For Release at 4:30 P.M. Eastern time March 20, 2008 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 data on the Primary Dealer Credit Facility, which was approved by the Board of Governors on March 16, 2008, and began operations on March 17, 2008. The release also includes data on other credit extensions. This category includes credit extensions such as the arrangements involving JPMorgan Chase & Co. and The Bear Stearns Companies Inc. that were approved by the Board of Governors on March 14, 2008, and March 16, 2008. FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks March 20, 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 Mar 19, 2008 Mar 12, 2008 Mar 21, 2007 Mar 19, 2008 Federal Reserve Banks Reserve Bank Credit 878,784 + 9,622 + 27,663 873,017 Securities held outright 676,894 - 32,239 - 103,963 660,484 U.S. Treasury (1) 676,894 - 32,239 - 103,963 660,484 Bills (2) 165,216 - 30,858 - 111,803 152,360 Notes and bonds, nominal (2) 468,581 - 1,429 + 28 465,010 Notes and bonds, inflation-indexed (2) 38,437 0 + 6,661 38,437 Inflation compensation (3) 4,660 + 48 + 1,151 4,678 Federal agency (2) 0 0 0 0 Repurchase agreements(4) 61,107 + 2,393 + 29,357 62,000 Term auction credit 80,000 + 20,000 + 80,000 80,000 Other loans 19,049 + 18,946 + 19,009 28,925 Primary credit 81 - 18 + 71 120 Secondary credit 0 0 0 0 Seasonal credit 7 + 4 - 23 6 Primary dealer credit facility 13,433 + 13,433 + 13,433 28,800 Other credit extensions 5,529 + 5,529 + 5,529 0 Float -1,567 - 406 - 963 -1,780 Other Federal Reserve assets 43,301 + 928 + 4,223 43,387 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 38,764 + 14 + 419 38,764 Total factors supplying reserve funds 930,789 + 9,636 + 28,082 925,022 Currency in circulation(5) 817,054 + 130 + 10,763 818,362 Reverse repurchase agreements (6) 40,710 + 689 + 1,473 46,143 Foreign official and international accounts 39,674 - 347 + 437 38,893 Dealers 1,036 + 1,036 + 1,036 7,250 Treasury cash holdings 273 + 12 + 36 291 Deposits with F.R.Banks, other than reserve balances 12,273 + 44 - 496 12,505 U.S. Treasury, general account 5,152 + 76 - 256 5,364 Foreign official 103 + 5 + 13 99 Service-related 6,754 + 4 - 287 6,754 Required clearing balances 6,754 + 4 - 287 6,754 Adjustments to compensate for float 0 0 0 0 Other 264 - 42 + 35 288 Other liabilities and capital 44,734 + 291 + 5,950 44,213 Total factors, other than reserve balances, absorbing reserve funds 915,044 + 1,165 + 17,727 921,515 Reserve balances with Federal Reserve Banks 15,746 + 8,472 + 10,356 3,507 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 2,168,498 + 17,282 + 292,643 2,173,695 U.S. Treasury 1,280,342 + 2,645 + 62,914 1,278,331 Federal agency 888,156 + 14,637 + 229,729 895,364 Securities lent to dealers 12,228 + 589 + 10,581 9,890 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 Mar 19, 2008 Mar 12, 2008 Mar 21, 2007 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 2,200 0 0 Coin 1,316 - 8 + 385 Securities, repurchase agreements, term auction credit, and other loans 831,410 - 9,054 + 20,764 Securities held outright 660,484 - 42,952 - 120,382 U.S. Treasury (1) 660,484 - 42,952 - 120,382 Bills (2) 152,360 - 38,000 - 124,659 Notes and bonds, nominal (2) 465,010 - 5,000 - 3,543 Notes and bonds, inflation-indexed (2) 38,437 0 + 6,661 Inflation compensation (3) 4,678 + 49 + 1,160 Federal agency (2) 0 0 0 Repurchase agreements (4) 62,000 - 15,000 + 32,250 Term auction credit 80,000 + 20,000 + 80,000 Other loans 28,925 + 28,897 + 28,896 Items in process of collection (418) 1,486 + 132 - 1,419 Bank premises 2,141 + 3 + 167 Other assets (5) 41,158 + 717 + 3,898 Total assets (418) 890,747 - 8,209 + 23,795 Liabilities Federal Reserve notes, net of FR Bank holdings 781,201 - 53 + 11,149 Reverse repurchase agreements (6) 46,143 + 5,946 + 7,646 Deposits (0) 15,925 - 14,687 - 396 Depository institutions 10,175 - 14,831 - 1,115 U.S. Treasury, general account 5,364 + 115 + 643 Foreign official 99 + 3 + 9 Other (0) 288 + 28 + 68 Deferred availability cash items (418) 3,265 + 401 - 548 Other liabilities and accrued dividends (7) 4,077 - 288 - 1,734 Total liabilities (418) 850,611 - 8,681 + 16,117 Capital Accounts Capital paid in 19,528 + 54 + 3,671 Surplus 18,458 0 + 3,119 Other capital accounts 2,150 + 417 + 888 Total capital 40,136 + 471 + 7,678 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, March 19, 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 30,000 28,925 38,691 + 4,278 17,000 46,143 16 days to 90 days 50,000 0 99,574 - 23,313 45,000 0 91 days to 1 year ------ 0 114,118 - 17,841 ------ ------ Over 1 to 5 years ------ ------ 224,908 - 6,106 ------ ------ Over 5 to 10 years ------ ------ 88,966 + 10 ------ ------ Over 10 years ------ ------ 94,226 + 19 ------ ------ All 80,000 28,925 660,484 - 42,952 62,000 46,143 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 March 19, 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 1,316 42 61 107 124 154 155 155 55 59 83 133 186 Securities, repurchase agreements, term auction credit, and other loans 831,410 33,299 352,541 31,963 31,475 63,368 67,210 64,043 25,161 20,487 23,398 32,944 85,521 Securities held outright 660,484 30,439 239,160 29,220 27,029 57,226 61,258 55,399 21,110 13,178 21,380 29,019 76,065 U.S. Treasury (1) 660,484 30,439 239,160 29,220 27,029 57,226 61,258 55,399 21,110 13,178 21,380 29,019 76,065 Bills (2) 152,360 7,022 55,169 6,740 6,235 13,201 14,131 12,779 4,870 3,040 4,932 6,694 17,547 Notes and bonds(3) 508,124 23,417 183,990 22,480 20,794 44,025 47,127 42,620 16,240 10,138 16,448 22,325 58,519 Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements(4) 62,000 2,857 22,450 2,743 2,537 5,372 5,750 5,200 1,982 1,237 2,007 2,724 7,140 Term auction credit 80,000 0 62,131 0 1,909 770 201 3,440 2,070 6,071 0 1,200 2,209 Other loans 28,925 2 28,801 0 0 0 0 4 0 1 11 0 106 Items in process of collection 1,904 58 15 276 307 156 -118 162 31 209 213 121 473 Bank premises 2,141 119 214 65 152 189 229 205 118 112 276 255 208 Other assets(5) 41,158 2,103 12,710 3,240 2,393 8,196 3,292 2,310 725 794 757 1,150 3,488 Interdistrict settlement account 0 + 1,911 -51,718 + 3,967 + 2,563 + 8,305 +15,925 +10,522 + 3,881 - 3,690 + 7,108 - 480 + 1,707 Total Assets 891,166 38,096 318,750 40,157 37,546 81,383 87,975 78,512 30,368 18,204 32,237 34,834 93,103 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 March 19, 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 992,528 39,092 342,855 41,772 39,707 79,599 113,838 85,428 32,382 18,851 32,734 56,336 109,935 Less: notes held by F.R. Banks 211,327 6,137 61,045 8,440 8,408 14,695 34,904 14,628 4,399 2,921 3,206 25,129 27,415 Federal Reserve notes, net 781,201 32,955 281,809 33,332 31,299 64,904 78,934 70,800 27,983 15,930 29,528 31,207 82,520 Reverse repurchase agreements (1) 46,143 2,127 16,708 2,041 1,888 3,998 4,280 3,870 1,475 921 1,494 2,027 5,314 Deposits 15,925 455 8,647 371 635 1,170 931 746 298 233 417 563 1,460 Depository institutions 10,175 398 3,066 367 631 1,116 928 744 284 232 390 562 1,457 U.S. Treasury, general account 5,364 0 5,364 0 0 0 0 0 0 0 0 0 0 Foreign official 99 2 70 4 3 11 3 2 0 1 0 1 3 Other 288 55 147 0 2 44 0 0 13 0 27 0 0 Deferred availability cash items 3,683 155 76 508 825 274 255 328 55 262 223 176 547 Other liabilities and accrued dividends (2) 4,077 190 1,253 198 209 480 398 343 166 116 150 199 375 Total liabilities 851,029 35,882 308,493 36,450 34,856 70,826 84,798 76,088 29,976 17,462 31,811 34,172 90,215 Capital Capital paid in 19,528 1,076 4,906 1,813 1,315 5,182 1,610 1,256 180 358 198 256 1,379 Surplus 18,458 1,049 4,624 1,813 1,291 4,997 1,426 815 180 355 194 364 1,350 Other capital 2,150 89 726 81 84 378 142 353 33 31 33 42 158 Total liabilities and capital 891,166 38,096 318,750 40,157 37,546 81,383 87,975 78,512 30,368 18,204 32,237 34,834 93,103 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 Mar 19, 2008 Federal Reserve notes outstanding 992,528 Less: Notes held by F.R. Banks not subject to collateralization 211,327 Federal Reserve notes to be collateralized 781,201 Collateral held against Federal Reserve notes 781,201 Gold certificate account 11,037 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 676,329 Other assets pledged 91,635 Memo: Total U.S. Treasury and agency securities (1) 722,484 Less:face value of securities under reverse repurchase agreements 46,156 U.S. Treasury and agency securities eligible to be pledged 676,329 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.