Federal Reserve Statistical Release, H.4.1, Factors Affecting Reserve Balances; title with eagle logo links to Statistical Release home page
Release Date: July 17, 2008
Release dates
Current release  Other formats: Screen reader | ASCII | PDF (21 KB)





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.

Release dates
Current release  Other formats: Screen reader | ASCII | PDF (21 KB)

Statistical releases