Federal Reserve Statistical Release, H.4.1, Factors Affecting Reserve Balances; title with eagle logo links to Statistical Release home page
Release Date: July 31, 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
                                                                                              July 31, 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                                    Jul 30, 2008 Jul 23, 2008  Aug 1, 2007 Jul 30, 2008

Reserve Bank credit                                         892,783    +   9,805    +  35,113      901,186
  Securities held outright                                  479,174    +      85    - 311,584      479,206       
    U.S. Treasury (1)                                       479,174    +      85    - 311,584      479,206
      Bills (2)                                              21,740            0    - 255,279       21,740
      Notes and bonds, nominal (2)                          412,392            0    -  61,911      412,392
      Notes and bonds, inflation-indexed (2)                 39,171            0    +   4,343       39,171
      Inflation compensation (3)                              5,871    +      84    +   1,262        5,903
    Federal agency (2)                                            0            0            0            0      
  Repurchase agreements (4)                                 113,714    +   8,928    +  87,928      123,250
  Term auction credit                                       150,000            0    + 150,000      150,000  
  Other loans                                                17,644    +   1,134    +  17,393       17,377
    Primary credit                                           17,452    +   1,071    +  17,450       17,279
    Secondary credit                                             89    +      55    +      89            0
    Seasonal credit                                             101    +       5    -     148           98
    Primary dealer credit facility                                3    +       3    +       3            0
    Other credit extensions                                       0            0            0            0
  Net portfolio holdings of Maiden Lane LLC (5)              29,065    +      40    +  29,065       29,099
  Float                                                      -1,322    +      83    -     463       -1,931
  Other Federal Reserve assets                              104,507    -     466    +  62,773      104,185
Gold stock                                                   11,041            0            0       11,041
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (6)                            38,917    +      14    +     376       38,917
       
Total factors supplying reserve funds                       944,941    +   9,819    +  35,489      953,343
                                                                   
Currency in circulation (6)                                 830,800    +     775    +  18,418      832,779
Reverse repurchase agreements (7)                            43,536    +     926    +  10,201       44,463
  Foreign official and international accounts                43,536    +     926    +  10,201       44,463
  Dealers                                                         0            0            0            0
Treasury cash holdings                                          313    +      35    +      21          318
Deposits with F.R. Banks, other than reserve balances        12,778    -     337    +   1,057       11,966       
  U.S. Treasury, general account                              5,094    -     325    +     220        4,271
  Foreign official                                              101            0    +       5          101
  Service-related                                             7,261            0    +     796        7,261
    Required clearing balances                                7,261            0    +     796        7,261
    Adjustments to compensate for float                           0            0            0            0
  Other                                                         322    -      13    +      35          333
Other liabilities and capital (8)                            42,838    -   1,062    +   3,359       42,368

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  930,265    +     337    +  33,057      931,894

Reserve balances with Federal Reserve Banks                  14,676    +   9,482    +   2,432       21,449
                                                                
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,      July 30, 2008 
Millions of dollars
                                                                   Averages of daily figures
Memorandum item                                           Week ended   Change from week ended     Wednesday
                                                         Jul 30, 2008 Jul 23, 2008  Aug 1, 2007 Jul 30, 2008

Marketable securities held in custody for foreign
      official and international accounts (1)             2,367,674    +  14,224    + 357,724    2,376,324
  U.S. Treasury                                           1,384,418    +  11,994    + 132,242    1,394,631
  Federal agency                                            983,256    +   2,230    + 225,483      981,693
Securities lent to dealers                                  126,653    +  10,097    + 120,569      134,715   
  Overnight facility (2)                                      4,876    -     123    -   1,208       11,567
  Term facility (3)                                         121,777    +  10,220    + 121,777      123,148

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                                                                                    Jul 30, 2008
         
Net portfolio holdings of Maiden Lane LLC (1)                                                       29,099

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)                                    62
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3)        1,157
 
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,      July 30, 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                    150,000        3,061       14,547    +   2,523       83,250       44,463
16 days to 90 days                      0       14,316       35,967    -     470       40,000            0
91 days to 1 year                     ---            0       69,445    -   2,047          ---          ---
Over 1 year to 5 years                ---          ---      172,683    +      27          ---          ---
Over 5 years to 10 years              ---          ---       89,865    +      18          ---          ---
Over 10 years                         ---          ---       96,699    +      34          ---          ---
                             
All                               150,000       17,377      479,206    +      85      123,250       44,463

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 Jul 30, 2008     Jul 23, 2008      Aug 1, 2007

Assets
Gold certificate account                                           11,037                0                0
Special drawing rights certificate account                          2,200                0                0
Coin                                                                1,386        +      52        +     290
Securities, repurchase agreements, term auction
      credit, and other loans                                     769,833        +  19,133        -  45,954
  Securities held outright                                        479,206        +      85        - 311,596
    U.S. Treasury (1)                                             479,206        +      85        - 311,596       
      Bills (2)                                                    21,740                0        - 255,279
      Notes and bonds, nominal (2)                                412,392                0        -  60,986
      Notes and bonds, inflation-indexed (2)                       39,171                0        +   3,418
      Inflation compensation (3)                                    5,903        +      85        +   1,250
    Federal agency (2)                                                  0                0                0
  Repurchase agreements (4)                                       123,250        +  19,500        +  98,500    
  Term auction credit                                             150,000                0        + 150,000
  Other loans                                                      17,377        -     453        +  17,142
Net portfolio holdings of Maiden Lane LLC (5)                      29,099        +      40        +  29,099
Items in process of collection                         (489)          805        -     626        -   1,621
Bank premises                                                       2,161        +       3        +     108
Other assets (6)                                                  102,025        -     247        +  62,512
     
      Total assets                                     (489)      918,546        +  18,354        +  44,434
                          
Liabilities
Federal Reserve notes, net of F.R. Bank holdings                  795,563        +   1,319        +  18,610
Reverse repurchase agreements (7)                                  44,463        +   2,314        +  12,917
Deposits                                                 (0)       33,417        +  15,306        +  11,174       
  Depository institutions                                          28,712        +  17,744        +  11,628
  U.S. Treasury, general account                                    4,271        -   2,449        -     498
  Foreign official                                                    101                0        +       6
  Other                                                  (0)          333        +      11        +      38
Deferred availability cash items                       (489)        2,736        -     215        -   1,172
Other liabilities and accrued dividends (8,9)                       1,985        -     536        -   3,839

      Total liabilities                                (489)      878,163        +  18,187        +  37,689
                          
Capital accounts
Capital paid in                                                    19,937        +      33        +   3,288
Surplus                                                            18,501        +       7        +   3,090
Other capital accounts                                              1,946        +     128        +     368

      Total capital                                                40,383        +     167        +   6,745

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,      July 30, 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                                           1,386         40         63        100        120        174        168        166         54         52         98        154        196
Securities, repurchase agreements, term
      auction credit, and other loans        769,833     26,770    319,957     28,714     31,012     68,293     63,509     57,107     23,716     12,100     23,046     28,707     86,902
  Securities held outright                   479,206     20,100    170,498     20,923     18,171     43,454     47,680     42,294     16,560      9,047     17,595     19,878     53,005
    U.S. Treasury (1)                        479,206     20,100    170,498     20,923     18,171     43,454     47,680     42,294     16,560      9,047     17,595     19,878     53,005
      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)                    457,466     19,188    162,763     19,974     17,347     41,482     45,517     40,376     15,808      8,636     16,797     18,976     50,601
    Federal agency (2)                             0          0          0          0          0          0          0          0          0          0          0          0          0
  Repurchase agreements (4)                  123,250      5,170     43,852      5,381      4,674     11,176     12,263     10,878      4,259      2,327      4,525      5,113     13,633
  Term auction credit                        150,000      1,500     93,606      2,400      8,160     13,577      3,245      2,825      2,075         42        900      3,354     18,316     
  Other loans                                 17,377          1     12,001         10          7         86        320      1,110        822        685         25        363      1,948
Net portfolio holdings of Maiden Lane 
      LLC (5)                                 29,099          0     29,099          0          0          0          0          0          0          0          0          0          0
Items in process of collection                 1,294         54          0        211         53         95          5        109        100        108        132        142        284
Bank premises                                  2,161        120        214         65        150        205        226        208        126        111        276        253        207
Other assets (6)                             102,025      5,496     28,035      9,057      6,597     24,594      8,096      5,095      1,376      1,947      1,477      2,331      7,924
Interdistrict settlement account                   0    + 4,100    -50,341    + 2,297    -   540    - 5,569    +26,610    +15,591    + 3,705    + 2,543    + 5,539    + 3,314    - 7,248

      Total assets                           919,035     37,119    331,836     40,979     37,920     88,830    100,001     79,401     29,492     17,091     30,982     35,636     89,747

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,      July 30, 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             990,738     36,995    351,207     40,469     38,605     80,386    120,932     82,319     30,575     17,728     31,372     55,533    104,617
  Less: Notes held by F.R. Banks              195,175      5,034     59,566      7,279      6,885     13,032     30,424     13,141      3,574      2,864      3,370     23,801     26,205
    Federal Reserve notes, net                795,563     31,960    291,640     33,190     31,719     67,354     90,509     69,178     27,001     14,864     28,002     31,732     78,412
Reverse repurchase agreements (1)              44,463      1,865     15,820      1,941      1,686      4,032      4,424      3,924      1,536        839      1,633      1,844      4,918
Deposits                                       33,417      1,143     14,356        849      1,021      6,489      1,336      3,174        392        236        602        974      2,845
  Depository institutions                      28,712      1,133      9,821        845      1,017      6,364      1,333      3,170        378        235        600        973      2,842
  U.S. Treasury, general account                4,271          0      4,271          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                                           333          8        193          0          1        114          0          1         14          0          1          0          0
Deferred availability cash items                3,225        160          0        380        654        248        227        252         43        369        187        272        433
Other liabilities and accrued                 
  dividends (2,3)                               1,985        141       -308        155        165        396        345        275        143        100        122        165        285
   
      Total liabilities                       878,652     35,269    321,508     36,516     35,245     78,520     96,840     76,803     29,115     16,409     30,546     34,988     86,893
                              
Capital                    
Capital paid in                                19,937        787      5,065      2,335      1,337      5,189      1,561      1,281        182        322        211        267      1,401
Surplus                                        18,501      1,050      4,664      1,814      1,291      4,998      1,425        815        180        355        194        364      1,351
Other capital                                   1,946         13        600        315         46        124        174        501         15          6         32         17        102

      Total liabilities and capital           919,035     37,119    331,836     40,979     37,920     88,830    100,001     79,401     29,492     17,091     30,982     35,636     89,747
                              
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
                                                                                                Jul 30, 2008
              
Federal Reserve notes outstanding                                                                  990,738
  Less: Notes held by F.R. Banks not subject to collateralization                                  195,175
    Federal Reserve notes to be collateralized                                                     795,563 
Collateral held against Federal Reserve notes                                                      795,563
  Gold certificate account                                                                          11,037
  Special drawing rights certificate account                                                         2,200
  U.S. Treasury and agency securities pledged (1)                                                  558,980
  Other assets pledged                                                                             223,346

Memo:
Total U.S. Treasury and agency securities (1)                                                      602,456
  Less: Face value of securities under reverse repurchase agreements                                43,475
    U.S. Treasury and agency securities eligible to be pledged                                     558,980
   
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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