Federal Reserve Statistical Release, H.4.1, Factors Affecting Reserve Balances; title with eagle logo links to Statistical Release home page
Release Date:  September 04, 2008
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FEDERAL RESERVE statistical release
 

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
September 4, 2008
1. Factors Affecting Reserve Balances of Depository Institutions
Millions of dollars
Reserve Bank credit, related items, and
reserve balances of depository institutions at
Federal Reserve Banks
Averages of daily figures Wednesday
Sep 3, 2008
Week ended
Sep 3, 2008
Change from week ended
Aug 27, 2008 Sep 5, 2007
                                                              
Reserve Bank credit                                         893,846     +   9,492     +  37,175       887,263 
  Securities held outright                                  479,701     +      97     - 299,940       479,726 
    U.S. Treasury (1)                                       479,701     +      97     - 299,940       479,726 
      Bills (2)                                              21,740             0     - 245,279        21,740 
      Notes and bonds, nominal (2)                          411,731             0     -  60,411       411,731 
      Notes and bonds, inflation-indexed (2)                 39,832             0     +   4,079        39,832 
      Inflation compensation (3)                              6,398     +      97     +   1,670         6,423 
    Federal agency (2)                                            0             0             0             0 
  Repurchase agreements (4)                                 115,893     +  12,500     +  78,893       109,000 
  Term auction credit                                       150,000             0     + 150,000       150,000 
  Other loans                                                19,070     +     500     +  17,729        19,089 
    Primary credit                                           18,976     +     507     +  17,873        19,000 
    Secondary credit                                              0             0             0             0 
    Seasonal credit                                              93     -       7     -     145            90 
    Primary dealer credit facility                               0            0            0            0 
    Other credit extensions                                       0             0             0             0 
  Net portfolio holdings of Maiden Lane LLC (5)              29,253     +      40     +  29,253        29,287 
  Float                                                      -1,474     -     261     -   1,104          -363 
  Other Federal Reserve assets                              101,404     -   3,384     +  62,346       100,524 
Gold stock                                                   11,041             0             0        11,041 
Special drawing rights certificate account                    2,200             0             0         2,200 
Treasury currency outstanding (6)                            38,803     +      14     +     208        38,803 
                                                              
Total factors supplying reserve funds                       945,890     +   9,506     +  37,384       939,307 
                                                                          
Currency in circulation (6)                                 835,319     +   5,750     +  20,394       836,836 
Reverse repurchase agreements (7)                            42,880     +      22     +   7,949        41,756 
  Foreign official and international accounts                42,880     +      22     +   7,949        41,756 
  Dealers                                                         0             0             0             0 
Treasury cash holdings                                          281     -      21     -      50           276 
Deposits with F.R. Banks, other than reserve balances        12,240     -     195     +     545        13,110 
  U.S. Treasury, general account                              4,746     -      82     +      61         5,606 
  Foreign official                                              100     -       1     +       5           100 
  Service-related                                             7,087     -      88     +     475         7,087 
    Required clearing balances                                7,087     -      88     +     475         7,087 
    Adjustments to compensate for float                           0             0             0             0 
  Other                                                         307     -      25     +       4           317 
Other liabilities and capital (8)                            44,277     +   1,776     +   3,667        43,498 
                                                              
Total factors, other than reserve balances,                                                       
   absorbing reserve funds                                  934,997     +   7,333     +  32,506       935,476 
                                                              
Reserve balances with Federal Reserve Banks                  10,893     +   2,173     +   4,878         3,831 
                                                                
Note: Components may not sum to totals because of rounding.
 

1. Includes securities lent to dealers under the overnight and term securities lending facilities; refer
to table 1A.
2. Face value of the securities.
3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed
securities.
4. Cash value of agreements.
5. Fair value. Refer to table 2 and the note on consolidation accompanying table 5.
6. Estimated.
7. Cash value of agreements, which are collateralized by U.S. Treasury securities.
8. Includes the liabilities of Maiden Lane LLC to entities other than the Federal Reserve Bank of New
York, including liabilities that have recourse only to the portfolio holdings of Maiden Lane LLC.
Refer to table 2 and the note on consolidation accompanying table 5.
 

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

 

1A. Memorandum Items, September 3, 2008
Millions of dollars
Memorandum item Averages of daily figures Wednesday
Sep 3, 2008
Week ended
Sep 3, 2008
Change from week ended
Aug 27, 2008 Sep 5, 2007
                                                              
Marketable securities held in custody for foreign             
      official and international accounts (1)             2,403,824     -   1,072     + 423,629     2,395,399 
  U.S. Treasury                                           1,437,964     +   3,666     + 230,785     1,436,830 
  Federal agency                                            965,860     -   4,738     + 192,844       958,569 
Securities lent to dealers                                  126,097     +   4,921     + 120,211       120,790 
  Overnight facility (2)                                      9,992     +   6,164     +   4,106         4,892 
  Term facility (3,4)                                       116,105     -   1,243     + 116,105       115,898 
 

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

1. Face value of the securities. Includes U.S. Treasury STRIPS and other zero-coupon bonds at face value.
2. Fully collateralized by U.S. Treasury securities.
3. Fully collateralized by U.S. Treasury securities, federal agency securities, and highly rated
non-agency asset-backed and mortgage-backed securities.
4. On September 3, 2008, option contracts on draws on the Term Securities Lending Facility totaling
$ 24,998 million were outstanding. The exercise date for the options is September 24, 2008, and the
draws have a term of September 25, 2008 through October 2, 2008.
 

 

2. Information on Principal Accounts of Maiden Lane LLC
Millions of dollars
Account name Wednesday
Sep 3, 2008
                                                                                                
Net portfolio holdings of Maiden Lane LLC (1)                                                       29,287    
                                                                                                
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)                                   124    
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3)        1,165    
 
1. Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if
the transaction were to be conducted in an orderly market on the measurement date. Revalued quarterly.
This table reflects valuations as of June 30, 2008.
2. Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York's statement
of condition consistent with consolidation under generally accepted accounting principles. Refer to
the note on consolidation accompanying table 5.
3. Book value. The fair value of these obligations is included in other liabilities and capital in table 1
and in other liabilities and accrued dividends in table 4 and table 5.
 

Note: On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended credit to Maiden Lane LLC
under the authority of section 13(3) of the Federal Reserve Act. This limited liability company was formed
to acquire certain assets of Bear Stearns and to manage those assets through time to maximize repayment of
the credit extended and to minimize disruption to financial markets. Payments by Maiden Lane LLC from the
proceeds of the net portfolio holdings will be made in the following order: operating expenses of the LLC,
principal due to the FRBNY, interest due to the FRBNY, principal due to JPMorgan Chase & Co., and interest
due to JPMorgan Chase & Co. Any remaining funds will be paid to the FRBNY.
 

 

3. Maturity Distribution of Term Auction Credit, Other Loans, and Securities, September 3, 2008
Millions of dollars
  U.S. Treasury
securities (2)
 
Remaining maturity Term
auction
credit
Other
loans
(1)
Holdings Weekly
changes
Repurchase
agreements
(3)
Reverse
repurchase
agreements
(3)
Within 15 days                 50,000          4,238       14,851     -   3,604       69,000         41,756  
16 days to 90 days            100,000         14,851       31,653     +   3,439       40,000              0  
91 days to 1 year                 ---              0       69,268     -   1,052          ---            ---  
Over 1 year to 5 years            ---            ---      170,789     +   1,250          ---            ---  
Over 5 years to 10 years          ---            ---       91,851     +      17          ---            ---  
Over 10 years                     ---            ---      101,314     +      34          ---            ---  
          
All                           150,000         19,089      479,726     +      84      109,000         41,756  
 

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

1. Excludes the loan from the Federal Reserve Bank of New York to Maiden Lane LLC that was eliminated when
preparing that Bank's statement of condition consistent with consolidation under generally accepted
accounting principles. The loan to Maiden Lane LLC is designed to be repaid from the orderly
liquidation of Maiden Lane LLC's portfolio holdings and does not have a fixed amortization schedule.
2. Includes the original face value of inflation-indexed securities and compensation that adjusts for the
effect of inflation on the original face value of such securities.
3. Cash value of agreements.
 

 

4. Consolidated Statement of Condition of All Federal Reserve Banks
Millions of dollars
Assets, liabilities, and capital Eliminations
from
consolidation
  Change since
Wednesday
Sep 3, 2008
Wednesday
Aug 27, 2008
Wednesday
Sep 5, 2007
Assets                                                   
Gold certificate account                                         11,037                0                   0
Special drawing rights certificate account                        2,200                0                   0
Coin                                                              1,414        -       1           +     397
Securities, repurchase agreements, term auction          
      credit, and other loans                                   757,815        -   1,829           -  58,164
  Securities held outright                                      479,726        +      84           - 299,914
    U.S. Treasury (1)                                           479,726        +      84           - 299,914
      Bills (2)                                                  21,740                0           - 245,279
      Notes and bonds, nominal (2)                              411,731                0           -  60,411
      Notes and bonds, inflation-indexed (2)                     39,832                0           +   4,079
      Inflation compensation (3)                                  6,423        +      84           +   1,696
    Federal agency (2)                                                0                0                   0
  Repurchase agreements (4)                                     109,000        -   2,000           +  74,000
  Term auction credit                                           150,000                0           + 150,000
  Other loans                                                    19,089        +      87           +  17,751
Net portfolio holdings of Maiden Lane LLC (5)                    29,287        +      40           +  29,287
Items in process of collection                       (743)        3,366        +   2,440           -   2,130
Bank premises                                                     2,162        -       4           +      83
Other assets (6)                                                 98,381        -   3,976           +  61,137
                                                         
      Total assets                                   (743)      905,661        -   3,330           +  30,609
                                                         
Liabilities                                              
Federal Reserve notes, net of F.R. Bank holdings                799,719        +   4,025           +  21,058
Reverse repurchase agreements (7)                                41,756        -   2,012           +   6,658
Deposits                                               (0)       16,959        -   7,891           +     847
  Depository institutions                                        10,936        -   8,441           -     350
  U.S. Treasury, general account                                  5,606        +     617           +   1,117
  Foreign official                                                  100                0           +       3
  Other                                                (0)          317        -      68           +      76
Deferred availability cash items                     (743)        3,729        +   1,115           -   1,041
Other liabilities and accrued dividends (8,9)                     2,695        +   1,419           -   3,371
                                                         
      Total liabilities                              (743)      864,859        -   3,343           +  24,152
                                                         
Capital accounts                                         
Capital paid in                                                  20,191        +       2           +   3,217
Surplus                                                          18,511        +       2           +   3,087
Other capital accounts                                            2,100        +       9           +     153
                                                         
      Total capital                                              40,803        +      14           +   6,458
 

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

1. Includes securities lent to dealers under the overnight and term securities lending facilities; refer
to table 1A.
2. Face value of the securities.
3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed
securities.
4. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
5. Fair value. Refer to table 2 and the note on consolidation accompanying table 5.
6. Includes assets denominated in foreign currencies, which are revalued daily at market exchange rates.
7. Cash value of agreements, which are collateralized by U.S. Treasury securities.
8. Includes exchange-translation account reflecting the daily revaluation at market exchange rates of
foreign exchange commitments.
9. Includes the liabilities of Maiden Lane LLC to entities other than the Federal Reserve Bank of New
York, including liabilities that have recourse only to the portfolio holdings of Maiden Lane LLC.
Refer to the note on consolidation accompanying table 5.
 

 

5. Statement of Condition of Each Federal Reserve Bank, September 3, 2008
Millions of dollars
Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas
City
Dallas San
Francisco
Assets                                                             
Gold certificate account                      11,037         424       3,935         453         423         891       1,221         913         344         199         349         636       1,249 
Special drawing rights certificate acct.       2,200         115         874          83         104         147         166         212          71          30          66          98         234 
Coin                                           1,414          37          69         103         122         179         180         166          49          51          97         159         201 
Securities, repurchase agreements, term                            
      auction credit, and other loans        757,815      31,204     304,878      28,357      31,724      66,554      66,333      55,932      22,760      11,918      28,880      26,899      82,375 
  Securities held outright                   479,726      20,122     170,684      20,946      18,191      43,501      47,732      42,340      16,578       9,057      17,614      19,900      53,063 
    U.S. Treasury (1)                        479,726      20,122     170,684      20,946      18,191      43,501      47,732      42,340      16,578       9,057      17,614      19,900      53,063 
      Bills (2)                               21,740         912       7,735         949         824       1,971       2,163       1,919         751         410         798         902       2,405 
      Notes and bonds (3)                    457,986      19,210     162,949      19,996      17,367      41,529      45,569      40,422      15,826       8,646      16,816      18,998      50,658 
    Federal agency (2)                             0           0           0           0           0           0           0           0           0           0           0           0           0 
  Repurchase agreements (4)                  109,000       4,572      38,782       4,759       4,133       9,884      10,845       9,620       3,767       2,058       4,002       4,521      12,057 
  Term auction credit                        150,000       6,500      83,383       2,582       9,400      12,945       7,510       2,985       2,075          35       7,250       2,000      13,335 
  Other loans                                 19,089          11      12,030          71           0         224         246         986         341         768          13         478       3,921 
Net portfolio holdings of Maiden Lane                              
      LLC (5)                                 29,287           0      29,287           0           0           0           0           0           0           0           0           0           0 
Items in process of collection                 4,109         261          96         571         600         166         533         429         116         238         218         296         585 
Bank premises                                  2,162         122         212          64         149         210         226         207         127         111         275         252         208 
Other assets (6)                              98,381       5,335      26,800       8,887       6,419      24,114       7,765       4,812       1,263       1,873       1,371       2,207       7,535 
Interdistrict settlement account                   0     -   935     -38,083     + 3,656     - 2,033     - 7,725     +25,015     +13,153     + 4,546     + 2,616     - 1,027     + 4,731     - 3,913 
                                                                   
      Total assets                           906,404      36,563     328,069      42,175      37,508      84,535     101,439      75,824      29,276      17,035      30,230      35,278      88,473 
 

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

1. Includes securities lent to dealers under the overnight and term securities lending facilities; refer to table 1A.
2. Face value of the securities.
3. Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the original face value of such securities.
4. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
5. Fair value. Refer to the note on consolidation below.
6. Includes assets denominated in foreign currencies, which are revalued daily at market exchange rates.
 

Note on consolidation:
On June 26, 2008, the Federal Reserve Bank of New York extended a loan under the authority of section 13(3) of the Federal Reserve Act to Maiden Lane LLC, a limited liability company
formed to acquire certain assets of Bear Stearns. The Federal Reserve Bank of New York is the primary beneficiary of Maiden Lane LLC. Consistent with generally accepted accounting
principles, the assets and liabilities of Maiden Lane LLC have been consolidated with the assets and liabilities of the Federal Reserve Bank of New York in the preparation of the
statements of condition shown on this release. As a consequence of the consolidation, the extension of credit from the Federal Reserve Bank of New York to Maiden Lane LLC is
eliminated, the net assets of Maiden Lane LLC appear as an asset in this table (and table 1 and table 4), and the liabilities of Maiden Lane LLC to entities other than the Federal
Reserve Bank of New York, including those with recourse only to the portfolio holdings of Maiden Lane LLC, are included in other liabilities on the next page (and in table 1 and
table 4).
 

 

5. Statement of Condition of Each Federal Reserve Bank, September 3, 2008 (continued)
Millions of dollars
Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas
City
Dallas San
Francisco
Liabilities                                                         
Federal Reserve notes outstanding             990,711      37,037     351,119      41,095      39,452      81,087     121,388      81,615      30,292      17,674      31,111      55,187     103,654 
  Less: Notes held by F.R. Banks              190,992       5,178      56,297       6,713       8,112      12,719      29,345      13,474       3,388       2,850       3,653      23,529      25,733 
    Federal Reserve notes, net                799,719      31,860     294,822      34,382      31,340      68,368      92,043      68,142      26,904      14,823      27,458      31,658      77,920 
Reverse repurchase agreements (1)              41,756       1,751      14,856       1,823       1,583       3,786       4,155       3,685       1,443         788       1,533       1,732       4,619 
Deposits                                       16,959         722       7,734         614         830       1,309       1,252         717         319         288         396         696       2,081 
  Depository institutions                      10,936         713       1,870         610         827       1,189       1,249         715         308         287         395         695       2,078 
  U.S. Treasury, general account                5,606           0       5,606           0           0           0           0           0           0           0           0           0           0 
  Foreign official                                100           2          70           4           3          11           3           2           0           1           0           1           3 
  Other                                           317           7         188           0           0         110           0           0          11           0           1           0           0 
Deferred availability cash items                4,472         225           0         721         684         348         377         365          76         353         278         370         673 
Other liabilities and accrued                                                 
  dividends (2,3)                               2,695         152         258         174         177         434         360         290         153         100         121         171         305 
                                                                    
      Total liabilities                       865,602      34,711     317,672      37,714      34,614      74,245      98,186      73,199      28,896      16,353      29,786      34,627      85,598 
                                                                    
Capital                                                             
Capital paid in                                20,191         787       5,087       2,328       1,522       5,190       1,596       1,290         182         320         210         267       1,413 
Surplus                                        18,511       1,050       4,674       1,814       1,291       4,999       1,426         815         180         355         193         364       1,351 
Other capital                                   2,100          16         636         318          81         101         232         519          19           8          40          19         112 
                                                                    
      Total liabilities and capital              906,404    36,563    328,069    42,175    37,508    84,535    101,439    75,824    29,276    17,035    30,230    35,278    88,473 
                              
Note: Components may not sum to totals because of rounding.
 

1. Cash value of agreements, which are collateralized by U.S. Treasury securities.
2. Includes exchange-translation account reflecting the daily revaluation at market exchange rates of foreign exchange commitments.
3. Includes the liabilities of Maiden Lane LLC to entities other than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of
Maiden Lane LLC. Refer to the note on consolidation on the previous page.
 

 

6. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts
Millions of dollars
Federal Reserve notes and collateral Wednesday
Sep 3, 2008
                                                                                            
Federal Reserve notes outstanding                                                                990,711 
  Less: Notes held by F.R. Banks not subject to collateralization                                190,992 
    Federal Reserve notes to be collateralized                                                   799,719 
Collateral held against Federal Reserve notes                                                    799,719 
  Gold certificate account                                                                        11,037 
  Special drawing rights certificate account                                                       2,200 
  U.S. Treasury and agency securities pledged (1)                                                548,031 
  Other assets pledged                                                                           238,451 
                                                                                            
Memo:                                                                                       
Total U.S. Treasury and agency securities (1)                                                    588,726 
  Less: Face value of securities under reverse repurchase agreements                              40,694 
    U.S. Treasury and agency securities eligible to be pledged                                   548,031 
   
Note: Components may not sum to totals because of rounding.
 

1. Includes face value of U.S. Treasury and agency securities held outright, compensation to adjust for
the effect of inflation on the original face value of inflation-indexed securities, and cash value of
repurchase agreements.

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