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Release Date: October 30, 2008
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For Release at
4:30 P.M. Eastern time
October 30, 2008
The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions
and Condition Statement of Federal Reserve Banks," has been modified to include information related to
Commercial Paper Funding Facility LLC (CPFF LLC). This LLC is a limited liability company that was
formed to purchase three-month U.S. dollar-denominated commercial paper from eligible issuers and
thereby foster liquidity in short-term funding markets and increase the availability of credit for
businesses and households.
On October 27, 2008, the Federal Reserve Bank of New York (FRBNY) extended credit to CPFF?LLC under
the authority of section 13(3) of the Federal Reserve Act.
Consistent with generally accepted accounting principles, the assets and liabilities of CPFF LLC have
been consolidated with the assets and liabilities of the FRBNY in the preparation of the statements
of condition shown on the release because the FRBNY is the sole beneficiary of CPFF LLC.
The consequences of this consolidation appear on the release in the following ways. The extension of
credit from the FRBNY to CPFF LLC is eliminated as is the accrued interest on this loan. The net
portfolio holdings of CPFF LLC appear as an asset on the statement of condition of the FRBNY (table
6), the consolidated statement of condition of all Federal Reserve Banks (table 5), and factors
affecting reserve balances of depository institutions (table 1).
Information on CPFF LLC is presented separately in a new table 4, "Information on Principal Accounts
of Commercial Paper Funding Facility LLC." This table presents the net portfolio holdings of CPFF
LLC, which comprises the book value of the commercial paper holdings of CPFF LLC, including amortized
cost and related fees, and other investments of the LLC. The table also presents the face value of
the commercial paper holdings of CPFF LLC. In addition, the table presents the outstanding principal
of the loan extended by the FRBNY and accrued interest payable to the FRBNY.
1
FEDERAL RESERVE statistical release
H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
October 30, 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 Oct 29, 2008 Oct 22, 2008 Oct 31, 2007 Oct 29, 2008
Reserve Bank credit 1,872,948 + 69,648 +1,010,315 1,953,486
Securities held outright 490,382 - 251 - 289,186 490,089
U.S. Treasury (1) 476,485 - 43 - 303,083 476,469
Bills (2) 18,423 0 - 248,596 18,423
Notes and bonds, nominal (2) 410,757 0 - 61,220 410,757
Notes and bonds, inflation-indexed (2) 40,806 0 + 4,888 40,806
Inflation compensation (3) 6,499 - 43 + 1,845 6,484
Federal agency (2) 13,897 - 208 + 13,897 13,620
Repurchase agreements (4) 80,000 0 + 38,750 80,000
Term auction credit 301,363 + 38,271 + 301,363 301,363
Other loans 388,809 - 29,771 + 388,526 369,763
Primary credit 111,946 + 6,192 + 111,756 110,737
Secondary credit 1 + 1 + 1 0
Seasonal credit 17 - 2 - 76 16
Primary dealer and other broker-dealer credit (5) 87,393 - 23,862 + 87,393 79,453
Asset-backed commercial paper money market
mutual fund liquidity facility 99,902 - 14,317 + 99,902 96,010
Other credit extensions 89,549 + 2,217 + 89,549 83,548
Net portfolio holdings of Commercial Paper
Funding Facility LLC (6) 40,819 + 40,819 + 40,819 144,808
Net portfolio holdings of Maiden Lane LLC (7) 26,809 - 2,328 + 26,809 26,848
Float -1,240 - 192 - 510 -1,234
Other Federal Reserve assets 546,006 + 23,100 + 503,744 541,849
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 2,200 0 0 2,200
Treasury currency outstanding (8) 38,787 + 14 + 92 38,787
Total factors supplying reserve funds 1,924,976 + 69,662 +1,010,406 2,005,515
Note: Components may not sum to totals because of rounding. Footnotes appear on the following page.
H.4.1
1. Factors Affecting Reserve Balances of Depository Institutions, continued
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 Oct 29, 2008 Oct 22, 2008 Oct 31, 2007 Oct 29, 2008
Currency in circulation (8) 857,448 + 2,931 + 44,366 860,588
Reverse repurchase agreements (9) 94,323 - 3,787 + 56,192 94,655
Foreign official and international accounts 69,323 - 3,787 + 31,192 69,655
Dealers 25,000 0 + 25,000 25,000
Treasury cash holdings 269 - 7 - 39 272
Deposits with F.R. Banks, other than reserve balances 667,566 + 112,639 + 655,561 585,724
U.S. Treasury, general account 100,736 + 77,570 + 95,786 19,484
U.S. Treasury, supplementary financing account 558,864 + 34,093 + 558,864 558,864
Foreign official 174 - 80 + 5 187
Service-related 5,998 - 140 - 587 5,998
Required clearing balances 5,998 - 140 - 587 5,998
Adjustments to compensate for float 0 0 0 0
Other 1,794 + 1,196 + 1,493 1,192
Other liabilities and capital (10) 44,446 - 1,767 + 2,265 44,298
Total factors, other than reserve balances,
absorbing reserve funds 1,664,052 + 110,008 + 758,344 1,585,536
Reserve balances with Federal Reserve Banks 260,924 - 40,346 + 252,062 419,979
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. Includes credit extended through the Primary Dealer Credit Facility and credit extended to certain
other broker-dealers.
6. Refer to table 4 and the notes on consolidation accompanying table 6.
7. Fair value. Refer to table 3 and the notes on consolidation accompanying table 6.
8. Estimated.
9. Cash value of agreements, which are collateralized by U.S. Treasury securities.
10. Includes the liabilities of Maiden Lane LLC and Commercial Paper Funding Facility LLC to entities
other than the Federal Reserve Bank of New York, including liabilities that have recourse only to
the portfolio holdings of these entities. Refer to tables 3 and 4 and the notes on consolidation
accompanying table 6.
Sources: Federal Reserve Banks and the U.S. Department of the Treasury.
1A. Memorandum Items
Millions of dollars
Averages of daily figures
Memorandum item Week ended Change from week ended Wednesday
Oct 29, 2008 Oct 22, 2008 Oct 31, 2007 Oct 29, 2008
Marketable securities held in custody for foreign
official and international accounts (1) 2,486,192 + 7,455 + 453,932 2,484,075
U.S. Treasury 1,571,174 + 15,874 + 339,696 1,574,970
Federal agency 915,018 - 8,419 + 114,236 909,104
Securities lent to dealers 222,566 - 564 + 214,468 219,019
Overnight facility (2) 25,067 - 564 + 16,969 21,520
Term facility (3) 197,499 0 + 197,499 197,499
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 other highly rated debt
securities.
2. Maturity Distribution of Term Auction Credit, Other Loans, and Securities, October 29, 2008
Millions of dollars
Remaining maturity Within 15 16 days to 91 days to Over 1 year Over 5 years Over 10 All
days 90 days 1 year to 5 years to 10 years years
Term auction credit 25,000 276,363 --- --- --- --- 301,363
Other loans (1) 185,095 108,644 10,176 65,848 --- --- 369,763
U.S. Treasury securities (2)
Holdings 15,320 30,724 61,340 173,435 94,317 101,333 476,469
Weekly changes - 3,520 + 3,517 0 - 14 - 10 - 17 - 43
Federal agency securities
Holdings 651 9,235 3,734 0 0 0 13,620
Weekly changes - 219 + 227 - 493 0 0 0 - 485
Commercial paper held by
Commercial Paper Funding
Facility LLC (3) 0 145,713 0 --- --- --- 145,713
Repurchase agreements (4) 40,000 40,000 --- --- --- --- 80,000
Reverse repurchase agreements (4) 94,655 0 --- --- --- --- 94,655
Note: Components may not sum to totals because of rounding.
--- Not applicable.
1. Excludes the loans from the Federal Reserve Bank of New York to Maiden Lane LLC and Commercial Paper Funding Facility
LLC that were 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. Face value of commercial paper held by Commercial Paper Funding Facility LLC.
4. Cash value of agreements.
H.4.1
3. Information on Principal Accounts of Maiden Lane LLC
Millions of dollars
Wednesday
Account name Oct 29, 2008
Net portfolio holdings of Maiden Lane LLC (1) 26,848
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) 214
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3) 1,176
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 September 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 notes on consolidation accompanying table 6.
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 5 and table 6.
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.
4. Information on Principal Accounts of Commercial Paper Funding Facility LLC
Millions of dollars
Wednesday
Account name Oct 29, 2008
Commercial paper holdings, net (1) 143,914
Other investments, net 894
Net portfolio holdings of Commercial Paper Funding Facility LLC 144,808
Memorandum: Commercial paper holdings, face value 145,713
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2) 144,777
Accrued interest payable to the Federal Reserve Bank of New York (2) 6
1. Book value, which includes amortized cost and related fees.
2. Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York's statement of
condition consistent with consolidation under generally accepted accounting principles. Refer to the
notes on consolidation accompanying table 6.
Note: On October 27, 2008, the Federal Reserve Bank of New York began extending loans under the authority of
section 13(3) of the Federal Reserve Act to Commercial Paper Funding Facility LLC. This LLC is a limited
liability company that was formed to purchase three-month U.S.dollar-denominated commercial paper from
eligible issuers and thereby foster liquidity in short-term funding markets and increase the availability of
credit for businesses and households.
H.4.1
5. Consolidated Statement of Condition of All Federal Reserve Banks
Millions of dollars
Eliminations Change since
from Wednesday Wednesday Wednesday
Assets, liabilities, and capital consolidation Oct 29, 2008 Oct 22, 2008 Oct 31, 2007
Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 2,200 0 0
Coin 1,645 + 61 + 394
Securities, repurchase agreements, term auction
credit, and other loans 1,241,215 - 650 + 413,037
Securities held outright 490,089 - 528 - 289,497
U.S. Treasury (1) 476,469 - 43 - 303,117
Bills (2) 18,423 0 - 248,596
Notes and bonds, nominal (2) 410,757 0 - 60,227
Notes and bonds, inflation-indexed (2) 40,806 0 + 3,895
Inflation compensation (3) 6,484 - 42 + 1,812
Federal agency (2) 13,620 - 485 + 13,620
Repurchase agreements (4) 80,000 0 + 31,500
Term auction credit 301,363 + 38,271 + 301,363
Other loans 369,763 - 38,393 + 369,671
Net portfolio holdings of Commercial Paper
Funding Facility LLC (5) 144,808 + 144,808 + 144,808
Net portfolio holdings of Maiden Lane LLC (6) 26,848 + 46 + 26,848
Items in process of collection (358) 1,083 + 79 - 1,127
Bank premises 2,174 + 2 + 56
Other assets (7) 539,670 + 22,127 + 499,734
Total assets (358) 1,970,680 + 166,472 +1,083,751
Liabilities
Federal Reserve notes, net of F.R. Bank holdings 823,713 + 3,817 + 45,558
Reverse repurchase agreements (8) 94,655 - 1,332 + 56,600
Deposits (0) 1,005,698 + 163,496 + 979,783
Depository institutions 425,972 + 199,069 + 405,252
U.S. Treasury, general account 19,484 - 36,141 + 15,177
U.S. Treasury, supplementary financing account 558,864 - 123 + 558,864
Foreign official 187 + 33 - 414
Other (0) 1,192 + 659 + 905
Deferred availability cash items (358) 2,317 - 41 - 638
Other liabilities and accrued dividends (9,10) 3,879 - 28 - 1,845
Total liabilities (358) 1,930,261 + 165,911 +1,079,458
Capital accounts
Capital paid in 20,314 - 3 + 2,367
Surplus 18,335 + 639 + 2,880
Other capital accounts 1,769 - 76 - 955
Total capital 40,418 + 559 + 4,292
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. Refer to table 4 and the notes on consolidation accompanying table 6.
6. Fair value. Refer to table 3 and the notes on consolidation accompanying table 6.
7. Includes assets denominated in foreign currencies and any exchange-translation assets, which are
revalued daily at market exchange rates.
8. Cash value of agreements, which are collateralized by U.S. Treasury securities.
9. Includes any exchange-translation liabilities, which are revalued daily at market exchange rates.
10. Includes the liabilities of Maiden Lane LLC and Commercial Paper Funding Facility LLC to entities other
than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio
holdings of these entities. Refer to the notes on consolidation accompanying table 6.
H.4.1
6. Statement of Condition of Each Federal Reserve Bank, October 29, 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 1,645 51 76 129 133 220 217 189 47 55 114 183 232
Securities, repurchase agreements, term
auction credit, and other loans 1,241,215 134,465 587,368 31,515 37,980 136,108 72,479 59,734 22,914 16,023 25,753 27,843 89,034
Securities held outright 490,089 20,556 174,371 21,398 18,584 44,441 48,763 43,255 16,936 9,252 17,995 20,329 54,209
U.S. Treasury (1) 476,469 19,985 169,525 20,803 18,068 43,205 47,408 42,053 16,465 8,995 17,495 19,764 52,703
Bills (2) 18,423 773 6,555 804 699 1,671 1,833 1,626 637 348 676 764 2,038
Notes and bonds (3) 458,047 19,212 162,970 19,999 17,369 41,535 45,575 40,427 15,828 8,647 16,818 19,000 50,665
Federal agency (2) 13,620 571 4,846 595 516 1,235 1,355 1,202 471 257 500 565 1,507
Repurchase agreements (4) 80,000 3,356 28,464 3,493 3,034 7,254 7,960 7,061 2,765 1,510 2,937 3,318 8,849
Term auction credit 301,363 14,500 140,138 2,505 15,860 69,047 15,515 7,467 3,000 5,060 670 3,506 24,095
Other loans 369,763 96,053 244,396 4,119 502 15,366 241 1,951 214 200 4,150 690 1,881
Net portfolio holdings of Commercial
Paper Funding Facility LLC (5) 144,808 0 144,808 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Maiden Lane
LLC (6) 26,848 0 26,848 0 0 0 0 0 0 0 0 0 0
Items in process of collection 1,441 33 0 203 194 93 279 27 9 131 82 109 279
Bank premises 2,174 122 211 64 150 217 226 207 130 111 275 252 210
Other assets (7) 539,670 30,171 142,881 51,363 36,712 141,202 41,228 24,153 5,561 10,215 5,987 10,809 39,390
Interdistrict settlement account 0 - 79,469 + 268,914 - 31,948 - 20,558 - 114,218 - 4,767 + 1,416 + 3,771 - 8,544 + 4,924 + 1,270 - 20,790
Total assets 1,971,038 85,912 1,175,914 51,862 55,139 164,659 111,048 86,851 32,847 18,220 37,549 41,199 109,838
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. Refer to table 4 and the notes on consolidation below.
6. Fair value. Refer to the notes on consolidation below.
7. Includes assets denominated in foreign currencies and any exchange-translation assets, which are revalued daily at market exchange rates.
Notes on consolidation:
On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) 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 FRBNY 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 FRBNY in the preparation of the statements of condition shown on this release. As a consequence
of the consolidation, the extension of credit from the FRBNY 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 5),
and the liabilities of Maiden Lane LLC to entities other than the FRBNY, 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 5).
On October 27, 2008, the Federal Reserve Bank of New York (FRBNY) began extending loans under the authority of section 13(3) of the Federal Reserve Act to Commercial Paper Funding
Facility LLC (CPFF LLC). This LLC is a limited liability company that was formed to purchase three-month U.S. dollar-denominated commercial paper from eligible issuers. The FRBNY is
the sole beneficiary of CPFF LLC. Consistent with generally accepted accounting principles, the assets and liabilities of CPFF LLC have been consolidated with the assets and liabilities
of the FRBNY in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the extension of credit from the FRBNY to CPFF LLC is
eliminated; the net assets of CPFF LLC appear as an asset in this table (and table 1 and table 5), and the liabilities of CPFF LLC to entities other than the FRBNY are included in other
liabilities on the next page (and table 1 and table 5).
6. Statement of Condition of Each Federal Reserve Bank, October 29, 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 996,782 38,468 351,224 42,398 44,935 82,232 120,284 80,137 29,703 17,383 30,429 54,578 105,010
Less: Notes held by F.R. Banks 173,069 5,626 41,278 6,032 7,914 11,679 28,642 13,040 3,402 2,731 3,425 23,131 26,168
Federal Reserve notes, net 823,713 32,842 309,946 36,366 37,021 70,554 91,642 67,097 26,301 14,652 27,003 31,447 78,842
Reverse repurchase agreements (8) 94,655 3,970 33,678 4,133 3,589 8,583 9,418 8,354 3,271 1,787 3,476 3,926 10,470
Deposits 1,005,698 46,959 821,463 5,997 10,807 73,539 6,066 9,347 2,717 760 6,404 4,747 16,890
Depository institutions 425,972 46,929 241,944 5,993 10,803 73,408 6,063 9,344 2,692 760 6,402 4,746 16,887
U.S. Treasury, general account 19,484 0 19,484 0 0 0 0 0 0 0 0 0 0
U.S. Treasury, supplementary
financing account 558,864 0 558,864 0 0 0 0 0 0 0 0 0 0
Foreign official 187 2 157 4 3 11 3 2 0 1 0 1 3
Other 1,192 28 1,015 0 1 121 0 0 24 0 1 1 0
Deferred availability cash items 2,675 50 0 492 428 291 244 195 24 219 104 240 388
Other liabilities and accrued
dividends (9,10) 3,879 167 1,168 205 200 523 397 305 153 108 130 180 343
Total liabilities 1,930,620 83,988 1,166,255 47,192 52,046 153,490 107,768 85,297 32,466 17,527 37,117 40,541 106,933
Capital
Capital paid in 20,314 784 5,162 2,331 1,525 5,832 1,602 685 182 323 206 268 1,413
Surplus 18,335 1,050 4,497 1,814 1,291 4,999 1,426 816 180 355 193 364 1,351
Other capital 1,769 89 0 524 278 337 253 53 19 15 33 26 141
Total liabilities and capital 1,971,038 85,912 1,175,914 51,862 55,139 164,659 111,048 86,851 32,847 18,220 37,549 41,199 109,838
Note: Components may not sum to totals because of rounding.
8. Cash value of agreements, which are collateralized by U.S. Treasury securities.
9. Includes any exchange-translation liabilities, which are revalued daily at market exchange rates.
10. Includes the liabilities of Maiden Lane LLC and Commercial Paper Funding Facility LLC to entities other than the Federal Reserve Bank of New York, including liabilities that have
recourse only to the portfolio holdings of these entities. Refer to the notes on consolidation on the previous page.
H.4.1
7. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts
Millions of dollars
Federal Reserve notes and collateral Wednesday
Oct 29, 2008
Federal Reserve notes outstanding 996,782
Less: Notes held by F.R. Banks not subject to collateralization 173,069
Federal Reserve notes to be collateralized 823,713
Collateral held against Federal Reserve notes 823,713
Gold certificate account 11,037
Special drawing rights certificate account 2,200
U.S. Treasury and agency securities pledged (1) 480,457
Other assets pledged 330,019
Memo:
Total U.S. Treasury and agency securities (1) 570,089
Less: Face value of securities under reverse repurchase agreements 89,632
U.S. Treasury and agency securities eligible to be pledged 480,457
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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Statistical releases