FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks May 8, 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 7, 2008 Apr 30, 2008 May 9, 2007 May 7, 2008 Federal Reserve Banks Reserve Bank credit 867,629 + 3,239 + 14,130 872,018 Securities held outright 542,395 - 6,285 - 247,401 536,714 U.S. Treasury (1) 542,395 - 6,285 - 247,401 536,714 Bills (2) 65,752 - 4,565 - 211,267 65,752 Notes and bonds, nominal (2) 432,531 - 2,415 - 41,942 426,818 Notes and bonds, inflation-indexed (2) 39,171 + 629 + 4,712 39,171 Inflation compensation (3) 4,942 + 67 + 1,096 4,973 Federal agency (2) 0 0 0 0 Repurchase agreements (4) 119,571 + 12,035 + 96,750 130,500 Term auction credit 100,000 0 + 100,000 100,000 Other loans 28,208 - 1,975 + 28,133 27,789 Primary credit 11,655 + 67 + 11,650 11,490 Secondary credit 0 0 0 0 Seasonal credit 36 + 11 - 34 40 Primary dealer credit facility 16,517 - 2,054 + 16,517 16,260 Other credit extensions 0 0 0 0 Float -1,504 + 170 - 1,026 -1,739 Other Federal Reserve assets 78,959 - 705 + 37,675 78,754 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 38,806 + 14 + 382 38,806 Total factors supplying reserve funds 919,676 + 3,254 + 14,512 924,064 Currency in circulation (5) 814,372 + 1,904 + 5,694 816,554 Reverse repurchase agreements (6) 38,766 - 613 + 2,747 39,031 Foreign official and international accounts 38,766 - 613 + 2,747 39,031 Dealers 0 0 0 0 Treasury cash holdings 277 - 39 + 8 256 Deposits with F.R. Banks, other than reserve balances 12,667 - 558 + 884 13,188 U.S. Treasury, general account 5,191 - 530 + 277 5,730 Foreign official 97 - 3 + 4 96 Service-related 7,091 0 + 583 7,091 Required clearing balances 7,091 0 + 583 7,091 Adjustments to compensate for float 0 0 0 0 Other 287 - 26 + 19 271 Other liabilities and capital 42,546 - 281 + 3,745 42,631 Total factors, other than reserve balances, absorbing reserve funds 908,628 + 413 + 13,078 911,660 Reserve balances with Federal Reserve Banks 11,048 + 2,841 + 1,434 12,404 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts (2,7) 2,279,742 + 16,334 + 348,610 2,272,927 U.S. Treasury 1,346,761 + 17,229 + 118,729 1,342,098 Federal agency 932,981 - 895 + 229,881 930,829 Securities lent to dealers 164,904 + 1,524 + 161,860 161,090 Overnight facility (8) 22,249 + 4,498 + 19,205 18,561 Term facility (9) 142,655 - 2,974 + 142,655 142,529 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 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 7, 2008 Apr 30, 2008 May 9, 2007 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 2,200 0 0 Coin 1,431 - 29 + 415 Securities, repurchase agreements, term auction credit, and other loans 795,003 + 1,048 - 24,104 Securities held outright 536,714 - 11,978 - 253,311 U.S. Treasury (1) 536,714 - 11,978 - 253,311 Bills (2) 65,752 - 4,565 - 211,267 Notes and bonds, nominal (2) 426,818 - 7,499 - 47,854 Notes and bonds, inflation-indexed (2) 39,171 0 + 4,712 Inflation compensation (3) 4,973 + 86 + 1,098 Federal agency (2) 0 0 0 Repurchase agreements (4) 130,500 + 15,000 + 101,500 Term auction credit 100,000 0 + 100,000 Other loans 27,789 - 1,974 + 27,707 Items in process of collection (529) 1,325 - 27 - 2,819 Bank premises 2,145 - 13 + 139 Other assets (5) 76,480 - 399 + 36,991 Total assets (529) 889,621 + 581 + 10,623 Liabilities Federal Reserve notes, net of FR Bank holdings 779,432 + 2,342 + 6,153 Reverse repurchase agreements (6) 39,031 - 1,673 + 3,621 Deposits (0) 25,463 - 182 - 2,120 Depository institutions 19,366 - 933 - 3,137 U.S. Treasury, general account 5,730 + 775 + 1,004 Foreign official 96 - 10 + 3 Other (0) 271 - 14 + 10 Deferred availability cash items (529) 3,064 - 11 - 1,115 Other liabilities and accrued dividends (7) 2,530 - 464 - 3,376 Total liabilities (529) 849,520 + 11 + 3,162 Capital Accounts Capital paid in 19,623 + 17 + 3,732 Surplus 18,479 + 3 + 3,105 Other capital accounts 2,000 + 551 + 625 Total capital 40,101 + 570 + 7,461 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 7, 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 100,000 16,917 32,088 + 1,593 90,500 39,031 16 days to 90 days 0 10,872 41,326 + 3,131 40,000 0 91 days to 1 year --- 0 93,056 - 9,283 --- --- Over 1 to 5 years --- --- 192,466 - 4,972 --- --- Over 5 to 10 years --- --- 83,432 - 2,482 --- --- Over 10 years --- --- 94,346 + 35 --- --- All 100,000 27,789 536,714 - 11,978 130,500 39,031 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 7, 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 1,431 49 68 103 133 167 164 174 60 63 94 153 203 Securities, repurchase agreements, term auction credit, and other loans 795,003 28,487 347,428 29,163 25,800 69,274 68,487 60,223 25,202 12,638 24,574 27,677 76,049 Securities held outright 536,714 22,512 190,959 23,434 20,352 48,668 53,402 47,370 18,547 10,133 19,707 22,263 59,366 U.S. Treasury (1) 536,714 22,512 190,959 23,434 20,352 48,668 53,402 47,370 18,547 10,133 19,707 22,263 59,366 Bills (2) 65,752 2,758 23,394 2,871 2,493 5,962 6,542 5,803 2,272 1,241 2,414 2,727 7,273 Notes and bonds (3) 470,962 19,754 167,565 20,563 17,859 42,706 46,860 41,567 16,275 8,891 17,293 19,536 52,094 Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements (4) 130,500 5,474 46,431 5,698 4,949 11,834 12,985 11,518 4,510 2,464 4,792 5,413 14,435 Term auction credit 100,000 500 84,024 0 500 8,755 2,100 801 2,075 37 50 0 1,158 Other loans 27,789 2 26,014 31 0 17 0 534 71 6 25 0 1,090 Items in process of collection 1,854 72 0 54 290 89 146 260 34 165 233 192 320 Bank premises 2,145 118 213 65 151 193 228 207 122 112 276 254 208 Other assets (5) 76,480 4,041 21,664 6,527 4,794 17,622 6,153 3,974 1,146 1,460 1,220 1,834 6,044 Interdistrict settlement account 0 + 4,025 -55,812 + 3,611 + 5,403 - 5,683 +13,809 +13,928 + 2,534 + 3,177 + 4,126 + 4,132 + 6,750 Total Assets 890,150 37,331 318,371 40,058 37,098 82,701 90,373 79,891 29,512 17,844 30,938 34,976 91,057 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 7, 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 982,096 38,178 338,940 41,225 39,291 79,879 114,511 84,447 31,479 18,400 32,099 55,860 107,786 Less: notes held by F.R. Banks 202,664 5,615 57,974 7,693 8,038 13,799 33,024 14,103 4,277 2,739 3,836 24,575 26,990 Federal Reserve notes, net 779,432 32,563 280,965 33,532 31,253 66,080 81,487 70,344 27,202 15,660 28,263 31,285 80,797 Reverse repurchase agreements (1) 39,031 1,637 13,887 1,704 1,480 3,539 3,883 3,445 1,349 737 1,433 1,619 4,317 Deposits 25,463 574 13,420 427 899 2,008 1,019 2,865 353 319 419 1,016 2,145 Depository institutions 19,366 571 7,462 422 896 1,910 1,016 2,863 336 315 417 1,015 2,142 U.S. Treasury, general account 5,730 0 5,730 0 0 0 0 0 0 0 0 0 0 Foreign official 96 2 66 4 3 11 3 2 0 1 0 1 3 Other 271 0 162 1 0 87 0 0 17 3 1 0 0 Deferred availability cash items 3,593 193 0 523 585 291 288 310 53 337 254 226 533 Other liabilities and accrued dividends (2) 2,530 166 -87 189 191 490 386 309 152 107 136 172 318 Total liabilities 850,049 35,132 308,185 36,375 34,408 72,408 87,064 77,273 29,110 17,160 30,504 34,318 88,111 Capital Capital paid in 19,623 1,087 4,903 1,851 1,340 5,174 1,611 1,276 183 315 200 258 1,424 Surplus 18,479 1,050 4,643 1,814 1,291 4,998 1,425 815 180 355 194 364 1,350 Other capital 2,000 61 639 19 58 121 272 528 40 15 40 37 171 Total liabilities and capital 890,150 37,331 318,371 40,058 37,098 82,701 90,373 79,891 29,512 17,844 30,938 34,976 91,057 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 7, 2008 Federal Reserve notes outstanding 982,096 Less: Notes held by F.R. Banks not subject to collateralization 202,664 Federal Reserve notes to be collateralized 779,432 Collateral held against Federal Reserve notes 779,432 Gold certificate account 11,037 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 628,099 Other assets pledged 138,096 Memo: Total U.S. Treasury and agency securities (1) 667,214 Less: face value of securities under reverse repurchase agreements 39,115 U.S. Treasury and agency securities eligible to be pledged 628,099 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.