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Release Date: December 4, 2008
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FEDERAL RESERVE statistical release
H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
December 4, 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 3, 2008 Nov 26, 2008 Dec 5, 2007 Dec 3, 2008
Reserve Bank credit 2,117,751 + 23,864 +1,250,911 2,121,166
Securities held outright 488,445 - 231 - 291,260 487,926
U.S. Treasury (1) 476,389 - 26 - 303,316 476,354
Bills (2) 18,423 0 - 248,596 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) 6,403 - 26 + 1,612 6,369
Federal agency (2) 12,057 - 204 + 12,057 11,572
Repurchase agreements (4) 80,000 0 + 33,143 80,000
Term auction credit 406,508 0 + 406,508 406,508
Other loans 255,573 - 27,607 + 255,231 248,751
Primary credit 90,333 - 3,295 + 90,024 87,813
Secondary credit 158 - 67 + 158 132
Seasonal credit 4 - 1 - 29 3
Primary dealer and other broker-dealer credit (5) 57,198 + 4,780 + 57,198 55,619
Asset-backed commercial paper money market
mutual fund liquidity facility 51,936 - 5,382 + 51,936 49,234
Credit extended to American International
Group, Inc. (6) 55,944 - 23,641 + 55,944 55,950
Other credit extensions 0 0 0 0
Net portfolio holdings of Commercial Paper
Funding Facility LLC (7) 297,576 + 15,379 + 297,576 303,880
Net portfolio holdings of LLCs funded through
the money market investor funding facility (7) 0 0 0 0
Net portfolio holdings of Maiden Lane LLC (7) 26,994 + 66 + 26,994 27,082
Net portfolio holdings of Maiden Lane III LLC (7) 21,153 + 15,143 + 21,153 21,183
Float -973 - 497 - 207 -917
Other Federal Reserve assets 542,474 + 21,610 + 501,772 546,753
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 2,200 0 0 2,200
Treasury currency outstanding (8) 38,801 + 14 + 36 38,801
Total factors supplying reserve funds 2,169,793 + 23,878 +1,250,947 2,173,208
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 3, 2008 Nov 26, 2008 Dec 5, 2007 Dec 3, 2008
Currency in circulation (8) 872,540 + 5,521 + 54,438 872,751
Reverse repurchase agreements (9) 96,725 - 600 + 60,689 91,994
Foreign official and international accounts 71,725 - 600 + 35,689 66,994
Dealers 25,000 0 + 25,000 25,000
Treasury cash holdings 241 - 1 - 24 243
Deposits with F.R. Banks, other than reserve balances 512,896 - 41,407 + 501,103 504,828
U.S. Treasury, general account 61,049 - 3,482 + 56,144 57,345
U.S. Treasury, supplementary financing account 440,528 - 38,526 + 440,528 434,107
Foreign official 190 0 + 93 186
Service-related 4,960 + 7 - 1,525 4,960
Required clearing balances 4,957 + 4 - 1,528 4,957
Adjustments to compensate for float 3 + 3 + 3 3
Other 6,168 + 593 + 5,862 8,230
Other liabilities and capital (10) 53,519 + 4,153 + 10,822 53,159
Total factors, other than reserve balances,
absorbing reserve funds 1,535,921 - 32,333 + 627,028 1,522,975
Reserve balances with Federal Reserve Banks 633,872 + 56,211 + 623,919 650,233
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 3 through table 6 and the note on consolidation accompanying table 8.
8. Estimated.
9. Cash value of agreements, which are collateralized by U.S. Treasury securities.
10. Includes the liabilities of Commercial Paper Funding Facility LLC, the LLCs funded through the Money
Market Investor Funding Facility, Maiden Lane 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 6 and the note on consolidation accompanying
table 8.
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 3, 2008 Nov 26, 2008 Dec 5, 2007 Dec 3, 2008
Marketable securities held in custody for foreign
official and international accounts (1) 2,494,798 - 3,285 + 458,061 2,494,030
U.S. Treasury 1,626,710 + 8,945 + 400,992 1,627,640
Federal agency 868,088 - 12,230 + 57,069 866,389
Securities lent to dealers 197,079 + 760 + 191,332 192,424
Overnight facility (2) 6,187 - 2,684 + 440 7,278
Term facility (3,4) 190,892 + 3,445 + 190,892 185,146
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 3, 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 3, 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 129,478 277,031 --- --- --- --- 406,508
Other loans (1) 175,518 34,982 2,801 35,450 --- --- 248,751
U.S. Treasury securities (2)
Holdings 15,963 24,542 65,200 171,701 96,940 102,007 476,354
Weekly changes - 860 + 1,553 - 1,492 + 778 - 12 - 21 - 53
Federal agency securities
Holdings 1,951 7,127 2,494 0 0 0 11,572
Weekly changes + 542 - 1,091 - 100 0 0 0 - 649
Commercial paper held by
Commercial Paper Funding
Facility LLC (3) 0 304,759 0 --- --- --- 304,759
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) 91,994 0 --- --- --- --- 91,994
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, 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 3, 2008
Net portfolio holdings of Maiden Lane LLC (1) 27,082
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) 249
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3) 1,183
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 8.
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 7 and table 8.
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 III LLC
Millions of dollars
Wednesday
Account name Dec 3, 2008
Net portfolio holdings of Maiden Lane III LLC (1) 21,183
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) 9
Outstanding principal amount and accrued interest on loan payable to American International
Group, Inc. (3) 5,005
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 October 31, 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 8.
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 7 and table 8.
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 the 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.
5. Information on Principal Accounts of Commercial Paper Funding Facility LLC
Millions of dollars
Wednesday
Account name Dec 3, 2008
Commercial paper holdings, net (1) 302,596
Other investments, net 1,283
Net portfolio holdings of Commercial Paper Funding Facility LLC 303,880
Memorandum: Commercial paper holdings, face value 304,759
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2) 302,963
Accrued interest payable to the Federal Reserve Bank of New York (2) 324
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 8.
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
6. Information on Principal Accounts of LLCs Funded through the Money Market Investor Funding Facility
Millions of dollars
Wednesday
Account name Dec 3, 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 8.
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
7. 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 3, 2008 Nov 26, 2008 Dec 5, 2007
Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 2,200 0 0
Coin 1,640 - 2 + 450
Securities, repurchase agreements, term auction
credit, and other loans 1,223,186 - 10,999 + 394,825
Securities held outright 487,926 - 702 - 291,789
U.S. Treasury (1) 476,354 - 53 - 303,361
Bills (2) 18,423 0 - 248,596
Notes and bonds, nominal (2) 410,491 0 - 60,493
Notes and bonds, inflation-indexed (2) 41,071 0 + 4,160
Inflation compensation (3) 6,369 - 53 + 1,568
Federal agency (2) 11,572 - 649 + 11,572
Repurchase agreements (4) 80,000 0 + 33,500
Term auction credit 406,508 0 + 406,508
Other loans 248,751 - 10,297 + 246,605
Net portfolio holdings of Commercial Paper
Funding Facility LLC (5) 303,880 + 9,786 + 303,880
Net portfolio holdings of LLCs funded through
the money market investor funding facility (5) 0 0 0
Net portfolio holdings of Maiden Lane LLC (5) 27,082 + 103 + 27,082
Net portfolio holdings of Maiden Lane III LLC (5) 21,183 + 35 + 21,183
Items in process of collection (512) 1,512 + 416 - 933
Bank premises 2,175 - 5 + 57
Other assets (6) 544,564 + 30,041 + 505,750
Total assets (512) 2,138,458 + 29,375 +1,252,293
Liabilities
Federal Reserve notes, net of F.R. Bank holdings 835,829 + 746 + 53,890
Reverse repurchase agreements (7) 91,994 - 7,767 + 55,344
Deposits (4) 1,155,047 + 37,787 +1,133,541
Depository institutions 655,179 + 43,984 + 639,198
U.S. Treasury, general account 57,345 + 39,990 + 52,266
U.S. Treasury, supplementary financing account 434,107 - 44,947 + 434,107
Foreign official 186 - 1 + 90
Other (4) 8,230 - 1,240 + 7,880
Deferred availability cash items (507) 2,429 - 182 - 931
Other liabilities and accrued dividends (8,9) 10,344 - 1,138 + 4,348
Total liabilities (512) 2,095,642 + 29,445 +1,246,191
Capital accounts
Capital paid in 20,862 - 9 + 2,675
Surplus 17,175 + 5 + 1,714
Other capital accounts 4,779 - 65 + 1,713
Total capital 42,815 - 71 + 6,101
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 3 through table 6 and the note on consolidation accompanying table 8.
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 Commercial Paper Funding Facility LLC, the LLCs funded through the Money Market
Investor Funding Facility, Maiden Lane 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 6 and the note on consolidation accompanying table 8.
H.4.1
8. Statement of Condition of Each Federal Reserve Bank, December 3, 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 1,640 57 73 127 130 225 207 192 46 55 114 176 237
Securities, repurchase agreements, term
auction credit, and other loans 1,223,186 91,181 556,538 53,674 34,931 151,292 75,256 56,087 23,519 16,161 26,630 28,896 109,021
Securities held outright 487,926 20,465 173,601 21,304 18,502 44,244 48,548 43,064 16,861 9,212 17,916 20,240 53,970
U.S. Treasury (1) 476,354 19,980 169,484 20,798 18,063 43,195 47,396 42,043 16,461 8,993 17,491 19,760 52,690
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) 457,932 19,207 162,929 19,994 17,365 41,525 45,563 40,417 15,824 8,645 16,814 18,995 50,652
Federal agency (2) 11,572 485 4,117 505 439 1,049 1,151 1,021 400 218 425 480 1,280
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 406,508 18,050 164,794 28,800 13,393 99,297 18,285 4,640 3,633 5,372 1,285 4,608 44,352
Other loans 248,751 49,310 189,680 78 2 497 463 1,322 260 67 4,492 730 1,850
Net portfolio holdings of Commercial
Paper Funding Facility LLC (5) 303,880 0 303,880 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of LLCs funded
through the money market investor
funding facility (5) 0 0 0 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Maiden Lane
LLC (5) 27,082 0 27,082 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Maiden
Lane III LLC (5) 21,183 0 21,183 0 0 0 0 0 0 0 0 0 0
Items in process of collection 2,024 36 0 250 187 87 623 125 18 81 214 135 269
Bank premises 2,175 123 209 64 150 223 225 206 130 111 274 251 209
Other assets (6) 544,564 30,707 140,838 52,399 37,391 144,052 41,854 24,442 5,578 10,387 6,016 10,933 39,967
Interdistrict settlement account 0 - 46,307 + 147,906 - 52,736 + 1,228 - 106,317 + 8,577 + 24,823 + 2,628 - 8,049 + 7,870 + 5,108 + 15,268
Total assets 2,138,969 76,337 1,202,518 54,314 74,544 190,602 128,129 107,000 32,332 18,974 41,533 46,233 166,454
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 3 through table 6 and the note on consolidation on the following page.
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 Commercial Paper Funding Facility LLC, the LLCs funded through the Money Market Investor Funding Facility, Maiden Lane 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 6 and
the note on consolidation on the following page.
H.4.1
8. Statement of Condition of Each Federal Reserve Bank, December 3, 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 1,013,362 38,323 353,361 41,859 47,043 81,712 121,834 83,848 29,546 17,505 30,325 54,498 113,507
Less: Notes held by F.R. Banks 177,533 5,929 47,851 5,625 7,800 11,362 25,594 13,620 3,463 2,786 3,970 22,061 27,472
Federal Reserve notes, net 835,829 32,394 305,510 36,234 39,243 70,350 96,240 70,228 26,083 14,719 26,355 32,437 86,035
Reverse repurchase agreements (7) 91,994 3,859 32,731 4,017 3,488 8,342 9,153 8,119 3,179 1,737 3,378 3,816 10,176
Deposits 1,155,051 37,960 845,249 8,619 28,062 99,381 18,893 26,481 2,455 1,502 11,075 8,878 66,499
Depository institutions 655,179 37,941 345,570 8,611 28,059 99,280 18,889 26,478 2,404 1,501 11,073 8,877 66,496
U.S. Treasury, general account 57,345 0 57,345 0 0 0 0 0 0 0 0 0 0
U.S. Treasury, supplementary
financing account 434,107 0 434,107 0 0 0 0 0 0 0 0 0 0
Foreign official 186 2 156 4 3 11 3 2 0 1 0 1 3
Other 8,235 16 8,072 4 0 90 1 0 50 0 1 0 0
Deferred availability cash items 2,936 69 0 557 413 266 175 312 28 220 168 270 459
Other liabilities and accrued
dividends (8,9) 10,344 189 7,411 221 221 625 411 316 159 109 134 185 363
Total liabilities 2,096,154 74,471 1,190,900 49,647 71,427 178,963 124,872 105,456 31,904 18,287 41,109 45,587 163,532
Capital
Capital paid in 20,862 784 5,602 2,315 1,552 5,836 1,610 703 209 324 207 270 1,450
Surplus 17,175 1,049 3,338 1,815 1,291 4,999 1,426 816 180 354 193 364 1,351
Other capital 4,779 34 2,679 537 274 804 221 25 40 9 24 13 121
Total liabilities and capital 2,138,969 76,337 1,202,518 54,314 74,544 190,602 128,129 107,000 32,332 18,974 41,533 46,233 166,454
Note: Components may not sum to totals because of rounding. Footnotes appear on the previous page.
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.
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 7), 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 7).
H.4.1
9. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts
Millions of dollars
Federal Reserve notes and collateral Wednesday
Dec 3, 2008
Federal Reserve notes outstanding 1,013,362
Less: Notes held by F.R. Banks not subject to collateralization 177,533
Federal Reserve notes to be collateralized 835,829
Collateral held against Federal Reserve notes 835,829
Gold certificate account 11,037
Special drawing rights certificate account 2,200
U.S. Treasury and agency securities pledged (1) 486,156
Other assets pledged 336,436
Memo:
Total U.S. Treasury and agency securities (1) 567,926
Less: Face value of securities under reverse repurchase agreements 81,770
U.S. Treasury and agency securities eligible to be pledged 486,156
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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