For release at 4:30 p.m. EST January 29, 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 present information separately on liquidity-related operations conducted under reciprocal currency arrangements with other central banks (central bank liquidity swaps). This release also reflects valuations as of December 31, 2008, of the portfolio holdings of Maiden Lane LLC, Maiden Lane II LLC, and Maiden Lane III LLC, as described below. Central Bank Liquidity Swaps Each swap arrangement involves two transactions. When a foreign central bank draws on (obtains funding under) the swap line, it sells a certain amount of its currency to the Federal Reserve at the prevailing market exchange rate in exchange for dollars. This market rate becomes the swap exchange rate. At the same time, the Federal Reserve and the foreign central bank enter into a binding agreement for a second transaction in which the foreign central bank is obligated to repurchase the foreign currency at a specified future date. The second transaction is done at the swap exchange rate -- that is, the same exchange rate as in the first transaction. The release shows the outstanding dollar value of central bank liquidity swaps in tables 1, 8, and 9. This value equals the sum of the dollar value of the outstanding swap drawings, which are valued at their respective swap exchange rates. The maturity distribution of these swaps is reported in table 2. Previously, foreign currency acquired under central bank liquidity swaps, revalued daily at current market exchange rates, was included in "Other Federal Reserve assets" in table 1 and in "Other assets" in tables 8 and 9. In addition, each day, an exchange translation account recognized that the foreign currency would be repurchased by the foreign central bank at the swap exchange rate, which generally would differ from that day's market exchange rate. If that day's foreign exchange value of the dollar were above the swap exchange rate, then the dollar value of the foreign currency holdings would understate the value of the dollars that would be booked at the maturity of the swap drawing. In this case, the exchange translation amount would be booked as an asset in "Other Federal Reserve assets" in table 1 and "Other assets" in tables 8 and 9. Alternatively, if that day's foreign exchange value of the dollar were below the swap exchange rate, then that day's value of the foreign currency holdings would overstate the value of the dollars that would be received at the maturity of the swap drawing. In this case, the exchange translation amount would be booked as a liability in "Other liabilities and capital" in table 1 and as a liability in "Other liabilities and accrued dividends" in tables 8 and 9. The dollar value of central bank liquidity swaps valued at the swap exchange rates combines the exchange translation account and the value of the swaps at current market exchange rates so exchange translation amounts are no longer included in the asset and liability categories referenced above. The Federal Reserve's current program of temporary liquidity swaps was initiated on December 12, 2007, when the Federal Open Market Committee authorized swap lines with the European Central Bank and the Swiss National Bank. The program has since expanded to include additional central banks. Historical data on the current program of central bank liquidity swaps will be available in the historical data tables accompanying this release at www.federalreserve.gov/releases/h41/hist/. Portfolio Valuations The weekly average value of net portfolio holdings of Maiden Lane LLC, Maiden Lane II LLC, and Maiden Lane III LLC shown in table 1 reflect holdings from Thursday, January 22, 2009 through Wednesday, January 28, 2009. The holdings for the first six days of this reporting week are based on the values as of the previous valuation dates. The holdings for the final day of the reporting week were based on values as of December 31, 2008, the quarterly revaluation date. The fair value of the net portfolio holdings is updated quarterly. 1 FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks January 29, 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 28, 2009 Jan 21, 2009 Jan 30, 2008 Jan 28, 2009 Reserve Bank credit 1,989,877 - 51,461 +1,125,557 1,910,672 Securities held outright 508,693 + 3,370 - 209,657 510,871 U.S. Treasury securities (1) 475,200 - 181 - 243,150 475,129 Bills (2) 18,423 0 - 186,937 18,423 Notes and bonds, nominal (2) 412,914 0 - 58,070 412,914 Notes and bonds, inflation-indexed (2) 39,378 0 + 1,915 39,378 Inflation compensation (3) 4,486 - 181 - 58 4,415 Federal agency debt securities (2) 26,668 + 2,510 + 26,668 28,365 Mortgage-backed securities (4) 6,824 + 1,040 + 6,824 7,377 Repurchase agreements (5) 17,143 - 20,000 - 12,250 0 Term auction credit 415,859 - 172 + 365,859 415,631 Other loans 150,009 + 1,711 + 149,981 154,790 Primary credit 64,990 + 3,372 + 64,965 68,288 Secondary credit 34 - 40 + 34 1 Seasonal credit 1 0 - 1 1 Primary dealer and other broker-dealer credit (6) 32,054 - 625 + 32,054 32,196 Asset-backed Commercial Paper Money Market Mutual Fund Liquidity Facility 14,593 - 889 + 14,593 15,967 Credit extended to American International Group, Inc. (7) 38,336 - 109 + 38,336 38,339 Other credit extensions 0 0 0 0 Net portfolio holdings of Commercial Paper Funding Facility LLC (8) 316,201 - 33,739 + 316,201 248,091 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) 26,980 - 151 + 26,980 25,772 Net portfolio holdings of Maiden Lane II LLC (11) 19,692 - 110 + 19,692 18,964 Net portfolio holdings of Maiden Lane III LLC (12) 27,037 + 91 + 27,037 27,456 Float -2,017 - 469 - 868 -1,542 Central bank liquidity swaps (13) 465,853 - 2,672 + 441,853 465,672 Other Federal Reserve assets (14) 44,428 + 680 + 730 44,967 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (15) 38,786 + 14 + 106 38,786 Total factors supplying reserve funds 2,041,904 - 51,447 +1,125,663 1,962,699 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 28, 2009 Jan 21, 2009 Jan 30, 2008 Jan 28, 2009 Currency in circulation (15) 884,160 + 1,847 + 74,474 885,432 Reverse repurchase agreements (16) 73,131 - 3,123 + 33,650 72,214 Foreign official and international accounts 73,131 - 3,123 + 33,650 72,214 Dealers 0 0 0 0 Treasury cash holdings 287 + 13 - 15 297 Deposits with F.R. Banks, other than reserve balances 238,443 - 2,891 + 226,692 219,470 U.S. Treasury, general account 55,539 + 20,029 + 50,889 38,717 U.S. Treasury, supplementary financing account 174,840 - 24,907 + 174,840 174,840 Foreign official 168 - 23 + 67 108 Service-related 4,401 0 - 2,269 4,401 Required clearing balances 4,401 0 - 2,269 4,401 Adjustments to compensate for float 0 0 0 0 Other 3,495 + 2,010 + 3,165 1,403 Other liabilities and capital (17) 50,429 + 471 + 7,857 49,260 Total factors, other than reserve balances, absorbing reserve funds 1,246,450 - 3,682 + 342,657 1,226,671 Reserve balances with Federal Reserve Banks 795,454 - 47,765 + 783,005 736,028 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. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank. 14. Includes other assets denominated in foreign currencies, which are revalued daily at market exchange rates. 15. Estimated. 16. Cash value of agreements, which are collateralized by U.S. Treasury securities. 17. 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 28, 2009 Jan 21, 2009 Jan 30, 2008 Jan 28, 2009 Marketable securities held in custody for foreign official and international accounts (1) 2,548,270 + 6,971 + 437,915 2,548,089 U.S. Treasury securities 1,736,999 + 1,948 + 480,718 1,730,282 Federal agency securities (2) 811,270 + 5,022 - 42,803 817,807 Securities lent to dealers 132,453 - 8,349 + 120,944 130,831 Overnight facility (3) 7,359 - 343 - 4,150 6,451 Term facility (4) 125,094 - 8,006 + 125,094 124,380 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 28, 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 246,446 169,185 --- --- --- --- 415,631 Other loans (1) 98,552 17,596 303 38,339 --- --- 154,790 U.S. Treasury securities (2) Holdings 17,612 18,933 66,649 173,087 97,338 101,510 475,129 Weekly changes + 2,156 - 2,157 - 6 - 60 - 45 - 81 - 193 Federal agency debt securities (3) Holdings 150 2,638 1,044 19,024 5,509 0 28,365 Weekly changes - 493 0 0 + 4,700 0 0 + 4,207 Mortgage-backed securities (4) Holdings 0 0 0 0 0 7,377 7,377 Weekly changes 0 0 0 0 0 + 1,386 + 1,386 Commercial paper held by Commercial Paper Funding Facility LLC (5) 78,132 169,446 0 --- --- --- 247,578 Money market instruments held by LLCs funded through the Money Market Investor Funding Facility (6) 0 0 0 --- --- --- 0 Repurchase agreements (7) 0 0 --- --- --- --- 0 Central bank liquidity swaps (8) 258,510 207,162 0 0 0 0 465,672 Reverse repurchase agreements (7) 72,214 0 --- --- --- --- 72,214 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. 8. Dollar value of foreign currency held under these arrangements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank. 3. Information on Principal Accounts of Maiden Lane LLC Millions of dollars Wednesday Account name Jan 28, 2009 Net portfolio holdings of Maiden Lane LLC (1) 25,772 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) 279 Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3) 1,192 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 31, 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 28, 2009 Net portfolio holdings of Maiden Lane II LLC (1) 18,964 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) 49 Deferred payment and accrued interest payable to subsidiaries of American International Group, Inc. (3) 1,005 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 31, 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 28, 2009 Net portfolio holdings of Maiden Lane III LLC (1) 27,456 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) 73 Outstanding principal amount and accrued interest on loan payable to American International Group, Inc. (3) 5,036 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 31, 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 28, 2009 Commercial paper holdings, net (1) 246,173 Other investments, net 1,918 Net portfolio holdings of Commercial Paper Funding Facility LLC 248,091 Memorandum: Commercial paper holdings, face value 247,578 Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2) 246,187 Accrued interest payable to the Federal Reserve Bank of New York (2) 275 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 28, 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 28, 2009 Jan 21, 2009 Jan 30, 2008 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 2,200 0 0 Coin 1,856 + 67 + 487 Securities, repurchase agreements, term auction credit, and other loans 1,081,292 - 9,533 + 262,875 Securities held outright 510,871 + 5,401 - 207,500 U.S. Treasury securities (1) 475,129 - 193 - 243,242 Bills (2) 18,423 0 - 186,937 Notes and bonds, nominal (2) 412,914 0 - 58,070 Notes and bonds, inflation-indexed (2) 39,378 0 + 1,915 Inflation compensation (3) 4,415 - 193 - 149 Federal agency debt securities (2) 28,365 + 4,207 + 28,365 Mortgage-backed securities (4) 7,377 + 1,386 + 7,377 Repurchase agreements (5) 0 - 20,000 - 50,000 Term auction credit 415,631 - 400 + 365,631 Other loans 154,790 + 5,466 + 154,744 Net portfolio holdings of Commercial Paper Funding Facility LLC (6) 248,091 - 102,433 + 248,091 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) 25,772 - 1,409 + 25,772 Net portfolio holdings of Maiden Lane II LLC (9) 18,964 - 849 + 18,964 Net portfolio holdings of Maiden Lane III LLC (10) 27,456 + 489 + 27,456 Items in process of collection (355) 1,268 - 295 - 457 Bank premises 2,183 - 1 + 43 Central bank liquidity swaps (11) 465,672 + 2,876 + 441,672 Other assets (12) 42,758 + 1,050 + 801 Total assets (355) 1,928,549 - 110,038 +1,025,703 Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 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 28, 2009 Jan 21, 2009 Jan 30, 2008 Liabilities Federal Reserve notes, net of F.R. Bank holdings 848,795 + 597 + 74,513 Reverse repurchase agreements (13) 72,214 - 2,811 + 32,729 Deposits (0) 955,471 - 105,325 + 911,473 Depository institutions 740,403 - 67,896 + 701,906 U.S. Treasury, general account 38,717 - 7,988 + 33,635 U.S. Treasury, supplementary financing account 174,840 - 24,907 + 174,840 Foreign official 108 - 79 + 9 Other (0) 1,403 - 4,454 + 1,083 Deferred availability cash items (355) 2,810 - 1,464 - 37 Other liabilities and accrued dividends (14) 8,550 + 17 + 4,213 Total liabilities (355) 1,887,840 - 108,987 +1,022,891 Capital accounts Capital paid in 21,571 + 57 + 3,099 Surplus 18,977 - 436 + 497 Other capital accounts 161 - 673 - 784 Total capital 40,710 - 1,050 + 2,813 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. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank. 12. Includes other assets denominated in foreign currencies, which are revalued daily at market exchange rates. 13. Cash value of agreements, which are collateralized by U.S. Treasury securities. 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 28, 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 1,856 63 85 150 149 253 237 210 50 60 127 195 279 Securities, repurchase agreements, term auction credit, and other loans 1,081,292 50,356 518,930 64,338 29,953 125,188 65,097 52,874 21,180 15,674 22,650 27,089 87,963 Securities held outright 510,871 21,428 181,765 22,305 19,372 46,325 50,831 45,089 17,654 9,645 18,758 21,191 56,508 U.S. Treasury securities (1) 475,129 19,929 169,048 20,745 18,017 43,084 47,275 41,935 16,419 8,970 17,446 19,709 52,555 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) 456,707 19,156 162,493 19,940 17,318 41,413 45,442 40,309 15,782 8,622 16,769 18,945 50,517 Federal agency debt securities (2) 28,365 1,190 10,092 1,238 1,076 2,572 2,822 2,503 980 535 1,042 1,177 3,137 Mortgage-backed securities (4) 7,377 309 2,625 322 280 669 734 651 255 139 271 306 816 Repurchase agreements (5) 0 0 0 0 0 0 0 0 0 0 0 0 0 Term auction credit 415,631 12,650 207,683 41,750 10,552 78,208 13,896 5,219 3,038 5,700 2,685 4,708 29,543 Other loans 154,790 16,278 129,482 283 29 655 371 2,566 488 330 1,207 1,190 1,912 Net portfolio holdings of Commercial Paper Funding Facility LLC (6) 248,091 0 248,091 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) 25,772 0 25,772 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Maiden Lane II LLC (9) 18,964 0 18,964 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Maiden Lane III LLC (10) 27,456 0 27,456 0 0 0 0 0 0 0 0 0 0 Items in process of collection 1,623 32 0 248 109 36 617 219 14 80 25 120 123 Bank premises 2,183 123 210 65 147 228 225 207 131 112 273 250 213 Central bank liquidity swaps (11) 465,672 27,178 107,501 46,959 33,434 129,378 36,792 21,191 4,660 9,181 5,026 9,412 34,960 Other assets (12) 42,758 2,244 12,513 3,303 2,433 8,526 3,648 2,575 845 822 901 1,229 3,720 Interdistrict settlement account 0 - 27,085 + 61,122 - 60,037 + 14,811 - 105,196 + 27,157 + 28,637 + 6,951 - 7,295 + 9,837 + 8,063 + 43,036 Total assets 1,928,904 53,450 1,025,452 55,562 81,563 159,451 135,161 107,037 34,244 18,862 39,254 47,091 171,776 Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 9. Statement of Condition of Each Federal Reserve Bank, January 28, 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 1,028,677 37,990 360,353 41,070 46,220 80,522 131,363 83,734 29,193 17,505 29,696 58,790 112,241 Less: Notes held by F.R. Banks 179,882 6,058 45,731 5,745 8,056 12,814 26,376 14,539 3,782 3,101 3,768 21,136 28,777 Federal Reserve notes, net 848,795 31,933 314,622 35,326 38,163 67,708 104,987 69,196 25,411 14,404 25,928 37,654 83,464 Reverse repurchase agreements (13) 72,214 3,029 25,693 3,153 2,738 6,548 7,185 6,374 2,495 1,363 2,652 2,995 7,988 Deposits 955,471 16,482 669,465 11,649 36,976 72,624 19,139 29,296 5,723 2,087 9,989 5,431 76,610 Depository institutions 740,403 16,464 454,584 11,645 36,971 72,488 19,135 29,293 5,715 2,086 9,988 5,427 76,607 U.S. Treasury, general account 38,717 0 38,717 0 0 0 0 0 0 0 0 0 0 U.S. Treasury, supplementary financing account 174,840 0 174,840 0 0 0 0 0 0 0 0 0 0 Foreign official 108 2 78 4 3 11 3 2 0 1 0 1 3 Other 1,403 16 1,246 0 2 126 0 1 7 0 1 3 0 Deferred availability cash items 3,165 79 0 609 400 205 244 439 43 242 140 284 480 Other liabilities and accrued dividends (14) 8,550 153 6,093 172 185 440 356 298 148 103 119 177 307 Total liabilities 1,888,195 51,675 1,015,873 50,908 78,463 147,526 131,910 105,603 33,821 18,198 38,828 46,541 168,848 Capital Capital paid in 21,571 903 6,030 2,315 1,552 5,981 1,612 705 210 335 209 272 1,448 Surplus 18,977 844 3,548 2,315 1,548 5,944 1,612 704 210 324 208 271 1,449 Other capital 161 27 0 24 0 0 27 25 4 5 10 8 31 Total liabilities and capital 1,928,904 53,450 1,025,452 55,562 81,563 159,451 135,161 107,037 34,244 18,862 39,254 47,091 171,776 Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 9. Statement of Condition of Each Federal Reserve Bank, January 28, 2009 (continued) 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 below. 7. Refer to table 7 and the note on consolidation below. 8. Refer to table 3 and the note on consolidation below. 9. Refer to table 4 and the note on consolidation below. 10. Refer to table 5 and the note on consolidation below. 11. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank. 12. Includes other assets denominated in foreign currencies, which are revalued daily at market exchange rates. 13. Cash value of agreements, which are collateralized by U.S. Treasury securities. 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 LLCto 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 28, 2009 Federal Reserve notes outstanding 1,028,677 Less: Notes held by F.R. Banks not subject to collateralization 179,882 Federal Reserve notes to be collateralized 848,795 Collateral held against Federal Reserve notes 848,795 Gold certificate account 11,037 Special drawing rights certificate account 2,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1) 445,864 Other assets pledged 389,694 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1) 510,871 Less: Face value of securities under reverse repurchase agreements 65,007 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 445,864 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.