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Release Date: October 16, 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
October 16, 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 Oct 15, 2008 Oct 8, 2008 Oct 17, 2007 Oct 15, 2008
Reserve Bank credit 1,740,078 + 245,360 + 882,065 1,753,599
Securities held outright 490,657 - 285 - 288,940 490,660
U.S. Treasury (1) 476,552 - 42 - 303,045 476,555
Bills (2) 18,423 0 - 248,596 18,423
Notes and bonds, nominal (2) 411,592 - 139 - 60,550 410,757
Notes and bonds, inflation-indexed (2) 39,971 + 139 + 4,218 40,806
Inflation compensation (3) 6,567 - 42 + 1,883 6,569
Federal agency (2) 14,105 - 242 + 14,105 14,105
Repurchase agreements (4) 80,000 - 1,143 + 41,500 80,000
Term auction credit 263,092 + 114,092 + 263,092 263,092
Other loans 437,530 + 17,370 + 437,290 441,370
Primary credit 99,659 + 24,649 + 99,533 101,853
Secondary credit 4 0 + 4 0
Seasonal credit 25 - 14 - 89 24
Primary dealer and other broker-dealer credit(5) 131,125 - 2,941 + 131,125 133,871
Asset-backed commercial paper money market
mutual fund liquidity facility 129,616 - 16,274 + 129,616 122,763
Other credit extensions 77,101 + 11,950 + 77,101 82,860
Net portfolio holdings of Maiden Lane LLC (6) 29,492 + 40 + 29,492 29,526
Float -1,014 + 36 + 458 13
Other Federal Reserve assets 440,320 + 115,249 + 399,172 448,937
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 2,200 0 0 2,200
Treasury currency outstanding (7) 38,759 + 14 + 92 38,759
Total factors supplying reserve funds 1,792,079 + 245,374 + 882,158 1,805,600
Currency in circulation (7) 853,228 + 8,738 + 38,731 855,439
Reverse repurchase agreements (8) 85,890 - 8,453 + 51,486 107,819
Foreign official and international accounts 78,747 + 2,261 + 44,343 82,819
Dealers 7,143 - 10,714 + 7,143 25,000
Treasury cash holdings 276 + 14 - 59 278
Deposits with F.R. Banks, other than reserve balances 525,046 + 82,895 + 512,932 529,969
U.S. Treasury, general account 7,338 - 572 + 2,258 23,983
U.S. Treasury, supplementary financing account 494,853 + 89,082 + 494,853 499,129
Foreign official 308 + 193 + 211 190
Service-related 6,138 - 1,579 - 441 6,138
Required clearing balances 6,138 - 1,579 - 441 6,138
Adjustments to compensate for float 0 0 0 0
Other 16,410 - 4,227 + 16,053 529
Other liabilities and capital (9) 46,567 + 850 + 4,975 46,358
Total factors, other than reserve balances,
absorbing reserve funds 1,511,008 + 84,045 + 608,067 1,539,863
Reserve balances with Federal Reserve Banks 281,070 + 161,328 + 274,090 265,737
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. Fair value. Refer to table 2 and the note on consolidation accompanying table 5.
7. Estimated.
8. Cash value of agreements, which are collateralized by U.S. Treasury securities.
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 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, October 15, 2008
Millions of dollars
Averages of daily figures
Memorandum item Week ended Change from week ended Wednesday
Oct 15, 2008 Oct 8, 2008 Oct 17, 2007 Oct 15, 2008
Marketable securities held in custody for foreign
official and international accounts (1) 2,486,288 + 1,143 + 468,054 2,480,651
U.S. Treasury 1,550,991 + 23,173 + 320,760 1,554,489
Federal agency 935,298 - 22,029 + 147,295 926,162
Securities lent to dealers 220,398 + 9,053 + 214,524 218,735
Overnight facility (2) 25,852 + 5,850 + 19,978 23,739
Term facility (3) 194,546 + 3,203 + 194,546 194,996
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.
2. Information on Principal Accounts of Maiden Lane LLC
Millions of dollars
Wednesday
Account name Oct 15, 2008
Net portfolio holdings of Maiden Lane LLC (1) 29,526
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) 195
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3) 1,174
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, October 15, 2008
Millions of dollars
U.S. Treasury Federal agency Reverse
Remaining maturity Term Other securities (2) securities Repurchase repurchase
auction loans Weekly Weekly agreements agreements
credit (1) Holdings changes Holdings changes (3) (3)
Within 15 days 75,000 232,441 12,138 - 3,477 485 + 485 40,000 107,819
16 days to 90 days 188,092 123,084 29,373 + 2,504 9,393 - 235 40,000 0
91 days to 1 year --- 16,029 65,879 + 607 4,227 - 250 --- ---
Over 1 year to 5 years --- 69,816 173,462 - 623 0 0 --- ---
Over 5 years to 10 years --- --- 94,336 + 983 0 0 --- ---
Over 10 years --- --- 101,367 - 17 0 0 --- ---
All 263,092 441,370 476,555 - 24 14,105 0 80,000 107,819
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 Oct 15, 2008 Oct 8, 2008 Oct 17, 2007
Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 2,200 0 0
Coin 1,546 + 24 + 367
Securities, repurchase agreements, term auction
credit, and other loans 1,275,122 + 104,572 + 459,173
Securities held outright 490,660 - 24 - 288,931
U.S. Treasury (1) 476,555 - 24 - 303,036
Bills (2) 18,423 0 - 248,596
Notes and bonds, nominal (2) 410,757 - 974 - 61,385
Notes and bonds, inflation-indexed (2) 40,806 + 974 + 5,053
Inflation compensation (3) 6,569 - 24 + 1,892
Federal agency (2) 14,105 0 + 14,105
Repurchase agreements (4) 80,000 - 20,000 + 43,750
Term auction credit 263,092 + 114,092 + 263,092
Other loans 441,370 + 10,504 + 441,262
Net portfolio holdings of Maiden Lane LLC (5) 29,526 + 39 + 29,526
Items in process of collection (824) 4,058 + 2,867 + 2,681
Bank premises 2,170 0 + 65
Other assets (6) 446,772 + 71,829 + 407,494
Total assets (824) 1,772,431 + 179,332 + 899,307
Liabilities
Federal Reserve notes, net of F.R. Bank holdings 818,498 + 6,806 + 40,812
Reverse repurchase agreements (7) 107,819 + 30,470 + 72,732
Deposits (0) 795,712 + 140,486 + 779,919
Depository institutions 271,881 + 88,567 + 261,605
U.S. Treasury, general account 23,983 + 18,439 + 18,878
U.S. Treasury, supplementary financing account 499,129 + 39,883 + 499,129
Foreign official 190 + 89 + 93
Other (0) 529 - 6,492 + 214
Deferred availability cash items (824) 4,044 + 1,308 + 851
Other liabilities and accrued dividends (8,9) 4,501 + 392 - 1,424
Total liabilities (824) 1,730,574 + 179,462 + 892,890
Capital accounts
Capital paid in 20,316 + 4 + 2,580
Surplus 18,525 + 2 + 3,087
Other capital accounts 3,016 - 137 + 750
Total capital 41,858 - 130 + 6,418
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 and any exchange-translation assets, which are
revalued daily at market exchange rates.
7. Cash value of agreements, which are collateralized by U.S. Treasury securities.
8. Includes any exchange-translation liabilities, which are revalued daily at market exchange rates.
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, October 15, 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 1,546 46 76 123 128 202 203 180 49 54 107 165 212
Securities, repurchase agreements, term
auction credit, and other loans 1,275,122 158,735 624,423 31,865 34,527 120,786 68,459 56,740 21,943 16,320 21,962 27,297 92,065
Securities held outright 490,660 20,580 174,574 21,423 18,606 44,492 48,820 43,305 16,955 9,263 18,016 20,353 54,272
U.S. Treasury (1) 476,555 19,989 169,555 20,807 18,071 43,213 47,416 42,060 16,468 8,997 17,498 19,768 52,712
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) 458,132 19,216 163,001 20,003 17,372 41,543 45,583 40,434 15,831 8,649 16,822 19,004 50,674
Federal agency (2) 14,105 592 5,018 616 535 1,279 1,403 1,245 487 266 518 585 1,560
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 263,092 12,000 145,030 500 12,785 43,347 11,440 4,480 2,000 5,035 475 3,000 23,000
Other loans 441,370 122,799 276,356 6,449 102 25,692 240 1,894 223 512 534 626 5,944
Net portfolio holdings of Maiden Lane
LLC (5) 29,526 0 29,526 0 0 0 0 0 0 0 0 0 0
Items in process of collection 4,882 195 0 687 610 251 658 1,280 65 225 100 400 410
Bank premises 2,170 123 210 64 150 215 226 207 128 111 275 251 209
Other assets (6) 446,772 24,915 118,872 42,378 30,301 116,463 34,108 20,043 4,643 8,444 4,998 8,980 32,626
Interdistrict settlement account 0 -108,078 +259,986 - 27,331 - 21,206 -105,742 + 5,634 + 6,919 + 5,810 - 5,968 + 7,911 + 1,710 - 19,644
Total assets 1,773,255 76,475 1037903 48,322 45,037 133,212 110,675 86,494 33,054 19,415 35,768 39,538 107,362
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 and any exchange-translation assets, 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, October 15, 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 991,169 38,072 351,700 41,792 40,518 82,080 119,937 80,660 29,938 17,549 30,787 54,828 103,308
Less: Notes held by F.R. Banks 172,671 5,193 46,081 6,255 7,869 11,441 27,209 13,072 3,321 2,676 3,312 22,522 23,718
Federal Reserve notes, net 818,498 32,879 305,619 35,537 32,648 70,639 92,728 67,588 26,616 14,873 27,474 32,307 79,590
Reverse repurchase agreements (1) 107,819 4,522 38,361 4,708 4,088 9,777 10,728 9,516 3,726 2,035 3,959 4,472 11,926
Deposits 795,712 36,811 681,185 2,315 4,269 41,405 3,150 6,110 2,110 1,316 3,560 1,558 11,924
Depository institutions 271,881 36,803 157,529 2,311 4,265 41,263 3,147 6,108 2,104 1,316 3,559 1,557 11,921
U.S. Treasury, general account 23,983 0 23,983 0 0 0 0 0 0 0 0 0 0
U.S. Treasury, supplementary
financing account 499,129 0 499,129 0 0 0 0 0 0 0 0 0 0
Foreign official 190 2 160 4 3 11 3 2 0 1 0 1 3
Other 529 6 383 0 1 132 0 0 6 0 1 0 0
Deferred availability cash items 4,867 186 0 940 791 428 444 317 67 399 217 370 708
Other liabilities and accrued
dividends (2,3) 4,501 157 1,881 199 192 477 371 313 156 107 130 186 331
Total liabilities 1,731,397 74,555 1027046 43,699 41,989 122,726 107,422 83,844 32,676 18,730 35,340 38,893 104,478
Capital
Capital paid in 20,316 784 5,162 2,331 1,524 5,210 1,607 1,306 181 321 207 268 1,414
Surplus 18,525 1,050 4,687 1,814 1,291 4,999 1,426 815 180 355 193 364 1,351
Other capital 3,016 86 1,008 477 233 276 221 529 17 9 28 13 119
Total liabilities and capital 1,773,255 76,475 1037903 48,322 45,037 133,212 110,675 86,494 33,054 19,415 35,768 39,538 107,362
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 any exchange-translation liabilities, which are revalued daily at market exchange rates.
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
Oct 15, 2008
Federal Reserve notes outstanding 991,169
Less: Notes held by F.R. Banks not subject to collateralization 172,671
Federal Reserve notes to be collateralized 818,498
Collateral held against Federal Reserve notes 818,498
Gold certificate account 11,037
Special drawing rights certificate account 2,200
U.S. Treasury and agency securities pledged (1) 470,257
Other assets pledged 335,005
Memo:
Total U.S. Treasury and agency securities (1) 570,660
Less: Face value of securities under reverse repurchase agreements 100,403
U.S. Treasury and agency securities eligible to be pledged 470,257
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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