For Release at
4:30 P.M. Eastern time
  October 30, 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 information related to
Commercial Paper Funding Facility LLC (CPFF LLC).  This LLC is a limited liability company that was
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.  

On October 27, 2008, the Federal Reserve Bank of New York (FRBNY) extended credit to CPFF�LLC under
the authority of section 13(3) of the Federal Reserve Act.
  
Consistent with generally accepted accounting principles, the assets and liabilities of CPFF LLC have
been consolidated with the assets and liabilities of the FRBNY in the preparation of the statements
of condition shown on the release because the FRBNY is the sole beneficiary of CPFF LLC.

The consequences of this consolidation appear on the release in the following ways.  The extension of
credit from the FRBNY to CPFF LLC is eliminated as is the accrued interest on this loan.  The net
portfolio holdings of CPFF LLC appear as an asset on the statement of condition of the FRBNY (table
6), the consolidated statement of condition of all Federal Reserve Banks (table 5), and factors
affecting reserve balances of depository institutions (table 1).  

Information on CPFF LLC is presented separately in a new table 4, "Information on Principal Accounts
of Commercial Paper Funding Facility LLC."  This table presents the net portfolio holdings of CPFF
LLC, which comprises the book value of the commercial paper holdings of CPFF LLC, including amortized
cost and related fees, and other investments of the LLC.  The table also presents the face value of
the commercial paper holdings of CPFF LLC.  In addition, the table presents the outstanding principal
of the loan extended by the FRBNY and accrued interest payable to the FRBNY.


1


FEDERAL RESERVE statistical release
 

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                           October 30, 2008
1. Factors Affecting Reserve Balances of Depository Institutions
Millions of dollars

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

                                                                
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. Refer to table 4 and the notes on consolidation accompanying table 6.
7. Fair value.  Refer to table 3 and the notes on consolidation accompanying table 6.
8. Estimated.
9. Cash value of agreements, which are collateralized by U.S. Treasury securities.
10. Includes the liabilities of Maiden Lane LLC and Commercial Paper Funding Facility LLC to entities 
    other than the Federal Reserve Bank of New York, including liabilities that have recourse only to 
    the portfolio holdings of these entities.  Refer to tables 3 and 4 and the notes on consolidation 
    accompanying table 6.
 

Sources: Federal Reserve Banks and the U.S. Department of the Treasury.
 

 

1A. Memorandum Items 
Millions of dollars

 

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. Maturity Distribution of Term Auction Credit, Other Loans, and Securities,   October 29, 2008
Millions of dollars

  
Note: Components may not sum to totals because of rounding.
---   Not applicable.
 

1. Excludes the loans from the Federal Reserve Bank of New York to Maiden Lane LLC and Commercial Paper Funding Facility 
   LLC that were 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. Face value of commercial paper held by Commercial Paper Funding Facility LLC.
4. Cash value of agreements.
 

 

H.4.1
3. Information on Principal Accounts of Maiden Lane LLC
Millions of dollars

 
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 notes on consolidation accompanying table 6.
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 5 and table 6.
 

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 Commercial Paper Funding Facility LLC
Millions of dollars

 

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 
   notes on consolidation accompanying table 6.
 

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 that was 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
5. Consolidated Statement of Condition of All Federal Reserve Banks
Millions of dollars

 

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 4 and the notes on consolidation accompanying table 6.
6. Fair value.  Refer to table 3 and the notes on consolidation accompanying table 6.
7. Includes assets denominated in foreign currencies and any exchange-translation assets, which are
   revalued daily at market exchange rates. 
8. Cash value of agreements, which are collateralized by U.S. Treasury securities.
9. Includes any exchange-translation liabilities, which are revalued daily at market exchange rates.
10. Includes the liabilities of Maiden Lane LLC and Commercial Paper Funding Facility LLC to entities other 
    than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio 
    holdings of these entities. Refer to the notes on consolidation accompanying table 6.
 

 

H.4.1
6. Statement of Condition of Each Federal Reserve Bank,   October 29, 2008
Millions of dollars

 

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 4 and the notes on consolidation below.
6. Fair value.  Refer to the notes on consolidation below.
7. Includes assets denominated in foreign currencies and any exchange-translation assets, which are revalued daily at market exchange rates.
 

Notes on consolidation:
On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) 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 FRBNY 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 FRBNY in the preparation of the statements of condition shown on this release.  As a consequence 
of the consolidation, the extension of credit from the FRBNY 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 5), 
and the liabilities of Maiden Lane LLC to entities other than the FRBNY, 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 5). 
 

On October 27, 2008, the Federal Reserve Bank of New York (FRBNY) began extending loans under the authority of section 13(3) of the Federal Reserve Act to Commercial Paper Funding 
Facility LLC (CPFF LLC).  This LLC is a limited liability company that was formed to purchase three-month U.S. dollar-denominated commercial paper from eligible issuers.  The FRBNY is 
the sole beneficiary of CPFF LLC.  Consistent with generally accepted accounting principles, the assets and liabilities of CPFF LLC 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 extension of credit from the FRBNY to CPFF LLC is 
eliminated; the net assets of CPFF LLC appear as an asset in this table (and table 1 and table 5), and the liabilities of CPFF LLC to entities other than the FRBNY are included in other 
liabilities on the next page (and table 1 and table 5). 
 

 

6. Statement of Condition of Each Federal Reserve Bank,   October 29, 2008 (continued)
Millions of dollars

                              
Note: Components may not sum to totals because of rounding.
 

8. Cash value of agreements, which are collateralized by U.S. Treasury securities.
9. Includes any exchange-translation liabilities, which are revalued daily at market exchange rates.
10. Includes the liabilities of Maiden Lane LLC and Commercial Paper Funding Facility LLC to entities other than the Federal Reserve Bank of New York, including liabilities that have 
    recourse only to the portfolio holdings of these entities.  Refer to the notes on consolidation on the previous page.
 

 

H.4.1
7. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts
Millions of dollars

   
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.

Statistical releases