and term securities lending facilities; refer
   to table 1, footnotes 8 and 9.
2. Face value of the securities.
3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed
   securities. 
4. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securites.
5. Includes assets denominated in foreign currencies, which are revalued daily at market exchange rates. 
6. Cash value of agreements, which are collateralized by U.S. Treasury securities.
7. Includes exchange-translation account reflecting the daily revaluation at market exchange rates of 
   foreign exchange commitments.

3. Maturity Distribution of Term Auction Credit, Other Loans, and Securities,       May 21, 2008
Millions of dollars
                                                 U.S. Treasury                       Reverse
Remaining maturity       Term                    securities (1)       Repurchase   repurchase
                       auction       Other                Weekly      agreements   agreements   
                        credit       loans    Holdings    changes         (2)          (2)          
Within 15 days         125,000       17,264      16,613   -  13,443       94,000       37,026
16 days to 90 days           0       11,607      36,535   +   2,988       40,000            0
91 days to 1 year          ---            0      87,041   +     310          ---          ---
Over 1 to 5 years          ---          ---     176,232   -  11,511          ---          ---
Over 5 to 10 years         ---          ---      90,046   +   6,847          ---          ---
Over 10 years              ---          ---      96,396   +   2,016          ---          ---
                            
All                    125,000       28,871     502,863   -  12,793      134,000       37,026

Note: Components may not sum to totals because of rounding.
---   Not applicable.

1. Includes the original face value of inflation-indexed securities and compensation that
   adjusts for the effect of inflation on the original face value of such securities. 
2. Cash value of agreements.



4. Statement of Condition of Each Federal Reserve Bank on       May 21, 2008
Millions of dollars
                                                                                                                                                            Kansas                 San
Assets, liabilities, and capital               Total     Boston   New York Philadelphia Cleveland   Richmond   Atlanta    Chicago   St. Louis  Minneapolis   City      Dallas   Francisco

Assets                        
Gold certificate account                      11,037        424      3,935        453        423        891      1,221        913        344        199        349        636      1,249
Special drawing rights certificate acct.       2,200        115        874         83        104        147        166        212         71         30         66         98        234
Coin                                           1,345         44         64         99        115        170        156        167         50         60         88        144        189
Securities, repurchase agreements, term
      auction credit, and other loans        790,733     27,244    350,722     27,806     26,450     68,227     67,560     58,009     24,211     13,763     23,553     28,818     74,371
   Securities held outright                  502,863     21,092    178,915     21,956     19,068     45,599     50,034     44,382     17,377      9,493     18,464     20,859     55,622
      U.S. Treasury (1)                      502,863     21,092    178,915     21,956     19,068     45,599     50,034     44,382     17,377      9,493     18,464     20,859     55,622
         Bills (2)                            41,155      1,726     14,643      1,797      1,561      3,732      4,095      3,632      1,422        777      1,511      1,707      4,552
         Notes and bonds (3)                 461,707     19,366    164,273     20,159     17,508     41,867     45,939     40,750     15,955      8,717     16,953     19,152     51,070
      Federal agency (2)                           0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements (4)              134,000      5,620     47,676      5,851      5,081     12,151     13,333     11,827      4,631      2,530      4,920      5,558     14,822
      Term auction credit                    125,000        530     97,072          0      2,300     10,459      4,160      1,226      2,105     1,715        150      2,400      2,883     
      Other loans                             28,871          1     27,059          0          0         19         33        574         98         25         19          0      1,044
Items in process of collection                 1,309         58          0         89        226        155         16         56         32        120        182        163        212
Bank premises                                  2,151        118        214         65        151        197        228        205        122        112        277        254        208
Other assets (5)                              91,901      4,952     25,238      8,288      5,942     22,255      7,255      4,549      1,208      1,749      1,310      2,081      7,075
Interdistrict settlement account                   0    + 4,730    -57,170    + 4,068    + 3,359    - 8,358    +20,539    +15,199    + 2,991    + 1,241    + 4,718    + 2,853    + 5,830
          Total assets                       900,675     37,686    323,877     40,951     36,770     83,683     97,141     79,310     29,027     17,274     30,543     35,047     89,368

Note: Components may not sum to totals because of rounding.

1. Includes securities lent to dealers under the overnight and term securities lending facilities; refer to table 1, footnotes 8 and 9.
2. Face value of the securities.
3. Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the
   original face value of such securities. 
4. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
5. Includes assets denominated in foreign currencies, which are revalued daily at market exchange rates.




4. Statement of Condition of Each Federal Reserve Bank on       May 21, 2008 (continued)
Millions of dollars
                                                                                                                                                            Kansas                 San
Assets, liabilities, and capital                Total     Boston   New York Philadelphia Cleveland   Richmond   Atlanta    Chicago   St. Louis  Minneapolis   City      Dallas   Francisco

Liabilities                         
Federal Reserve notes outstanding             984,851     37,712    341,283     40,782     39,009     80,108    119,165     83,430     30,980     18,133     31,671     55,815    106,764
  Less: notes held by F.R. Banks              201,506      5,211     59,051      7,606      7,912     13,485     32,245     13,835      4,231      2,916      3,656     24,117     27,239
    Federal Reserve notes, net                783,345     32,500    282,231     33,176     31,097     66,622     86,920     69,595     26,748     15,217     28,015     31,697     79,525
Reverse repurchase agreements (1)              37,026      1,553     13,174      1,617      1,404      3,357      3,684      3,268      1,279        699      1,360      1,536      4,095
Deposits                                       32,557      1,074     16,914      1,567        731      2,432      2,556      3,255        402        317        387        863      2,059
  Depository institutions                      27,747      1,042     12,252      1,563        725      2,347      2,553      3,255        391        317        385        862      2,056
  U.S. Treasury, general account                4,420          0      4,420          0          0          0          0          0          0          0          0          0          0
  Foreign official                                 98          2         68          4          3         11          3          2          0          1          0          1          3
  Other                                           292         30        174          0          3         74          0         -2         11          0          1          0          0
Deferred availability cash items                2,873        163          0        396        543        237        251        241         51        239        217        117        418
Other liabilities and accrued                 
  dividends (2)                                 3,926        169      1,293        197        195        495        376        313        153        109        132        172        322
   
    Total liabilities                         859,727     35,459    313,612     36,953     33,970     73,144     93,786     76,672     28,634     16,582     30,111     34,385     86,419
                              
Capital                    
Capital paid in                                19,923      1,088      4,933      2,042      1,398      5,173      1,625      1,280        183        316        207        260      1,418
Surplus                                        18,479      1,050      4,643      1,814      1,291      4,998      1,425        815        180        355        194        364      1,351
Other capital                                   2,547         90        688        142        110        369        304        543         30         21         32         38        179
     Total liabilities and capital            900,675     37,686    323,877     40,951     36,770     83,683     97,141     79,310     29,027     17,274     30,543     35,047     89,368
                              

Note: Components may not sum to totals because of rounding.

1. Cash value of agreements, which are collateralized by U.S. Treasury securities.
2. Includes exchange-translation account reflecting the daily revaluation at market exchange rates of foreign exchange commitments.


5. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts
Millions of dollars



Federal Reserve notes and collateral        Wednesday
                                          May 21, 2008
              
Federal Reserve notes outstanding             984,851
   Less: Notes held by F.R. Banks
         not subject to collateralization     201,506
      Federal Reserve notes to be
         collateralized                       783,345 
Collateral held against Federal Reserve            
   notes                                      783,345
   Gold certificate account                    11,037
   Special drawing rights certificate     
     account                                    2,200
   U.S. Treasury and agency securities   
     pledged (1)                              599,911
   Other assets pledged                       170,197

Memo:
Total U.S. Treasury and agency 
       securities (1)                         636,863
   Less: face value of securities under
         reverse repurchase agreements         36,951
      U.S. Treasury and agency securities
             eligible to be pledged           599,911
   

Note: Components may not sum to totals because of rounding.

1. Includes face value of U.S. Treasury and agency securities
   held outright, compensation to adjust for the effect of
   inflation on the original face value of inflation-indexed
   securities, and cash value of repurchase agreements.
 

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