Reserve Bank credit, related items, and

reserve balances of depository institutions

at Federal Reserve Banks

Reserve Bank credit 871,207 + 4,994 + 21,236 883,337

Securities held outright 502,831 - 17,223 - 287,322 502,863

U.S. Treasury1 502,831 - 17,223 - 287,322 502,863

Bills2 41,155 - 9,312 - 235,864 41,155

Notes and bonds, nominal2 417,391 - 7,998 - 57,281 417,391

Notes and bonds, inflation-indexed2 39,171 0 + 4,712 39,171

Inflation compensation3 5,114 + 86 + 1,111 5,146

Federal agency2 0 0 0 0

Repurchase agreements4 123,357 + 27,536 + 101,286 134,000

Term auction credit 125,000 0 + 125,000 125,000

Other loans 27,791 - 3,254 + 27,649 28,871

Primary credit 13,536 - 880 + 13,494 15,264

Secondary credit 0 - 1 0 0

Seasonal credit 46 + 9 - 55 52

Primary dealer credit facility 14,209 - 2,383 + 14,209 13,555

Other credit extensions 0 0 0 0

Float -912 + 297 + 25 -1,563

Other Federal Reserve assets 93,140 - 2,361 + 54,599 94,168

Gold stock 11,041 0 0 11,041

Special drawing rights certificate account 2,200 0 0 2,200

Treasury currency outstanding5 38,777 + 14 + 334 38,777

Total factors supplying reserve funds 923,225 + 5,009 + 21,570 935,355

Currency in circulation5 817,761 + 2,001 + 8,943 820,510

Reverse repurchase agreements6 38,348 - 703 + 6,133 37,026

Foreign official and international accounts 38,348 - 703 + 6,133 37,026

Dealers 0 0 0 0

Treasury cash holdings 251 - 4 - 15 272

Deposits with F.R. Banks, other than reserve balances 11,829 - 308 + 78 11,855

U.S. Treasury, general account 4,399 - 258 - 514 4,420

Foreign official 98 0 + 4 98

Service-related 7,045 0 + 576 7,045

Required clearing balances 7,045 + 1 + 576 7,045

Adjustments to compensate for float 0 - 1 0 0

Other 288 - 48 + 13 292

Other liabilities and capital 44,505 + 942 + 5,445 44,874

Total factors, other than reserve balances,

absorbing reserve funds 912,694 + 1,928 + 20,584 914,537

Reserve balances with Federal Reserve Banks 10,531 + 3,081 + 986 20,818

Memo (off-balance-sheet items):

Marketable securities held in custody for foreign

 official and international accounts2,7 2,276,672 - 2,002 + 331,936 2,281,658

U.S. Treasury 1,337,621 - 11,027 + 115,884 1,340,300

Federal agency 939,051 + 9,026 + 216,052 941,358

Securities lent to dealers 131,069 - 19,472 + 126,913 129,021

Overnight facility8 8,942 - 3,510 + 4,786 9,431

Term facility9 122,127 - 15,962 + 122,127 119,590

FEDERAL RESERVE statistical release

 May 22, 2008

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Averages of daily figures

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 asset-backed and mortgage-backed securities.

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

Change from week ended Wednesday

 May 21, 2008 Week ended

 May 21, 2008 May 14, 2008 May 23, 2007
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 securities.

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.

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 2,200 0 0

Coin 1,345 - 41 + 440

Securities, repurchase agreements, term auction

credit, and other loans 790,733 + 22,172 - 30,817

Securities held outright 502,863 - 12,793 - 287,319

U.S. Treasury1 502,863 - 12,793 - 287,319

Bills2 41,155 - 8,455 - 235,864

Notes and bonds, nominal2 417,391 - 4,425 - 57,281

Notes and bonds, inflation-indexed2 39,171 0 + 4,712

Inflation compensation3 5,146 + 87 + 1,114

Federal agency2 0 0 0

Repurchase agreements4 134,000 + 34,000 + 102,750

Term auction credit 125,000 0 + 125,000

Other loans 28,871 + 966 + 28,753

Items in process of collection (426) 883 - 1,399 - 2,252

Bank premises 2,151 + 4 + 137

Other assets5 91,901 - 1,238 + 55,066

Total assets (426) 900,249 + 19,497 + 22,573

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 783,345 + 2,556 + 9,239

Reverse repurchase agreements6 37,026 - 2,088 + 4,408

Deposits (0) 32,557 + 17,598 + 4,663

Depository institutions 27,747 + 17,173 + 4,524

U.S. Treasury, general account 4,420 + 400 + 108

Foreign official 98 + 1 + 5

Other (0) 292 + 24 + 26

Deferred availability cash items (426) 2,447 - 182 - 1,861

Other liabilities and accrued dividends7 3,926 + 1,192 - 1,994

Total liabilities (426) 859,301 + 19,077 + 14,454

Capital accounts

Capital paid in 19,923 + 62 + 3,902

Surplus 18,479 0 + 3,105

Other capital accounts 2,547 + 358 + 1,113

Total capital 40,949 + 421 + 8,120

H.4.1

2. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Wednesday

 May 23, 2007

Eliminations from

consolidation Wednesday

 May 21, 2008

Wednesday

 May 14, 2008

3. Maturity Distribution of Term Auction Credit, Other Loans, and Securities, May 21, 2008

Millions of dollars

 U.S. Treasury

securities1

Holdings Weekly

changes

Other

loans

Repurchase

agreements2

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.

Reverse

repurchase

agreements2

Within 15 days 125,000 17,264 16,613 - 13,443 94,000 37,026

16 days to 90 days 0 11,607 36,535 + 2,988 40,000 0

91 days to 1 year . . . 0 87,041 + 310 . . . . . . 

Over 1 year to 5 years . . . . . . 176,232 - 11,511 . . . . . . 

Over 5 years to 10 years . . . . . . 90,046 + 6,847 . . . . . . 

Over 10 years . . . . . . 96,396 + 2,016 . . . . . . 

All 125,000 28,871 502,863 - 12,793 134,000 37,026

Assets, liabilities, and capital

Remaining maturity

Term auction

credit
H.4.1

4. Statement of Condition of Each Federal Reserve Bank on May 21, 2008Millions of dollars

Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneap

AssetsGold certificate accountSpecial drawing rights certificate acct.CoinSecurities, repurchase agreements, term

auction credit, and other loans

Securities held outright

U.S. Treasury1

Bills2Notes and bonds3

Federal agency2

Repurchase agreements4Term auction creditOther loans

Items in process of collectionBank premisesOther assets5Interdistrict settlement account

Total assets

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 s4. 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.

Assets, liabilities, and capital

 11,037 2,200 1,345 790,733 502,863 502,863 41,155 461,707 0 134,000 125,000 28,871 1,309 2,151 91,901 0 900,675

 424 115 44 27,244 21,092 21,092 1,726 19,366 0 5,620 530 1 58 118 4,952 + 4,730 37,686

 3,935 874 64 350,722 178,915 178,915 14,643 164,273 0 47,676 97,072 27,059 0 214 25,238 -57,170 323,877

 453 83 99 27,806 21,956 21,956 1,797 20,159 0 5,851 0 0 89 65 8,288 + 4,068 40,951

 423 104 115 26,450 19,068 19,068 1,561 17,508 0 5,081 2,300 0 226 151 5,942 + 3,359 36,770

 891 147 170 68,227 45,599 45,599 3,732 41,867 0 12,151 10,459 19 155 197 22,255 - 8,358 83,683

 1,221 166 156 67,560 50,034 50,034 4,095 45,939 0 13,333 4,160 33 16 228 7,255 +20,539 97,141

 913 212 167 58,009 44,382 44,382 3,632 40,750 0 11,827 1,226 574 56 205 4,549 +15,199 79,310

 344 71 50 24,211 17,377 17,377 1,422 15,955 0 4,631 2,105 98 32 122 1,208 + 2,991 29,027

    13, 9, 9,  8,  2, 1,    1, + 1, 17,
 984,851

 201,506 783,345 783,345 11,037 2,200 599,911 170,197 636,863 36,951 599,911

Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneap

LiabilitiesFederal Reserve notes outstanding

Less: notes held by F.R. Banks

Federal Reserve notes, net

Reverse repurchase agreements1

Deposits

Depository institutionsU.S. Treasury, general accountForeign officialOther

Deferred availability cash itemsOther liabilities and accrued

dividends2

Total liabilities

CapitalCapital paid inSurplusOther capital

Total liabilities and capital

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.

 984,851 201,506 783,345 37,026 32,557 27,747 4,420 98 292 2,873 3,926 859,727 19,923 18,479 2,547 900,675

 37,712 5,211 32,500 1,553 1,074 1,042 0 2 30 163 169 35,459 1,088 1,050 90 37,686

 341,283 59,051 282,231 13,174 16,914 12,252 4,420 68 174 0 1,293 313,612 4,933 4,643 688 323,877

 40,782 7,606 33,176 1,617 1,567 1,563 0 4 0 396 197 36,953 2,042 1,814 142 40,951

 39,009 7,912 31,097 1,404 731 725 0 3 3 543 195 33,970 1,398 1,291 110 36,770

 80,108 13,485 66,622 3,357 2,432 2,347 0 11 74 237 495 73,144 5,173 4,998 369 83,683

 119,165 32,245 86,920 3,684 2,556 2,553 0 3 0 251 376 93,786 1,625 1,425 304 97,141

 83,430 13,835 69,595 3,268 3,255 3,255 0 2 -2 241 313 76,672 1,280 815 543 79,310

 30,980 4,231 26,748 1,279 402 391 0 0 11 51 153 28,634 183 180 30 29,027

 18,1 2,9 15,2 6 3 3    2 1 16,5 3 3  17,2

H.4.14. Statement of Condition of Each Federal Reserve Bank on May 21, 2008 (continued)Millions of dollars

Assets, liabilities, and capital

Federal Reserve notes outstanding

Less: Notes held by F.R. Banks

not subject to collateralization

Federal Reserve notes to be collateralized

Collateral held against Federal Reserve notes

Gold certificate accountSpecial drawing rights certificate accountU.S. Treasury and agency securities pledged1Other assets pledged

Memo:Total U.S. Treasury and agency securities1

Less: face value of securities under

reverse repurchase agreements

U.S. Treasury and agency securities

eligible to be pledged

5. Collateral Held against Federal Reserve Notes:Federal Reserve Agents' AccountsMillions of dollarsFederal Reserve notes and collateral Wednesday

 May 21, 2008

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 ofinflation-indexed securities, and cash value of repurchase agreements.