Federal Reserve Statistical Release, H.4.1, Factors Affecting Reserve Balances; title with eagle logo links to Statistical Release home page
Release Date: January 15, 2009
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For Release at
4:30 P.M. Eastern time
January 15, 2009

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 Federal
Reserve System purchases of mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac, and Ginnie
Mae.

On November 25, 2008, the Federal Reserve announced a program to purchase mortgage-backed securities
guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae.  The goal of the program is to provide support to
mortgage and housing markets and to foster improved conditions in financial markets.  Purchases of these
securities began on January 5, 2009.  Outright transactions in mortgage-backed securities have settlement
dates that can extend several months into the future.  Federal Reserve purchases that settled during the
week ended January 14, 2009, are reflected on this release.  Additional information on System transactions
in mortgage-backed securities is available at www.newyorkfed.org/markets/mbs/.

The current face value of the System's holdings of mortgage-backed securities guaranteed by Fannie Mae,
Freddie Mac, and Ginnie Mae appears in table 1, table 8, and table 9.  The current face value represents
the remaining principal balance of the underlying mortgages.  The maturity distribution of these holdings
based on the stated maturity date appears in table 2.


1


FEDERAL RESERVE statistical release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                           January 15, 2009
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                                    Jan 14, 2009  Jan 7, 2009 Jan 16, 2008 Jan 14, 2009

Reserve Bank credit                                       2,069,182   -  108,380   +1,201,662    2,040,609
  Securities held outright                                  497,489   +    2,106   -  230,749      505,306       
    U.S. Treasury securities (1)                            475,589   -      208   -  252,649      475,515
      Bills (2)                                              18,423            0   -  196,937       18,423
      Notes and bonds, nominal (2)                          410,491            0   -   60,493      410,491
      Notes and bonds, inflation-indexed (2)                 41,071            0   +    4,003       41,071
      Inflation compensation (3)                              5,604   -      207   +      778        5,529
    Federal agency debt securities (2)                       20,358   +      771   +   20,358       24,158
    Mortgage-backed securities (4)                            1,542   +    1,542   +    1,542        5,634
  Repurchase agreements (5)                                  57,143   -   20,000   +   25,822       40,000
  Term auction credit                                       371,387   -   35,418   +  331,387      371,297  
  Other loans                                               160,723   -   25,078   +  159,487      155,245
    Primary credit                                           69,101   -   18,834   +   67,871       66,481
    Secondary credit                                             41   +       25   +       41          139
    Seasonal credit                                               0   -        2   -        6            0
    Primary dealer and other broker-dealer credit (6)        33,690   -    2,287   +   33,690       33,406
    Asset-backed Commercial Paper Money Market
      Mutual Fund Liquidity Facility                         18,767   -    4,101   +   18,767       16,093
    Credit extended to American International
      Group, Inc. (7)                                        39,124   +      121   +   39,124       39,126
    Other credit extensions                                       0            0            0            0
  Net portfolio holdings of Commercial Paper 
    Funding Facility LLC (8)                                334,582   +      310   +  334,582      334,705
  Net portfolio holdings of LLCs funded through
    the Money Market Investor Funding Facility (9)                0            0            0            0
  Net portfolio holdings of Maiden Lane LLC (10)             27,070   +       42   +   27,070       27,122
  Net portfolio holdings of Maiden Lane II LLC (11)          19,795   -      276   +   19,795       19,800
  Net portfolio holdings of Maiden Lane III LLC (12)         26,889   +       91   +   26,889       26,942
  Float                                                      -1,392   +       72   -      347       -1,586
  Other Federal Reserve assets                              575,496   -   30,229   +  507,727      561,776
Gold stock                                                   11,041            0            0       11,041
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (13)                           38,758   +       14   +       77       38,758
       
Total factors supplying reserve funds                     2,121,181   -  108,366   +1,201,739    2,092,608

Note: Components may not sum to totals because of rounding.  Footnotes appear on the following page.


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                                    Jan 14, 2009  Jan 7, 2009 Jan 16, 2008 Jan 14, 2009

Currency in circulation (13)                                881,117   -    6,456   +   67,667      880,819
Reverse repurchase agreements (14)                           81,697   -    6,971   +   43,129       78,836
  Foreign official and international accounts                81,697   -    6,971   +   43,129       78,836
  Dealers                                                         0            0            0            0
Treasury cash holdings                                          268   +        8   -        4          272
Deposits with F.R. Banks, other than reserve balances       247,086   -   59,114   +  234,862      252,856       
  U.S. Treasury, general account                             36,826   -   29,311   +   31,655       31,173
  U.S. Treasury, supplementary financing account            199,686   -   29,717   +  199,686      199,686
  Foreign official                                              225   -    1,347   +      125          211
  Service-related                                             4,387   -        1   -    2,263        4,387
    Required clearing balances                                4,387            0   -    2,263        4,387
    Adjustments to compensate for float                           0   -        2            0            0
  Other                                                       5,962   +    1,262   +    5,659       17,399
Other liabilities and capital (15)                           63,389   -    5,279   +   20,131       56,700

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                1,273,558   -   77,813   +  365,785    1,269,482

Reserve balances with Federal Reserve Banks                 847,623   -   30,554   +  835,954      823,125
                                                                
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. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae.  Current face value of the securities, which is 
   the remaining principal balance of the underlying mortgages.  
5. Cash value of agreements.
6. Includes credit extended through the Primary Dealer Credit Facility and credit extended to certain
   other broker-dealers.
7. Excludes credit extended to consolidated LLCs.
8. Refer to table 6 and the note on consolidation accompanying table 9.
9. Refer to table 7 and the note on consolidation accompanying table 9.
10. Refer to table 3 and the note on consolidation accompanying table 9.
11. Refer to table 4 and the note on consolidation accompanying table 9.
12. Refer to table 5 and the note on consolidation accompanying table 9.
13. Estimated.
14. Cash value of agreements, which are collateralized by U.S. Treasury securities.
15. Includes the liabilities of Commercial Paper Funding Facility LLC, the LLCs funded through the Money 
    Market Investor Funding Facility, Maiden Lane LLC, Maiden Lane II LLC, and Maiden Lane III LLC to 
    entities other than the Federal Reserve Bank of New York, including liabilities that have recourse only 
    to the portfolio holdings of these LLCs.  Refer to table 3 through table 7 and the note on consolidation 
    accompanying table 9.

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
                                                         Jan 14, 2009  Jan 7, 2009 Jan 16, 2008 Jan 14, 2009

Marketable securities held in custody for foreign
      official and international accounts (1)             2,527,983   +    3,474   +  456,308    2,528,818
  U.S. Treasury securities                                1,715,134   +    4,688   +  476,167    1,718,315
  Federal agency securities (2)                             812,849   -    1,213   -   19,859      810,503
Securities lent to dealers                                  140,769   -   28,870   +  133,696      139,540   
  Overnight facility (3)                                      7,890   -      649   +      817        8,590
  Term facility (4)                                         132,879   -   28,221   +  132,879      130,950

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

1. Face value of the securities.  Includes U.S. Treasury STRIPS, other zero-coupon bonds, and mortgage-backed 
   securities at face value.
2. Includes debt and mortgage-backed securities.
3. Fully collateralized by U.S. Treasury securities.
4. 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,   January 14, 2009
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                  201,913     169,385         ---          ---           ---        ---     371,297
Other loans (1)                       92,865      23,254            0      39,126           ---        ---     155,245
U.S. Treasury securities (2) 
  Holdings                            20,475      19,602       63,330     173,973        96,462    101,672     475,515
  Weekly changes                  +    3,854  -    3,867            0  +      709    -      818 -       81  -      203
Federal agency debt securities (3) 
  Holdings                               493       2,788          976      14,392         5,509          0      24,158
  Weekly changes                  +      493  -      493            0  +    3,031    +    1,869          0  +    4,900
Mortgage-backed securities (4)    
  Holdings                                 0           0            0           0             0      5,634       5,634
  Weekly changes                           0           0            0           0             0 +    5,634  +    5,634
Commercial paper held by
  Commercial Paper Funding 
  Facility LLC (5)                   227,847     106,747            0         ---           ---        ---     334,594
Money market instruments held by
  LLCs funded through the Money
  Market Investor Funding
  Facility (6)                             0           0            0         ---           ---        ---           0
Repurchase agreements (7)             40,000           0          ---         ---           ---        ---      40,000

Reverse repurchase agreements (7)     78,836           0          ---         ---           ---        ---      78,836
  
Note: Components may not sum to totals because of rounding.
---   Not applicable.

1. Excludes the loans from the Federal Reserve Bank of New York (FRBNY) to Commercial Paper Funding Facility LLC, the 
   LLCs funded through the Money Market Investor Funding Facility, Maiden Lane LLC, Maiden Lane II LLC, and Maiden 
   Lane III LLC.  The loans were eliminated when preparing the FRBNY's statement of condition consistent with 
   consolidation under generally accepted accounting principles.
2. Face value.  For inflation-indexed securities, includes the original face value and compensation that adjusts for 
   the effect of inflation on the original face value of such securities.
3. Face value.
4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae.  Current face value of the securities, which is the remaining 
   principal balance of the underlying mortgages.
5. Face value of commercial paper held by Commercial Paper Funding Facility LLC.
6. Face value of money market instruments held by LLCs funded through the Money Market Investor Funding Facility.
7. Cash value of agreements.


3. Information on Principal Accounts of Maiden Lane LLC
Millions of dollars
                                                                                                  Wednesday
Account name                                                                                    Jan 14, 2009
         
Net portfolio holdings of Maiden Lane LLC (1)                                                       27,122

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)                                   273
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3)        1,190
 
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.  Any assets purchased after this valuation date 
   are initially recorded at cost until their estimated fair value as of the purchase date becomes available.
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 9.
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 8 and table 9.

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 Maiden Lane II LLC
Millions of dollars
                                                                                                   Wednesday
Account name                                                                                     Jan 14, 2009

Net portfolio holdings of Maiden Lane II LLC (1)                                                     19,800

Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2)            19,169
Accrued interest payable to the Federal Reserve Bank of New York (2)                                     38
Deferred payment and accrued interest payable to subsidiaries of American International 
  Group, Inc. (3)                                                                                     1,004

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  December 12, 2008.  Any assets purchased after this valuation date 
   are initially recorded at cost until their estimated fair value as of the purchase date becomes available.
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 9.
3. Book value.  The deferred payment represents the portion of the proceeds of the net portfolio holdings due 
   to subsidiaries of American International Group, Inc. in accordance with the asset purchase agreement.  
   The fair value of this payment and accrued interest payable are included in other liabilities and capital 
   in table 1 and in other liabilities and accrued dividends in table 8 and table 9.

Note:  On December 12, 2008, the Federal Reserve Bank of New York (FRBNY) began extending credit to Maiden 
Lane II LLC under the authority of section 13(3) of the Federal Reserve Act.  This limited liability company 
was formed to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment 
portfolio of subsidiaries of American International Group, Inc. (AIG subsidiaries).  Payments by Maiden 
Lane II LLC from the proceeds of the net portfolio holdings will be made in the following order:  operating 
expenses of Maiden Lane II LLC, principal due to the FRBNY, interest due to the FRBNY, and deferred payment 
and interest due to AIG subsidiaries.  Any remaining funds will be shared by the FRBNY and AIG subsidiaries.


5. Information on Principal Accounts of Maiden Lane III LLC
Millions of dollars
                                                                                                   Wednesday
Account name                                                                                     Jan 14, 2009

Net portfolio holdings of Maiden Lane III LLC (1)                                                    26,942

Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2)            24,339
Accrued interest payable to the Federal Reserve Bank of New York (2)                                     59
Outstanding principal amount and accrued interest on loan payable to American International
  Group, Inc. (3)                                                                                     5,029

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  November 25, 2008.  Any assets purchased after this valuation date 
   are initially recorded at cost until their estimated fair value as of the purchase date becomes available.
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 9.
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 8 and table 9.

Note: On November 25, 2008, the Federal Reserve Bank of New York (FRBNY) began extending credit to Maiden Lane 
III LLC under the authority of section 13(3) of the Federal Reserve Act.  This limited liability company was 
formed to purchase multi-sector collateralized debt obligations (CDOs) on which the Financial Products group 
of American International Group, Inc. (AIG) has written credit default swap (CDS) contracts.  In connection 
with the purchase of CDOs, the CDS counterparties will concurrently unwind the related CDS transactions.  
Payments by Maiden Lane III LLC from the proceeds of the net portfolio holdings will be made in the following 
order: operating expenses of Maiden Lane III LLC, principal due to the FRBNY, interest due to the FRBNY, 
principal due to AIG, and interest due to AIG.  Any remaining funds will be shared by the FRBNY and AIG.


6. Information on Principal Accounts of Commercial Paper Funding Facility LLC
Millions of dollars
                                                                                                   Wednesday
Account name                                                                                     Jan 14, 2009

Commercial paper holdings, net (1)                                                                  333,427
Other investments, net                                                                                1,277
Net portfolio holdings of Commercial Paper Funding Facility LLC                                     334,705

Memorandum: Commercial paper holdings, face value                                                   334,594

Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2)           332,577
Accrued interest payable to the Federal Reserve Bank of New York (2)                                    771

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 
   note on consolidation accompanying table 9.

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 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.


7. Information on Principal Accounts of LLCs Funded through the Money Market Investor Funding Facility 
Millions of dollars
                                                                                                   Wednesday
Account name                                                                                     Jan 14, 2009

Money market instrument holdings, net (1)                                                                 0
Other investments, net                                                                                    0
Net portfolio holdings of LLCs funded through the Money Market Investor Funding Facility                  0

Memorandum: Money market instrument holdings, face value                                                  0

Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2)                 0
Accrued interest payable to the Federal Reserve Bank of New York (2)                                      0
Commercial paper issued by LLCs funded through the Money Market Investor Funding Facility, 
  net of related discounts                                                                                0

1. Book value, which includes amortized cost.
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 9.

Note:  The Federal Reserve Board authorized the Federal Reserve Bank of New York to extend credit under the 
authority of section 13(3) of the Federal Reserve Act to a series of limited liability companies funded through 
the Money Market Investor Funding Facility (MMIFF).  The MMIFF became operational on November 24, 2008.  These 
limited liability companies were established to purchase short-term U.S. dollar-denominated certificates of 
deposit, bank notes, and outstanding asset-backed commercial paper from eligible issuers.  Such purchases are 
designed to foster liquidity in short-term money markets.


8. Consolidated Statement of Condition of All Federal Reserve Banks
Millions of dollars
                                                 Eliminations                          Change since
                                                     from       Wednesday        Wednesday        Wednesday
Assets, liabilities, and capital                consolidation Jan 14, 2009      Jan 7, 2009     Jan 16, 2008

Assets
Gold certificate account                                           11,037                0                0
Special drawing rights certificate account                          2,200                0                0
Coin                                                                1,744       +       40       +      498
Securities, repurchase agreements, term auction
      credit, and other loans                                   1,071,849       -   45,435       +  259,023
  Securities held outright                                        505,306       +   10,330       -  222,953
    U.S. Treasury securities (1)                                  475,515       -      203       -  252,744       
      Bills (2)                                                    18,423                0       -  196,937
      Notes and bonds, nominal (2)                                410,491                0       -   60,493
      Notes and bonds, inflation-indexed (2)                       41,071                0       +    3,608
      Inflation compensation (3)                                    5,529       -      203       +    1,077
    Federal agency debt securities (2)                             24,158       +    4,900       +   24,158
    Mortgage-backed securities (4)                                  5,634       +    5,634       +    5,634
  Repurchase agreements (5)                                        40,000       -   20,000       +    1,000    
  Term auction credit                                             371,297       -   12,734       +  331,297
  Other loans                                                     155,245       -   23,032       +  149,678
Net portfolio holdings of Commercial Paper 
  Funding Facility LLC (6)                                        334,705       +      296       +  334,705
Net portfolio holdings of LLCs funded through
  the Money Market Investor Funding Facility (7)                        0                0                0
Net portfolio holdings of Maiden Lane LLC (8)                      27,122       +       61       +   27,122
Net portfolio holdings of Maiden Lane II LLC (9)                   19,800       +        6       +   19,800
Net portfolio holdings of 
  Maiden Lane III LLC (10)                                         26,942       +       61       +   26,942
Items in process of collection                         (408)        1,272       -      217       -      790
Bank premises                                                       2,183       +        1       +       51
Other assets (11)                                                 559,590       -   36,914       +  494,263
     
      Total assets                                     (408)    2,058,444       -   82,099       +1,161,614

Note: Components may not sum to totals because of rounding.  Footnotes appear on the following page.


8. Consolidated Statement of Condition of All Federal Reserve Banks (continued)
Millions of dollars
                                                 Eliminations                          Change since
                                                     from       Wednesday        Wednesday        Wednesday
Assets, liabilities, and capital                consolidation Jan 14, 2009      Jan 7, 2009     Jan 16, 2008
                         
Liabilities
Federal Reserve notes, net of F.R. Bank holdings                  844,072       -    3,884       +   68,569
Reverse repurchase agreements (12)                                 78,836       -   10,077       +   37,757
Deposits                                                 (0)    1,075,978       -   57,712       +1,041,650       
  Depository institutions                                         827,509       -   18,631       +  799,261
  U.S. Treasury, general account                                   31,173       -   31,513       +   25,499
  U.S. Treasury, supplementary financing account                  199,686       -   24,730       +  199,686
  Foreign official                                                    211       +       17       +      114
  Other                                                  (0)       17,399       +   17,145       +   17,090
Deferred availability cash items                       (408)        2,858       -      351       -      429
Other liabilities and accrued dividends (13,14)                    14,300       -   10,145       +    9,232

      Total liabilities                                (408)    2,016,045       -   82,168       +1,156,778
                          
Capital accounts
Capital paid in                                                    21,082       +        5       +    2,634
Surplus                                                            20,911       +      105       +    2,494
Other capital accounts                                                406       -       41       -      292

      Total capital                                                42,400       +       70       +    4,837

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. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae.  Current face value of the securities, which is 
   the remaining principal balance of the underlying mortgages. 
5. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
6. Refer to table 6 and the note on consolidation accompanying table 9.
7. Refer to table 7 and the note on consolidation accompanying table 9.
8. Refer to table 3 and the note on consolidation accompanying table 9.
9. Refer to table 4 and the note on consolidation accompanying table 9.
10. Refer to table 5 and the note on consolidation accompanying table 9.
11. Includes assets denominated in foreign currencies and any exchange-translation assets, which are
    revalued daily at market exchange rates. 
12. Cash value of agreements, which are collateralized by U.S. Treasury securities.
13. Includes any exchange-translation liabilities, which are revalued daily at market exchange rates.
14. Includes the liabilities of Commercial Paper Funding Facility LLC, the LLCs funded through the Money Market 
    Investor Funding Facility, Maiden Lane LLC, Maiden Lane II LLC, and Maiden Lane III LLC to entities other 
    than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio 
    holdings of these LLCs.  Refer to table 3 through table 7 and the note on consolidation accompanying table 9. 


9. Statement of Condition of Each Federal Reserve Bank,   January 14, 2009
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                                           1,744         56         76        140        143        243        222        200         46         57        119        183        259
Securities, repurchase agreements, term
      auction credit, and other loans      1,071,849     50,868    518,377     57,779     30,345    109,372     68,549     53,600     22,488     16,091     24,206     28,461     91,713
  Securities held outright                   505,306     21,194    179,785     22,062     19,161     45,820     50,277     44,598     17,462      9,540     18,554     20,961     55,892
    U.S. Treasury securities (1)             475,515     19,945    169,185     20,762     18,031     43,119     47,313     41,969     16,432      8,977     17,460     19,725     52,597
      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)                    457,092     19,172    162,631     19,957     17,333     41,448     45,480     40,343     15,795      8,629     16,783     18,961     50,559
    Federal agency debt securities (2)        24,158      1,013      8,595      1,055        916      2,191      2,404      2,132        835        456        887      1,002      2,672
    Mortgage-backed securities (4)             5,634        236      2,004        246        214        511        561        497        195        106        207        234        623
  Repurchase agreements (5)                   40,000      1,678     14,232      1,746      1,517      3,627      3,980      3,530      1,382        755      1,469      1,659      4,424
  Term auction credit                        371,297     11,650    195,238     33,700      9,165     59,403     13,857      3,474      3,138      5,033      2,810      4,685     29,146     
  Other loans                                155,245     16,346    129,122        270        502        521        435      1,997        506        764      1,373      1,157      2,250
Net portfolio holdings of Commercial
  Paper Funding Facility LLC (6)             334,705          0    334,705          0          0          0          0          0          0          0          0          0          0
Net portfolio holdings of LLCs funded
  through the Money Market Investor
  Funding Facility (7)                             0          0          0          0          0          0          0          0          0          0          0          0          0
Net portfolio holdings of Maiden Lane 
  LLC (8)                                     27,122          0     27,122          0          0          0          0          0          0          0          0          0          0
Net portfolio holdings of Maiden
  Lane II LLC (9)                             19,800          0     19,800          0          0          0          0          0          0          0          0          0          0
Net portfolio holdings of Maiden
  Lane III LLC (10)                           26,942          0     26,942          0          0          0          0          0          0          0          0          0          0
Items in process of collection                 1,680         47        192        460        150        136         98        162        -68         81         33        212        177
Bank premises                                  2,183        124        210         64        147        228        225        207        130        112        273        250        212
Other assets (11)                            559,590     31,679    141,713     54,136     38,626    148,648     43,462     25,475      5,870     10,760      6,321     11,393     41,509
Interdistrict settlement account                   0  -  11,802  +  19,751  -  57,606  +  13,308  -  86,475  +  24,913  +  32,612  +   6,329  -   8,458  +   6,535  +   5,794  +  55,099

      Total assets                         2,058,852     71,510  1,093,697     55,509     83,247    173,189    138,857    113,380     35,210     18,872     37,903     47,028    190,452

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. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae.  Current face value of the securities, which is the remaining principal balance of the underlying mortgages. 
5. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
6. Refer to table 6 and the note on consolidation on the following page.
7. Refer to table 7 and the note on consolidation on the following page.
8. Refer to table 3 and the note on consolidation on the following page.
9. Refer to table 4 and the note on consolidation on the following page.
10. Refer to table 5 and the note on consolidation on the following page.
11. Includes assets denominated in foreign currencies and any exchange-translation assets, which are revalued daily at market exchange rates.


9. Statement of Condition of Each Federal Reserve Bank,   January 14, 2009 (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           1,023,875     38,367    358,090     41,316     46,487     81,070    128,667     84,115     29,383     17,606     30,009     56,250    112,516
  Less: Notes held by F.R. Banks              179,803      6,030     45,858      5,645      8,056     12,980     25,545     14,240      4,049      3,123      3,843     21,733     28,702
    Federal Reserve notes, net                844,072     32,337    312,232     35,671     38,431     68,090    103,121     69,875     25,334     14,483     26,166     34,518     83,814
Reverse repurchase agreements (12)             78,836      3,307     28,049      3,442      2,989      7,149      7,844      6,958      2,724      1,488      2,895      3,270      8,720
Deposits                                    1,075,978     33,955    729,936     11,017     38,080     85,507     24,050     34,441      6,516      1,910      8,166      8,167     94,234
  Depository institutions                     827,509     33,949    481,563     11,011     38,076     85,444     24,047     34,439      6,510      1,909      8,165      8,166     94,231
  U.S. Treasury, general account               31,173          0     31,173          0          0          0          0          0          0          0          0          0          0
  U.S. Treasury, supplementary
    financing account                         199,686          0    199,686          0          0          0          0          0          0          0          0          0          0
  Foreign official                                211          2        181          4          3         11          3          2          0          1          0          1          3
  Other                                        17,399          4     17,332          2          1         52          0          0          5          0          1          0          0
Deferred availability cash items                3,266         62          0        600        498        196        230        396         63        242        144        357        478
Other liabilities and accrued                 
  dividends (13,14)                            14,300        145     11,899        161        175        414        378        291        150        100        114        172        301
   
      Total liabilities                     2,016,452     69,806  1,082,116     50,891     80,174    161,355    135,623    111,961     34,787     18,223     37,485     46,484    187,547
                              
Capital                    
Capital paid in                                21,082        845      5,610      2,315      1,552      5,981      1,612        706        210        324        208        271      1,449
Surplus                                        20,911        844      5,616      2,303      1,521      5,853      1,611        703        210        324        208        271      1,449
Other capital                                     406         15        355          0          0          0         10         10          3          0          2          2          7

      Total liabilities and capital         2,058,852     71,510  1,093,697     55,509     83,247    173,189    138,857    113,380     35,210     18,872     37,903     47,028    190,452
                              
Note: Components may not sum to totals because of rounding.

12. Cash value of agreements, which are collateralized by U.S. Treasury securities.
13. Includes any exchange-translation liabilities, which are revalued daily at market exchange rates.
14. Includes the liabilities of Commercial Paper Funding Facility LLC, the LLCs funded through the Money Market Investor Funding Facility, Maiden Lane LLC, Maiden Lane II LLC, and  Maiden 
    Lane III LLC to entities other than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of these LLCs.  Refer to table 3 
    through table 7 and the note on consolidation below.

Note on consolidation:

The Federal Reserve Bank of New York (FRBNY) has extended loans to several limited liability companies under the authority of section 13(3) of the Federal Reserve Act. On June 26, 2008, 
a loan was extended to Maiden Lane LLC, which was formed to acquire certain assets of Bear Stearns.  On October 27, 2008, the FRBNY began extending loans to Commercial Paper Funding 
Facility LLC, which was formed to purchase three-month U.S. dollar-denominated commercial paper from eligible issuers. On October 21, 2008, the Federal Reserve Board authorized the FRBNY 
to extend credit to a series of LLCs funded through the Money Market Investor Funding Facility.  These LLCs, which became operational on November 24, 2008, were established to purchase 
short-term U.S. dollar-denominated certificates of deposit, bank notes, and commercial paper from eligible issuers.  On November 25, 2008, a loan was extended to Maiden Lane III LLC, 
which was formed to purchase multi-sector collateralized debt obligations on which the Financial Products group of the American International Group, Inc. has written credit default swap 
contracts.  On December 12, 2008, a loan was extended to Maiden Lane II LLC, which was formed to purchase residential mortgage-backed securities from the U.S. securities lending 
reinvestment portfolio of subsidiaries of American International Group, Inc.

The FRBNY is the sole beneficiary of Commercial Paper Funding Facility LLC and the primary beneficiary of the other LLCs cited above. Consistent with generally accepted accounting principles, 
the assets and liabilities of these LLCs 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 extensions of credit from the FRBNY to the LLCs are eliminated, the net assets of the LLCs appear as assets on the previous page (and in table 1 and 
table 8), and the liabilities of the LLCs to entities other than the FRBNY, including those with recourse only to the portfolio holdings of the LLCs, are included in other liabilities in 
this table (and table 1 and table 8).


10. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts
Millions of dollars

Federal Reserve notes and collateral                                                              Wednesday
                                                                                                Jan 14, 2009
              
Federal Reserve notes outstanding                                                                1,023,875
  Less: Notes held by F.R. Banks not subject to collateralization                                  179,803
    Federal Reserve notes to be collateralized                                                     844,072 
Collateral held against Federal Reserve notes                                                      844,072
  Gold certificate account                                                                          11,037
  Special drawing rights certificate account                                                         2,200
  U.S. Treasury, agency debt, and mortgage-backed securities pledged (1)                           475,531
  Other assets pledged                                                                             355,305

Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities (1)                               545,306
  Less: Face value of securities under reverse repurchase agreements                                69,775
    U.S. Treasury, agency debt, and mortgage-backed securities
    eligible to be pledged                                                                         475,531
   
Note: Components may not sum to totals because of rounding.

1. Includes face value of U.S. Treasury, agency debt, and mortgage-backed 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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