FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks December 27, 2007 1. Factors Affecting Reserve Balances of Depository Institutions Millions of dollars Averages of daily figures Reserve Bank credit, related items, and Week ended Change from week ended Wednesday reserve balances of depository institutions at Dec 26, 2007 Dec 19, 2007 Dec 27, 2006 Dec 26, 2007 Federal Reserve Banks Reserve Bank Credit 873,512 + 2,582 + 21,265 877,148 Securities held outright 754,605 - 15,143 - 24,346 754,612 U.S. Treasury (1) 754,605 - 15,143 - 24,346 754,612 Bills (2) 241,856 - 15,163 - 35,163 241,856 Notes and bonds, nominal (2) 470,984 0 + 3,120 470,984 Notes and bonds, inflation-indexed (2) 36,911 0 + 6,806 36,911 Inflation compensation (3) 4,855 + 21 + 891 4,862 Federal agency (2) 0 0 0 0 Repurchase agreements(4) 39,536 - 16,214 + 6,500 42,500 Term auction credit 20,000 + 20,000 + 20,000 20,000 Other loans 4,828 + 209 + 4,679 4,535 Primary credit 4,802 + 216 + 4,738 4,513 Secondary credit 0 0 0 0 Seasonal credit 26 - 6 - 59 22 Float -902 - 533 - 1,777 -336 Other Federal Reserve assets 55,445 + 14,262 + 16,209 55,837 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 38,807 + 14 + 609 38,807 Total factors supplying reserve funds 925,560 + 2,596 + 21,873 929,196 Currency in circulation(5) 825,624 + 6,053 + 8,800 829,193 Reverse repurchase agreements (6) 39,120 + 2,031 + 8,611 40,542 Foreign official and international accounts 39,120 + 2,031 + 8,611 40,542 Dealers 0 0 0 0 Treasury cash holdings 246 - 1 + 16 246 Deposits with F.R.Banks, other than reserve balances 11,906 - 2,569 - 529 11,535 U.S. Treasury, general account 4,910 - 2,590 - 330 4,529 Foreign official 97 - 7 + 5 97 Service-related 6,615 + 17 - 222 6,615 Required clearing balances 6,615 + 74 - 222 6,615 Adjustments to compensate for float 0 - 57 0 0 Other 283 + 11 + 17 293 Other liabilities and capital 42,799 - 10 + 5,975 42,900 Total factors, other than reserve balances, absorbing reserve funds 919,694 + 5,504 + 22,872 924,415 Reserve balances with Federal Reserve Banks 5,865 - 2,910 - 1,000 4,781 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 2,056,411 + 8,516 + 304,309 2,062,315 U.S. Treasury 1,226,184 + 1,551 + 70,299 1,230,621 Federal agency 830,227 + 6,965 + 234,010 831,694 Securities lent to dealers 14,130 + 3,378 + 10,805 17,462 Note: Components may not sum to totals because of rounding. 1 Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities. 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 Estimated. 6 Cash value of agreements, which are collateralized by U.S. Treasury securities. 7 Includes U.S. Treasury STRIPS and other zero coupon bonds at face value. Sources: Federal Reserve Banks and the U.S. Department of the Treasury. 2. Consolidated Statement of Condition of All Federal Reserve Banks Millions of Dollars Eliminations Change Since from Wednesday Wednesday Wednesday Assets, liabilities, and capital consolidation Dec 26, 2007 Dec 19, 2007 Dec 27, 2006 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 2,200 0 0 Coin 1,173 - 25 + 373 Securities, repurchase agreements, term auction credit, and other loans 821,647 - 10,624 + 6,221 Securities held outright 754,612 - 15,143 - 24,326 U.S. Treasury (1) 754,612 - 15,143 - 24,326 Bills (2) 241,856 - 15,163 - 35,163 Notes and bonds, nominal (2) 470,984 0 + 3,120 Notes and bonds, inflation-indexed (2) 36,911 0 + 6,806 Inflation compensation (3) 4,862 + 20 + 911 Federal agency (2) 0 0 0 Repurchase agreements (4) 42,500 - 15,250 + 6,500 Term auction credit 20,000 + 20,000 + 20,000 Other loans 4,535 - 230 + 4,047 Items in process of collection (496) 1,881 - 1,504 - 3,256 Bank premises 2,128 + 4 + 184 Other assets (5) 53,752 + 14,691 + 16,403 Total assets (496) 893,818 + 2,542 + 19,924 Liabilities Federal Reserve notes, net of FR Bank holdings 791,801 + 6,016 + 9,068 Reverse repurchase agreements (6) 40,542 + 4,112 + 8,416 Deposits (0) 16,358 - 6,244 - 1,233 Depository institutions 11,439 - 6,222 - 1,333 U.S. Treasury, general account 4,529 - 57 + 59 Foreign official 97 + 1 + 5 Other (0) 293 + 33 + 35 Deferred availability cash items (496) 2,216 - 1,839 - 2,511 Other liabilities and accrued dividends (7) 5,789 - 71 - 198 Total liabilities (496) 856,706 + 1,973 + 13,543 Capital Accounts Capital paid in 18,353 + 136 + 3,025 Surplus 15,462 + 2 + 4,908 Other capital accounts 3,297 + 430 - 1,551 Total capital 37,112 + 569 + 6,381 Note: Components may not sum to totals because of rounding. 1 Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities. 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 securites. 5 Includes assets denominated in foreign currencies, which are revalued daily at market exchange rates. 6 Cash value of agreements, which are collateralized by U.S. Treasury securities. 7 Includes exchange-translation account reflecting the daily revaluation at market exchange rates of foreign exchange commitments. 3. Maturity Distribution of Term Auction Credit, Other Loans and Securities, December 26, 2007 Millions of dollars Term auction Other U.S. Treasury Reverse Remaining maturity credit loans securities (1) Repurchase repurchase Weekly agreements(2)agreements(2) Holdings changes Within 15 days 0 4,535 46,058 - 2,756 42,500 40,542 16 days to 90 days 20,000 0 146,785 - 7,069 0 0 91 days to 1 year ------ 0 157,614 - 5,337 ------ ------ Over 1 to 5 years ------ ------ 233,402 + 8 ------ ------ Over 5 to 10 years ------ ------ 81,945 + 3 ------ ------ Over 10 years ------ ------ 88,809 + 8 ------ ------ All 20,000 4,535 754,612 - 15,143 42,500 40,542 Note: Components may not sum to totals because of rounding. --- Not applicable. 1 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. 2 Cash value of agreements. 4. Statement of Condition of Each Federal Reserve Bank on December 26, 2007 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 11,037 449 4,053 455 428 869 1,117 903 326 203 335 613 1,286 Special drawing rights certificate acct. 2,200 115 874 83 104 147 166 212 71 30 66 98 234 Coin 1,173 35 54 88 111 137 151 134 50 45 72 131 166 Securities, repurchase agreements, term auction credit, and other loans 821,647 36,736 309,622 35,265 32,620 69,088 73,930 67,345 26,476 15,907 25,819 36,424 92,413 Securities held outright 754,612 34,777 273,243 33,384 30,881 65,381 69,989 63,294 24,118 15,056 24,427 33,155 86,906 U.S. Treasury (1) 754,612 34,777 273,243 33,384 30,881 65,381 69,989 63,294 24,118 15,056 24,427 33,155 86,906 Bills (2) 241,856 11,146 87,575 10,700 9,898 20,955 22,432 20,286 7,730 4,826 7,829 10,626 27,854 Notes and bonds(3) 512,756 23,631 185,668 22,685 20,984 44,426 47,557 43,008 16,388 10,231 16,598 22,529 59,052 Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements(4) 42,500 1,959 15,389 1,880 1,739 3,682 3,942 3,565 1,358 848 1,376 1,867 4,895 Term auction credit 20,000 0 16,490 0 0 25 0 475 1,000 0 0 1,400 610 Other loans 4,535 0 4,500 0 0 0 0 11 0 3 16 2 3 Items in process of collection 2,376 97 141 209 454 120 -91 258 18 236 295 122 517 Bank premises 2,128 119 215 64 154 181 230 205 112 113 264 257 214 Other assets(5) 53,752 1,677 15,679 5,073 3,299 11,298 4,537 3,354 919 994 945 1,217 4,761 Interdistrict settlement account 0 - 1,183 -15,149 - 396 + 661 + 2,193 + 1,398 + 7,650 + 3,750 + 1,127 + 5,100 - 2,435 - 2,716 Total Assets 894,314 38,044 315,490 40,840 37,831 84,034 81,438 80,061 31,722 18,655 32,896 36,427 96,875 Note: Components may not sum to totals because of rounding. 1 Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities. 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 Includes assets denominated in foreign currencies, which are revalued daily at market exchange rates. 4. Statement of Condition of Each Federal Reserve Bank on December 26, 2007 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 1,011,737 39,299 356,567 42,075 39,654 81,385 108,549 87,047 33,320 19,415 33,703 57,582 113,141 Less: notes held by F.R. Banks 219,937 5,889 74,454 7,796 7,294 13,936 35,900 13,736 3,854 2,877 3,270 24,747 26,185 Federal Reserve notes, net 791,801 33,409 282,113 34,279 32,360 67,449 72,650 73,311 29,466 16,538 30,433 32,835 86,956 Reverse repurchase agreements (1) 40,542 1,868 14,680 1,794 1,659 3,513 3,760 3,401 1,296 809 1,312 1,781 4,669 Deposits 16,358 425 7,559 452 683 1,789 1,311 863 354 233 415 663 1,611 Depository institutions 11,439 419 2,747 447 677 1,724 1,308 860 343 233 413 662 1,607 U.S. Treasury, general account 4,529 0 4,529 0 0 0 0 0 0 0 0 0 0 Foreign official 97 1 66 5 3 11 3 2 0 1 0 1 3 Other 293 6 216 0 3 54 0 0 11 0 2 0 0 Deferred availability cash items 2,712 126 98 374 382 305 258 307 25 199 147 135 354 Other liabilities and accrued dividends (2) 5,789 254 1,692 278 271 976 556 443 200 152 183 259 525 Total liabilities 857,202 36,083 306,142 37,178 35,354 74,031 78,536 78,324 31,342 17,932 32,491 35,674 94,115 Capital Capital paid in 18,353 1,049 4,538 1,813 1,291 4,996 1,420 819 180 354 190 362 1,339 Surplus 15,462 396 3,845 1,812 1,088 4,099 1,279 861 167 276 176 215 1,248 Other capital 3,297 516 965 38 98 907 203 57 33 92 38 176 173 Total liabilities and capital 894,314 38,044 315,490 40,840 37,831 84,034 81,438 80,061 31,722 18,655 32,896 36,427 96,875 Note: Components may not sum to totals because of rounding. 1 Cash value of agreements, which are collateralized by U.S. Treasury securities. 2 Includes exchange-translation account reflecting the daily revaluation at market exchange rates of foreign exchange commitments. 5. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts Millions of dollars Federal Reserve notes and collateral Wednesday Dec 26, 2007 Federal Reserve notes outstanding 1,011,737 Less: Notes held by F.R. Banks not subject to collateralization 219,937 Federal Reserve notes to be collateralized 791,801 Collateral held against Federal Reserve notes 791,801 Gold certificate account 11,037 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 756,516 Other assets pledged 22,048 Memo: Total U.S. Treasury and agency securities (1) 797,112 Less:face value of securities under reverse repurchase agreements 40,596 U.S. Treasury and agency securities eligible to be pledged 756,516 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.