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Release Date: April 3, 2008
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For Release at
4:30 P.M. Eastern time
April 3, 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 a separate line for securities lending conducted under
the Term Securities Lending Facility (TSLF), which was announced on March 11,
2008. The first TSLF auction was held on March 27, 2008, with settlement the
following day.
Under the Term Securities Lending Facility, the Federal Reserve lends U.S.
Treasury securities to primary dealers through an auction process. Each loan
has a term of 28 days and is secured by other U.S. Treasury securities, federal
agency securities, or highly rated non-agency mortgage-backed securities.
Unlike sales of securities, securities loans under the TSLF do not affect
reserve balances because primary dealers provide other securities as collateral
rather than paying for the securities with cash.
For additional details on the TSLF program, please refer to the Board's
announcement at
http://www.federalreserve.gov/newsevents/press/monetary/20080311a.htm or the
information on the Federal Reserve Bank of New York's website at
http://www.newyorkfed.org/markets/tslf.html.
FEDERAL RESERVE statistical release
H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
April 3, 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 Apr 2, 2008 Mar 26, 2008 Apr 4, 2007 Apr 2, 2008
Federal Reserve Banks
Reserve Bank credit 875,577 + 6,141 + 23,331 867,695
Securities held outright 589,085 - 39,892 - 191,823 581,240
U.S. Treasury (1) 589,085 - 39,892 - 191,823 581,240
Bills (2) 92,985 - 31,390 - 184,034 92,985
Notes and bonds, nominal (2) 452,909 - 8,548 - 15,644 445,050
Notes and bonds, inflation-indexed (2) 38,437 0 + 6,661 38,437
Inflation compensation (3) 4,755 + 47 + 1,195 4,769
Federal agency (2) 0 0 0 0
Repurchase agreements (4) 77,500 - 7,321 + 45,286 76,000
Term auction credit 100,000 + 20,000 + 100,000 100,000
Other loans 45,139 + 11,658 + 45,024 44,796
Primary credit 7,013 + 6,463 + 6,926 10,341
Secondary credit 0 - 2 0 0
Seasonal credit 7 + 1 - 21 12
Primary dealer credit facility 38,118 + 5,195 + 38,118 34,443
Other credit extensions 0 0 0 0
Float -1,071 + 278 - 302 1,473
Other Federal Reserve assets 64,924 + 21,418 + 25,146 64,185
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 2,200 0 0 2,200
Treasury currency outstanding (5) 38,736 + 14 + 365 38,736
Total factors supplying reserve funds 927,554 + 6,155 + 23,695 919,671
Currency in circulation (5) 815,629 - 1,269 + 8,963 816,607
Reverse repurchase agreements (6) 41,696 + 990 + 5,063 41,061
Foreign official and international accounts 37,874 - 2,832 + 1,241 37,311
Dealers 3,821 + 3,821 + 3,821 3,750
Treasury cash holdings 335 + 38 + 28 354
Deposits with F.R. Banks, other than reserve balances 12,571 - 283 + 452 13,471
U.S. Treasury, general account 5,158 - 571 + 389 6,013
Foreign official 98 - 20 0 98
Service-related 7,048 + 294 + 59 7,048
Required clearing balances 7,048 + 294 + 59 7,048
Adjustments to compensate for float 0 0 0 0
Other 268 + 14 + 6 312
Other liabilities and capital 44,905 + 370 + 6,077 43,680
Total factors, other than reserve balances,
absorbing reserve funds 915,136 - 155 + 20,584 915,173
Reserve balances with Federal Reserve Banks 12,418 + 6,310 + 3,111 4,498
Memo (off-balance-sheet items):
Marketable securities held in custody for foreign
official and international accounts (2,7) 2,206,091 + 21,836 + 313,345 2,214,586
U.S. Treasury 1,298,702 + 13,987 + 78,343 1,305,880
Federal agency 907,390 + 7,851 + 235,003 908,707
Securities lent to dealers 85,606 + 75,666 + 83,689 92,658
Overnight facility (8) 21,321 + 11,381 + 19,404 17,658
Term facility (9) 64,286 + 64,286 + 64,286 75,000
Note: Components may not sum to totals because of rounding.
1. Includes securities lent to dealers under the overnight and term securities lending facilities.
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.
8. Fully collateralized by U.S. Treasury securities.
9. Fully collateralized by U.S. Treasury securities, federal agency securities, and highly rated
non-agency mortgage-backed securities.
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 Apr 2, 2008 Mar 26, 2008 Apr 4, 2007
Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 2,200 0 0
Coin 1,340 + 19 + 401
Securities, repurchase agreements, term auction
credit, and other loans 802,036 - 34,627 - 6,922
Securities held outright 581,240 - 31,065 - 199,686
U.S. Treasury (1) 581,240 - 31,065 - 199,686
Bills (2) 92,985 - 21,106 - 184,034
Notes and bonds, nominal (2) 445,050 - 10,002 - 23,503
Notes and bonds, inflation-indexed (2) 38,437 0 + 6,661
Inflation compensation (3) 4,769 + 43 + 1,191
Federal agency (2) 0 0 0
Repurchase agreements (4) 76,000 - 30,750 + 48,000
Term auction credit 100,000 + 20,000 + 100,000
Other loans 44,796 + 7,189 + 44,764
Items in process of collection (590) 4,733 + 3,948 + 1,223
Bank premises 2,145 + 2 + 159
Other assets (5) 61,911 + 20,292 + 24,356
Total assets (590) 885,401 - 10,367 + 19,216
Liabilities
Federal Reserve notes, net of FR Bank holdings 779,560 - 1,072 + 7,780
Reverse repurchase agreements (6) 41,061 + 239 + 5,586
Deposits (0) 17,840 - 9,171 + 1,683
Depository institutions 11,417 - 10,150 + 684
U.S. Treasury, general account 6,013 + 1,069 + 1,040
Foreign official 98 - 141 - 33
Other (0) 312 + 51 - 7
Deferred availability cash items (590) 3,260 + 602 - 1,242
Other liabilities and accrued dividends (7) 3,734 - 99 - 2,149
Total liabilities (590) 845,455 - 9,500 + 11,658
Capital accounts
Capital paid in 19,548 + 2 + 3,701
Surplus 18,471 + 13 + 3,110
Other capital accounts 1,927 - 881 + 747
Total capital 39,946 - 866 + 7,558
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 1, footnotes 8 and 9.
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, April 2, 2008
Millions of dollars
U.S. Treasury Reverse
Remaining maturity Term securities (1) Repurchase repurchase
auction Other Weekly agreements agreements
credit loans Holdings changes (2) (2)
Within 15 days 50,000 39,999 30,277 - 9,554 61,000 41,061
16 days to 90 days 50,000 4,797 61,816 - 11,248 15,000 0
91 days to 1 year --- 0 99,009 - 2,213 --- ---
Over 1 to 5 years --- --- 206,888 - 8,077 --- ---
Over 5 to 10 years --- --- 88,986 + 9 --- ---
Over 10 years --- --- 94,263 + 17 --- ---
All 100,000 44,796 581,240 - 31,065 76,000 41,061
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 April 2, 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 1,340 46 67 101 124 162 150 160 55 61 85 142 188
Securities, repurchase agreements, term
auction credit, and other loans 802,036 31,290 355,655 29,117 31,930 60,805 65,952 56,835 23,076 16,197 21,359 30,077 79,743
Securities held outright 581,240 26,787 210,465 25,714 23,786 50,360 53,909 48,753 18,577 11,597 18,815 25,538 66,939
U.S. Treasury (1) 581,240 26,787 210,465 25,714 23,786 50,360 53,909 48,753 18,577 11,597 18,815 25,538 66,939
Bills (2) 92,985 4,285 33,669 4,114 3,805 8,056 8,624 7,799 2,972 1,855 3,010 4,085 10,709
Notes and bonds (3) 488,255 22,502 176,796 21,601 19,981 42,303 45,285 40,953 15,605 9,742 15,805 21,452 56,230
Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0
Repurchase agreements (4) 76,000 3,503 27,519 3,362 3,110 6,585 7,049 6,375 2,429 1,516 2,460 3,339 8,753
Term auction credit 100,000 1,000 73,443 0 5,034 3,860 4,995 1,480 2,069 3,082 80 1,200 3,759
Other loans 44,796 1 44,228 41 0 0 0 228 1 1 4 0 293
Items in process of collection 5,323 66 0 360 257 75 74 120 3,268 238 353 144 368
Bank premises 2,145 119 213 64 152 189 228 208 119 112 277 255 208
Other assets (5) 61,911 3,285 17,935 5,197 3,850 13,814 4,915 3,232 936 1,195 980 1,559 5,013
Interdistrict settlement account 0 + 2,062 -62,613 + 4,892 - 45 + 4,580 +17,000 +16,261 + 2,141 + 324 + 8,147 + 1,772 + 5,480
Total assets 885,991 37,431 316,184 40,269 36,800 80,641 89,603 77,931 29,992 18,359 31,602 34,659 92,520
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 1, footnotes 8 and 9.
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 April 2, 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 988,396 38,642 341,099 41,563 39,310 78,752 115,797 84,762 32,019 18,652 32,468 56,248 109,084
Less: notes held by F.R. Banks 208,836 6,073 59,786 8,213 8,174 14,276 35,095 14,329 4,414 2,870 3,514 25,092 27,001
Federal Reserve notes, net 779,560 32,568 281,313 33,350 31,136 64,477 80,702 70,434 27,604 15,781 28,955 31,156 82,083
Reverse repurchase agreements (1) 41,061 1,892 14,868 1,817 1,680 3,558 3,808 3,444 1,312 819 1,329 1,804 4,729
Deposits 17,840 398 8,710 769 542 1,489 1,129 818 433 489 494 614 1,956
Depository institutions 11,417 372 2,467 764 539 1,367 1,126 816 419 488 493 613 1,953
U.S. Treasury, general account 6,013 0 6,013 0 0 0 0 0 0 0 0 0 0
Foreign official 98 2 68 4 3 11 3 2 0 1 0 1 3
Other 312 23 162 0 0 111 0 0 13 0 1 0 0
Deferred availability cash items 3,849 200 0 511 600 314 291 330 95 431 264 245 568
Other liabilities and accrued
dividends (2) 3,734 174 1,126 185 194 466 377 310 153 109 131 177 332
Total liabilities 846,045 35,232 306,017 36,631 34,153 70,303 86,308 75,335 29,598 17,629 31,173 33,997 89,667
Capital
Capital paid in 19,548 1,087 4,903 1,811 1,322 5,182 1,610 1,259 181 358 198 256 1,380
Surplus 18,471 1,049 4,637 1,814 1,291 4,997 1,425 815 180 355 194 364 1,350
Other capital 1,927 63 628 14 33 158 259 521 33 17 37 42 122
Total liabilities and capital 885,991 37,431 316,184 40,269 36,800 80,641 89,603 77,931 29,992 18,359 31,602 34,659 92,520
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
Apr 2, 2008
Federal Reserve notes outstanding 988,396
Less: Notes held by F.R. Banks
not subject to collateralization 208,836
Federal Reserve notes to be
collateralized 779,560
Collateral held against Federal Reserve
notes 779,560
Gold certificate account 11,037
Special drawing rights certificate
account 2,200
U.S. Treasury and agency securities
pledged (1) 616,138
Other assets pledged 150,185
Memo:
Total U.S. Treasury and agency
securities (1) 657,240
Less: face value of securities under
reverse repurchase agreements 41,102
U.S. Treasury and agency securities
eligible to be pledged 616,138
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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Statistical releases