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Release Date: July 31, 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
July 31, 2008
1. Factors Affecting Reserve Balances of Depository Institutions
Millions of dollars
Reserve Bank credit, related items, and Averages of daily figures
reserve balances of depository institutions at Week ended Change from week ended Wednesday
Federal Reserve Banks Jul 30, 2008 Jul 23, 2008 Aug 1, 2007 Jul 30, 2008
Reserve Bank credit 892,783 + 9,805 + 35,113 901,186
Securities held outright 479,174 + 85 - 311,584 479,206
U.S. Treasury (1) 479,174 + 85 - 311,584 479,206
Bills (2) 21,740 0 - 255,279 21,740
Notes and bonds, nominal (2) 412,392 0 - 61,911 412,392
Notes and bonds, inflation-indexed (2) 39,171 0 + 4,343 39,171
Inflation compensation (3) 5,871 + 84 + 1,262 5,903
Federal agency (2) 0 0 0 0
Repurchase agreements (4) 113,714 + 8,928 + 87,928 123,250
Term auction credit 150,000 0 + 150,000 150,000
Other loans 17,644 + 1,134 + 17,393 17,377
Primary credit 17,452 + 1,071 + 17,450 17,279
Secondary credit 89 + 55 + 89 0
Seasonal credit 101 + 5 - 148 98
Primary dealer credit facility 3 + 3 + 3 0
Other credit extensions 0 0 0 0
Net portfolio holdings of Maiden Lane LLC (5) 29,065 + 40 + 29,065 29,099
Float -1,322 + 83 - 463 -1,931
Other Federal Reserve assets 104,507 - 466 + 62,773 104,185
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 2,200 0 0 2,200
Treasury currency outstanding (6) 38,917 + 14 + 376 38,917
Total factors supplying reserve funds 944,941 + 9,819 + 35,489 953,343
Currency in circulation (6) 830,800 + 775 + 18,418 832,779
Reverse repurchase agreements (7) 43,536 + 926 + 10,201 44,463
Foreign official and international accounts 43,536 + 926 + 10,201 44,463
Dealers 0 0 0 0
Treasury cash holdings 313 + 35 + 21 318
Deposits with F.R. Banks, other than reserve balances 12,778 - 337 + 1,057 11,966
U.S. Treasury, general account 5,094 - 325 + 220 4,271
Foreign official 101 0 + 5 101
Service-related 7,261 0 + 796 7,261
Required clearing balances 7,261 0 + 796 7,261
Adjustments to compensate for float 0 0 0 0
Other 322 - 13 + 35 333
Other liabilities and capital (8) 42,838 - 1,062 + 3,359 42,368
Total factors, other than reserve balances,
absorbing reserve funds 930,265 + 337 + 33,057 931,894
Reserve balances with Federal Reserve Banks 14,676 + 9,482 + 2,432 21,449
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, July 30, 2008
Millions of dollars
Averages of daily figures
Memorandum item Week ended Change from week ended Wednesday
Jul 30, 2008 Jul 23, 2008 Aug 1, 2007 Jul 30, 2008
Marketable securities held in custody for foreign
official and international accounts (1) 2,367,674 + 14,224 + 357,724 2,376,324
U.S. Treasury 1,384,418 + 11,994 + 132,242 1,394,631
Federal agency 983,256 + 2,230 + 225,483 981,693
Securities lent to dealers 126,653 + 10,097 + 120,569 134,715
Overnight facility (2) 4,876 - 123 - 1,208 11,567
Term facility (3) 121,777 + 10,220 + 121,777 123,148
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.
Sources: Federal Reserve Banks and the U.S. Department of the Treasury.
2. Information on Principal Accounts of Maiden Lane LLC
Millions of dollars
Wednesday
Account name Jul 30, 2008
Net portfolio holdings of Maiden Lane LLC (1) 29,099
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) 62
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3) 1,157
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, July 30, 2008
Millions of dollars
U.S. Treasury Reverse
Remaining maturity Term Other securities (2) Repurchase repurchase
auction loans Weekly agreements agreements
credit (1) Holdings changes (3) (3)
Within 15 days 150,000 3,061 14,547 + 2,523 83,250 44,463
16 days to 90 days 0 14,316 35,967 - 470 40,000 0
91 days to 1 year --- 0 69,445 - 2,047 --- ---
Over 1 year to 5 years --- --- 172,683 + 27 --- ---
Over 5 years to 10 years --- --- 89,865 + 18 --- ---
Over 10 years --- --- 96,699 + 34 --- ---
All 150,000 17,377 479,206 + 85 123,250 44,463
Note: Components may not sum to totals because of rounding.
--- Not applicable.
1. Excludes the loan from the Federal Reserve Bank of New York to Maiden Lane LLC that was eliminated when
preparing that Bank's statement of condition consistent with consolidation under generally accepted
accounting principles. The loan to Maiden Lane LLC is designed to be repaid from the orderly
liquidation of Maiden Lane LLC's portfolio holdings and does not have a fixed amortization schedule.
2. Includes the original face value of inflation-indexed securities and compensation that adjusts for the
effect of inflation on the original face value of such securities.
3. Cash value of agreements.
4. Consolidated Statement of Condition of All Federal Reserve Banks
Millions of dollars
Eliminations Change since
from Wednesday Wednesday Wednesday
Assets, liabilities, and capital consolidation Jul 30, 2008 Jul 23, 2008 Aug 1, 2007
Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 2,200 0 0
Coin 1,386 + 52 + 290
Securities, repurchase agreements, term auction
credit, and other loans 769,833 + 19,133 - 45,954
Securities held outright 479,206 + 85 - 311,596
U.S. Treasury (1) 479,206 + 85 - 311,596
Bills (2) 21,740 0 - 255,279
Notes and bonds, nominal (2) 412,392 0 - 60,986
Notes and bonds, inflation-indexed (2) 39,171 0 + 3,418
Inflation compensation (3) 5,903 + 85 + 1,250
Federal agency (2) 0 0 0
Repurchase agreements (4) 123,250 + 19,500 + 98,500
Term auction credit 150,000 0 + 150,000
Other loans 17,377 - 453 + 17,142
Net portfolio holdings of Maiden Lane LLC (5) 29,099 + 40 + 29,099
Items in process of collection (489) 805 - 626 - 1,621
Bank premises 2,161 + 3 + 108
Other assets (6) 102,025 - 247 + 62,512
Total assets (489) 918,546 + 18,354 + 44,434
Liabilities
Federal Reserve notes, net of F.R. Bank holdings 795,563 + 1,319 + 18,610
Reverse repurchase agreements (7) 44,463 + 2,314 + 12,917
Deposits (0) 33,417 + 15,306 + 11,174
Depository institutions 28,712 + 17,744 + 11,628
U.S. Treasury, general account 4,271 - 2,449 - 498
Foreign official 101 0 + 6
Other (0) 333 + 11 + 38
Deferred availability cash items (489) 2,736 - 215 - 1,172
Other liabilities and accrued dividends (8,9) 1,985 - 536 - 3,839
Total liabilities (489) 878,163 + 18,187 + 37,689
Capital accounts
Capital paid in 19,937 + 33 + 3,288
Surplus 18,501 + 7 + 3,090
Other capital accounts 1,946 + 128 + 368
Total capital 40,383 + 167 + 6,745
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, July 30, 2008
Millions of dollars
Kansas San
Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco
Assets
Gold certificate account 11,037 424 3,935 453 423 891 1,221 913 344 199 349 636 1,249
Special drawing rights certificate acct. 2,200 115 874 83 104 147 166 212 71 30 66 98 234
Coin 1,386 40 63 100 120 174 168 166 54 52 98 154 196
Securities, repurchase agreements, term
auction credit, and other loans 769,833 26,770 319,957 28,714 31,012 68,293 63,509 57,107 23,716 12,100 23,046 28,707 86,902
Securities held outright 479,206 20,100 170,498 20,923 18,171 43,454 47,680 42,294 16,560 9,047 17,595 19,878 53,005
U.S. Treasury (1) 479,206 20,100 170,498 20,923 18,171 43,454 47,680 42,294 16,560 9,047 17,595 19,878 53,005
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) 457,466 19,188 162,763 19,974 17,347 41,482 45,517 40,376 15,808 8,636 16,797 18,976 50,601
Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0
Repurchase agreements (4) 123,250 5,170 43,852 5,381 4,674 11,176 12,263 10,878 4,259 2,327 4,525 5,113 13,633
Term auction credit 150,000 1,500 93,606 2,400 8,160 13,577 3,245 2,825 2,075 42 900 3,354 18,316
Other loans 17,377 1 12,001 10 7 86 320 1,110 822 685 25 363 1,948
Net portfolio holdings of Maiden Lane
LLC (5) 29,099 0 29,099 0 0 0 0 0 0 0 0 0 0
Items in process of collection 1,294 54 0 211 53 95 5 109 100 108 132 142 284
Bank premises 2,161 120 214 65 150 205 226 208 126 111 276 253 207
Other assets (6) 102,025 5,496 28,035 9,057 6,597 24,594 8,096 5,095 1,376 1,947 1,477 2,331 7,924
Interdistrict settlement account 0 + 4,100 -50,341 + 2,297 - 540 - 5,569 +26,610 +15,591 + 3,705 + 2,543 + 5,539 + 3,314 - 7,248
Total assets 919,035 37,119 331,836 40,979 37,920 88,830 100,001 79,401 29,492 17,091 30,982 35,636 89,747
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, July 30, 2008 (continued)
Millions of dollars
Kansas San
Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco
Liabilities
Federal Reserve notes outstanding 990,738 36,995 351,207 40,469 38,605 80,386 120,932 82,319 30,575 17,728 31,372 55,533 104,617
Less: Notes held by F.R. Banks 195,175 5,034 59,566 7,279 6,885 13,032 30,424 13,141 3,574 2,864 3,370 23,801 26,205
Federal Reserve notes, net 795,563 31,960 291,640 33,190 31,719 67,354 90,509 69,178 27,001 14,864 28,002 31,732 78,412
Reverse repurchase agreements (1) 44,463 1,865 15,820 1,941 1,686 4,032 4,424 3,924 1,536 839 1,633 1,844 4,918
Deposits 33,417 1,143 14,356 849 1,021 6,489 1,336 3,174 392 236 602 974 2,845
Depository institutions 28,712 1,133 9,821 845 1,017 6,364 1,333 3,170 378 235 600 973 2,842
U.S. Treasury, general account 4,271 0 4,271 0 0 0 0 0 0 0 0 0 0
Foreign official 101 2 71 4 3 11 3 2 0 1 0 1 3
Other 333 8 193 0 1 114 0 1 14 0 1 0 0
Deferred availability cash items 3,225 160 0 380 654 248 227 252 43 369 187 272 433
Other liabilities and accrued
dividends (2,3) 1,985 141 -308 155 165 396 345 275 143 100 122 165 285
Total liabilities 878,652 35,269 321,508 36,516 35,245 78,520 96,840 76,803 29,115 16,409 30,546 34,988 86,893
Capital
Capital paid in 19,937 787 5,065 2,335 1,337 5,189 1,561 1,281 182 322 211 267 1,401
Surplus 18,501 1,050 4,664 1,814 1,291 4,998 1,425 815 180 355 194 364 1,351
Other capital 1,946 13 600 315 46 124 174 501 15 6 32 17 102
Total liabilities and capital 919,035 37,119 331,836 40,979 37,920 88,830 100,001 79,401 29,492 17,091 30,982 35,636 89,747
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
Jul 30, 2008
Federal Reserve notes outstanding 990,738
Less: Notes held by F.R. Banks not subject to collateralization 195,175
Federal Reserve notes to be collateralized 795,563
Collateral held against Federal Reserve notes 795,563
Gold certificate account 11,037
Special drawing rights certificate account 2,200
U.S. Treasury and agency securities pledged (1) 558,980
Other assets pledged 223,346
Memo:
Total U.S. Treasury and agency securities (1) 602,456
Less: Face value of securities under reverse repurchase agreements 43,475
U.S. Treasury and agency securities eligible to be pledged 558,980
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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