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.