Federal Reserve Statistical Release, H.4.1, Factors Affecting Reserve Balances; title with eagle logo links to Statistical Release home page
Release Date:  August 28, 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 28, 2008
1. Factors Affecting Reserve Balances of Depository Institutions
Millions of dollars
Reserve Bank credit, related items, and
reserve balances of depository institutions at
Federal Reserve Banks
Averages of daily figures Wednesday
Aug 27, 2008
Week ended
Aug 27, 2008
Change from week ended
Aug 20, 2008 Aug 29, 2007
                                                              
Reserve Bank credit                                         884,355     -   3,286     +  34,261       891,695 
  Securities held outright                                  479,604     +     104     - 305,026       479,642 
    U.S. Treasury (1)                                       479,604     +     104     - 305,026       479,642 
      Bills (2)                                              21,740             0     - 250,279        21,740 
      Notes and bonds, nominal (2)                          411,731             0     -  60,411       411,731 
      Notes and bonds, inflation-indexed (2)                 39,832             0     +   4,079        39,832 
      Inflation compensation (3)                              6,301     +     104     +   1,584         6,339 
    Federal agency (2)                                            0             0             0             0 
  Repurchase agreements (4)                                 103,393     -   4,321     +  78,822       111,000 
  Term auction credit                                       150,000             0     + 150,000       150,000 
  Other loans                                                18,570     +     961     +  16,993        19,002 
    Primary credit                                           18,469     +     956     +  17,154        18,901 
    Secondary credit                                              0             0             0             0 
    Seasonal credit                                             100     +       5     -     162           102 
    Primary dealer credit facility                               0            0            0            0 
    Other credit extensions                                       0             0             0             0 
  Net portfolio holdings of Maiden Lane LLC (5)              29,213     +      30     +  29,213        29,247 
  Float                                                      -1,213     -     273     -   1,217        -1,688 
  Other Federal Reserve assets                              104,788     +     213     +  65,476       104,491 
Gold stock                                                   11,041             0             0        11,041 
Special drawing rights certificate account                    2,200             0             0         2,200 
Treasury currency outstanding (6)                            38,789     +      14     +     205        38,789 
                                                              
Total factors supplying reserve funds                       936,384     -   3,273     +  34,465       943,725 
                                                                          
Currency in circulation (6)                                 829,569     -     547     +  19,700       832,790 
Reverse repurchase agreements (7)                            42,858     -   1,597     +  11,970        43,768 
  Foreign official and international accounts                42,858     -   1,597     +  11,970        43,768 
  Dealers                                                         0             0             0             0 
Treasury cash holdings                                          302     +       5     -       7           281 
Deposits with F.R. Banks, other than reserve balances        12,435     +      69     +     146        12,648 
  U.S. Treasury, general account                              4,828     +      63     -     261         4,989 
  Foreign official                                              101     -       2     +       6           100 
  Service-related                                             7,175     -       5     +     322         7,175 
    Required clearing balances                                7,175     -       1     +     322         7,175 
    Adjustments to compensate for float                           0     -       3             0             0 
  Other                                                         332     +      14     +      80           385 
Other liabilities and capital (8)                            42,501     +     767     +   1,784        42,066 
                                                              
Total factors, other than reserve balances,                                                       
   absorbing reserve funds                                  927,664     -   1,304     +  33,592       931,553 
                                                              
Reserve balances with Federal Reserve Banks                   8,720     -   1,969     +     873        12,172 
                                                                
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. 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 27, 2008
Millions of dollars
Memorandum item Averages of daily figures Wednesday
Aug 27, 2008
Week ended
Aug 27, 2008
Change from week ended
Aug 20, 2008 Aug 29, 2007
                                                              
Marketable securities held in custody for foreign             
      official and international accounts (1)             2,404,896     -     968     + 425,543     2,408,874 
  U.S. Treasury                                           1,434,298     +   3,444     + 228,926     1,440,551 
  Federal agency                                            970,598     -   4,412     + 196,617       968,323 
Securities lent to dealers                                  121,176     -   3,635     + 115,908       124,141 
  Overnight facility (2)                                      3,828     -   1,995     -   1,440         6,793 
  Term facility (3,4)                                       117,348     -   1,641     + 117,348       117,348 
 

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.
4. On August 27, 2008, option contracts on draws on the Term Securities Lending Facility totaling
$ 24,998 million were outstanding. The exercise date for the options is September 24, 2008, and the
draws have a term of September 25, 2008 through October 2, 2008.
 

 

2. Information on Principal Accounts of Maiden Lane LLC
Millions of dollars
Account name Wednesday
Aug 27, 2008
                                                                                                
Net portfolio holdings of Maiden Lane LLC (1)                                                       29,247    
                                                                                                
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)                                   112    
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3)        1,163    
 
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 27, 2008
Millions of dollars
  U.S. Treasury
securities (2)
 
Remaining maturity Term
auction
credit
Other
loans
(1)
Holdings Weekly
changes
Repurchase
agreements
(3)
Reverse
repurchase
agreements
(3)
Within 15 days                125,000          3,874       18,455     +   2,967       71,000         43,768  
16 days to 90 days             25,000         15,128       28,214     -   2,968       40,000              0  
91 days to 1 year                 ---              0       70,320     +       7          ---            ---  
Over 1 year to 5 years            ---            ---      169,539     +      33          ---            ---  
Over 5 years to 10 years          ---            ---       91,834     +      22          ---            ---  
Over 10 years                     ---            ---      101,280     +      43          ---            ---  
          
All                           150,000         19,002      479,642     +     104      111,000         43,768  
 

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
Assets, liabilities, and capital Eliminations
from
consolidation
  Change since
Wednesday
Aug 27, 2008
Wednesday
Aug 20, 2008
Wednesday
Aug 29, 2007
Assets                                                   
Gold certificate account                                         11,037                0                   0
Special drawing rights certificate account                        2,200                0                   0
Coin                                                              1,415        +      13           +     401
Securities, repurchase agreements, term auction          
      credit, and other loans                                   759,644        +  10,793           -  60,100
  Securities held outright                                      479,642        +     104           - 304,995
    U.S. Treasury (1)                                           479,642        +     104           - 304,995
      Bills (2)                                                  21,740                0           - 250,279
      Notes and bonds, nominal (2)                              411,731                0           -  60,411
      Notes and bonds, inflation-indexed (2)                     39,832                0           +   4,079
      Inflation compensation (3)                                  6,339        +     104           +   1,616
    Federal agency (2)                                                0                0                   0
  Repurchase agreements (4)                                     111,000        +  10,250           +  77,250
  Term auction credit                                           150,000                0           + 150,000
  Other loans                                                    19,002        +     439           +  17,645
Net portfolio holdings of Maiden Lane LLC (5)                    29,247        +      40           +  29,247
Items in process of collection                       (561)          926        -      12           -   2,329
Bank premises                                                     2,166        +       3           +      95
Other assets (6)                                                102,357        +     463           +  64,907
                                                         
      Total assets                                   (561)      908,991        +  11,299           +  32,220
                                                         
Liabilities                                              
Federal Reserve notes, net of F.R. Bank holdings                795,694        +   1,991           +  20,508
Reverse repurchase agreements (7)                                43,768        +     162           +  12,558
Deposits                                               (0)       24,850        +   8,799           -   2,011
  Depository institutions                                        19,377        +   8,914           -   2,215
  U.S. Treasury, general account                                  4,989        -     188           +      65
  Foreign official                                                  100        -       2           +       5
  Other                                                (0)          385        +      75           +     135
Deferred availability cash items                     (561)        2,614        -      18           -     608
Other liabilities and accrued dividends (8,9)                     1,276        +      12           -   4,730
                                                         
      Total liabilities                              (561)      868,202        +  10,946           +  25,716
                                                         
Capital accounts                                         
Capital paid in                                                  20,189                0           +   3,342
Surplus                                                          18,509        +       2           +   3,086
Other capital accounts                                            2,091        +     351           +      76
                                                         
      Total capital                                              40,789        +     353           +   6,504
 

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 27, 2008
Millions of dollars
Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas
City
Dallas San
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                                           1,415          37          66         102         125         178         178         165          49          52          99         159         204 
Securities, repurchase agreements, term                            
      auction credit, and other loans        759,644      28,685     309,282      27,156      31,804      66,907      67,277      55,825      23,153      12,198      28,136      27,739      81,483 
  Securities held outright                   479,642      20,118     170,654      20,942      18,188      43,493      47,724      42,333      16,575       9,055      17,611      19,896      53,054 
    U.S. Treasury (1)                        479,642      20,118     170,654      20,942      18,188      43,493      47,724      42,333      16,575       9,055      17,611      19,896      53,054 
      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)                    457,902      19,206     162,919      19,993      17,363      41,522      45,560      40,414      15,823       8,645      16,813      18,994      50,649 
    Federal agency (2)                             0           0           0           0           0           0           0           0           0           0           0           0           0 
  Repurchase agreements (4)                  111,000       4,656      39,493       4,846       4,209      10,065      11,044       9,797       3,836       2,096       4,076       4,604      12,278 
  Term auction credit                        150,000       3,900      87,122       1,295       9,400      13,160       8,205       2,765       2,475          31       6,425       2,800      12,422 
  Other loans                                 19,002          11      12,013          73           7         189         304         930         268       1,016          23         438       3,729 
Net portfolio holdings of Maiden Lane                              
      LLC (5)                                 29,247           0      29,247           0           0           0           0           0           0           0           0           0           0 
Items in process of collection                 1,487          55           0         297         437          59          57         149          58          70         114         129          62 
Bank premises                                  2,166         120         212          65         150         210         226         208         127         111         275         253         208 
Other assets (6)                             102,357       5,553      27,814       9,339       6,693      25,128       8,057       4,986       1,296       1,949       1,413       2,290       7,838 
Interdistrict settlement account                   0     + 1,546     -43,276     + 3,947     - 2,029     - 4,676     +23,887     +14,405     + 3,910     + 2,243     -   295     + 3,539     - 3,201 
                                                                   
      Total assets                           909,552      36,535     328,153      41,442      37,707      88,844     101,070      76,863      29,008      16,853      30,158      34,844      88,076 
 

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 27, 2008 (continued)
Millions of dollars
Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas
City
Dallas San
Francisco
Liabilities                                                         
Federal Reserve notes outstanding             991,668      37,083     352,154      40,947      39,497      80,816     121,460      81,665      30,229      17,614      31,141      55,251     103,812 
  Less: Notes held by F.R. Banks              195,974       5,276      57,835       7,017       8,399      13,107      29,602      13,794       3,634       2,913       3,821      24,128      26,447 
    Federal Reserve notes, net                795,694      31,807     294,319      33,930      31,098      67,709      91,858      67,871      26,595      14,700      27,320      31,123      77,365 
Reverse repurchase agreements (1)              43,768       1,836      15,572       1,911       1,660       3,969       4,355       3,863       1,512         826       1,607       1,816       4,841 
Deposits                                       24,850         742       9,016         542       1,053       6,252       1,063       1,962         318         299         466         857       2,281 
  Depository institutions                      19,377         647       3,765         538       1,049       6,156       1,060       1,960         306         298         464         856       2,278 
  U.S. Treasury, general account                4,989           0       4,989           0           0           0           0           0           0           0           0           0           0 
  Foreign official                                100           2          70           4           3          11           3           2           0           1           0           1           3 
  Other                                           385          93         192           1           1          85           0           0          11           0           1           0           0 
Deferred availability cash items                3,175         139           0         437         836         224         187         247          54         238         197         223         393 
Other liabilities and accrued                                                 
  dividends (2,3)                               1,276         149      -1,173         172         178         435         364         293         149         104         126         173         307 
                                                                    
      Total liabilities                       868,763      34,673     317,734      36,992      34,825      78,588      97,827      74,236      28,628      16,168      29,715      34,190      85,187 
                                                                    
Capital                                                             
Capital paid in                                20,189         787       5,087       2,328       1,521       5,189       1,596       1,290         182         320         210         267       1,412 
Surplus                                        18,509       1,050       4,672       1,814       1,291       4,999       1,425         815         180         355         193         364       1,351 
Other capital                                   2,091          26         661         307          70          68         222         521          19          10          39          22         126 
                                                                    
      Total liabilities and capital              909,552    36,535    328,153    41,442    37,707    88,844    101,070    76,863    29,008    16,853    30,158    34,844    88,076 
                              
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 27, 2008
                                                                                            
Federal Reserve notes outstanding                                                                991,668 
  Less: Notes held by F.R. Banks not subject to collateralization                                195,974 
    Federal Reserve notes to be collateralized                                                   795,694 
Collateral held against Federal Reserve notes                                                    795,694 
  Gold certificate account                                                                        11,037 
  Special drawing rights certificate account                                                       2,200 
  U.S. Treasury and agency securities pledged (1)                                                547,720 
  Other assets pledged                                                                           234,737 
                                                                                            
Memo:                                                                                       
Total U.S. Treasury and agency securities (1)                                                    590,642 
  Less: Face value of securities under reverse repurchase agreements                              42,922 
    U.S. Treasury and agency securities eligible to be pledged                                   547,720 
   
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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