FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks November 13, 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 12, 2008 Nov 5, 2008 Nov 14, 2007 Nov 12, 2008 Reserve Bank credit 2,198,204 + 142,357 +1,332,530 2,196,669 Securities held outright 489,601 - 426 - 290,030 489,409 U.S. Treasury (1) 476,446 - 16 - 303,185 476,440 Bills (2) 18,423 0 - 248,596 18,423 Notes and bonds, nominal (2) 410,491 - 38 - 60,493 410,491 Notes and bonds, inflation-indexed (2) 41,071 + 38 + 4,160 41,071 Inflation compensation (3) 6,460 - 17 + 1,742 6,455 Federal agency (2) 13,155 - 410 + 13,155 12,969 Repurchase agreements (4) 80,000 0 + 36,750 80,000 Term auction credit 415,302 + 113,939 + 415,302 415,302 Other loans 322,932 - 36,077 + 322,365 316,077 Primary credit 95,380 - 14,614 + 94,857 99,180 Secondary credit 89 + 89 + 89 106 Seasonal credit 10 0 - 34 12 Primary dealer and other broker-dealer credit (5) 64,933 - 12,087 + 64,933 56,653 Asset-backed commercial paper money market mutual fund liquidity facility 80,244 - 11,485 + 80,244 76,546 Other credit extensions 82,275 + 2,018 + 82,275 83,581 Net portfolio holdings of Commercial Paper Funding Facility LLC (6) 249,910 + 23,902 + 249,910 257,287 Net portfolio holdings of Maiden Lane LLC (7) 26,876 + 26 + 26,876 26,949 Float -1,457 - 132 - 531 -1,789 Other Federal Reserve assets 615,041 + 41,126 + 571,890 613,435 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (8) 38,759 + 14 + 36 38,759 Total factors supplying reserve funds 2,250,204 + 142,371 +1,332,566 2,248,669 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 12, 2008 Nov 5, 2008 Nov 14, 2007 Nov 12, 2008 Currency in circulation (8) 864,197 + 3,430 + 43,119 865,319 Reverse repurchase agreements (9) 99,686 + 4,415 + 64,510 102,318 Foreign official and international accounts 77,543 + 7,272 + 42,367 77,318 Dealers 22,143 - 2,857 + 22,143 25,000 Treasury cash holdings 262 - 9 - 16 251 Deposits with F.R. Banks, other than reserve balances 648,352 + 35,183 + 636,399 646,885 U.S. Treasury, general account 61,776 + 29,976 + 56,633 52,985 U.S. Treasury, supplementary financing account 558,892 + 41 + 558,892 558,892 Foreign official 291 + 83 + 189 434 Service-related 6,307 + 307 - 89 6,307 Required clearing balances 6,307 + 307 - 74 6,307 Adjustments to compensate for float 0 0 - 15 0 Other 21,086 + 4,775 + 20,774 28,267 Other liabilities and capital (10) 45,563 + 841 + 2,631 45,843 Total factors, other than reserve balances, absorbing reserve funds 1,658,060 + 43,861 + 746,643 1,660,616 Reserve balances with Federal Reserve Banks 592,144 + 98,510 + 585,923 588,052 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 12, 2008 Nov 5, 2008 Nov 14, 2007 Nov 12, 2008 Marketable securities held in custody for foreign official and international accounts (1) 2,507,932 + 13,665 + 479,197 2,504,834 U.S. Treasury 1,608,039 + 20,277 + 373,561 1,608,045 Federal agency 899,893 - 6,611 + 105,635 896,789 Securities lent to dealers 218,352 - 2,296 + 210,256 217,018 Overnight facility (2) 18,353 - 2,296 + 10,257 17,019 Term facility (3, 4) 199,999 0 + 199,999 199,999 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 12, 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 12, 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 113,271 302,031 --- --- --- --- 415,302 Other loans (1) 182,747 63,109 6,840 63,381 --- --- 316,077 U.S. Treasury securities (2) Holdings 18,131 28,047 61,228 173,409 94,309 101,317 476,440 Weekly changes - 6,285 + 6,284 0 - 5 - 3 - 6 - 16 Federal agency securities Holdings 748 8,637 3,584 0 0 0 12,969 Weekly changes + 14 - 280 0 0 0 0 - 266 Commercial paper held by Commercial Paper Funding Facility LLC (3) 0 258,480 0 --- --- --- 258,480 Repurchase agreements (4) 40,000 40,000 --- --- --- --- 80,000 Reverse repurchase agreements (4) 102,318 0 --- --- --- --- 102,318 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 12, 2008 Net portfolio holdings of Maiden Lane LLC (1) 26,949 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) 228 Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3) 1,179 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 12, 2008 Commercial paper holdings, net (1) 256,144 Other investments, net 1,143 Net portfolio holdings of Commercial Paper Funding Facility LLC 257,287 Memorandum: Commercial paper holdings, face value 258,480 Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2) 256,937 Accrued interest payable to the Federal Reserve Bank of New York (2) 122 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 12, 2008 Nov 5, 2008 Nov 14, 2007 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 2,200 0 0 Coin 1,640 - 8 + 437 Securities, repurchase agreements, term auction credit, and other loans 1,300,788 + 83,204 + 471,588 Securities held outright 489,409 - 282 - 290,230 U.S. Treasury (1) 476,440 - 16 - 303,199 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) 6,455 - 15 + 1,729 Federal agency (2) 12,969 - 266 + 12,969 Repurchase agreements (4) 80,000 0 + 30,500 Term auction credit 415,302 + 113,939 + 415,302 Other loans 316,077 - 30,454 + 316,017 Net portfolio holdings of Commercial Paper Funding Facility LLC (5) 257,287 + 13,982 + 257,287 Net portfolio holdings of Maiden Lane LLC (6) 26,949 + 86 + 26,949 Items in process of collection (477) 1,126 - 298 - 4,759 Bank premises 2,171 + 2 + 60 Other assets (7) 611,258 + 41,667 + 569,872 Total assets (477) 2,214,455 + 138,633 +1,321,435 Liabilities Federal Reserve notes, net of F.R. Bank holdings 828,448 + 1,568 + 44,033 Reverse repurchase agreements (8) 102,318 + 5,655 + 67,615 Deposits (0) 1,234,931 + 130,801 +1,208,543 Depository institutions 594,353 + 90,763 + 573,886 U.S. Treasury, general account 52,985 + 34,333 + 47,445 U.S. Treasury, supplementary financing account 558,892 + 41 + 558,892 Foreign official 434 + 205 + 337 Other (0) 28,267 + 5,459 + 27,983 Deferred availability cash items (477) 2,915 - 68 - 2,213 Other liabilities and accrued dividends (9,10) 3,938 - 71 - 2,002 Total liabilities (477) 2,172,550 + 137,885 +1,315,976 Capital accounts Capital paid in 20,372 + 8 + 2,294 Surplus 18,534 + 2 + 3,078 Other capital accounts 2,998 + 737 + 85 Total capital 41,905 + 748 + 5,459 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 12, 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 1,640 50 77 129 132 226 213 189 43 55 111 176 238 Securities, repurchase agreements, term auction credit, and other loans 1,300,788 120,554 600,737 56,310 40,127 151,294 74,914 60,351 22,929 16,183 27,077 28,978 101,333 Securities held outright 489,409 20,528 174,129 21,368 18,558 44,379 48,695 43,195 16,912 9,240 17,970 20,301 54,134 U.S. Treasury (1) 476,440 19,984 169,515 20,802 18,066 43,203 47,405 42,050 16,464 8,995 17,494 19,763 52,700 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) 458,018 19,211 162,960 19,998 17,368 41,532 45,572 40,424 15,827 8,647 16,817 18,999 50,662 Federal agency (2) 12,969 544 4,614 566 492 1,176 1,290 1,145 448 245 476 538 1,435 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 316,077 76,621 225,878 694 516 439 413 1,868 154 366 5,085 753 3,290 Net portfolio holdings of Commercial Paper Funding Facility LLC (5) 257,287 0 257,287 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (6) 26,949 0 26,949 0 0 0 0 0 0 0 0 0 0 Items in process of collection 1,602 143 0 236 336 106 114 150 31 84 129 113 160 Bank premises 2,171 123 210 64 150 218 225 206 130 111 274 251 209 Other assets (7) 611,258 33,869 166,042 57,694 41,215 158,644 46,220 27,030 6,205 11,456 6,670 12,087 44,126 Interdistrict settlement account 0 - 82,550 + 269,505 - 63,365 - 11,441 - 100,759 - 4,700 + 13,858 + 2,539 - 9,240 + 1,808 + 1,194 - 16,851 Total assets 2,214,932 72,730 1,325,616 51,604 71,046 210,767 118,373 102,909 32,291 18,878 36,485 43,533 130,698 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 12, 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 1,006,909 38,398 349,903 42,351 47,421 82,228 119,846 84,240 29,711 17,421 30,507 54,463 110,422 Less: Notes held by F.R. Banks 178,461 5,747 48,850 5,781 7,336 11,338 28,503 12,925 3,391 2,755 3,477 22,556 25,803 Federal Reserve notes, net 828,448 32,650 301,052 36,570 40,085 70,890 91,343 71,315 26,320 14,666 27,030 31,906 84,619 Reverse repurchase agreements (8) 102,318 4,292 36,404 4,467 3,880 9,278 10,180 9,031 3,536 1,932 3,757 4,244 11,318 Deposits 1,234,931 33,566 975,985 5,148 23,114 118,442 13,030 20,331 1,803 1,163 4,972 6,311 31,067 Depository institutions 594,353 33,553 335,564 5,143 23,110 118,325 13,027 20,329 1,795 1,162 4,971 6,310 31,064 U.S. Treasury, general account 52,985 0 52,985 0 0 0 0 0 0 0 0 0 0 U.S. Treasury, supplementary financing account 558,892 0 558,892 0 0 0 0 0 0 0 0 0 0 Foreign official 434 2 404 4 3 11 3 2 0 1 0 1 3 Other 28,267 11 28,139 1 1 106 0 0 7 0 1 0 0 Deferred availability cash items 3,392 157 0 515 691 262 181 369 50 317 164 234 452 Other liabilities and accrued dividends (9,10) 3,938 168 1,182 215 205 540 378 310 162 112 133 187 346 Total liabilities 2,173,027 70,833 1,314,623 46,915 67,975 199,412 115,112 101,356 31,871 18,190 36,056 42,881 127,802 Capital Capital paid in 20,372 784 5,163 2,330 1,524 5,836 1,610 698 208 324 207 270 1,419 Surplus 18,534 1,050 4,695 1,815 1,291 4,999 1,426 816 180 355 193 364 1,351 Other capital 2,998 63 1,135 544 256 519 226 39 33 9 30 18 126 Total liabilities and capital 2,214,932 72,730 1,325,616 51,604 71,046 210,767 118,373 102,909 32,291 18,878 36,485 43,533 130,698 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 12, 2008 Federal Reserve notes outstanding 1,006,909 Less: Notes held by F.R. Banks not subject to collateralization 178,461 Federal Reserve notes to be collateralized 828,448 Collateral held against Federal Reserve notes 828,448 Gold certificate account 11,037 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 473,458 Other assets pledged 341,753 Memo: Total U.S. Treasury and agency securities (1) 569,409 Less: Face value of securities under reverse repurchase agreements 95,951 U.S. Treasury and agency securities eligible to be pledged 473,458 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.