For Release at 4:30 P.M. Eastern time October 23, 2008 The weekly average value of net portfolio holdings of Maiden Lane LLC reflects holdings from Thursday, October 16, 2008, through Wednesday, October 22, 2008. The holdings for the first six days of this week are based on the values as of June 30, 2008. The holdings for the last day were based on values as of September 30, 2008, the quarterly revaluation date. The fair value of the net portfolio holdings will be updated quarterly. FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks October 23, 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 Oct 22, 2008 Oct 15, 2008 Oct 24, 2007 Oct 22, 2008 Reserve Bank credit 1,803,300 + 63,222 + 944,345 1,787,028 Securities held outright 490,633 - 24 - 288,947 490,617 U.S. Treasury (1) 476,528 - 24 - 303,052 476,512 Bills (2) 18,423 0 - 248,596 18,423 Notes and bonds, nominal (2) 410,757 - 835 - 61,385 410,757 Notes and bonds, inflation-indexed (2) 40,806 + 835 + 5,053 40,806 Inflation compensation (3) 6,542 - 25 + 1,875 6,526 Federal agency (2) 14,105 0 + 14,105 14,105 Repurchase agreements (4) 80,000 0 + 42,286 80,000 Term auction credit 263,092 0 + 263,092 263,092 Other loans 418,580 - 18,950 + 418,286 408,156 Primary credit 105,754 + 6,095 + 105,612 107,547 Secondary credit 0 - 4 - 57 0 Seasonal credit 19 - 6 - 76 14 Primary dealer and other broker-dealer credit(5) 111,255 - 19,870 + 111,255 102,377 Asset-backed commercial paper money market mutual fund liquidity facility 114,219 - 15,397 + 114,219 107,895 Other credit extensions 87,332 + 10,231 + 87,332 90,323 Net portfolio holdings of Maiden Lane LLC (6) 29,137 - 355 + 29,137 26,802 Float -1,048 - 34 - 558 -1,353 Other Federal Reserve assets 522,906 + 82,586 + 481,050 519,713 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (7) 38,773 + 14 + 92 38,773 Total factors supplying reserve funds 1,855,315 + 63,236 + 944,438 1,839,042 Currency in circulation (7) 854,517 + 1,289 + 41,706 856,821 Reverse repurchase agreements (8) 98,110 + 12,220 + 61,384 95,987 Foreign official and international accounts 73,110 - 5,637 + 36,384 70,987 Dealers 25,000 + 17,857 + 25,000 25,000 Treasury cash holdings 276 0 - 46 268 Deposits with F.R. Banks, other than reserve balances 554,927 + 29,881 + 542,895 621,437 U.S. Treasury, general account 23,166 + 15,828 + 18,120 55,625 U.S. Treasury, supplementary financing account 524,771 + 29,918 + 524,771 558,987 Foreign official 254 - 54 + 155 154 Service-related 6,138 0 - 441 6,138 Required clearing balances 6,138 0 - 441 6,138 Adjustments to compensate for float 0 0 0 0 Other 598 - 15,812 + 289 533 Other liabilities and capital (9) 46,213 - 354 + 4,273 43,766 Total factors, other than reserve balances, absorbing reserve funds 1,554,044 + 43,036 + 650,212 1,618,280 Reserve balances with Federal Reserve Banks 301,270 + 20,200 + 294,225 220,762 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. Fair value. Refer to table 2 and the note on consolidation accompanying table 5. 7. Estimated. 8. Cash value of agreements, which are collateralized by U.S. Treasury securities. 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 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, October 22, 2008 Millions of dollars Averages of daily figures Memorandum item Week ended Change from week ended Wednesday Oct 22, 2008 Oct 15, 2008 Oct 24, 2007 Oct 22, 2008 Marketable securities held in custody for foreign official and international accounts (1) 2,478,737 - 7,551 + 448,128 2,484,940 U.S. Treasury 1,555,300 + 4,309 + 321,212 1,567,056 Federal agency 923,437 - 11,861 + 126,916 917,884 Securities lent to dealers 223,130 + 2,732 + 216,681 226,357 Overnight facility (2) 25,631 - 221 + 19,182 28,858 Term facility (3) 197,499 + 2,953 + 197,499 197,499 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. 2. Information on Principal Accounts of Maiden Lane LLC Millions of dollars Wednesday Account name Oct 22, 2008 Net portfolio holdings of Maiden Lane LLC (1) 26,802 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) 205 Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3) 1,175 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 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, October 22, 2008 Millions of dollars U.S. Treasury Federal agency Reverse Remaining maturity Term Other securities (2) securities Repurchase repurchase auction loans Weekly Weekly agreements agreements credit (1) Holdings changes Holdings changes (3) (3) Within 15 days 100,000 215,417 18,840 + 6,702 870 + 385 40,000 95,987 16 days to 90 days 163,092 108,433 27,207 - 2,166 9,008 - 385 40,000 0 91 days to 1 year --- 11,975 61,340 - 4,539 4,227 0 --- --- Over 1 year to 5 years --- 72,332 173,449 - 13 0 0 --- --- Over 5 years to 10 years --- --- 94,327 - 9 0 0 --- --- Over 10 years --- --- 101,350 - 17 0 0 --- --- All 263,092 408,156 476,512 - 43 14,105 0 80,000 95,987 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 Oct 22, 2008 Oct 15, 2008 Oct 24, 2007 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 2,200 0 0 Coin 1,584 + 38 + 368 Securities, repurchase agreements, term auction credit, and other loans 1,241,865 - 33,257 + 415,788 Securities held outright 490,617 - 43 - 288,957 U.S. Treasury (1) 476,512 - 43 - 303,062 Bills (2) 18,423 0 - 248,596 Notes and bonds, nominal (2) 410,757 0 - 61,385 Notes and bonds, inflation-indexed (2) 40,806 0 + 5,053 Inflation compensation (3) 6,526 - 43 + 1,865 Federal agency (2) 14,105 0 + 14,105 Repurchase agreements (4) 80,000 0 + 34,000 Term auction credit 263,092 0 + 263,092 Other loans 408,156 - 33,214 + 407,654 Net portfolio holdings of Maiden Lane LLC (5) 26,802 - 2,724 + 26,802 Items in process of collection (434) 1,004 - 3,054 - 1,350 Bank premises 2,172 + 2 + 66 Other assets (6) 517,543 + 70,771 + 477,558 Total assets (434) 1,804,208 + 31,777 + 919,235 Liabilities Federal Reserve notes, net of F.R. Bank holdings 819,896 + 1,398 + 43,195 Reverse repurchase agreements (7) 95,987 - 11,832 + 58,559 Deposits (0) 842,202 + 46,490 + 815,959 Depository institutions 226,903 - 44,978 + 205,796 U.S. Treasury, general account 55,625 + 31,642 + 50,888 U.S. Treasury, supplementary financing account 558,987 + 59,858 + 558,987 Foreign official 154 - 36 + 55 Other (0) 533 + 4 + 233 Deferred availability cash items (434) 2,358 - 1,686 - 631 Other liabilities and accrued dividends (8,9) 3,907 - 594 - 2,027 Total liabilities (434) 1,764,350 + 33,776 + 915,054 Capital accounts Capital paid in 20,317 + 1 + 2,561 Surplus 17,696 - 829 + 2,258 Other capital accounts 1,845 - 1,171 - 639 Total capital 39,859 - 1,999 + 4,181 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 and any exchange-translation assets, which are revalued daily at market exchange rates. 7. Cash value of agreements, which are collateralized by U.S. Treasury securities. 8. Includes any exchange-translation liabilities, which are revalued daily at market exchange rates. 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, October 22, 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 1,584 52 78 126 130 212 202 180 47 53 109 175 220 Securities, repurchase agreements, term auction credit, and other loans 1,241,865 143,866 607,951 30,787 34,925 120,410 68,466 56,841 22,072 15,952 22,180 27,464 90,953 Securities held outright 490,617 20,578 174,559 21,421 18,604 44,488 48,816 43,302 16,954 9,262 18,014 20,351 54,268 U.S. Treasury (1) 476,512 19,987 169,540 20,805 18,069 43,209 47,412 42,057 16,467 8,996 17,496 19,766 52,707 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) 458,089 19,214 162,985 20,001 17,371 41,539 45,579 40,431 15,830 8,648 16,820 19,002 50,670 Federal agency (2) 14,105 592 5,018 616 535 1,279 1,403 1,245 487 266 518 585 1,560 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 263,092 12,000 145,030 500 12,785 43,347 11,440 4,480 2,000 5,035 475 3,000 23,000 Other loans 408,156 107,932 259,899 5,373 502 25,320 251 1,998 354 144 753 794 4,836 Net portfolio holdings of Maiden Lane LLC (5) 26,802 0 26,802 0 0 0 0 0 0 0 0 0 0 Items in process of collection 1,439 44 0 218 316 52 60 83 16 151 -83 100 483 Bank premises 2,172 123 211 64 150 216 225 207 129 111 275 251 209 Other assets (6) 517,543 27,773 152,331 47,241 33,781 129,877 37,954 22,264 5,138 9,402 5,531 9,968 36,282 Interdistrict settlement account 0 -101,093 +270,315 - 30,779 - 25,973 - 95,377 + 2,447 + 3,157 + 4,101 - 7,455 + 5,080 + 1,360 - 25,783 Total assets 1,804,643 71,304 1,062,497 48,193 43,855 156,427 110,742 83,857 31,918 18,443 33,507 40,053 103,847 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 and any exchange-translation assets, 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, October 22, 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 993,237 38,318 352,554 42,067 41,220 82,198 120,630 79,986 29,750 17,403 30,407 54,702 104,001 Less: Notes held by F.R. Banks 173,341 5,531 42,764 6,095 8,010 11,875 27,872 13,083 3,379 2,658 3,491 23,087 25,496 Federal Reserve notes, net 819,896 32,788 309,790 35,972 33,211 70,323 92,758 66,904 26,371 14,745 26,916 31,614 78,505 Reverse repurchase agreements (1) 95,987 4,026 34,152 4,191 3,640 8,704 9,551 8,472 3,317 1,812 3,524 3,982 10,617 Deposits 842,202 32,369 708,319 2,725 3,279 65,638 4,568 5,910 1,666 849 2,385 3,400 11,094 Depository institutions 226,903 32,364 93,191 2,721 3,275 65,496 4,565 5,908 1,661 848 2,383 3,399 11,091 U.S. Treasury, general account 55,625 0 55,625 0 0 0 0 0 0 0 0 0 0 U.S. Treasury, supplementary financing account 558,987 0 558,987 0 0 0 0 0 0 0 0 0 0 Foreign official 154 2 124 4 3 11 3 2 0 1 0 1 3 Other 533 3 392 0 1 131 0 0 4 0 1 0 0 Deferred availability cash items 2,792 66 0 485 469 229 238 248 31 246 124 224 431 Other liabilities and accrued dividends (2,3) 3,907 174 1,216 203 196 507 388 306 158 109 130 183 338 Total liabilities 1,764,784 69,423 1,053,477 43,575 40,795 145,401 107,502 81,840 31,543 17,761 33,080 39,402 100,985 Capital Capital paid in 20,317 784 5,162 2,331 1,525 5,832 1,607 684 181 323 206 268 1,413 Surplus 17,696 1,050 3,858 1,814 1,291 4,999 1,426 815 180 355 193 364 1,351 Other capital 1,845 47 0 472 244 194 207 518 14 4 28 19 98 Total liabilities and capital 1,804,643 71,304 1,062,497 48,193 43,855 156,427 110,742 83,857 31,918 18,443 33,507 40,053 103,847 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 any exchange-translation liabilities, which are revalued daily at market exchange rates. 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 Oct 22, 2008 Federal Reserve notes outstanding 993,237 Less: Notes held by F.R. Banks not subject to collateralization 173,341 Federal Reserve notes to be collateralized 819,896 Collateral held against Federal Reserve notes 819,896 Gold certificate account 11,037 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 563,699 Other assets pledged 242,960 Memo: Total U.S. Treasury and agency securities (1) 570,617 Less: Face value of securities under reverse repurchase agreements 6,918 U.S. Treasury and agency securities eligible to be pledged 563,699 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.