FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks January 2, 2009 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 31, 2008 Dec 24, 2008 Jan 2, 2008 Dec 31, 2008 Reserve Bank credit 2,246,527 + 39,255 +1,354,752 2,248,507 Securities held outright 496,227 + 233 - 244,384 495,629 U.S. Treasury (1) 475,961 - 106 - 264,650 475,921 Bills (2) 18,423 0 - 209,418 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) 5,975 - 107 + 1,099 5,936 Federal agency (2) 20,266 + 339 + 20,266 19,708 Repurchase agreements (4) 80,000 0 + 40,250 80,000 Term auction credit 450,219 + 29,413 + 410,219 450,219 Other loans 187,770 - 9,098 + 181,983 193,874 Primary credit 86,550 + 290 + 80,780 93,769 Secondary credit 18 - 33 + 18 15 Seasonal credit 4 + 1 - 12 7 Primary dealer and other broker-dealer credit (5) 38,476 - 7,203 + 38,476 37,404 Asset-backed commercial paper money market mutual fund liquidity facility 23,797 - 1,061 + 23,797 23,765 Credit extended to American International Group, Inc. (6) 38,924 - 1,094 + 38,924 38,914 Other credit extensions 0 0 0 0 Net portfolio holdings of Commercial Paper Funding Facility LLC (7) 332,410 + 6,614 + 332,410 334,102 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) 26,974 + 56 + 26,974 27,023 Net portfolio holdings of Maiden Lane II LLC (10) 20,059 + 26 + 20,059 20,117 Net portfolio holdings of Maiden Lane III LLC (11) 27,990 - 95 + 27,990 26,785 Float -862 + 305 + 166 -1,491 Other Federal Reserve assets 625,741 + 11,802 + 559,086 622,250 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (12) 38,857 + 14 + 176 38,857 Total factors supplying reserve funds 2,298,625 + 39,269 +1,354,928 2,300,605 Note: Components may not sum to totals because of rounding. Footnotes appear on the following page. 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 31, 2008 Dec 24, 2008 Jan 2, 2008 Dec 31, 2008 Currency in circulation (12) 888,933 + 7,472 + 59,858 890,081 Reverse repurchase agreements (13) 84,442 - 3,316 + 42,569 88,352 Foreign official and international accounts 84,442 - 3,316 + 42,569 88,352 Dealers 0 0 0 0 Treasury cash holdings 250 + 15 - 9 259 Deposits with F.R. Banks, other than reserve balances 397,826 - 27,831 + 381,721 392,420 U.S. Treasury, general account 114,229 - 11,704 + 105,536 106,123 U.S. Treasury, supplementary financing account 263,600 - 25,647 + 263,600 259,325 Foreign official 505 - 139 + 408 1,365 Service-related 4,386 - 28 - 2,228 4,386 Required clearing balances 4,385 0 - 2,229 4,385 Adjustments to compensate for float 0 - 29 0 0 Other 15,106 + 9,688 + 14,405 21,221 Other liabilities and capital (14) 79,314 - 326 + 36,105 73,880 Total factors, other than reserve balances, absorbing reserve funds 1,450,766 - 23,984 + 520,244 1,444,993 Reserve balances with Federal Reserve Banks 847,859 + 63,252 + 834,684 855,613 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 31, 2008 Dec 24, 2008 Jan 2, 2008 Dec 31, 2008 Marketable securities held in custody for foreign official and international accounts (1) 2,516,463 + 6,771 + 455,576 2,521,960 U.S. Treasury 1,699,437 + 14,740 + 468,596 1,707,443 Federal agency 817,026 - 7,969 - 13,020 814,517 Securities lent to dealers 179,662 - 4,904 + 163,158 180,765 Overnight facility (2) 6,491 - 479 - 10,013 9,165 Term facility (3) 173,171 - 4,425 + 173,171 171,600 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. Maturity Distribution of Term Auction Credit, Other Loans, and Securities, December 31, 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 244,809 205,410 --- --- --- --- 450,219 Other loans (1) 133,040 21,921 0 38,914 --- --- 193,874 U.S. Treasury securities (2) Holdings 19,138 20,965 63,330 173,328 97,325 101,834 475,921 Weekly changes + 1,837 - 2,015 - 1,148 + 1,290 - 20 - 37 - 93 Federal agency securities Holdings 450 3,281 976 11,361 3,640 0 19,708 Weekly changes - 1,170 0 0 0 0 0 - 1,170 Commercial paper held by Commercial Paper Funding Facility LLC (3) 0 334,415 0 --- --- --- 334,415 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) 88,352 0 --- --- --- --- 88,352 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. 3. Information on Principal Accounts of Maiden Lane LLC Millions of dollars Wednesday Account name Dec 31, 2008 Net portfolio holdings of Maiden Lane LLC (1) 27,023 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) 267 Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3) 1,188 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. Any assets purchased after this valuation date are initially recorded at cost until their estimated fair value as of the purchase date becomes available. 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 31, 2008 Net portfolio holdings of Maiden Lane II LLC (1) 20,117 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) 27 Deferred payment and accrued interest payable to subsidiaries of American International Group, Inc. (3) 1,003 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. Any assets purchased after this valuation date are initially recorded at cost until their estimated fair value as of the purchase date becomes available. 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 subsidiaries of American International Group, Inc. in accordance with the asset purchase 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 31, 2008 Net portfolio holdings of Maiden Lane III LLC (1) 26,785 Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2) 24,339 Accrued interest payable to the Federal Reserve Bank of New York (2) 45 Outstanding principal amount and accrued interest on loan payable to American International Group, Inc. (3) 5,022 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. Any assets purchased after this valuation date are initially recorded at cost until their estimated fair value as of the purchase date becomes available. 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 31, 2008 Commercial paper holdings, net (1) 332,826 Other investments, net 1,276 Net portfolio holdings of Commercial Paper Funding Facility LLC 334,102 Memorandum: Commercial paper holdings, face value 334,415 Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2) 332,399 Accrued interest payable to the Federal Reserve Bank of New York (2) 620 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. 7. Information on Principal Accounts of LLCs Funded through the Money Market Investor Funding Facility Millions of dollars Wednesday Account name Dec 31, 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. 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 31, 2008 Dec 24, 2008 Jan 2, 2008 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 2,200 0 0 Coin 1,688 + 8 + 519 Securities, repurchase agreements, term auction credit, and other loans 1,219,723 + 5,982 + 377,423 Securities held outright 495,629 - 1,263 - 244,998 U.S. Treasury (1) 475,921 - 93 - 264,706 Bills (2) 18,423 0 - 209,418 Notes and bonds, nominal (2) 410,491 0 - 60,493 Notes and bonds, inflation-indexed (2) 41,071 0 + 4,160 Inflation compensation (3) 5,936 - 93 + 1,044 Federal agency (2) 19,708 - 1,170 + 19,708 Repurchase agreements (4) 80,000 0 + 23,250 Term auction credit 450,219 0 + 410,219 Other loans 193,874 + 7,244 + 188,951 Net portfolio holdings of Commercial Paper Funding Facility LLC (5) 334,102 + 2,416 + 334,102 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) 27,023 + 57 + 27,023 Net portfolio holdings of Maiden Lane II LLC (8) 20,117 + 68 + 20,117 Net portfolio holdings of Maiden Lane III LLC (9) 26,785 - 1,406 + 26,785 Items in process of collection (397) 979 - 224 - 1,171 Bank premises 2,194 + 8 + 60 Other assets (10) 620,057 + 250 + 555,346 Total assets (397) 2,265,904 + 7,160 +1,340,203 Liabilities Federal Reserve notes, net of F.R. Bank holdings 853,168 + 3,452 + 61,484 Reverse repurchase agreements (11) 88,352 + 35 + 47,443 Deposits (0) 1,248,034 + 6,050 +1,200,590 Depository institutions 860,000 + 40,596 + 820,231 U.S. Treasury, general account 106,123 - 11,935 + 98,846 U.S. Treasury, supplementary financing account 259,325 - 29,922 + 259,325 Foreign official 1,365 + 175 + 1,267 Other (0) 21,221 + 7,136 + 20,919 Deferred availability cash items (397) 2,471 - 66 - 726 Other liabilities and accrued dividends (12,13) 31,728 - 1,945 + 26,479 Total liabilities (397) 2,223,753 + 7,526 +1,335,269 Capital accounts Capital paid in 21,076 + 5 + 2,630 Surplus 21,076 + 4,230 + 2,774 Other capital accounts 0 - 4,600 - 470 Total capital 42,152 - 365 + 4,935 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. 9. Statement of Condition of Each Federal Reserve Bank, December 31, 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 1,688 56 76 137 136 233 214 194 43 54 114 180 252 Securities, repurchase agreements, term auction credit, and other loans 1,219,723 64,302 581,788 63,762 37,450 127,779 74,979 57,726 25,044 16,727 28,446 28,905 112,814 Securities held outright 495,629 20,789 176,342 21,640 18,794 44,943 49,314 43,744 17,127 9,357 18,198 20,559 54,822 U.S. Treasury (1) 475,921 19,962 169,330 20,779 18,047 43,156 47,353 42,005 16,446 8,985 17,475 19,742 52,642 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) 457,499 19,189 162,775 19,975 17,348 41,485 45,520 40,379 15,810 8,637 16,798 18,977 50,604 Federal agency (2) 19,708 827 7,012 860 747 1,787 1,961 1,739 681 372 724 818 2,180 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 450,219 16,150 220,434 38,300 15,575 75,130 17,222 5,094 4,698 5,737 2,740 4,335 44,805 Other loans 193,874 24,008 156,549 329 48 452 483 1,828 454 124 4,570 692 4,338 Net portfolio holdings of Commercial Paper Funding Facility LLC (5) 334,102 0 334,102 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) 27,023 0 27,023 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Maiden Lane II LLC (8) 20,117 0 20,117 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Maiden Lane III LLC (9) 26,785 0 26,785 0 0 0 0 0 0 0 0 0 0 Items in process of collection 1,377 41 0 237 164 41 325 111 17 76 14 152 199 Bank premises 2,194 123 212 65 147 233 225 209 132 112 273 251 213 Other assets (10) 620,057 35,164 156,647 60,124 42,930 165,342 48,048 28,083 6,422 11,927 6,915 12,551 45,904 Interdistrict settlement account 0 - 11,458 + 128,630 - 68,758 + 15,073 - 170,409 + 17,429 + 34,045 + 3,065 - 10,052 + 5,043 + 10,202 + 47,191 Total assets 2,266,302 88,767 1,280,188 56,101 96,428 124,258 142,607 121,492 35,138 19,074 41,219 52,975 208,055 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. 9. Statement of Condition of Each Federal Reserve Bank, December 31, 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 1,022,849 38,508 357,560 41,373 46,622 81,122 128,631 83,472 29,417 17,613 30,098 55,431 113,003 Less: Notes held by F.R. Banks 169,682 5,409 46,609 5,013 7,240 11,552 24,156 12,938 3,405 2,839 3,536 20,767 26,219 Federal Reserve notes, net 853,168 33,099 310,951 36,360 39,381 69,571 104,475 70,534 26,012 14,774 26,562 34,664 86,784 Reverse repurchase agreements (11) 88,352 3,706 31,435 3,858 3,350 8,012 8,791 7,798 3,053 1,668 3,244 3,665 9,773 Deposits 1,248,034 50,057 897,177 10,584 49,967 34,147 25,610 41,147 5,460 1,652 10,784 13,638 107,810 Depository institutions 860,000 49,810 509,858 10,565 49,963 34,057 25,593 41,013 5,446 1,614 10,769 13,533 107,779 U.S. Treasury, general account 106,123 0 106,123 0 0 0 0 0 0 0 0 0 0 U.S. Treasury, supplementary financing account 259,325 0 259,325 0 0 0 0 0 0 0 0 0 0 Foreign official 1,365 2 1,335 4 3 11 3 2 0 1 0 1 3 Other 21,221 246 20,536 15 1 79 13 133 14 38 14 104 29 Deferred availability cash items 2,868 69 0 515 456 172 158 323 47 235 102 296 495 Other liabilities and accrued dividends (12,13) 31,728 147 29,410 154 168 397 349 283 147 96 112 171 296 Total liabilities 2,224,150 87,078 1,268,973 51,471 93,323 112,297 139,383 120,085 34,718 18,425 40,804 52,433 205,158 Capital Capital paid in 21,076 844 5,607 2,315 1,552 5,980 1,612 703 210 324 208 271 1,449 Surplus 21,076 844 5,607 2,315 1,552 5,980 1,612 703 210 324 208 271 1,449 Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0 Total liabilities and capital 2,266,302 88,767 1,280,188 56,101 96,428 124,258 142,607 121,492 35,138 19,074 41,219 52,975 208,055 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). 10. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts Millions of dollars Federal Reserve notes and collateral Wednesday Dec 31, 2008 Federal Reserve notes outstanding 1,022,849 Less: Notes held by F.R. Banks not subject to collateralization 169,682 Federal Reserve notes to be collateralized 853,168 Collateral held against Federal Reserve notes 853,168 Gold certificate account 11,037 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 496,733 Other assets pledged 343,198 Memo: Total U.S. Treasury and agency securities (1) 575,629 Less: Face value of securities under reverse repurchase agreements 78,896 U.S. Treasury and agency securities eligible to be pledged 496,733 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.