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Release Date: July 17, 2008
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For Release at
4:30 P.M. Eastern time
July 17, 2008
The weekly average value of net portfolio holdings of Maiden Lane LLC reflects holdings from Thursday,
July 10, 2008, through Wednesday, July 16, 2008. The holdings for the first six days of this week are
based on the values as of June 26, 2008. The holdings for the last day were based on values as of June
30, 2008, the quarterly revaluation date. The fair value of the net portfolio holdings will be updated
quarterly.
FEDERAL RESERVE statistical release
H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
July 17, 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 Jul 16, 2008 Jul 9, 2008 Jul 18, 2007 Jul 16, 2008
Reserve Bank credit 888,418 + 552 + 34,759 895,160
Securities held outright 479,004 + 79 - 311,636 479,036
U.S. Treasury (1) 479,004 + 79 - 311,636 479,036
Bills (2) 21,740 0 - 255,279 21,740
Notes and bonds, nominal (2) 412,392 0 - 62,280 412,392
Notes and bonds, inflation-indexed (2) 39,171 0 + 4,712 39,171
Inflation compensation (3) 5,701 + 79 + 1,210 5,733
Federal agency (2) 0 0 0 0
Repurchase agreements (4) 111,143 - 2,214 + 88,607 116,750
Term auction credit 150,000 0 + 150,000 150,000
Other loans 14,301 + 1,287 + 13,941 16,192
Primary credit 13,916 + 1,060 + 13,771 16,097
Secondary credit 279 + 222 + 279 0
Seasonal credit 98 - 3 - 118 94
Primary dealer credit facility 9 + 9 + 9 0
Other credit extensions 0 0 0 0
Net portfolio holdings of Maiden Lane LLC (5) 28,955 + 55 + 28,955 29,019
Float -1,344 + 17 - 618 -2,072
Other Federal Reserve assets 106,359 + 1,328 + 65,511 106,236
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 2,200 0 0 2,200
Treasury currency outstanding (6) 38,889 + 14 + 358 38,889
Total factors supplying reserve funds 940,548 + 566 + 35,117 947,289
Currency in circulation (6) 830,117 - 2,976 + 16,121 830,730
Reverse repurchase agreements (7) 42,046 - 938 + 10,480 43,007
Foreign official and international accounts 42,046 - 938 + 10,480 43,007
Dealers 0 0 0 0
Treasury cash holdings 279 + 4 - 71 272
Deposits with F.R. Banks, other than reserve balances 12,285 - 444 + 1,243 11,669
U.S. Treasury, general account 4,711 - 469 + 537 4,036
Foreign official 101 + 1 - 23 102
Service-related 7,195 0 + 764 7,195
Required clearing balances 7,195 0 + 764 7,195
Adjustments to compensate for float 0 0 0 0
Other 278 + 24 - 34 336
Other liabilities and capital (8) 45,073 + 725 + 5,723 45,003
Total factors, other than reserve balances,
absorbing reserve funds 929,800 - 3,630 + 33,495 930,681
Reserve balances with Federal Reserve Banks 10,748 + 4,196 + 1,622 16,608
Note: Components may not sum to totals because of rounding.
1. Includes securities lent to dealers under the overnight and term securities lending facilities; refer
to table 1A.
2. Face value of the securities.
3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed
securities.
4. Cash value of agreements.
5. Fair value. Refer to table 2 and the note on consolidation accompanying table 5.
6. Estimated.
7. Cash value of agreements, which are collateralized by U.S. Treasury securities.
8. Includes the liabilities of Maiden Lane LLC to entities other than the Federal Reserve Bank of New
York, including liabilities that have recourse only to the portfolio holdings of Maiden Lane LLC.
Refer to table 2 and the note on consolidation accompanying table 5.
Sources: Federal Reserve Banks and the U.S. Department of the Treasury.
1A. Memorandum Items, July 16, 2008
Millions of dollars
Averages of daily figures
Memorandum item Week ended Change from week ended Wednesday
Jul 16, 2008 Jul 9, 2008 Jul 18, 2007 Jul 16, 2008
Marketable securities held in custody for foreign
official and international accounts (1) 2,347,973 - 2,065 + 351,954 2,349,163
U.S. Treasury 1,364,058 - 11,364 + 112,581 1,363,223
Federal agency 983,915 + 9,299 + 239,372 985,941
Securities lent to dealers 104,270 - 5,505 + 99,592 103,860
Overnight facility (2) 4,142 - 1,879 - 536 4,260
Term facility (3) 100,128 - 3,626 + 100,128 99,600
Note: Components may not sum to totals because of rounding.
1. Face value of the securities. Includes U.S. Treasury STRIPS and other zero-coupon bonds at face value.
2. Fully collateralized by U.S. Treasury securities.
3. Fully collateralized by U.S. Treasury securities, federal agency securities, and highly rated
non-agency asset-backed and mortgage-backed securities.
Sources: Federal Reserve Banks and the U.S. Department of the Treasury.
2. Information on Principal Accounts of Maiden Lane LLC
Millions of dollars
Wednesday
Account name Jul 16, 2008
Net portfolio holdings of Maiden Lane LLC (1) 29,019
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) 37
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3) 1,154
1. Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if
the transaction were to be conducted in an orderly market on the measurement date. Revalued quarterly.
This table reflects valuations as of June 30, 2008.
2. Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York's statement
of condition consistent with consolidation under generally accepted accounting principles. Refer to
the note on consolidation accompanying table 5.
3. Book value. The fair value of these obligations is included in other liabilities and capital in table 1
and in other liabilities and accrued dividends in table 4 and table 5.
Note: On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended credit to Maiden Lane LLC
under the authority of section 13(3) of the Federal Reserve Act. This limited liability company was formed
to acquire certain assets of Bear Stearns and to manage those assets through time to maximize repayment of
the credit extended and to minimize disruption to financial markets. Payments by Maiden Lane LLC from the
proceeds of the net portfolio holdings will be made in the following order: operating expenses of the LLC,
principal due to the FRBNY, interest due to the FRBNY, principal due to JPMorgan Chase & Co., and interest
due to JPMorgan Chase & Co. Any remaining funds will be paid to the FRBNY.
3. Maturity Distribution of Term Auction Credit, Other Loans, and Securities, July 16, 2008
Millions of dollars
U.S. Treasury Reverse
Remaining maturity Term Other securities (2) Repurchase repurchase
auction loans Weekly agreements agreements
credit (1) Holdings changes (3) (3)
Within 15 days 150,000 5,272 13,215 + 8,396 76,750 43,007
16 days to 90 days 0 10,919 31,854 - 8,396 40,000 0
91 days to 1 year --- 0 74,878 + 1,240 --- ---
Over 1 year to 5 years --- --- 172,629 - 863 --- ---
Over 5 years to 10 years --- --- 89,829 - 326 --- ---
Over 10 years --- --- 96,631 + 34 --- ---
All 150,000 16,192 479,036 + 85 116,750 43,007
Note: Components may not sum to totals because of rounding.
--- Not applicable.
1. Excludes the loan from the Federal Reserve Bank of New York to Maiden Lane LLC that was eliminated when
preparing that Bank's statement of condition consistent with consolidation under generally accepted
accounting principles. The loan to Maiden Lane LLC is designed to be repaid from the orderly
liquidation of Maiden Lane LLC's portfolio holdings and does not have a fixed amortization schedule.
2. Includes the original face value of inflation-indexed securities and compensation that adjusts for the
effect of inflation on the original face value of such securities.
3. Cash value of agreements.
4. Consolidated Statement of Condition of All Federal Reserve Banks
Millions of dollars
Eliminations Change since
from Wednesday Wednesday Wednesday
Assets, liabilities, and capital consolidation Jul 16, 2008 Jul 9, 2008 Jul 18, 2007
Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 2,200 0 0
Coin 1,311 + 12 + 330
Securities, repurchase agreements, term auction
credit, and other loans 761,977 + 12,695 - 56,185
Securities held outright 479,036 + 85 - 311,624
U.S. Treasury (1) 479,036 + 85 - 311,624
Bills (2) 21,740 0 - 255,279
Notes and bonds, nominal (2) 412,392 0 - 62,280
Notes and bonds, inflation-indexed (2) 39,171 0 + 4,712
Inflation compensation (3) 5,733 + 85 + 1,223
Federal agency (2) 0 0 0
Repurchase agreements (4) 116,750 + 9,750 + 89,500
Term auction credit 150,000 0 + 150,000
Other loans 16,192 + 2,860 + 15,940
Net portfolio holdings of Maiden Lane LLC (5) 29,019 + 75 + 29,019
Items in process of collection (610) 1,067 - 601 - 2,162
Bank premises 2,157 + 3 + 111
Other assets (6) 104,205 + 961 + 65,154
Total assets (610) 912,972 + 13,143 + 36,265
Liabilities
Federal Reserve notes, net of F.R. Bank holdings 793,421 - 2,238 + 16,477
Reverse repurchase agreements (7) 43,007 + 1,731 + 10,500
Deposits (0) 28,403 + 12,710 + 3,800
Depository institutions 23,929 + 12,919 + 4,013
U.S. Treasury, general account 4,036 - 319 - 64
Foreign official 102 + 2 - 191
Other (0) 336 + 109 + 42
Deferred availability cash items (610) 3,139 - 92 - 661
Other liabilities and accrued dividends (8,9) 4,190 + 512 - 1,488
Total liabilities (610) 872,159 + 12,622 + 28,627
Capital accounts
Capital paid in 19,884 + 4 + 3,715
Surplus 18,493 0 + 3,094
Other capital accounts 2,437 + 519 + 830
Total capital 40,814 + 523 + 7,640
Note: Components may not sum to totals because of rounding.
1. Includes securities lent to dealers under the overnight and term securities lending facilities; refer
to table 1A.
2. Face value of the securities.
3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed
securities.
4. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
5. Fair value. Refer to table 2 and the note on consolidation accompanying table 5.
6. Includes assets denominated in foreign currencies, which are revalued daily at market exchange rates.
7. Cash value of agreements, which are collateralized by U.S. Treasury securities.
8. Includes exchange-translation account reflecting the daily revaluation at market exchange rates of
foreign exchange commitments.
9. Includes the liabilities of Maiden Lane LLC to entities other than the Federal Reserve Bank of New
York, including liabilities that have recourse only to the portfolio holdings of Maiden Lane LLC.
Refer to the note on consolidation accompanying table 5.
5. Statement of Condition of Each Federal Reserve Bank, July 16, 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 1,311 35 59 96 112 166 155 159 48 52 90 152 187
Securities, repurchase agreements, term
auction credit, and other loans 761,977 26,491 316,282 26,298 28,412 67,598 65,851 57,661 22,749 11,915 22,096 28,022 88,602
Securities held outright 479,036 20,093 170,438 20,915 18,165 43,438 47,663 42,279 16,554 9,044 17,589 19,871 52,987
U.S. Treasury (1) 479,036 20,093 170,438 20,915 18,165 43,438 47,663 42,279 16,554 9,044 17,589 19,871 52,987
Bills (2) 21,740 912 7,735 949 824 1,971 2,163 1,919 751 410 798 902 2,405
Notes and bonds (3) 457,296 19,181 162,703 19,966 17,340 41,467 45,500 40,361 15,803 8,633 16,791 18,969 50,582
Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0
Repurchase agreements (4) 116,750 4,897 41,539 5,097 4,427 10,587 11,616 10,304 4,034 2,204 4,287 4,843 12,914
Term auction credit 150,000 1,500 92,305 240 5,810 13,479 6,390 4,350 2,016 27 200 3,300 20,383
Other loans 16,192 1 12,000 45 10 94 181 728 145 640 20 8 2,318
Net portfolio holdings of Maiden Lane
LLC (5) 29,019 0 29,019 0 0 0 0 0 0 0 0 0 0
Items in process of collection 1,676 71 0 -120 425 88 80 234 30 301 150 183 233
Bank premises 2,157 119 212 65 150 203 227 208 125 111 276 253 207
Other assets (6) 104,205 5,627 28,586 9,305 6,754 25,305 8,226 5,153 1,380 1,984 1,477 2,357 8,052
Interdistrict settlement account 0 + 4,023 -54,027 + 7,947 + 1,544 - 6,840 +22,655 +16,215 + 4,830 + 2,767 + 6,444 + 3,952 - 9,510
Total assets 913,582 36,906 324,940 44,127 37,925 87,559 98,580 80,756 29,577 17,359 30,948 35,652 89,254
Note: Components may not sum to totals because of rounding.
1. Includes securities lent to dealers under the overnight and term securities lending facilities; refer to table 1A.
2. Face value of the securities.
3. Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the original face value of such securities.
4. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
5. Fair value. Refer to the note on consolidation below.
6. Includes assets denominated in foreign currencies, which are revalued daily at market exchange rates.
Note on consolidation:
On June 26, 2008, the Federal Reserve Bank of New York extended a loan under the authority of section 13(3) of the Federal Reserve Act to Maiden Lane LLC, a limited liability company
formed to acquire certain assets of Bear Stearns. The Federal Reserve Bank of New York is the primary beneficiary of Maiden Lane LLC. Consistent with generally accepted accounting
principles, the assets and liabilities of Maiden Lane LLC have been consolidated with the assets and liabilities of the Federal Reserve Bank of New York in the preparation of the
statements of condition shown on this release. As a consequence of the consolidation, the extension of credit from the Federal Reserve Bank of New York to Maiden Lane LLC is
eliminated, the net assets of Maiden Lane LLC appear as an asset in this table (and table 1 and table 4), and the liabilities of Maiden Lane LLC to entities other than the Federal
Reserve Bank of New York, including those with recourse only to the portfolio holdings of Maiden Lane LLC, are included in other liabilities on the next page (and in table 1 and
table 4).
5. Statement of Condition of Each Federal Reserve Bank, July 16, 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 989,874 37,333 348,166 40,692 38,838 80,835 119,687 83,106 30,743 17,936 31,706 55,612 105,221
Less: Notes held by F.R. Banks 196,453 4,945 59,867 7,000 6,957 12,875 30,846 13,169 3,676 2,827 3,582 23,888 26,821
Federal Reserve notes, net 793,421 32,388 288,299 33,692 31,881 67,960 88,841 69,936 27,067 15,109 28,124 31,724 78,399
Reverse repurchase agreements (1) 43,007 1,804 15,302 1,878 1,631 3,900 4,279 3,796 1,486 812 1,579 1,784 4,757
Deposits 28,403 549 8,932 3,421 878 4,516 1,685 3,800 426 364 459 1,060 2,312
Depository institutions 23,929 545 4,630 3,417 874 4,382 1,682 3,798 412 363 458 1,059 2,309
U.S. Treasury, general account 4,036 0 4,036 0 0 0 0 0 0 0 0 0 0
Foreign official 102 2 72 4 3 11 3 2 0 1 0 1 3
Other 336 2 194 0 1 124 0 0 13 0 1 0 0
Deferred availability cash items 3,749 175 0 513 693 317 256 333 69 285 228 264 614
Other liabilities and accrued
dividends (2,3) 4,190 138 1,965 149 161 376 320 273 145 97 123 164 280
Total liabilities 872,769 35,054 314,497 39,653 35,244 77,069 95,381 78,137 29,194 16,667 30,514 34,996 86,362
Capital
Capital paid in 19,884 764 5,065 2,335 1,322 5,178 1,563 1,281 181 322 209 262 1,401
Surplus 18,493 1,050 4,657 1,814 1,291 4,998 1,425 815 180 355 194 364 1,351
Other capital 2,437 37 720 325 68 314 211 522 22 15 32 30 139
Total liabilities and capital 913,582 36,906 324,940 44,127 37,925 87,559 98,580 80,756 29,577 17,359 30,948 35,652 89,254
Note: Components may not sum to totals because of rounding.
1. Cash value of agreements, which are collateralized by U.S. Treasury securities.
2. Includes exchange-translation account reflecting the daily revaluation at market exchange rates of foreign exchange commitments.
3. Includes the liabilities of Maiden Lane LLC to entities other than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of
Maiden Lane LLC. Refer to the note on consolidation on the previous page.
6. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts
Millions of dollars
Federal Reserve notes and collateral Wednesday
Jul 16, 2008
Federal Reserve notes outstanding 989,874
Less: Notes held by F.R. Banks not subject to collateralization 196,453
Federal Reserve notes to be collateralized 793,421
Collateral held against Federal Reserve notes 793,421
Gold certificate account 11,037
Special drawing rights certificate account 2,200
U.S. Treasury and agency securities pledged (1) 553,300
Other assets pledged 226,884
Memo:
Total U.S. Treasury and agency securities (1) 595,786
Less: Face value of securities under reverse repurchase agreements 42,486
U.S. Treasury and agency securities eligible to be pledged 553,300
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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