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Release Date: January 15, 2009
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For Release at
4:30 P.M. Eastern time
January 15, 2009
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 Federal
Reserve System purchases of mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac, and Ginnie
Mae.
On November 25, 2008, the Federal Reserve announced a program to purchase mortgage-backed securities
guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The goal of the program is to provide support to
mortgage and housing markets and to foster improved conditions in financial markets. Purchases of these
securities began on January 5, 2009. Outright transactions in mortgage-backed securities have settlement
dates that can extend several months into the future. Federal Reserve purchases that settled during the
week ended January 14, 2009, are reflected on this release. Additional information on System transactions
in mortgage-backed securities is available at www.newyorkfed.org/markets/mbs/.
The current face value of the System's holdings of mortgage-backed securities guaranteed by Fannie Mae,
Freddie Mac, and Ginnie Mae appears in table 1, table 8, and table 9. The current face value represents
the remaining principal balance of the underlying mortgages. The maturity distribution of these holdings
based on the stated maturity date appears in table 2.
1
FEDERAL RESERVE statistical release
H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
January 15, 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 Jan 14, 2009 Jan 7, 2009 Jan 16, 2008 Jan 14, 2009
Reserve Bank credit 2,069,182 - 108,380 +1,201,662 2,040,609
Securities held outright 497,489 + 2,106 - 230,749 505,306
U.S. Treasury securities (1) 475,589 - 208 - 252,649 475,515
Bills (2) 18,423 0 - 196,937 18,423
Notes and bonds, nominal (2) 410,491 0 - 60,493 410,491
Notes and bonds, inflation-indexed (2) 41,071 0 + 4,003 41,071
Inflation compensation (3) 5,604 - 207 + 778 5,529
Federal agency debt securities (2) 20,358 + 771 + 20,358 24,158
Mortgage-backed securities (4) 1,542 + 1,542 + 1,542 5,634
Repurchase agreements (5) 57,143 - 20,000 + 25,822 40,000
Term auction credit 371,387 - 35,418 + 331,387 371,297
Other loans 160,723 - 25,078 + 159,487 155,245
Primary credit 69,101 - 18,834 + 67,871 66,481
Secondary credit 41 + 25 + 41 139
Seasonal credit 0 - 2 - 6 0
Primary dealer and other broker-dealer credit (6) 33,690 - 2,287 + 33,690 33,406
Asset-backed Commercial Paper Money Market
Mutual Fund Liquidity Facility 18,767 - 4,101 + 18,767 16,093
Credit extended to American International
Group, Inc. (7) 39,124 + 121 + 39,124 39,126
Other credit extensions 0 0 0 0
Net portfolio holdings of Commercial Paper
Funding Facility LLC (8) 334,582 + 310 + 334,582 334,705
Net portfolio holdings of LLCs funded through
the Money Market Investor Funding Facility (9) 0 0 0 0
Net portfolio holdings of Maiden Lane LLC (10) 27,070 + 42 + 27,070 27,122
Net portfolio holdings of Maiden Lane II LLC (11) 19,795 - 276 + 19,795 19,800
Net portfolio holdings of Maiden Lane III LLC (12) 26,889 + 91 + 26,889 26,942
Float -1,392 + 72 - 347 -1,586
Other Federal Reserve assets 575,496 - 30,229 + 507,727 561,776
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 2,200 0 0 2,200
Treasury currency outstanding (13) 38,758 + 14 + 77 38,758
Total factors supplying reserve funds 2,121,181 - 108,366 +1,201,739 2,092,608
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 Jan 14, 2009 Jan 7, 2009 Jan 16, 2008 Jan 14, 2009
Currency in circulation (13) 881,117 - 6,456 + 67,667 880,819
Reverse repurchase agreements (14) 81,697 - 6,971 + 43,129 78,836
Foreign official and international accounts 81,697 - 6,971 + 43,129 78,836
Dealers 0 0 0 0
Treasury cash holdings 268 + 8 - 4 272
Deposits with F.R. Banks, other than reserve balances 247,086 - 59,114 + 234,862 252,856
U.S. Treasury, general account 36,826 - 29,311 + 31,655 31,173
U.S. Treasury, supplementary financing account 199,686 - 29,717 + 199,686 199,686
Foreign official 225 - 1,347 + 125 211
Service-related 4,387 - 1 - 2,263 4,387
Required clearing balances 4,387 0 - 2,263 4,387
Adjustments to compensate for float 0 - 2 0 0
Other 5,962 + 1,262 + 5,659 17,399
Other liabilities and capital (15) 63,389 - 5,279 + 20,131 56,700
Total factors, other than reserve balances,
absorbing reserve funds 1,273,558 - 77,813 + 365,785 1,269,482
Reserve balances with Federal Reserve Banks 847,623 - 30,554 + 835,954 823,125
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. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Current face value of the securities, which is
the remaining principal balance of the underlying mortgages.
5. Cash value of agreements.
6. Includes credit extended through the Primary Dealer Credit Facility and credit extended to certain
other broker-dealers.
7. Excludes credit extended to consolidated LLCs.
8. Refer to table 6 and the note on consolidation accompanying table 9.
9. Refer to table 7 and the note on consolidation accompanying table 9.
10. Refer to table 3 and the note on consolidation accompanying table 9.
11. Refer to table 4 and the note on consolidation accompanying table 9.
12. Refer to table 5 and the note on consolidation accompanying table 9.
13. Estimated.
14. Cash value of agreements, which are collateralized by U.S. Treasury securities.
15. 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
Jan 14, 2009 Jan 7, 2009 Jan 16, 2008 Jan 14, 2009
Marketable securities held in custody for foreign
official and international accounts (1) 2,527,983 + 3,474 + 456,308 2,528,818
U.S. Treasury securities 1,715,134 + 4,688 + 476,167 1,718,315
Federal agency securities (2) 812,849 - 1,213 - 19,859 810,503
Securities lent to dealers 140,769 - 28,870 + 133,696 139,540
Overnight facility (3) 7,890 - 649 + 817 8,590
Term facility (4) 132,879 - 28,221 + 132,879 130,950
Note: Components may not sum to totals because of rounding.
1. Face value of the securities. Includes U.S. Treasury STRIPS, other zero-coupon bonds, and mortgage-backed
securities at face value.
2. Includes debt and mortgage-backed securities.
3. Fully collateralized by U.S. Treasury securities.
4. 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, January 14, 2009
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 201,913 169,385 --- --- --- --- 371,297
Other loans (1) 92,865 23,254 0 39,126 --- --- 155,245
U.S. Treasury securities (2)
Holdings 20,475 19,602 63,330 173,973 96,462 101,672 475,515
Weekly changes + 3,854 - 3,867 0 + 709 - 818 - 81 - 203
Federal agency debt securities (3)
Holdings 493 2,788 976 14,392 5,509 0 24,158
Weekly changes + 493 - 493 0 + 3,031 + 1,869 0 + 4,900
Mortgage-backed securities (4)
Holdings 0 0 0 0 0 5,634 5,634
Weekly changes 0 0 0 0 0 + 5,634 + 5,634
Commercial paper held by
Commercial Paper Funding
Facility LLC (5) 227,847 106,747 0 --- --- --- 334,594
Money market instruments held by
LLCs funded through the Money
Market Investor Funding
Facility (6) 0 0 0 --- --- --- 0
Repurchase agreements (7) 40,000 0 --- --- --- --- 40,000
Reverse repurchase agreements (7) 78,836 0 --- --- --- --- 78,836
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. Face value. For inflation-indexed securities, includes the original face value and compensation that adjusts for
the effect of inflation on the original face value of such securities.
3. Face value.
4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Current face value of the securities, which is the remaining
principal balance of the underlying mortgages.
5. Face value of commercial paper held by Commercial Paper Funding Facility LLC.
6. Face value of money market instruments held by LLCs funded through the Money Market Investor Funding Facility.
7. Cash value of agreements.
3. Information on Principal Accounts of Maiden Lane LLC
Millions of dollars
Wednesday
Account name Jan 14, 2009
Net portfolio holdings of Maiden Lane LLC (1) 27,122
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) 273
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3) 1,190
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 Jan 14, 2009
Net portfolio holdings of Maiden Lane II LLC (1) 19,800
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2) 19,169
Accrued interest payable to the Federal Reserve Bank of New York (2) 38
Deferred payment and accrued interest payable to subsidiaries of American International
Group, Inc. (3) 1,004
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 Jan 14, 2009
Net portfolio holdings of Maiden Lane III LLC (1) 26,942
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) 59
Outstanding principal amount and accrued interest on loan payable to American International
Group, Inc. (3) 5,029
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 Jan 14, 2009
Commercial paper holdings, net (1) 333,427
Other investments, net 1,277
Net portfolio holdings of Commercial Paper Funding Facility LLC 334,705
Memorandum: Commercial paper holdings, face value 334,594
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2) 332,577
Accrued interest payable to the Federal Reserve Bank of New York (2) 771
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 Jan 14, 2009
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: 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 (MMIFF). The MMIFF became operational on November 24, 2008. 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 Jan 14, 2009 Jan 7, 2009 Jan 16, 2008
Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 2,200 0 0
Coin 1,744 + 40 + 498
Securities, repurchase agreements, term auction
credit, and other loans 1,071,849 - 45,435 + 259,023
Securities held outright 505,306 + 10,330 - 222,953
U.S. Treasury securities (1) 475,515 - 203 - 252,744
Bills (2) 18,423 0 - 196,937
Notes and bonds, nominal (2) 410,491 0 - 60,493
Notes and bonds, inflation-indexed (2) 41,071 0 + 3,608
Inflation compensation (3) 5,529 - 203 + 1,077
Federal agency debt securities (2) 24,158 + 4,900 + 24,158
Mortgage-backed securities (4) 5,634 + 5,634 + 5,634
Repurchase agreements (5) 40,000 - 20,000 + 1,000
Term auction credit 371,297 - 12,734 + 331,297
Other loans 155,245 - 23,032 + 149,678
Net portfolio holdings of Commercial Paper
Funding Facility LLC (6) 334,705 + 296 + 334,705
Net portfolio holdings of LLCs funded through
the Money Market Investor Funding Facility (7) 0 0 0
Net portfolio holdings of Maiden Lane LLC (8) 27,122 + 61 + 27,122
Net portfolio holdings of Maiden Lane II LLC (9) 19,800 + 6 + 19,800
Net portfolio holdings of
Maiden Lane III LLC (10) 26,942 + 61 + 26,942
Items in process of collection (408) 1,272 - 217 - 790
Bank premises 2,183 + 1 + 51
Other assets (11) 559,590 - 36,914 + 494,263
Total assets (408) 2,058,444 - 82,099 +1,161,614
Note: Components may not sum to totals because of rounding. Footnotes appear on the following page.
8. Consolidated Statement of Condition of All Federal Reserve Banks (continued)
Millions of dollars
Eliminations Change since
from Wednesday Wednesday Wednesday
Assets, liabilities, and capital consolidation Jan 14, 2009 Jan 7, 2009 Jan 16, 2008
Liabilities
Federal Reserve notes, net of F.R. Bank holdings 844,072 - 3,884 + 68,569
Reverse repurchase agreements (12) 78,836 - 10,077 + 37,757
Deposits (0) 1,075,978 - 57,712 +1,041,650
Depository institutions 827,509 - 18,631 + 799,261
U.S. Treasury, general account 31,173 - 31,513 + 25,499
U.S. Treasury, supplementary financing account 199,686 - 24,730 + 199,686
Foreign official 211 + 17 + 114
Other (0) 17,399 + 17,145 + 17,090
Deferred availability cash items (408) 2,858 - 351 - 429
Other liabilities and accrued dividends (13,14) 14,300 - 10,145 + 9,232
Total liabilities (408) 2,016,045 - 82,168 +1,156,778
Capital accounts
Capital paid in 21,082 + 5 + 2,634
Surplus 20,911 + 105 + 2,494
Other capital accounts 406 - 41 - 292
Total capital 42,400 + 70 + 4,837
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. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Current face value of the securities, which is
the remaining principal balance of the underlying mortgages.
5. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
6. Refer to table 6 and the note on consolidation accompanying table 9.
7. Refer to table 7 and the note on consolidation accompanying table 9.
8. Refer to table 3 and the note on consolidation accompanying table 9.
9. Refer to table 4 and the note on consolidation accompanying table 9.
10. Refer to table 5 and the note on consolidation accompanying table 9.
11. Includes assets denominated in foreign currencies and any exchange-translation assets, which are
revalued daily at market exchange rates.
12. Cash value of agreements, which are collateralized by U.S. Treasury securities.
13. Includes any exchange-translation liabilities, which are revalued daily at market exchange rates.
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.
9. Statement of Condition of Each Federal Reserve Bank, January 14, 2009
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 1,744 56 76 140 143 243 222 200 46 57 119 183 259
Securities, repurchase agreements, term
auction credit, and other loans 1,071,849 50,868 518,377 57,779 30,345 109,372 68,549 53,600 22,488 16,091 24,206 28,461 91,713
Securities held outright 505,306 21,194 179,785 22,062 19,161 45,820 50,277 44,598 17,462 9,540 18,554 20,961 55,892
U.S. Treasury securities (1) 475,515 19,945 169,185 20,762 18,031 43,119 47,313 41,969 16,432 8,977 17,460 19,725 52,597
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) 457,092 19,172 162,631 19,957 17,333 41,448 45,480 40,343 15,795 8,629 16,783 18,961 50,559
Federal agency debt securities (2) 24,158 1,013 8,595 1,055 916 2,191 2,404 2,132 835 456 887 1,002 2,672
Mortgage-backed securities (4) 5,634 236 2,004 246 214 511 561 497 195 106 207 234 623
Repurchase agreements (5) 40,000 1,678 14,232 1,746 1,517 3,627 3,980 3,530 1,382 755 1,469 1,659 4,424
Term auction credit 371,297 11,650 195,238 33,700 9,165 59,403 13,857 3,474 3,138 5,033 2,810 4,685 29,146
Other loans 155,245 16,346 129,122 270 502 521 435 1,997 506 764 1,373 1,157 2,250
Net portfolio holdings of Commercial
Paper Funding Facility LLC (6) 334,705 0 334,705 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of LLCs funded
through the Money Market Investor
Funding Facility (7) 0 0 0 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Maiden Lane
LLC (8) 27,122 0 27,122 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Maiden
Lane II LLC (9) 19,800 0 19,800 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Maiden
Lane III LLC (10) 26,942 0 26,942 0 0 0 0 0 0 0 0 0 0
Items in process of collection 1,680 47 192 460 150 136 98 162 -68 81 33 212 177
Bank premises 2,183 124 210 64 147 228 225 207 130 112 273 250 212
Other assets (11) 559,590 31,679 141,713 54,136 38,626 148,648 43,462 25,475 5,870 10,760 6,321 11,393 41,509
Interdistrict settlement account 0 - 11,802 + 19,751 - 57,606 + 13,308 - 86,475 + 24,913 + 32,612 + 6,329 - 8,458 + 6,535 + 5,794 + 55,099
Total assets 2,058,852 71,510 1,093,697 55,509 83,247 173,189 138,857 113,380 35,210 18,872 37,903 47,028 190,452
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. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Current face value of the securities, which is the remaining principal balance of the underlying mortgages.
5. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
6. Refer to table 6 and the note on consolidation on the following page.
7. Refer to table 7 and the note on consolidation on the following page.
8. Refer to table 3 and the note on consolidation on the following page.
9. Refer to table 4 and the note on consolidation on the following page.
10. Refer to table 5 and the note on consolidation on the following page.
11. 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, January 14, 2009 (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 1,023,875 38,367 358,090 41,316 46,487 81,070 128,667 84,115 29,383 17,606 30,009 56,250 112,516
Less: Notes held by F.R. Banks 179,803 6,030 45,858 5,645 8,056 12,980 25,545 14,240 4,049 3,123 3,843 21,733 28,702
Federal Reserve notes, net 844,072 32,337 312,232 35,671 38,431 68,090 103,121 69,875 25,334 14,483 26,166 34,518 83,814
Reverse repurchase agreements (12) 78,836 3,307 28,049 3,442 2,989 7,149 7,844 6,958 2,724 1,488 2,895 3,270 8,720
Deposits 1,075,978 33,955 729,936 11,017 38,080 85,507 24,050 34,441 6,516 1,910 8,166 8,167 94,234
Depository institutions 827,509 33,949 481,563 11,011 38,076 85,444 24,047 34,439 6,510 1,909 8,165 8,166 94,231
U.S. Treasury, general account 31,173 0 31,173 0 0 0 0 0 0 0 0 0 0
U.S. Treasury, supplementary
financing account 199,686 0 199,686 0 0 0 0 0 0 0 0 0 0
Foreign official 211 2 181 4 3 11 3 2 0 1 0 1 3
Other 17,399 4 17,332 2 1 52 0 0 5 0 1 0 0
Deferred availability cash items 3,266 62 0 600 498 196 230 396 63 242 144 357 478
Other liabilities and accrued
dividends (13,14) 14,300 145 11,899 161 175 414 378 291 150 100 114 172 301
Total liabilities 2,016,452 69,806 1,082,116 50,891 80,174 161,355 135,623 111,961 34,787 18,223 37,485 46,484 187,547
Capital
Capital paid in 21,082 845 5,610 2,315 1,552 5,981 1,612 706 210 324 208 271 1,449
Surplus 20,911 844 5,616 2,303 1,521 5,853 1,611 703 210 324 208 271 1,449
Other capital 406 15 355 0 0 0 10 10 3 0 2 2 7
Total liabilities and capital 2,058,852 71,510 1,093,697 55,509 83,247 173,189 138,857 113,380 35,210 18,872 37,903 47,028 190,452
Note: Components may not sum to totals because of rounding.
12. Cash value of agreements, which are collateralized by U.S. Treasury securities.
13. Includes any exchange-translation liabilities, which are revalued daily at market exchange rates.
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 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 October 21, 2008, the Federal Reserve Board authorized the FRBNY
to extend credit to a series of LLCs funded through the Money Market Investor Funding Facility. These LLCs, which became operational on November 24, 2008, 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
Jan 14, 2009
Federal Reserve notes outstanding 1,023,875
Less: Notes held by F.R. Banks not subject to collateralization 179,803
Federal Reserve notes to be collateralized 844,072
Collateral held against Federal Reserve notes 844,072
Gold certificate account 11,037
Special drawing rights certificate account 2,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged (1) 475,531
Other assets pledged 355,305
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities (1) 545,306
Less: Face value of securities under reverse repurchase agreements 69,775
U.S. Treasury, agency debt, and mortgage-backed securities
eligible to be pledged 475,531
Note: Components may not sum to totals because of rounding.
1. Includes face value of U.S. Treasury, agency debt, and mortgage-backed 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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