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Release Date: December 18, 2008
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For Release at
4:30 P.M. Eastern time
December 18, 2008
The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions
and Condition Statement of Federal Reserve Banks," has been modified to include information related
to Maiden Lane II LLC, a limited liability company formed to purchase residential mortgage-backed
securities (RMBS) from the U.S. securities lending reinvestment portfolio of subsidiaries of American
International Group, Inc. (AIG). On December 12, 2008, the Federal Reserve Bank of New York (FRBNY)
began extending credit to Maiden Lane II LLC under the authority of section 13(3) of the Federal
Reserve Act.
Consistent with generally accepted accounting principles, the assets and liabilities of Maiden Lane
II LLC have been consolidated with the assets and liabilities of the FRBNY in the preparation of the
statements of condition shown on the release because the FRBNY is the primary beneficiary of Maiden
Lane II LLC. As a result of this consolidation, both the loan extended from the FRBNY to Maiden Lane
II LLC and the accrued interest on this loan were eliminated. The net portfolio holdings of these
limited liability companies are reported in table 1, in table 8, and in table 9.
Information on Maiden Lane II LLC is presented separately in a new table 4, "Information on Principal
Accounts of Maiden Lane II LLC." This table presents the fair value of the net portfolio holdings of
the Maiden Lane II LLC along with the book value of the outstanding principal of the loan extended by
the FRBNY, the book value of accrued interest payable to the FRBNY, and the book value of the deferred
payment and accrued interest payable to subsidiaries of AIG. The deferred payment represents the
portion of the proceeds of the net portfolio holdings due to AIG subsidiaries in accordance with the
asset purchase agreement.
Publication Note
The H.4.1 statistical release for the week ended December 24, 2008, will be published on Monday,
December 29, 2008, because the federal government is closed on both Thursday, December 25 and Friday,
December 26.
1
FEDERAL RESERVE statistical release
H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
December 18, 2008
1. Factors Affecting Reserve Balances of Depository Institutions
Millions of dollars
Reserve Bank credit, related items, and Averages of daily figures
reserve balances of depository institutions at Week ended Change from week ended Wednesday
Federal Reserve Banks Dec 17, 2008 Dec 10, 2008 Dec 19, 2007 Dec 17, 2008
Reserve Bank credit 2,253,739 + 12,269 +1,382,847 2,294,626
Securities held outright 492,765 + 3,373 - 276,983 493,759
U.S. Treasury (1) 476,178 - 108 - 293,570 476,138
Bills (2) 18,423 0 - 238,596 18,423
Notes and bonds, nominal (2) 410,491 0 - 60,493 410,491
Notes and bonds, inflation-indexed (2) 41,071 0 + 4,160 41,071
Inflation compensation (3) 6,192 - 108 + 1,358 6,152
Federal agency (2) 16,587 + 3,481 + 16,587 17,621
Repurchase agreements (4) 80,000 0 + 24,250 80,000
Term auction credit 447,959 0 + 447,959 447,959
Other loans 212,525 - 28,065 + 207,906 206,544
Primary credit 88,407 - 1,754 + 83,821 90,237
Secondary credit 3 - 75 + 3 0
Seasonal credit 2 0 - 30 0
Primary dealer and other broker-dealer credit (5) 50,493 - 2,309 + 50,493 47,336
Asset-backed commercial paper money market
mutual fund liquidity facility 29,274 - 11,552 + 29,274 27,421
Credit extended to American International
Group, Inc. (6) 44,347 - 12,376 + 44,347 41,550
Other credit extensions 0 0 0 0
Net portfolio holdings of Commercial Paper
Funding Facility LLC (7) 315,267 + 6,749 + 315,267 318,843
Net portfolio holdings of LLCs funded through
the money market investor funding facility (8) 0 0 0 0
Net portfolio holdings of Maiden Lane LLC (9) 26,892 - 162 + 26,892 26,910
Net portfolio holdings of Maiden Lane II LLC (10) 17,519 + 17,519 + 17,519 20,031
Net portfolio holdings of Maiden Lane III LLC (11) 19,608 - 1,349 + 19,608 19,656
Float -1,029 + 1 - 660 -1,506
Other Federal Reserve assets 642,233 + 14,203 + 601,088 682,431
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 2,200 0 0 2,200
Treasury currency outstanding (12) 38,829 + 14 + 106 38,829
Total factors supplying reserve funds 2,305,808 + 12,282 +1,382,952 2,346,696
Note: Components may not sum to totals because of rounding. Footnotes appear on the following page.
H.4.1
1. Factors Affecting Reserve Balances of Depository Institutions, continued
Millions of dollars
Reserve Bank credit, related items, and Averages of daily figures
reserve balances of depository institutions at Week ended Change from week ended Wednesday
Federal Reserve Banks Dec 17, 2008 Dec 10, 2008 Dec 19, 2007 Dec 17, 2008
Currency in circulation (12) 875,301 + 3,344 + 55,800 877,664
Reverse repurchase agreements (13) 93,200 + 1,246 + 56,111 71,928
Foreign official and international accounts 71,771 + 4,817 + 34,682 71,928
Dealers 21,429 - 3,571 + 21,429 0
Treasury cash holdings 227 - 14 - 20 233
Deposits with F.R. Banks, other than reserve balances 454,749 - 38,778 + 440,275 489,754
U.S. Treasury, general account 79,632 + 30,103 + 72,132 120,443
U.S. Treasury, supplementary financing account 364,177 - 39,946 + 364,177 364,177
Foreign official 238 + 50 + 134 190
Service-related 4,619 + 26 - 1,978 4,619
Required clearing balances 4,592 0 - 1,948 4,592
Adjustments to compensate for float 27 + 26 - 30 27
Other 6,083 - 29,012 + 5,811 325
Other liabilities and capital (14) 82,074 + 23,867 + 39,265 109,938
Total factors, other than reserve balances,
absorbing reserve funds 1,505,551 - 10,334 + 591,432 1,549,517
Reserve balances with Federal Reserve Banks 800,257 + 22,616 + 791,519 797,179
Note: Components may not sum to totals because of rounding.
1. Includes securities lent to dealers under the overnight and term securities lending facilities; refer
to table 1A.
2. Face value of the securities.
3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed
securities.
4. Cash value of agreements.
5. Includes credit extended through the Primary Dealer Credit Facility and credit extended to certain
other broker-dealers.
6. Excludes credit extended to consolidated LLCs.
7. Refer to table 6 and the note on consolidation accompanying table 9.
8. Refer to table 7 and the note on consolidation accompanying table 9.
9. Refer to table 3 and the note on consolidation accompanying table 9.
10. Refer to table 4 and the note on consolidation accompanying table 9.
11. Refer to table 5 and the note on consolidation accompanying table 9.
12. Estimated.
13. Cash value of agreements, which are collateralized by U.S. Treasury securities.
14. Includes the liabilities of Commercial Paper Funding Facility LLC, the LLCs funded through the Money
Market Investor Funding Facility, Maiden Lane LLC, Maiden Lane II LLC, and Maiden Lane III LLC to
entities other than the Federal Reserve Bank of New York, including liabilities that have recourse only
to the portfolio holdings of these LLCs. Refer to table 3 through table 7 and the note on consolidation
accompanying table 9.
Sources: Federal Reserve Banks and the U.S. Department of the Treasury.
1A. Memorandum Items
Millions of dollars
Averages of daily figures
Memorandum item Week ended Change from week ended Wednesday
Dec 17, 2008 Dec 10, 2008 Dec 19, 2007 Dec 17, 2008
Marketable securities held in custody for foreign
official and international accounts (1) 2,498,205 + 4,427 + 450,310 2,502,619
U.S. Treasury 1,656,563 + 21,617 + 431,930 1,669,312
Federal agency 841,642 - 17,191 + 18,380 833,307
Securities lent to dealers 187,146 - 2,820 + 176,394 186,494
Overnight facility (2) 5,572 + 752 - 5,180 4,148
Term facility (3,4) 181,575 - 3,571 + 181,575 182,346
Note: Components may not sum to totals because of rounding.
1. Face value of the securities. Includes U.S. Treasury STRIPS and other zero-coupon bonds at face value.
2. Fully collateralized by U.S. Treasury securities.
3. Fully collateralized by U.S. Treasury securities, federal agency securities, and other highly rated debt
securities.
4. On December 17, 2008, option contracts on draws on the Term Securities Lending Facility totaling
$ 49,999 million were outstanding. The exercise date for the options is December 22, 2008, and the
draws have a term loan of December 23, 2008 through January 5, 2009.
2. Maturity Distribution of Term Auction Credit, Other Loans, and Securities, December 17, 2008
Millions of dollars
Remaining maturity Within 15 16 days to 91 days to Over 1 year Over 5 years Over 10 All
days 90 days 1 year to 5 years to 10 years years
Term auction credit 104,458 343,501 --- --- --- --- 447,959
Other loans (1) 123,256 41,585 154 41,550 --- --- 206,544
U.S. Treasury securities (2)
Holdings 14,536 25,753 64,478 172,076 97,373 101,921 476,138
Weekly changes + 4,858 - 5,067 - 722 + 409 + 457 - 43 - 108
Federal agency securities
Holdings 4,944 3,060 1,647 5,737 2,233 0 17,621
Weekly changes - 21 - 293 - 877 + 767 + 2,233 0 + 1,809
Commercial paper held by
Commercial Paper Funding
Facility LLC (3) 0 319,422 0 --- --- --- 319,422
Money market instruments held by
LLCs funded through the money
market investor funding
facility (4) 0 0 0 --- --- --- 0
Repurchase agreements (5) 40,000 40,000 --- --- --- --- 80,000
Reverse repurchase agreements (5) 71,928 0 --- --- --- --- 71,928
Note: Components may not sum to totals because of rounding.
--- Not applicable.
1. Excludes the loans from the Federal Reserve Bank of New York (FRBNY) to Commercial Paper Funding Facility LLC, the
LLCs funded through the Money Market Investor Funding Facility, Maiden Lane LLC, Maiden Lane II LLC, and Maiden
Lane III LLC. The loans were eliminated when preparing the FRBNY's statement of condition consistent with
consolidation under generally accepted accounting principles.
2. Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of
inflation on the original face value of such securities.
3. Face value of commercial paper held by Commercial Paper Funding Facility LLC.
4. Face value of money market instruments held by LLCs funded through the Money Market Investor Funding Facility.
5. Cash value of agreements.
H.4.1
3. Information on Principal Accounts of Maiden Lane LLC
Millions of dollars
Wednesday
Account name Dec 17, 2008
Net portfolio holdings of Maiden Lane LLC (1) 26,910
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2) 28,820
Accrued interest payable to the Federal Reserve Bank of New York (2) 262
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3) 1,185
1. Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if
the transaction were to be conducted in an orderly market on the measurement date. Revalued quarterly.
This table reflects valuations as of September 30, 2008.
2. Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York's statement
of condition consistent with consolidation under generally accepted accounting principles. Refer to
the note on consolidation accompanying table 9.
3. Book value. The fair value of these obligations is included in other liabilities and capital in table 1
and in other liabilities and accrued dividends in table 8 and table 9.
Note: On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended credit to Maiden Lane LLC
under the authority of section 13(3) of the Federal Reserve Act. This limited liability company was formed
to acquire certain assets of Bear Stearns and to manage those assets through time to maximize repayment of
the credit extended and to minimize disruption to financial markets. Payments by Maiden Lane LLC from the
proceeds of the net portfolio holdings will be made in the following order: operating expenses of the LLC,
principal due to the FRBNY, interest due to the FRBNY, principal due to JPMorgan Chase & Co., and interest
due to JPMorgan Chase & Co. Any remaining funds will be paid to the FRBNY.
4. Information on Principal Accounts of Maiden Lane II LLC
Millions of dollars
Wednesday
Account name Dec 17, 2008
Net portfolio holdings of Maiden Lane II LLC (1) 20,031
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2) 19,494
Accrued interest payable to the Federal Reserve Bank of New York (2) 8
Deferred payment and accrued interest payable to subsidiaries of American International
Group, Inc. (3) 1,001
1. Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if
the transaction were to be conducted in an orderly market on the measurement date. Revalued quarterly.
This table reflects valuations as of December 12, 2008.
2. Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York's statement
of condition consistent with consolidation under generally accepted accounting principles. Refer to the
note on consolidation accompanying table 9.
3. Book value. The deferred payment represents the portion of the proceeds of the net portfolio holdings due
to AIG subsidiaries in accordance with the agreement. The fair value of this payment and accrued
interest payable are included in other liabilities and capital in table 1 and in other liabilities and
accrued dividends in table 8 and table 9.
Note: On December 12, 2008, the Federal Reserve Bank of New York (FRBNY) began extending credit to Maiden
Lane II LLC under the authority of section 13(3) of the Federal Reserve Act. This limited liability company
was formed to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment
portfolio of subsidiaries of American International Group, Inc. (AIG subsidiaries). Payments by Maiden
Lane II LLC from the proceeds of the net portfolio holdings will be made in the following order: operating
expenses of Maiden Lane II LLC, principal due to the FRBNY, interest due to the FRBNY, and deferred payment
and interest due to AIG subsidiaries. Any remaining funds will be shared by the FRBNY and AIG subsidiaries.
5. Information on Principal Accounts of Maiden Lane III LLC
Millions of dollars
Wednesday
Account name Dec 17, 2008
Net portfolio holdings of Maiden Lane III LLC (1) 19,656
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2) 15,134
Accrued interest payable to the Federal Reserve Bank of New York (2) 23
Outstanding principal amount and accrued interest on loan payable to American International
Group, Inc. (3) 5,014
1. Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if
the transaction were to be conducted in an orderly market on the measurement date. Revalued quarterly.
This table reflects valuations as of November 25, 2008.
2. Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York's statement
of condition consistent with consolidation under generally accepted accounting principles. Refer to the
note on consolidation accompanying table 9.
3. Book value. The fair value of these obligations is included in other liabilities and capital in table 1
and in other liabilities and accrued dividends in table 8 and table 9.
Note: On November 25, 2008, the Federal Reserve Bank of New York (FRBNY) began extending credit to Maiden Lane
III LLC under the authority of section 13(3) of the Federal Reserve Act. This limited liability company was
formed to purchase multi-sector collateralized debt obligations (CDOs) on which the Financial Products group
of American International Group, Inc. (AIG) has written credit default swap (CDS) contracts. In connection
with the purchase of CDOs, the CDS counterparties will concurrently unwind the related CDS transactions.
Payments by Maiden Lane III LLC from the proceeds of the net portfolio holdings will be made in the following
order: operating expenses of Maiden Lane III LLC, principal due to the FRBNY, interest due to the FRBNY,
principal due to AIG, and interest due to AIG. Any remaining funds will be shared by the FRBNY and AIG.
6. Information on Principal Accounts of Commercial Paper Funding Facility LLC
Millions of dollars
Wednesday
Account name Dec 17, 2008
Commercial paper holdings, net (1) 317,548
Other investments, net 1,295
Net portfolio holdings of Commercial Paper Funding Facility LLC 318,843
Memorandum: Commercial paper holdings, face value 319,422
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2) 317,522
Accrued interest payable to the Federal Reserve Bank of New York (2) 470
1. Book value, which includes amortized cost and related fees.
2. Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York's statement of
condition consistent with consolidation under generally accepted accounting principles. Refer to the
note on consolidation accompanying table 9.
Note: On October 27, 2008, the Federal Reserve Bank of New York began extending loans under the authority of
section 13(3) of the Federal Reserve Act to Commercial Paper Funding Facility LLC. This LLC is a limited
liability company formed to purchase three-month U.S. dollar-denominated commercial paper from eligible issuers
and thereby foster liquidity in short-term funding markets and increase the availability of credit for
businesses and households.
H.4.1
7. Information on Principal Accounts of LLCs Funded through the Money Market Investor Funding Facility
Millions of dollars
Wednesday
Account name Dec 17, 2008
Money market instrument holdings, net (1) 0
Other investments, net 0
Net portfolio holdings of LLCs funded through the money market investor funding facility 0
Memorandum: Money market instrument holdings, face value 0
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2) 0
Accrued interest payable to the Federal Reserve Bank of New York (2) 0
Commercial paper issued by LLCs funded through the money market investor funding facility,
net of related discounts 0
1. Book value, which includes amortized cost.
2. Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York's statement of
condition consistent with consolidation under generally accepted accounting principles. Refer to the note
on consolidation accompanying table 9.
Note: On November 24, 2008, the Federal Reserve Board authorized the Federal Reserve Bank of New York to extend
credit under the authority of section 13(3) of the Federal Reserve Act to a series of limited liability
companies funded through the Money Market Investor Funding Facility. These limited liability companies were
established to purchase short-term U.S. dollar-denominated certificates of deposit, bank notes, and outstanding
asset-backed commercial paper from eligible issuers. Such purchases are designed to foster liquidity in
short-term money markets.
H.4.1
8. Consolidated Statement of Condition of All Federal Reserve Banks
Millions of dollars
Eliminations Change since
from Wednesday Wednesday Wednesday
Assets, liabilities, and capital consolidation Dec 17, 2008 Dec 10, 2008 Dec 19, 2007
Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 2,200 0 0
Coin 1,677 + 16 + 479
Securities, repurchase agreements, term auction
credit, and other loans 1,228,262 - 24,870 + 395,991
Securities held outright 493,759 + 1,701 - 275,996
U.S. Treasury (1) 476,138 - 108 - 293,617
Bills (2) 18,423 0 - 238,596
Notes and bonds, nominal (2) 410,491 0 - 60,493
Notes and bonds, inflation-indexed (2) 41,071 0 + 4,160
Inflation compensation (3) 6,152 - 109 + 1,310
Federal agency (2) 17,621 + 1,809 + 17,621
Repurchase agreements (4) 80,000 0 + 22,250
Term auction credit 447,959 0 + 447,959
Other loans 206,544 - 26,571 + 201,779
Net portfolio holdings of Commercial Paper
Funding Facility LLC (5) 318,843 + 6,429 + 318,843
Net portfolio holdings of LLCs funded through
the money market investor funding facility (6) 0 0 0
Net portfolio holdings of Maiden Lane LLC (7) 26,910 + 21 + 26,910
Net portfolio holdings of Maiden Lane II LLC (8) 20,031 + 20,031 + 20,031
Net portfolio holdings of Maiden Lane III LLC (9) 19,656 + 56 + 19,656
Items in process of collection (387) 903 - 107 - 2,482
Bank premises 2,185 + 9 + 61
Other assets (10) 680,190 + 47,970 + 641,129
Total assets (387) 2,311,893 + 49,554 +1,420,617
Liabilities
Federal Reserve notes, net of F.R. Bank holdings 840,741 + 3,178 + 54,956
Reverse repurchase agreements (11) 71,928 - 20,164 + 35,498
Deposits (0) 1,286,877 + 19,228 +1,264,275
Depository institutions 801,742 + 23,900 + 784,081
U.S. Treasury, general account 120,443 + 78,797 + 115,857
U.S. Treasury, supplementary financing account 364,177 - 39,946 + 364,177
Foreign official 190 + 2 + 94
Other (0) 325 - 43,525 + 65
Deferred availability cash items (387) 2,409 + 84 - 1,646
Other liabilities and accrued dividends (12,13) 64,634 + 45,190 + 58,774
Total liabilities (387) 2,266,589 + 47,516 +1,411,856
Capital accounts
Capital paid in 21,070 + 61 + 2,853
Surplus 17,185 + 5 + 1,725
Other capital accounts 7,049 + 1,972 + 4,182
Total capital 45,304 + 2,037 + 8,761
Note: Components may not sum to totals because of rounding.
1. Includes securities lent to dealers under the overnight and term securities lending facilities; refer
to table 1A.
2. Face value of the securities.
3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed
securities.
4. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
5. Refer to table 6 and the note on consolidation accompanying table 9.
6. Refer to table 7 and the note on consolidation accompanying table 9.
7. Refer to table 3 and the note on consolidation accompanying table 9.
8. Refer to table 4 and the note on consolidation accompanying table 9.
9. Refer to table 5 and the note on consolidation accompanying table 9.
10. Includes assets denominated in foreign currencies and any exchange-translation assets, which are
revalued daily at market exchange rates.
11. Cash value of agreements, which are collateralized by U.S. Treasury securities.
12. Includes any exchange-translation liabilities, which are revalued daily at market exchange rates.
13. Includes the liabilities of Commercial Paper Funding Facility LLC, the LLCs funded through the Money Market
Investor Funding Facility, Maiden Lane LLC, Maiden Lane II LLC, and Maiden Lane III LLC to entities other
than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio
holdings of these LLCs. Refer to table 3 through table 7 and the note on consolidation accompanying table 9.
H.4.1
9. Statement of Condition of Each Federal Reserve Bank, December 17, 2008
Millions of dollars
Kansas San
Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco
Assets
Gold certificate account 11,037 424 3,935 453 423 891 1,221 913 344 199 349 636 1,249
Special drawing rights certificate acct. 2,200 115 874 83 104 147 166 212 71 30 66 98 234
Coin 1,677 58 76 130 135 233 212 194 44 56 112 178 248
Securities, repurchase agreements, term
auction credit, and other loans 1,228,262 71,731 556,592 56,449 38,743 147,536 78,262 57,107 24,140 16,699 28,250 29,519 123,235
Securities held outright 493,759 20,710 175,676 21,558 18,723 44,773 49,128 43,579 17,063 9,322 18,130 20,482 54,615
U.S. Treasury (1) 476,138 19,971 169,407 20,789 18,055 43,175 47,375 42,024 16,454 8,989 17,483 19,751 52,666
Bills (2) 18,423 773 6,555 804 699 1,671 1,833 1,626 637 348 676 764 2,038
Notes and bonds (3) 457,715 19,198 162,852 19,984 17,356 41,505 45,542 40,398 15,817 8,641 16,806 18,986 50,628
Federal agency (2) 17,621 739 6,269 769 668 1,598 1,753 1,555 609 333 647 731 1,949
Repurchase agreements (4) 80,000 3,356 28,464 3,493 3,034 7,254 7,960 7,061 2,765 1,510 2,937 3,318 8,849
Term auction credit 447,959 20,050 187,257 31,300 16,958 95,070 20,791 4,869 3,888 5,362 2,360 4,833 55,222
Other loans 206,544 27,616 165,195 98 28 438 383 1,598 424 506 4,822 886 4,549
Net portfolio holdings of Commercial
Paper Funding Facility LLC (5) 318,843 0 318,843 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of LLCs funded
through the money market investor
funding facility (6) 0 0 0 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Maiden Lane
LLC (7) 26,910 0 26,910 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Maiden
Lane II LLC (8) 20,031 0 20,031 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Maiden
Lane III LLC (9) 19,656 0 19,656 0 0 0 0 0 0 0 0 0 0
Items in process of collection 1,290 34 0 322 156 40 129 184 9 66 53 118 180
Bank premises 2,185 124 210 64 150 223 225 207 130 111 274 258 210
Other assets (10) 680,190 38,554 172,261 66,021 47,101 181,540 52,588 30,674 6,970 13,066 7,513 13,696 50,206
Interdistrict settlement account 0 - 23,905 + 183,354 - 70,423 - 4,222 - 146,083 + 8,656 + 20,436 - 286 - 11,990 + 4,346 + 1,636 + 38,480
Total assets 2,312,280 87,134 1,302,741 53,099 82,591 184,528 141,460 109,926 31,422 18,237 40,961 46,138 214,042
Note: Components may not sum to totals because of rounding.
1. Includes securities lent to dealers under the overnight and term securities lending facilities; refer to table 1A.
2. Face value of the securities.
3. Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the original face value of such securities.
4. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
5. Refer to table 6 and the note on consolidation on the following page.
6. Refer to table 7 and the note on consolidation on the following page.
7. Refer to table 3 and the note on consolidation on the following page.
8. Refer to table 4 and the note on consolidation on the following page.
9. Refer to table 5 and the note on consolidation on the following page.
10. Includes assets denominated in foreign currencies and any exchange-translation assets, which are revalued daily at market exchange rates.
H.4.1
9. Statement of Condition of Each Federal Reserve Bank, December 17, 2008 (continued)
Millions of dollars
Kansas San
Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco
Liabilities
Federal Reserve notes outstanding 1,022,070 38,625 356,588 41,526 46,769 81,298 128,168 83,607 29,515 17,620 30,168 54,664 113,522
Less: Notes held by F.R. Banks 181,329 5,955 49,459 5,768 7,622 12,322 26,036 13,969 3,719 3,018 3,892 21,579 27,992
Federal Reserve notes, net 840,741 32,670 307,130 35,758 39,147 68,976 102,133 69,638 25,796 14,602 26,276 33,085 85,530
Reverse repurchase agreements (11) 71,928 3,017 25,591 3,140 2,727 6,522 7,157 6,348 2,486 1,358 2,641 2,984 7,956
Deposits 1,286,877 49,176 896,063 8,588 36,795 95,703 28,194 31,678 2,517 1,238 11,311 8,922 116,693
Depository institutions 801,742 49,143 411,083 8,584 36,791 95,615 28,191 31,675 2,502 1,237 11,310 8,921 116,690
U.S. Treasury, general account 120,443 0 120,443 0 0 0 0 0 0 0 0 0 0
U.S. Treasury, supplementary
financing account 364,177 0 364,177 0 0 0 0 0 0 0 0 0 0
Foreign official 190 2 160 4 3 11 3 2 0 1 0 1 3
Other 325 31 200 0 1 77 0 0 14 0 1 0 0
Deferred availability cash items 2,796 61 0 535 443 179 168 316 22 202 164 277 428
Other liabilities and accrued
dividends (12,13) 64,634 178 61,801 224 218 585 393 311 152 111 129 182 350
Total liabilities 2,266,976 85,101 1,290,586 48,246 79,331 171,965 138,044 108,291 30,973 17,511 40,521 45,450 210,958
Capital
Capital paid in 21,070 844 5,602 2,315 1,552 5,979 1,614 703 210 324 207 271 1,450
Surplus 17,185 1,049 3,348 1,815 1,291 4,999 1,426 816 180 354 193 364 1,351
Other capital 7,049 140 3,205 724 416 1,585 376 116 60 48 41 54 284
Total liabilities and capital 2,312,280 87,134 1,302,741 53,099 82,591 184,528 141,460 109,926 31,422 18,237 40,961 46,138 214,042
Note: Components may not sum to totals because of rounding.
11. Cash value of agreements, which are collateralized by U.S. Treasury securities.
12. Includes any exchange-translation liabilities, which are revalued daily at market exchange rates.
13. Includes the liabilities of Commercial Paper Funding Facility LLC, the LLCs funded through the Money Market Investor Funding Facility, Maiden Lane LLC, Maiden Lane II LLC, and Maiden
Lane III LLC to entities other than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of these LLCs. Refer to table 3
through table 7 and the note on consolidation below.
Note on consolidation:
The Federal Reserve Bank of New York (FRBNY) has extended loans to several limited liability companies under the authority of section 13(3) of the Federal Reserve Act. On June 26, 2008,
a loan was extended to Maiden Lane LLC, which was formed to acquire certain assets of Bear Stearns. On October 27, 2008, the FRBNY began extending loans to Commercial Paper Funding
Facility LLC, which was formed to purchase three-month U.S. dollar-denominated commercial paper from eligible issuers. On November 24, 2008, the Federal Reserve Board authorized the FRBNY
to extend credit to a series of LLCs funded through the Money Market Investor Funding Facility, which were established to purchase short-term U.S. dollar-denominated certificates of
deposit, bank notes, and commercial paper from eligible issuers. On November 25, 2008, a loan was extended to Maiden Lane III LLC, which was formed to purchase multi-sector collateralized
debt obligations on which the Financial Products group of the American International Group, Inc. has written credit default swap contracts. On December 12, 2008, a loan was extended to
Maiden Lane II LLC, which was formed to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment portfolio of subsidiaries of American International
Group, Inc.
The FRBNY is the sole beneficiary of Commercial Paper Funding Facility LLC and the primary beneficiary of the other LLCs cited above. Consistent with generally accepted accounting principles,
the assets and liabilities of these LLCs have been consolidated with the assets and liabilities of the FRBNY in the preparation of the statements of condition shown on this release. As a
consequence of the consolidation, the extensions of credit from the FRBNY to the LLCs are eliminated, the net assets of the LLCs appear as assets on the previous page (and in table 1 and
table 8), and the liabilities of the LLCs to entities other than the FRBNY, including those with recourse only to the portfolio holdings of the LLCs, are included in other liabilities in
this table (and table 1 and table 8).
H.4.1
10. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts
Millions of dollars
Federal Reserve notes and collateral Wednesday
Dec 17, 2008
Federal Reserve notes outstanding 1,022,070
Less: Notes held by F.R. Banks not subject to collateralization 181,329
Federal Reserve notes to be collateralized 840,741
Collateral held against Federal Reserve notes 840,741
Gold certificate account 11,037
Special drawing rights certificate account 2,200
U.S. Treasury and agency securities pledged (1) 509,638
Other assets pledged 317,866
Memo:
Total U.S. Treasury and agency securities (1) 573,759
Less: Face value of securities under reverse repurchase agreements 64,121
U.S. Treasury and agency securities eligible to be pledged 509,638
Note: Components may not sum to totals because of rounding.
1. Includes face value of U.S. Treasury and agency securities held outright, compensation to adjust for
the effect of inflation on the original face value of inflation-indexed securities, and cash value of
repurchase agreements.
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