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Release Date: March 20, 2008
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For Release at
4:30 P.M. Eastern time
March 20, 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 data on the Primary Dealer
Credit Facility, which was approved by the Board of Governors on March 16, 2008, and began operations on
March 17, 2008. The release also includes data on other credit extensions. This category includes credit
extensions such as the arrangements involving JPMorgan Chase & Co. and The Bear Stearns Companies Inc.
that were approved by the Board of Governors on March 14, 2008, and March 16, 2008.
FEDERAL RESERVE Statistical Release
H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
March 20, 2008
1. Factors Affecting Reserve Balances of Depository Institutions
Millions of dollars
Averages of daily figures
Reserve Bank credit, related items, and Week ended Change from week ended Wednesday
reserve balances of depository institutions at Mar 19, 2008 Mar 12, 2008 Mar 21, 2007 Mar 19, 2008
Federal Reserve Banks
Reserve Bank Credit 878,784 + 9,622 + 27,663 873,017
Securities held outright 676,894 - 32,239 - 103,963 660,484
U.S. Treasury (1) 676,894 - 32,239 - 103,963 660,484
Bills (2) 165,216 - 30,858 - 111,803 152,360
Notes and bonds, nominal (2) 468,581 - 1,429 + 28 465,010
Notes and bonds, inflation-indexed (2) 38,437 0 + 6,661 38,437
Inflation compensation (3) 4,660 + 48 + 1,151 4,678
Federal agency (2) 0 0 0 0
Repurchase agreements(4) 61,107 + 2,393 + 29,357 62,000
Term auction credit 80,000 + 20,000 + 80,000 80,000
Other loans 19,049 + 18,946 + 19,009 28,925
Primary credit 81 - 18 + 71 120
Secondary credit 0 0 0 0
Seasonal credit 7 + 4 - 23 6
Primary dealer credit facility 13,433 + 13,433 + 13,433 28,800
Other credit extensions 5,529 + 5,529 + 5,529 0
Float -1,567 - 406 - 963 -1,780
Other Federal Reserve assets 43,301 + 928 + 4,223 43,387
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 2,200 0 0 2,200
Treasury currency outstanding (5) 38,764 + 14 + 419 38,764
Total factors supplying reserve funds 930,789 + 9,636 + 28,082 925,022
Currency in circulation(5) 817,054 + 130 + 10,763 818,362
Reverse repurchase agreements (6) 40,710 + 689 + 1,473 46,143
Foreign official and international accounts 39,674 - 347 + 437 38,893
Dealers 1,036 + 1,036 + 1,036 7,250
Treasury cash holdings 273 + 12 + 36 291
Deposits with F.R.Banks, other than reserve balances 12,273 + 44 - 496 12,505
U.S. Treasury, general account 5,152 + 76 - 256 5,364
Foreign official 103 + 5 + 13 99
Service-related 6,754 + 4 - 287 6,754
Required clearing balances 6,754 + 4 - 287 6,754
Adjustments to compensate for float 0 0 0 0
Other 264 - 42 + 35 288
Other liabilities and capital 44,734 + 291 + 5,950 44,213
Total factors, other than reserve balances,
absorbing reserve funds 915,044 + 1,165 + 17,727 921,515
Reserve balances with Federal Reserve Banks 15,746 + 8,472 + 10,356 3,507
Memo (off-balance-sheet items):
Marketable securities held in custody for foreign
official and international accounts(2,7) 2,168,498 + 17,282 + 292,643 2,173,695
U.S. Treasury 1,280,342 + 2,645 + 62,914 1,278,331
Federal agency 888,156 + 14,637 + 229,729 895,364
Securities lent to dealers 12,228 + 589 + 10,581 9,890
Note: Components may not sum to totals because of rounding.
1 Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities.
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 Estimated.
6 Cash value of agreements, which are collateralized by U.S. Treasury securities.
7 Includes U.S. Treasury STRIPS and other zero coupon bonds at face value.
Sources: Federal Reserve Banks and the U.S. Department of the Treasury.
2. Consolidated Statement of Condition of All Federal Reserve Banks
Millions of Dollars
Eliminations Change Since
from Wednesday Wednesday Wednesday
Assets, liabilities, and capital consolidation Mar 19, 2008 Mar 12, 2008 Mar 21, 2007
Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 2,200 0 0
Coin 1,316 - 8 + 385
Securities, repurchase agreements, term auction
credit, and other loans 831,410 - 9,054 + 20,764
Securities held outright 660,484 - 42,952 - 120,382
U.S. Treasury (1) 660,484 - 42,952 - 120,382
Bills (2) 152,360 - 38,000 - 124,659
Notes and bonds, nominal (2) 465,010 - 5,000 - 3,543
Notes and bonds, inflation-indexed (2) 38,437 0 + 6,661
Inflation compensation (3) 4,678 + 49 + 1,160
Federal agency (2) 0 0 0
Repurchase agreements (4) 62,000 - 15,000 + 32,250
Term auction credit 80,000 + 20,000 + 80,000
Other loans 28,925 + 28,897 + 28,896
Items in process of collection (418) 1,486 + 132 - 1,419
Bank premises 2,141 + 3 + 167
Other assets (5) 41,158 + 717 + 3,898
Total assets (418) 890,747 - 8,209 + 23,795
Liabilities
Federal Reserve notes, net of FR Bank holdings 781,201 - 53 + 11,149
Reverse repurchase agreements (6) 46,143 + 5,946 + 7,646
Deposits (0) 15,925 - 14,687 - 396
Depository institutions 10,175 - 14,831 - 1,115
U.S. Treasury, general account 5,364 + 115 + 643
Foreign official 99 + 3 + 9
Other (0) 288 + 28 + 68
Deferred availability cash items (418) 3,265 + 401 - 548
Other liabilities and accrued dividends (7) 4,077 - 288 - 1,734
Total liabilities (418) 850,611 - 8,681 + 16,117
Capital Accounts
Capital paid in 19,528 + 54 + 3,671
Surplus 18,458 0 + 3,119
Other capital accounts 2,150 + 417 + 888
Total capital 40,136 + 471 + 7,678
Note: Components may not sum to totals because of rounding.
1 Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities.
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 securites.
5 Includes assets denominated in foreign currencies, which are revalued daily at market exchange rates.
6 Cash value of agreements, which are collateralized by U.S. Treasury securities.
7 Includes exchange-translation account reflecting the daily revaluation at market exchange rates of
foreign exchange commitments.
3. Maturity Distribution of Term Auction Credit, Other Loans and Securities, March 19, 2008
Millions of dollars
Term auction Other U.S. Treasury Reverse
Remaining maturity credit loans securities (1) Repurchase repurchase
Weekly agreements(2)agreements(2)
Holdings changes
Within 15 days 30,000 28,925 38,691 + 4,278 17,000 46,143
16 days to 90 days 50,000 0 99,574 - 23,313 45,000 0
91 days to 1 year ------ 0 114,118 - 17,841 ------ ------
Over 1 to 5 years ------ ------ 224,908 - 6,106 ------ ------
Over 5 to 10 years ------ ------ 88,966 + 10 ------ ------
Over 10 years ------ ------ 94,226 + 19 ------ ------
All 80,000 28,925 660,484 - 42,952 62,000 46,143
Note: Components may not sum to totals because of rounding.
--- Not applicable.
1 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.
2 Cash value of agreements.
4. Statement of Condition of Each Federal Reserve Bank on March 19, 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 11,037 449 4,053 455 428 869 1,117 903 326 203 335 613 1,286
Special drawing rights certificate acct. 2,200 115 874 83 104 147 166 212 71 30 66 98 234
Coin 1,316 42 61 107 124 154 155 155 55 59 83 133 186
Securities, repurchase agreements, term
auction credit, and other loans 831,410 33,299 352,541 31,963 31,475 63,368 67,210 64,043 25,161 20,487 23,398 32,944 85,521
Securities held outright 660,484 30,439 239,160 29,220 27,029 57,226 61,258 55,399 21,110 13,178 21,380 29,019 76,065
U.S. Treasury (1) 660,484 30,439 239,160 29,220 27,029 57,226 61,258 55,399 21,110 13,178 21,380 29,019 76,065
Bills (2) 152,360 7,022 55,169 6,740 6,235 13,201 14,131 12,779 4,870 3,040 4,932 6,694 17,547
Notes and bonds(3) 508,124 23,417 183,990 22,480 20,794 44,025 47,127 42,620 16,240 10,138 16,448 22,325 58,519
Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0
Repurchase agreements(4) 62,000 2,857 22,450 2,743 2,537 5,372 5,750 5,200 1,982 1,237 2,007 2,724 7,140
Term auction credit 80,000 0 62,131 0 1,909 770 201 3,440 2,070 6,071 0 1,200 2,209
Other loans 28,925 2 28,801 0 0 0 0 4 0 1 11 0 106
Items in process of collection 1,904 58 15 276 307 156 -118 162 31 209 213 121 473
Bank premises 2,141 119 214 65 152 189 229 205 118 112 276 255 208
Other assets(5) 41,158 2,103 12,710 3,240 2,393 8,196 3,292 2,310 725 794 757 1,150 3,488
Interdistrict settlement account 0 + 1,911 -51,718 + 3,967 + 2,563 + 8,305 +15,925 +10,522 + 3,881 - 3,690 + 7,108 - 480 + 1,707
Total Assets 891,166 38,096 318,750 40,157 37,546 81,383 87,975 78,512 30,368 18,204 32,237 34,834 93,103
Note: Components may not sum to totals because of rounding.
1 Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities.
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 Includes assets denominated in foreign currencies, which are revalued daily at market exchange rates.
4. Statement of Condition of Each Federal Reserve Bank on March 19, 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
Liabilities
Federal Reserve notes outstanding 992,528 39,092 342,855 41,772 39,707 79,599 113,838 85,428 32,382 18,851 32,734 56,336 109,935
Less: notes held by F.R. Banks 211,327 6,137 61,045 8,440 8,408 14,695 34,904 14,628 4,399 2,921 3,206 25,129 27,415
Federal Reserve notes, net 781,201 32,955 281,809 33,332 31,299 64,904 78,934 70,800 27,983 15,930 29,528 31,207 82,520
Reverse repurchase agreements (1) 46,143 2,127 16,708 2,041 1,888 3,998 4,280 3,870 1,475 921 1,494 2,027 5,314
Deposits 15,925 455 8,647 371 635 1,170 931 746 298 233 417 563 1,460
Depository institutions 10,175 398 3,066 367 631 1,116 928 744 284 232 390 562 1,457
U.S. Treasury, general account 5,364 0 5,364 0 0 0 0 0 0 0 0 0 0
Foreign official 99 2 70 4 3 11 3 2 0 1 0 1 3
Other 288 55 147 0 2 44 0 0 13 0 27 0 0
Deferred availability cash items 3,683 155 76 508 825 274 255 328 55 262 223 176 547
Other liabilities and accrued
dividends (2) 4,077 190 1,253 198 209 480 398 343 166 116 150 199 375
Total liabilities 851,029 35,882 308,493 36,450 34,856 70,826 84,798 76,088 29,976 17,462 31,811 34,172 90,215
Capital
Capital paid in 19,528 1,076 4,906 1,813 1,315 5,182 1,610 1,256 180 358 198 256 1,379
Surplus 18,458 1,049 4,624 1,813 1,291 4,997 1,426 815 180 355 194 364 1,350
Other capital 2,150 89 726 81 84 378 142 353 33 31 33 42 158
Total liabilities and capital 891,166 38,096 318,750 40,157 37,546 81,383 87,975 78,512 30,368 18,204 32,237 34,834 93,103
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 exchange-translation account reflecting the daily revaluation at market exchange rates of foreign exchange commitments.
5. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts
Millions of dollars
Federal Reserve notes and collateral Wednesday
Mar 19, 2008
Federal Reserve notes outstanding 992,528
Less: Notes held by F.R. Banks
not subject to collateralization 211,327
Federal Reserve notes to be
collateralized 781,201
Collateral held against Federal Reserve
notes 781,201
Gold certificate account 11,037
Special drawing rights
certificate account 2,200
U.S. Treasury and agency securities
pledged (1) 676,329
Other assets pledged 91,635
Memo:
Total U.S. Treasury and agency
securities (1) 722,484
Less:face value of securities under
reverse repurchase agreements 46,156
U.S. Treasury and agency securities
eligible to be pledged 676,329
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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