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Release Date: September 25, 2008
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For release on
June 30, 2011
The Board's H.4.1 statistical release ("Factors Affecting Reserve Balances of Depository Institutions
and Condition Statement of Federal Reserve Banks") for September 25, 2008, overstated the average
amount outstanding of securities lent under the Term Securities Lending Facility (TSLF). On
September 18, 2008, a set of securities lent under the TSLF was returned to the Federal Reserve, but
the return of these securities was not reflected in the reported value for the TSLF until September
24, 2008. As a result, corrections to table 1A, Memorandum Items, have been made to reflect the
earlier return of these securities on September 18, 2008. Under the TSLF, the Federal Reserve
maintained ownership of securities lent, and the lending of securities did not directly affect the
Federal Reserve's assets and liabilities.
In table 1A, the weekly average value of the "Term facility" for the week ended Wednesday,
September 24, 2008, was corrected from $185,636 million to $174,045 million. Also in table 1A, the
weekly average value of "Securities lent to dealers" for the week ended Wednesday, September 24,
2008, was corrected from $204,948 million to $193,357 million.
For Release at
4:30 P.M. Eastern time
September 25, 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 in a number of ways. On September 17, the
Treasury Department announced the Supplementary Financing Program. Under this program, the Treasury
issues marketable debt and deposits the proceeds in an account at the Federal Reserve that is segregated
from the Treasury General Account. This account is shown as "U.S. Treasury, supplementary financing
account" in table 1, table 4, and table 5.
On September 19, the Federal Reserve announced a new lending facility to extend non-recourse loans to U.S.
depository institutions and bank holding companies to finance their purchases of high-quality asset-backed
commercial paper from money market mutual funds. Extensions of this credit are reported in table 1 as
"Asset-backed commercial paper money market mutual fund liquidity facility" and reflected in "Other
loans" in table 3, table 4, and table 5.
On September 21, the Board of Governors authorized the Federal Reserve Bank of New York to extend credit
to the U.S. broker-dealer subsidiaries of Goldman Sachs, Morgan Stanley, and Merrill Lynch against all
types of collateral that may be pledged at the Federal Reserve's primary credit facility for depository
institutions or at the existing Primary Dealer Credit Facility. In addition, the Board authorized the
Federal Reserve Bank of New York to extend credit to the London-based broker-dealer subsidiaries of
Goldman Sachs, Morgan Stanley, and Merrill Lynch against the types of collateral that would be eligible
to be pledged at the Primary Dealer Credit Facility. Credit extended under these authorizations will be
included, along with credit extended under the Primary Dealer Credit Facility, in Table 1 under the entry
"Primary dealer and other broker-dealer credit."
FEDERAL RESERVE statistical release
H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
September 25, 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 24, 2008 Sep 17, 2008 Sep 26, 2007 Sep 24, 2008
Reserve Bank credit 1,134,942 + 203,602 + 275,175 1,196,804
Securities held outright 480,272 + 454 - 299,362 486,578
U.S. Treasury (1) 476,557 - 3,261 - 303,077 476,578
Bills (2) 18,423 - 3,317 - 248,596 18,423
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) 6,572 + 57 + 1,852 6,593
Federal agency (2) 3,714 + 3,714 + 3,714 10,000
Repurchase agreements (4) 111,714 - 12,786 + 72,607 86,000
Term auction credit 150,000 0 + 150,000 150,000
Other loans 187,753 + 139,784 + 187,447 262,341
Primary credit 39,357 + 17,759 + 39,269 39,327
Secondary credit 19 + 11 + 19 19
Seasonal credit 95 - 1 - 123 101
Primary dealer and other broker-dealer credit(5) 88,147 + 67,879 + 88,147 105,662
Asset-backed commercial paper money market
mutual fund liquidity facility 21,760 + 21,760 + 21,760 72,667
Other credit extensions 38,375 + 32,375 + 38,375 44,566
Net portfolio holdings of Maiden Lane LLC (6) 29,373 + 40 + 29,373 29,407
Float -1,060 + 12 - 883 -1,412
Other Federal Reserve assets 176,891 + 76,100 + 135,994 183,890
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 2,200 0 0 2,200
Treasury currency outstanding (7) 38,774 + 14 + 146 38,774
Total factors supplying reserve funds 1,186,957 + 203,616 + 275,321 1,248,819
Currency in circulation (7) 833,900 + 1,514 + 24,055 836,437
Reverse repurchase agreements (8) 59,790 + 14,047 + 24,652 90,673
Foreign official and international accounts 56,219 + 10,476 + 21,081 65,673
Dealers 3,571 + 3,571 + 3,571 25,000
Treasury cash holdings 262 - 5 - 71 270
Deposits with F.R. Banks, other than reserve balances 142,043 + 127,677 + 130,300 187,138
U.S. Treasury, general account 5,088 + 147 + 327 5,175
U.S. Treasury, supplementary financing account 117,046 + 117,046 + 117,046 159,806
Foreign official 119 - 49 + 22 150
Service-related 7,363 + 3 + 716 7,363
Required clearing balances 7,363 + 3 + 716 7,363
Adjustments to compensate for float 0 0 0 0
Other 12,427 + 10,530 + 12,189 14,644
Other liabilities and capital (9) 46,456 + 2,873 + 5,306 46,361
Total factors, other than reserve balances,
absorbing reserve funds 1,082,451 + 146,106 + 184,241 1,160,879
Reserve balances with Federal Reserve Banks 104,506 + 57,510 + 91,080 87,941
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. Includes credit extended through the Primary Dealer Credit Facility and credit extended to certain
other broker-dealers.
6. Fair value. Refer to table 2 and the note on consolidation accompanying table 5.
7. Estimated.
8. Cash value of agreements, which are collateralized by U.S. Treasury securities.
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 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 24, 2008
Millions of dollars
Averages of daily figures
Memorandum item Week ended Change from week ended Wednesday
Sep 24, 2008 Sep 17, 2008 Sep 26, 2007 Sep 24, 2008
Marketable securities held in custody for foreign
official and international accounts (1) 2,421,895 + 13,040 + 426,649 2,435,934
U.S. Treasury 1,458,093 + 8,480 + 243,251 1,469,207
Federal agency 963,802 + 4,560 + 183,398 966,727
Securities lent to dealers 193,357 + 67,683 + 190,038 190,532
Overnight facility (2) 19,312 + 10,908 + 15,993 16,059
Term facility (3) 174,045 + 56,775 + 174,045 174,473
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.
2. Information on Principal Accounts of Maiden Lane LLC
Millions of dollars
Wednesday
Account name Sep 24, 2008
Net portfolio holdings of Maiden Lane LLC (1) 29,407
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) 161
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3) 1,169
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 24, 2008
Millions of dollars
U.S. Treasury Federal agency Reverse
Remaining maturity Term Other securities (2) securities Repurchase repurchase
auction loans Weekly Weekly agreements agreements
credit (1) Holdings changes Holdings changes (3) (3)
Within 15 days 100,000 135,248 19,326 + 2,968 395 + 395 46,000 90,673
16 days to 90 days 50,000 77,174 23,716 - 6,285 5,632 + 5,632 40,000 0
91 days to 1 year --- 5,353 68,105 + 4 3,973 + 3,973 --- ---
Over 1 year to 5 years --- 44,566 170,694 + 18 0 0 --- ---
Over 5 years to 10 years --- --- 93,353 + 12 0 0 --- ---
Over 10 years --- --- 101,384 + 23 0 0 --- ---
All 150,000 262,341 476,578 - 3,261 10,000 + 10,000 86,000 90,673
* On 10/02/2008, the amount of other loans with remaining maturities of 91 days to 1 year was revised from $49,919
million to $5,353 million. The amount of other loans with remaining maturities over 1 year to 5 years was revised
from --- to $44,566 million.
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 24, 2008 Sep 17, 2008 Sep 26, 2007
Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 2,200 0 0
Coin 1,494 + 26 + 389
Securities, repurchase agreements, term auction
credit, and other loans 984,920 + 135,787 + 149,080
Securities held outright 486,578 + 6,739 - 293,055
U.S. Treasury (1) 476,578 - 3,261 - 303,055
Bills (2) 18,423 - 3,317 - 248,596
Notes and bonds, nominal (2) 411,731 0 - 60,411
Notes and bonds, inflation-indexed (2) 39,832 0 + 4,079
Inflation compensation (3) 6,593 + 57 + 1,874
Federal agency (2) 10,000 + 10,000 + 10,000
Repurchase agreements (4) 86,000 - 12,000 + 30,000
Term auction credit 150,000 0 + 150,000
Other loans 262,341 + 141,047 + 262,134
Net portfolio holdings of Maiden Lane LLC (5) 29,407 + 40 + 29,407
Items in process of collection (474) 968 + 60 - 1,639
Bank premises 2,169 + 1 + 79
Other assets (6) 181,718 + 82,429 + 142,905
Total assets (474) 1,213,912 + 218,342 + 320,221
Liabilities
Federal Reserve notes, net of F.R. Bank holdings 799,422 + 3,328 + 24,579
Reverse repurchase agreements (7) 90,673 + 44,040 + 55,361
Deposits (0) 275,076 + 169,031 + 235,565
Depository institutions 95,301 + 6,199 + 61,062
U.S. Treasury, general account 5,175 - 337 + 232
U.S. Treasury, supplementary financing account 159,806 + 159,806 + 159,806
Foreign official 150 + 48 + 54
Other (0) 14,644 + 3,314 + 14,411
Deferred availability cash items (474) 2,380 - 234 - 800
Other liabilities and accrued dividends (8,9) 4,602 + 1,753 - 1,404
Total liabilities (474) 1,172,153 + 217,918 + 313,302
Capital accounts
Capital paid in 20,236 + 25 + 3,089
Surplus 18,516 0 + 3,091
Other capital accounts 3,008 + 400 + 740
Total capital 41,759 + 424 + 6,919
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 24, 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 1,494 40 73 112 129 191 195 174 57 52 106 163 202
Securities, repurchase agreements, term
auction credit, and other loans 984,920 101,009 466,774 27,454 31,012 67,153 64,953 55,066 22,263 11,523 25,670 27,650 84,394
Securities held outright 486,578 20,409 173,122 21,245 18,451 44,122 48,414 42,945 16,814 9,186 17,866 20,184 53,821
U.S. Treasury (1) 476,578 19,990 169,564 20,808 18,072 43,215 47,419 42,063 16,469 8,997 17,499 19,769 52,715
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) 458,156 19,217 163,009 20,004 17,373 41,545 45,586 40,437 15,832 8,649 16,822 19,005 50,677
Federal agency (2) 10,000 419 3,558 437 379 907 995 883 346 189 367 415 1,106
Repurchase agreements (4) 86,000 3,607 30,598 3,755 3,261 7,798 8,557 7,590 2,972 1,624 3,158 3,567 9,513
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 262,341 72,693 180,190 672 0 381 292 1,479 402 658 47 898 4,630
Net portfolio holdings of Maiden Lane
LLC (5) 29,407 0 29,407 0 0 0 0 0 0 0 0 0 0
Items in process of collection 1,442 277 0 -30 291 59 228 107 18 101 76 114 200
Bank premises 2,169 121 211 64 150 213 226 208 128 111 275 252 209
Other assets (6) 181,718 10,057 47,925 16,965 12,212 46,439 14,182 8,543 2,101 3,472 2,271 3,873 13,679
Interdistrict settlement account 0 -45,820 +22,560 - 1,253 - 3,312 -23,092 +24,214 +13,823 + 5,367 + 2,054 + 3,444 + 5,619 - 3,604
Total assets 1,214,386 66,222 571,760 43,849 41,010 92,001 105,384 79,045 30,350 17,541 32,257 38,404 96,563
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 24, 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 989,581 37,180 353,830 41,020 39,517 80,736 120,762 80,762 29,947 17,501 30,768 54,908 102,649
Less: Notes held by F.R. Banks 190,158 5,809 51,602 7,063 8,826 13,185 29,934 14,554 3,704 3,005 3,775 23,169 25,532
Federal Reserve notes, net 799,422 31,371 302,229 33,956 30,691 67,551 90,827 66,208 26,243 14,496 26,993 31,739 77,117
Reverse repurchase agreements (1) 90,673 3,803 32,261 3,959 3,438 8,222 9,022 8,003 3,133 1,712 3,329 3,761 10,029
Deposits 275,076 28,957 224,512 729 3,249 4,972 1,662 1,617 382 271 1,144 1,829 5,752
Depository institutions 95,301 28,939 44,857 725 3,244 4,900 1,659 1,615 372 271 1,142 1,828 5,749
U.S. Treasury, general account 5,175 0 5,175 0 0 0 0 0 0 0 0 0 0
U.S. Treasury, supplementary
financing account 159,806 0 159,806 0 0 0 0 0 0 0 0 0 0
Foreign official 150 2 120 4 3 11 3 2 0 1 0 1 3
Other 14,644 15 14,554 0 2 61 0 0 9 0 1 0 0
Deferred availability cash items 2,854 52 0 451 450 240 221 242 53 262 219 238 427
Other liabilities and accrued
dividends (2,3) 4,602 154 2,091 184 183 443 369 301 154 107 125 176 316
Total liabilities 1,172,627 64,337 561,092 39,279 38,012 81,429 102,101 76,371 29,964 16,849 31,810 37,742 93,641
Capital
Capital paid in 20,236 784 5,087 2,328 1,521 5,213 1,605 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 3,008 51 902 429 186 360 253 553 25 17 43 30 158
Total liabilities and capital 1,214,386 66,222 571,760 43,849 41,010 92,001 105,384 79,045 30,350 17,541 32,257 38,404 96,563
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 24, 2008
Federal Reserve notes outstanding 989,581
Less: Notes held by F.R. Banks not subject to collateralization 190,158
Federal Reserve notes to be collateralized 799,422
Collateral held against Federal Reserve notes 799,422
Gold certificate account 11,037
Special drawing rights certificate account 2,200
U.S. Treasury and agency securities pledged (1) 487,847
Other assets pledged 298,338
Memo:
Total U.S. Treasury and agency securities (1) 572,578
Less: Face value of securities under reverse repurchase agreements 84,731
U.S. Treasury and agency securities eligible to be pledged 487,847
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.
Release dates | Historical data | Data Download Program (DDP) |
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Current release Other formats:
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Statistical releases