Federal Reserve Statistical Release, H.4.1, Factors Affecting Reserve Balances; title with eagle logo links to Statistical Release home page
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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