FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks March 27, 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 Mar 26, 2008 Mar 19, 2008 Mar 28, 2007 Mar 26, 2008 Federal Reserve Banks Reserve Bank Credit 869,437 - 9,347 + 17,325 878,643 Securities held outright 628,977 - 47,917 - 151,905 612,305 U.S. Treasury (1) 628,977 - 47,917 - 151,905 612,305 Bills (2) 124,375 - 40,841 - 152,644 114,091 Notes and bonds, nominal (2) 461,457 - 7,124 - 7,096 455,052 Notes and bonds, inflation-indexed (2) 38,437 0 + 6,661 38,437 Inflation compensation (3) 4,708 + 48 + 1,174 4,726 Federal agency (2) 0 0 0 0 Repurchase agreements(4) 84,821 + 23,714 + 52,642 106,750 Term auction credit 80,000 0 + 80,000 80,000 Other loans 33,481 + 14,432 + 33,401 37,607 Primary credit 550 + 469 + 498 579 Secondary credit 2 + 2 + 2 0 Seasonal credit 6 - 1 - 22 6 Primary dealer credit facility 32,923 + 19,490 + 32,923 37,023 Other credit extensions 0 - 5,529 0 0 Float -1,349 + 218 - 796 -1,872 Other Federal Reserve assets 43,506 + 205 + 3,981 43,853 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 38,778 + 14 + 420 38,778 Total factors supplying reserve funds 921,456 - 9,333 + 17,745 930,662 Currency in circulation(5) 816,955 - 99 + 11,470 817,761 Reverse repurchase agreements (6) 40,706 - 4 + 3,262 40,822 Foreign official and international accounts 40,706 + 1,032 + 3,262 40,822 Dealers 0 - 1,036 0 0 Treasury cash holdings 297 + 24 + 23 331 Deposits with F.R.Banks, other than reserve balances 12,854 + 581 + 489 12,197 U.S. Treasury, general account 5,729 + 577 + 739 4,944 Foreign official 118 + 15 + 19 239 Service-related 6,754 0 - 286 6,754 Required clearing balances 6,754 0 - 286 6,754 Adjustments to compensate for float 0 0 0 0 Other 254 - 10 + 18 261 Other liabilities and capital 44,535 - 199 + 5,776 44,645 Total factors, other than reserve balances, absorbing reserve funds 915,347 + 303 + 21,018 915,758 Reserve balances with Federal Reserve Banks 6,109 - 9,637 - 3,274 14,905 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 2,184,255 + 15,757 + 304,511 2,195,949 U.S. Treasury 1,284,715 + 4,373 + 73,897 1,291,523 Federal agency 899,539 + 11,383 + 230,613 904,426 Securities lent to dealers 9,940 - 2,288 + 9,359 15,484 Note: Components may not sum to totals because of rounding. 1 Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities. 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. 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 Mar 26, 2008 Mar 19, 2008 Mar 28, 2007 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 2,200 0 0 Coin 1,321 + 5 + 400 Securities, repurchase agreements, term auction credit, and other loans 836,663 + 5,253 + 19,744 Securities held outright 612,305 - 48,179 - 168,585 U.S. Treasury (1) 612,305 - 48,179 - 168,585 Bills (2) 114,091 - 38,269 - 162,928 Notes and bonds, nominal (2) 455,052 - 9,958 - 13,501 Notes and bonds, inflation-indexed (2) 38,437 0 + 6,661 Inflation compensation (3) 4,726 + 48 + 1,183 Federal agency (2) 0 0 0 Repurchase agreements (4) 106,750 + 44,750 + 70,750 Term auction credit 80,000 0 + 80,000 Other loans 37,607 + 8,682 + 37,579 Items in process of collection (471) 785 - 701 - 2,034 Bank premises 2,143 + 2 + 168 Other assets (5) 41,619 + 461 + 3,808 Total assets (471) 895,768 + 5,021 + 22,087 Liabilities Federal Reserve notes, net of FR Bank holdings 780,632 - 569 + 10,394 Reverse repurchase agreements (6) 40,822 - 5,321 + 3,179 Deposits (0) 27,011 + 11,086 + 3,487 Depository institutions 21,567 + 11,392 + 3,138 U.S. Treasury, general account 4,944 - 420 + 172 Foreign official 239 + 140 + 148 Other (0) 261 - 27 + 30 Deferred availability cash items (471) 2,658 - 607 - 1,150 Other liabilities and accrued dividends (7) 3,833 - 244 - 2,019 Total liabilities (471) 854,955 + 4,344 + 13,889 Capital Accounts Capital paid in 19,546 + 18 + 3,705 Surplus 18,458 0 + 3,097 Other capital accounts 2,808 + 658 + 1,394 Total capital 40,812 + 676 + 8,197 Note: Components may not sum to totals because of rounding. 1 Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities. 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, March 26, 2008 Millions of dollars Term auction Other U.S. Treasury Reverse Remaining maturity credit loans securities (1) Repurchase repurchase Weekly agreements(2)agreements(2) Holdings changes Within 15 days 80,000 37,557 39,831 + 1,140 76,750 40,822 16 days to 90 days 0 50 73,064 - 26,510 30,000 0 91 days to 1 year ------ 0 101,222 - 12,896 ------ ------ Over 1 to 5 years ------ ------ 214,965 - 9,943 ------ ------ Over 5 to 10 years ------ ------ 88,977 + 11 ------ ------ Over 10 years ------ ------ 94,246 + 20 ------ ------ All 80,000 37,607 612,305 - 48,179 106,750 40,822 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 March 26, 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 11,037 449 4,053 455 428 869 1,117 903 326 203 335 613 1,286 Special drawing rights certificate acct. 2,200 115 874 83 104 147 166 212 71 30 66 98 234 Coin 1,321 44 65 105 123 155 153 157 56 58 85 133 187 Securities, repurchase agreements, term auction credit, and other loans 836,663 33,141 359,547 31,850 31,335 63,088 66,892 63,755 25,052 20,419 23,287 32,793 85,504 Securities held outright 612,305 28,219 221,714 27,089 25,057 53,051 56,790 51,358 19,570 12,217 19,821 26,903 70,517 U.S. Treasury (1) 612,305 28,219 221,714 27,089 25,057 53,051 56,790 51,358 19,570 12,217 19,821 26,903 70,517 Bills (2) 114,091 5,258 41,312 5,047 4,669 9,885 10,582 9,570 3,646 2,276 3,693 5,013 13,139 Notes and bonds(3) 498,215 22,961 180,402 22,041 20,389 43,166 46,208 41,789 15,923 9,940 16,128 21,890 57,377 Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements(4) 106,750 4,920 38,654 4,723 4,369 9,249 9,901 8,954 3,412 2,130 3,456 4,690 12,294 Term auction credit 80,000 0 62,131 0 1,909 770 201 3,440 2,070 6,071 0 1,200 2,209 Other loans 37,607 3 37,048 39 0 18 0 4 0 1 11 0 484 Items in process of collection 1,257 37 9 -79 244 0 102 131 68 153 170 120 301 Bank premises 2,143 119 214 65 152 189 229 205 118 112 276 255 209 Other assets(5) 41,619 2,128 12,912 3,190 2,422 8,251 3,346 2,344 737 809 770 1,169 3,541 Interdistrict settlement account 0 + 1,650 -55,115 + 4,931 + 1,997 + 8,626 +18,220 +10,850 + 3,478 - 3,726 + 6,749 + 1,252 + 1,087 Total Assets 896,239 37,683 322,559 40,600 36,804 81,325 90,226 78,557 29,905 18,058 31,739 36,434 92,349 Note: Components may not sum to totals because of rounding. 1 Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities. 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 March 26, 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 Liabilities Federal Reserve notes outstanding 990,897 38,685 342,873 41,557 39,388 78,844 115,920 84,848 32,062 18,664 32,427 56,317 109,312 Less: notes held by F.R. Banks 210,266 6,035 60,735 8,354 8,371 14,479 34,774 14,601 4,371 2,890 3,302 25,040 27,313 Federal Reserve notes, net 780,632 32,650 282,138 33,203 31,017 64,365 81,145 70,247 27,692 15,774 29,125 31,276 81,999 Reverse repurchase agreements (1) 40,822 1,881 14,782 1,806 1,671 3,537 3,786 3,424 1,305 814 1,321 1,794 4,701 Deposits 27,011 574 13,975 1,248 765 2,183 1,315 1,704 294 307 464 2,312 1,868 Depository institutions 21,567 541 8,651 1,244 759 2,132 1,312 1,702 281 306 463 2,311 1,865 U.S. Treasury, general account 4,944 0 4,944 0 0 0 0 0 0 0 0 0 0 Foreign official 239 2 209 4 3 11 3 2 0 1 0 1 3 Other 261 31 172 0 3 40 0 0 13 0 1 0 0 Deferred availability cash items 3,129 155 30 447 448 262 258 294 45 297 238 172 482 Other liabilities and accrued dividends (2) 3,833 181 1,163 188 199 453 388 321 156 112 140 187 345 Total liabilities 855,427 35,443 312,088 36,891 34,099 70,800 86,893 75,990 29,491 17,305 31,289 35,741 89,395 Capital Capital paid in 19,546 1,087 4,906 1,813 1,315 5,182 1,610 1,259 181 358 198 257 1,380 Surplus 18,458 1,049 4,624 1,814 1,291 4,997 1,426 815 180 355 194 364 1,350 Other capital 2,808 104 940 83 99 346 297 493 53 40 58 73 223 Total liabilities and capital 896,239 37,683 322,559 40,600 36,804 81,325 90,226 78,557 29,905 18,058 31,739 36,434 92,349 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 Mar 26, 2008 Federal Reserve notes outstanding 990,897 Less: Notes held by F.R. Banks not subject to collateralization 210,266 Federal Reserve notes to be collateralized 780,632 Collateral held against Federal Reserve notes 780,632 Gold certificate account 11,037 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 678,208 Other assets pledged 89,187 Memo: Total U.S. Treasury and agency securities (1) 719,055 Less:face value of securities under reverse repurchase agreements 40,847 U.S. Treasury and agency securities eligible to be pledged 678,208 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.