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Release Date: August 14, 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
August 14, 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 Aug 13, 2008 Aug 6, 2008 Aug 15, 2007 Aug 13, 2008
Reserve Bank credit 883,000 - 6,150 + 15,319 895,117
Securities held outright 479,396 + 105 - 311,259 479,434
U.S. Treasury (1) 479,396 + 105 - 311,259 479,434
Bills (2) 21,740 0 - 255,279 21,740
Notes and bonds, nominal (2) 411,731 0 - 61,471 411,731
Notes and bonds, inflation-indexed (2) 39,832 0 + 4,079 39,832
Inflation compensation (3) 6,093 + 105 + 1,412 6,131
Federal agency (2) 0 0 0 0
Repurchase agreements (4) 105,786 - 4,714 + 69,500 118,250
Term auction credit 150,000 0 + 150,000 150,000
Other loans 17,807 + 344 + 17,536 17,651
Primary credit 17,699 + 329 + 17,688 17,552
Secondary credit 7 + 7 + 7 0
Seasonal credit 100 + 7 - 160 99
Primary dealer credit facility 0 0 0 0
Other credit extensions 0 0 0 0
Net portfolio holdings of Maiden Lane LLC (5) 29,145 + 40 + 29,145 29,179
Float -1,120 + 60 - 75 -991
Other Federal Reserve assets 101,987 - 1,984 + 60,473 101,594
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 2,200 0 0 2,200
Treasury currency outstanding (6) 38,761 + 14 + 199 38,761
Total factors supplying reserve funds 935,002 - 6,136 + 15,517 947,119
Currency in circulation (6) 831,170 - 397 + 18,810 832,192
Reverse repurchase agreements (7) 42,458 - 1,332 + 11,101 44,172
Foreign official and international accounts 42,458 - 1,332 + 11,101 44,172
Dealers 0 0 0 0
Treasury cash holdings 298 - 17 + 39 296
Deposits with F.R. Banks, other than reserve balances 12,510 + 147 + 846 12,142
U.S. Treasury, general account 4,859 - 21 + 124 4,715
Foreign official 319 + 204 + 224 101
Service-related 7,007 - 12 + 445 7,007
Required clearing balances 7,007 - 12 + 445 7,007
Adjustments to compensate for float 0 0 0 0
Other 325 - 23 + 52 319
Other liabilities and capital (8) 40,577 - 2,236 + 540 39,982
Total factors, other than reserve balances,
absorbing reserve funds 927,013 - 3,835 + 31,336 928,783
Reserve balances with Federal Reserve Banks 7,990 - 2,300 - 15,818 18,335
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, August 13, 2008
Millions of dollars
Averages of daily figures
Memorandum item Week ended Change from week ended Wednesday
Aug 13, 2008 Aug 6, 2008 Aug 15, 2007 Aug 13, 2008
Marketable securities held in custody for foreign
official and international accounts (1) 2,394,883 - 801 + 390,062 2,394,588
U.S. Treasury 1,415,828 - 3,015 + 171,866 1,419,375
Federal agency 979,054 + 2,212 + 218,195 975,212
Securities lent to dealers 131,154 - 1,705 + 126,453 131,057
Overnight facility (2) 2,837 - 5,160 - 1,864 2,211
Term facility (3) 128,318 + 3,456 + 128,318 128,846
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 Aug 13, 2008
Net portfolio holdings of Maiden Lane LLC (1) 29,179
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) 87
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3) 1,160
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, August 13, 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 3,354 21,201 + 2,161 78,250 44,172
16 days to 90 days 0 14,297 25,759 - 2,162 40,000 0
91 days to 1 year --- 0 69,504 + 7 --- ---
Over 1 year to 5 years --- --- 175,596 + 33 --- ---
Over 5 years to 10 years --- --- 89,907 + 21 --- ---
Over 10 years --- --- 97,467 + 43 --- ---
All 150,000 17,651 479,434 + 104 118,250 44,172
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 Aug 13, 2008 Aug 6, 2008 Aug 15, 2007
Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 2,200 0 0
Coin 1,378 - 1 + 340
Securities, repurchase agreements, term auction
credit, and other loans 765,335 + 13,751 - 48,531
Securities held outright 479,434 + 104 - 310,167
U.S. Treasury (1) 479,434 + 104 - 310,167
Bills (2) 21,740 0 - 255,279
Notes and bonds, nominal (2) 411,731 0 - 60,411
Notes and bonds, inflation-indexed (2) 39,832 0 + 4,079
Inflation compensation (3) 6,131 + 104 + 1,443
Federal agency (2) 0 0 0
Repurchase agreements (4) 118,250 + 13,500 + 94,250
Term auction credit 150,000 0 + 150,000
Other loans 17,651 + 147 + 17,387
Net portfolio holdings of Maiden Lane LLC (5) 29,179 + 40 + 29,179
Items in process of collection (532) 1,600 - 914 - 908
Bank premises 2,162 + 2 + 95
Other assets (6) 99,435 - 1,860 + 63,245
Total assets (532) 912,326 + 11,019 + 43,422
Liabilities
Federal Reserve notes, net of F.R. Bank holdings 795,101 - 747 + 19,312
Reverse repurchase agreements (7) 44,172 + 974 + 12,231
Deposits (0) 30,480 + 14,415 + 12,424
Depository institutions 25,345 + 14,483 + 12,780
U.S. Treasury, general account 4,715 - 83 - 394
Foreign official 101 0 + 5
Other (0) 319 + 16 + 33
Deferred availability cash items (532) 2,592 - 1,577 - 846
Other liabilities and accrued dividends (8,9) -136 - 1,848 - 6,103
Total liabilities (532) 872,209 + 11,217 + 37,019
Capital accounts
Capital paid in 19,935 - 2 + 3,156
Surplus 18,505 + 3 + 3,093
Other capital accounts 1,678 - 197 + 155
Total capital 40,117 - 198 + 6,403
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, August 13, 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 1,378 38 63 99 120 172 170 165 51 50 97 156 197
Securities, repurchase agreements, term
auction credit, and other loans 765,335 28,279 311,704 29,021 33,587 65,758 66,116 56,464 23,340 12,132 23,972 29,009 85,952
Securities held outright 479,434 20,109 170,580 20,933 18,180 43,474 47,703 42,315 16,568 9,051 17,604 19,887 53,031
U.S. Treasury (1) 479,434 20,109 170,580 20,933 18,180 43,474 47,703 42,315 16,568 9,051 17,604 19,887 53,031
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) 457,694 19,197 162,845 19,984 17,356 41,503 45,540 40,396 15,816 8,641 16,806 18,986 50,626
Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0
Repurchase agreements (4) 118,250 4,960 42,073 5,163 4,484 10,723 11,766 10,437 4,086 2,232 4,342 4,905 13,080
Term auction credit 150,000 3,200 87,052 2,895 10,910 11,077 6,360 2,850 2,475 46 2,000 3,854 17,281
Other loans 17,651 10 12,000 30 14 484 287 863 211 802 27 363 2,560
Net portfolio holdings of Maiden Lane
LLC (5) 29,179 0 29,179 0 0 0 0 0 0 0 0 0 0
Items in process of collection 2,133 44 0 220 322 63 344 101 26 131 443 167 273
Bank premises 2,162 121 212 65 150 209 226 208 126 111 275 252 207
Other assets (6) 99,435 5,336 27,387 8,886 6,384 23,798 7,928 4,992 1,343 1,889 1,456 2,297 7,738
Interdistrict settlement account 0 + 3,016 -44,485 + 4,659 - 4,132 - 4,277 +23,116 +15,990 + 4,091 + 2,571 + 3,938 + 2,333 - 6,819
Total assets 912,859 37,373 328,869 43,486 36,958 86,761 99,287 79,045 29,392 17,112 30,596 34,948 89,031
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, August 13, 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 991,705 36,984 352,127 40,436 38,662 80,539 120,868 82,415 30,553 17,836 31,483 55,438 104,364
Less: Notes held by F.R. Banks 196,604 5,229 58,752 7,068 7,419 12,995 30,904 13,654 3,584 2,963 3,787 24,149 26,101
Federal Reserve notes, net 795,101 31,754 293,376 33,368 31,243 67,544 89,964 68,762 26,970 14,872 27,697 31,289 78,263
Reverse repurchase agreements (1) 44,172 1,853 15,716 1,929 1,675 4,005 4,395 3,899 1,526 834 1,622 1,832 4,886
Deposits 30,480 1,618 12,006 3,186 523 4,357 1,238 3,295 318 376 473 771 2,320
Depository institutions 25,345 1,613 7,023 3,182 519 4,257 1,235 3,278 304 376 472 770 2,317
U.S. Treasury, general account 4,715 0 4,715 0 0 0 0 0 0 0 0 0 0
Foreign official 101 2 71 4 3 11 3 2 0 1 0 1 3
Other 319 2 197 0 1 89 0 15 14 0 1 0 0
Deferred availability cash items 3,124 165 0 410 676 215 219 218 50 246 246 241 438
Other liabilities and accrued
dividends (2,3) -136 143 -2,487 164 170 413 332 286 150 103 125 170 296
Total liabilities 872,741 35,532 318,611 39,056 34,286 76,534 96,148 76,458 29,014 16,433 30,163 34,303 86,203
Capital
Capital paid in 19,935 787 5,068 2,328 1,342 5,189 1,562 1,281 182 321 210 267 1,398
Surplus 18,505 1,050 4,668 1,814 1,291 4,999 1,425 815 180 355 193 364 1,351
Other capital 1,678 5 522 288 39 39 152 490 16 4 30 14 79
Total liabilities and capital 912,859 37,373 328,869 43,486 36,958 86,761 99,287 79,045 29,392 17,112 30,596 34,948 89,031
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
Aug 13, 2008
Federal Reserve notes outstanding 991,705
Less: Notes held by F.R. Banks not subject to collateralization 196,604
Federal Reserve notes to be collateralized 795,101
Collateral held against Federal Reserve notes 795,101
Gold certificate account 11,037
Special drawing rights certificate account 2,200
U.S. Treasury and agency securities pledged (1) 554,113
Other assets pledged 227,750
Memo:
Total U.S. Treasury and agency securities (1) 597,684
Less: Face value of securities under reverse repurchase agreements 43,570
U.S. Treasury and agency securities eligible to be pledged 554,113
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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