For Release at 4:30 P.M. Eastern time December 18, 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 to include information related to Maiden Lane II LLC, a limited liability company formed to purchase residential mortgage-backed securities (RMBS) from the U.S. securities lending reinvestment portfolio of subsidiaries of American International Group, Inc. (AIG). On December 12, 2008, the Federal Reserve Bank of New York (FRBNY) began extending credit to Maiden Lane II LLC under the authority of section 13(3) of the Federal Reserve Act. Consistent with generally accepted accounting principles, the assets and liabilities of Maiden Lane II LLC have been consolidated with the assets and liabilities of the FRBNY in the preparation of the statements of condition shown on the release because the FRBNY is the primary beneficiary of Maiden Lane II LLC. As a result of this consolidation, both the loan extended from the FRBNY to Maiden Lane II LLC and the accrued interest on this loan were eliminated. The net portfolio holdings of these limited liability companies are reported in table 1, in table 8, and in table 9. Information on Maiden Lane II LLC is presented separately in a new table 4, "Information on Principal Accounts of Maiden Lane II LLC." This table presents the fair value of the net portfolio holdings of the Maiden Lane II LLC along with the book value of the outstanding principal of the loan extended by the FRBNY, the book value of accrued interest payable to the FRBNY, and the book value of the deferred payment and accrued interest payable to subsidiaries of AIG. The deferred payment represents the portion of the proceeds of the net portfolio holdings due to AIG subsidiaries in accordance with the asset purchase agreement. Publication Note The H.4.1 statistical release for the week ended December 24, 2008, will be published on Monday, December 29, 2008, because the federal government is closed on both Thursday, December 25 and Friday, December 26. 1 FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks December 18, 2008 1. Factors Affecting Reserve Balances of Depository Institutions Millions of dollars Reserve Bank credit, related items, and Averages of daily figures reserve balances of depository institutions at Week ended Change from week ended Wednesday Federal Reserve Banks Dec 17, 2008 Dec 10, 2008 Dec 19, 2007 Dec 17, 2008 Reserve Bank credit 2,253,739 + 12,269 +1,382,847 2,294,626 Securities held outright 492,765 + 3,373 - 276,983 493,759 U.S. Treasury (1) 476,178 - 108 - 293,570 476,138 Bills (2) 18,423 0 - 238,596 18,423 Notes and bonds, nominal (2) 410,491 0 - 60,493 410,491 Notes and bonds, inflation-indexed (2) 41,071 0 + 4,160 41,071 Inflation compensation (3) 6,192 - 108 + 1,358 6,152 Federal agency (2) 16,587 + 3,481 + 16,587 17,621 Repurchase agreements (4) 80,000 0 + 24,250 80,000 Term auction credit 447,959 0 + 447,959 447,959 Other loans 212,525 - 28,065 + 207,906 206,544 Primary credit 88,407 - 1,754 + 83,821 90,237 Secondary credit 3 - 75 + 3 0 Seasonal credit 2 0 - 30 0 Primary dealer and other broker-dealer credit (5) 50,493 - 2,309 + 50,493 47,336 Asset-backed commercial paper money market mutual fund liquidity facility 29,274 - 11,552 + 29,274 27,421 Credit extended to American International Group, Inc. (6) 44,347 - 12,376 + 44,347 41,550 Other credit extensions 0 0 0 0 Net portfolio holdings of Commercial Paper Funding Facility LLC (7) 315,267 + 6,749 + 315,267 318,843 Net portfolio holdings of LLCs funded through the money market investor funding facility (8) 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (9) 26,892 - 162 + 26,892 26,910 Net portfolio holdings of Maiden Lane II LLC (10) 17,519 + 17,519 + 17,519 20,031 Net portfolio holdings of Maiden Lane III LLC (11) 19,608 - 1,349 + 19,608 19,656 Float -1,029 + 1 - 660 -1,506 Other Federal Reserve assets 642,233 + 14,203 + 601,088 682,431 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (12) 38,829 + 14 + 106 38,829 Total factors supplying reserve funds 2,305,808 + 12,282 +1,382,952 2,346,696 Note: Components may not sum to totals because of rounding. Footnotes appear on the following page. H.4.1 1. Factors Affecting Reserve Balances of Depository Institutions, continued 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 Dec 17, 2008 Dec 10, 2008 Dec 19, 2007 Dec 17, 2008 Currency in circulation (12) 875,301 + 3,344 + 55,800 877,664 Reverse repurchase agreements (13) 93,200 + 1,246 + 56,111 71,928 Foreign official and international accounts 71,771 + 4,817 + 34,682 71,928 Dealers 21,429 - 3,571 + 21,429 0 Treasury cash holdings 227 - 14 - 20 233 Deposits with F.R. Banks, other than reserve balances 454,749 - 38,778 + 440,275 489,754 U.S. Treasury, general account 79,632 + 30,103 + 72,132 120,443 U.S. Treasury, supplementary financing account 364,177 - 39,946 + 364,177 364,177 Foreign official 238 + 50 + 134 190 Service-related 4,619 + 26 - 1,978 4,619 Required clearing balances 4,592 0 - 1,948 4,592 Adjustments to compensate for float 27 + 26 - 30 27 Other 6,083 - 29,012 + 5,811 325 Other liabilities and capital (14) 82,074 + 23,867 + 39,265 109,938 Total factors, other than reserve balances, absorbing reserve funds 1,505,551 - 10,334 + 591,432 1,549,517 Reserve balances with Federal Reserve Banks 800,257 + 22,616 + 791,519 797,179 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. Excludes credit extended to consolidated LLCs. 7. Refer to table 6 and the note on consolidation accompanying table 9. 8. Refer to table 7 and the note on consolidation accompanying table 9. 9. Refer to table 3 and the note on consolidation accompanying table 9. 10. Refer to table 4 and the note on consolidation accompanying table 9. 11. Refer to table 5 and the note on consolidation accompanying table 9. 12. Estimated. 13. Cash value of agreements, which are collateralized by U.S. Treasury securities. 14. Includes the liabilities of Commercial Paper Funding Facility LLC, the LLCs funded through the Money Market Investor Funding Facility, Maiden Lane LLC, Maiden Lane II LLC, and Maiden Lane III LLC to entities other than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of these LLCs. Refer to table 3 through table 7 and the note on consolidation accompanying table 9. Sources: Federal Reserve Banks and the U.S. Department of the Treasury. 1A. Memorandum Items Millions of dollars Averages of daily figures Memorandum item Week ended Change from week ended Wednesday Dec 17, 2008 Dec 10, 2008 Dec 19, 2007 Dec 17, 2008 Marketable securities held in custody for foreign official and international accounts (1) 2,498,205 + 4,427 + 450,310 2,502,619 U.S. Treasury 1,656,563 + 21,617 + 431,930 1,669,312 Federal agency 841,642 - 17,191 + 18,380 833,307 Securities lent to dealers 187,146 - 2,820 + 176,394 186,494 Overnight facility (2) 5,572 + 752 - 5,180 4,148 Term facility (3,4) 181,575 - 3,571 + 181,575 182,346 Note: Components may not sum to totals because of rounding. 1. Face value of the securities. Includes U.S. Treasury STRIPS and other zero-coupon bonds at face value. 2. Fully collateralized by U.S. Treasury securities. 3. Fully collateralized by U.S. Treasury securities, federal agency securities, and other highly rated debt securities. 4. On December 17, 2008, option contracts on draws on the Term Securities Lending Facility totaling $ 49,999 million were outstanding. The exercise date for the options is December 22, 2008, and the draws have a term loan of December 23, 2008 through January 5, 2009. 2. Maturity Distribution of Term Auction Credit, Other Loans, and Securities, December 17, 2008 Millions of dollars Remaining maturity Within 15 16 days to 91 days to Over 1 year Over 5 years Over 10 All days 90 days 1 year to 5 years to 10 years years Term auction credit 104,458 343,501 --- --- --- --- 447,959 Other loans (1) 123,256 41,585 154 41,550 --- --- 206,544 U.S. Treasury securities (2) Holdings 14,536 25,753 64,478 172,076 97,373 101,921 476,138 Weekly changes + 4,858 - 5,067 - 722 + 409 + 457 - 43 - 108 Federal agency securities Holdings 4,944 3,060 1,647 5,737 2,233 0 17,621 Weekly changes - 21 - 293 - 877 + 767 + 2,233 0 + 1,809 Commercial paper held by Commercial Paper Funding Facility LLC (3) 0 319,422 0 --- --- --- 319,422 Money market instruments held by LLCs funded through the money market investor funding facility (4) 0 0 0 --- --- --- 0 Repurchase agreements (5) 40,000 40,000 --- --- --- --- 80,000 Reverse repurchase agreements (5) 71,928 0 --- --- --- --- 71,928 Note: Components may not sum to totals because of rounding. --- Not applicable. 1. Excludes the loans from the Federal Reserve Bank of New York (FRBNY) to Commercial Paper Funding Facility LLC, the LLCs funded through the Money Market Investor Funding Facility, Maiden Lane LLC, Maiden Lane II LLC, and Maiden Lane III LLC. The loans were eliminated when preparing the FRBNY's statement of condition consistent with consolidation under generally accepted accounting principles. 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. Face value of commercial paper held by Commercial Paper Funding Facility LLC. 4. Face value of money market instruments held by LLCs funded through the Money Market Investor Funding Facility. 5. Cash value of agreements. H.4.1 3. Information on Principal Accounts of Maiden Lane LLC Millions of dollars Wednesday Account name Dec 17, 2008 Net portfolio holdings of Maiden Lane LLC (1) 26,910 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) 262 Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3) 1,185 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 9. 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 8 and table 9. 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. 4. Information on Principal Accounts of Maiden Lane II LLC Millions of dollars Wednesday Account name Dec 17, 2008 Net portfolio holdings of Maiden Lane II LLC (1) 20,031 Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2) 19,494 Accrued interest payable to the Federal Reserve Bank of New York (2) 8 Deferred payment and accrued interest payable to subsidiaries of American International Group, Inc. (3) 1,001 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 December 12, 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 9. 3. Book value. The deferred payment represents the portion of the proceeds of the net portfolio holdings due to AIG subsidiaries in accordance with the agreement. The fair value of this payment and accrued interest payable are included in other liabilities and capital in table 1 and in other liabilities and accrued dividends in table 8 and table 9. Note: On December 12, 2008, the Federal Reserve Bank of New York (FRBNY) began extending credit to Maiden Lane II LLC under the authority of section 13(3) of the Federal Reserve Act. This limited liability company was formed to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment portfolio of subsidiaries of American International Group, Inc. (AIG subsidiaries). Payments by Maiden Lane II LLC from the proceeds of the net portfolio holdings will be made in the following order: operating expenses of Maiden Lane II LLC, principal due to the FRBNY, interest due to the FRBNY, and deferred payment and interest due to AIG subsidiaries. Any remaining funds will be shared by the FRBNY and AIG subsidiaries. 5. Information on Principal Accounts of Maiden Lane III LLC Millions of dollars Wednesday Account name Dec 17, 2008 Net portfolio holdings of Maiden Lane III LLC (1) 19,656 Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2) 15,134 Accrued interest payable to the Federal Reserve Bank of New York (2) 23 Outstanding principal amount and accrued interest on loan payable to American International Group, Inc. (3) 5,014 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 November 25, 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 9. 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 8 and table 9. Note: On November 25, 2008, the Federal Reserve Bank of New York (FRBNY) began extending credit to Maiden Lane III LLC under the authority of section 13(3) of the Federal Reserve Act. This limited liability company was formed to purchase multi-sector collateralized debt obligations (CDOs) on which the Financial Products group of American International Group, Inc. (AIG) has written credit default swap (CDS) contracts. In connection with the purchase of CDOs, the CDS counterparties will concurrently unwind the related CDS transactions. Payments by Maiden Lane III LLC from the proceeds of the net portfolio holdings will be made in the following order: operating expenses of Maiden Lane III LLC, principal due to the FRBNY, interest due to the FRBNY, principal due to AIG, and interest due to AIG. Any remaining funds will be shared by the FRBNY and AIG. 6. Information on Principal Accounts of Commercial Paper Funding Facility LLC Millions of dollars Wednesday Account name Dec 17, 2008 Commercial paper holdings, net (1) 317,548 Other investments, net 1,295 Net portfolio holdings of Commercial Paper Funding Facility LLC 318,843 Memorandum: Commercial paper holdings, face value 319,422 Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2) 317,522 Accrued interest payable to the Federal Reserve Bank of New York (2) 470 1. Book value, which includes amortized cost and related fees. 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 9. Note: On October 27, 2008, the Federal Reserve Bank of New York began extending loans under the authority of section 13(3) of the Federal Reserve Act to Commercial Paper Funding Facility LLC. This LLC is a limited liability company formed to purchase three-month U.S. dollar-denominated commercial paper from eligible issuers and thereby foster liquidity in short-term funding markets and increase the availability of credit for businesses and households. H.4.1 7. Information on Principal Accounts of LLCs Funded through the Money Market Investor Funding Facility Millions of dollars Wednesday Account name Dec 17, 2008 Money market instrument holdings, net (1) 0 Other investments, net 0 Net portfolio holdings of LLCs funded through the money market investor funding facility 0 Memorandum: Money market instrument holdings, face value 0 Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2) 0 Accrued interest payable to the Federal Reserve Bank of New York (2) 0 Commercial paper issued by LLCs funded through the money market investor funding facility, net of related discounts 0 1. Book value, which includes amortized cost. 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 9. Note: On November 24, 2008, the Federal Reserve Board authorized the Federal Reserve Bank of New York to extend credit under the authority of section 13(3) of the Federal Reserve Act to a series of limited liability companies funded through the Money Market Investor Funding Facility. These limited liability companies were established to purchase short-term U.S. dollar-denominated certificates of deposit, bank notes, and outstanding asset-backed commercial paper from eligible issuers. Such purchases are designed to foster liquidity in short-term money markets. H.4.1 8. Consolidated Statement of Condition of All Federal Reserve Banks Millions of dollars Eliminations Change since from Wednesday Wednesday Wednesday Assets, liabilities, and capital consolidation Dec 17, 2008 Dec 10, 2008 Dec 19, 2007 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 2,200 0 0 Coin 1,677 + 16 + 479 Securities, repurchase agreements, term auction credit, and other loans 1,228,262 - 24,870 + 395,991 Securities held outright 493,759 + 1,701 - 275,996 U.S. Treasury (1) 476,138 - 108 - 293,617 Bills (2) 18,423 0 - 238,596 Notes and bonds, nominal (2) 410,491 0 - 60,493 Notes and bonds, inflation-indexed (2) 41,071 0 + 4,160 Inflation compensation (3) 6,152 - 109 + 1,310 Federal agency (2) 17,621 + 1,809 + 17,621 Repurchase agreements (4) 80,000 0 + 22,250 Term auction credit 447,959 0 + 447,959 Other loans 206,544 - 26,571 + 201,779 Net portfolio holdings of Commercial Paper Funding Facility LLC (5) 318,843 + 6,429 + 318,843 Net portfolio holdings of LLCs funded through the money market investor funding facility (6) 0 0 0 Net portfolio holdings of Maiden Lane LLC (7) 26,910 + 21 + 26,910 Net portfolio holdings of Maiden Lane II LLC (8) 20,031 + 20,031 + 20,031 Net portfolio holdings of Maiden Lane III LLC (9) 19,656 + 56 + 19,656 Items in process of collection (387) 903 - 107 - 2,482 Bank premises 2,185 + 9 + 61 Other assets (10) 680,190 + 47,970 + 641,129 Total assets (387) 2,311,893 + 49,554 +1,420,617 Liabilities Federal Reserve notes, net of F.R. Bank holdings 840,741 + 3,178 + 54,956 Reverse repurchase agreements (11) 71,928 - 20,164 + 35,498 Deposits (0) 1,286,877 + 19,228 +1,264,275 Depository institutions 801,742 + 23,900 + 784,081 U.S. Treasury, general account 120,443 + 78,797 + 115,857 U.S. Treasury, supplementary financing account 364,177 - 39,946 + 364,177 Foreign official 190 + 2 + 94 Other (0) 325 - 43,525 + 65 Deferred availability cash items (387) 2,409 + 84 - 1,646 Other liabilities and accrued dividends (12,13) 64,634 + 45,190 + 58,774 Total liabilities (387) 2,266,589 + 47,516 +1,411,856 Capital accounts Capital paid in 21,070 + 61 + 2,853 Surplus 17,185 + 5 + 1,725 Other capital accounts 7,049 + 1,972 + 4,182 Total capital 45,304 + 2,037 + 8,761 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. Refer to table 6 and the note on consolidation accompanying table 9. 6. Refer to table 7 and the note on consolidation accompanying table 9. 7. Refer to table 3 and the note on consolidation accompanying table 9. 8. Refer to table 4 and the note on consolidation accompanying table 9. 9. Refer to table 5 and the note on consolidation accompanying table 9. 10. Includes assets denominated in foreign currencies and any exchange-translation assets, which are revalued daily at market exchange rates. 11. Cash value of agreements, which are collateralized by U.S. Treasury securities. 12. Includes any exchange-translation liabilities, which are revalued daily at market exchange rates. 13. Includes the liabilities of Commercial Paper Funding Facility LLC, the LLCs funded through the Money Market Investor Funding Facility, Maiden Lane LLC, Maiden Lane II LLC, and Maiden Lane III LLC to entities other than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of these LLCs. Refer to table 3 through table 7 and the note on consolidation accompanying table 9. H.4.1 9. Statement of Condition of Each Federal Reserve Bank, December 17, 2008 Millions of dollars Kansas San Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco Assets Gold certificate account 11,037 424 3,935 453 423 891 1,221 913 344 199 349 636 1,249 Special drawing rights certificate acct. 2,200 115 874 83 104 147 166 212 71 30 66 98 234 Coin 1,677 58 76 130 135 233 212 194 44 56 112 178 248 Securities, repurchase agreements, term auction credit, and other loans 1,228,262 71,731 556,592 56,449 38,743 147,536 78,262 57,107 24,140 16,699 28,250 29,519 123,235 Securities held outright 493,759 20,710 175,676 21,558 18,723 44,773 49,128 43,579 17,063 9,322 18,130 20,482 54,615 U.S. Treasury (1) 476,138 19,971 169,407 20,789 18,055 43,175 47,375 42,024 16,454 8,989 17,483 19,751 52,666 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) 457,715 19,198 162,852 19,984 17,356 41,505 45,542 40,398 15,817 8,641 16,806 18,986 50,628 Federal agency (2) 17,621 739 6,269 769 668 1,598 1,753 1,555 609 333 647 731 1,949 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 447,959 20,050 187,257 31,300 16,958 95,070 20,791 4,869 3,888 5,362 2,360 4,833 55,222 Other loans 206,544 27,616 165,195 98 28 438 383 1,598 424 506 4,822 886 4,549 Net portfolio holdings of Commercial Paper Funding Facility LLC (5) 318,843 0 318,843 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of LLCs funded through the money market investor funding facility (6) 0 0 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (7) 26,910 0 26,910 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Maiden Lane II LLC (8) 20,031 0 20,031 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Maiden Lane III LLC (9) 19,656 0 19,656 0 0 0 0 0 0 0 0 0 0 Items in process of collection 1,290 34 0 322 156 40 129 184 9 66 53 118 180 Bank premises 2,185 124 210 64 150 223 225 207 130 111 274 258 210 Other assets (10) 680,190 38,554 172,261 66,021 47,101 181,540 52,588 30,674 6,970 13,066 7,513 13,696 50,206 Interdistrict settlement account 0 - 23,905 + 183,354 - 70,423 - 4,222 - 146,083 + 8,656 + 20,436 - 286 - 11,990 + 4,346 + 1,636 + 38,480 Total assets 2,312,280 87,134 1,302,741 53,099 82,591 184,528 141,460 109,926 31,422 18,237 40,961 46,138 214,042 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. Refer to table 6 and the note on consolidation on the following page. 6. Refer to table 7 and the note on consolidation on the following page. 7. Refer to table 3 and the note on consolidation on the following page. 8. Refer to table 4 and the note on consolidation on the following page. 9. Refer to table 5 and the note on consolidation on the following page. 10. Includes assets denominated in foreign currencies and any exchange-translation assets, which are revalued daily at market exchange rates. H.4.1 9. Statement of Condition of Each Federal Reserve Bank, December 17, 2008 (continued) Millions of dollars Kansas San Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco Liabilities Federal Reserve notes outstanding 1,022,070 38,625 356,588 41,526 46,769 81,298 128,168 83,607 29,515 17,620 30,168 54,664 113,522 Less: Notes held by F.R. Banks 181,329 5,955 49,459 5,768 7,622 12,322 26,036 13,969 3,719 3,018 3,892 21,579 27,992 Federal Reserve notes, net 840,741 32,670 307,130 35,758 39,147 68,976 102,133 69,638 25,796 14,602 26,276 33,085 85,530 Reverse repurchase agreements (11) 71,928 3,017 25,591 3,140 2,727 6,522 7,157 6,348 2,486 1,358 2,641 2,984 7,956 Deposits 1,286,877 49,176 896,063 8,588 36,795 95,703 28,194 31,678 2,517 1,238 11,311 8,922 116,693 Depository institutions 801,742 49,143 411,083 8,584 36,791 95,615 28,191 31,675 2,502 1,237 11,310 8,921 116,690 U.S. Treasury, general account 120,443 0 120,443 0 0 0 0 0 0 0 0 0 0 U.S. Treasury, supplementary financing account 364,177 0 364,177 0 0 0 0 0 0 0 0 0 0 Foreign official 190 2 160 4 3 11 3 2 0 1 0 1 3 Other 325 31 200 0 1 77 0 0 14 0 1 0 0 Deferred availability cash items 2,796 61 0 535 443 179 168 316 22 202 164 277 428 Other liabilities and accrued dividends (12,13) 64,634 178 61,801 224 218 585 393 311 152 111 129 182 350 Total liabilities 2,266,976 85,101 1,290,586 48,246 79,331 171,965 138,044 108,291 30,973 17,511 40,521 45,450 210,958 Capital Capital paid in 21,070 844 5,602 2,315 1,552 5,979 1,614 703 210 324 207 271 1,450 Surplus 17,185 1,049 3,348 1,815 1,291 4,999 1,426 816 180 354 193 364 1,351 Other capital 7,049 140 3,205 724 416 1,585 376 116 60 48 41 54 284 Total liabilities and capital 2,312,280 87,134 1,302,741 53,099 82,591 184,528 141,460 109,926 31,422 18,237 40,961 46,138 214,042 Note: Components may not sum to totals because of rounding. 11. Cash value of agreements, which are collateralized by U.S. Treasury securities. 12. Includes any exchange-translation liabilities, which are revalued daily at market exchange rates. 13. Includes the liabilities of Commercial Paper Funding Facility LLC, the LLCs funded through the Money Market Investor Funding Facility, Maiden Lane LLC, Maiden Lane II LLC, and Maiden Lane III LLC to entities other than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of these LLCs. Refer to table 3 through table 7 and the note on consolidation below. Note on consolidation: The Federal Reserve Bank of New York (FRBNY) has extended loans to several limited liability companies under the authority of section 13(3) of the Federal Reserve Act. On June 26, 2008, a loan was extended to Maiden Lane LLC, which was formed to acquire certain assets of Bear Stearns. On October 27, 2008, the FRBNY began extending loans to Commercial Paper Funding Facility LLC, which was formed to purchase three-month U.S. dollar-denominated commercial paper from eligible issuers. On November 24, 2008, the Federal Reserve Board authorized the FRBNY to extend credit to a series of LLCs funded through the Money Market Investor Funding Facility, which were established to purchase short-term U.S. dollar-denominated certificates of deposit, bank notes, and commercial paper from eligible issuers. On November 25, 2008, a loan was extended to Maiden Lane III LLC, which was formed to purchase multi-sector collateralized debt obligations on which the Financial Products group of the American International Group, Inc. has written credit default swap contracts. On December 12, 2008, a loan was extended to Maiden Lane II LLC, which was formed to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment portfolio of subsidiaries of American International Group, Inc. The FRBNY is the sole beneficiary of Commercial Paper Funding Facility LLC and the primary beneficiary of the other LLCs cited above. Consistent with generally accepted accounting principles, the assets and liabilities of these LLCs have been consolidated with the assets and liabilities of the FRBNY in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the extensions of credit from the FRBNY to the LLCs are eliminated, the net assets of the LLCs appear as assets on the previous page (and in table 1 and table 8), and the liabilities of the LLCs to entities other than the FRBNY, including those with recourse only to the portfolio holdings of the LLCs, are included in other liabilities in this table (and table 1 and table 8). H.4.1 10. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts Millions of dollars Federal Reserve notes and collateral Wednesday Dec 17, 2008 Federal Reserve notes outstanding 1,022,070 Less: Notes held by F.R. Banks not subject to collateralization 181,329 Federal Reserve notes to be collateralized 840,741 Collateral held against Federal Reserve notes 840,741 Gold certificate account 11,037 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 509,638 Other assets pledged 317,866 Memo: Total U.S. Treasury and agency securities (1) 573,759 Less: Face value of securities under reverse repurchase agreements 64,121 U.S. Treasury and agency securities eligible to be pledged 509,638 Note: Components may not sum to totals because of rounding. 1. Includes face value of U.S. Treasury and agency securities held outright, compensation to adjust for the effect of inflation on the original face value of inflation-indexed securities, and cash value of repurchase agreements.