Federal Reserve Statistical Release, H.4.1, Factors Affecting Reserve Balances; title with eagle logo links to Statistical Release home page
Release Date:  January 02, 2009
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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
January 2, 2009
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
Dec 31, 2008
Week ended
Dec 31, 2008
Change from week ended
Dec 24, 2008 Jan 2, 2008
                                                              
Reserve Bank credit                                       2,246,527    +   39,255    +1,354,752     2,248,507 
  Securities held outright                                  496,227    +      233    -  244,384       495,629 
    U.S. Treasury (1)                                       475,961    -      106    -  264,650       475,921 
      Bills (2)                                              18,423             0    -  209,418        18,423 
      Notes and bonds, nominal (2)                          410,491             0    -   60,493       410,491 
      Notes and bonds, inflation-indexed (2)                 41,071             0    +    4,160        41,071 
      Inflation compensation (3)                              5,975    -      107    +    1,099         5,936 
    Federal agency (2)                                       20,266    +      339    +   20,266        19,708 
  Repurchase agreements (4)                                  80,000             0    +   40,250        80,000 
  Term auction credit                                       450,219    +   29,413    +  410,219       450,219 
  Other loans                                               187,770    -    9,098    +  181,983       193,874 
    Primary credit                                           86,550    +      290    +   80,780        93,769 
    Secondary credit                                             18    -       33    +       18            15 
    Seasonal credit                                               4    +        1    -       12             7 
    Primary dealer and other broker-dealer credit (5)       38,476   -    7,203   +   38,476       37,404 
    Asset-backed commercial paper money market                
      mutual fund liquidity facility                         23,797    -    1,061    +   23,797        23,765 
    Credit extended to American International                 
      Group, Inc. (6)                                        38,924    -    1,094    +   38,924        38,914 
    Other credit extensions                                       0             0             0             0 
  Net portfolio holdings of Commercial Paper                  
    Funding Facility LLC (7)                                332,410    +    6,614    +  332,410       334,102 
  Net portfolio holdings of LLCs funded through               
    the money market investor funding facility (8)                0             0             0             0 
  Net portfolio holdings of Maiden Lane LLC (9)              26,974    +       56    +   26,974        27,023 
  Net portfolio holdings of Maiden Lane II LLC (10)          20,059    +       26    +   20,059        20,117 
  Net portfolio holdings of Maiden Lane III LLC (11)         27,990    -       95    +   27,990        26,785 
  Float                                                        -862    +      305    +      166        -1,491 
  Other Federal Reserve assets                              625,741    +   11,802    +  559,086       622,250 
Gold stock                                                   11,041             0             0        11,041 
Special drawing rights certificate account                    2,200             0             0         2,200 
Treasury currency outstanding (12)                           38,857    +       14    +      176        38,857 
                                                              
Total factors supplying reserve funds                     2,298,625    +   39,269    +1,354,928     2,300,605 
 

Note: Components may not sum to totals because of rounding. Footnotes appear on the following page.
 

 

1. Factors Affecting Reserve Balances of Depository Institutions, continued
Millions of dollars
Reserve Bank credit, related items, and
reserve balances of depository institutions at
Federal Reserve Banks
Averages of daily figures Wednesday
Dec 31, 2008
Week ended
Dec 31, 2008
Change from week ended
Dec 24, 2008 Jan 2, 2008
                                                              
Currency in circulation (12)                                888,933    +    7,472    +   59,858       890,081 
Reverse repurchase agreements (13)                           84,442    -    3,316    +   42,569        88,352 
  Foreign official and international accounts                84,442    -    3,316    +   42,569        88,352 
  Dealers                                                         0             0             0             0 
Treasury cash holdings                                          250    +       15    -        9           259 
Deposits with F.R. Banks, other than reserve balances       397,826    -   27,831    +  381,721       392,420 
  U.S. Treasury, general account                            114,229    -   11,704    +  105,536       106,123 
  U.S. Treasury, supplementary financing account            263,600    -   25,647    +  263,600       259,325 
  Foreign official                                              505    -      139    +      408         1,365 
  Service-related                                             4,386    -       28    -    2,228         4,386 
    Required clearing balances                                4,385             0    -    2,229         4,385 
    Adjustments to compensate for float                           0    -       29             0             0 
  Other                                                      15,106    +    9,688    +   14,405        21,221 
Other liabilities and capital (14)                           79,314    -      326    +   36,105        73,880 
                                                              
Total factors, other than reserve balances,                                                       
   absorbing reserve funds                                1,450,766    -   23,984    +  520,244     1,444,993 
                                                              
Reserve balances with Federal Reserve Banks                 847,859    +   63,252    +  834,684       855,613 
                                                                
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. Excludes credit extended to consolidated LLCs.
7. Refer to table 6 and the note on consolidation accompanying table 9.
8. Refer to table 7 and the note on consolidation accompanying table 9.
9. Refer to table 3 and the note on consolidation accompanying table 9.
10. Refer to table 4 and the note on consolidation accompanying table 9.
11. Refer to table 5 and the note on consolidation accompanying table 9.
12. Estimated.
13. Cash value of agreements, which are collateralized by U.S. Treasury securities.
14. Includes the liabilities of Commercial Paper Funding Facility LLC, the LLCs funded through the Money
Market Investor Funding Facility, Maiden Lane LLC, Maiden Lane II LLC, and Maiden Lane III LLC to
entities other than the Federal Reserve Bank of New York, including liabilities that have recourse only
to the portfolio holdings of these LLCs. Refer to table 3 through table 7 and the note on consolidation
accompanying table 9.
 

Sources: Federal Reserve Banks and the U.S. Department of the Treasury.
 

 

1A. Memorandum Items
Millions of dollars

Memorandum item
Averages of daily figures Wednesday
Dec 31, 2008
Week ended
Dec 31, 2008
Change from week ended
Dec 24, 2008 Jan 2, 2008
                                                              
Marketable securities held in custody for foreign             
      official and international accounts (1)             2,516,463    +    6,771    +  455,576     2,521,960 
  U.S. Treasury                                           1,699,437    +   14,740    +  468,596     1,707,443 
  Federal agency                                            817,026    -    7,969    -   13,020       814,517 
Securities lent to dealers                                  179,662    -    4,904    +  163,158       180,765 
  Overnight facility (2)                                      6,491    -      479    -   10,013         9,165 
  Term facility (3)                                         173,171    -    4,425    +  173,171       171,600 
 

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. Maturity Distribution of Term Auction Credit, Other Loans, and Securities, December 31, 2008
Millions of dollars
Remaining maturity
Within 15
days
16 days to
90 days
91 days to
1 year
Over 1 year
to 5 years
Over 5 years
to 10 years
Over 10
years
All
 
Term auction credit                   244,809      205,410         ---            ---          ---         ---       450,219
Other loans (1)                       133,040       21,921            0        38,914          ---         ---       193,874
U.S. Treasury securities (2)                    
  Holdings                             19,138       20,965       63,330       173,328       97,325     101,834       475,921
  Weekly changes                   +    1,837   -    2,015   -    1,148    +    1,290   -       20  -       37    -       93
Federal agency securities                       
  Holdings                                450        3,281          976        11,361        3,640           0        19,708
  Weekly changes                   -    1,170            0            0             0            0           0    -    1,170
Commercial paper held by                        
  Commercial Paper Funding                      
  Facility LLC (3)                          0      334,415            0           ---          ---         ---       334,415
Money market instruments held by                
  LLCs funded through the money                 
  market investor funding                       
  facility (4)                              0            0            0           ---          ---         ---             0
Repurchase agreements (5)              40,000       40,000          ---           ---          ---         ---        80,000
                                                
Reverse repurchase agreements (5)      88,352            0          ---           ---          ---         ---        88,352
  
Note: Components may not sum to totals because of rounding.
--- Not applicable.
 

1. Excludes the loans from the Federal Reserve Bank of New York (FRBNY) to Commercial Paper Funding Facility LLC, the
LLCs funded through the Money Market Investor Funding Facility, Maiden Lane LLC, Maiden Lane II LLC, and Maiden
Lane III LLC. The loans were eliminated when preparing the FRBNY's statement of condition consistent with
consolidation under generally accepted accounting principles.
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. Face value of commercial paper held by Commercial Paper Funding Facility LLC.
4. Face value of money market instruments held by LLCs funded through the Money Market Investor Funding Facility.
5. Cash value of agreements.
 

 

3. Information on Principal Accounts of Maiden Lane LLC
Millions of dollars
Account name Wednesday
Dec 31, 2008
                                                                                                
Net portfolio holdings of Maiden Lane LLC (1)                                                       27,023    
                                                                                                
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)                                   267    
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3)        1,188    
 
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. Any assets purchased after this valuation date
are initially recorded at cost until their estimated fair value as of the purchase date becomes available.
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 9.
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 8 and table 9.
 

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.
 

 

 

4. Information on Principal Accounts of Maiden Lane II LLC
Millions of dollars
Account name Wednesday
Dec 31, 2008
                                                                                                
Net portfolio holdings of Maiden Lane II LLC (1)                                                     20,117   
                                                                                                
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2)            19,494   
Accrued interest payable to the Federal Reserve Bank of New York (2)                                     27   
Deferred payment and accrued interest payable to subsidiaries of American International         
  Group, Inc. (3)                                                                                     1,003   
 

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 December 12, 2008. Any assets purchased after this valuation date
are initially recorded at cost until their estimated fair value as of the purchase date becomes available.
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 9.
3. Book value. The deferred payment represents the portion of the proceeds of the net portfolio holdings due
to subsidiaries of American International Group, Inc. in accordance with the asset purchase agreement.
The fair value of this payment and accrued interest payable are included in other liabilities and capital
in table 1 and in other liabilities and accrued dividends in table 8 and table 9.
 

Note: On December 12, 2008, the Federal Reserve Bank of New York (FRBNY) began extending credit to Maiden
Lane II LLC under the authority of section 13(3) of the Federal Reserve Act. This limited liability company
was formed to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment
portfolio of subsidiaries of American International Group, Inc. (AIG subsidiaries). Payments by Maiden
Lane II LLC from the proceeds of the net portfolio holdings will be made in the following order: operating
expenses of Maiden Lane II LLC, principal due to the FRBNY, interest due to the FRBNY, and deferred payment
and interest due to AIG subsidiaries. Any remaining funds will be shared by the FRBNY and AIG subsidiaries.
 

 

5. Information on Principal Accounts of Maiden Lane III LLC
Millions of dollars
Account name Wednesday
Dec 31, 2008
                                                                                                
Net portfolio holdings of Maiden Lane III LLC (1)                                                    26,785   
                                                                                                
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2)            24,339   
Accrued interest payable to the Federal Reserve Bank of New York (2)                                     45   
Outstanding principal amount and accrued interest on loan payable to American International     
  Group, Inc. (3)                                                                                     5,022   
 

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 November 25, 2008. Any assets purchased after this valuation date
are initially recorded at cost until their estimated fair value as of the purchase date becomes available.
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 9.
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 8 and table 9.
 

Note: On November 25, 2008, the Federal Reserve Bank of New York (FRBNY) began extending credit to Maiden Lane
III LLC under the authority of section 13(3) of the Federal Reserve Act. This limited liability company was
formed to purchase multi-sector collateralized debt obligations (CDOs) on which the Financial Products group
of American International Group, Inc. (AIG) has written credit default swap (CDS) contracts. In connection
with the purchase of CDOs, the CDS counterparties will concurrently unwind the related CDS transactions.
Payments by Maiden Lane III LLC from the proceeds of the net portfolio holdings will be made in the following
order: operating expenses of Maiden Lane III LLC, principal due to the FRBNY, interest due to the FRBNY,
principal due to AIG, and interest due to AIG. Any remaining funds will be shared by the FRBNY and AIG.
 

 

6. Information on Principal Accounts of Commercial Paper Funding Facility LLC
Millions of dollars
Account name Wednesday
Dec 31, 2008
                                                                                                
Commercial paper holdings, net (1)                                                                  332,826   
Other investments, net                                                                                1,276   
Net portfolio holdings of Commercial Paper Funding Facility LLC                                     334,102   
                                                                                                
Memorandum: Commercial paper holdings, face value                                                   334,415   
                                                                                                
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2)           332,399   
Accrued interest payable to the Federal Reserve Bank of New York (2)                                    620   
 

1. Book value, which includes amortized cost and related fees.
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 9.
 

Note: On October 27, 2008, the Federal Reserve Bank of New York began extending loans under the authority of
section 13(3) of the Federal Reserve Act to Commercial Paper Funding Facility LLC. This LLC is a limited
liability company formed to purchase three-month U.S. dollar-denominated commercial paper from eligible issuers
and thereby foster liquidity in short-term funding markets and increase the availability of credit for
businesses and households.
 

 

7. Information on Principal Accounts of LLCs Funded through the Money Market Investor Funding Facility
Millions of dollars
Account name Wednesday
Dec 31, 2008
                                                                                                
Money market instrument holdings, net (1)                                                                 0   
Other investments, net                                                                                    0   
Net portfolio holdings of LLCs funded through the money market investor funding facility                  0   
                                                                                                
Memorandum: Money market instrument holdings, face value                                                  0   
                                                                                                
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2)                 0   
Accrued interest payable to the Federal Reserve Bank of New York (2)                                      0   
Commercial paper issued by LLCs funded through the money market investor funding facility,      
  net of related discounts                                                                                0   
 

1. Book value, which includes amortized cost.
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 9.
 

Note: On November 24, 2008, the Federal Reserve Board authorized the Federal Reserve Bank of New York to extend
credit under the authority of section 13(3) of the Federal Reserve Act to a series of limited liability
companies funded through the Money Market Investor Funding Facility. These limited liability companies were
established to purchase short-term U.S. dollar-denominated certificates of deposit, bank notes, and outstanding
asset-backed commercial paper from eligible issuers. Such purchases are designed to foster liquidity in
short-term money markets.
 

 

8. Consolidated Statement of Condition of All Federal Reserve Banks
Millions of dollars
Assets, liabilities, and capital Eliminations
from
consolidation
  Change since
Wednesday
Dec 31, 2008
Wednesday
Dec 24, 2008
Wednesday
Jan 2, 2008
Assets                                                   
Gold certificate account                                         11,037                0                   0
Special drawing rights certificate account                        2,200                0                   0
Coin                                                              1,688       +        8          +      519
Securities, repurchase agreements, term auction          
      credit, and other loans                                 1,219,723       +    5,982          +  377,423
  Securities held outright                                      495,629       -    1,263          -  244,998
    U.S. Treasury (1)                                           475,921       -       93          -  264,706
      Bills (2)                                                  18,423                0          -  209,418
      Notes and bonds, nominal (2)                              410,491                0          -   60,493
      Notes and bonds, inflation-indexed (2)                     41,071                0          +    4,160
      Inflation compensation (3)                                  5,936       -       93          +    1,044
    Federal agency (2)                                           19,708       -    1,170          +   19,708
  Repurchase agreements (4)                                      80,000                0          +   23,250
  Term auction credit                                           450,219                0          +  410,219
  Other loans                                                   193,874       +    7,244          +  188,951
Net portfolio holdings of Commercial Paper               
  Funding Facility LLC (5)                                      334,102       +    2,416          +  334,102
Net portfolio holdings of LLCs funded through            
  the money market investor funding facility (6)                      0                0                   0
Net portfolio holdings of Maiden Lane LLC (7)                    27,023       +       57          +   27,023
Net portfolio holdings of Maiden Lane II LLC (8)                 20,117       +       68          +   20,117
Net portfolio holdings of Maiden Lane III LLC (9)                26,785       -    1,406          +   26,785
Items in process of collection                       (397)          979       -      224          -    1,171
Bank premises                                                     2,194       +        8          +       60
Other assets (10)                                               620,057       +      250          +  555,346
                                                         
      Total assets                                   (397)    2,265,904       +    7,160          +1,340,203
                                                         
Liabilities                                              
Federal Reserve notes, net of F.R. Bank holdings                853,168       +    3,452          +   61,484
Reverse repurchase agreements (11)                               88,352       +       35          +   47,443
Deposits                                               (0)    1,248,034       +    6,050          +1,200,590
  Depository institutions                                       860,000       +   40,596          +  820,231
  U.S. Treasury, general account                                106,123       -   11,935          +   98,846
  U.S. Treasury, supplementary financing account                259,325       -   29,922          +  259,325
  Foreign official                                                1,365       +      175          +    1,267
  Other                                                (0)       21,221       +    7,136          +   20,919
Deferred availability cash items                     (397)        2,471       -       66          -      726
Other liabilities and accrued dividends (12,13)                  31,728       -    1,945          +   26,479
                                                         
      Total liabilities                              (397)    2,223,753       +    7,526          +1,335,269
                                                         
Capital accounts                                         
Capital paid in                                                  21,076       +        5          +    2,630
Surplus                                                          21,076       +    4,230          +    2,774
Other capital accounts                                                0       -    4,600          -      470
                                                         
      Total capital                                              42,152       -      365          +    4,935
 

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. Refer to table 6 and the note on consolidation accompanying table 9.
6. Refer to table 7 and the note on consolidation accompanying table 9.
7. Refer to table 3 and the note on consolidation accompanying table 9.
8. Refer to table 4 and the note on consolidation accompanying table 9.
9. Refer to table 5 and the note on consolidation accompanying table 9.
10. Includes assets denominated in foreign currencies and any exchange-translation assets, which are
revalued daily at market exchange rates.
11. Cash value of agreements, which are collateralized by U.S. Treasury securities.
12. Includes any exchange-translation liabilities, which are revalued daily at market exchange rates.
13. Includes the liabilities of Commercial Paper Funding Facility LLC, the LLCs funded through the Money Market
Investor Funding Facility, Maiden Lane LLC, Maiden Lane II LLC, and Maiden Lane III LLC to entities other
than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio
holdings of these LLCs. Refer to table 3 through table 7 and the note on consolidation accompanying table 9.
 

 

9. Statement of Condition of Each Federal Reserve Bank, December 31, 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                                           1,688          56          76         137         136         233         214         194          43          54         114         180         252 
Securities, repurchase agreements, term                            
      auction credit, and other loans      1,219,723      64,302     581,788      63,762      37,450     127,779      74,979      57,726      25,044      16,727      28,446      28,905     112,814 
  Securities held outright                   495,629      20,789     176,342      21,640      18,794      44,943      49,314      43,744      17,127       9,357      18,198      20,559      54,822 
    U.S. Treasury (1)                        475,921      19,962     169,330      20,779      18,047      43,156      47,353      42,005      16,446       8,985      17,475      19,742      52,642 
      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)                    457,499      19,189     162,775      19,975      17,348      41,485      45,520      40,379      15,810       8,637      16,798      18,977      50,604 
    Federal agency (2)                        19,708         827       7,012         860         747       1,787       1,961       1,739         681         372         724         818       2,180 
  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                        450,219      16,150     220,434      38,300      15,575      75,130      17,222       5,094       4,698       5,737       2,740       4,335      44,805 
  Other loans                                193,874      24,008     156,549         329          48         452         483       1,828         454         124       4,570         692       4,338 
Net portfolio holdings of Commercial                               
  Paper Funding Facility LLC (5)             334,102           0     334,102           0           0           0           0           0           0           0           0           0           0 
Net portfolio holdings of LLCs funded                              
  through the money market investor                                
  funding facility (6)                             0           0           0           0           0           0           0           0           0           0           0           0           0 
Net portfolio holdings of Maiden Lane                              
  LLC (7)                                     27,023           0      27,023           0           0           0           0           0           0           0           0           0           0 
Net portfolio holdings of Maiden                                   
  Lane II LLC (8)                             20,117           0      20,117           0           0           0           0           0           0           0           0           0           0 
Net portfolio holdings of Maiden                                   
  Lane III LLC (9)                            26,785           0      26,785           0           0           0           0           0           0           0           0           0           0 
Items in process of collection                 1,377          41           0         237         164          41         325         111          17          76          14         152         199 
Bank premises                                  2,194         123         212          65         147         233         225         209         132         112         273         251         213 
Other assets (10)                            620,057      35,164     156,647      60,124      42,930     165,342      48,048      28,083       6,422      11,927       6,915      12,551      45,904 
Interdistrict settlement account                   0   -  11,458   + 128,630   -  68,758   +  15,073   - 170,409   +  17,429   +  34,045   +   3,065   -  10,052   +   5,043   +  10,202   +  47,191 
                                                                   
      Total assets                         2,266,302      88,767   1,280,188      56,101      96,428     124,258     142,607     121,492      35,138      19,074      41,219      52,975   
 

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. Refer to table 6 and the note on consolidation on the following page.
6. Refer to table 7 and the note on consolidation on the following page.
7. Refer to table 3 and the note on consolidation on the following page.
8. Refer to table 4 and the note on consolidation on the following page.
9. Refer to table 5 and the note on consolidation on the following page.
10. Includes assets denominated in foreign currencies and any exchange-translation assets, which are revalued daily at market exchange rates.
 

 

9. Statement of Condition of Each Federal Reserve Bank, December 31, 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           1,022,849      38,508     357,560      41,373      46,622      81,122     128,631      83,472      29,417      17,613      30,098      55,431     113,003 
  Less: Notes held by F.R. Banks              169,682       5,409      46,609       5,013       7,240      11,552      24,156      12,938       3,405       2,839       3,536      20,767      26,219 
    Federal Reserve notes, net                853,168      33,099     310,951      36,360      39,381      69,571     104,475      70,534      26,012      14,774      26,562      34,664      86,784 
Reverse repurchase agreements (11)             88,352       3,706      31,435       3,858       3,350       8,012       8,791       7,798       3,053       1,668       3,244       3,665       9,773 
Deposits                                    1,248,034      50,057     897,177      10,584      49,967      34,147      25,610      41,147       5,460       1,652      10,784      13,638     107,810 
  Depository institutions                     860,000      49,810     509,858      10,565      49,963      34,057      25,593      41,013       5,446       1,614      10,769      13,533     107,779 
  U.S. Treasury, general account              106,123           0     106,123           0           0           0           0           0           0           0           0           0           0 
  U.S. Treasury, supplementary                                      
    financing account                         259,325           0     259,325           0           0           0           0           0           0           0           0           0           0 
  Foreign official                              1,365           2       1,335           4           3          11           3           2           0           1           0           1           3 
  Other                                        21,221         246      20,536          15           1          79          13         133          14          38          14         104          29 
Deferred availability cash items                2,868          69           0         515         456         172         158         323          47         235         102         296         495 
Other liabilities and accrued                                                 
  dividends (12,13)                            31,728         147      29,410         154         168         397         349         283         147          96         112         171         296 
                                                                    
      Total liabilities                     2,224,150      87,078   1,268,973      51,471      93,323     112,297     139,383     120,085      34,718      18,425      40,804      52,433     205,158 
                                                                    
Capital                                                             
Capital paid in                                21,076         844       5,607       2,315       1,552       5,980       1,612         703         210         324         208         271       1,449 
Surplus                                        21,076         844       5,607       2,315       1,552       5,980       1,612         703         210         324         208         271       1,449 
Other capital                                       0           0           0           0           0           0           0           0           0           0           0           0           0 
                                                                    
      Total liabilities and capital         2,266,302      88,767   1,280,188      56,101      96,428     124,258     142,607     121,492      35,138      19,074      41,219      52,975     208,055 
                              
Note: Components may not sum to totals because of rounding.
 

11. Cash value of agreements, which are collateralized by U.S. Treasury securities.
12. Includes any exchange-translation liabilities, which are revalued daily at market exchange rates.
13. Includes the liabilities of Commercial Paper Funding Facility LLC, the LLCs funded through the Money Market Investor Funding Facility, Maiden Lane LLC, Maiden Lane II LLC, and Maiden
Lane III LLC to entities other than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of these LLCs. Refer to table 3
through table 7 and the note on consolidation below.
 

Note on consolidation:
 

The Federal Reserve Bank of New York (FRBNY) has extended loans to several limited liability companies under the authority of section 13(3) of the Federal Reserve Act. On June 26, 2008,
a loan was extended to Maiden Lane LLC, which was formed to acquire certain assets of Bear Stearns. On October 27, 2008, the FRBNY began extending loans to Commercial Paper Funding
Facility LLC, which was formed to purchase three-month U.S. dollar-denominated commercial paper from eligible issuers. On November 24, 2008, the Federal Reserve Board authorized the FRBNY
to extend credit to a series of LLCs funded through the Money Market Investor Funding Facility, which were established to purchase short-term U.S. dollar-denominated certificates of
deposit, bank notes, and commercial paper from eligible issuers. On November 25, 2008, a loan was extended to Maiden Lane III LLC, which was formed to purchase multi-sector collateralized
debt obligations on which the Financial Products group of the American International Group, Inc. has written credit default swap contracts. On December 12, 2008, a loan was extended to
Maiden Lane II LLC, which was formed to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment portfolio of subsidiaries of American International
Group, Inc.
 

The FRBNY is the sole beneficiary of Commercial Paper Funding Facility LLC and the primary beneficiary of the other LLCs cited above. Consistent with generally accepted accounting principles,
the assets and liabilities of these LLCs have been consolidated with the assets and liabilities of the FRBNY in the preparation of the statements of condition shown on this release. As a
consequence of the consolidation, the extensions of credit from the FRBNY to the LLCs are eliminated, the net assets of the LLCs appear as assets on the previous page (and in table 1 and
table 8), and the liabilities of the LLCs to entities other than the FRBNY, including those with recourse only to the portfolio holdings of the LLCs, are included in other liabilities in
this table (and table 1 and table 8).
 

 

10. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts
Millions of dollars
Federal Reserve notes and collateral Wednesday
Dec 31, 2008
                                                                                            
Federal Reserve notes outstanding                                                              1,022,849 
  Less: Notes held by F.R. Banks not subject to collateralization                                169,682 
    Federal Reserve notes to be collateralized                                                   853,168 
Collateral held against Federal Reserve notes                                                    853,168 
  Gold certificate account                                                                        11,037 
  Special drawing rights certificate account                                                       2,200 
  U.S. Treasury and agency securities pledged (1)                                                496,733 
  Other assets pledged                                                                           343,198 
                                                                                            
Memo:                                                                                       
Total U.S. Treasury and agency securities (1)                                                    575,629 
  Less: Face value of securities under reverse repurchase agreements                              78,896 
    U.S. Treasury and agency securities eligible to be pledged                                   496,733 
   
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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