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Release Date: October 23, 2008
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For Release at
4:30 P.M. Eastern time
October 23, 2008
The weekly average value of net portfolio holdings of Maiden Lane LLC reflects holdings from Thursday,
October 16, 2008, through Wednesday, October 22, 2008. The holdings for the first six days of this week
are based on the values as of June 30, 2008. The holdings for the last day were based on values as of
September 30, 2008, the quarterly revaluation date. The fair value of the net portfolio holdings will
be updated quarterly.
FEDERAL RESERVE statistical release
H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
October 23, 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 Oct 22, 2008 Oct 15, 2008 Oct 24, 2007 Oct 22, 2008
Reserve Bank credit 1,803,300 + 63,222 + 944,345 1,787,028
Securities held outright 490,633 - 24 - 288,947 490,617
U.S. Treasury (1) 476,528 - 24 - 303,052 476,512
Bills (2) 18,423 0 - 248,596 18,423
Notes and bonds, nominal (2) 410,757 - 835 - 61,385 410,757
Notes and bonds, inflation-indexed (2) 40,806 + 835 + 5,053 40,806
Inflation compensation (3) 6,542 - 25 + 1,875 6,526
Federal agency (2) 14,105 0 + 14,105 14,105
Repurchase agreements (4) 80,000 0 + 42,286 80,000
Term auction credit 263,092 0 + 263,092 263,092
Other loans 418,580 - 18,950 + 418,286 408,156
Primary credit 105,754 + 6,095 + 105,612 107,547
Secondary credit 0 - 4 - 57 0
Seasonal credit 19 - 6 - 76 14
Primary dealer and other broker-dealer credit(5) 111,255 - 19,870 + 111,255 102,377
Asset-backed commercial paper money market
mutual fund liquidity facility 114,219 - 15,397 + 114,219 107,895
Other credit extensions 87,332 + 10,231 + 87,332 90,323
Net portfolio holdings of Maiden Lane LLC (6) 29,137 - 355 + 29,137 26,802
Float -1,048 - 34 - 558 -1,353
Other Federal Reserve assets 522,906 + 82,586 + 481,050 519,713
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 2,200 0 0 2,200
Treasury currency outstanding (7) 38,773 + 14 + 92 38,773
Total factors supplying reserve funds 1,855,315 + 63,236 + 944,438 1,839,042
Currency in circulation (7) 854,517 + 1,289 + 41,706 856,821
Reverse repurchase agreements (8) 98,110 + 12,220 + 61,384 95,987
Foreign official and international accounts 73,110 - 5,637 + 36,384 70,987
Dealers 25,000 + 17,857 + 25,000 25,000
Treasury cash holdings 276 0 - 46 268
Deposits with F.R. Banks, other than reserve balances 554,927 + 29,881 + 542,895 621,437
U.S. Treasury, general account 23,166 + 15,828 + 18,120 55,625
U.S. Treasury, supplementary financing account 524,771 + 29,918 + 524,771 558,987
Foreign official 254 - 54 + 155 154
Service-related 6,138 0 - 441 6,138
Required clearing balances 6,138 0 - 441 6,138
Adjustments to compensate for float 0 0 0 0
Other 598 - 15,812 + 289 533
Other liabilities and capital (9) 46,213 - 354 + 4,273 43,766
Total factors, other than reserve balances,
absorbing reserve funds 1,554,044 + 43,036 + 650,212 1,618,280
Reserve balances with Federal Reserve Banks 301,270 + 20,200 + 294,225 220,762
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 22, 2008
Millions of dollars
Averages of daily figures
Memorandum item Week ended Change from week ended Wednesday
Oct 22, 2008 Oct 15, 2008 Oct 24, 2007 Oct 22, 2008
Marketable securities held in custody for foreign
official and international accounts (1) 2,478,737 - 7,551 + 448,128 2,484,940
U.S. Treasury 1,555,300 + 4,309 + 321,212 1,567,056
Federal agency 923,437 - 11,861 + 126,916 917,884
Securities lent to dealers 223,130 + 2,732 + 216,681 226,357
Overnight facility (2) 25,631 - 221 + 19,182 28,858
Term facility (3) 197,499 + 2,953 + 197,499 197,499
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.
2. Information on Principal Accounts of Maiden Lane LLC
Millions of dollars
Wednesday
Account name Oct 22, 2008
Net portfolio holdings of Maiden Lane LLC (1) 26,802
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) 205
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3) 1,175
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 September 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 22, 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 100,000 215,417 18,840 + 6,702 870 + 385 40,000 95,987
16 days to 90 days 163,092 108,433 27,207 - 2,166 9,008 - 385 40,000 0
91 days to 1 year --- 11,975 61,340 - 4,539 4,227 0 --- ---
Over 1 year to 5 years --- 72,332 173,449 - 13 0 0 --- ---
Over 5 years to 10 years --- --- 94,327 - 9 0 0 --- ---
Over 10 years --- --- 101,350 - 17 0 0 --- ---
All 263,092 408,156 476,512 - 43 14,105 0 80,000 95,987
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 Oct 22, 2008 Oct 15, 2008 Oct 24, 2007
Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 2,200 0 0
Coin 1,584 + 38 + 368
Securities, repurchase agreements, term auction
credit, and other loans 1,241,865 - 33,257 + 415,788
Securities held outright 490,617 - 43 - 288,957
U.S. Treasury (1) 476,512 - 43 - 303,062
Bills (2) 18,423 0 - 248,596
Notes and bonds, nominal (2) 410,757 0 - 61,385
Notes and bonds, inflation-indexed (2) 40,806 0 + 5,053
Inflation compensation (3) 6,526 - 43 + 1,865
Federal agency (2) 14,105 0 + 14,105
Repurchase agreements (4) 80,000 0 + 34,000
Term auction credit 263,092 0 + 263,092
Other loans 408,156 - 33,214 + 407,654
Net portfolio holdings of Maiden Lane LLC (5) 26,802 - 2,724 + 26,802
Items in process of collection (434) 1,004 - 3,054 - 1,350
Bank premises 2,172 + 2 + 66
Other assets (6) 517,543 + 70,771 + 477,558
Total assets (434) 1,804,208 + 31,777 + 919,235
Liabilities
Federal Reserve notes, net of F.R. Bank holdings 819,896 + 1,398 + 43,195
Reverse repurchase agreements (7) 95,987 - 11,832 + 58,559
Deposits (0) 842,202 + 46,490 + 815,959
Depository institutions 226,903 - 44,978 + 205,796
U.S. Treasury, general account 55,625 + 31,642 + 50,888
U.S. Treasury, supplementary financing account 558,987 + 59,858 + 558,987
Foreign official 154 - 36 + 55
Other (0) 533 + 4 + 233
Deferred availability cash items (434) 2,358 - 1,686 - 631
Other liabilities and accrued dividends (8,9) 3,907 - 594 - 2,027
Total liabilities (434) 1,764,350 + 33,776 + 915,054
Capital accounts
Capital paid in 20,317 + 1 + 2,561
Surplus 17,696 - 829 + 2,258
Other capital accounts 1,845 - 1,171 - 639
Total capital 39,859 - 1,999 + 4,181
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 and any exchange-translation assets, which are
revalued daily at market exchange rates.
7. Cash value of agreements, which are collateralized by U.S. Treasury securities.
8. Includes any exchange-translation liabilities, which are revalued daily at market exchange rates.
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 22, 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 1,584 52 78 126 130 212 202 180 47 53 109 175 220
Securities, repurchase agreements, term
auction credit, and other loans 1,241,865 143,866 607,951 30,787 34,925 120,410 68,466 56,841 22,072 15,952 22,180 27,464 90,953
Securities held outright 490,617 20,578 174,559 21,421 18,604 44,488 48,816 43,302 16,954 9,262 18,014 20,351 54,268
U.S. Treasury (1) 476,512 19,987 169,540 20,805 18,069 43,209 47,412 42,057 16,467 8,996 17,496 19,766 52,707
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) 458,089 19,214 162,985 20,001 17,371 41,539 45,579 40,431 15,830 8,648 16,820 19,002 50,670
Federal agency (2) 14,105 592 5,018 616 535 1,279 1,403 1,245 487 266 518 585 1,560
Repurchase agreements (4) 80,000 3,356 28,464 3,493 3,034 7,254 7,960 7,061 2,765 1,510 2,937 3,318 8,849
Term auction credit 263,092 12,000 145,030 500 12,785 43,347 11,440 4,480 2,000 5,035 475 3,000 23,000
Other loans 408,156 107,932 259,899 5,373 502 25,320 251 1,998 354 144 753 794 4,836
Net portfolio holdings of Maiden Lane
LLC (5) 26,802 0 26,802 0 0 0 0 0 0 0 0 0 0
Items in process of collection 1,439 44 0 218 316 52 60 83 16 151 -83 100 483
Bank premises 2,172 123 211 64 150 216 225 207 129 111 275 251 209
Other assets (6) 517,543 27,773 152,331 47,241 33,781 129,877 37,954 22,264 5,138 9,402 5,531 9,968 36,282
Interdistrict settlement account 0 -101,093 +270,315 - 30,779 - 25,973 - 95,377 + 2,447 + 3,157 + 4,101 - 7,455 + 5,080 + 1,360 - 25,783
Total assets 1,804,643 71,304 1,062,497 48,193 43,855 156,427 110,742 83,857 31,918 18,443 33,507 40,053 103,847
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 and any exchange-translation assets, 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 22, 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 993,237 38,318 352,554 42,067 41,220 82,198 120,630 79,986 29,750 17,403 30,407 54,702 104,001
Less: Notes held by F.R. Banks 173,341 5,531 42,764 6,095 8,010 11,875 27,872 13,083 3,379 2,658 3,491 23,087 25,496
Federal Reserve notes, net 819,896 32,788 309,790 35,972 33,211 70,323 92,758 66,904 26,371 14,745 26,916 31,614 78,505
Reverse repurchase agreements (1) 95,987 4,026 34,152 4,191 3,640 8,704 9,551 8,472 3,317 1,812 3,524 3,982 10,617
Deposits 842,202 32,369 708,319 2,725 3,279 65,638 4,568 5,910 1,666 849 2,385 3,400 11,094
Depository institutions 226,903 32,364 93,191 2,721 3,275 65,496 4,565 5,908 1,661 848 2,383 3,399 11,091
U.S. Treasury, general account 55,625 0 55,625 0 0 0 0 0 0 0 0 0 0
U.S. Treasury, supplementary
financing account 558,987 0 558,987 0 0 0 0 0 0 0 0 0 0
Foreign official 154 2 124 4 3 11 3 2 0 1 0 1 3
Other 533 3 392 0 1 131 0 0 4 0 1 0 0
Deferred availability cash items 2,792 66 0 485 469 229 238 248 31 246 124 224 431
Other liabilities and accrued
dividends (2,3) 3,907 174 1,216 203 196 507 388 306 158 109 130 183 338
Total liabilities 1,764,784 69,423 1,053,477 43,575 40,795 145,401 107,502 81,840 31,543 17,761 33,080 39,402 100,985
Capital
Capital paid in 20,317 784 5,162 2,331 1,525 5,832 1,607 684 181 323 206 268 1,413
Surplus 17,696 1,050 3,858 1,814 1,291 4,999 1,426 815 180 355 193 364 1,351
Other capital 1,845 47 0 472 244 194 207 518 14 4 28 19 98
Total liabilities and capital 1,804,643 71,304 1,062,497 48,193 43,855 156,427 110,742 83,857 31,918 18,443 33,507 40,053 103,847
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 any exchange-translation liabilities, which are revalued daily at market exchange rates.
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 22, 2008
Federal Reserve notes outstanding 993,237
Less: Notes held by F.R. Banks not subject to collateralization 173,341
Federal Reserve notes to be collateralized 819,896
Collateral held against Federal Reserve notes 819,896
Gold certificate account 11,037
Special drawing rights certificate account 2,200
U.S. Treasury and agency securities pledged (1) 563,699
Other assets pledged 242,960
Memo:
Total U.S. Treasury and agency securities (1) 570,617
Less: Face value of securities under reverse repurchase agreements 6,918
U.S. Treasury and agency securities eligible to be pledged 563,699
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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