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Release Date: November 28, 2008
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For Release at
4:30 P.M. Eastern time
November 28, 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 in a number of ways. This week's release
reports credit extended to American International Group, Inc. (AIG) as a separate line in table 1.
Previously, this amount was included in other credit extensions. This release also presents information on
a new lending facility and new limited liability companies.
On November 10, 2008, the Federal Reserve announced a modification of the terms of credit extended to AIG.
Related to this modification was the creation of two limited liability companies, Maiden Lane II LLC and
Maiden Lane III LLC. On November 25, 2008, the Federal Reserve Bank of New York (FRBNY) began extending
credit under the authority of section 13(3) of the Federal Reserve Act to Maiden Lane III LLC, a limited
liability company formed to purchase multi-sector collateralized debt obligations on which the Financial
Products Group of AIG has written credit default swap contracts. On November 24, 2008, the Money Market
Investor Funding Facility (MMIFF) was created to provide funding to a series of limited liability companies
to purchase short-term U.S. dollar-denominated certificates of deposit, bank notes, and outstanding
asset-backed commercial paper.
Consistent with generally accepted accounting principles, the assets and liabilities of all of these
limited liability companies will be 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 primary
beneficiary of the limited liability companies. As a result of this consolidation, the loans extended
from the FRBNY to the limited liability companies and the accrued interest on these loans are
eliminated. The net portfolio holdings of these limited liability companies are reported in table 1, in
table 7, and in table 8.
Information on Maiden Lane III LLC is presented separately in a new table 4, "Information on Principal
Accounts of Maiden Lane III LLC." This table presents the fair value of the net portfolio holdings of the
Maiden Lane III LLC along with the book value of the outstanding principal of the loan extended by the
FRBNY, the book value of accrued interest payable to the FRBNY, and the book value of the outstanding
principal and accrued interest on the loan payable to AIG. A similar table for Maiden Lane II will be
provided when credit is extended to that limited liability company.
Information on the limited liability companies funded through the MMIFF is presented separately in a new
table 6, "Information on Principal Accounts of LLCs Funded through the Money Market Investor Funding
Facility." This table presents the book value of the net portfolio holdings of the limited liability
companies, as well as the face value of the money market instruments. In addition, the table presents the
outstanding principal of the loans extended by the FRBNY and accrued interest payable to the FRBNY.
FEDERAL RESERVE statistical release
H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
November 28, 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 Nov 26, 2008 Nov 19, 2008 Nov 28, 2007 Nov 26, 2008
Reserve Bank credit 2,093,892 - 85,002 +1,224,361 2,091,608
Securities held outright 488,676 - 408 - 291,007 488,628
U.S. Treasury (1) 476,415 - 16 - 303,268 476,407
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) 6,429 - 16 + 1,659 6,422
Federal agency (2) 12,261 - 393 + 12,261 12,221
Repurchase agreements (4) 80,000 0 + 30,750 80,000
Term auction credit 406,508 - 8,794 + 406,508 406,508
Other loans 283,180 - 13,638 + 283,125 259,048
Primary credit 93,628 + 2,076 + 93,621 91,725
Secondary credit 225 + 113 + 225 186
Seasonal credit 5 - 4 - 43 6
Primary dealer and other broker-dealer credit (5) 52,418 + 2,248 + 52,418 57,886
Asset-backed commercial paper money market
mutual fund liquidity facility 57,318 - 12,480 + 57,318 53,309
Credit extended to American International
Group, Inc. (6) 79,585 - 5,592 + 79,585 55,936
Other credit extensions 0 0 0 0
Net portfolio holdings of Commercial Paper
Funding Facility LLC (7) 282,197 + 16,506 + 282,197 294,094
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) 26,928 - 17 + 26,928 26,979
Net portfolio holdings of Maiden Lane III LLC (7) 6,010 + 6,010 + 6,010 21,148
Float -471 + 903 + 103 -1,514
Other Federal Reserve assets 520,864 - 85,564 + 479,746 516,717
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 2,200 0 0 2,200
Treasury currency outstanding (8) 38,787 + 14 + 36 38,787
Total factors supplying reserve funds 2,145,920 - 84,988 +1,224,397 2,143,636
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 Nov 26, 2008 Nov 19, 2008 Nov 28, 2007 Nov 26, 2008
Currency in circulation (8) 867,019 + 2,337 + 45,027 871,991
Reverse repurchase agreements (9) 97,325 - 3,098 + 62,179 99,761
Foreign official and international accounts 72,325 - 3,812 + 37,179 74,761
Dealers 25,000 + 714 + 25,000 25,000
Treasury cash holdings 242 - 8 - 25 241
Deposits with F.R. Banks, other than reserve balances 554,303 - 31,337 + 542,234 511,018
U.S. Treasury, general account 64,531 + 4,066 + 59,355 17,355
U.S. Treasury, supplementary financing account 479,054 - 29,902 + 479,054 479,054
Foreign official 190 - 204 + 93 187
Service-related 4,953 - 1,371 - 1,532 4,953
Required clearing balances 4,953 - 1,352 - 1,532 4,953
Adjustments to compensate for float 0 - 18 0 0
Other 5,575 - 3,926 + 5,264 9,470
Other liabilities and capital (10) 49,366 + 3,323 + 6,118 54,368
Total factors, other than reserve balances,
absorbing reserve funds 1,568,254 - 28,783 + 655,532 1,537,380
Reserve balances with Federal Reserve Banks 577,666 - 56,204 + 568,865 606,256
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
Nov 26, 2008 Nov 19, 2008 Nov 28, 2007 Nov 26, 2008
Marketable securities held in custody for foreign
official and international accounts (1) 2,498,083 - 3,045 + 466,608 2,492,057
U.S. Treasury 1,617,765 + 7,856 + 392,472 1,620,296
Federal agency 880,318 - 10,900 + 74,137 871,761
Securities lent to dealers 196,319 - 9,177 + 188,313 201,420
Overnight facility (2) 8,871 - 5,369 + 865 8,227
Term facility (3) 187,447 - 3,809 + 187,447 193,193
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, November 26, 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 25,000 381,508 --- --- --- --- 406,508
Other loans (1) 175,834 43,211 4,567 35,436 --- --- 259,048
U.S. Treasury securities (2)
Holdings 16,823 22,989 66,692 170,923 96,952 102,028 476,407
Weekly changes - 3,520 + 3,518 0 - 5 - 4 - 7 - 18
Federal agency securities
Holdings 1,409 8,218 2,594 0 0 0 12,221
Weekly changes + 480 - 120 - 640 0 0 0 - 280
Commercial paper held by
Commercial Paper Funding
Facility LLC (3) 0 295,108 0 --- --- --- 295,108
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) 99,761 0 --- --- --- --- 99,761
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 Nov 26, 2008
Net portfolio holdings of Maiden Lane LLC (1) 26,979
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) 243
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3) 1,182
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 Nov 26, 2008
Net portfolio holdings of Maiden Lane III LLC (1) 21,148
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) 3
Outstanding principal amount and accrued interest on loan payable to American International
Group, Inc. (3) 5,002
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 Nov 26, 2008
Commercial paper holdings, net (1) 292,834
Other investments, net 1,260
Net portfolio holdings of Commercial Paper Funding Facility LLC 294,094
Memorandum: Commercial paper holdings, face value 295,108
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2) 293,349
Accrued interest payable to the Federal Reserve Bank of New York (2) 253
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 Nov 26, 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 Nov 26, 2008 Nov 19, 2008 Nov 28, 2007
Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 2,200 0 0
Coin 1,642 - 6 + 477
Securities, repurchase agreements, term auction
credit, and other loans 1,234,185 - 38,744 + 408,438
Securities held outright 488,628 - 298 - 291,065
U.S. Treasury (1) 476,407 - 18 - 303,286
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) 6,422 - 18 + 1,643
Federal agency (2) 12,221 - 280 + 12,221
Repurchase agreements (4) 80,000 0 + 34,000
Term auction credit 406,508 - 8,794 + 406,508
Other loans 259,048 - 29,654 + 258,994
Net portfolio holdings of Commercial Paper
Funding Facility LLC (5) 294,094 + 23,215 + 294,094
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) 26,979 + 60 + 26,979
Net portfolio holdings of Maiden Lane III LLC (5) 21,148 + 21,148 + 21,148
Items in process of collection (498) 1,096 - 19 - 467
Bank premises 2,180 + 2 + 66
Other assets (6) 514,523 - 85,257 + 475,499
Total assets (498) 2,109,083 - 79,603 +1,226,235
Liabilities
Federal Reserve notes, net of F.R. Bank holdings 835,083 + 6,466 + 51,408
Reverse repurchase agreements (7) 99,761 - 3,148 + 65,489
Deposits (0) 1,117,260 - 91,971 +1,097,684
Depository institutions 611,195 - 19,297 + 596,718
U.S. Treasury, general account 17,355 - 51,102 + 12,644
U.S. Treasury, supplementary financing account 479,054 - 29,902 + 479,054
Foreign official 187 + 4 + 90
Other (0) 9,470 + 8,327 + 9,179
Deferred availability cash items (498) 2,611 - 131 - 267
Other liabilities and accrued dividends (8,9) 11,482 + 7,288 + 5,578
Total liabilities (498) 2,066,197 - 81,497 +1,219,892
Capital accounts
Capital paid in 20,871 + 498 + 2,593
Surplus 17,170 + 4 + 1,713
Other capital accounts 4,844 + 1,391 + 2,035
Total capital 42,886 + 1,894 + 6,343
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, November 26, 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 1,642 57 76 126 132 227 208 192 45 54 111 178 236
Securities, repurchase agreements, term
auction credit, and other loans 1,234,185 95,269 560,641 53,904 34,962 151,331 75,348 56,217 23,797 16,169 28,156 29,185 109,206
Securities held outright 488,628 20,495 173,851 21,334 18,529 44,308 48,618 43,126 16,885 9,225 17,941 20,269 54,048
U.S. Treasury (1) 476,407 19,982 169,503 20,801 18,065 43,200 47,402 42,047 16,463 8,994 17,493 19,762 52,696
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) 457,985 19,210 162,948 19,996 17,367 41,529 45,569 40,421 15,826 8,646 16,816 18,998 50,658
Federal agency (2) 12,221 513 4,348 534 463 1,108 1,216 1,079 422 231 449 507 1,352
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 259,048 53,368 193,532 277 7 472 485 1,390 514 63 5,992 989 1,957
Net portfolio holdings of Commercial
Paper Funding Facility LLC (5) 294,094 0 294,094 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) 26,979 0 26,979 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Maiden
Lane III LLC (5) 21,148 0 21,148 0 0 0 0 0 0 0 0 0 0
Items in process of collection 1,594 38 0 223 199 55 561 82 19 73 -47 114 276
Bank premises 2,180 122 213 64 150 222 225 207 131 111 274 251 210
Other assets (6) 514,523 29,197 130,541 49,882 35,543 136,887 39,812 23,276 5,314 9,878 5,739 10,416 38,038
Interdistrict settlement account 0 - 49,337 + 157,079 - 50,492 + 41 - 104,455 + 9,977 + 22,111 + 2,439 - 7,628 + 7,892 + 4,836 + 7,536
Total assets 2,109,580 75,884 1,195,578 54,244 71,554 185,305 127,517 103,211 32,159 18,887 42,540 45,714 156,985
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, November 26, 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 1,010,762 38,039 352,748 41,910 47,086 81,692 120,854 83,855 29,542 17,426 30,257 54,487 112,866
Less: Notes held by F.R. Banks 175,679 5,904 47,342 5,601 7,602 11,312 25,912 13,328 3,506 2,800 3,740 22,116 26,515
Federal Reserve notes, net 835,083 32,135 305,407 36,309 39,484 70,380 94,942 70,527 26,036 14,626 26,517 32,370 86,350
Reverse repurchase agreements (7) 99,761 4,184 35,494 4,356 3,783 9,046 9,926 8,805 3,447 1,883 3,663 4,138 11,035
Deposits 1,117,260 37,404 834,542 8,079 24,461 93,457 18,721 21,702 2,059 1,347 11,642 8,080 55,766
Depository institutions 611,195 37,376 328,640 8,072 24,457 93,354 18,717 21,700 2,051 1,346 11,640 8,079 55,763
U.S. Treasury, general account 17,355 0 17,355 0 0 0 0 0 0 0 0 0 0
U.S. Treasury, supplementary
financing account 479,054 0 479,054 0 0 0 0 0 0 0 0 0 0
Foreign official 187 2 157 4 3 11 3 2 0 1 0 1 3
Other 9,470 26 9,337 4 1 92 1 0 8 0 1 0 0
Deferred availability cash items 3,108 83 0 554 484 254 230 289 29 222 153 281 530
Other liabilities and accrued
dividends (8,9) 11,482 174 8,673 216 213 582 394 308 152 110 133 184 344
Total liabilities 2,066,694 73,979 1,184,116 49,514 68,424 173,719 124,213 101,631 31,724 18,189 42,107 45,053 154,024
Capital
Capital paid in 20,871 784 5,602 2,327 1,552 5,836 1,610 703 209 324 207 270 1,447
Surplus 17,170 1,050 3,332 1,815 1,291 4,999 1,426 816 180 354 193 364 1,351
Other capital 4,844 71 2,527 589 287 750 267 61 47 19 34 27 163
Total liabilities and capital 2,109,580 75,884 1,195,578 54,244 71,554 185,305 127,517 103,211 32,159 18,887 42,540 45,714 156,985
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
Nov 26, 2008
Federal Reserve notes outstanding 1,010,762
Less: Notes held by F.R. Banks not subject to collateralization 175,679
Federal Reserve notes to be collateralized 835,083
Collateral held against Federal Reserve notes 835,083
Gold certificate account 11,037
Special drawing rights certificate account 2,200
U.S. Treasury and agency securities pledged (1) 477,052
Other assets pledged 344,794
Memo:
Total U.S. Treasury and agency securities (1) 568,628
Less: Face value of securities under reverse repurchase agreements 91,576
U.S. Treasury and agency securities eligible to be pledged 477,052
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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