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Release Date: September 18, 2008
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For Release at
4:30 P.M. Eastern time
September 18, 2008
On September 16, 2008, the Federal Reserve announced that it would extend credit to the American
International Group (AIG) under the authority of section 13(3) of the Federal Reserve Act. This secured
lending will assist AIG in meeting its obligations as they come due and facilitate a process under which
AIG will sell certain of its businesses in an orderly manner, with the least possible disruption to the
overall economy. The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository
Institutions and Condition Statement of Federal Reserve Banks" will report this lending in "Other credit
extensions" in table 1 and in "Other loans" in table 3, table 4, and table 5.
1
FEDERAL RESERVE statistical release
H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
September 18, 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 Sep 17, 2008 Sep 10, 2008 Sep 19, 2007 Sep 17, 2008
Reserve Bank credit 931,340 + 43,066 + 78,241 978,246
Securities held outright 479,818 + 56 - 299,818 479,839
U.S. Treasury (1) 479,818 + 56 - 299,818 479,839
Bills (2) 21,740 0 - 245,279 21,740
Notes and bonds, nominal (2) 411,731 0 - 60,411 411,731
Notes and bonds, inflation-indexed (2) 39,832 0 + 4,079 39,832
Inflation compensation (3) 6,515 + 56 + 1,792 6,536
Federal agency (2) 0 0 0 0
Repurchase agreements (4) 124,500 + 13,679 + 94,321 98,000
Term auction credit 150,000 0 + 150,000 150,000
Other loans 47,969 + 28,078 + 45,548 121,294
Primary credit 21,598 + 1,802 + 19,419 33,401
Secondary credit 8 + 8 + 8 18
Seasonal credit 96 + 1 - 145 95
Primary dealer credit facility 20,268 + 20,268 + 20,268 59,780
Other credit extensions 6,000 + 6,000 + 6,000 28,000
Net portfolio holdings of Maiden Lane LLC (5) 29,333 + 40 + 29,333 29,367
Float -1,072 - 16 - 1,691 -1,707
Other Federal Reserve assets 100,791 + 1,228 + 60,547 101,453
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 2,200 0 0 2,200
Treasury currency outstanding (6) 38,760 + 14 + 143 38,760
Total factors supplying reserve funds 983,341 + 43,080 + 78,384 1,030,247
Currency in circulation (6) 832,386 - 2,162 + 22,493 833,129
Reverse repurchase agreements (7) 45,743 + 3,053 + 10,008 46,633
Foreign official and international accounts 45,743 + 3,053 + 10,008 46,633
Dealers 0 0 0 0
Treasury cash holdings 267 - 8 - 72 261
Deposits with F.R. Banks, other than reserve balances 14,366 + 2,115 + 1,935 24,303
U.S. Treasury, general account 4,941 + 218 - 475 5,512
Foreign official 168 + 7 + 63 102
Service-related 7,360 + 274 + 708 7,360
Required clearing balances 7,360 + 274 + 708 7,360
Adjustments to compensate for float 0 0 0 0
Other 1,897 + 1,616 + 1,639 11,330
Other liabilities and capital (8) 43,583 + 1,054 + 2,686 44,184
Total factors, other than reserve balances,
absorbing reserve funds 936,345 + 4,053 + 37,051 948,511
Reserve balances with Federal Reserve Banks 46,996 + 39,027 + 41,333 81,737
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. Fair value. Refer to table 2 and the note on consolidation accompanying table 5.
6. Estimated.
7. Cash value of agreements, which are collateralized by U.S. Treasury securities.
8. Includes the liabilities of Maiden Lane LLC to entities other than the Federal Reserve Bank of New
York, including liabilities that have recourse only to the portfolio holdings of Maiden Lane LLC.
Refer to table 2 and the note on consolidation accompanying table 5.
Sources: Federal Reserve Banks and the U.S. Department of the Treasury.
1A. Memorandum Items, September 17, 2008
Millions of dollars
Averages of daily figures
Memorandum item Week ended Change from week ended Wednesday
Sep 17, 2008 Sep 10, 2008 Sep 19, 2007 Sep 17, 2008
Marketable securities held in custody for foreign
official and international accounts (1) 2,408,855 + 13,508 + 421,356 2,412,943
U.S. Treasury 1,449,613 + 9,951 + 238,616 1,451,833
Federal agency 959,242 + 3,557 + 182,740 961,111
Securities lent to dealers 125,674 + 7,611 + 123,497 127,325
Overnight facility (2) 8,404 + 6,239 + 6,227 9,826
Term facility (3,4) 117,270 + 1,371 + 117,270 117,499
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 September 17, 2008, option contracts on draws on the Term Securities Lending Facility totaling
$ 49,998 million were outstanding. The exercise date for the options is September 24, 2008, and the
draws have a term of September 25, 2008 through October 2, 2008.
2. Information on Principal Accounts of Maiden Lane LLC
Millions of dollars
Wednesday
Account name Sep 17, 2008
Net portfolio holdings of Maiden Lane LLC (1) 29,367
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) 149
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3) 1,168
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 June 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 note on consolidation accompanying table 5.
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 4 and table 5.
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.
3. Maturity Distribution of Term Auction Credit, Other Loans, and Securities, September 17, 2008
Millions of dollars
U.S. Treasury Reverse
Remaining maturity Term Other securities (2) Repurchase repurchase
auction loans Weekly agreements agreements
credit (1) Holdings changes (3) (3)
Within 15 days 75,000 101,237 16,358 + 1,403 58,000 46,633
16 days to 90 days 75,000 20,057 30,001 - 1,548 40,000 0
91 days to 1 year --- 0 68,101 - 1,171 --- ---
Over 1 year to 5 years --- --- 170,676 - 131 --- ---
Over 5 years to 10 years --- --- 93,341 + 1,478 --- ---
Over 10 years --- --- 101,361 + 24 --- ---
All 150,000 121,294 479,839 + 57 98,000 46,633
Note: Components may not sum to totals because of rounding.
--- Not applicable.
1. Excludes the loan from the Federal Reserve Bank of New York to Maiden Lane LLC that was 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. Cash value of agreements.
4. Consolidated Statement of Condition of All Federal Reserve Banks
Millions of dollars
Eliminations Change since
from Wednesday Wednesday Wednesday
Assets, liabilities, and capital consolidation Sep 17, 2008 Sep 10, 2008 Sep 19, 2007
Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 2,200 0 0
Coin 1,468 + 23 + 378
Securities, repurchase agreements, term auction
credit, and other loans 849,133 + 69,044 + 35,389
Securities held outright 479,839 + 57 - 299,796
U.S. Treasury (1) 479,839 + 57 - 299,796
Bills (2) 21,740 0 - 245,279
Notes and bonds, nominal (2) 411,731 0 - 60,411
Notes and bonds, inflation-indexed (2) 39,832 0 + 4,079
Inflation compensation (3) 6,536 + 56 + 1,814
Federal agency (2) 0 0 0
Repurchase agreements (4) 98,000 - 28,750 + 65,250
Term auction credit 150,000 0 + 150,000
Other loans 121,294 + 97,738 + 119,935
Net portfolio holdings of Maiden Lane LLC (5) 29,367 + 40 + 29,367
Items in process of collection (495) 908 - 524 - 2,374
Bank premises 2,168 + 3 + 82
Other assets (6) 99,289 + 2,765 + 61,143
Total assets (495) 995,570 + 71,352 + 123,984
Liabilities
Federal Reserve notes, net of F.R. Bank holdings 796,094 - 1,508 + 22,727
Reverse repurchase agreements (7) 46,633 + 2,337 + 10,408
Deposits (0) 106,045 + 67,750 + 87,827
Depository institutions 89,102 + 57,034 + 75,650
U.S. Treasury, general account 5,512 + 100 + 1,057
Foreign official 102 - 420 + 4
Other (0) 11,330 + 11,038 + 11,117
Deferred availability cash items (495) 2,614 - 111 - 800
Other liabilities and accrued dividends (8,9) 2,849 + 2,010 - 3,184
Total liabilities (495) 954,235 + 70,478 + 116,978
Capital accounts
Capital paid in 20,211 + 9 + 3,243
Surplus 18,516 + 2 + 3,091
Other capital accounts 2,608 + 863 + 672
Total capital 41,335 + 874 + 7,006
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. Fair value. Refer to table 2 and the note on consolidation accompanying table 5.
6. Includes assets denominated in foreign currencies, which are revalued daily at market exchange rates.
7. Cash value of agreements, which are collateralized by U.S. Treasury securities.
8. Includes exchange-translation account reflecting the daily revaluation at market exchange rates of
foreign exchange commitments.
9. Includes the liabilities of Maiden Lane LLC to entities other than the Federal Reserve Bank of New
York, including liabilities that have recourse only to the portfolio holdings of Maiden Lane LLC.
Refer to the note on consolidation accompanying table 5.
5. Statement of Condition of Each Federal Reserve Bank, September 17, 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 1,468 39 74 111 125 189 191 173 53 52 102 158 201
Securities, repurchase agreements, term
auction credit, and other loans 849,133 28,548 400,772 27,119 31,211 68,036 65,470 55,468 22,874 11,894 25,841 27,863 84,038
Securities held outright 479,839 20,126 170,724 20,950 18,195 43,511 47,743 42,350 16,582 9,059 17,619 19,904 53,075
U.S. Treasury (1) 479,839 20,126 170,724 20,950 18,195 43,511 47,743 42,350 16,582 9,059 17,619 19,904 53,075
Bills (2) 21,740 912 7,735 949 824 1,971 2,163 1,919 751 410 798 902 2,405
Notes and bonds (3) 458,099 19,214 162,989 20,001 17,371 41,540 45,580 40,432 15,830 8,648 16,820 19,002 50,671
Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0
Repurchase agreements (4) 98,000 4,110 34,868 4,279 3,716 8,886 9,751 8,649 3,387 1,850 3,598 4,065 10,840
Term auction credit 150,000 4,300 82,865 1,782 9,300 14,852 7,690 3,051 2,075 55 4,600 3,000 16,430
Other loans 121,294 11 112,315 108 0 786 286 1,417 831 930 24 893 3,692
Net portfolio holdings of Maiden Lane
LLC (5) 29,367 0 29,367 0 0 0 0 0 0 0 0 0 0
Items in process of collection 1,403 41 0 165 143 149 313 147 14 96 110 101 125
Bank premises 2,168 122 212 64 150 213 226 208 127 111 275 252 208
Other assets (6) 99,289 5,374 27,139 8,933 6,462 24,232 7,823 4,874 1,287 1,890 1,392 2,241 7,643
Interdistrict settlement account 0 +27,719 -72,014 + 4,838 - 1,898 - 5,769 +24,963 +15,520 + 4,261 + 2,658 + 1,986 + 4,171 - 6,435
Total assets 996,066 62,383 390,358 41,766 36,720 88,087 100,373 77,514 29,032 16,930 30,121 35,521 87,263
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. Fair value. Refer to the note on consolidation below.
6. Includes assets denominated in foreign currencies, which are revalued daily at market exchange rates.
Note on consolidation:
On June 26, 2008, the Federal Reserve Bank of New York 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 Federal Reserve Bank of New York 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 Federal Reserve Bank of New York in the preparation of the
statements of condition shown on this release. As a consequence of the consolidation, the extension of credit from the Federal Reserve Bank of New York 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 4), and the liabilities of Maiden Lane LLC to entities other than the Federal
Reserve Bank of New York, 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 4).
5. Statement of Condition of Each Federal Reserve Bank, September 17, 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 989,956 37,121 351,815 41,196 39,600 81,268 120,245 81,471 30,247 17,680 31,071 55,018 103,225
Less: Notes held by F.R. Banks 193,862 5,611 54,248 7,007 8,715 13,167 29,605 14,624 3,713 2,985 3,883 23,204 27,100
Federal Reserve notes, net 796,094 31,510 297,567 34,189 30,885 68,101 90,640 66,846 26,534 14,695 27,188 31,813 76,125
Reverse repurchase agreements (1) 46,633 1,956 16,592 2,036 1,768 4,229 4,640 4,116 1,611 880 1,712 1,934 5,158
Deposits 106,045 26,746 65,236 401 506 4,673 1,248 3,334 298 268 407 721 2,207
Depository institutions 89,102 26,689 48,455 397 502 4,601 1,243 3,332 286 268 405 720 2,204
U.S. Treasury, general account 5,512 0 5,512 0 0 0 0 0 0 0 0 0 0
Foreign official 102 2 72 4 3 11 3 2 0 1 0 1 3
Other 11,330 55 11,198 0 1 61 2 0 11 0 1 0 0
Deferred availability cash items 3,110 142 0 455 438 239 221 257 54 290 246 220 546
Other liabilities and accrued
dividends (2,3) 2,849 149 430 177 177 434 345 290 149 103 123 170 303
Total liabilities 954,731 60,503 379,824 37,256 33,775 77,676 97,094 74,844 28,646 16,237 29,676 34,859 84,340
Capital
Capital paid in 20,211 784 5,087 2,328 1,521 5,197 1,596 1,305 182 320 210 268 1,413
Surplus 18,516 1,050 4,678 1,814 1,291 4,999 1,426 815 180 355 193 364 1,351
Other capital 2,608 47 768 367 132 215 258 550 24 18 41 30 159
Total liabilities and capital 996,066 62,383 390,358 41,766 36,720 88,087 100,373 77,514 29,032 16,930 30,121 35,521 87,263
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.
3. Includes the liabilities of Maiden Lane LLC to entities other than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of
Maiden Lane LLC. Refer to the note on consolidation on the previous page.
6. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts
Millions of dollars
Federal Reserve notes and collateral Wednesday
Sep 17, 2008
Federal Reserve notes outstanding 989,956
Less: Notes held by F.R. Banks not subject to collateralization 193,862
Federal Reserve notes to be collateralized 796,094
Collateral held against Federal Reserve notes 796,094
Gold certificate account 11,037
Special drawing rights certificate account 2,200
U.S. Treasury and agency securities pledged (1) 533,638
Other assets pledged 249,220
Memo:
Total U.S. Treasury and agency securities (1) 577,839
Less: Face value of securities under reverse repurchase agreements 44,202
U.S. Treasury and agency securities eligible to be pledged 533,638
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.
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