Federal Reserve Statistical Release, H.4.1, Factors Affecting Reserve Balances; title with eagle logo links to Statistical Release home page
Release Date:  August 21, 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 21, 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 20, 2008
Week ended
Aug 20, 2008
Change from week ended
Aug 13, 2008 Aug 22, 2007
                                                              
Reserve Bank credit                                         887,648     +   4,655     +  36,014       880,392 
  Securities held outright                                  479,500     +     104     - 310,113       479,538 
    U.S. Treasury (1)                                       479,500     +     104     - 310,113       479,538 
      Bills (2)                                              21,740             0     - 255,279        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)                              6,197     +     104     +   1,498         6,235 
    Federal agency (2)                                            0             0             0             0 
  Repurchase agreements (4)                                 107,714     +   1,928     +  85,107       100,750 
  Term auction credit                                       150,000             0     + 150,000       150,000 
  Other loans                                                17,609     -     198     +  16,068        18,563 
    Primary credit                                           17,513     -     186     +  16,313        18,469 
    Secondary credit                                              0     -       7     -      85             0 
    Seasonal credit                                              95     -       5     -     161            94 
    Primary dealer credit facility                               0            0            0            0 
    Other credit extensions                                       0             0             0             0 
  Net portfolio holdings of Maiden Lane LLC (5)              29,183     +      38     +  29,183        29,207 
  Float                                                        -933     +     193     -     174        -1,694 
  Other Federal Reserve assets                              104,575     +   2,588     +  65,943       104,028 
Gold stock                                                   11,041             0             0        11,041 
Special drawing rights certificate account                    2,200             0             0         2,200 
Treasury currency outstanding (6)                            38,775     +      14     +     202        38,775 
                                                              
Total factors supplying reserve funds                       939,664     +   4,669     +  36,216       932,407 
                                                                          
Currency in circulation (6)                                 830,116     -   1,054     +  19,079       830,774 
Reverse repurchase agreements (7)                            44,455     +   1,997     +  13,104        43,606 
  Foreign official and international accounts                44,455     +   1,997     +  13,104        43,606 
  Dealers                                                         0             0             0             0 
Treasury cash holdings                                          297     -       1     +      17           306 
Deposits with F.R. Banks, other than reserve balances        12,366     -     144     +     132        12,768 
  U.S. Treasury, general account                              4,765     -      94     -      77         5,177 
  Foreign official                                              103     -     216     +       4           102 
  Service-related                                             7,180     +     173     +     322         7,180 
    Required clearing balances                                7,176     +     169     +     321         7,176 
    Adjustments to compensate for float                           3     +       3             0             3 
  Other                                                         318     -       7     -     116           310 
Other liabilities and capital (8)                            41,734     +   1,157     +   1,291        41,699 
                                                              
Total factors, other than reserve balances,                                                       
   absorbing reserve funds                                  928,968     +   1,955     +  33,623       929,153 
                                                              
Reserve balances with Federal Reserve Banks                  10,696     +   2,714     +   2,593         3,254 
                                                                
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 20, 2008
Millions of dollars
Memorandum item Averages of daily figures Wednesday
Aug 20, 2008
Week ended
Aug 20, 2008
Change from week ended
Aug 13, 2008 Aug 22, 2007
                                                              
Marketable securities held in custody for foreign             
      official and international accounts (1)             2,405,864     +  10,981     + 419,453     2,395,304 
  U.S. Treasury                                           1,430,854     +  15,026     + 212,024     1,423,017 
  Federal agency                                            975,010     -   4,044     + 207,428       972,287 
Securities lent to dealers                                  124,811     -   6,343     + 119,730       126,022 
  Overnight facility (2)                                      5,823     +   2,986     +     742         8,676 
  Term facility (3)                                         118,989     -   9,329     + 118,989       117,346 
 

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 20, 2008
                                                                                                
Net portfolio holdings of Maiden Lane LLC (1)                                                       29,207    
                                                                                                
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)                                    99    
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3)        1,162    
 
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 20, 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                 75,000          3,821       15,488     -   5,713       60,750         43,606  
16 days to 90 days             75,000         14,742       31,182     +   5,423       40,000              0  
91 days to 1 year                 ---              0       70,313     +     809          ---            ---  
Over 1 year to 5 years            ---            ---      169,506     -   6,090          ---            ---  
Over 5 years to 10 years          ---            ---       91,812     +   1,905          ---            ---  
Over 10 years                     ---            ---      101,237     +   3,770          ---            ---  
          
All                           150,000         18,563      479,538     +     104      100,750         43,606  
 

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 20, 2008
Wednesday
Aug 13, 2008
Wednesday
Aug 22, 2007
Assets                                                   
Gold certificate account                                         11,037                0                   0
Special drawing rights certificate account                        2,200                0                   0
Coin                                                              1,402        +      24           +     385
Securities, repurchase agreements, term auction          
      credit, and other loans                                   748,851        -  16,484           -  62,030
  Securities held outright                                      479,538        +     104           - 310,081
    U.S. Treasury (1)                                           479,538        +     104           - 310,081
      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)                                  6,235        +     104           +   1,529
    Federal agency (2)                                                0                0                   0
  Repurchase agreements (4)                                     100,750        -  17,500           +  81,750
  Term auction credit                                           150,000                0           + 150,000
  Other loans                                                    18,563        +     912           +  16,301
Net portfolio holdings of Maiden Lane LLC (5)                    29,207        +      28           +  29,207
Items in process of collection                       (509)          938        -     662           -   1,717
Bank premises                                                     2,163        +       1           +      95
Other assets (6)                                                101,894        +   2,459           +  64,999
                                                         
      Total assets                                   (509)      897,692        -  14,634           +  30,939
                                                         
Liabilities                                              
Federal Reserve notes, net of F.R. Bank holdings                793,703        -   1,398           +  19,163
Reverse repurchase agreements (7)                                43,606        -     566           +  13,650
Deposits                                               (0)       16,051        -  14,429           -   2,718
  Depository institutions                                        10,463        -  14,882           -   2,619
  U.S. Treasury, general account                                  5,177        +     462           -     152
  Foreign official                                                  102        +       1           +       7
  Other                                                (0)          310        -       9           +      47
Deferred availability cash items                     (509)        2,632        +      40           -     556
Other liabilities and accrued dividends (8,9)                     1,264        +   1,400           -   4,766
                                                         
      Total liabilities                              (509)      857,256        -  14,953           +  24,773
                                                         
Capital accounts                                         
Capital paid in                                                  20,189        +     254           +   3,348
Surplus                                                          18,507        +       2           +   3,095
Other capital accounts                                            1,740        +      62           -     276
                                                         
      Total capital                                              40,436        +     319           +   6,166
 

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 20, 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                                           1,402          36          65         100         122         173         175         167          52          51          99         159         202 
Securities, repurchase agreements, term                            
      auction credit, and other loans        748,851      28,250     305,717      26,703      31,942      65,944      66,257      54,906      22,811      11,996      27,760      27,257      79,308 
  Securities held outright                   479,538      20,114     170,617      20,937      18,184      43,484      47,713      42,324      16,571       9,053      17,608      19,892      53,042 
    U.S. Treasury (1)                        479,538      20,114     170,617      20,937      18,184      43,484      47,713      42,324      16,571       9,053      17,608      19,892      53,042 
      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)                    457,798      19,202     162,882      19,988      17,359      41,512      45,550      40,405      15,820       8,643      16,809      18,990      50,637 
    Federal agency (2)                             0           0           0           0           0           0           0           0           0           0           0           0           0 
  Repurchase agreements (4)                  100,750       4,226      35,846       4,399       3,820       9,136      10,024       8,892       3,482       1,902       3,699       4,179      11,144 
  Term auction credit                        150,000       3,900      87,122       1,295       9,400      13,160       8,205       2,765       2,475          31       6,425       2,800      12,422 
  Other loans                                 18,563          11      12,132          72         538         164         314         925         284       1,010          28         386       2,700 
Net portfolio holdings of Maiden Lane                              
      LLC (5)                                 29,207           0      29,207           0           0           0           0           0           0           0           0           0           0 
Items in process of collection                 1,447          54           0         212         232          85         206         138          14          97         135         113         160 
Bank premises                                  2,163         121         212          65         150         210         226         207         127         111         275         253         207 
Other assets (6)                             101,894       5,535      27,629       9,322       6,672      25,106       8,002       4,950       1,281       1,941       1,395       2,274       7,787 
Interdistrict settlement account                   0     + 1,361     -41,856     + 3,905     - 2,953     - 8,968     +23,198     +14,746     + 4,596     + 2,571     +   424     + 3,874     -   898 
                                                                   
      Total assets                           898,201      35,897     325,783      40,843      36,692      83,587      99,452      76,240      29,296      16,996      30,504      34,663      88,249 
 

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 20, 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             992,338      36,925     351,938      40,778      39,184      80,938     120,696      82,362      30,555      17,814      31,545      55,337     104,266 
  Less: Notes held by F.R. Banks              198,635       5,382      58,179       7,199       8,357      13,448      30,472      14,042       3,745       2,962       3,954      24,386      26,509 
    Federal Reserve notes, net                793,703      31,543     293,759      33,579      30,827      67,490      90,224      68,320      26,809      14,852      27,591      30,950      77,757 
Reverse repurchase agreements (1)              43,606       1,829      15,515       1,904       1,654       3,954       4,339       3,849       1,507         823       1,601       1,809       4,823 
Deposits                                       16,051         374       7,330         302         566       1,279       1,094         909         405         298         547         825       2,124 
  Depository institutions                      10,463         362       1,883         297         562       1,180       1,091         907         394         297         545         824       2,121 
  U.S. Treasury, general account                5,177           0       5,177           0           0           0           0           0           0           0           0           0           0 
  Foreign official                                102           2          72           4           3          11           3           2           0           1           0           1           3 
  Other                                           310          10         198           0           1          88           0           0          11           0           1           0           0 
Deferred availability cash items                3,142         159           0         464         615         246         255         266          44         239         205         260         387 
Other liabilities and accrued                                                 
  dividends (2,3)                               1,264         151      -1,147         169         174         414         352         293         151         104         126         172         304 
                                                                    
      Total liabilities                       857,766      34,057     315,457      36,418      33,836      73,382      96,265      73,636      28,917      16,317      30,069      34,016      85,396 
                                                                    
Capital                                                             
Capital paid in                                20,189         787       5,087       2,328       1,521       5,189       1,595       1,290         182         320         210         267       1,412 
Surplus                                        18,507       1,050       4,670       1,814       1,291       4,999       1,425         815         180         355         193         364       1,351 
Other capital                                   1,740           3         569         283          43          16         167         498          18           4          31          16          91 
                                                                    
      Total liabilities and capital              898,201    35,897    325,783    40,843    36,692    83,587    99,452    76,240    29,296    16,996    30,504    34,663    88,249 
                              
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 20, 2008
                                                                                            
Federal Reserve notes outstanding                                                                992,338 
  Less: Notes held by F.R. Banks not subject to collateralization                                198,635 
    Federal Reserve notes to be collateralized                                                   793,703 
Collateral held against Federal Reserve notes                                                    793,703 
  Gold certificate account                                                                        11,037 
  Special drawing rights certificate account                                                       2,200 
  U.S. Treasury and agency securities pledged (1)                                                537,703 
  Other assets pledged                                                                           242,762 
                                                                                            
Memo:                                                                                       
Total U.S. Treasury and agency securities (1)                                                    580,288 
  Less: Face value of securities under reverse repurchase agreements                              42,585 
    U.S. Treasury and agency securities eligible to be pledged                                   537,703 
   
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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