FEDERAL RESERVE statistical release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                            October 2, 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                                     Oct 1, 2008 Sep 24, 2008  Oct 3, 2007  Oct 1, 2008

Reserve Bank credit                                       1,388,565    + 253,621    + 527,049    1,481,099
  Securities held outright                                  488,541    +   8,269    - 291,089      491,121       
    U.S. Treasury (1)                                       476,612    +      55    - 303,018      476,621
      Bills (2)                                              18,423            0    - 248,596       18,423
      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)                              6,627    +      55    +   1,911        6,635
    Federal agency (2)                                       11,929    +   8,215    +  11,929       14,500      
  Repurchase agreements (4)                                  83,000    -  28,714    +  41,107       83,000
  Term auction credit                                       149,143    -     857    + 149,143      149,000  
  Other loans                                               367,796    + 180,043    + 367,594      409,522
    Primary credit                                           44,463    +   5,106    +  44,436       49,524
    Secondary credit                                            286    +     267    +     286            0
    Seasonal credit                                              74    -      21    -     101           42
    Primary dealer and other broker-dealer credit(5)        147,692    +  59,545    + 147,692      146,565
    Asset-backed commercial paper money market
      mutual fund liquidity facility                        122,104    + 100,344    + 122,104      152,108
    Other credit extensions                                  53,176    +  14,801    +  53,176       61,283
  Net portfolio holdings of Maiden Lane LLC (6)              29,413    +      40    +  29,413       29,447
  Float                                                      -1,215    -     157    -     175       -1,490
  Other Federal Reserve assets                              271,888    +  94,997    + 231,056      320,499
Gold stock                                                   11,041            0            0       11,041
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (7)                            38,788    +      14    +     149       38,788
       
Total factors supplying reserve funds                     1,440,594    + 253,635    + 527,198    1,533,128
                                                                   
Currency in circulation (7)                                 836,409    +   2,509    +  24,632      841,003
Reverse repurchase agreements (8)                            87,909    +  28,119    +  52,667       93,063
  Foreign official and international accounts                70,767    +  14,548    +  35,525       73,063
  Dealers                                                    17,143    +  13,572    +  17,143       20,000
Treasury cash holdings                                          269    +       7    -      68          260
Deposits with F.R. Banks, other than reserve balances       304,654    + 162,611    + 292,374      388,850       
  U.S. Treasury, general account                              8,629    +   3,541    +   3,199        5,278
  U.S. Treasury, supplementary financing account            266,081    + 149,035    + 266,081      344,473
  Foreign official                                              133    +      14    +      30          137
  Service-related                                             7,718    +     355    +   1,250        7,717
    Required clearing balances                                7,718    +     355    +   1,250        7,717
    Adjustments to compensate for float                           0            0            0            0
  Other                                                      22,093    +   9,666    +  21,815       31,245
Other liabilities and capital (9)                            44,358    -   2,098    +   3,007       38,458

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                1,273,599    + 191,148    + 372,612    1,361,633

Reserve balances with Federal Reserve Banks                 166,996    +  62,487    + 154,587      171,495
                                                                
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. Fair value.  Refer to table 2 and the note on consolidation accompanying table 5.
7. Estimated.
8. Cash value of agreements, which are collateralized by U.S. Treasury securities.
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 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,    October 1, 2008 
Millions of dollars
                                                                   Averages of daily figures
Memorandum item                                           Week ended   Change from week ended     Wednesday
                                                          Oct 1, 2008 Sep 24, 2008  Oct 3, 2007  Oct 1, 2008

Marketable securities held in custody for foreign
      official and international accounts (1)             2,465,651    +  43,756    + 467,242    2,482,377
  U.S. Treasury                                           1,495,189    +  37,096    + 281,057    1,513,135
  Federal agency                                            970,462    +   6,660    + 186,185      969,241
Securities lent to dealers                                  255,801    +  50,853    + 252,072      259,672   
  Overnight facility (2)                                     22,236    +   2,924    +  18,507       24,128
  Term facility (3)                                         233,565    +  47,929    + 233,565      235,544

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. Information on Principal Accounts of Maiden Lane LLC
Millions of dollars
                                                                                                  Wednesday
Account name                                                                                     Oct 1, 2008
         
Net portfolio holdings of Maiden Lane LLC (1)                                                       29,447

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)                                   174
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3)        1,171
 
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,    October 1, 2008
Millions of dollars
                                                     U.S. Treasury       Federal agency                Reverse
Remaining maturity             Term      Other       securities (2)        securities       Repurchase repurchase
                             auction     loans              Weekly                Weekly    agreements agreements
                              credit      (1)     Holdings  changes    Holdings   changes      (3)         (3)    
Within 15 days                24,000    213,684     13,459  -   5,867        395          0     43,000     93,063
16 days to 90 days           125,000    113,221     24,209  +     493      9,178  +   3,546     40,000          0
91 days to 1 year                ---     21,335     70,092  +   1,987      4,927  +     954        ---        ---
Over 1 year to 5 years           ---     61,283    174,098  +   3,404          0          0        ---        ---
Over 5 years to 10 years         ---        ---     93,362  +       9          0          0        ---        ---
Over 10 years                    ---        ---    101,401  +      17          0          0        ---        ---
                             
All                          149,000    409,522    476,621  +      43     14,500  +   4,500     83,000     93,063

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  Oct 1, 2008     Sep 24, 2008      Oct 3, 2007

Assets
Gold certificate account                                           11,037                0                0
Special drawing rights certificate account                          2,200                0                0
Coin                                                                1,509        +      15        +     389
Securities, repurchase agreements, term auction
      credit, and other loans                                   1,132,643        + 147,723        + 317,590
  Securities held outright                                        491,121        +   4,543        - 288,503
    U.S. Treasury (1)                                             476,621        +      43        - 303,003       
      Bills (2)                                                    18,423                0        - 248,596
      Notes and bonds, nominal (2)                                411,731                0        -  60,411
      Notes and bonds, inflation-indexed (2)                       39,832                0        +   4,079
      Inflation compensation (3)                                    6,635        +      42        +   1,924
    Federal agency (2)                                             14,500        +   4,500        +  14,500
  Repurchase agreements (4)                                        83,000        -   3,000        +  47,750    
  Term auction credit                                             149,000        -   1,000        + 149,000
  Other loans                                                     409,522        + 147,181        + 409,343
Net portfolio holdings of Maiden Lane LLC (5)                      29,447        +      40        +  29,447
Items in process of collection                         (510)        1,279        +     311        -   1,399
Bank premises                                                       2,167        -       2        +      64
Other assets (6)                                                  318,410        + 136,692        + 279,834
     
      Total assets                                     (510)    1,498,693        + 284,781        + 625,927
                          
Liabilities
Federal Reserve notes, net of F.R. Bank holdings                  803,979        +   4,557        +  26,574
Reverse repurchase agreements (7)                                  93,063        +   2,390        +  58,521
Deposits                                                 (0)      560,424        + 285,348        + 543,631       
  Depository institutions                                         179,291        +  83,990        + 168,547
  U.S. Treasury, general account                                    5,278        +     103        -     367
  U.S. Treasury, supplementary financing account                  344,473        + 184,667        + 344,473
  Foreign official                                                    137        -      13        +      39
  Other                                                  (0)       31,245        +  16,601        +  30,939
Deferred availability cash items                       (510)        2,769        +     389        -     568
Other liabilities and accrued dividends (8,9)                      -2,812        -   7,414        -   8,816

      Total liabilities                                (510)    1,457,423        + 285,270        + 619,343
                          
Capital accounts
Capital paid in                                                    20,312        +      76        +   3,022
Surplus                                                            18,520        +       4        +   3,082
Other capital accounts                                              2,438        -     570        +     480

      Total capital                                                41,270        -     489        +   6,584

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,    October 1, 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                                           1,509         42         74        115        130        192        199        176         58         51        104        166        204
Securities, repurchase agreements, term
      auction credit, and other loans      1,132,643    183,725    553,838     28,111     30,127     67,153     60,659     54,275     22,113     11,077     23,740     25,520     72,305
  Securities held outright                   491,121     20,599    174,738     21,443     18,623     44,534     48,866     43,346     16,971      9,272     18,033     20,372     54,323
    U.S. Treasury (1)                        476,621     19,991    169,579     20,810     18,073     43,219     47,423     42,066     16,470      8,998     17,500     19,771     52,720
      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)                    458,198     19,219    163,024     20,006     17,375     41,549     45,590     40,440     15,834      8,650     16,824     19,007     50,682
    Federal agency (2)                        14,500        608      5,159        633        550      1,315      1,443      1,280        501        274        532        601      1,604
  Repurchase agreements (4)                   83,000      3,481     29,531      3,624      3,147      7,526      8,258      7,326      2,868      1,567      3,048      3,443      9,181
  Term auction credit                        149,000      7,500    100,445          0      8,250     14,709      3,320      2,156      2,050         30      2,575      1,000      6,965     
  Other loans                                409,522    152,144    249,124      3,044        107        384        215      1,446        223        208         84        705      1,836
Net portfolio holdings of Maiden Lane 
      LLC (5)                                 29,447          0     29,447          0          0          0          0          0          0          0          0          0          0
Items in process of collection                 1,789         77          0        407        256         72        148        168         22        121        119        156        244
Bank premises                                  2,167        122        210         64        150        214        226        207        128        111        275        251        209
Other assets (6)                             318,410     17,871     82,070     30,394     21,759     83,434     24,715     14,606      3,442      6,095      3,706      6,661     23,657
Interdistrict settlement account                   0   -120,130   +147,865   - 14,287   -  9,278   - 52,364   + 18,715   + 12,488   +  5,032   +     62   +  6,020   +  5,873   +      4

      Total assets                         1,499,203     82,246    818,312     45,341     43,671     99,740    106,049     83,044     31,208     17,746     34,378     39,362     98,107

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,    October 1, 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             989,423     37,314    353,172     41,295     39,993     81,051    120,381     80,696     29,944     17,484     30,776     54,809    102,510
  Less: Notes held by F.R. Banks              185,443      5,625     51,210      6,836      8,243     12,462     29,583     13,794      3,563      2,931      3,482     23,028     24,686
    Federal Reserve notes, net                803,979     31,688    301,962     34,459     31,749     68,589     90,798     66,902     26,381     14,552     27,294     31,781     77,824
Reverse repurchase agreements (1)              93,063      3,903     33,111      4,063      3,529      8,439      9,260      8,214      3,216      1,757      3,417      3,860     10,294
Deposits                                      560,424     44,527    477,890      1,523      4,797     11,603      2,120      4,742      1,029        366      2,866      2,635      6,325
  Depository institutions                     179,291     44,520     96,987      1,519      4,794     11,406      2,117      4,741      1,022        365      2,865      2,634      6,322
  U.S. Treasury, general account                5,278          0      5,278          0          0          0          0          0          0          0          0          0          0
  U.S. Treasury, supplementary
    financing account                         344,473          0    344,473          0          0          0          0          0          0          0          0          0          0
  Foreign official                                137          2        107          4          3         11          3          2          0          1          0          1          3
  Other                                        31,245          5     31,045          0          0        186          0          0          6          0          1          0          1
Deferred availability cash items                3,279         96          1        566        436        300        266        250         53        296        244        269        504
Other liabilities and accrued                 
  dividends (2,3)                              -2,812        151     -5,338        189        186        466        369        301        155        101        125        167        317
   
      Total liabilities                     1,457,933     80,366    807,626     40,800     40,697     89,397    102,813     80,408     30,833     17,072     33,946     38,712     95,263
                              
Capital                    
Capital paid in                                20,312        784      5,162      2,328      1,521      5,214      1,605      1,305        182        320        211        268      1,413
Surplus                                        18,520      1,050      4,683      1,814      1,291      4,999      1,426        815        180        354        193        364      1,351
Other capital                                   2,438         46        842        398        161        130        206        515         13          0         28         19         80

      Total liabilities and capital         1,499,203     82,246    818,312     45,341     43,671     99,740    106,049     83,044     31,208     17,746     34,378     39,362     98,107
                              
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
                                                                                                 Oct 1, 2008
              
Federal Reserve notes outstanding                                                                  989,423
  Less: Notes held by F.R. Banks not subject to collateralization                                  185,443
    Federal Reserve notes to be collateralized                                                     803,979 
Collateral held against Federal Reserve notes                                                      803,979
  Gold certificate account                                                                          11,037
  Special drawing rights certificate account                                                         2,200
  U.S. Treasury and agency securities pledged (1)                                                  488,172
  Other assets pledged                                                                             302,571

Memo:
Total U.S. Treasury and agency securities (1)                                                      574,121
  Less: Face value of securities under reverse repurchase agreements                                85,949
    U.S. Treasury and agency securities eligible to be pledged                                     488,172
   
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.