Federal Reserve Statistical Release, H.4.1, Factors Affecting Reserve Balances; title with eagle logo links to Statistical Release home page
Release Date:  October 02, 2008
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FEDERAL RESERVE statistical release
 

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
October 2, 2008
1. Factors Affecting Reserve Balances of Depository Institutions
Millions of dollars
Reserve Bank credit, related items, and
reserve balances of depository institutions at
Federal Reserve Banks
Averages of daily figures Wednesday
Oct 1, 2008
Week ended
Oct 1, 2008
Change from week ended
Sep 24, 2008 Oct 3, 2007
                                                              
Reserve Bank credit                                       1,388,565     + 253,621     + 527,049     1,481,099 
  Securities held outright                                  488,541     +   8,269     - 291,089       491,121 
    U.S. Treasury (1)                                       476,612     +      55     - 303,018       476,621 
      Bills (2)                                              18,423             0     - 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)                              6,627     +      55     +   1,911         6,635 
    Federal agency (2)                                       11,929     +   8,215     +  11,929        14,500 
  Repurchase agreements (4)                                  83,000     -  28,714     +  41,107        83,000 
  Term auction credit                                       149,143     -     857     + 149,143       149,000 
  Other loans                                               367,796     + 180,043     + 367,594       409,522 
    Primary credit                                           44,463     +   5,106     +  44,436        49,524 
    Secondary credit                                            286     +     267     +     286             0 
    Seasonal credit                                              74     -      21     -     101            42 
    Primary dealer and other broker-dealer credit(5)       147,692    +  59,545    + 147,692      146,565 
    Asset-backed commercial paper money market                
      mutual fund liquidity facility                        122,104     + 100,344     + 122,104       152,108 
    Other credit extensions                                  53,176     +  14,801     +  53,176        61,283 
  Net portfolio holdings of Maiden Lane LLC (6)              29,413     +      40     +  29,413        29,447 
  Float                                                      -1,215     -     157     -     175        -1,490 
  Other Federal Reserve assets                              271,888     +  94,997     + 231,056       320,499 
Gold stock                                                   11,041             0             0        11,041 
Special drawing rights certificate account                    2,200             0             0         2,200 
Treasury currency outstanding (7)                            38,788     +      14     +     149        38,788 
                                                              
Total factors supplying reserve funds                     1,440,594     + 253,635     + 527,198     1,533,128 
                                                                          
Currency in circulation (7)                                 836,409     +   2,509     +  24,632       841,003 
Reverse repurchase agreements (8)                            87,909     +  28,119     +  52,667        93,063 
  Foreign official and international accounts                70,767     +  14,548     +  35,525        73,063 
  Dealers                                                    17,143     +  13,572     +  17,143        20,000 
Treasury cash holdings                                          269     +       7     -      68           260 
Deposits with F.R. Banks, other than reserve balances       304,654     + 162,611     + 292,374       388,850 
  U.S. Treasury, general account                              8,629     +   3,541     +   3,199         5,278 
  U.S. Treasury, supplementary financing account            266,081     + 149,035     + 266,081       344,473 
  Foreign official                                              133     +      14     +      30           137 
  Service-related                                             7,718     +     355     +   1,250         7,717 
    Required clearing balances                                7,718     +     355     +   1,250         7,717 
    Adjustments to compensate for float                           0             0             0             0 
  Other                                                      22,093     +   9,666     +  21,815        31,245 
Other liabilities and capital (9)                            44,358     -   2,098     +   3,007        38,458 
                                                              
Total factors, other than reserve balances,                                                       
   absorbing reserve funds                                1,273,599     + 191,148     + 372,612     1,361,633 
                                                              
Reserve balances with Federal Reserve Banks                 166,996     +  62,487     + 154,587       171,495 
                                                                
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, October 1, 2008
Millions of dollars
Memorandum item Averages of daily figures Wednesday
Oct 1, 2008
Week ended
Oct 1, 2008
Change from week ended
Sep 24, 2008 Oct 3, 2007
                                                              
Marketable securities held in custody for foreign             
      official and international accounts (1)             2,465,651     +  43,756     + 467,242     2,482,377 
  U.S. Treasury                                           1,495,189     +  37,096     + 281,057     1,513,135 
  Federal agency                                            970,462     +   6,660     + 186,185       969,241 
Securities lent to dealers                                  255,801     +  50,853     + 252,072       259,672 
  Overnight facility (2)                                     22,236     +   2,924     +  18,507        24,128 
  Term facility (3)                                         233,565     +  47,929     + 233,565       235,544 
 

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
Account name Wednesday
Oct 1, 2008
                                                                                                
Net portfolio holdings of Maiden Lane LLC (1)                                                       29,447    
                                                                                                
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)                                   174    
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3)        1,171    
 
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, October 1, 2008
Millions of dollars
  U.S. Treasury
securities (2)
Federal agency
securities
 
Remaining maturity Term
auction
credit
Other
loans
(1)
Holdings Weekly
changes
Holdings Weekly
changes
Repurchase
agreements
(3)
Reverse
repurchase
agreements
(3)
Within 15 days                24,000     213,684      13,459   -   5,867         395           0      43,000      93,063 
16 days to 90 days           125,000     113,221      24,209   +     493       9,178   +   3,546      40,000           0 
91 days to 1 year                ---      21,335      70,092   +   1,987       4,927   +     954         ---         --- 
Over 1 year to 5 years           ---      61,283     174,098   +   3,404           0           0         ---         --- 
Over 5 years to 10 years         ---         ---      93,362   +       9           0           0         ---         --- 
Over 10 years                    ---         ---     101,401   +      17           0           0         ---         --- 
             
All                          149,000     409,522     476,621   +      43      14,500   +   4,500      83,000      93,063 
 

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
Assets, liabilities, and capital Eliminations
from
consolidation
  Change since
Wednesday
Oct 1, 2008
Wednesday
Sep 24, 2008
Wednesday
Oct 3, 2007
Assets                                                   
Gold certificate account                                         11,037                0                   0
Special drawing rights certificate account                        2,200                0                   0
Coin                                                              1,509        +      15           +     389
Securities, repurchase agreements, term auction          
      credit, and other loans                                 1,132,643        + 147,723           + 317,590
  Securities held outright                                      491,121        +   4,543           - 288,503
    U.S. Treasury (1)                                           476,621        +      43           - 303,003
      Bills (2)                                                  18,423                0           - 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)                                  6,635        +      42           +   1,924
    Federal agency (2)                                           14,500        +   4,500           +  14,500
  Repurchase agreements (4)                                      83,000        -   3,000           +  47,750
  Term auction credit                                           149,000        -   1,000           + 149,000
  Other loans                                                   409,522        + 147,181           + 409,343
Net portfolio holdings of Maiden Lane LLC (5)                    29,447        +      40           +  29,447
Items in process of collection                       (510)        1,279        +     311           -   1,399
Bank premises                                                     2,167        -       2           +      64
Other assets (6)                                                318,410        + 136,692           + 279,834
                                                         
      Total assets                                   (510)    1,498,693        + 284,781           + 625,927
                                                         
Liabilities                                              
Federal Reserve notes, net of F.R. Bank holdings                803,979        +   4,557           +  26,574
Reverse repurchase agreements (7)                                93,063        +   2,390           +  58,521
Deposits                                               (0)      560,424        + 285,348           + 543,631
  Depository institutions                                       179,291        +  83,990           + 168,547
  U.S. Treasury, general account                                  5,278        +     103           -     367
  U.S. Treasury, supplementary financing account                344,473        + 184,667           + 344,473
  Foreign official                                                  137        -      13           +      39
  Other                                                (0)       31,245        +  16,601           +  30,939
Deferred availability cash items                     (510)        2,769        +     389           -     568
Other liabilities and accrued dividends (8,9)                    -2,812        -   7,414           -   8,816
                                                         
      Total liabilities                              (510)    1,457,423        + 285,270           + 619,343
                                                         
Capital accounts                                         
Capital paid in                                                  20,312        +      76           +   3,022
Surplus                                                          18,520        +       4           +   3,082
Other capital accounts                                            2,438        -     570           +     480
                                                         
      Total capital                                              41,270        -     489           +   6,584
 

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, October 1, 2008
Millions of dollars
Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas
City
Dallas San
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                                           1,509          42          74         115         130         192         199         176          58          51         104         166         204 
Securities, repurchase agreements, term                            
      auction credit, and other loans      1,132,643     183,725     553,838      28,111      30,127      67,153      60,659      54,275      22,113      11,077      23,740      25,520      72,305 
  Securities held outright                   491,121      20,599     174,738      21,443      18,623      44,534      48,866      43,346      16,971       9,272      18,033      20,372      54,323 
    U.S. Treasury (1)                        476,621      19,991     169,579      20,810      18,073      43,219      47,423      42,066      16,470       8,998      17,500      19,771      52,720 
      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)                    458,198      19,219     163,024      20,006      17,375      41,549      45,590      40,440      15,834       8,650      16,824      19,007      50,682 
    Federal agency (2)                        14,500         608       5,159         633         550       1,315       1,443       1,280         501         274         532         601       1,604 
  Repurchase agreements (4)                   83,000       3,481      29,531       3,624       3,147       7,526       8,258       7,326       2,868       1,567       3,048       3,443       9,181 
  Term auction credit                        149,000       7,500     100,445           0       8,250      14,709       3,320       2,156       2,050          30       2,575       1,000       6,965 
  Other loans                                409,522     152,144     249,124       3,044         107         384         215       1,446         223         208          84         705       1,836 
Net portfolio holdings of Maiden Lane                              
      LLC (5)                                 29,447           0      29,447           0           0           0           0           0           0           0           0           0           0 
Items in process of collection                 1,789          77           0         407         256          72         148         168          22         121         119         156         244 
Bank premises                                  2,167         122         210          64         150         214         226         207         128         111         275         251         209 
Other assets (6)                             318,410      17,871      82,070      30,394      21,759      83,434      24,715      14,606       3,442       6,095       3,706       6,661      23,657 
Interdistrict settlement account                   0    -120,130    +147,865    - 14,287    -  9,278    - 52,364    + 18,715    + 12,488    +  5,032    +     62    +  6,020    +  5,873    +      4 
                                                                   
      Total assets                         1,499,203      82,246     818,312      45,341      43,671      99,740     106,049      83,044      31,208      17,746      34,378      39,362      98,107 
 

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, October 1, 2008 (continued)
Millions of dollars
Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas
City
Dallas San
Francisco
Liabilities                                                         
Federal Reserve notes outstanding             989,423      37,314     353,172      41,295      39,993      81,051     120,381      80,696      29,944      17,484      30,776      54,809     102,510 
  Less: Notes held by F.R. Banks              185,443       5,625      51,210       6,836       8,243      12,462      29,583      13,794       3,563       2,931       3,482      23,028      24,686 
    Federal Reserve notes, net                803,979      31,688     301,962      34,459      31,749      68,589      90,798      66,902      26,381      14,552      27,294      31,781      77,824 
Reverse repurchase agreements (1)              93,063       3,903      33,111       4,063       3,529       8,439       9,260       8,214       3,216       1,757       3,417       3,860      10,294 
Deposits                                      560,424      44,527     477,890       1,523       4,797      11,603       2,120       4,742       1,029         366       2,866       2,635       6,325 
  Depository institutions                     179,291      44,520      96,987       1,519       4,794      11,406       2,117       4,741       1,022         365       2,865       2,634       6,322 
  U.S. Treasury, general account                5,278           0       5,278           0           0           0           0           0           0           0           0           0           0 
  U.S. Treasury, supplementary                                      
    financing account                         344,473           0     344,473           0           0           0           0           0           0           0           0           0           0 
  Foreign official                                137           2         107           4           3          11           3           2           0           1           0           1           3 
  Other                                        31,245           5      31,045           0           0         186           0           0           6           0           1           0           1 
Deferred availability cash items                3,279          96           1         566         436         300         266         250          53         296         244         269         504 
Other liabilities and accrued                                                 
  dividends (2,3)                              -2,812         151      -5,338         189         186         466         369         301         155         101         125         167         317 
                                                                    
      Total liabilities                     1,457,933      80,366     807,626      40,800      40,697      89,397     102,813      80,408      30,833      17,072      33,946      38,712      95,263 
                                                                    
Capital                                                             
Capital paid in                                20,312         784       5,162       2,328       1,521       5,214       1,605       1,305         182         320         211         268       1,413 
Surplus                                        18,520       1,050       4,683       1,814       1,291       4,999       1,426         815         180         354         193         364       1,351 
Other capital                                   2,438          46         842         398         161         130         206         515          13           0          28          19          80 
                                                                    
      Total liabilities and capital         1,499,203      82,246     818,312      45,341      43,671      99,740     106,049      83,044      31,208      17,746      34,378      39,362      98,107 
                              
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
Oct 1, 2008
                                                                                            
Federal Reserve notes outstanding                                                                989,423 
  Less: Notes held by F.R. Banks not subject to collateralization                                185,443 
    Federal Reserve notes to be collateralized                                                   803,979 
Collateral held against Federal Reserve notes                                                    803,979 
  Gold certificate account                                                                        11,037 
  Special drawing rights certificate account                                                       2,200 
  U.S. Treasury and agency securities pledged (1)                                                488,172 
  Other assets pledged                                                                           302,571 
                                                                                            
Memo:                                                                                       
Total U.S. Treasury and agency securities (1)                                                    574,121 
  Less: Face value of securities under reverse repurchase agreements                              85,949 
    U.S. Treasury and agency securities eligible to be pledged                                   488,172 
   
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
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