Federal Reserve Statistical Release, H.4.1, Factors Affecting Reserve Balances; title with eagle logo links to Statistical Release home page
Release Date: August 7, 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
                                                                                             August 7, 2008
1. Factors Affecting Reserve Balances of Depository Institutions
Millions of dollars
Reserve Bank credit, related items, and                            Averages of daily figures
reserve balances of depository institutions at            Week ended   Change from week ended     Wednesday
Federal Reserve Banks                                     Aug 6, 2008 Jul 30, 2008  Aug 8, 2007  Aug 6, 2008

Reserve Bank credit                                         889,150    -   3,633    +  38,892      882,522
  Securities held outright                                  479,291    +     117    - 311,523      479,330       
    U.S. Treasury (1)                                       479,291    +     117    - 311,523      479,330
      Bills (2)                                              21,740            0    - 255,279       21,740
      Notes and bonds, nominal (2)                          411,731    -     661    -  61,647      411,731
      Notes and bonds, inflation-indexed (2)                 39,832    +     661    +   4,079       39,832
      Inflation compensation (3)                              5,988    +     117    +   1,324        6,027
    Federal agency (2)                                            0            0            0            0      
  Repurchase agreements (4)                                 110,500    -   3,214    +  91,929      104,750
  Term auction credit                                       150,000            0    + 150,000      150,000  
  Other loans                                                17,463    -     181    +  17,212       17,504
    Primary credit                                           17,370    -      82    +  17,369       17,407
    Secondary credit                                              0    -      89            0            0
    Seasonal credit                                              93    -       8    -     156           97
    Primary dealer credit facility                                0    -       3            0            0
    Other credit extensions                                       0            0            0            0
  Net portfolio holdings of Maiden Lane LLC (5)              29,105    +      40    +  29,105       29,139
  Float                                                      -1,180    +     141    -     282       -1,656
  Other Federal Reserve assets                              103,971    -     536    +  62,450      103,455
Gold stock                                                   11,041            0            0       11,041
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (6)                            38,747    +      14    +     195       38,747
       
Total factors supplying reserve funds                       941,138    -   3,619    +  39,087      934,510
                                                                   
Currency in circulation (6)                                 831,567    +     951    +  18,556      832,922
Reverse repurchase agreements (7)                            43,790    +     254    +  12,143       43,198
  Foreign official and international accounts                43,790    +     254    +  12,143       43,198
  Dealers                                                         0            0            0            0
Treasury cash holdings                                          315    +       2    +      70          298
Deposits with F.R. Banks, other than reserve balances        12,363    -     415    +     403       12,222       
  U.S. Treasury, general account                              4,880    -     214    -     118        4,798
  Foreign official                                              115    +      14    +      21          101
  Service-related                                             7,019    -     242    +     457        7,019
    Required clearing balances                                7,019    -     242    +     457        7,019
    Adjustments to compensate for float                           0            0            0            0
  Other                                                         348    +      26    +      42          303
Other liabilities and capital (8)                            42,813    -      25    +   2,776       42,027

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  930,848    +     767    +  33,948      930,667

Reserve balances with Federal Reserve Banks                  10,290    -   4,386    +   5,139        3,842
                                                                
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 1A.  
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.
5. Fair value.  Refer to table 2 and the note on consolidation accompanying table 5.
6. Estimated.
7. Cash value of agreements, which are collateralized by U.S. Treasury securities.
8. Includes the liabilities of Maiden Lane LLC to entities other than the Federal Reserve Bank of New
   York, including liabilities that have recourse only to the portfolio holdings of Maiden Lane LLC.
   Refer to table 2 and the note on consolidation accompanying table 5.

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


1A. Memorandum Items,     August 6, 2008 
Millions of dollars
                                                                   Averages of daily figures
Memorandum item                                           Week ended   Change from week ended     Wednesday
                                                          Aug 6, 2008 Jul 30, 2008  Aug 8, 2007  Aug 6, 2008

Marketable securities held in custody for foreign
      official and international accounts (1)             2,395,684    +  28,010    + 389,258    2,400,849
  U.S. Treasury                                           1,418,843    +  34,425    + 171,024    1,420,203
  Federal agency                                            976,842    -   6,414    + 218,235      980,646
Securities lent to dealers                                  132,859    +   6,206    + 129,372      132,790   
  Overnight facility (2)                                      7,997    +   3,121    +   4,510        7,642
  Term facility (3)                                         124,862    +   3,085    + 124,862      125,148

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

1. Face value of the securities.  Includes U.S. Treasury STRIPS and other zero-coupon bonds at face value.
2. Fully collateralized by U.S. Treasury securities.
3. 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. Information on Principal Accounts of Maiden Lane LLC
Millions of dollars
                                                                                                  Wednesday
Account name                                                                                     Aug 6, 2008
         
Net portfolio holdings of Maiden Lane LLC (1)                                                       29,139

Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2)           28,820
Accrued interest payable to the Federal Reserve Bank of New York (2)                                    74
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3)        1,159
 
1. Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if
   the transaction were to be conducted in an orderly market on the measurement date.  Revalued quarterly. 
   This table reflects valuations as of      June 30, 2008.
2. Book value.  This amount was eliminated when preparing the Federal Reserve Bank of New York's statement
   of condition consistent with consolidation under generally accepted accounting principles.  Refer to
   the note on consolidation accompanying table 5.
3. Book value.  The fair value of these obligations is included in other liabilities and capital in table 1 
   and in other liabilities and accrued dividends in table 4 and table 5.

Note:  On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended credit to Maiden Lane LLC 
under the authority of section 13(3) of the Federal Reserve Act.  This limited liability company was formed 
to acquire certain assets of Bear Stearns and to manage those assets through time to maximize repayment of 
the credit extended and to minimize disruption to financial markets.  Payments by Maiden Lane LLC from the 
proceeds of the net portfolio holdings will be made in the following order: operating expenses of the LLC, 
principal due to the FRBNY, interest due to the FRBNY, principal due to JPMorgan Chase & Co., and interest 
due to JPMorgan Chase & Co.  Any remaining funds will be paid to the FRBNY.


3. Maturity Distribution of Term Auction Credit, Other Loans, and Securities,     August 6, 2008
Millions of dollars
                                                              U.S. Treasury                       Reverse
Remaining maturity                  Term        Other         securities (2)       Repurchase   repurchase
                                  auction       loans                  Weekly      agreements   agreements
                                   credit        (1)       Holdings    changes         (3)          (3)    
Within 15 days                     75,000        3,338       19,040    +   4,493       64,750       43,198
16 days to 90 days                 75,000       14,166       27,921    -   8,046       40,000            0
91 days to 1 year                     ---            0       69,497    +      52          ---          ---
Over 1 year to 5 years                ---          ---      175,563    +   2,880          ---          ---
Over 5 years to 10 years              ---          ---       89,886    +      21          ---          ---
Over 10 years                         ---          ---       97,424    +     725          ---          ---
                             
All                               150,000       17,504      479,330    +     124      104,750       43,198

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

1. Excludes the loan from the Federal Reserve Bank of New York to Maiden Lane LLC that was eliminated when
   preparing that Bank's statement of condition consistent with consolidation under generally accepted
   accounting principles.  The loan to Maiden Lane LLC is designed to be repaid from the orderly
   liquidation of Maiden Lane LLC's portfolio holdings and does not have a fixed amortization schedule.
2. 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. 
3. Cash value of agreements.


4. Consolidated Statement of Condition of All Federal Reserve Banks
Millions of dollars
                                                 Eliminations                          Change since
                                                     from       Wednesday        Wednesday        Wednesday
Assets, liabilities, and capital                consolidation  Aug 6, 2008     Jul 30, 2008      Aug 8, 2007

Assets
Gold certificate account                                           11,037                0                0
Special drawing rights certificate account                          2,200                0                0
Coin                                                                1,379        -       7        +     317
Securities, repurchase agreements, term auction
      credit, and other loans                                     751,584        -  18,249        -  58,241
  Securities held outright                                        479,330        +     124        - 311,490
    U.S. Treasury (1)                                             479,330        +     124        - 311,490       
      Bills (2)                                                    21,740                0        - 255,279
      Notes and bonds, nominal (2)                                411,731        -     661        -  61,647
      Notes and bonds, inflation-indexed (2)                       39,832        +     661        +   4,079
      Inflation compensation (3)                                    6,027        +     124        +   1,357
    Federal agency (2)                                                  0                0                0
  Repurchase agreements (4)                                       104,750        -  18,500        +  86,000    
  Term auction credit                                             150,000                0        + 150,000
  Other loans                                                      17,504        +     127        +  17,249
Net portfolio holdings of Maiden Lane LLC (5)                      29,139        +      40        +  29,139
Items in process of collection                       (1,164)        2,514        +   1,709        -     613
Bank premises                                                       2,160        -       1        +      97
Other assets (6)                                                  101,295        -     730        +  61,301
     
      Total assets                                   (1,164)      901,307        -  17,239        +  31,998
                          
Liabilities
Federal Reserve notes, net of F.R. Bank holdings                  795,848        +     285        +  18,498
Reverse repurchase agreements (7)                                  43,198        -   1,265        +  13,066
Deposits                                                 (0)       16,065        -  17,352        -   2,429       
  Depository institutions                                          10,862        -  17,850        -   2,594
  U.S. Treasury, general account                                    4,798        +     527        +     128
  Foreign official                                                    101                0        +       7
  Other                                                  (0)          303        -      30        +      29
Deferred availability cash items                     (1,164)        4,169        +   1,433        +     419
Other liabilities and accrued dividends (8,9)                       1,712        -     273        -   4,193

      Total liabilities                              (1,164)      860,992        -  17,171        +  25,361
                          
Capital accounts
Capital paid in                                                    19,937                0        +   3,277
Surplus                                                            18,502        +       1        +   3,090
Other capital accounts                                              1,875        -      71        +     268

      Total capital                                                40,315        -      68        +   6,637

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 1A.
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. Fair value.  Refer to table 2 and the note on consolidation accompanying table 5.
6. Includes assets denominated in foreign currencies, which are revalued daily at market exchange rates. 
7. Cash value of agreements, which are collateralized by U.S. Treasury securities.
8. Includes exchange-translation account reflecting the daily revaluation at market exchange rates of
   foreign exchange commitments.
9. Includes the liabilities of Maiden Lane LLC to entities other than the Federal Reserve Bank of New
   York, including liabilities that have recourse only to the portfolio holdings of Maiden Lane LLC. 
   Refer to the note on consolidation accompanying table 5.


5. Statement of Condition of Each Federal Reserve Bank,     August 6, 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                                           1,379         39         62         97        119        172        170        165         52         51         98        156        198
Securities, repurchase agreements, term
      auction credit, and other loans        751,584     27,699    306,864     28,412     33,522     64,132     64,749     55,596     22,822     11,762     23,469     28,445     84,113
  Securities held outright                   479,330     20,105    170,543     20,928     18,176     43,465     47,692     42,305     16,564      9,049     17,600     19,883     53,019
    U.S. Treasury (1)                        479,330     20,105    170,543     20,928     18,176     43,465     47,692     42,305     16,564      9,049     17,600     19,883     53,019
      Bills (2)                               21,740        912      7,735        949        824      1,971      2,163      1,919        751        410        798        902      2,405
      Notes and bonds (3)                    457,590     19,193    162,808     19,979     17,352     41,493     45,529     40,387     15,813      8,639     16,802     18,981     50,614
    Federal agency (2)                             0          0          0          0          0          0          0          0          0          0          0          0          0
  Repurchase agreements (4)                  104,750      4,394     37,269      4,574      3,972      9,499     10,422      9,245      3,620      1,978      3,846      4,345     11,587
  Term auction credit                        150,000      3,200     87,052      2,895     10,910     11,077      6,360      2,850      2,475         46      2,000      3,854     17,281     
  Other loans                                 17,504          0     12,000         15        464         92        274      1,195        163        689         23        363      2,226
Net portfolio holdings of Maiden Lane 
      LLC (5)                                 29,139          0     29,139          0          0          0          0          0          0          0          0          0          0
Items in process of collection                 3,678        140          0        550        610        226        485        235         43        187        391        308        503
Bank premises                                  2,160        120        212         65        150        208        226        208        126        111        275        252        207
Other assets (6)                             101,295      5,458     27,808      8,989      6,546     24,393      8,054      5,062      1,390      1,936      1,472      2,329      7,858
Interdistrict settlement account                   0    + 2,493    -43,732    + 2,455    - 3,667    - 6,285    +24,447    +14,623    + 4,620    + 2,843    + 4,905    + 2,924    - 5,627

      Total assets                           902,471     36,488    325,162     41,103     37,807     83,885     99,518     77,014     29,468     17,119     31,025     35,148     88,735

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 1A.
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. Fair value.  Refer to the note on consolidation below.
6. Includes assets denominated in foreign currencies, which are revalued daily at market exchange rates.

Note on consolidation:
On June 26, 2008, the Federal Reserve Bank of New York extended a loan under the authority of section 13(3) of the Federal Reserve Act to Maiden Lane LLC, a limited liability company 
formed to acquire certain assets of Bear Stearns.  The Federal Reserve Bank of New York is the primary beneficiary of Maiden Lane LLC.  Consistent with generally accepted accounting 
principles, the assets and liabilities of Maiden Lane LLC have been consolidated with the assets and liabilities of the Federal Reserve Bank of New York in the preparation of the
statements of condition shown on this release.  As a consequence of the consolidation, the extension of credit from the Federal Reserve Bank of New York to Maiden Lane LLC is
eliminated, the net assets of Maiden Lane LLC appear as an asset in this table (and table 1 and table 4), and the liabilities of Maiden Lane LLC to entities other than the Federal 
Reserve Bank of New York, including those with recourse only to the portfolio holdings of Maiden Lane LLC, are included in other liabilities on the next page (and in table 1 and 
table 4). 


5. Statement of Condition of Each Federal Reserve Bank,     August 6, 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             991,468     37,034    351,867     40,483     38,602     80,400    120,931     82,407     30,569     17,854     31,345     55,474    104,501
  Less: Notes held by F.R. Banks              195,620      5,006     59,760      7,123      7,068     12,880     30,658     13,333      3,520      2,874      3,349     24,054     25,996
    Federal Reserve notes, net                795,848     32,028    292,107     33,360     31,534     67,520     90,273     69,075     27,049     14,980     27,995     31,421     78,506
Reverse repurchase agreements (1)              43,198      1,812     15,370      1,886      1,638      3,917      4,298      3,813      1,493        816      1,586      1,792      4,778
Deposits                                       16,065        388      8,014        335        834      1,332        993        814        323        244        367        660      1,762
  Depository institutions                      10,862        384      2,958        330        831      1,231        990        811        310        243        365        659      1,750
  U.S. Treasury, general account                4,798          0      4,798          0          0          0          0          0          0          0          0          0          0
  Foreign official                                101          2         71          4          3         11          3          2          0          1          0          1          3
  Other                                           303          2        186          0          0         90          0          1         13          0          1          0         10
Deferred availability cash items                5,333        275          0        905        957        412        437        433         92        298        518        448        559
Other liabilities and accrued                 
  dividends (2,3)                               1,712        146       -632        161        166        407        353        281        131        102        124        182        291
   
      Total liabilities                       862,156     34,649    314,859     36,647     35,129     73,588     96,354     74,416     29,088     16,438     30,589     34,502     85,896
                              
Capital                    
Capital paid in                                19,937        787      5,065      2,335      1,341      5,189      1,561      1,281        182        322        210        267      1,398
Surplus                                        18,502      1,050      4,665      1,814      1,291      4,999      1,425        815        180        355        193        364      1,351
Other capital                                   1,875          2        572        308         46        109        177        501         19          4         33         15         90

      Total liabilities and capital           902,471     36,488    325,162     41,103     37,807     83,885     99,518     77,014     29,468     17,119     31,025     35,148     88,735
                              
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.
3. Includes the liabilities of Maiden Lane LLC to entities other than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of
   Maiden Lane LLC.  Refer to the note on consolidation on the previous page.


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

Federal Reserve notes and collateral                                                              Wednesday
                                                                                                 Aug 6, 2008
              
Federal Reserve notes outstanding                                                                  991,468
  Less: Notes held by F.R. Banks not subject to collateralization                                  195,620
    Federal Reserve notes to be collateralized                                                     795,848 
Collateral held against Federal Reserve notes                                                      795,848
  Gold certificate account                                                                          11,037
  Special drawing rights certificate account                                                         2,200
  U.S. Treasury and agency securities pledged (1)                                                  541,515
  Other assets pledged                                                                             241,096

Memo:
Total U.S. Treasury and agency securities (1)                                                      584,080
  Less: Face value of securities under reverse repurchase agreements                                42,564
    U.S. Treasury and agency securities eligible to be pledged                                     541,515
   
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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