FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks November 20, 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 Nov 19, 2008 Nov 12, 2008 Nov 21, 2007 Nov 19, 2008 Reserve Bank credit 2,178,894 - 19,310 +1,310,671 2,171,063 Securities held outright 489,084 - 517 - 290,573 488,926 U.S. Treasury (1) 476,431 - 15 - 303,226 476,425 Bills (2) 18,423 0 - 248,596 18,423 Notes and bonds, nominal (2) 410,491 0 - 60,493 410,491 Notes and bonds, inflation-indexed (2) 41,071 0 + 4,160 41,071 Inflation compensation (3) 6,445 - 15 + 1,702 6,440 Federal agency (2) 12,654 - 501 + 12,654 12,501 Repurchase agreements (4) 80,000 0 + 31,714 80,000 Term auction credit 415,302 0 + 415,302 415,302 Other loans 296,818 - 26,114 + 296,337 288,702 Primary credit 91,552 - 3,828 + 91,118 92,645 Secondary credit 112 + 23 + 112 118 Seasonal credit 9 - 1 - 37 8 Primary dealer and other broker-dealer credit (5) 50,170 - 14,763 + 50,170 46,611 Asset-backed commercial paper money market mutual fund liquidity facility 69,798 - 10,446 + 69,798 61,923 Other credit extensions 85,177 + 2,902 + 85,177 87,397 Net portfolio holdings of Commercial Paper Funding Facility LLC (6) 265,691 + 15,781 + 265,691 270,879 Net portfolio holdings of Maiden Lane LLC (7) 26,945 + 69 + 26,945 26,919 Float -1,374 + 83 - 741 -1,628 Other Federal Reserve assets 606,429 - 8,612 + 565,997 601,963 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (8) 38,773 + 14 + 36 38,773 Total factors supplying reserve funds 2,230,908 - 19,296 +1,310,707 2,223,077 Note: Components may not sum to totals because of rounding. Footnotes appear on the following page. H.4.1 1. Factors Affecting Reserve Balances of Depository Institutions, continued 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 Nov 19, 2008 Nov 12, 2008 Nov 21, 2007 Nov 19, 2008 Currency in circulation (8) 864,682 + 485 + 43,922 865,504 Reverse repurchase agreements (9) 100,423 + 737 + 65,331 102,909 Foreign official and international accounts 76,137 - 1,406 + 41,045 77,909 Dealers 24,286 + 2,143 + 24,286 25,000 Treasury cash holdings 250 - 12 - 25 242 Deposits with F.R. Banks, other than reserve balances 585,640 - 62,712 + 573,873 585,063 U.S. Treasury, general account 60,465 - 1,311 + 55,506 68,457 U.S. Treasury, supplementary financing account 508,956 - 49,936 + 508,956 508,956 Foreign official 394 + 103 + 296 183 Service-related 6,324 + 17 - 58 6,324 Required clearing balances 6,305 - 2 - 75 6,305 Adjustments to compensate for float 18 + 18 + 16 18 Other 9,501 - 11,585 + 9,173 1,143 Other liabilities and capital (10) 46,043 + 480 + 3,148 45,186 Total factors, other than reserve balances, absorbing reserve funds 1,597,037 - 61,023 + 686,248 1,598,905 Reserve balances with Federal Reserve Banks 633,870 + 41,726 + 624,458 624,172 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. Includes credit extended through the Primary Dealer Credit Facility and credit extended to certain other broker-dealers. 6. Refer to table 4 and the notes on consolidation accompanying table 6. 7. Fair value. Refer to table 3 and the notes on consolidation accompanying table 6. 8. Estimated. 9. Cash value of agreements, which are collateralized by U.S. Treasury securities. 10. Includes the liabilities of Maiden Lane LLC and Commercial Paper Funding Facility LLC to entities other than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of these entities. Refer to tables 3 and 4 and the notes on consolidation accompanying table 6. Sources: Federal Reserve Banks and the U.S. Department of the Treasury. 1A. Memorandum Items Millions of dollars Averages of daily figures Memorandum item Week ended Change from week ended Wednesday Nov 19, 2008 Nov 12, 2008 Nov 21, 2007 Nov 19, 2008 Marketable securities held in custody for foreign official and international accounts (1) 2,501,128 - 6,804 + 475,356 2,499,533 U.S. Treasury 1,609,909 + 1,870 + 386,639 1,614,483 Federal agency 891,218 - 8,675 + 88,716 885,051 Securities lent to dealers 205,496 - 12,856 + 196,502 200,524 Overnight facility (2) 14,240 - 4,113 + 5,246 10,325 Term facility (3,4) 191,256 - 8,743 + 191,256 190,199 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 other highly rated debt securities. 4. On November 19, 2008, option contracts on draws on the Term Securities Lending Facility totaling $ 49,998 million were outstanding. The exercise date for the options is November 24, 2008, and the draws have a term of November 25, 2008 through December 2, 2008. 2. Maturity Distribution of Term Auction Credit, Other Loans, and Securities, November 19, 2008 Millions of dollars Remaining maturity Within 15 16 days to 91 days to Over 1 year Over 5 years Over 10 All days 90 days 1 year to 5 years to 10 years years Term auction credit 138,271 277,031 --- --- --- --- 415,302 Other loans (1) 160,131 56,255 5,419 66,897 --- --- 288,702 U.S. Treasury securities (2) Holdings 20,343 19,471 66,692 170,928 96,956 102,035 476,425 Weekly changes + 2,212 - 8,576 + 5,464 - 2,481 + 2,647 + 718 - 15 Federal agency securities Holdings 929 8,338 3,234 0 0 0 12,501 Weekly changes + 181 - 299 - 350 0 0 0 - 468 Commercial paper held by Commercial Paper Funding Facility LLC (3) 0 271,969 0 --- --- --- 271,969 Repurchase agreements (4) 40,000 40,000 --- --- --- --- 80,000 Reverse repurchase agreements (4) 102,909 0 --- --- --- --- 102,909 Note: Components may not sum to totals because of rounding. --- Not applicable. 1. Excludes the loans from the Federal Reserve Bank of New York to Maiden Lane LLC and Commercial Paper Funding Facility LLC that were 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. Face value of commercial paper held by Commercial Paper Funding Facility LLC. 4. Cash value of agreements. H.4.1 3. Information on Principal Accounts of Maiden Lane LLC Millions of dollars Wednesday Account name Nov 19, 2008 Net portfolio holdings of Maiden Lane LLC (1) 26,919 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) 235 Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3) 1,180 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 September 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 notes on consolidation accompanying table 6. 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 5 and table 6. 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. 4. Information on Principal Accounts of Commercial Paper Funding Facility LLC Millions of dollars Wednesday Account name Nov 19, 2008 Commercial paper holdings, net (1) 269,702 Other investments, net 1,177 Net portfolio holdings of Commercial Paper Funding Facility LLC 270,879 Memorandum: Commercial paper holdings, face value 271,969 Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2) 270,347 Accrued interest payable to the Federal Reserve Bank of New York (2) 186 1. Book value, which includes amortized cost and related fees. 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 notes on consolidation accompanying table 6. Note: On October 27, 2008, the Federal Reserve Bank of New York began extending loans under the authority of section 13(3) of the Federal Reserve Act to Commercial Paper Funding Facility LLC. This LLC is a limited liability company that was formed to purchase three-month U.S.dollar-denominated commercial paper from eligible issuers and thereby foster liquidity in short-term funding markets and increase the availability of credit for businesses and households. H.4.1 5. Consolidated Statement of Condition of All Federal Reserve Banks Millions of dollars Eliminations Change since from Wednesday Wednesday Wednesday Assets, liabilities, and capital consolidation Nov 19, 2008 Nov 12, 2008 Nov 21, 2007 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 2,200 0 0 Coin 1,648 + 8 + 470 Securities, repurchase agreements, term auction credit, and other loans 1,272,929 - 27,859 + 438,201 Securities held outright 488,926 - 483 - 290,744 U.S. Treasury (1) 476,425 - 15 - 303,245 Bills (2) 18,423 0 - 248,596 Notes and bonds, nominal (2) 410,491 0 - 60,493 Notes and bonds, inflation-indexed (2) 41,071 0 + 4,160 Inflation compensation (3) 6,440 - 15 + 1,684 Federal agency (2) 12,501 - 468 + 12,501 Repurchase agreements (4) 80,000 0 + 25,000 Term auction credit 415,302 0 + 415,302 Other loans 288,702 - 27,375 + 288,644 Net portfolio holdings of Commercial Paper Funding Facility LLC (5) 270,879 + 13,592 + 270,879 Net portfolio holdings of Maiden Lane LLC (6) 26,919 - 30 + 26,919 Items in process of collection (459) 1,115 - 11 - 3,250 Bank premises 2,178 + 7 + 64 Other assets (7) 599,780 - 11,478 + 560,932 Total assets (459) 2,188,686 - 25,769 +1,294,215 Liabilities Federal Reserve notes, net of F.R. Bank holdings 828,617 + 169 + 42,240 Reverse repurchase agreements (8) 102,909 + 591 + 67,526 Deposits (0) 1,209,231 - 25,700 +1,182,538 Depository institutions 630,492 + 36,139 + 609,525 U.S. Treasury, general account 68,457 + 15,472 + 63,133 U.S. Treasury, supplementary financing account 508,956 - 49,936 + 508,956 Foreign official 183 - 251 + 87 Other (0) 1,143 - 27,124 + 837 Deferred availability cash items (459) 2,742 - 173 - 346 Other liabilities and accrued dividends (9,10) 4,194 + 256 - 1,702 Total liabilities (459) 2,147,694 - 24,856 +1,290,257 Capital accounts Capital paid in 20,373 + 1 + 2,284 Surplus 17,166 - 1,368 + 1,709 Other capital accounts 3,453 + 455 - 35 Total capital 40,992 - 913 + 3,959 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. Refer to table 4 and the notes on consolidation accompanying table 6. 6. Fair value. Refer to table 3 and the notes on consolidation accompanying table 6. 7. Includes assets denominated in foreign currencies and any exchange-translation assets, which are revalued daily at market exchange rates. 8. Cash value of agreements, which are collateralized by U.S. Treasury securities. 9. Includes any exchange-translation liabilities, which are revalued daily at market exchange rates. 10. Includes the liabilities of Maiden Lane LLC and Commercial Paper Funding Facility LLC to entities other than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of these entities. Refer to the notes on consolidation accompanying table 6. H.4.1 6. Statement of Condition of Each Federal Reserve Bank, November 19, 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 1,648 56 77 128 130 228 213 189 41 55 109 185 236 Securities, repurchase agreements, term auction credit, and other loans 1,272,929 105,867 589,255 55,688 39,615 151,257 74,869 59,743 23,213 16,114 27,095 29,210 101,003 Securities held outright 488,926 20,507 173,957 21,347 18,540 44,335 48,647 43,152 16,896 9,230 17,952 20,281 54,081 U.S. Treasury (1) 476,425 19,983 169,509 20,801 18,066 43,201 47,403 42,049 16,464 8,994 17,493 19,763 52,698 Bills (2) 18,423 773 6,555 804 699 1,671 1,833 1,626 637 348 676 764 2,038 Notes and bonds (3) 458,002 19,210 162,954 19,997 17,367 41,531 45,570 40,423 15,827 8,647 16,817 18,998 50,660 Federal agency (2) 12,501 524 4,448 546 474 1,134 1,244 1,103 432 236 459 519 1,383 Repurchase agreements (4) 80,000 3,356 28,464 3,493 3,034 7,254 7,960 7,061 2,765 1,510 2,937 3,318 8,849 Term auction credit 415,302 20,050 172,267 30,755 18,020 99,222 17,845 8,227 3,098 5,068 1,085 4,606 35,060 Other loans 288,702 61,954 214,568 93 21 445 416 1,303 455 306 5,121 1,005 3,014 Net portfolio holdings of Commercial Paper Funding Facility LLC (5) 270,879 0 270,879 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (6) 26,919 0 26,919 0 0 0 0 0 0 0 0 0 0 Items in process of collection 1,573 35 96 176 233 -43 493 100 13 102 41 84 243 Bank premises 2,178 123 210 64 150 222 225 207 131 111 274 251 210 Other assets (7) 599,780 33,355 161,371 57,026 40,631 156,606 45,381 26,475 6,013 11,271 6,492 11,835 43,325 Interdistrict settlement account 0 - 64,848 + 226,614 - 61,520 - 12,537 - 94,504 + 3,138 + 14,499 + 2,145 - 8,954 + 2,757 + 3,222 - 10,013 Total assets 2,189,144 75,127 1,280,230 52,100 68,749 214,803 125,706 102,338 31,972 18,928 37,184 45,521 136,487 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. Refer to table 4 and the notes on consolidation below. 6. Fair value. Refer to the notes on consolidation below. 7. Includes assets denominated in foreign currencies and any exchange-translation assets, which are revalued daily at market exchange rates. Notes on consolidation: On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) 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 FRBNY 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 FRBNY in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the extension of credit from the FRBNY 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 5), and the liabilities of Maiden Lane LLC to entities other than the FRBNY, 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 5). On October 27, 2008, the Federal Reserve Bank of New York (FRBNY) began extending loans under the authority of section 13(3) of the Federal Reserve Act to Commercial Paper Funding Facility LLC (CPFF LLC). This LLC is a limited liability company that was formed to purchase three-month U.S. dollar-denominated commercial paper from eligible issuers. The FRBNY is the sole beneficiary of CPFF LLC. Consistent with generally accepted accounting principles, the assets and liabilities of CPFF LLC have been consolidated with the assets and liabilities of the FRBNY in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the extension of credit from the FRBNY to CPFF LLC is eliminated, the net assets of CPFF LLC appear as an asset in this table (and table 1 and table 5), and the liabilities of CPFF LLC to entities other than the FRBNY are included in other liabilities on the next page (and table 1 and table 5). 6. Statement of Condition of Each Federal Reserve Bank, November 19, 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 1,009,038 38,348 350,690 42,289 47,354 82,229 120,279 84,354 29,791 17,519 30,555 54,378 111,252 Less: Notes held by F.R. Banks 180,421 6,173 47,744 5,973 7,803 11,774 27,675 13,419 3,465 2,797 3,771 22,743 27,083 Federal Reserve notes, net 828,617 32,175 302,946 36,316 39,552 70,454 92,604 70,935 26,326 14,722 26,784 31,635 84,169 Reverse repurchase agreements (8) 102,909 4,316 36,615 4,493 3,902 9,332 10,239 9,083 3,556 1,943 3,779 4,269 11,383 Deposits 1,209,231 36,507 929,212 5,854 21,516 122,717 18,984 20,178 1,473 1,202 5,911 8,524 37,152 Depository institutions 630,492 36,486 350,638 5,848 21,512 122,603 18,981 20,176 1,464 1,201 5,910 8,523 37,149 U.S. Treasury, general account 68,457 0 68,457 0 0 0 0 0 0 0 0 0 0 U.S. Treasury, supplementary financing account 508,956 0 508,956 0 0 0 0 0 0 0 0 0 0 Foreign official 183 2 153 4 3 11 3 2 0 1 0 1 3 Other 1,143 19 1,008 1 1 103 0 0 8 0 1 0 0 Deferred availability cash items 3,201 71 0 534 504 325 227 284 30 263 153 259 551 Other liabilities and accrued dividends (9,10) 4,194 183 1,371 213 210 584 389 311 157 110 133 185 348 Total liabilities 2,148,152 73,252 1,270,144 47,411 65,684 203,411 122,443 100,792 31,542 18,239 36,760 44,872 133,602 Capital Capital paid in 20,373 784 5,165 2,330 1,522 5,836 1,610 698 209 324 207 270 1,419 Surplus 17,166 1,050 3,327 1,815 1,291 4,999 1,426 816 180 355 193 364 1,351 Other capital 3,453 41 1,594 544 252 557 227 32 42 10 25 15 115 Total liabilities and capital 2,189,144 75,127 1,280,230 52,100 68,749 214,803 125,706 102,338 31,972 18,928 37,184 45,521 136,487 Note: Components may not sum to totals because of rounding. 8. Cash value of agreements, which are collateralized by U.S. Treasury securities. 9. Includes any exchange-translation liabilities, which are revalued daily at market exchange rates. 10. Includes the liabilities of Maiden Lane LLC and Commercial Paper Funding Facility LLC to entities other than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of these entities. Refer to the notes on consolidation on the previous page. H.4.1 7. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts Millions of dollars Federal Reserve notes and collateral Wednesday Nov 19, 2008 Federal Reserve notes outstanding 1,009,038 Less: Notes held by F.R. Banks not subject to collateralization 180,421 Federal Reserve notes to be collateralized 828,617 Collateral held against Federal Reserve notes 828,617 Gold certificate account 11,037 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 472,418 Other assets pledged 342,962 Memo: Total U.S. Treasury and agency securities (1) 568,926 Less: Face value of securities under reverse repurchase agreements 96,508 U.S. Treasury and agency securities eligible to be pledged 472,418 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.