FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks January 24, 2008 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 Jan 23, 2008 Jan 16, 2008 Jan 24, 2007 Jan 23, 2008 Federal Reserve Banks Reserve Bank Credit 861,489 - 6,047 + 24,399 861,216 Securities held outright 723,298 - 4,940 - 55,582 723,315 U.S. Treasury (1) 723,298 - 4,940 - 55,582 723,315 Bills (2) 210,360 - 5,000 - 66,659 210,360 Notes and bonds, nominal (2) 470,984 0 + 3,120 470,984 Notes and bonds, inflation-indexed (2) 37,463 + 395 + 6,876 37,463 Inflation compensation (3) 4,491 - 335 + 1,081 4,508 Federal agency (2) 0 0 0 0 Repurchase agreements(4) 21,500 - 9,821 + 2,893 22,000 Term auction credit 50,000 + 10,000 + 50,000 50,000 Other loans 752 - 484 + 433 20 Primary credit 744 - 486 + 446 14 Secondary credit 0 0 0 0 Seasonal credit 8 + 2 - 13 6 Float -1,271 - 227 - 726 -1,546 Other Federal Reserve assets 67,210 - 574 + 27,381 67,427 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 38,863 + 14 + 621 38,863 Total factors supplying reserve funds 913,593 - 6,033 + 25,021 913,320 Currency in circulation(5) 812,230 - 1,388 + 8,924 811,982 Reverse repurchase agreements (6) 39,705 + 1,137 + 10,295 37,495 Foreign official and international accounts 39,705 + 1,137 + 10,295 37,495 Dealers 0 0 0 0 Treasury cash holdings 288 + 16 + 68 304 Deposits with F.R.Banks, other than reserve balances 12,441 + 216 + 75 11,951 U.S. Treasury, general account 5,335 + 164 + 223 4,871 Foreign official 102 + 2 - 7 97 Service-related 6,679 + 28 - 158 6,679 Required clearing balances 6,679 + 28 - 158 6,679 Adjustments to compensate for float 0 0 0 0 Other 325 + 22 + 17 304 Other liabilities and capital 42,516 - 742 + 5,492 42,151 Total factors, other than reserve balances, absorbing reserve funds 907,181 - 761 + 24,855 903,883 Reserve balances with Federal Reserve Banks 6,412 - 5,272 + 166 9,437 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 2,095,767 + 24,092 + 316,456 2,103,433 U.S. Treasury 1,251,102 + 12,135 + 81,922 1,250,167 Federal agency 844,665 + 11,957 + 234,534 853,265 Securities lent to dealers 10,433 + 3,360 + 8,766 10,594 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 Jan 23, 2008 Jan 16, 2008 Jan 24, 2007 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 2,200 0 0 Coin 1,294 + 48 + 310 Securities, repurchase agreements, term auction credit, and other loans 795,335 - 17,491 - 2,566 Securities held outright 723,315 - 4,944 - 55,560 U.S. Treasury (1) 723,315 - 4,944 - 55,560 Bills (2) 210,360 - 5,000 - 66,659 Notes and bonds, nominal (2) 470,984 0 + 3,120 Notes and bonds, inflation-indexed (2) 37,463 0 + 6,876 Inflation compensation (3) 4,508 + 56 + 1,102 Federal agency (2) 0 0 0 Repurchase agreements (4) 22,000 - 17,000 + 3,000 Term auction credit 50,000 + 10,000 + 50,000 Other loans 20 - 5,547 - 6 Items in process of collection (1,148) 2,688 + 626 - 430 Bank premises 2,137 + 5 + 188 Other assets (5) 65,156 - 171 + 26,760 Total assets (1,148) 879,847 - 16,983 + 24,262 Liabilities Federal Reserve notes, net of FR Bank holdings 774,712 - 791 + 8,874 Reverse repurchase agreements (6) 37,495 - 3,584 + 8,076 Deposits (0) 21,255 - 13,073 + 2,242 Depository institutions 15,984 - 12,264 + 2,776 U.S. Treasury, general account 4,871 - 803 - 541 Foreign official 97 0 + 7 Other (0) 304 - 5 + 1 Deferred availability cash items (1,148) 4,233 + 946 + 22 Other liabilities and accrued dividends (7) 4,406 - 662 - 1,145 Total liabilities (1,148) 842,102 - 17,165 + 18,069 Capital Accounts Capital paid in 18,465 + 17 + 3,133 Surplus 18,444 + 27 + 3,352 Other capital accounts 836 + 138 - 292 Total capital 37,745 + 182 + 6,193 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, January 23, 2008 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 20,000 20 46,545 + 3,340 22,000 37,495 16 days to 90 days 30,000 0 123,121 - 8,298 0 0 91 days to 1 year ------ 0 148,953 - 37 ------ ------ Over 1 to 5 years ------ ------ 231,414 + 17 ------ ------ Over 5 to 10 years ------ ------ 84,395 + 2,426 ------ ------ Over 10 years ------ ------ 88,887 - 2,391 ------ ------ All 50,000 20 723,315 - 4,944 22,000 37,495 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 January 23, 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 11,037 449 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 1,294 42 61 94 127 152 166 145 54 53 80 140 179 Securities, repurchase agreements, term auction credit, and other loans 795,335 34,368 305,525 32,978 31,593 65,336 72,162 63,422 24,871 16,371 24,151 33,997 90,561 Securities held outright 723,315 33,335 261,910 32,000 29,600 62,670 67,086 60,669 23,118 14,432 23,414 31,780 83,301 U.S. Treasury (1) 723,315 33,335 261,910 32,000 29,600 62,670 67,086 60,669 23,118 14,432 23,414 31,780 83,301 Bills (2) 210,360 9,695 76,171 9,306 8,609 18,226 19,510 17,644 6,723 4,197 6,810 9,243 24,226 Notes and bonds(3) 512,955 23,640 185,740 22,693 20,992 44,444 47,575 43,025 16,395 10,235 16,605 22,537 59,075 Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements(4) 22,000 1,014 7,966 973 900 1,906 2,040 1,845 703 439 712 967 2,534 Term auction credit 50,000 20 35,649 0 1,093 760 3,035 905 1,050 1,500 20 1,250 4,719 Other loans 20 0 0 6 0 0 0 2 0 0 5 0 7 Items in process of collection 3,836 139 333 451 449 127 326 315 155 236 374 238 693 Bank premises 2,137 120 215 64 153 182 230 205 114 113 269 256 217 Other assets(5) 65,156 1,987 18,560 6,341 4,088 14,233 5,488 4,000 1,068 1,195 1,095 1,392 5,711 Interdistrict settlement account 0 + 277 -17,714 - 348 - 282 + 2,216 + 3,265 + 9,652 + 4,188 + 150 + 5,886 - 1,990 - 5,299 Total Assets 880,995 37,498 311,907 40,118 36,660 83,261 82,919 78,854 30,846 18,350 32,256 34,744 93,582 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 January 23, 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 Liabilities Federal Reserve notes outstanding 1,004,645 39,182 351,797 42,084 39,673 80,411 111,027 86,249 32,976 19,248 33,294 56,946 111,757 Less: notes held by F.R. Banks 229,932 6,639 72,634 8,888 9,121 15,112 36,858 14,818 4,426 3,081 3,792 25,875 28,688 Federal Reserve notes, net 774,712 32,542 279,162 33,196 30,552 65,299 74,169 71,431 28,550 16,167 29,502 31,072 83,069 Reverse repurchase agreements (1) 37,495 1,728 13,577 1,659 1,534 3,249 3,478 3,145 1,198 748 1,214 1,647 4,318 Deposits 21,255 668 8,135 447 1,044 3,717 1,367 1,751 332 293 489 757 2,255 Depository institutions 15,984 653 3,026 441 1,040 3,602 1,364 1,749 321 292 487 756 2,252 U.S. Treasury, general account 4,871 0 4,871 0 0 0 0 0 0 0 0 0 0 Foreign official 97 1 67 5 3 11 3 2 0 1 0 1 3 Other 304 13 171 2 1 104 0 0 11 0 1 0 0 Deferred availability cash items 5,381 254 206 938 690 411 477 434 196 287 474 280 733 Other liabilities and accrued dividends (2) 4,406 209 1,291 210 222 519 410 400 187 129 166 232 431 Total liabilities 843,250 35,401 302,371 36,450 34,042 73,194 79,900 77,161 30,464 17,625 31,845 33,988 90,807 Capital Capital paid in 18,465 1,049 4,619 1,814 1,291 4,996 1,448 816 180 355 194 364 1,339 Surplus 18,444 1,044 4,619 1,813 1,291 4,996 1,425 814 180 355 194 363 1,350 Other capital 836 4 299 41 36 74 147 61 22 15 22 29 85 Total liabilities and capital 880,995 37,498 311,907 40,118 36,660 83,261 82,919 78,854 30,846 18,350 32,256 34,744 93,582 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 Jan 23, 2008 Federal Reserve notes outstanding 1,004,645 Less: Notes held by F.R. Banks not subject to collateralization 229,932 Federal Reserve notes to be collateralized 774,712 Collateral held against Federal Reserve notes 774,712 Gold certificate account 11,037 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 707,795 Other assets pledged 53,680 Memo: Total U.S. Treasury and agency securities (1) 745,315 Less:face value of securities under reverse repurchase agreements 37,520 U.S. Treasury and agency securities eligible to be pledged 707,795 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.