For Release at 4:30 P.M. Eastern time April 1, 2010 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 reflect a revision to the loan restructuring adjustment associated with the revolving credit extended to American International Group, Inc. (AIG). In addition, the release has been modified to incorporate fair value adjustments associated with the Term Asset-Backed Securities Loan Facility (TALF). Consistent with generally accepted accounting principles (GAAP), the AIG revolving credit extension has been reduced by a revision of $1,255 million to the loan restructuring adjustment. The restructuring adjustment is related to the loan modification that eliminated the floor on the Libor rate, announced on March 2, 2009, and that was first incorporated in reported figures beginning with the July 30, 2009, H.4.1 release. The restructuring adjustment recognizes the economic effect of the reduced interest rate on the revolving credit facility and will be amortized over the remaining term of the credit extension. The revised restructuring adjustment incorporates quarterly updates as of December 31, 2009, of estimates of factors such as interest rates and future cash flow streams that are used to value the original loan restructuring adjustment. The Federal Reserve expects that the credit extension, including interest and commitment fees under the modified terms, will be fully repaid. The weekly average balance of the credit extended to AIG shown in table 1 reflects holdings from March 25, 2010, through Wednesday, March 31, 2010.* The balance for the first six days of this reporting week reflects the loan restructuring adjustment prior to its revision. The balance for the final day of the reporting week reflects the revised loan restructuring adjustment. Several items on the release have been modified to include fair value adjustments associated with the TALF. A fair value adjustment to the TALF loans extended by FRBNY is recorded in "Other Federal Reserve assets" in table 1 and "Other assets" in table 10 and in table 11. This fair value adjustment of $557 million reflects the value of the future interest received by FRBNY that is paid to the TALF LLC to provide credit protection. The adjustment is substantially offset by a corresponding increase in the fair value of the liability to the U.S. Treasury related to its beneficial interest in the TALF LLC recorded in "Other liabilities and capital" in table 1 and "Other liabilities" in table 10 and in table 11. The fair value adjustments associated with the TALF will be updated quarterly. * This cover note was revised to reflect the correct dates of the reporting week. The original cover note listed the dates for the previous reporting week. FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks April 1, 2010 1. Factors Affecting Reserve Balances of Depository Institutions Millions of dollars Reserve Bank credit, related items, and Averages of daily figures Wednesday reserve balances of depository institutions at Week ended Change from week ended Mar 31, 2010 Federal Reserve Banks Mar 31, 2010 Mar 24, 2010 Apr 1, 2009 Reserve Bank credit 2,290,403 - 7,424 + 244,230 2,289,758 Securities held outright (1) 2,014,288 - 3,372 +1,240,791 2,014,390 U.S. Treasury securities 776,691 + 38 + 290,472 776,705 Bills (2) 18,423 0 0 18,423 Notes and bonds, nominal (2) 708,872 0 + 284,513 708,872 Notes and bonds, inflation-indexed (2) 43,777 0 + 4,399 43,777 Inflation compensation (3) 5,619 + 38 + 1,559 5,633 Federal agency debt securities (2) 168,988 + 1,500 + 118,135 168,988 Mortgage-backed securities (4) 1,068,609 - 4,910 + 832,185 1,068,697 Repurchase agreements (5) 0 0 0 0 Term auction credit 3,410 0 - 463,868 3,410 Other loans 81,814 - 2,697 - 53,478 80,711 Primary credit 7,664 - 3,086 - 52,071 7,508 Secondary credit 600 0 + 600 600 Seasonal credit 4 - 2 + 1 5 Primary dealer and other broker-dealer credit (6) 0 0 - 19,488 0 Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility 0 0 - 6,650 0 Credit extended to American International Group, Inc., net (7) 26,222 + 1,039 - 18,490 25,377 Term Asset-Backed Securities Loan Facility (8) 47,324 - 648 + 42,621 47,221 Other credit extensions 0 0 0 0 Net portfolio holdings of Commercial Paper Funding Facility LLC (9) 7,779 + 12 - 236,518 7,786 Net portfolio holdings of Maiden Lane LLC (10) 27,323 + 32 + 1,028 27,364 Net portfolio holdings of Maiden Lane II LLC (11) 15,352 + 13 - 3,106 15,405 Net portfolio holdings of Maiden Lane III LLC (12) 22,143 + 7 - 5,504 22,150 Net portfolio holdings of TALF LLC (13) 404 + 4 + 404 404 Preferred interests in AIA Aurora LLC and ALICO Holdings LLC (14) 25,150 + 44 + 25,150 25,416 Float -1,700 - 80 + 587 -1,625 Central bank liquidity swaps (15) 0 0 - 309,828 0 Other Federal Reserve assets (16) 94,440 - 1,389 + 48,573 94,346 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 + 3,000 5,200 Treasury currency outstanding (17) 42,839 + 14 + 578 42,839 Total factors supplying reserve funds 2,349,483 - 7,410 + 247,808 2,348,838 Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 1. Factors Affecting Reserve Balances of Depository Institutions (continued) Millions of dollars Reserve Bank credit, related items, and Averages of daily figures Wednesday reserve balances of depository institutions at Week ended Change from week ended Mar 31, 2010 Federal Reserve Banks Mar 31, 2010 Mar 24, 2010 Apr 1, 2009 Currency in circulation (17) 932,786 + 92 + 30,182 934,684 Reverse repurchase agreements (18) 56,599 + 187 - 12,887 57,766 Foreign official and international accounts 56,599 + 187 - 12,887 57,766 Dealers 0 0 0 0 Treasury cash holdings 224 + 6 - 87 223 Deposits with F.R. Banks, other than reserve balances 168,898 - 4,187 - 100,937 240,316 U.S. Treasury, general account 35,896 - 31,707 - 11,233 91,519 U.S. Treasury, supplementary financing account 124,979 + 24,996 - 74,955 124,979 Foreign official 2,256 - 161 + 1,146 1,668 Service-related 2,687 - 6 - 1,741 2,687 Required clearing balances 2,687 - 6 - 1,741 2,687 Adjustments to compensate for float 0 0 0 0 Other 3,080 + 2,692 - 14,155 19,463 Other liabilities and capital (19) 65,948 - 1,120 + 10,474 64,994 Total factors, other than reserve balances, absorbing reserve funds 1,224,455 - 5,022 - 73,255 1,297,983 Reserve balances with Federal Reserve Banks 1,125,028 - 2,388 + 321,063 1,050,855 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. Includes outstanding principal and capitalized interest net of unamortized deferred commitment fees and allowance for loan restructuring. Excludes credit extended to consolidated LLCs. 8. Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility. 9. Refer to table 7 and the note on consolidation accompanying table 11. 10. Refer to table 4 and the note on consolidation accompanying table 11. 11. Refer to table 5 and the note on consolidation accompanying table 11. 12. Refer to table 6 and the note on consolidation accompanying table 11. 13. Refer to table 8 and the note on consolidation accompanying table 11. 14. Refer to table 9. 15. 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. 16. Includes other assets denominated in foreign currencies, which are revalued daily at market exchange rates, accrued dividends on the Federal Reserve Bank of New York's (FRBNY) preferred interests in AIA Aurora LLC and ALICO Holdings LLC, and the fair value adjustment to credit extended by the FRBNY to eligible borrowers through the Term Asset-Backed Securities Loan Facility. 17. Estimated. 18. Cash value of agreements, which are collateralized by U.S. Treasury securities and federal agency debt securities. 19. Includes the liabilities of Commercial Paper Funding Facility LLC, Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, and TALF 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 4 through table 8 and the note on consolidation accompanying table 11. Sources: Federal Reserve Banks and the U.S. Department of the Treasury. 1A. Memorandum Items Millions of dollars Averages of daily figures Wednesday Week ended Change from week ended Mar 31, 2010 Memorandum item Mar 31, 2010 Mar 24, 2010 Apr 1, 2009 Marketable securities held in custody for foreign official and international accounts (1) 3,019,750 + 7,238 + 410,421 3,025,268 U.S. Treasury securities 2,240,566 + 695 + 440,939 2,244,417 Federal agency securities (2) 779,185 + 6,544 - 30,518 780,850 Securities lent to dealers 7,124 + 2,925 - 83,612 13,504 Overnight facility (3) 7,124 + 2,925 + 2,038 13,504 U.S. Treasury securities 5,769 + 2,555 + 683 12,216 Federal agency debt securities 1,355 + 370 + 1,355 1,288 Term facility (4) 0 0 - 85,650 0 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. U.S. Treasury securities only. 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, March 31, 2010 Millions of dollars Within 15 16 days to 91 days to Over 1 year Over 5 years Over 10 All Remaining maturity days 90 days 1 year to 5 years to 10 years years Term auction credit 3,410 0 ... ... ... ... 3,410 Other loans (1) 8,110 4 0 72,598 0 ... 80,711 U.S. Treasury securities (2) Holdings 18,140 18,694 48,552 331,962 215,414 143,942 776,705 Weekly changes - 493 - 3,496 + 4,934 - 2,015 + 1,091 + 16 + 38 Federal agency debt securities (3) Holdings 85 4,141 32,267 95,618 34,530 2,347 168,988 Weekly changes + 85 + 767 - 852 + 1,500 0 0 + 1,500 Mortgage-backed securities (4) Holdings 0 0 0 33 21 1,068,643 1,068,697 Weekly changes 0 0 0 - 1 0 - 5,103 - 5,103 Commercial paper held by Commercial Paper Funding Facility LLC (5) 0 2,966 0 ... ... ... 2,966 Asset-backed securities held by TALF LLC (6) 0 0 0 0 0 0 0 Repurchase agreements (7) 0 0 ... ... ... ... 0 Reverse repurchase agreements (7) 57,766 0 ... ... ... ... 57,766 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, Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, and TALF 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 asset-backed securities held by TALF LLC, which is the remaining principal balance of the underlying assets. 7. Cash value of agreements. 3. Supplemental Information on Mortgage-Backed Securities Purchase Program Millions of dollars Wednesday Account name Mar 31, 2010 Mortgage-backed securities held outright (1) 1,068,697 Commitments to buy mortgage-backed securities (2) 103,740 Commitments to sell mortgage-backed securities (2) 0 Cash and cash equivalents (3) 70 1. 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. 2. Current face value. Generally settle within 180 days and include commitments associated with outright transactions as well as dollar rolls. 3. This amount is included in other Federal Reserve assets in table 1 and in other assets in table 10 and table 11. 4. Information on Principal Accounts of Maiden Lane LLC Millions of dollars Wednesday Account name Mar 31, 2010 Net portfolio holdings of Maiden Lane LLC (1) 27,364 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) 457 Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3) 1,264 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, 2009. 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 11. 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 10 and table 11. 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. 5. Information on Principal Accounts of Maiden Lane II LLC Millions of dollars Wednesday Account name Mar 31, 2010 Net portfolio holdings of Maiden Lane II LLC (1) 15,405 Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2) 14,970 Accrued interest payable to the Federal Reserve Bank of New York (2) 313 Deferred payment and accrued interest payable to subsidiaries of American International Group, Inc. (3) 1,045 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, 2009. 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 11. 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 10 and table 11. 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. 6. Information on Principal Accounts of Maiden Lane III LLC Millions of dollars Wednesday Account name Mar 31, 2010 Net portfolio holdings of Maiden Lane III LLC (1) 22,150 Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2) 16,929 Accrued interest payable to the Federal Reserve Bank of New York (2) 394 Outstanding principal amount and accrued interest on loan payable to American International Group, Inc. (3) 5,235 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, 2009. 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 11. 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 10 and table 11. 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. 7. Information on Principal Accounts of Commercial Paper Funding Facility LLC Millions of dollars Wednesday Account name Mar 31, 2010 Commercial paper holdings, net (1) 2,916 Other investments, net 4,870 Net portfolio holdings of Commercial Paper Funding Facility LLC 7,786 Memorandum: Commercial paper holdings, face value 2,966 Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2) 2,942 Accrued interest payable to the Federal Reserve Bank of New York (2) 1 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 11. 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. 8. Information on Principal Accounts of TALF LLC Millions of dollars Wednesday Account name Mar 31, 2010 Asset-backed securities holdings (1) 0 Other investments, net 404 Net portfolio holdings of TALF LLC 404 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 Funding provided by U.S. Treasury to TALF LLC, including accrued interest payable (3) 103 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. 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 11. 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 10 and table 11. Note: On November 25, 2008, the Federal Reserve announced the creation of the Term Asset-Backed Securities Loan Facility (TALF) under the authority of section 13(3) of the Federal Reserve Act. The TALF is a facility under which the Federal Reserve Bank of New York (FRBNY) extends loans with a term of up to five years to holders of eligible asset-backed securities. The TALF is intended to assist financial markets in accommodating the credit needs of consumers and businesses by facilitating the issuance of asset-backed securities collateralized by a variety of consumer and business loans. The loans provided through the TALF to eligible borrowers are non-recourse, meaning that the obligation of the borrower can be discharged by surrendering the collateral to the FRBNY. The loans are extended for the market value of the security less an amount known as a haircut. As a result, the borrower bears the initial risk of a decline in the value of the security. TALF LLC is a limited liability company formed to purchase and manage any asset-backed securities received by the FRBNY in connection with the decision of a borrower not to repay a TALF loan. TALF LLC has committed, for a fee, to purchase all asset-backed securities received by the FRBNY in conjunction with a TALF loan at a price equal to the TALF loan plus accrued but unpaid interest. Losses on asset-backed securities held by TALF LLC will be offset in the following order: by the commitment fees collected by TALF LLC, by the interest received on investments of TALF LLC, by up to $20 billion in subordinated debt funding provided by the U.S. Treasury, and finally, by senior debt funding provided by the FRBNY. Payments by TALF LLC from the proceeds of its net portfolio holdings will be made in the following order: operating expenses of TALF LLC, principal due to the FRBNY, principal due to the U.S. Treasury, interest due to the FRBNY, and interest due to the U.S. Treasury. Any remaining funds will be shared by the FRBNY and the U.S. Treasury. 9. Supplemental Information on the Federal Reserve Bank of New York's Preferred Interests in AIA Aurora LLC and ALICO Holdings LLC Millions of dollars Wednesday Account name Mar 31, 2010 Preferred interests in AIA Aurora LLC and ALICO Holdings LLC (1) 25,416 Accrued dividends on preferred interests in AIA Aurora LLC and ALICO Holdings LLC (2) 0 Preferred interests in AIA Aurora LLC (1) 16,266 Accrued dividends on preferred interests in AIA Aurora LLC (2) 0 Preferred interests in ALICO Holdings LLC (1) 9,150 Accrued dividends on preferred interests in ALICO Holdings LLC (2) 0 Note: Components may not sum to totals because of rounding. 1. Book value. 2. This amount is included in other Federal Reserve assets in table 1 and in other assets in table 10 and table 11. Note on preferred interests: In conjunction with the restructuring of the government's assistance to American International Group, Inc. (AIG) announced March 2, 2009, the outstanding balance and amount available of revolving credit provided to AIG by the FRBNY has been reduced in exchange for preferred interests in two special purpose vehicles, AIA Aurora LLC and ALICO Holdings LLC. These two limited liability companies were created to directly or indirectly hold all of the outstanding common stock of American International Assurance Company Ltd. (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG. AIG will retain control of AIA Aurora LLC and ALICO Holdings LLC, and the FRBNY will have certain consent, disposition, and conversion rights with respect to its preferred interests. Dividends accrue as a percentage of the FRBNY's preferred interests in AIA Aurora LLC and ALICO Holdings LLC. On a quarterly basis, the accrued dividends are capitalized and added to the FRBNY's preferred interests in AIA Aurora LLC and ALICO Holdings LLC. 10. Consolidated Statement of Condition of All Federal Reserve Banks Millions of dollars Eliminations from Wednesday Change since consolidation Mar 31, 2010 Wednesday Wednesday Assets, liabilities, and capital Mar 24, 2010 Apr 1, 2009 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 + 3,000 Coin 2,083 - 15 + 246 Securities, repurchase agreements, term auction credit, and other loans 2,098,511 - 5,103 + 715,566 Securities held outright (1) 2,014,390 - 3,565 +1,231,807 U.S. Treasury securities 776,705 + 38 + 284,375 Bills (2) 18,423 0 0 Notes and bonds, nominal (2) 708,872 0 + 278,418 Notes and bonds, inflation-indexed (2) 43,777 0 + 4,399 Inflation compensation (3) 5,633 + 38 + 1,557 Federal agency debt securities (2) 168,988 + 1,500 + 115,372 Mortgage-backed securities (4) 1,068,697 - 5,103 + 832,060 Repurchase agreements (5) 0 0 0 Term auction credit 3,410 0 - 463,868 Other loans 80,711 - 1,538 - 52,373 Net portfolio holdings of Commercial Paper Funding Facility LLC (6) 7,786 + 10 - 241,945 Net portfolio holdings of Maiden Lane LLC (7) 27,364 + 47 + 1,028 Net portfolio holdings of Maiden Lane II LLC (8) 15,405 + 62 - 3,111 Net portfolio holdings of Maiden Lane III LLC (9) 22,150 + 8 - 5,511 Net portfolio holdings of TALF LLC (10) 404 0 + 404 Preferred interests in AIA Aurora LLC and ALICO Holdings LLC (11) 25,416 + 310 + 25,416 Items in process of collection (51) 496 + 311 + 11 Bank premises 2,241 + 2 + 58 Central bank liquidity swaps (12) 0 0 - 308,792 Other assets (13) 92,439 - 1,625 + 43,747 Total assets (51) 2,310,533 - 5,992 + 230,118 Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 10. Consolidated Statement of Condition of All Federal Reserve Banks (continued) Millions of dollars Eliminations from Wednesday Change since consolidation Mar 31, 2010 Wednesday Wednesday Assets, liabilities, and capital Mar 24, 2010 Apr 1, 2009 Liabilities Federal Reserve notes, net of F.R. Bank holdings 894,146 + 1,111 + 29,629 Reverse repurchase agreements (14) 57,766 + 3,047 - 10,140 Deposits (0) 1,291,505 - 9,379 + 201,589 Depository institutions 1,053,876 - 93,871 + 216,413 U.S. Treasury, general account 91,519 + 41,415 + 53,765 U.S. Treasury, supplementary financing account 124,979 + 24,996 - 74,955 Foreign official 1,668 - 752 + 822 Other (0) 19,463 + 18,834 + 5,544 Deferred availability cash items (51) 2,122 - 23 - 1,146 Other liabilities and accrued dividends (15) 12,755 + 51 + 3,487 Total liabilities (51) 2,258,294 - 5,193 + 223,420 Capital accounts Capital paid in 26,255 + 8 + 3,695 Surplus 24,845 - 476 + 3,689 Other capital accounts 1,138 - 331 - 686 Total capital 52,239 - 798 + 6,699 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 7 and the note on consolidation accompanying table 11. 7. Refer to table 4 and the note on consolidation accompanying table 11. 8. Refer to table 5 and the note on consolidation accompanying table 11. 9. Refer to table 6 and the note on consolidation accompanying table 11. 10. Refer to table 8 and the note on consolidation accompanying table 11. 11. Refer to table 9. 12. 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. 13. Includes other assets denominated in foreign currencies, which are revalued daily at market exchange rates, accrued dividends on the Federal Reserve Bank of New York's (FRBNY) preferred interests in AIA Aurora LLC and ALICO Holdings LLC, and the fair value adjustment to credit extended by the FRBNY to eligible borrowers through the Term Asset-Backed Securities Loan Facility. 14. Cash value of agreements, which are collateralized by U.S. Treasury securities and federal agency debt securities. 15. Includes the liabilities of Commercial Paper Funding Facility LLC, Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, and TALF 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 4 through table 8 and the note on consolidation accompanying table 11. 11. Statement of Condition of Each Federal Reserve Bank, March 31, 2010 Millions of dollars Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas Dallas San Assets, liabilities, and capital City Francisco Assets Gold certificate account 11,037 412 3,895 450 467 882 1,356 911 329 197 335 621 1,182 Special drawing rights certificate acct. 5,200 196 1,818 210 237 412 654 424 150 90 153 282 574 Coin 2,083 75 79 168 152 312 191 326 24 66 143 205 342 Securities, repurchase agreements, term auction credit, and other loans 2,098,511 38,656 869,637 31,340 79,658 72,777 242,869 218,346 78,965 33,371 90,933 97,403 244,556 Securities held outright (1) 2,014,390 38,642 787,376 31,251 79,585 72,593 242,706 217,979 78,916 33,349 90,928 97,399 243,667 U.S. Treasury securities 776,705 14,900 303,595 12,050 30,686 27,990 93,582 84,048 30,428 12,859 35,060 37,555 93,953 Bills (2) 18,423 353 7,201 286 728 664 2,220 1,994 722 305 832 891 2,228 Notes and bonds (3) 758,282 14,546 296,394 11,764 29,958 27,326 91,363 82,054 29,707 12,554 34,228 36,664 91,724 Federal agency debt securities (2) 168,988 3,242 66,053 2,622 6,676 6,090 20,361 18,286 6,620 2,798 7,628 8,171 20,441 Mortgage-backed securities (4) 1,068,697 20,501 417,727 16,580 42,222 38,513 128,763 115,645 41,867 17,693 48,240 51,673 129,273 Repurchase agreements (5) 0 0 0 0 0 0 0 0 0 0 0 0 0 Term auction credit 3,410 0 1,845 20 74 160 125 294 28 5 5 0 854 Other loans 80,711 14 80,417 68 0 25 38 73 21 17 0 4 35 Net portfolio holdings of Commercial Paper Funding Facility LLC (6) 7,786 0 7,786 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (7) 27,364 0 27,364 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Maiden Lane II LLC (8) 15,405 0 15,405 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Maiden Lane III LLC (9) 22,150 0 22,150 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF LLC (10) 404 0 404 0 0 0 0 0 0 0 0 0 0 Preferred interests in AIA Aurora LLC and ALICO Holdings LLC (11) 25,416 0 25,416 0 0 0 0 0 0 0 0 0 0 Items in process of collection 547 107 0 21 62 5 13 16 4 56 11 24 229 Bank premises 2,241 122 262 70 143 239 220 210 136 109 266 251 213 Central bank liquidity swaps (12) 0 0 0 0 0 0 0 0 0 0 0 0 0 Other assets (13) 92,439 2,228 33,823 3,783 4,487 9,383 9,611 7,826 2,880 1,818 3,240 3,608 9,753 Interdistrict settlement account 0 + 21,414 + 148,176 + 40,767 - 23,030 + 145,997 - 99,320 - 93,067 - 41,414 - 852 - 39,356 - 23,932 - 35,383 Total assets 2,310,584 63,209 1,156,216 76,808 62,176 230,008 155,593 134,993 41,073 34,856 55,725 78,461 221,466 Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 11. Statement of Condition of Each Federal Reserve Bank, March 31, 2010 (continued) Millions of dollars Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas Dallas San Assets, liabilities, and capital City Francisco Liabilities Federal Reserve notes outstanding 1,077,578 35,013 391,043 38,382 44,420 83,588 137,326 86,329 32,401 20,129 28,388 65,501 115,056 Less: Notes held by F.R. Banks 183,432 4,351 62,127 5,669 8,474 10,355 32,939 11,477 4,245 2,897 3,321 12,809 24,769 Federal Reserve notes, net 894,146 30,662 328,916 32,714 35,945 73,233 104,387 74,853 28,157 17,233 25,068 52,692 90,287 Reverse repurchase agreements (14) 57,766 1,108 22,579 896 2,282 2,082 6,960 6,251 2,263 956 2,608 2,793 6,988 Deposits 1,291,505 29,327 781,290 37,245 19,216 141,800 40,132 51,774 9,841 14,719 27,264 21,725 117,170 Depository institutions 1,053,876 29,291 543,777 37,241 19,213 141,747 40,130 51,767 9,838 14,718 27,263 21,724 117,167 U.S. Treasury, general account 91,519 0 91,519 0 0 0 0 0 0 0 0 0 0 U.S. Treasury, supplementary financing account 124,979 0 124,979 0 0 0 0 0 0 0 0 0 0 Foreign official 1,668 1 1,639 4 3 11 2 1 0 1 0 1 3 Other 19,463 35 19,375 0 0 42 0 6 2 0 1 0 0 Deferred availability cash items 2,172 53 0 179 596 74 138 135 50 358 82 88 420 Other liabilities and accrued dividends (15) 12,755 181 8,858 211 287 508 629 553 239 146 231 292 621 Total liabilities 2,258,345 61,332 1,141,644 71,245 58,327 217,698 152,246 133,566 40,549 33,412 55,252 77,589 215,486 Capital Capital paid in 26,255 914 7,563 2,951 1,898 5,344 1,596 645 234 713 209 408 3,781 Surplus 24,845 945 7,009 2,612 1,910 6,967 1,581 620 240 712 210 353 1,687 Other capital 1,138 18 0 0 41 0 170 162 49 19 54 112 511 Total liabilities and capital 2,310,584 63,209 1,156,216 76,808 62,176 230,008 155,593 134,993 41,073 34,856 55,725 78,461 221,466 Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 11. Statement of Condition of Each Federal Reserve Bank, March 31, 2010 (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 7 and the note on consolidation below. 7. Refer to table 4 and the note on consolidation below. 8. Refer to table 5 and the note on consolidation below. 9. Refer to table 6 and the note on consolidation below. 10. Refer to table 8 and the note on consolidation below. 11. Refer to table 9. 12. 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. 13. Includes other assets denominated in foreign currencies, which are revalued daily at market exchange rates, accrued dividends on the Federal Reserve Bank of New York's (FRBNY) preferred interests in AIA Aurora LLC and ALICO Holdings LLC, and the fair value adjustment to credit extended by the FRBNY to eligible borrowers through the Term Asset-Backed Securities Loan Facility. 14. Cash value of agreements, which are collateralized by U.S. Treasury securities and federal agency debt securities. 15. Includes the liabilities of Commercial Paper Funding Facility LLC, Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, and TALF 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 4 through table 8 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 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. On November 25, 2008, the Federal Reserve Board authorized the FRBNY to extend credit to TALF LLC, which was formed to purchase and manage any asset-backed securities received by the FRBNY in connection with the decision of a borrower not to repay a loan extended under the Term Asset-Backed Securities Loan Facility. The FRBNY is the sole beneficiary of Commercial Paper Funding Facility LLC. The FRBNY is the primary beneficiary of TALF LLC, because of the two beneficiaries of the LLC, the FRBNY and the U.S. Treasury, the FRBNY is primarily responsible for directing the financial activities of TALF LLC. The FRBNY is the primary beneficiary of the other LLCs cited above because it will receive a majority of any residual returns of the LLCs and absorb a majority of any residual losses of the LLCs. 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 10), 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 10). 12. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts Millions of dollars Wednesday Federal Reserve notes and collateral Mar 31, 2010 Federal Reserve notes outstanding 1,077,578 Less: Notes held by F.R. Banks not subject to collateralization 183,432 Federal Reserve notes to be collateralized 894,146 Collateral held against Federal Reserve notes 894,146 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 877,909 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 2,014,390 Less: Face value of securities under reverse repurchase agreements 57,337 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 1,957,053 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. 2. Includes securities lent to dealers under the overnight and term securities lending facilities; refer to table 1A.