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Release Date: November 20, 2008
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FEDERAL RESERVE statistical release
H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
November 20, 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 Nov 19, 2008 Nov 12, 2008 Nov 21, 2007 Nov 19, 2008
Reserve Bank credit 2,178,894 - 19,310 +1,310,671 2,171,063
Securities held outright 489,084 - 517 - 290,573 488,926
U.S. Treasury (1) 476,431 - 15 - 303,226 476,425
Bills (2) 18,423 0 - 248,596 18,423
Notes and bonds, nominal (2) 410,491 0 - 60,493 410,491
Notes and bonds, inflation-indexed (2) 41,071 0 + 4,160 41,071
Inflation compensation (3) 6,445 - 15 + 1,702 6,440
Federal agency (2) 12,654 - 501 + 12,654 12,501
Repurchase agreements (4) 80,000 0 + 31,714 80,000
Term auction credit 415,302 0 + 415,302 415,302
Other loans 296,818 - 26,114 + 296,337 288,702
Primary credit 91,552 - 3,828 + 91,118 92,645
Secondary credit 112 + 23 + 112 118
Seasonal credit 9 - 1 - 37 8
Primary dealer and other broker-dealer credit (5) 50,170 - 14,763 + 50,170 46,611
Asset-backed commercial paper money market
mutual fund liquidity facility 69,798 - 10,446 + 69,798 61,923
Other credit extensions 85,177 + 2,902 + 85,177 87,397
Net portfolio holdings of Commercial Paper
Funding Facility LLC (6) 265,691 + 15,781 + 265,691 270,879
Net portfolio holdings of Maiden Lane LLC (7) 26,945 + 69 + 26,945 26,919
Float -1,374 + 83 - 741 -1,628
Other Federal Reserve assets 606,429 - 8,612 + 565,997 601,963
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 2,200 0 0 2,200
Treasury currency outstanding (8) 38,773 + 14 + 36 38,773
Total factors supplying reserve funds 2,230,908 - 19,296 +1,310,707 2,223,077
Note: Components may not sum to totals because of rounding. Footnotes appear on the following page.
H.4.1
1. Factors Affecting Reserve Balances of Depository Institutions, continued
Millions of dollars
Reserve Bank credit, related items, and Averages of daily figures
reserve balances of depository institutions at Week ended Change from week ended Wednesday
Federal Reserve Banks Nov 19, 2008 Nov 12, 2008 Nov 21, 2007 Nov 19, 2008
Currency in circulation (8) 864,682 + 485 + 43,922 865,504
Reverse repurchase agreements (9) 100,423 + 737 + 65,331 102,909
Foreign official and international accounts 76,137 - 1,406 + 41,045 77,909
Dealers 24,286 + 2,143 + 24,286 25,000
Treasury cash holdings 250 - 12 - 25 242
Deposits with F.R. Banks, other than reserve balances 585,640 - 62,712 + 573,873 585,063
U.S. Treasury, general account 60,465 - 1,311 + 55,506 68,457
U.S. Treasury, supplementary financing account 508,956 - 49,936 + 508,956 508,956
Foreign official 394 + 103 + 296 183
Service-related 6,324 + 17 - 58 6,324
Required clearing balances 6,305 - 2 - 75 6,305
Adjustments to compensate for float 18 + 18 + 16 18
Other 9,501 - 11,585 + 9,173 1,143
Other liabilities and capital (10) 46,043 + 480 + 3,148 45,186
Total factors, other than reserve balances,
absorbing reserve funds 1,597,037 - 61,023 + 686,248 1,598,905
Reserve balances with Federal Reserve Banks 633,870 + 41,726 + 624,458 624,172
Note: Components may not sum to totals because of rounding.
1. Includes securities lent to dealers under the overnight and term securities lending facilities; refer
to table 1A.
2. Face value of the securities.
3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed
securities.
4. Cash value of agreements.
5. Includes credit extended through the Primary Dealer Credit Facility and credit extended to certain
other broker-dealers.
6. Refer to table 4 and the notes on consolidation accompanying table 6.
7. Fair value. Refer to table 3 and the notes on consolidation accompanying table 6.
8. Estimated.
9. Cash value of agreements, which are collateralized by U.S. Treasury securities.
10. Includes the liabilities of Maiden Lane LLC and Commercial Paper Funding Facility LLC to entities
other than the Federal Reserve Bank of New York, including liabilities that have recourse only to
the portfolio holdings of these entities. Refer to tables 3 and 4 and the notes on consolidation
accompanying table 6.
Sources: Federal Reserve Banks and the U.S. Department of the Treasury.
1A. Memorandum Items
Millions of dollars
Averages of daily figures
Memorandum item Week ended Change from week ended Wednesday
Nov 19, 2008 Nov 12, 2008 Nov 21, 2007 Nov 19, 2008
Marketable securities held in custody for foreign
official and international accounts (1) 2,501,128 - 6,804 + 475,356 2,499,533
U.S. Treasury 1,609,909 + 1,870 + 386,639 1,614,483
Federal agency 891,218 - 8,675 + 88,716 885,051
Securities lent to dealers 205,496 - 12,856 + 196,502 200,524
Overnight facility (2) 14,240 - 4,113 + 5,246 10,325
Term facility (3,4) 191,256 - 8,743 + 191,256 190,199
Note: Components may not sum to totals because of rounding.
1. Face value of the securities. Includes U.S. Treasury STRIPS and other zero-coupon bonds at face value.
2. Fully collateralized by U.S. Treasury securities.
3. Fully collateralized by U.S. Treasury securities, federal agency securities, and other highly rated debt
securities.
4. On November 19, 2008, option contracts on draws on the Term Securities Lending Facility totaling
$ 49,998 million were outstanding. The exercise date for the options is November 24, 2008, and the
draws have a term of November 25, 2008 through December 2, 2008.
2. Maturity Distribution of Term Auction Credit, Other Loans, and Securities, November 19, 2008
Millions of dollars
Remaining maturity Within 15 16 days to 91 days to Over 1 year Over 5 years Over 10 All
days 90 days 1 year to 5 years to 10 years years
Term auction credit 138,271 277,031 --- --- --- --- 415,302
Other loans (1) 160,131 56,255 5,419 66,897 --- --- 288,702
U.S. Treasury securities (2)
Holdings 20,343 19,471 66,692 170,928 96,956 102,035 476,425
Weekly changes + 2,212 - 8,576 + 5,464 - 2,481 + 2,647 + 718 - 15
Federal agency securities
Holdings 929 8,338 3,234 0 0 0 12,501
Weekly changes + 181 - 299 - 350 0 0 0 - 468
Commercial paper held by
Commercial Paper Funding
Facility LLC (3) 0 271,969 0 --- --- --- 271,969
Repurchase agreements (4) 40,000 40,000 --- --- --- --- 80,000
Reverse repurchase agreements (4) 102,909 0 --- --- --- --- 102,909
Note: Components may not sum to totals because of rounding.
--- Not applicable.
1. Excludes the loans from the Federal Reserve Bank of New York to Maiden Lane LLC and Commercial Paper Funding Facility
LLC that were eliminated when preparing that Bank's statement of condition consistent with consolidation under generally
accepted accounting principles. The loan to Maiden Lane LLC is designed to be repaid from the orderly liquidation of
Maiden Lane LLC's portfolio holdings and does not have a fixed amortization schedule.
2. Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of
inflation on the original face value of such securities.
3. Face value of commercial paper held by Commercial Paper Funding Facility LLC.
4. Cash value of agreements.
H.4.1
3. Information on Principal Accounts of Maiden Lane LLC
Millions of dollars
Wednesday
Account name Nov 19, 2008
Net portfolio holdings of Maiden Lane LLC (1) 26,919
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) 235
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3) 1,180
1. Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if
the transaction were to be conducted in an orderly market on the measurement date. Revalued quarterly.
This table reflects valuations as of September 30, 2008.
2. Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York's statement
of condition consistent with consolidation under generally accepted accounting principles. Refer to
the notes on consolidation accompanying table 6.
3. Book value. The fair value of these obligations is included in other liabilities and capital in table 1
and in other liabilities and accrued dividends in table 5 and table 6.
Note: On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended credit to Maiden Lane LLC
under the authority of section 13(3) of the Federal Reserve Act. This limited liability company was formed
to acquire certain assets of Bear Stearns and to manage those assets through time to maximize repayment of
the credit extended and to minimize disruption to financial markets. Payments by Maiden Lane LLC from the
proceeds of the net portfolio holdings will be made in the following order: operating expenses of the LLC,
principal due to the FRBNY, interest due to the FRBNY, principal due to JPMorgan Chase & Co., and interest
due to JPMorgan Chase & Co. Any remaining funds will be paid to the FRBNY.
4. Information on Principal Accounts of Commercial Paper Funding Facility LLC
Millions of dollars
Wednesday
Account name Nov 19, 2008
Commercial paper holdings, net (1) 269,702
Other investments, net 1,177
Net portfolio holdings of Commercial Paper Funding Facility LLC 270,879
Memorandum: Commercial paper holdings, face value 271,969
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2) 270,347
Accrued interest payable to the Federal Reserve Bank of New York (2) 186
1. Book value, which includes amortized cost and related fees.
2. Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York's statement of
condition consistent with consolidation under generally accepted accounting principles. Refer to the
notes on consolidation accompanying table 6.
Note: On October 27, 2008, the Federal Reserve Bank of New York began extending loans under the authority of
section 13(3) of the Federal Reserve Act to Commercial Paper Funding Facility LLC. This LLC is a limited
liability company that was formed to purchase three-month U.S.dollar-denominated commercial paper from
eligible issuers and thereby foster liquidity in short-term funding markets and increase the availability of
credit for businesses and households.
H.4.1
5. Consolidated Statement of Condition of All Federal Reserve Banks
Millions of dollars
Eliminations Change since
from Wednesday Wednesday Wednesday
Assets, liabilities, and capital consolidation Nov 19, 2008 Nov 12, 2008 Nov 21, 2007
Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 2,200 0 0
Coin 1,648 + 8 + 470
Securities, repurchase agreements, term auction
credit, and other loans 1,272,929 - 27,859 + 438,201
Securities held outright 488,926 - 483 - 290,744
U.S. Treasury (1) 476,425 - 15 - 303,245
Bills (2) 18,423 0 - 248,596
Notes and bonds, nominal (2) 410,491 0 - 60,493
Notes and bonds, inflation-indexed (2) 41,071 0 + 4,160
Inflation compensation (3) 6,440 - 15 + 1,684
Federal agency (2) 12,501 - 468 + 12,501
Repurchase agreements (4) 80,000 0 + 25,000
Term auction credit 415,302 0 + 415,302
Other loans 288,702 - 27,375 + 288,644
Net portfolio holdings of Commercial Paper
Funding Facility LLC (5) 270,879 + 13,592 + 270,879
Net portfolio holdings of Maiden Lane LLC (6) 26,919 - 30 + 26,919
Items in process of collection (459) 1,115 - 11 - 3,250
Bank premises 2,178 + 7 + 64
Other assets (7) 599,780 - 11,478 + 560,932
Total assets (459) 2,188,686 - 25,769 +1,294,215
Liabilities
Federal Reserve notes, net of F.R. Bank holdings 828,617 + 169 + 42,240
Reverse repurchase agreements (8) 102,909 + 591 + 67,526
Deposits (0) 1,209,231 - 25,700 +1,182,538
Depository institutions 630,492 + 36,139 + 609,525
U.S. Treasury, general account 68,457 + 15,472 + 63,133
U.S. Treasury, supplementary financing account 508,956 - 49,936 + 508,956
Foreign official 183 - 251 + 87
Other (0) 1,143 - 27,124 + 837
Deferred availability cash items (459) 2,742 - 173 - 346
Other liabilities and accrued dividends (9,10) 4,194 + 256 - 1,702
Total liabilities (459) 2,147,694 - 24,856 +1,290,257
Capital accounts
Capital paid in 20,373 + 1 + 2,284
Surplus 17,166 - 1,368 + 1,709
Other capital accounts 3,453 + 455 - 35
Total capital 40,992 - 913 + 3,959
Note: Components may not sum to totals because of rounding.
1. Includes securities lent to dealers under the overnight and term securities lending facilities; refer
to table 1A.
2. Face value of the securities.
3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed
securities.
4. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
5. Refer to table 4 and the notes on consolidation accompanying table 6.
6. Fair value. Refer to table 3 and the notes on consolidation accompanying table 6.
7. Includes assets denominated in foreign currencies and any exchange-translation assets, which are
revalued daily at market exchange rates.
8. Cash value of agreements, which are collateralized by U.S. Treasury securities.
9. Includes any exchange-translation liabilities, which are revalued daily at market exchange rates.
10. Includes the liabilities of Maiden Lane LLC and Commercial Paper Funding Facility LLC to entities other
than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio
holdings of these entities. Refer to the notes on consolidation accompanying table 6.
H.4.1
6. Statement of Condition of Each Federal Reserve Bank, November 19, 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 1,648 56 77 128 130 228 213 189 41 55 109 185 236
Securities, repurchase agreements, term
auction credit, and other loans 1,272,929 105,867 589,255 55,688 39,615 151,257 74,869 59,743 23,213 16,114 27,095 29,210 101,003
Securities held outright 488,926 20,507 173,957 21,347 18,540 44,335 48,647 43,152 16,896 9,230 17,952 20,281 54,081
U.S. Treasury (1) 476,425 19,983 169,509 20,801 18,066 43,201 47,403 42,049 16,464 8,994 17,493 19,763 52,698
Bills (2) 18,423 773 6,555 804 699 1,671 1,833 1,626 637 348 676 764 2,038
Notes and bonds (3) 458,002 19,210 162,954 19,997 17,367 41,531 45,570 40,423 15,827 8,647 16,817 18,998 50,660
Federal agency (2) 12,501 524 4,448 546 474 1,134 1,244 1,103 432 236 459 519 1,383
Repurchase agreements (4) 80,000 3,356 28,464 3,493 3,034 7,254 7,960 7,061 2,765 1,510 2,937 3,318 8,849
Term auction credit 415,302 20,050 172,267 30,755 18,020 99,222 17,845 8,227 3,098 5,068 1,085 4,606 35,060
Other loans 288,702 61,954 214,568 93 21 445 416 1,303 455 306 5,121 1,005 3,014
Net portfolio holdings of Commercial
Paper Funding Facility LLC (5) 270,879 0 270,879 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Maiden Lane
LLC (6) 26,919 0 26,919 0 0 0 0 0 0 0 0 0 0
Items in process of collection 1,573 35 96 176 233 -43 493 100 13 102 41 84 243
Bank premises 2,178 123 210 64 150 222 225 207 131 111 274 251 210
Other assets (7) 599,780 33,355 161,371 57,026 40,631 156,606 45,381 26,475 6,013 11,271 6,492 11,835 43,325
Interdistrict settlement account 0 - 64,848 + 226,614 - 61,520 - 12,537 - 94,504 + 3,138 + 14,499 + 2,145 - 8,954 + 2,757 + 3,222 - 10,013
Total assets 2,189,144 75,127 1,280,230 52,100 68,749 214,803 125,706 102,338 31,972 18,928 37,184 45,521 136,487
Note: Components may not sum to totals because of rounding.
1. Includes securities lent to dealers under the overnight and term securities lending facilities; refer to table 1A.
2. Face value of the securities.
3. Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the original face value of such securities.
4. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
5. Refer to table 4 and the notes on consolidation below.
6. Fair value. Refer to the notes on consolidation below.
7. Includes assets denominated in foreign currencies and any exchange-translation assets, which are revalued daily at market exchange rates.
Notes on consolidation:
On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended a loan under the authority of section 13(3) of the Federal Reserve Act to Maiden Lane LLC, a limited liability company
formed to acquire certain assets of Bear Stearns. The FRBNY is the primary beneficiary of Maiden Lane LLC. Consistent with generally accepted accounting principles, the assets and
liabilities of Maiden Lane LLC have been consolidated with the assets and liabilities of the FRBNY in the preparation of the statements of condition shown on this release. As a consequence
of the consolidation, the extension of credit from the FRBNY to Maiden Lane LLC is eliminated, the net assets of Maiden Lane LLC appear as an asset in this table (and table 1 and table 5),
and the liabilities of Maiden Lane LLC to entities other than the FRBNY, including those with recourse only to the portfolio holdings of Maiden Lane LLC, are included in other liabilities on
the next page (and in table 1 and table 5).
On October 27, 2008, the Federal Reserve Bank of New York (FRBNY) began extending loans under the authority of section 13(3) of the Federal Reserve Act to Commercial Paper Funding
Facility LLC (CPFF LLC). This LLC is a limited liability company that was formed to purchase three-month U.S. dollar-denominated commercial paper from eligible issuers. The FRBNY is
the sole beneficiary of CPFF LLC. Consistent with generally accepted accounting principles, the assets and liabilities of CPFF LLC have been consolidated with the assets and liabilities
of the FRBNY in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the extension of credit from the FRBNY to CPFF LLC is
eliminated, the net assets of CPFF LLC appear as an asset in this table (and table 1 and table 5), and the liabilities of CPFF LLC to entities other than the FRBNY are included in other
liabilities on the next page (and table 1 and table 5).
6. Statement of Condition of Each Federal Reserve Bank, November 19, 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 1,009,038 38,348 350,690 42,289 47,354 82,229 120,279 84,354 29,791 17,519 30,555 54,378 111,252
Less: Notes held by F.R. Banks 180,421 6,173 47,744 5,973 7,803 11,774 27,675 13,419 3,465 2,797 3,771 22,743 27,083
Federal Reserve notes, net 828,617 32,175 302,946 36,316 39,552 70,454 92,604 70,935 26,326 14,722 26,784 31,635 84,169
Reverse repurchase agreements (8) 102,909 4,316 36,615 4,493 3,902 9,332 10,239 9,083 3,556 1,943 3,779 4,269 11,383
Deposits 1,209,231 36,507 929,212 5,854 21,516 122,717 18,984 20,178 1,473 1,202 5,911 8,524 37,152
Depository institutions 630,492 36,486 350,638 5,848 21,512 122,603 18,981 20,176 1,464 1,201 5,910 8,523 37,149
U.S. Treasury, general account 68,457 0 68,457 0 0 0 0 0 0 0 0 0 0
U.S. Treasury, supplementary
financing account 508,956 0 508,956 0 0 0 0 0 0 0 0 0 0
Foreign official 183 2 153 4 3 11 3 2 0 1 0 1 3
Other 1,143 19 1,008 1 1 103 0 0 8 0 1 0 0
Deferred availability cash items 3,201 71 0 534 504 325 227 284 30 263 153 259 551
Other liabilities and accrued
dividends (9,10) 4,194 183 1,371 213 210 584 389 311 157 110 133 185 348
Total liabilities 2,148,152 73,252 1,270,144 47,411 65,684 203,411 122,443 100,792 31,542 18,239 36,760 44,872 133,602
Capital
Capital paid in 20,373 784 5,165 2,330 1,522 5,836 1,610 698 209 324 207 270 1,419
Surplus 17,166 1,050 3,327 1,815 1,291 4,999 1,426 816 180 355 193 364 1,351
Other capital 3,453 41 1,594 544 252 557 227 32 42 10 25 15 115
Total liabilities and capital 2,189,144 75,127 1,280,230 52,100 68,749 214,803 125,706 102,338 31,972 18,928 37,184 45,521 136,487
Note: Components may not sum to totals because of rounding.
8. Cash value of agreements, which are collateralized by U.S. Treasury securities.
9. Includes any exchange-translation liabilities, which are revalued daily at market exchange rates.
10. Includes the liabilities of Maiden Lane LLC and Commercial Paper Funding Facility LLC to entities other than the Federal Reserve Bank of New York, including liabilities that have
recourse only to the portfolio holdings of these entities. Refer to the notes on consolidation on the previous page.
H.4.1
7. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts
Millions of dollars
Federal Reserve notes and collateral Wednesday
Nov 19, 2008
Federal Reserve notes outstanding 1,009,038
Less: Notes held by F.R. Banks not subject to collateralization 180,421
Federal Reserve notes to be collateralized 828,617
Collateral held against Federal Reserve notes 828,617
Gold certificate account 11,037
Special drawing rights certificate account 2,200
U.S. Treasury and agency securities pledged (1) 472,418
Other assets pledged 342,962
Memo:
Total U.S. Treasury and agency securities (1) 568,926
Less: Face value of securities under reverse repurchase agreements 96,508
U.S. Treasury and agency securities eligible to be pledged 472,418
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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