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Release Date:  August 14, 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
August 14, 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
Aug 13, 2008
Week ended
Aug 13, 2008
Change from week ended
Aug 6, 2008 Aug 15, 2007
                                                              
Reserve Bank credit                                         883,000     -   6,150     +  15,319       895,117 
  Securities held outright                                  479,396     +     105     - 311,259       479,434 
    U.S. Treasury (1)                                       479,396     +     105     - 311,259       479,434 
      Bills (2)                                              21,740             0     - 255,279        21,740 
      Notes and bonds, nominal (2)                          411,731             0     -  61,471       411,731 
      Notes and bonds, inflation-indexed (2)                 39,832             0     +   4,079        39,832 
      Inflation compensation (3)                              6,093     +     105     +   1,412         6,131 
    Federal agency (2)                                            0             0             0             0 
  Repurchase agreements (4)                                 105,786     -   4,714     +  69,500       118,250 
  Term auction credit                                       150,000             0     + 150,000       150,000 
  Other loans                                                17,807     +     344     +  17,536        17,651 
    Primary credit                                           17,699     +     329     +  17,688        17,552 
    Secondary credit                                              7     +       7     +       7             0 
    Seasonal credit                                             100     +       7     -     160            99 
    Primary dealer credit facility                               0            0            0            0 
    Other credit extensions                                       0             0             0             0 
  Net portfolio holdings of Maiden Lane LLC (5)              29,145     +      40     +  29,145        29,179 
  Float                                                      -1,120     +      60     -      75          -991 
  Other Federal Reserve assets                              101,987     -   1,984     +  60,473       101,594 
Gold stock                                                   11,041             0             0        11,041 
Special drawing rights certificate account                    2,200             0             0         2,200 
Treasury currency outstanding (6)                            38,761     +      14     +     199        38,761 
                                                              
Total factors supplying reserve funds                       935,002     -   6,136     +  15,517       947,119 
                                                                          
Currency in circulation (6)                                 831,170     -     397     +  18,810       832,192 
Reverse repurchase agreements (7)                            42,458     -   1,332     +  11,101        44,172 
  Foreign official and international accounts                42,458     -   1,332     +  11,101        44,172 
  Dealers                                                         0             0             0             0 
Treasury cash holdings                                          298     -      17     +      39           296 
Deposits with F.R. Banks, other than reserve balances        12,510     +     147     +     846        12,142 
  U.S. Treasury, general account                              4,859     -      21     +     124         4,715 
  Foreign official                                              319     +     204     +     224           101 
  Service-related                                             7,007     -      12     +     445         7,007 
    Required clearing balances                                7,007     -      12     +     445         7,007 
    Adjustments to compensate for float                           0             0             0             0 
  Other                                                         325     -      23     +      52           319 
Other liabilities and capital (8)                            40,577     -   2,236     +     540        39,982 
                                                              
Total factors, other than reserve balances,                                                       
   absorbing reserve funds                                  927,013     -   3,835     +  31,336       928,783 
                                                              
Reserve balances with Federal Reserve Banks                   7,990     -   2,300     -  15,818        18,335 
                                                                
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, August 13, 2008
Millions of dollars
Memorandum item Averages of daily figures Wednesday
Aug 13, 2008
Week ended
Aug 13, 2008
Change from week ended
Aug 6, 2008 Aug 15, 2007
                                                              
Marketable securities held in custody for foreign             
      official and international accounts (1)             2,394,883     -     801     + 390,062     2,394,588 
  U.S. Treasury                                           1,415,828     -   3,015     + 171,866     1,419,375 
  Federal agency                                            979,054     +   2,212     + 218,195       975,212 
Securities lent to dealers                                  131,154     -   1,705     + 126,453       131,057 
  Overnight facility (2)                                      2,837     -   5,160     -   1,864         2,211 
  Term facility (3)                                         128,318     +   3,456     + 128,318       128,846 
 

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
Account name Wednesday
Aug 13, 2008
                                                                                                
Net portfolio holdings of Maiden Lane LLC (1)                                                       29,179    
                                                                                                
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)                                    87    
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3)        1,160    
 
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, August 13, 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                150,000          3,354       21,201     +   2,161       78,250         44,172  
16 days to 90 days                  0         14,297       25,759     -   2,162       40,000              0  
91 days to 1 year                 ---              0       69,504     +       7          ---            ---  
Over 1 year to 5 years            ---            ---      175,596     +      33          ---            ---  
Over 5 years to 10 years          ---            ---       89,907     +      21          ---            ---  
Over 10 years                     ---            ---       97,467     +      43          ---            ---  
          
All                           150,000         17,651      479,434     +     104      118,250         44,172  
 

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
Aug 13, 2008
Wednesday
Aug 6, 2008
Wednesday
Aug 15, 2007
Assets                                                   
Gold certificate account                                         11,037                0                   0
Special drawing rights certificate account                        2,200                0                   0
Coin                                                              1,378        -       1           +     340
Securities, repurchase agreements, term auction          
      credit, and other loans                                   765,335        +  13,751           -  48,531
  Securities held outright                                      479,434        +     104           - 310,167
    U.S. Treasury (1)                                           479,434        +     104           - 310,167
      Bills (2)                                                  21,740                0           - 255,279
      Notes and bonds, nominal (2)                              411,731                0           -  60,411
      Notes and bonds, inflation-indexed (2)                     39,832                0           +   4,079
      Inflation compensation (3)                                  6,131        +     104           +   1,443
    Federal agency (2)                                                0                0                   0
  Repurchase agreements (4)                                     118,250        +  13,500           +  94,250
  Term auction credit                                           150,000                0           + 150,000
  Other loans                                                    17,651        +     147           +  17,387
Net portfolio holdings of Maiden Lane LLC (5)                    29,179        +      40           +  29,179
Items in process of collection                       (532)        1,600        -     914           -     908
Bank premises                                                     2,162        +       2           +      95
Other assets (6)                                                 99,435        -   1,860           +  63,245
                                                         
      Total assets                                   (532)      912,326        +  11,019           +  43,422
                                                         
Liabilities                                              
Federal Reserve notes, net of F.R. Bank holdings                795,101        -     747           +  19,312
Reverse repurchase agreements (7)                                44,172        +     974           +  12,231
Deposits                                               (0)       30,480        +  14,415           +  12,424
  Depository institutions                                        25,345        +  14,483           +  12,780
  U.S. Treasury, general account                                  4,715        -      83           -     394
  Foreign official                                                  101                0           +       5
  Other                                                (0)          319        +      16           +      33
Deferred availability cash items                     (532)        2,592        -   1,577           -     846
Other liabilities and accrued dividends (8,9)                      -136        -   1,848           -   6,103
                                                         
      Total liabilities                              (532)      872,209        +  11,217           +  37,019
                                                         
Capital accounts                                         
Capital paid in                                                  19,935        -       2           +   3,156
Surplus                                                          18,505        +       3           +   3,093
Other capital accounts                                            1,678        -     197           +     155
                                                         
      Total capital                                              40,117        -     198           +   6,403
 

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, August 13, 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                                           1,378          38          63          99         120         172         170         165          51          50          97         156         197 
Securities, repurchase agreements, term                            
      auction credit, and other loans        765,335      28,279     311,704      29,021      33,587      65,758      66,116      56,464      23,340      12,132      23,972      29,009      85,952 
  Securities held outright                   479,434      20,109     170,580      20,933      18,180      43,474      47,703      42,315      16,568       9,051      17,604      19,887      53,031 
    U.S. Treasury (1)                        479,434      20,109     170,580      20,933      18,180      43,474      47,703      42,315      16,568       9,051      17,604      19,887      53,031 
      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)                    457,694      19,197     162,845      19,984      17,356      41,503      45,540      40,396      15,816       8,641      16,806      18,986      50,626 
    Federal agency (2)                             0           0           0           0           0           0           0           0           0           0           0           0           0 
  Repurchase agreements (4)                  118,250       4,960      42,073       5,163       4,484      10,723      11,766      10,437       4,086       2,232       4,342       4,905      13,080 
  Term auction credit                        150,000       3,200      87,052       2,895      10,910      11,077       6,360       2,850       2,475          46       2,000       3,854      17,281 
  Other loans                                 17,651          10      12,000          30          14         484         287         863         211         802          27         363       2,560 
Net portfolio holdings of Maiden Lane                              
      LLC (5)                                 29,179           0      29,179           0           0           0           0           0           0           0           0           0           0 
Items in process of collection                 2,133          44           0         220         322          63         344         101          26         131         443         167         273 
Bank premises                                  2,162         121         212          65         150         209         226         208         126         111         275         252         207 
Other assets (6)                              99,435       5,336      27,387       8,886       6,384      23,798       7,928       4,992       1,343       1,889       1,456       2,297       7,738 
Interdistrict settlement account                   0     + 3,016     -44,485     + 4,659     - 4,132     - 4,277     +23,116     +15,990     + 4,091     + 2,571     + 3,938     + 2,333     - 6,819 
                                                                   
      Total assets                           912,859      37,373     328,869      43,486      36,958      86,761      99,287      79,045      29,392      17,112      30,596      34,948      89,031 
 

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, August 13, 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             991,705      36,984     352,127      40,436      38,662      80,539     120,868      82,415      30,553      17,836      31,483      55,438     104,364 
  Less: Notes held by F.R. Banks              196,604       5,229      58,752       7,068       7,419      12,995      30,904      13,654       3,584       2,963       3,787      24,149      26,101 
    Federal Reserve notes, net                795,101      31,754     293,376      33,368      31,243      67,544      89,964      68,762      26,970      14,872      27,697      31,289      78,263 
Reverse repurchase agreements (1)              44,172       1,853      15,716       1,929       1,675       4,005       4,395       3,899       1,526         834       1,622       1,832       4,886 
Deposits                                       30,480       1,618      12,006       3,186         523       4,357       1,238       3,295         318         376         473         771       2,320 
  Depository institutions                      25,345       1,613       7,023       3,182         519       4,257       1,235       3,278         304         376         472         770       2,317 
  U.S. Treasury, general account                4,715           0       4,715           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                                           319           2         197           0           1          89           0          15          14           0           1           0           0 
Deferred availability cash items                3,124         165           0         410         676         215         219         218          50         246         246         241         438 
Other liabilities and accrued                                                 
  dividends (2,3)                                -136         143      -2,487         164         170         413         332         286         150         103         125         170         296 
                                                                    
      Total liabilities                       872,741      35,532     318,611      39,056      34,286      76,534      96,148      76,458      29,014      16,433      30,163      34,303      86,203 
                                                                    
Capital                                                             
Capital paid in                                19,935         787       5,068       2,328       1,342       5,189       1,562       1,281         182         321         210         267       1,398 
Surplus                                        18,505       1,050       4,668       1,814       1,291       4,999       1,425         815         180         355         193         364       1,351 
Other capital                                   1,678           5         522         288          39          39         152         490          16           4          30          14          79 
                                                                    
      Total liabilities and capital              912,859    37,373    328,869    43,486    36,958    86,761    99,287    79,045    29,392    17,112    30,596    34,948    89,031 
                              
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
Aug 13, 2008
                                                                                            
Federal Reserve notes outstanding                                                                991,705 
  Less: Notes held by F.R. Banks not subject to collateralization                                196,604 
    Federal Reserve notes to be collateralized                                                   795,101 
Collateral held against Federal Reserve notes                                                    795,101 
  Gold certificate account                                                                        11,037 
  Special drawing rights certificate account                                                       2,200 
  U.S. Treasury and agency securities pledged (1)                                                554,113 
  Other assets pledged                                                                           227,750 
                                                                                            
Memo:                                                                                       
Total U.S. Treasury and agency securities (1)                                                    597,684 
  Less: Face value of securities under reverse repurchase agreements                              43,570 
    U.S. Treasury and agency securities eligible to be pledged                                   554,113 
   
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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