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Release Date: September 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
September 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 Sep 3, 2008 Aug 27, 2008 Sep 5, 2007 Sep 3, 2008
Reserve Bank credit 893,846 + 9,492 + 37,175 887,263
Securities held outright 479,701 + 97 - 299,940 479,726
U.S. Treasury (1) 479,701 + 97 - 299,940 479,726
Bills (2) 21,740 0 - 245,279 21,740
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) 6,398 + 97 + 1,670 6,423
Federal agency (2) 0 0 0 0
Repurchase agreements (4) 115,893 + 12,500 + 78,893 109,000
Term auction credit 150,000 0 + 150,000 150,000
Other loans 19,070 + 500 + 17,729 19,089
Primary credit 18,976 + 507 + 17,873 19,000
Secondary credit 0 0 0 0
Seasonal credit 93 - 7 - 145 90
Primary dealer credit facility 0 0 0 0
Other credit extensions 0 0 0 0
Net portfolio holdings of Maiden Lane LLC (5) 29,253 + 40 + 29,253 29,287
Float -1,474 - 261 - 1,104 -363
Other Federal Reserve assets 101,404 - 3,384 + 62,346 100,524
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 2,200 0 0 2,200
Treasury currency outstanding (6) 38,803 + 14 + 208 38,803
Total factors supplying reserve funds 945,890 + 9,506 + 37,384 939,307
Currency in circulation (6) 835,319 + 5,750 + 20,394 836,836
Reverse repurchase agreements (7) 42,880 + 22 + 7,949 41,756
Foreign official and international accounts 42,880 + 22 + 7,949 41,756
Dealers 0 0 0 0
Treasury cash holdings 281 - 21 - 50 276
Deposits with F.R. Banks, other than reserve balances 12,240 - 195 + 545 13,110
U.S. Treasury, general account 4,746 - 82 + 61 5,606
Foreign official 100 - 1 + 5 100
Service-related 7,087 - 88 + 475 7,087
Required clearing balances 7,087 - 88 + 475 7,087
Adjustments to compensate for float 0 0 0 0
Other 307 - 25 + 4 317
Other liabilities and capital (8) 44,277 + 1,776 + 3,667 43,498
Total factors, other than reserve balances,
absorbing reserve funds 934,997 + 7,333 + 32,506 935,476
Reserve balances with Federal Reserve Banks 10,893 + 2,173 + 4,878 3,831
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. Fair value. Refer to table 2 and the note on consolidation accompanying table 5.
6. Estimated.
7. Cash value of agreements, which are collateralized by U.S. Treasury securities.
8. 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, September 3, 2008
Millions of dollars
Averages of daily figures
Memorandum item Week ended Change from week ended Wednesday
Sep 3, 2008 Aug 27, 2008 Sep 5, 2007 Sep 3, 2008
Marketable securities held in custody for foreign
official and international accounts (1) 2,403,824 - 1,072 + 423,629 2,395,399
U.S. Treasury 1,437,964 + 3,666 + 230,785 1,436,830
Federal agency 965,860 - 4,738 + 192,844 958,569
Securities lent to dealers 126,097 + 4,921 + 120,211 120,790
Overnight facility (2) 9,992 + 6,164 + 4,106 4,892
Term facility (3,4) 116,105 - 1,243 + 116,105 115,898
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 highly rated
non-agency asset-backed and mortgage-backed securities.
4. On September 3, 2008, option contracts on draws on the Term Securities Lending Facility totaling
$ 24,998 million were outstanding. The exercise date for the options is September 24, 2008, and the
draws have a term of September 25, 2008 through October 2, 2008.
2. Information on Principal Accounts of Maiden Lane LLC
Millions of dollars
Wednesday
Account name Sep 3, 2008
Net portfolio holdings of Maiden Lane LLC (1) 29,287
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) 124
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3) 1,165
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, September 3, 2008
Millions of dollars
U.S. Treasury Reverse
Remaining maturity Term Other securities (2) Repurchase repurchase
auction loans Weekly agreements agreements
credit (1) Holdings changes (3) (3)
Within 15 days 50,000 4,238 14,851 - 3,604 69,000 41,756
16 days to 90 days 100,000 14,851 31,653 + 3,439 40,000 0
91 days to 1 year --- 0 69,268 - 1,052 --- ---
Over 1 year to 5 years --- --- 170,789 + 1,250 --- ---
Over 5 years to 10 years --- --- 91,851 + 17 --- ---
Over 10 years --- --- 101,314 + 34 --- ---
All 150,000 19,089 479,726 + 84 109,000 41,756
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 Sep 3, 2008 Aug 27, 2008 Sep 5, 2007
Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 2,200 0 0
Coin 1,414 - 1 + 397
Securities, repurchase agreements, term auction
credit, and other loans 757,815 - 1,829 - 58,164
Securities held outright 479,726 + 84 - 299,914
U.S. Treasury (1) 479,726 + 84 - 299,914
Bills (2) 21,740 0 - 245,279
Notes and bonds, nominal (2) 411,731 0 - 60,411
Notes and bonds, inflation-indexed (2) 39,832 0 + 4,079
Inflation compensation (3) 6,423 + 84 + 1,696
Federal agency (2) 0 0 0
Repurchase agreements (4) 109,000 - 2,000 + 74,000
Term auction credit 150,000 0 + 150,000
Other loans 19,089 + 87 + 17,751
Net portfolio holdings of Maiden Lane LLC (5) 29,287 + 40 + 29,287
Items in process of collection (743) 3,366 + 2,440 - 2,130
Bank premises 2,162 - 4 + 83
Other assets (6) 98,381 - 3,976 + 61,137
Total assets (743) 905,661 - 3,330 + 30,609
Liabilities
Federal Reserve notes, net of F.R. Bank holdings 799,719 + 4,025 + 21,058
Reverse repurchase agreements (7) 41,756 - 2,012 + 6,658
Deposits (0) 16,959 - 7,891 + 847
Depository institutions 10,936 - 8,441 - 350
U.S. Treasury, general account 5,606 + 617 + 1,117
Foreign official 100 0 + 3
Other (0) 317 - 68 + 76
Deferred availability cash items (743) 3,729 + 1,115 - 1,041
Other liabilities and accrued dividends (8,9) 2,695 + 1,419 - 3,371
Total liabilities (743) 864,859 - 3,343 + 24,152
Capital accounts
Capital paid in 20,191 + 2 + 3,217
Surplus 18,511 + 2 + 3,087
Other capital accounts 2,100 + 9 + 153
Total capital 40,803 + 14 + 6,458
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, which are revalued daily at market exchange rates.
7. Cash value of agreements, which are collateralized by U.S. Treasury securities.
8. Includes exchange-translation account reflecting the daily revaluation at market exchange rates of
foreign exchange commitments.
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, September 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 1,414 37 69 103 122 179 180 166 49 51 97 159 201
Securities, repurchase agreements, term
auction credit, and other loans 757,815 31,204 304,878 28,357 31,724 66,554 66,333 55,932 22,760 11,918 28,880 26,899 82,375
Securities held outright 479,726 20,122 170,684 20,946 18,191 43,501 47,732 42,340 16,578 9,057 17,614 19,900 53,063
U.S. Treasury (1) 479,726 20,122 170,684 20,946 18,191 43,501 47,732 42,340 16,578 9,057 17,614 19,900 53,063
Bills (2) 21,740 912 7,735 949 824 1,971 2,163 1,919 751 410 798 902 2,405
Notes and bonds (3) 457,986 19,210 162,949 19,996 17,367 41,529 45,569 40,422 15,826 8,646 16,816 18,998 50,658
Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0
Repurchase agreements (4) 109,000 4,572 38,782 4,759 4,133 9,884 10,845 9,620 3,767 2,058 4,002 4,521 12,057
Term auction credit 150,000 6,500 83,383 2,582 9,400 12,945 7,510 2,985 2,075 35 7,250 2,000 13,335
Other loans 19,089 11 12,030 71 0 224 246 986 341 768 13 478 3,921
Net portfolio holdings of Maiden Lane
LLC (5) 29,287 0 29,287 0 0 0 0 0 0 0 0 0 0
Items in process of collection 4,109 261 96 571 600 166 533 429 116 238 218 296 585
Bank premises 2,162 122 212 64 149 210 226 207 127 111 275 252 208
Other assets (6) 98,381 5,335 26,800 8,887 6,419 24,114 7,765 4,812 1,263 1,873 1,371 2,207 7,535
Interdistrict settlement account 0 - 935 -38,083 + 3,656 - 2,033 - 7,725 +25,015 +13,153 + 4,546 + 2,616 - 1,027 + 4,731 - 3,913
Total assets 906,404 36,563 328,069 42,175 37,508 84,535 101,439 75,824 29,276 17,035 30,230 35,278 88,473
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, 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, September 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 990,711 37,037 351,119 41,095 39,452 81,087 121,388 81,615 30,292 17,674 31,111 55,187 103,654
Less: Notes held by F.R. Banks 190,992 5,178 56,297 6,713 8,112 12,719 29,345 13,474 3,388 2,850 3,653 23,529 25,733
Federal Reserve notes, net 799,719 31,860 294,822 34,382 31,340 68,368 92,043 68,142 26,904 14,823 27,458 31,658 77,920
Reverse repurchase agreements (1) 41,756 1,751 14,856 1,823 1,583 3,786 4,155 3,685 1,443 788 1,533 1,732 4,619
Deposits 16,959 722 7,734 614 830 1,309 1,252 717 319 288 396 696 2,081
Depository institutions 10,936 713 1,870 610 827 1,189 1,249 715 308 287 395 695 2,078
U.S. Treasury, general account 5,606 0 5,606 0 0 0 0 0 0 0 0 0 0
Foreign official 100 2 70 4 3 11 3 2 0 1 0 1 3
Other 317 7 188 0 0 110 0 0 11 0 1 0 0
Deferred availability cash items 4,472 225 0 721 684 348 377 365 76 353 278 370 673
Other liabilities and accrued
dividends (2,3) 2,695 152 258 174 177 434 360 290 153 100 121 171 305
Total liabilities 865,602 34,711 317,672 37,714 34,614 74,245 98,186 73,199 28,896 16,353 29,786 34,627 85,598
Capital
Capital paid in 20,191 787 5,087 2,328 1,522 5,190 1,596 1,290 182 320 210 267 1,413
Surplus 18,511 1,050 4,674 1,814 1,291 4,999 1,426 815 180 355 193 364 1,351
Other capital 2,100 16 636 318 81 101 232 519 19 8 40 19 112
Total liabilities and capital 906,404 36,563 328,069 42,175 37,508 84,535 101,439 75,824 29,276 17,035 30,230 35,278 88,473
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.
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
Sep 3, 2008
Federal Reserve notes outstanding 990,711
Less: Notes held by F.R. Banks not subject to collateralization 190,992
Federal Reserve notes to be collateralized 799,719
Collateral held against Federal Reserve notes 799,719
Gold certificate account 11,037
Special drawing rights certificate account 2,200
U.S. Treasury and agency securities pledged (1) 548,031
Other assets pledged 238,451
Memo:
Total U.S. Treasury and agency securities (1) 588,726
Less: Face value of securities under reverse repurchase agreements 40,694
U.S. Treasury and agency securities eligible to be pledged 548,031
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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