FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                               May 15, 2008
1. Factors Affecting Reserve Balances of Depository Institutions
Millions of dollars
                                                                   Averages of daily figures
Reserve Bank credit, related items, and                   Week ended   Change from week ended     Wednesday
reserve balances of depository institutions at           May 14, 2008  May 7, 2008 May 16, 2007 May 14, 2008
Federal Reserve Banks

Reserve Bank credit                                         866,213    -   1,417    +  18,528      863,631
 Securities held outright                                   520,054    -  22,341    - 270,020      515,656       
    U.S. Treasury (1)                                       520,054    -  22,341    - 270,020      515,656
       Bills (2)                                             50,467    -  15,285    - 226,552       49,610
       Notes and bonds, nominal (2)                         425,389    -   7,142    -  49,283      421,816
       Notes and bonds, inflation-indexed (2)                39,171            0    +   4,712       39,171
       Inflation compensation (3)                             5,028    +      86    +   1,103        5,059
    Federal agency (2)                                            0            0            0            0      
 Repurchase agreements (4)                                   95,821    -  23,750    +  77,785      100,000
 Term auction credit                                        125,000    +  25,000    + 125,000      125,000  
 Other loans                                                 31,045    +   2,837    +  30,961       27,905
    Primary credit                                           14,416    +   2,761    +  14,414       13,382
    Secondary credit                                              1    +       1    +       1            0
    Seasonal credit                                              37    +       1    -      45           38
    Primary dealer credit facility                           16,592    +      75    +  16,592       14,485
    Other credit extensions                                       0            0            0            0
 Float                                                       -1,209    +     295    -     153         -337
 Other Federal Reserve assets                                95,501    +  16,542    +  54,954       95,407
Gold stock                                                   11,041            0            0       11,041
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            38,763    +      14    +     330       38,763
       
Total factors supplying reserve funds                       918,216    -   1,403    +  18,857      915,635
                                                                   
Currency in circulation (5)                                 815,760    +   1,445    +   6,710      817,923
Reverse repurchase agreements (6)                            39,051    +     285    +   6,753       39,114
   Foreign official and international accounts               39,051    +     285    +   6,967       39,114
   Dealers                                                        0            0    -     214            0
Treasury cash holdings                                          255    -      22    +      19          247
Deposits with F.R. Banks, other than reserve balances        12,137    -     530    +     840       11,430       
  U.S. Treasury, general account                              4,657    -     534    +     206        4,020
  Foreign official                                               98    +       1    +       4           97
  Service-related                                             7,045    -      46    +     576        7,045
     Required clearing balances                               7,044    -      47    +     575        7,044
     Adjustments to compensate for float                          1    +       1    +       1            1
  Other                                                         336    +      49    +      52          268
Other liabilities and capital                                43,563    +   1,017    +   4,582       43,262

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  910,766    +   2,195    +  18,904      911,976

Reserve balances with Federal Reserve Banks                   7,450    -   3,598    -      47        3,659
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts (2,7)        2,278,674    -   1,068    + 338,704    2,284,549
     U.S. Treasury                                        1,348,648    +   1,887    + 123,915    1,352,617
     Federal agency                                         930,025    -   2,956    + 214,788      931,932
  Securities lent to dealers                                150,541    -  14,363    + 147,017      151,738   
     Overnight facility (8)                                  12,452    -   9,797    +   8,928       14,389
     Term facility (9)                                      138,089    -   4,566    + 138,089      137,349


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.


2. Consolidated Statement of Condition of All Federal Reserve Banks
Millions of dollars
                                              Eliminations                          Change Since
                                                  from       Wednesday        Wednesday        Wednesday
Assets, liabilities, and capital             consolidation May 14, 2008      May 7, 2008     May 16, 2007

Assets
Gold certificate account                                        11,037                0                0
Special drawing rights certificate account                       2,200                0                0
Coin                                                             1,386        -      45        +     437
Securities, repurchase agreements, term auction
      credit, and other loans                                  768,561        -  26,442        -  39,635
   Securities held outright                                    515,656        -  21,058        - 274,447
      U.S. Treasury (1)                                        515,656        -  21,058        - 274,447       
         Bills (2)                                              49,610        -  16,142        - 227,409
         Notes and bonds, nominal (2)                          421,816        -   5,002        -  52,856
         Notes and bonds, inflation-indexed (2)                 39,171                0        +   4,712
         Inflation compensation (3)                              5,059        +      86        +   1,106
      Federal agency (2)                                             0                0                0
   Repurchase agreements (4)                                   100,000        -  30,500        +  82,000    
   Term auction credit                                         125,000        +  25,000        + 125,000
   Other loans                                                  27,905        +     116        +  27,812
Items in process of collection                      (429)        2,282        +     957        -     241
Bank premises                                                    2,147        +       2        +     142
Other assets (5)                                                93,139        +  16,659        +  56,722
      Total assets                                  (429)      880,752        -   8,869        +  17,426
                          
Liabilities
Federal Reserve notes, net of FR Bank holdings                 780,789        +   1,357        +   7,866
Reverse repurchase agreements (6)                               39,114        +      83        +   6,668
Deposits                                              (0)       14,959        -  10,504        -     755       
  Depository institutions                                       10,574        -   8,792        -     644
  U.S. Treasury, general account                                 4,020        -   1,710        -     105
  Foreign official                                                  97        +       1        +       4
  Other                                               (0)          268        -       3        -      11
Deferred availability cash items                    (429)        2,629        -     435        -   1,046
Other liabilities and accrued dividends (7)                      2,734        +     204        -   3,160
      Total liabilities                             (429)      840,224        -   9,296        +   9,572
                          
Capital accounts
Capital paid in                                                 19,861        +     238        +   3,878
Surplus                                                         18,479                0        +   3,105
Other capital accounts                                           2,189        +     189        +     872
      Total capital                                             40,528        +     427        +   7,853


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 securites.
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.

3. Maturity Distribution of Term Auction Credit, Other Loans, and Securities,       May 14, 2008
Millions of dollars
                                                 U.S. Treasury                       Reverse
Remaining maturity       Term                    securities (1)       Repurchase   repurchase
                       auction       Other                Weekly      agreements   agreements   
                        credit       loans    Holdings    changes         (2)          (2)          
Within 15 days          50,000       15,358      30,056   -   2,032       60,000       39,114
16 days to 90 days      75,000       12,547      33,547   -   7,779       40,000            0
91 days to 1 year          ---            0      86,731   -   6,325          ---          ---
Over 1 to 5 years          ---          ---     187,743   -   4,723          ---          ---
Over 5 to 10 years         ---          ---      83,199   -     233          ---          ---
Over 10 years              ---          ---      94,380   +      34          ---          ---
                            
All                    125,000       27,905     515,656   -  21,058      100,000       39,114

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.



4. Statement of Condition of Each Federal Reserve Bank on       May 14, 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                                           1,386         47         66        102        125        167        158        170         55         62         91        149        193
Securities, repurchase agreements, term
      auction credit, and other loans        768,561     26,355    342,057     26,880     25,845     66,303     65,447     56,122     23,445     13,361     22,774     27,938     72,033
   Securities held outright                  515,656     21,629    183,467     22,514     19,553     46,759     51,307     45,512     17,819      9,735     18,934     21,390     57,037
      U.S. Treasury (1)                      515,656     21,629    183,467     22,514     19,553     46,759     51,307     45,512     17,819      9,735     18,934     21,390     57,037
         Bills (2)                            49,610      2,081     17,651      2,166      1,881      4,499      4,936      4,379      1,714        937      1,822      2,058      5,487
         Notes and bonds (3)                 466,046     19,548    165,816     20,348     17,672     42,260     46,371     41,133     16,105      8,798     17,112     19,332     51,550
      Federal agency (2)                           0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements (4)              100,000      4,194     35,579      4,366      3,792      9,068      9,950      8,826      3,456      1,888      3,672      4,148     11,061
      Term auction credit                    125,000        530     97,072          0      2,300     10,459      4,160      1,226      2,105     1,715        150      2,400      2,883     
      Other loans                             27,905          2     25,939          0        200         17         30        558         65         23         18          0      1,052
Items in process of collection                 2,712         61          0         90        253         25        121        124         38        141      1,534        180        146
Bank premises                                  2,147        118        213         65        151        193        228        207        122        112        277        254        208
Other assets (5)                              93,139      4,988     25,827      8,151      5,950     22,104      7,458      4,726      1,317      1,777      1,399      2,169      7,274
Interdistrict settlement account                   0    + 5,181    -61,858    + 4,322    + 3,990    - 7,168    +16,636    +15,678    + 4,121    + 2,107    + 4,578    + 3,437    + 8,977
          Total assets                       881,181     37,289    311,114     40,146     36,842     82,661     91,434     78,152     29,512     17,789     31,067     34,861     90,314

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 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.




4. Statement of Condition of Each Federal Reserve Bank on       May 14, 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             982,744     38,121    339,708     41,274     39,404     80,167    114,259     84,497     31,437     18,397     32,067     55,814    107,598
  Less: notes held by F.R. Banks              201,956      5,464     58,886      7,686      8,064     13,656     31,743     13,997      4,300      2,740      3,695     24,362     27,362
    Federal Reserve notes, net                780,789     32,658    280,822     33,589     31,339     66,511     82,515     70,501     27,137     15,657     28,371     31,452     80,237
Reverse repurchase agreements (1)              39,114      1,641     13,916      1,708      1,483      3,547      3,892      3,452      1,352        738      1,436      1,622      4,326
Deposits                                       14,959        444      6,000        374        565      1,450      1,121      1,014        422        295        472        738      2,064
  Depository institutions                      10,574        440      1,739        369        561      1,363      1,118      1,013        409        294        471        737      2,061
  U.S. Treasury, general account                4,020          0      4,020          0          0          0          0          0          0          0          0          0          0
  Foreign official                                 97          2         67          4          3         11          3          2          0          1          0          1          3
  Other                                           268          1        174          1          1         76          0          0         13          0          1          0          0
Deferred availability cash items                3,058        167          0        361        542        268        232        250         55        304        228        221        430
Other liabilities and accrued                 
  dividends (2)                                 2,734        161        168        192        190        487        355        306        152        108        128        171        314
   
    Total liabilities                         840,653     35,071    300,907     36,223     34,120     72,262     88,115     75,524     29,118     17,102     30,636     34,204     87,371
                              
Capital                    
Capital paid in                                19,861      1,088      4,933      2,042      1,341      5,172      1,624      1,280        183        316        201        260      1,422
Surplus                                        18,479      1,050      4,643      1,814      1,291      4,998      1,425        815        180        355        194        364      1,350
Other capital                                   2,189         81        631         67         89        229        269        534         31         17         37         34        171
     Total liabilities and capital            881,181     37,289    311,114     40,146     36,842     82,661     91,434     78,152     29,512     17,789     31,067     34,861     90,314
                              

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.


5. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts
Millions of dollars



Federal Reserve notes and collateral        Wednesday
                                          May 14, 2008
              
Federal Reserve notes outstanding             982,744
   Less: Notes held by F.R. Banks
         not subject to collateralization     201,956
      Federal Reserve notes to be
         collateralized                       780,789 
Collateral held against Federal Reserve            
   notes                                      780,789
   Gold certificate account                    11,037
   Special drawing rights certificate     
     account                                    2,200
   U.S. Treasury and agency securities   
     pledged (1)                              576,601
   Other assets pledged                       190,951

Memo:
Total U.S. Treasury and agency 
       securities (1)                         615,656
   Less: face value of securities under
         reverse repurchase agreements         39,055
      U.S. Treasury and agency securities
             eligible to be pledged           576,601
   

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.