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Release Date: October 9, 2008
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On October 8, 2008, the Federal Reserve Board announced that it had authorized the Federal Reserve Bank of
New York to borrow securities from certain regulated U.S. insurance subsidiaries of the American International
Group (AIG), under section 13(3) of the Federal Reserve Act. This transaction is economically equivalent to
an extension of credit collateralized by the securities borrowed. The Board's H.4.1 statistical release,
"Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve
Banks," reports the funds extended to AIG under this transaction with other lending to AIG in table 1 in the
line "Other credit extensions." In tables 3, 4, and 5, all of the lending to AIG is included in the item
"Other loans."
FEDERAL RESERVE statistical release
H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
October 9, 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 Oct 8, 2008 Oct 1, 2008 Oct 10, 2007 Oct 8, 2008
Reserve Bank credit 1,494,726 + 103,605 + 636,273 1,575,626
Securities held outright 490,942 + 2,401 - 288,671 490,684
U.S. Treasury (1) 476,594 - 18 - 303,019 476,579
Bills (2) 18,423 0 - 248,596 18,423
Notes and bonds, nominal (2) 411,731 0 - 60,411 411,731
Notes and bonds, inflation-indexed (2) 39,832 0 + 4,079 39,832
Inflation compensation (3) 6,609 - 18 + 1,910 6,593
Federal agency (2) 14,347 + 2,418 + 14,347 14,105
Repurchase agreements (4) 81,143 - 1,857 + 43,072 100,000
Term auction credit 149,000 - 143 + 149,000 149,000
Other loans 420,160 + 52,364 + 419,903 430,866
Primary credit 75,010 + 30,547 + 74,897 98,107
Secondary credit 4 - 282 + 4 0
Seasonal credit 39 - 35 - 105 33
Primary dealer and other broker-dealer credit(5) 134,066 - 13,626 + 134,066 122,940
Asset-backed commercial paper money market
mutual fund liquidity facility 145,890 + 23,786 + 145,890 139,481
Other credit extensions 65,151 + 11,975 + 65,151 70,304
Net portfolio holdings of Maiden Lane LLC (6) 29,452 + 39 + 29,452 29,487
Float -1,042 + 173 - 533 -1,545
Other Federal Reserve assets 325,071 + 50,627 + 284,050 377,135
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 2,200 0 0 2,200
Treasury currency outstanding (7) 38,745 + 14 + 92 38,745
Total factors supplying reserve funds 1,546,713 + 103,619 + 636,366 1,627,613
Currency in circulation (7) 844,490 + 8,138 + 28,337 848,644
Reverse repurchase agreements (8) 94,343 + 6,434 + 59,994 77,349
Foreign official and international accounts 76,486 + 5,719 + 42,137 77,349
Dealers 17,857 + 714 + 17,857 0
Treasury cash holdings 262 - 7 - 78 276
Deposits with F.R. Banks, other than reserve balances 442,151 + 137,497 + 430,844 479,629
U.S. Treasury, general account 7,910 - 719 + 3,531 5,544
U.S. Treasury, supplementary financing account 405,771 + 139,690 + 405,771 459,246
Foreign official 115 - 18 + 18 101
Service-related 7,717 - 1 + 1,247 7,717
Required clearing balances 7,717 - 1 + 1,247 7,717
Adjustments to compensate for float 0 0 0 0
Other 20,637 - 1,456 + 20,275 7,021
Other liabilities and capital (9) 45,717 - 1,197 + 4,596 46,097
Total factors, other than reserve balances,
absorbing reserve funds 1,426,963 + 150,865 + 523,693 1,451,994
Reserve balances with Federal Reserve Banks 119,749 - 47,247 + 112,671 175,619
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. Fair value. Refer to table 2 and the note on consolidation accompanying table 5.
7. Estimated.
8. Cash value of agreements, which are collateralized by U.S. Treasury securities.
9. Includes the liabilities of Maiden Lane LLC to entities other than the Federal Reserve Bank of New
York, including liabilities that have recourse only to the portfolio holdings of Maiden Lane LLC.
Refer to table 2 and the note on consolidation accompanying table 5.
Sources: Federal Reserve Banks and the U.S. Department of the Treasury.
1A. Memorandum Items, October 8, 2008
Millions of dollars
Averages of daily figures
Memorandum item Week ended Change from week ended Wednesday
Oct 8, 2008 Oct 1, 2008 Oct 10, 2007 Oct 8, 2008
Marketable securities held in custody for foreign
official and international accounts (1) 2,485,145 + 19,494 + 481,282 2,482,380
U.S. Treasury 1,527,818 + 32,629 + 305,983 1,537,578
Federal agency 957,327 - 13,135 + 175,299 944,802
Securities lent to dealers 211,345 - 44,456 + 208,289 217,504
Overnight facility (2) 20,002 - 2,234 + 16,946 25,658
Term facility (3) 191,343 - 42,222 + 191,343 191,846
Note: Components may not sum to totals because of rounding.
1. Face value of the securities. Includes U.S. Treasury STRIPS and other zero-coupon bonds at face value.
2. Fully collateralized by U.S. Treasury securities.
3. Fully collateralized by U.S. Treasury securities, federal agency securities, and other highly rated debt
securities.
2. Information on Principal Accounts of Maiden Lane LLC
Millions of dollars
Wednesday
Account name Oct 8, 2008
Net portfolio holdings of Maiden Lane LLC (1) 29,487
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) 186
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3) 1,172
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 June 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 5.
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 4 and table 5.
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.
3. Maturity Distribution of Term Auction Credit, Other Loans, and Securities, October 8, 2008
Millions of dollars
U.S. Treasury Federal agency Reverse
Remaining maturity Term Other securities (2) securities Repurchase repurchase
auction loans Weekly Weekly agreements agreements
credit (1) Holdings changes Holdings changes (3) (3)
Within 15 days 99,000 212,462 15,615 + 2,156 0 - 395 60,000 77,349
16 days to 90 days 50,000 128,865 26,869 + 2,660 9,628 + 450 40,000 0
91 days to 1 year --- 19,240 65,272 - 4,820 4,477 - 450 --- ---
Over 1 year to 5 years --- 70,299 174,085 - 13 0 0 --- ---
Over 5 years to 10 years --- --- 93,353 - 9 0 0 --- ---
Over 10 years --- --- 101,384 - 17 0 0 --- ---
All 149,000 430,866 476,579 - 42 14,105 - 395 100,000 77,349
Note: Components may not sum to totals because of rounding.
--- Not applicable.
1. Excludes the loan from the Federal Reserve Bank of New York to Maiden Lane LLC that was eliminated when
preparing that Bank's statement of condition consistent with consolidation under generally accepted
accounting principles. The loan to Maiden Lane LLC is designed to be repaid from the orderly
liquidation of Maiden Lane LLC's portfolio holdings and does not have a fixed amortization schedule.
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. Cash value of agreements.
4. Consolidated Statement of Condition of All Federal Reserve Banks
Millions of dollars
Eliminations Change since
from Wednesday Wednesday Wednesday
Assets, liabilities, and capital consolidation Oct 8, 2008 Oct 1, 2008 Oct 10, 2007
Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 2,200 0 0
Coin 1,522 + 13 + 379
Securities, repurchase agreements, term auction
credit, and other loans 1,170,550 + 37,907 + 340,769
Securities held outright 490,684 - 437 - 288,924
U.S. Treasury (1) 476,579 - 42 - 303,029
Bills (2) 18,423 0 - 248,596
Notes and bonds, nominal (2) 411,731 0 - 60,411
Notes and bonds, inflation-indexed (2) 39,832 0 + 4,079
Inflation compensation (3) 6,593 - 42 + 1,899
Federal agency (2) 14,105 - 395 + 14,105
Repurchase agreements (4) 100,000 + 17,000 + 50,000
Term auction credit 149,000 0 + 149,000
Other loans 430,866 + 21,344 + 430,693
Net portfolio holdings of Maiden Lane LLC (5) 29,487 + 40 + 29,487
Items in process of collection (462) 1,191 - 88 - 3,480
Bank premises 2,170 + 3 + 67
Other assets (6) 374,943 + 49,710 + 335,857
Total assets (462) 1,593,099 + 87,583 + 703,078
Liabilities
Federal Reserve notes, net of F.R. Bank holdings 811,692 + 7,713 + 31,944
Reverse repurchase agreements (7) 77,349 - 15,714 + 42,925
Deposits (0) 655,226 + 94,802 + 624,897
Depository institutions 183,314 + 4,023 + 157,776
U.S. Treasury, general account 5,544 + 266 + 1,378
U.S. Treasury, supplementary financing account 459,246 + 114,773 + 459,246
Foreign official 101 - 36 + 4
Other (0) 7,021 - 24,224 + 6,492
Deferred availability cash items (462) 2,736 - 33 - 1,977
Other liabilities and accrued dividends (8,9) 4,109 + 98 - 1,899
Total liabilities (462) 1,551,112 + 86,866 + 695,889
Capital accounts
Capital paid in 20,312 0 + 3,021
Surplus 18,523 + 3 + 3,085
Other capital accounts 3,153 + 715 + 1,083
Total capital 41,988 + 718 + 7,189
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. Fair value. Refer to table 2 and the note on consolidation accompanying table 5.
6. Includes assets denominated in foreign currencies and any exchange-translation assets, which are
revalued daily at market exchange rates.
7. Cash value of agreements, which are collateralized by U.S. Treasury securities.
8. Includes any exchange-translation liabilities, which are revalued daily at market exchange rates.
9. Includes the liabilities of Maiden Lane LLC to entities other than the Federal Reserve Bank of New
York, including liabilities that have recourse only to the portfolio holdings of Maiden Lane LLC.
Refer to the note on consolidation accompanying table 5.
5. Statement of Condition of Each Federal Reserve Bank, October 8, 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 1,522 45 73 118 130 200 202 176 49 52 105 166 206
Securities, repurchase agreements, term
auction credit, and other loans 1,170,550 171,804 563,322 32,449 30,777 94,228 62,297 56,064 22,681 11,658 24,274 26,126 74,870
Securities held outright 490,684 20,581 174,582 21,424 18,607 44,494 48,822 43,308 16,956 9,264 18,017 20,354 54,275
U.S. Treasury (1) 476,579 19,990 169,564 20,808 18,072 43,215 47,419 42,063 16,469 8,997 17,499 19,769 52,715
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) 458,156 19,217 163,009 20,004 17,373 41,545 45,586 40,437 15,832 8,649 16,822 19,005 50,677
Federal agency (2) 14,105 592 5,018 616 535 1,279 1,403 1,245 487 266 518 585 1,560
Repurchase agreements (4) 100,000 4,194 35,579 4,366 3,792 9,068 9,950 8,826 3,456 1,888 3,672 4,148 11,061
Term auction credit 149,000 7,500 100,445 0 8,250 14,709 3,320 2,156 2,050 30 2,575 1,000 6,965
Other loans 430,866 139,529 252,716 6,659 128 25,956 205 1,774 219 476 11 624 2,569
Net portfolio holdings of Maiden Lane
LLC (5) 29,487 0 29,487 0 0 0 0 0 0 0 0 0 0
Items in process of collection 1,653 55 0 333 242 49 154 119 21 204 71 147 257
Bank premises 2,170 123 210 64 150 215 226 207 128 111 275 251 209
Other assets (6) 374,943 20,833 100,279 35,405 25,335 97,231 28,673 16,896 3,951 7,083 4,257 7,579 27,421
Interdistrict settlement account 0 -112,175 +212,519 - 23,917 - 17,272 - 81,526 + 12,739 + 6,443 + 3,397 - 1,535 + 4,075 + 2,362 - 5,110
Total assets 1,593,561 81,224 910,699 44,988 39,889 111,435 105,678 81,030 30,643 17,802 33,471 37,366 99,336
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. Fair value. Refer to the note on consolidation below.
6. Includes assets denominated in foreign currencies and any exchange-translation assets, which are revalued daily at market exchange rates.
Note on consolidation:
On June 26, 2008, the Federal Reserve Bank of New York extended a loan under the authority of section 13(3) of the Federal Reserve Act to Maiden Lane LLC, a limited liability company
formed to acquire certain assets of Bear Stearns. The Federal Reserve Bank of New York is the primary beneficiary of Maiden Lane LLC. Consistent with generally accepted accounting
principles, the assets and liabilities of Maiden Lane LLC have been consolidated with the assets and liabilities of the Federal Reserve Bank of New York in the preparation of the
statements of condition shown on this release. As a consequence of the consolidation, the extension of credit from the Federal Reserve Bank of New York to Maiden Lane LLC is
eliminated, the net assets of Maiden Lane LLC appear as an asset in this table (and table 1 and table 4), and the liabilities of Maiden Lane LLC to entities other than the Federal
Reserve Bank of New York, including those with recourse only to the portfolio holdings of Maiden Lane LLC, are included in other liabilities on the next page (and in table 1 and
table 4).
5. Statement of Condition of Each Federal Reserve Bank, October 8, 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 990,167 37,544 352,964 41,536 40,176 81,609 120,090 80,679 29,958 17,470 30,803 54,830 102,508
Less: Notes held by F.R. Banks 178,475 5,224 50,464 6,497 7,668 11,782 27,468 13,177 3,317 2,788 3,419 22,551 24,121
Federal Reserve notes, net 811,692 32,320 302,500 35,039 32,508 69,827 92,622 67,502 26,641 14,682 27,384 32,279 78,386
Reverse repurchase agreements (1) 77,349 3,244 27,520 3,377 2,933 7,014 7,696 6,827 2,673 1,460 2,840 3,209 8,556
Deposits 655,226 43,488 568,226 1,213 744 23,363 1,367 3,454 753 580 2,544 830 8,664
Depository institutions 183,314 43,476 96,502 1,209 741 23,211 1,363 3,451 750 579 2,542 829 8,661
U.S. Treasury, general account 5,544 0 5,544 0 0 0 0 0 0 0 0 0 0
U.S. Treasury, supplementary
financing account 459,246 0 459,246 0 0 0 0 0 0 0 0 0 0
Foreign official 101 2 71 4 3 11 3 2 0 1 0 1 3
Other 7,021 10 6,864 0 0 142 0 1 2 0 1 0 0
Deferred availability cash items 3,198 77 0 566 493 261 334 279 39 284 138 223 505
Other liabilities and accrued
dividends (2,3) 4,109 158 1,523 193 189 473 385 303 155 106 126 178 321
Total liabilities 1,551,574 79,287 899,769 40,389 36,867 100,938 102,403 78,365 30,260 17,112 33,032 36,718 96,432
Capital
Capital paid in 20,312 784 5,162 2,328 1,521 5,214 1,607 1,306 182 320 207 268 1,413
Surplus 18,523 1,050 4,685 1,814 1,291 4,999 1,426 815 180 355 193 364 1,351
Other capital 3,153 103 1,083 457 210 284 242 544 21 15 39 15 141
Total liabilities and capital 1,593,561 81,224 910,699 44,988 39,889 111,435 105,678 81,030 30,643 17,802 33,471 37,366 99,336
Note: Components may not sum to totals because of rounding.
1. Cash value of agreements, which are collateralized by U.S. Treasury securities.
2. Includes any exchange-translation liabilities, which are revalued daily at market exchange rates.
3. Includes the liabilities of Maiden Lane LLC to entities other than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of
Maiden Lane LLC. Refer to the note on consolidation on the previous page.
6. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts
Millions of dollars
Federal Reserve notes and collateral Wednesday
Oct 8, 2008
Federal Reserve notes outstanding 990,167
Less: Notes held by F.R. Banks not subject to collateralization 178,475
Federal Reserve notes to be collateralized 811,692
Collateral held against Federal Reserve notes 811,692
Gold certificate account 11,037
Special drawing rights certificate account 2,200
U.S. Treasury and agency securities pledged (1) 516,710
Other assets pledged 281,745
Memo:
Total U.S. Treasury and agency securities (1) 590,684
Less: Face value of securities under reverse repurchase agreements 73,974
U.S. Treasury and agency securities eligible to be pledged 516,710
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.
Release dates
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Statistical releases