Federal Reserve Statistical Release, H.4.1, Factors Affecting Reserve Balances; title with eagle logo links to Statistical Release home page
Release Date:  January 29, 2009
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For release at
4:30 p.m. EST
January 29, 2009

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of
Depository Institutions and Condition Statement of Federal Reserve Banks," has
been modified to present information separately on liquidity-related operations
conducted under reciprocal currency arrangements with other central banks
(central bank liquidity swaps).  This release also reflects valuations as of
December 31, 2008, of the portfolio holdings of Maiden Lane LLC, Maiden Lane II
LLC, and Maiden Lane III LLC, as described below. 

Central Bank Liquidity Swaps

Each swap arrangement involves two transactions.  When a foreign central bank
draws on (obtains funding under) the swap line, it sells a certain amount of
its currency to the Federal Reserve at the prevailing market exchange rate in
exchange for dollars.  This market rate becomes the swap exchange rate.  At the
same time, the Federal Reserve and the foreign central bank enter into a
binding agreement for a second transaction in which the foreign central bank is
obligated to repurchase the foreign currency at a specified future date.  The
second transaction is done at the swap exchange rate -- that is, the same
exchange rate as in the first transaction.  The release shows the outstanding
dollar value of central bank liquidity swaps in tables 1, 8, and 9.  This value
equals the sum of the dollar value of the outstanding swap drawings, which are
valued at their respective swap exchange rates.  The maturity distribution of
these swaps is reported in table 2.

Previously, foreign currency acquired under central bank liquidity swaps,
revalued daily at current market exchange rates, was included in "Other Federal
Reserve assets" in table 1 and in "Other assets" in tables 8 and 9.  In
addition, each day, an exchange translation account recognized that the foreign
currency would be repurchased by the foreign central bank at the swap exchange
rate, which generally would differ from that day's market exchange rate.  If
that day's foreign exchange value of the dollar were above the swap exchange
rate, then the dollar value of the foreign currency holdings would understate
the value of the dollars that would be booked at the maturity of the swap
drawing.  In this case, the exchange translation amount would be booked as an
asset in "Other Federal Reserve assets" in table 1 and "Other assets" in
tables 8 and 9.  Alternatively, if that day's foreign exchange value of the
dollar were below the swap exchange rate, then that day's value of the foreign
currency holdings would overstate the value of the dollars that would be
received at the maturity of the swap drawing.  In this case, the exchange
translation amount would be booked as a liability in "Other liabilities and
capital" in table 1 and as a liability in "Other liabilities and accrued
dividends" in tables 8 and 9.  The dollar value of central bank liquidity swaps
valued at the swap exchange rates combines the exchange translation account and
the value of the swaps at current market exchange rates so exchange translation
amounts are no longer included in the asset and liability categories referenced
above.   

The Federal Reserve's current program of temporary liquidity swaps was
initiated on December 12, 2007, when the Federal Open Market Committee
authorized swap lines with the European Central Bank and the Swiss National
Bank.  The program has since expanded to include additional central banks.
Historical data on the current program of central bank liquidity swaps will be
available in the historical data tables accompanying this release at
www.federalreserve.gov/releases/h41/hist/.

Portfolio Valuations

The weekly average value of net portfolio holdings of Maiden Lane LLC, Maiden
Lane II LLC, and Maiden Lane III LLC shown in table 1 reflect holdings from
Thursday, January 22, 2009 through Wednesday, January 28, 2009.  The holdings
for the first six days of this reporting week are based on the values as of the
previous valuation dates.  The holdings for the final day of the reporting week
were based on values as of December 31, 2008, the quarterly revaluation date.
The fair value of the net portfolio holdings is updated quarterly.
1



FEDERAL RESERVE statistical release
 

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
January 29, 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
Jan 28, 2009
Week ended
Jan 28, 2009
Change from week ended
Jan 21, 2009 Jan 30, 2008
                                                              
Reserve Bank credit                                       1,989,877    -   51,461    +1,125,557     1,910,672 
  Securities held outright                                  508,693    +    3,370    -  209,657       510,871 
    U.S. Treasury securities (1)                            475,200    -      181    -  243,150       475,129 
      Bills (2)                                              18,423             0    -  186,937        18,423 
      Notes and bonds, nominal (2)                          412,914             0    -   58,070       412,914 
      Notes and bonds, inflation-indexed (2)                 39,378             0    +    1,915        39,378 
      Inflation compensation (3)                              4,486    -      181    -       58         4,415 
    Federal agency debt securities (2)                       26,668    +    2,510    +   26,668        28,365 
    Mortgage-backed securities (4)                            6,824    +    1,040    +    6,824         7,377 
  Repurchase agreements (5)                                  17,143    -   20,000    -   12,250             0 
  Term auction credit                                       415,859    -      172    +  365,859       415,631 
  Other loans                                               150,009    +    1,711    +  149,981       154,790 
    Primary credit                                           64,990    +    3,372    +   64,965        68,288 
    Secondary credit                                             34    -       40    +       34             1 
    Seasonal credit                                              1            0   -        1            1 
    Primary dealer and other broker-dealer credit (6)        32,054    -      625    +   32,054        32,196 
    Asset-backed Commercial Paper Money Market                
      Mutual Fund Liquidity Facility                         14,593    -      889    +   14,593        15,967 
    Credit extended to American International                 
      Group, Inc. (7)                                        38,336    -      109    +   38,336        38,339 
    Other credit extensions                                       0             0             0             0 
  Net portfolio holdings of Commercial Paper                  
    Funding Facility LLC (8)                                316,201    -   33,739    +  316,201       248,091 
  Net portfolio holdings of LLCs funded through               
    the Money Market Investor Funding Facility (9)                0             0             0             0 
  Net portfolio holdings of Maiden Lane LLC (10)             26,980    -      151    +   26,980        25,772 
  Net portfolio holdings of Maiden Lane II LLC (11)          19,692    -      110    +   19,692        18,964 
  Net portfolio holdings of Maiden Lane III LLC (12)         27,037    +       91    +   27,037        27,456 
  Float                                                      -2,017    -      469    -      868        -1,542 
  Central bank liquidity swaps (13)                         465,853    -    2,672    +  441,853       465,672 
  Other Federal Reserve assets (14)                          44,428    +      680    +      730        44,967 
Gold stock                                                   11,041             0             0        11,041 
Special drawing rights certificate account                    2,200             0             0         2,200 
Treasury currency outstanding (15)                           38,786    +       14    +      106        38,786 
                                                              
Total factors supplying reserve funds                     2,041,904    -   51,447    +1,125,663     1,962,699 
 

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
Jan 28, 2009
Week ended
Jan 28, 2009
Change from week ended
Jan 21, 2009 Jan 30, 2008
                                                              
Currency in circulation (15)                                884,160    +    1,847    +   74,474       885,432 
Reverse repurchase agreements (16)                           73,131    -    3,123    +   33,650        72,214 
  Foreign official and international accounts                73,131    -    3,123    +   33,650        72,214 
  Dealers                                                         0             0             0             0 
Treasury cash holdings                                          287    +       13    -       15           297 
Deposits with F.R. Banks, other than reserve balances       238,443    -    2,891    +  226,692       219,470 
  U.S. Treasury, general account                             55,539    +   20,029    +   50,889        38,717 
  U.S. Treasury, supplementary financing account            174,840    -   24,907    +  174,840       174,840 
  Foreign official                                              168    -       23    +       67           108 
  Service-related                                             4,401             0    -    2,269         4,401 
    Required clearing balances                                4,401             0    -    2,269         4,401 
    Adjustments to compensate for float                           0             0             0             0 
  Other                                                       3,495    +    2,010    +    3,165         1,403 
Other liabilities and capital (17)                           50,429    +      471    +    7,857        49,260 
                                                              
Total factors, other than reserve balances,                                                       
   absorbing reserve funds                                1,246,450    -    3,682    +  342,657     1,226,671 
                                                              
Reserve balances with Federal Reserve Banks                 795,454    -   47,765    +  783,005       736,028 
                                                                
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. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Current face value of the securities, which is
the remaining principal balance of the underlying mortgages.
5. Cash value of agreements.
6. Includes credit extended through the Primary Dealer Credit Facility and credit extended to certain
other broker-dealers.
7. Excludes credit extended to consolidated LLCs.
8. Refer to table 6 and the note on consolidation accompanying table 9.
9. Refer to table 7 and the note on consolidation accompanying table 9.
10. Refer to table 3 and the note on consolidation accompanying table 9.
11. Refer to table 4 and the note on consolidation accompanying table 9.
12. Refer to table 5 and the note on consolidation accompanying table 9.
13. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when
the foreign currency is returned to the foreign central bank. This exchange rate equals the market exchange
rate used when the foreign currency was acquired from the foreign central bank.
14. Includes other assets denominated in foreign currencies, which are revalued daily at market exchange rates.
15. Estimated.
16. Cash value of agreements, which are collateralized by U.S. Treasury securities.
17. 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
Jan 28, 2009
Week ended
Jan 28, 2009
Change from week ended
Jan 21, 2009 Jan 30, 2008
                                                              
Marketable securities held in custody for foreign             
      official and international accounts (1)             2,548,270    +    6,971    +  437,915     2,548,089 
  U.S. Treasury securities                                1,736,999    +    1,948    +  480,718     1,730,282 
  Federal agency securities (2)                             811,270    +    5,022    -   42,803       817,807 
Securities lent to dealers                                  132,453    -    8,349    +  120,944       130,831 
  Overnight facility (3)                                      7,359    -      343    -    4,150         6,451 
  Term facility (4)                                         125,094    -    8,006    +  125,094       124,380 
 

Note: Components may not sum to totals because of rounding.
 

1. Face value of the securities. Includes U.S. Treasury STRIPS, other zero-coupon bonds, and mortgage-backed
securities at face value.
2. Includes debt and mortgage-backed securities.
3. Fully collateralized by U.S. Treasury securities.
4. 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, January 28, 2009
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                   246,446      169,185         ---            ---          ---         ---       415,631
Other loans (1)                        98,552       17,596          303        38,339          ---         ---       154,790
U.S. Treasury securities (2)                    
  Holdings                             17,612       18,933       66,649       173,087       97,338     101,510       475,129
  Weekly changes                   +    2,156   -    2,157   -        6    -       60   -       45  -       81    -      193
Federal agency debt securities (3)                        
  Holdings                                150        2,638        1,044        19,024        5,509           0        28,365
  Weekly changes                   -      493            0            0    +    4,700            0           0    +    4,207
Mortgage-backed securities (4)                            
  Holdings                                  0            0            0             0            0       7,377         7,377
  Weekly changes                            0            0            0             0            0  +    1,386    +    1,386
Commercial paper held by                        
  Commercial Paper Funding                      
  Facility LLC (5)                     78,132      169,446            0           ---          ---         ---       247,578
Money market instruments held by                
  LLCs funded through the Money                 
  Market Investor Funding                       
  Facility (6)                              0            0            0           ---          ---         ---             0
Repurchase agreements (7)                   0            0          ---           ---          ---         ---             0
Central bank liquidity swaps (8)      258,510      207,162            0             0            0           0       465,672
                                                
Reverse repurchase agreements (7)      72,214            0          ---           ---          ---         ---        72,214
  
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. Face value. For inflation-indexed securities, includes the original face value and compensation that adjusts for
the effect of inflation on the original face value of such securities.
3. Face value.
4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Current face value of the securities, which is the remaining
principal balance of the underlying mortgages.
5. Face value of commercial paper held by Commercial Paper Funding Facility LLC.
6. Face value of money market instruments held by LLCs funded through the Money Market Investor Funding Facility.
7. Cash value of agreements.
8. Dollar value of foreign currency held under these arrangements valued at the exchange rate to be used when the foreign
currency is returned to the foreign central bank. This exchange rate equals the market exchange rate used when the
foreign currency was acquired from the foreign central bank.
 

 

3. Information on Principal Accounts of Maiden Lane LLC
Millions of dollars
Account name Wednesday
Jan 28, 2009
                                                                                                
Net portfolio holdings of Maiden Lane LLC (1)                                                       25,772    
                                                                                                
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)                                   279    
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3)        1,192    
 
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 31, 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
Jan 28, 2009
                                                                                                
Net portfolio holdings of Maiden Lane II LLC (1)                                                     18,964   
                                                                                                
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2)            19,169   
Accrued interest payable to the Federal Reserve Bank of New York (2)                                     49   
Deferred payment and accrued interest payable to subsidiaries of American International         
  Group, Inc. (3)                                                                                     1,005   
 

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 31, 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
Jan 28, 2009
                                                                                                
Net portfolio holdings of Maiden Lane III LLC (1)                                                    27,456   
                                                                                                
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)                                     73   
Outstanding principal amount and accrued interest on loan payable to American International     
  Group, Inc. (3)                                                                                     5,036   
 

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 31, 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
Jan 28, 2009
                                                                                                
Commercial paper holdings, net (1)                                                                  246,173   
Other investments, net                                                                                1,918   
Net portfolio holdings of Commercial Paper Funding Facility LLC                                     248,091   
                                                                                                
Memorandum: Commercial paper holdings, face value                                                   247,578   
                                                                                                
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2)           246,187   
Accrued interest payable to the Federal Reserve Bank of New York (2)                                    275   
 

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
Jan 28, 2009
                                                                                                
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: 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 (MMIFF). The MMIFF became operational on November 24, 2008. 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
Jan 28, 2009
Wednesday
Jan 21, 2009
Wednesday
Jan 30, 2008
Assets                                                   
Gold certificate account                                           11,037                0                   0
Special drawing rights certificate account                          2,200                0                   0
Coin                                                                1,856       +       67          +      487
Securities, repurchase agreements, term auction          
      credit, and other loans                                   1,081,292       -    9,533          +  262,875
  Securities held outright                                        510,871       +    5,401          -  207,500
    U.S. Treasury securities (1)                                  475,129       -      193          -  243,242
      Bills (2)                                                    18,423                0          -  186,937
      Notes and bonds, nominal (2)                                412,914                0          -   58,070
      Notes and bonds, inflation-indexed (2)                       39,378                0          +    1,915
      Inflation compensation (3)                                    4,415       -      193          -      149
    Federal agency debt securities (2)                             28,365       +    4,207          +   28,365
    Mortgage-backed securities (4)                                  7,377       +    1,386          +    7,377
  Repurchase agreements (5)                                             0       -   20,000          -   50,000
  Term auction credit                                             415,631       -      400          +  365,631
  Other loans                                                     154,790       +    5,466          +  154,744
Net portfolio holdings of Commercial Paper               
  Funding Facility LLC (6)                                        248,091       -  102,433          +  248,091
Net portfolio holdings of LLCs funded through            
  the Money Market Investor Funding Facility (7)                        0                0                   0
Net portfolio holdings of Maiden Lane LLC (8)                      25,772       -    1,409          +   25,772
Net portfolio holdings of Maiden Lane II LLC (9)                   18,964       -      849          +   18,964
Net portfolio holdings of                                
  Maiden Lane III LLC (10)                                         27,456       +      489          +   27,456
Items in process of collection                         (355)        1,268       -      295          -      457
Bank premises                                                       2,183       -        1          +       43
Central bank liquidity swaps (11)                                 465,672       +    2,876          +  441,672
Other assets (12)                                                  42,758       +    1,050          +      801
                                                         
      Total assets                                     (355)    1,928,549       -  110,038          +1,025,703
 

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
 

 

8. Consolidated Statement of Condition of All Federal Reserve Banks (continued)
Millions of dollars
Assets, liabilities, and capital Eliminations
from
consolidation
  Change since
Wednesday
Jan 28, 2009
Wednesday
Jan 21, 2009
Wednesday
Jan 30, 2008
Liabilities                                              
Federal Reserve notes, net of F.R. Bank holdings                  848,795       +      597          +   74,513
Reverse repurchase agreements (13)                                 72,214       -    2,811          +   32,729
Deposits                                                 (0)      955,471       -  105,325          +  911,473
  Depository institutions                                         740,403       -   67,896          +  701,906
  U.S. Treasury, general account                                   38,717       -    7,988          +   33,635
  U.S. Treasury, supplementary financing account                  174,840       -   24,907          +  174,840
  Foreign official                                                    108       -       79          +        9
  Other                                                  (0)        1,403       -    4,454          +    1,083
Deferred availability cash items                       (355)        2,810       -    1,464          -       37
Other liabilities and accrued dividends (14)                        8,550       +       17          +    4,213
                                                         
      Total liabilities                                (355)    1,887,840       -  108,987          +1,022,891
                                                         
Capital accounts                                         
Capital paid in                                                    21,571       +       57          +    3,099
Surplus                                                            18,977       -      436          +      497
Other capital accounts                                                161       -      673          -      784
                                                         
      Total capital                                                40,710       -    1,050          +    2,813
 

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. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Current face value of the securities, which is
the remaining principal balance of the underlying mortgages.
5. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
6. Refer to table 6 and the note on consolidation accompanying table 9.
7. Refer to table 7 and the note on consolidation accompanying table 9.
8. Refer to table 3 and the note on consolidation accompanying table 9.
9. Refer to table 4 and the note on consolidation accompanying table 9.
10. Refer to table 5 and the note on consolidation accompanying table 9.
11. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when
the foreign currency is returned to the foreign central bank. This exchange rate equals the market
exchange rate used when the foreign currency was acquired from the foreign central bank.
12. Includes other assets denominated in foreign currencies, which are revalued daily at market exchange rates.
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.
 

 

9. Statement of Condition of Each Federal Reserve Bank, January 28, 2009
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                                           1,856          63          85         150         149         253         237         210          50          60         127         195         279 
Securities, repurchase agreements, term                            
      auction credit, and other loans      1,081,292      50,356     518,930      64,338      29,953     125,188      65,097      52,874      21,180      15,674      22,650      27,089      87,963 
  Securities held outright                   510,871      21,428     181,765      22,305      19,372      46,325      50,831      45,089      17,654       9,645      18,758      21,191      56,508 
    U.S. Treasury securities (1)             475,129      19,929     169,048      20,745      18,017      43,084      47,275      41,935      16,419       8,970      17,446      19,709      52,555 
      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)                    456,707      19,156     162,493      19,940      17,318      41,413      45,442      40,309      15,782       8,622      16,769      18,945      50,517 
    Federal agency debt securities (2)        28,365       1,190      10,092       1,238       1,076       2,572       2,822       2,503         980         535       1,042       1,177       3,137 
    Mortgage-backed securities (4)             7,377         309       2,625         322         280         669         734         651         255         139         271         306         816 
  Repurchase agreements (5)                        0           0           0           0           0           0           0           0           0           0           0           0           0 
  Term auction credit                        415,631      12,650     207,683      41,750      10,552      78,208      13,896       5,219       3,038       5,700       2,685       4,708      29,543 
  Other loans                                154,790      16,278     129,482         283          29         655         371       2,566         488         330       1,207       1,190       1,912 
Net portfolio holdings of Commercial                               
  Paper Funding Facility LLC (6)             248,091           0     248,091           0           0           0           0           0           0           0           0           0           0 
Net portfolio holdings of LLCs funded                              
  through the Money Market Investor                                
  Funding Facility (7)                             0           0           0           0           0           0           0           0           0           0           0           0           0 
Net portfolio holdings of Maiden Lane                              
  LLC (8)                                     25,772           0      25,772           0           0           0           0           0           0           0           0           0           0 
Net portfolio holdings of Maiden                                   
  Lane II LLC (9)                             18,964           0      18,964           0           0           0           0           0           0           0           0           0           0 
Net portfolio holdings of Maiden                                   
  Lane III LLC (10)                           27,456           0      27,456           0           0           0           0           0           0           0           0           0           0 
Items in process of collection                 1,623          32           0         248         109          36         617         219          14          80          25         120         123 
Bank premises                                  2,183         123         210          65         147         228         225         207         131         112         273         250         213 
Central bank liquidity swaps (11)            465,672      27,178     107,501      46,959      33,434     129,378      36,792      21,191       4,660       9,181       5,026       9,412      34,960 
Other assets (12)                             42,758       2,244      12,513       3,303       2,433       8,526       3,648       2,575         845         822         901       1,229       3,720 
Interdistrict settlement account                   0   -  27,085   +  61,122   -  60,037   +  14,811   - 105,196   +  27,157   +  28,637   +   6,951   -   7,295   +   9,837   +   8,063   +  43,036 
                                                                   
      Total assets                         1,928,904      53,450   1,025,452      55,562      81,563     159,451     135,161     107,037      34,244      18,862      39,254      47,091     171,776 
 

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
 

 

9. Statement of Condition of Each Federal Reserve Bank, January 28, 2009 (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           1,028,677      37,990     360,353      41,070      46,220      80,522     131,363      83,734      29,193      17,505      29,696      58,790     112,241 
  Less: Notes held by F.R. Banks              179,882       6,058      45,731       5,745       8,056      12,814      26,376      14,539       3,782       3,101       3,768      21,136      28,777 
    Federal Reserve notes, net                848,795      31,933     314,622      35,326      38,163      67,708     104,987      69,196      25,411      14,404      25,928      37,654      83,464 
Reverse repurchase agreements (13)             72,214       3,029      25,693       3,153       2,738       6,548       7,185       6,374       2,495       1,363       2,652       2,995       7,988 
Deposits                                      955,471      16,482     669,465      11,649      36,976      72,624      19,139      29,296       5,723       2,087       9,989       5,431      76,610 
  Depository institutions                     740,403      16,464     454,584      11,645      36,971      72,488      19,135      29,293       5,715       2,086       9,988       5,427      76,607 
  U.S. Treasury, general account               38,717           0      38,717           0           0           0           0           0           0           0           0           0           0 
  U.S. Treasury, supplementary                                      
    financing account                         174,840           0     174,840           0           0           0           0           0           0           0           0           0           0 
  Foreign official                                108           2          78           4           3          11           3           2           0           1           0           1           3 
  Other                                         1,403          16       1,246           0           2         126           0           1           7           0           1           3           0 
Deferred availability cash items                3,165          79           0         609         400         205         244         439          43         242         140         284         480 
Other liabilities and accrued                                                 
  dividends (14)                                8,550         153       6,093         172         185         440         356         298         148         103         119         177         307 
                                                                    
      Total liabilities                     1,888,195      51,675   1,015,873      50,908      78,463     147,526     131,910     105,603      33,821      18,198      38,828      46,541     168,848 
                                                                    
Capital                                                             
Capital paid in                                21,571         903       6,030       2,315       1,552       5,981       1,612         705         210         335         209         272       1,448 
Surplus                                        18,977         844       3,548       2,315       1,548       5,944       1,612         704         210         324         208         271       1,449 
Other capital                                     161          27           0          24           0           0          27          25           4           5          10           8          31 
                                                                    
      Total liabilities and capital         1,928,904      53,450   1,025,452      55,562      81,563     159,451     135,161     107,037      34,244      18,862      39,254      47,091     171,776 
                              
Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
 

 

9. Statement of Condition of Each Federal Reserve Bank, January 28, 2009 (continued)
 

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. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Current face value of the securities, which is the remaining principal balance of the underlying mortgages.
5. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
6. Refer to table 6 and the note on consolidation below.
7. Refer to table 7 and the note on consolidation below.
8. Refer to table 3 and the note on consolidation below.
9. Refer to table 4 and the note on consolidation below.
10. Refer to table 5 and the note on consolidation below.
11. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This
exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.
12. Includes other assets denominated in foreign currencies, which are revalued daily at market exchange rates.
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 LLCto 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 October 21, 2008, the Federal Reserve Board authorized the FRBNY
to extend credit to a series of LLCs funded through the Money Market Investor Funding Facility. These LLCs, which became operational on November 24, 2008, 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
Jan 28, 2009
                                                                                            
Federal Reserve notes outstanding                                                              1,028,677 
  Less: Notes held by F.R. Banks not subject to collateralization                                179,882 
    Federal Reserve notes to be collateralized                                                   848,795 
Collateral held against Federal Reserve notes                                                    848,795 
  Gold certificate account                                                                        11,037 
  Special drawing rights certificate account                                                       2,200 
  U.S. Treasury, agency debt, and mortgage-backed securities pledged (1)                         445,864 
  Other assets pledged                                                                           389,694 
                                                                                            
Memo:                                                                                       
Total U.S. Treasury, agency debt, and mortgage-backed securities (1)                             510,871 
  Less: Face value of securities under reverse repurchase agreements                              65,007 
    U.S. Treasury, agency debt, and mortgage-backed securities                              
    eligible to be pledged                                                                       445,864 
   
Note: Components may not sum to totals because of rounding.
 

1. Includes face value of U.S. Treasury, agency debt, and mortgage-backed 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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