Federal Reserve Statistical Release, H.4.1, Factors Affecting Reserve Balances; title with eagle logo links to Statistical Release home page
Release Date:  March 26, 2009
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For release at
4:30 p.m. EST
March 26, 2009

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to include information related to the Term Asset-Backed Securities Loan Facility (TALF). Credit was extended under the TALF for the first time on March 25, 2009.

The TALF will help market participants meet the credit needs of households and businesses of all sizes by supporting the issuance of asset-backed securities (ABS) collateralized by loans of various types to consumers and businesses. Under the TALF, the Federal Reserve Bank of New York (FRBNY) finances the purchase of eligible ABS by lending to holders of certain highly rated ABS backed by newly and recently originated consumer and business loans. This lending will be reported in "Term Asset-Backed Securities Loan Facility" in table 1 and included in "Other loans" in table 2, table 8, and table 9.

In the event that a borrower does not repay a loan extended under the TALF, the FRBNY will enforce its rights to the collateral and sell the collateral to TALF LLC, a special purpose vehicle established by the Federal Reserve specifically for the purpose of managing such assets. On March 25, 2009, the Treasury, using funds from the Troubled Asset Relief Program (TARP), purchased $100 million in subordinated debt in TALF LLC, thereby providing initial funding for the LLC. The Federal Reserve is evaluating whether consolidation of the LLC onto the balance sheet of the FRBNY is appropriate.



FEDERAL RESERVE statistical release
 

H.4.1 Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
 

March 26, 2009
1. Factors Affecting Reserve Balances of Depository Institutions
Millions of dollars
Reserve Bank credit, related items, and
reserve balances of depository institutions at
Federal Reserve Banks
Averages of daily figures Wednesday
Mar 25, 2009
Week ended
Mar 25, 2009
Change from week ended
Mar 18, 2009 Mar 26, 2008
                                                              
Reserve Bank credit                                       2,050,972    +    9,563    +1,181,630     2,055,282 
  Securities held outright                                  760,492    +   13,845    +  131,515       761,295 
    U.S. Treasury securities (1)                            474,731    +       43    -  154,246       474,746 
      Bills (2)                                              18,423             0    -  105,952        18,423 
      Notes and bonds, nominal (2)                          412,914             0    -   48,543       412,914 
      Notes and bonds, inflation-indexed (2)                 39,378             0    +      941        39,378 
      Inflation compensation (3)                              4,017    +       43    -      691         4,032 
    Federal agency debt securities (2)                       48,796    +    3,328    +   48,796        50,393 
    Mortgage-backed securities (4)                          236,964    +   10,474    +  236,964       236,156 
  Repurchase agreements (5)                                       0             0    -   84,821             0 
  Term auction credit                                       468,589             0    +  388,589       468,589 
  Other loans                                               134,340    -    3,839    +  100,859       136,227 
    Primary credit                                           62,782    -    2,901    +   62,232        61,305 
    Secondary credit                                              0    -       11    -        2             1 
    Seasonal credit                                              3            0   -        3            4 
    Primary dealer and other broker-dealer credit (6)        20,089    +      414    -   12,834        20,175 
    Asset-Backed Commercial Paper Money Market                
      Mutual Fund Liquidity Facility                          7,179    -    2,050    +    7,179         6,845 
    Credit extended to American International                 
      Group, Inc. (7)                                        43,614    +       35    +   43,614        43,188 
    Term Asset-Backed Securities Loan Facility                  673    +      673    +      673         4,711 
    Other credit extensions                                       0             0             0             0 
  Net portfolio holdings of Commercial Paper                  
    Funding Facility LLC (8)                                240,802    -      228    +  240,802       241,311 
  Net portfolio holdings of LLCs funded through               
    the Money Market Investor Funding Facility (9)                0             0             0             0 
  Net portfolio holdings of Maiden Lane LLC (10)             26,223    +       40    +   26,223        26,288 
  Net portfolio holdings of Maiden Lane II LLC (11)          18,440    +       11    +   18,440        18,449 
  Net portfolio holdings of Maiden Lane III LLC (12)         27,631    +       30    +   27,631        27,645 
  Float                                                      -2,152    +       74    -      803        -2,393 
  Central bank liquidity swaps (13)                         327,692    -    1,894    +  327,692       327,778 
  Other Federal Reserve assets (14)                          48,914    +    1,524    +    5,503        50,092 
Gold stock                                                   11,041             0             0        11,041 
Special drawing rights certificate account                    2,200             0             0         2,200 
Treasury currency outstanding (15)                           38,842    +       14    +      163        38,842 
                                                              
Total factors supplying reserve funds                     2,103,055    +    9,577    +1,181,793     2,107,365 
 

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
 

 

1. Factors Affecting Reserve Balances of Depository Institutions (continued)
Millions of dollars
Reserve Bank credit, related items, and
reserve balances of depository institutions at
Federal Reserve Banks
Averages of daily figures Wednesday
Mar 25, 2009
Week ended
Mar 25, 2009
Change from week ended
Mar 18, 2009 Mar 26, 2008
                                                              
Currency in circulation (15)                                898,615    +      263    +   81,759       899,798 
Reverse repurchase agreements (16)                           65,178    -      402    +   24,472        66,427 
  Foreign official and international accounts                65,178    -      402    +   24,472        66,427 
  Dealers                                                         0             0             0             0 
Treasury cash holdings                                          310    +        5    +       13           310 
Deposits with F.R. Banks, other than reserve balances       287,653    -    9,522    +  274,799       267,313 
  U.S. Treasury, general account                             78,083    +    5,360    +   72,354        56,198 
  U.S. Treasury, supplementary financing account            199,935    -        2    +  199,935       199,935 
  Foreign official                                            1,863    -      240    +    1,745         1,587 
  Service-related                                             4,465    -        1    -    2,289         4,465 
    Required clearing balances                                4,465    -        1    -    2,289         4,465 
    Adjustments to compensate for float                           0             0             0             0 
  Other                                                       3,307    -   14,639    +    3,053         5,128 
Other liabilities and capital (17)                           55,597    +    1,382    +   11,062        55,584 
                                                              
Total factors, other than reserve balances,                                                       
   absorbing reserve funds                                1,307,353    -    8,275    +  392,105     1,289,433 
                                                              
Reserve balances with Federal Reserve Banks                 795,702    +   17,852    +  789,688       817,932 
                                                                
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. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Current face value of the securities, which is
the remaining principal balance of the underlying mortgages.
5. Cash value of agreements.
6. Includes credit extended through the Primary Dealer Credit Facility and credit extended to certain
other broker-dealers.
7. Excludes credit extended to consolidated LLCs.
8. Refer to table 6 and the note on consolidation accompanying table 9.
9. Refer to table 7 and the note on consolidation accompanying table 9.
10. Refer to table 3 and the note on consolidation accompanying table 9.
11. Refer to table 4 and the note on consolidation accompanying table 9.
12. Refer to table 5 and the note on consolidation accompanying table 9.
13. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when
the foreign currency is returned to the foreign central bank. This exchange rate equals the market exchange
rate used when the foreign currency was acquired from the foreign central bank.
14. Includes other assets denominated in foreign currencies, which are revalued daily at market exchange rates.
15. Estimated.
16. Cash value of agreements, which are collateralized by U.S. Treasury securities.
17. Includes the liabilities of Commercial Paper Funding Facility LLC, the LLCs funded through the Money Market
Investor Funding Facility, Maiden Lane LLC, Maiden Lane II LLC, and Maiden Lane III LLC to entities other
than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio
holdings of these LLCs. Refer to table 3 through table 7 and the note on consolidation accompanying table 9.
 

Sources: Federal Reserve Banks and the U.S. Department of the Treasury.
 

 

1A. Memorandum Items
Millions of dollars

Memorandum item
Averages of daily figures Wednesday
Mar 25, 2009
Week ended
Mar 25, 2009
Change from week ended
Mar 18, 2009 Mar 26, 2008
                                                              
Marketable securities held in custody for foreign             
      official and international accounts (1)             2,594,724    +    4,529    +  410,469     2,596,188 
  U.S. Treasury securities                                1,782,966    +      828    +  498,251     1,785,867 
  Federal agency securities (2)                             811,758    +    3,700    -   87,781       810,321 
Securities lent to dealers                                   93,407    -   16,346    +   83,467        92,958 
  Overnight facility (3)                                      3,142    -      491    -    6,798         4,408 
  Term facility (4,5)                                        90,264    -   15,856    +   90,264        88,550 
 

Note: Components may not sum to totals because of rounding.
 

1. Face value of the securities. Includes U.S. Treasury STRIPS, other zero-coupon bonds, and mortgage-backed
securities at face value.
2. Includes debt and mortgage-backed securities.
3. Fully collateralized by U.S. Treasury securities.
4. Fully collateralized by U.S. Treasury securities, federal agency securities, and other highly rated debt
securities.
5. On March 25, 2009, option contracts on draws on the Term Securities Lending Facility totaling $ 35,000
million were outstanding. The exercise date for the options is March 26, 2009, and the draws have a term of
March 27, 2009 through April 3, 2009.
 

 

2. Maturity Distribution of Term Auction Credit, Other Loans, and Securities, March 25, 2009
Millions of dollars
Remaining maturity
Within 15
days
16 days to
90 days
91 days to
1 year
Over 1 year
to 5 years
Over 5 years
to 10 years
Over 10
years
All
 
Term auction credit                   220,726      247,864         ---            ---          ---         ---       468,589
Other loans (1)                        82,790        5,509           30        47,899          ---         ---       136,227
U.S. Treasury securities (2)                    
  Holdings                             19,286       25,225       60,925       168,691      100,938      99,681       474,746
  Weekly changes                   +    2,156   -    2,156   +        1    +       13   +       10  +       18    +       42
Federal agency debt securities (3)                        
  Holdings                                  0            0        4,090        36,423        9,714         166        50,393
  Weekly changes                   -      571            0            0    +    2,692            0           0    +    2,121
Mortgage-backed securities (4)                            
  Holdings                                  0            0            0             0            0     236,156       236,156
  Weekly changes                            0            0            0             0            0  -      333    -      333
Commercial paper held by                        
  Commercial Paper Funding                      
  Facility LLC (5)                      2,426      237,437            0           ---          ---         ---       239,862
Money market instruments held by                
  LLCs funded through the Money                 
  Market Investor Funding                       
  Facility (6)                              0            0            0           ---          ---         ---             0
Repurchase agreements (7)                   0            0          ---           ---          ---         ---             0
Central bank liquidity swaps (8)      177,946      149,832            0             0            0           0       327,778
                                                
Reverse repurchase agreements (7)      66,427            0          ---           ---          ---         ---        66,427
  
Note: Components may not sum to totals because of rounding.
--- Not applicable.
 

1. Excludes the loans from the Federal Reserve Bank of New York (FRBNY) to Commercial Paper Funding Facility LLC, the
LLCs funded through the Money Market Investor Funding Facility, Maiden Lane LLC, Maiden Lane II LLC, and Maiden
Lane III LLC. The loans were eliminated when preparing the FRBNY's statement of condition consistent with
consolidation under generally accepted accounting principles.
2. Face value. For inflation-indexed securities, includes the original face value and compensation that adjusts for
the effect of inflation on the original face value of such securities.
3. Face value.
4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Current face value of the securities, which is the remaining
principal balance of the underlying mortgages.
5. Face value of commercial paper held by Commercial Paper Funding Facility LLC.
6. Face value of money market instruments held by LLCs funded through the Money Market Investor Funding Facility.
7. Cash value of agreements.
8. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign
currency is returned to the foreign central bank. This exchange rate equals the market exchange rate used when the
foreign currency was acquired from the foreign central bank.
 

 

3. Information on Principal Accounts of Maiden Lane LLC
Millions of dollars
Account name Wednesday
Mar 25, 2009
                                                                                                
Net portfolio holdings of Maiden Lane LLC (1)                                                       26,288    
                                                                                                
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)                                   301    
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3)        1,201    
 
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 December 31, 2008. Any assets purchased after this valuation date
are initially recorded at cost until their estimated fair value as of the purchase date becomes available.
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 9.
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 8 and table 9.
 

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 Maiden Lane II LLC
Millions of dollars
Account name Wednesday
Mar 25, 2009
                                                                                                
Net portfolio holdings of Maiden Lane II LLC (1)                                                     18,449   
                                                                                                
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2)            18,543   
Accrued interest payable to the Federal Reserve Bank of New York (2)                                     91   
Deferred payment and accrued interest payable to subsidiaries of American International         
  Group, Inc. (3)                                                                                     1,010   
 

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 December 31, 2008. Any assets purchased after this valuation date
are initially recorded at cost until their estimated fair value as of the purchase date becomes available.
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 9.
3. Book value. The deferred payment represents the portion of the proceeds of the net portfolio holdings due
to subsidiaries of American International Group, Inc. in accordance with the asset purchase agreement.
The fair value of this payment and accrued interest payable are included in other liabilities and capital
in table 1 and in other liabilities and accrued dividends in table 8 and table 9.
 

Note: On December 12, 2008, the Federal Reserve Bank of New York (FRBNY) began extending credit to Maiden
Lane II LLC under the authority of section 13(3) of the Federal Reserve Act. This limited liability company
was formed to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment
portfolio of subsidiaries of American International Group, Inc. (AIG subsidiaries). Payments by Maiden
Lane II LLC from the proceeds of the net portfolio holdings will be made in the following order: operating
expenses of Maiden Lane II LLC, principal due to the FRBNY, interest due to the FRBNY, and deferred payment
and interest due to AIG subsidiaries. Any remaining funds will be shared by the FRBNY and AIG subsidiaries.
 

 

5. Information on Principal Accounts of Maiden Lane III LLC
Millions of dollars
Account name Wednesday
Mar 25, 2009
                                                                                                
Net portfolio holdings of Maiden Lane III LLC (1)                                                    27,645   
                                                                                                
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2)            24,036   
Accrued interest payable to the Federal Reserve Bank of New York (2)                                    127   
Outstanding principal amount and accrued interest on loan payable to American International     
  Group, Inc. (3)                                                                                     5,062   
 

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 December 31, 2008. Any assets purchased after this valuation date
are initially recorded at cost until their estimated fair value as of the purchase date becomes available.
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 9.
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 8 and table 9.
 

Note: On November 25, 2008, the Federal Reserve Bank of New York (FRBNY) began extending credit to Maiden Lane
III LLC under the authority of section 13(3) of the Federal Reserve Act. This limited liability company was
formed to purchase multi-sector collateralized debt obligations (CDOs) on which the Financial Products group
of American International Group, Inc. (AIG) has written credit default swap (CDS) contracts. In connection
with the purchase of CDOs, the CDS counterparties will concurrently unwind the related CDS transactions.
Payments by Maiden Lane III LLC from the proceeds of the net portfolio holdings will be made in the following
order: operating expenses of Maiden Lane III LLC, principal due to the FRBNY, interest due to the FRBNY,
principal due to AIG, and interest due to AIG. Any remaining funds will be shared by the FRBNY and AIG.
 

 

6. Information on Principal Accounts of Commercial Paper Funding Facility LLC
Millions of dollars
Account name Wednesday
Mar 25, 2009
                                                                                                
Commercial paper holdings, net (1)                                                                  238,712   
Other investments, net                                                                                2,599   
Net portfolio holdings of Commercial Paper Funding Facility LLC                                     241,311   
                                                                                                
Memorandum: Commercial paper holdings, face value                                                   239,862   
                                                                                                
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2)           238,560   
Accrued interest payable to the Federal Reserve Bank of New York (2)                                     78   
 

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
note on consolidation accompanying table 9.
 

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 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.
 

 

7. Information on Principal Accounts of LLCs Funded through the Money Market Investor Funding Facility
Millions of dollars
Account name Wednesday
Mar 25, 2009
                                                                                                
Money market instrument holdings, net (1)                                                                 0   
Other investments, net                                                                                    0   
Net portfolio holdings of LLCs funded through the Money Market Investor Funding Facility                  0   
                                                                                                
Memorandum: Money market instrument holdings, face value                                                  0   
                                                                                                
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2)                 0   
Accrued interest payable to the Federal Reserve Bank of New York (2)                                      0   
Commercial paper issued by LLCs funded through the Money Market Investor Funding Facility,      
  net of related discounts                                                                                0   
 

1. Book value, which includes amortized cost.
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 9.
 

Note: The Federal Reserve Board authorized the Federal Reserve Bank of New York to extend credit under the
authority of section 13(3) of the Federal Reserve Act to a series of limited liability companies funded through
the Money Market Investor Funding Facility (MMIFF). The MMIFF became operational on November 24, 2008. These
limited liability companies were established to purchase short-term U.S. dollar-denominated certificates of
deposit, bank notes, and outstanding asset-backed commercial paper from eligible issuers. Such purchases are
designed to foster liquidity in short-term money markets.
 

 

8. Consolidated Statement of Condition of All Federal Reserve Banks
Millions of dollars
Assets, liabilities, and capital Eliminations
from
consolidation
  Change since
Wednesday
Mar 25, 2009
Wednesday
Mar 18, 2009
Wednesday
Mar 26, 2008
Assets                                                   
Gold certificate account                                           11,037                0                   0
Special drawing rights certificate account                          2,200                0                   0
Coin                                                                1,832       +        5          +      511
Securities, repurchase agreements, term auction          
      credit, and other loans                                   1,366,112       +    2,716          +  529,449
  Securities held outright                                        761,295       +    1,830          +  148,990
    U.S. Treasury securities (1)                                  474,746       +       42          -  137,559
      Bills (2)                                                    18,423                0          -   95,668
      Notes and bonds, nominal (2)                                412,914                0          -   42,138
      Notes and bonds, inflation-indexed (2)                       39,378                0          +      941
      Inflation compensation (3)                                    4,032       +       42          -      694
    Federal agency debt securities (2)                             50,393       +    2,121          +   50,393
    Mortgage-backed securities (4)                                236,156       -      333          +  236,156
  Repurchase agreements (5)                                             0                0          -  106,750
  Term auction credit                                             468,589                0          +  388,589
  Other loans                                                     136,227       +      885          +   98,620
Net portfolio holdings of Commercial Paper               
  Funding Facility LLC (6)                                        241,311       +      598          +  241,311
Net portfolio holdings of LLCs funded through            
  the Money Market Investor Funding Facility (7)                        0                0                   0
Net portfolio holdings of Maiden Lane LLC (8)                      26,288       +       76          +   26,288
Net portfolio holdings of Maiden Lane II LLC (9)                   18,449       +       10          +   18,449
Net portfolio holdings of                                
  Maiden Lane III LLC (10)                                         27,645       +       17          +   27,645
Items in process of collection                         (291)          468       +       80          -      317
Bank premises                                                       2,187                0          +       44
Central bank liquidity swaps (11)                                 327,778       -    1,234          +  327,778
Other assets (12)                                                  47,919       +    2,337          +    6,300
                                                         
      Total assets                                     (291)    2,073,227       +    4,607          +1,177,459
 

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
 

 

8. Consolidated Statement of Condition of All Federal Reserve Banks (continued)
Millions of dollars
Assets, liabilities, and capital Eliminations
from
consolidation
  Change since
Wednesday
Mar 25, 2009
Wednesday
Mar 18, 2009
Wednesday
Mar 26, 2008
Liabilities                                              
Federal Reserve notes, net of F.R. Bank holdings                  863,094       +      362          +   82,462
Reverse repurchase agreements (13)                                 66,427       +    1,400          +   25,605
Deposits                                                 (0)    1,085,260       +    1,852          +1,058,249
  Depository institutions                                         822,412       +   42,106          +  800,845
  U.S. Treasury, general account                                   56,198       -   44,181          +   51,254
  U.S. Treasury, supplementary financing account                  199,935       -        2          +  199,935
  Foreign official                                                  1,587       -      903          +    1,348
  Other                                                  (0)        5,128       +    4,833          +    4,867
Deferred availability cash items                       (291)        2,861       -       72          +      203
Other liabilities and accrued dividends (14)                        9,402       -        3          +    5,569
                                                         
      Total liabilities                                (291)    2,027,045       +    3,540          +1,172,090
                                                         
Capital accounts                                         
Capital paid in                                                    22,556       +       23          +    3,010
Surplus                                                            21,148       +        8          +    2,690
Other capital accounts                                              2,478       +    1,035          -      330
                                                         
      Total capital                                                46,182       +    1,067          +    5,370
 

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. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Current face value of the securities, which is
the remaining principal balance of the underlying mortgages.
5. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
6. Refer to table 6 and the note on consolidation accompanying table 9.
7. Refer to table 7 and the note on consolidation accompanying table 9.
8. Refer to table 3 and the note on consolidation accompanying table 9.
9. Refer to table 4 and the note on consolidation accompanying table 9.
10. Refer to table 5 and the note on consolidation accompanying table 9.
11. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when
the foreign currency is returned to the foreign central bank. This exchange rate equals the market
exchange rate used when the foreign currency was acquired from the foreign central bank.
12. Includes other assets denominated in foreign currencies, which are revalued daily at market exchange rates.
13. Cash value of agreements, which are collateralized by U.S. Treasury securities.
14. Includes the liabilities of Commercial Paper Funding Facility LLC, the LLCs funded through the Money Market
Investor Funding Facility, Maiden Lane LLC, Maiden Lane II LLC, and Maiden Lane III LLC to entities other
than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio
holdings of these LLCs. Refer to table 3 through table 7 and the note on consolidation accompanying table 9.
 

 

9. Statement of Condition of Each Federal Reserve Bank, March 25, 2009
Millions of dollars
Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas
City
Dallas San
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                                           1,832          66          81         157         149         250         214         220          43          62         124         178         289 
Securities, repurchase agreements, term                            
      auction credit, and other loans      1,366,112      59,072     626,469      76,577      40,795     153,430      88,717      75,434      31,077      20,446      30,391      38,034     125,670 
  Securities held outright                   761,295      31,932     270,864      33,239      28,868      69,033      75,748      67,192      26,308      14,372      27,953      31,579      84,208 
    U.S. Treasury securities (1)             474,746      19,913     168,912      20,728      18,002      43,049      47,236      41,901      16,406       8,963      17,432      19,693      52,512 
      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)                    456,324      19,140     162,357      19,924      17,304      41,379      45,403      40,275      15,769       8,615      16,755      18,929      50,474 
    Federal agency debt securities (2)        50,393       2,114      17,930       2,200       1,911       4,570       5,014       4,448       1,741         951       1,850       2,090       5,574 
    Mortgage-backed securities (4)           236,156       9,905      84,023      10,311       8,955      21,414      23,497      20,843       8,161       4,458       8,671       9,796      26,121 
  Repurchase agreements (5)                        0           0           0           0           0           0           0           0           0           0           0           0           0 
  Term auction credit                        468,589      20,010     231,676      43,288      11,911      83,833      12,753       6,469       4,638       5,749       2,416       6,025      39,823 
  Other loans                                136,227       7,131     123,929          50          16         565         216       1,774         131         325          22         430       1,640 
Net portfolio holdings of Commercial                               
  Paper Funding Facility LLC (6)             241,311           0     241,311           0           0           0           0           0           0           0           0           0           0 
Net portfolio holdings of LLCs funded                              
  through the Money Market Investor                                
  Funding Facility (7)                             0           0           0           0           0           0           0           0           0           0           0           0           0 
Net portfolio holdings of Maiden Lane                              
  LLC (8)                                     26,288           0      26,288           0           0           0           0           0           0           0           0           0           0 
Net portfolio holdings of Maiden                                   
  Lane II LLC (9)                             18,449           0      18,449           0           0           0           0           0           0           0           0           0           0 
Net portfolio holdings of Maiden                                   
  Lane III LLC (10)                           27,645           0      27,645           0           0           0           0           0           0           0           0           0           0 
Items in process of collection                   760          35           0         125          83          46        -152          94          23          56         287          70          93 
Bank premises                                  2,187         122         210          65         146         233         224         207         134         112         272         250         212 
Central bank liquidity swaps (11)            327,778      13,362      82,961      36,640      24,565      94,647      25,508      11,134       3,319       5,134       3,291       4,289      22,930 
Other assets (12)                             47,919       1,948      15,110       3,785       2,654       9,050       4,143       2,792       1,040         823       1,093       1,289       4,193 
Interdistrict settlement account                   0   +   2,283   +   2,555   -  56,821   +   5,226   -  43,961   +  21,013   +  14,424   -   2,241   -   3,818   +  17,638   +  16,147   +  27,555 
                                                                   
      Total assets                         2,073,518      77,427   1,045,888      61,063      74,145     214,733     141,052     105,429      33,809      23,044      53,512      60,990     182,426 
 

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
 

 

9. Statement of Condition of Each Federal Reserve Bank, March 25, 2009 (continued)
Millions of dollars
Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas
City
Dallas San
Francisco
Liabilities                                                         
Federal Reserve notes outstanding           1,043,613      37,294     367,362      40,469      45,638      79,293     133,530      87,427      29,519      20,037      29,201      62,786     111,058 
  Less: Notes held by F.R. Banks              180,519       5,446      55,636       4,886       7,459      12,045      29,015      13,378       3,741       2,861       3,361      17,120      25,571 
    Federal Reserve notes, net                863,094      31,848     311,726      35,583      38,179      67,248     104,515      74,049      25,777      17,176      25,840      45,666      85,486 
Reverse repurchase agreements (13)             66,427       2,786      23,634       2,900       2,519       6,023       6,609       5,863       2,295       1,254       2,439       2,755       7,348 
Deposits                                    1,085,260      40,677     690,497      17,051      29,579     128,406      25,857      23,253       5,077       3,303      24,517      11,571      85,472 
  Depository institutions                     822,412      40,666     427,765      17,047      29,575     128,330      25,851      23,249       5,071       3,302      24,516      11,571      85,468 
  U.S. Treasury, general account               56,198           0      56,198           0           0           0           0           0           0           0           0           0           0 
  U.S. Treasury, supplementary                                      
    financing account                         199,935           0     199,935           0           0           0           0           0           0           0           0           0           0 
  Foreign official                              1,587           2       1,558           4           3          11           3           1           0           1           0           1           3 
  Other                                         5,128          10       5,040           0           1          64           2           2           5           0           1           0           2 
Deferred availability cash items                3,152          84           0         494         438         203         290         342          40         330         131         215         585 
Other liabilities and accrued                                                 
  dividends (14)                                9,402         174       6,676         205         197         511         389         315         161         115         131         181         348 
                                                                    
      Total liabilities                     2,027,336      75,570   1,032,533      56,234      70,912     202,391     137,660     103,822      33,351      22,177      53,059      60,388     179,239 
                                                                    
Capital                                                             
Capital paid in                                22,556         908       6,361       2,381       1,587       6,161       1,645         769         216         485         213         285       1,544 
Surplus                                        21,148         844       5,679       2,315       1,552       5,981       1,612         704         210         324         208         271       1,449 
Other capital                                   2,478         105       1,315         133          94         200         135         135          32          57          32          45         194 
                                                                    
      Total liabilities and capital         2,073,518      77,427   1,045,888      61,063      74,145     214,733     141,052     105,429      33,809      23,044      53,512      60,990     182,426 
                              
Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
 

 

9. Statement of Condition of Each Federal Reserve Bank, March 25, 2009 (continued)
 

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. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Current face value of the securities, which is the remaining principal balance of the underlying mortgages.
5. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
6. Refer to table 6 and the note on consolidation below.
7. Refer to table 7 and the note on consolidation below.
8. Refer to table 3 and the note on consolidation below.
9. Refer to table 4 and the note on consolidation below.
10. Refer to table 5 and the note on consolidation below.
11. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This
exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.
12. Includes other assets denominated in foreign currencies, which are revalued daily at market exchange rates.
13. Cash value of agreements, which are collateralized by U.S. Treasury securities.
14. Includes the liabilities of Commercial Paper Funding Facility LLC, the LLCs funded through the Money Market Investor Funding Facility, Maiden Lane LLC, Maiden Lane II LLC, and Maiden
Lane III LLC to entities other than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of these LLCs. Refer to table 3 through
table 7 and the note on consolidation below.
 

Note on consolidation:
 

The Federal Reserve Bank of New York (FRBNY) has extended loans to several limited liability companies under the authority of section 13(3) of the Federal Reserve Act. On June 26, 2008,
a loan was extended to Maiden Lane LLC, which was formed to acquire certain assets of Bear Stearns. On October 27, 2008, the FRBNY began extending loans to Commercial Paper Funding
Facility LLC, which was formed to purchase three-month U.S. dollar-denominated commercial paper from eligible issuers. On October 21, 2008, the Federal Reserve Board authorized the FRBNY
to extend credit to a series of LLCs funded through the Money Market Investor Funding Facility. These LLCs, which became operational on November 24, 2008, were established to purchase
short-term U.S. dollar-denominated certificates of deposit, bank notes, and commercial paper from eligible issuers. On November 25, 2008, a loan was extended to Maiden Lane III LLC,
which was formed to purchase multi-sector collateralized debt obligations on which the Financial Products group of the American International Group, Inc. has written credit default swap
contracts. On December 12, 2008, a loan was extended to Maiden Lane II LLC, which was formed to purchase residential mortgage-backed securities from the U.S. securities lending
reinvestment portfolio of subsidiaries of American International Group, Inc.
 

The FRBNY is the sole beneficiary of Commercial Paper Funding Facility LLC and the primary beneficiary of the other LLCs cited above. Consistent with generally accepted accounting principles,
the assets and liabilities of these LLCs 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 extensions of credit from the FRBNY to the LLCs are eliminated, the net assets of the LLCs appear as assets on the previous page (and in table 1 and
table 8), and the liabilities of the LLCs to entities other than the FRBNY, including those with recourse only to the portfolio holdings of the LLCs, are included in other liabilities in
this table (and table 1 and table 8).
 

 

10. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts
Millions of dollars
Federal Reserve notes and collateral Wednesday
Mar 25, 2009
                                                                                            
Federal Reserve notes outstanding                                                              1,043,613 
  Less: Notes held by F.R. Banks not subject to collateralization                                180,519 
    Federal Reserve notes to be collateralized                                                   863,094 
Collateral held against Federal Reserve notes                                                    863,094 
  Gold certificate account                                                                        11,037 
  Special drawing rights certificate account                                                       2,200 
  U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2)                       700,375 
  Other assets pledged                                                                           149,483 
                                                                                            
Memo:                                                                                       
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2)                           761,295 
  Less: Face value of securities under reverse repurchase agreements                              60,921 
    U.S. Treasury, agency debt, and mortgage-backed securities                              
    eligible to be pledged                                                                       700,375 
   
Note: Components may not sum to totals because of rounding.
 

1. Includes face value of U.S. Treasury, agency debt, and mortgage-backed 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.
2. Includes securities lent to dealers under the overnight and term securities lending facilities; refer
to table 1A.

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