For release at 

4:30 p.m. EST 

January 29, 2009 

The Board’s H.4.1 statistical release, “Factors Affecting Reserve Balances of Depository Institutions 

and Condition Statement of Federal Reserve Banks,” has been modified to present information 

separately on liquidity-related operations conducted under reciprocal currency arrangements with 

other central banks (central bank liquidity swaps). This release also reflects valuations as of 

December 31, 2008, of the portfolio holdings of Maiden Lane LLC, Maiden Lane II LLC, and 

Maiden Lane III LLC, as described below. 

Central Bank Liquidity Swaps

Each swap arrangement involves two transactions. When a foreign central bank draws on (obtains 

funding under) the swap line, it sells a certain amount of its currency to the Federal Reserve at the 

prevailing market exchange rate in exchange for dollars. This market rate becomes the swap 

exchange rate. At the same time, the Federal Reserve and the foreign central bank enter into a 

binding agreement for a second transaction in which the foreign central bank is obligated to 

repurchase the foreign currency at a specified future date. The second transaction is done at the 

swap exchange rate—that is, the same exchange rate as in the first transaction. The release shows 

the outstanding dollar value of central bank liquidity swaps in tables 1, 8, and 9. This value equals 

the sum of the dollar value of the outstanding swap drawings, which are valued at their respective 

swap exchange rates. The maturity distribution of these swaps is reported in table 2. 

Previously, foreign currency acquired under central bank liquidity swaps, revalued daily at current 

market exchange rates, was included in “Other Federal Reserve assets” in table 1 and in “Other 

assets” in tables 8 and 9. In addition, each day, an exchange translation account recognized that the 

foreign currency would be repurchased by the foreign central bank at the swap exchange rate, which 

generally would differ from that day’s market exchange rate. If that day’s foreign exchange value of 

the dollar were above the swap exchange rate, then the dollar value of the foreign currency holdings 

would understate the value of the dollars that would be booked at the maturity of the swap drawing. 

In this case, the exchange translation amount would be booked as an asset in “Other Federal 

Reserve assets” in table 1 and “Other assets” in tables 8 and 9. Alternatively, if that day’s foreign 

exchange value of the dollar were below the swap exchange rate, then that day’s value of the foreign 

currency holdings would overstate the value of the dollars that would be received at the maturity of 

the swap drawing. In this case, the exchange translation amount would be booked as a liability in 

FEDERAL RESERVE statistical release 
“Other liabilities and capital” in table 1 and as a liability in “Other liabilities and accrued dividends” 

in tables 8 and 9. The dollar value of central bank liquidity swaps valued at the swap exchange rates 

combines the exchange translation account and the value of the swaps at current market exchange 

rates so exchange translation amounts are no longer included in the asset and liability categories 

referenced above. 

The Federal Reserve’s current program of temporary liquidity swaps was initiated on December 12, 

2007, when the Federal Open Market Committee authorized swap lines with the European Central 

Bank and the Swiss National Bank. The program has since expanded to include additional central 

banks. Historical data on the current program of central bank liquidity swaps will be available in the 

historical data tables accompanying this release at www.federalreserve.gov/releases/h41/hist/. 

Portfolio Valuations

The weekly average value of net portfolio holdings of Maiden Lane LLC, Maiden Lane II LLC, and 

Maiden Lane III LLC shown in table 1 reflect holdings from Thursday, January 22, 2009 through 

Wednesday, January 28, 2009. The holdings for the first six days of this reporting week are based on 

the values as of the previous valuation dates. The holdings for the final day of the reporting week 

were based on values as of December 31, 2008, the quarterly revaluation date. The fair value of the 

net portfolio holdings is updated quarterly. 
Reserve Bank credit, related items, and

reserve balances of depository institutions

at Federal Reserve Banks

Reserve Bank credit 1,989,877 - 51,461 +1,125,557 1,910,672

Securities held outright 508,693 + 3,370 - 209,657 510,871

U.S. Treasury securities1 475,200 - 181 - 243,150 475,129

Bills2 18,423 0 - 186,937 18,423

Notes and bonds, nominal2 412,914 0 - 58,070 412,914

Notes and bonds, inflation-indexed2 39,378 0 + 1,915 39,378

Inflation compensation3 4,486 - 181 - 58 4,415

Federal agency debt securities2 26,668 + 2,510 + 26,668 28,365

Mortgage-backed securities4 6,824 + 1,040 + 6,824 7,377

Repurchase agreements5 17,143 - 20,000 - 12,250 0

Term auction credit 415,859 - 172 + 365,859 415,631

Other loans 150,009 + 1,711 + 149,981 154,790

Primary credit 64,990 + 3,372 + 64,965 68,288

Secondary credit 34 - 40 + 34 1

Seasonal credit 1 0 - 1 1

Primary dealer and other broker-dealer credit6 32,054 - 625 + 32,054 32,196

Asset-backed Commercial Paper Money

Market Mutual Fund Liquidity Facility 14,593 - 889 + 14,593 15,967

Credit extended to American International

Group, Inc.7 38,336 - 109 + 38,336 38,339

Other credit extensions 0 0 0 0

Net portfolio holdings of Commercial Paper

Funding Facility LLC8 316,201 - 33,739 + 316,201 248,091

Net portfolio holdings of LLCs funded through the

Money Market Investor Funding Facility9 0 0 0 0

Net portfolio holdings of Maiden Lane LLC10 26,980 - 151 + 26,980 25,772

Net portfolio holdings of Maiden Lane II LLC11 19,692 - 110 + 19,692 18,964

Net portfolio holdings of Maiden Lane III LLC12 27,037 + 91 + 27,037 27,456

Float -2,017 - 469 - 868 -1,542

Central bank liquidity swaps13 465,853 - 2,672 + 441,853 465,672

Other Federal Reserve assets14 44,428 + 680 + 730 44,967

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding15 38,786 + 14 + 106 38,786

Total factors supplying reserve funds 2,041,904 - 51,447 +1,125,663 1,962,699

FEDERAL RESERVE statistical release

 January 29, 2009

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. Footnotes appear on the following page.

Change from week ended Wednesday

 Jan 28, 2009 Week ended

 Jan 28, 2009 Jan 21, 2009 Jan 30, 2008
Reserve Bank credit, related items, and

reserve balances of depository institutions

at Federal Reserve Banks

Currency in circulation15 884,160 + 1,847 + 74,474 885,432

Reverse repurchase agreements16 73,131 - 3,123 + 33,650 72,214

Foreign official and international accounts 73,131 - 3,123 + 33,650 72,214

Dealers 0 0 0 0

Treasury cash holdings 287 + 13 - 15 297

Deposits with F.R. Banks, other than reserve balances 238,443 - 2,891 + 226,692 219,470

U.S. Treasury, general account 55,539 + 20,029 + 50,889 38,717

U.S. Treasury, supplementary financing account 174,840 - 24,907 + 174,840 174,840

Foreign official 168 - 23 + 67 108

Service-related 4,401 0 - 2,269 4,401

Required clearing balances 4,401 0 - 2,269 4,401

Adjustments to compensate for float 0 0 0 0

Other 3,495 + 2,010 + 3,165 1,403

Other liabilities and capital17 50,429 + 471 + 7,857 49,260

Total factors, other than reserve balances,

absorbing reserve funds 1,246,450 - 3,682 + 342,657 1,226,671

Reserve balances with Federal Reserve Banks 795,454 - 47,765 + 783,005 736,028

H.4.1

1. Factors Affecting Reserve Balances of Depository Institutions, continued

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; 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. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Current face value of the securities, which is the remaining principal balance of

the underlying mortgages.

5. Cash value of agreements.

6. Includes credit extended through the Primary Dealer Credit Facility and credit extended to certain other broker-dealers.

7. Excludes credit extended to consolidated LLCs.

8. Refer to table 6 and the note on consolidation accompanying table 9.

9. Refer to table 7 and the note on consolidation accompanying table 9.

10. Refer to table 3 and the note on consolidation accompanying table 9.

11. Refer to table 4 and the note on consolidation accompanying table 9.

12. Refer to table 5 and the note on consolidation accompanying table 9.

13. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned

to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the

foreign central bank.

14. Includes other assets denominated in foreign currencies, which are revalued daily at market exchange rates.

15. Estimated.

16. Cash value of agreements, which are collateralized by U.S. Treasury securities.

17. Includes the liabilities of Commercial Paper Funding Facility LLC, the LLCs funded through the Money Market Investor Funding Facility,

Maiden Lane LLC, Maiden Lane II 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 7 and the note on consolidation

accompanying table 9.

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

Change from week ended Wednesday

 Jan 28, 2009 Week ended

 Jan 28, 2009 Jan 21, 2009 Jan 30, 2008
Marketable securities held in custody for foreign

 official and international accounts1 2,548,270 + 6,971 + 437,915 2,548,089

U.S. Treasury securities 1,736,999 + 1,948 + 480,718 1,730,282

Federal agency securities2 811,270 + 5,022 - 42,803 817,807

Securities lent to dealers 132,453 - 8,349 + 120,944 130,831

Overnight facility3 7,359 - 343 - 4,150 6,451

Term facility4 125,094 - 8,006 + 125,094 124,380

1A. Memorandum Items

Millions of dollars

Averages of daily figures

Week ended

 Jan 28, 2009

Change from week ended Wednesday

 Jan 28, 2009

 Jan 21, 2009 Jan 30, 2008

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

1. Face value of the securities. Includes U.S. Treasury STRIPS, other zero-coupon bonds, and mortgage-backed securities at face value.

2. Includes debt and mortgage-backed securities.

3. Fully collateralized by U.S. Treasury securities.

4. Fully collateralized by U.S. Treasury securities, federal agency securities, and other highly rated debt securities.

Memorandum item

H.4.1

91 days to

1 year

2. Maturity Distribution of Term Auction Credit, Other Loans, and Securities, January 28, 2009

Millions of dollars

Within 15 days Over 1 year

to 5 years

16 days to

 90 days

All

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, Maiden Lane II 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. Face value. For inflation-indexed securities, includes the original face value and compensation that adjusts for the effect of inflation on the

original face value of such securities.

3. Face value.

4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Current face value of the securities, which is the remaining principal balance of the

underlying mortgages.

5. Face value of commercial paper held by Commercial Paper Funding Facility LLC.

6. Face value of money market instruments held by LLCs funded through the Money Market Investor Funding Facility.

7. Cash value of agreements.

8. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to

the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign

central bank.

Remaining maturity Over 5 years

to 10 years

Over 10

years

Term auction credit

Other loans1

U.S. Treasury securities2

Holdings

Weekly changes

Federal agency debt securities3

Holdings

Weekly changes

Mortgage-backed securities4

Holdings

Weekly changes

Commercial paper held by

Commercial Paper Funding

Facility LLC5

Money market instruments held by

LLCs funded through the

Money Market Investor

Funding Facility6

Repurchase agreements7

Central bank liquidity swaps8

Reverse repurchase agreements7

 246,446

 98,552

 17,612

+ 2,156

 150

- 493

 0

 0

 78,132

 0

 0

 258,510

 72,214

...

 303

 66,649

- 6

 1,044

 0

 0

 0

 0

 0

...

 0

...

...

 38,339

 173,087

- 60

 19,024

+ 4,700

 0

 0

...

...

...

 0

...

 169,185

 17,596

 18,933

- 2,157

 2,638

 0

 0

 0

 169,446

 0

 0

 207,162

 0

...

...

 97,338

- 45

 5,509

 0

 0

 0

...

...

...

 0

...

...

...

 101,510

- 81

 0

 0

 7,377

+ 1,386

...

...

...

 0

...

 415,631

 154,790

 475,129

- 193

 28,365

+ 4,207

 7,377

+ 1,386

 247,578

 0

 0

 465,672

 72,214
Wednesday

 Jan 28, 2009

3. Information on Principal Accounts of Maiden Lane LLC

Millions of dollars

Net portfolio holdings of Maiden Lane LLC1

Outstanding principal amount of loan extended by the Federal Reserve Bank of New York2

Accrued interest payable to the Federal Reserve Bank of New York2

Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co.3

 25,772

 28,820

 279

 1,192

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 December 31, 2008. Any assets purchased after

this valuation date are initially recorded at cost until their estimated fair value as of the purchase date becomes available.

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 9.

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 8 and table 9.

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.

Account name

H.4.1

Wednesday

 Jan 28, 2009

4. Information on Principal Accounts of Maiden Lane II LLC

Millions of dollars

Net portfolio holdings of Maiden Lane II LLC1

Outstanding principal amount of loan extended by the Federal Reserve Bank of New York2

Accrued interest payable to the Federal Reserve Bank of New York2

Deferred payment and accrued interest payable to subsidiaries of American International Group, Inc.3

 18,964

 19,169

 49

 1,005

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 December 31, 2008. Any assets purchased after

this valuation date are initially recorded at cost until their estimated fair value as of the purchase date becomes available.

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 9.

3. Book value. The deferred payment represents the portion of the proceeds of the net portfolio holdings due to subsidiaries of American

International Group, Inc. in accordance with the asset purchase agreement. The fair value of this payment and accrued interest payable are

included in other liabilities and capital in table 1 and in other liabilities and accrued dividends in table 8 and table 9.

Note: On December 12, 2008, the Federal Reserve Bank of New York (FRBNY) began extending credit to Maiden Lane II LLC under the authority

of section 13(3) of the Federal Reserve Act. This limited liability company was formed to purchase residential mortgage-backed securities from the

U.S. securities lending reinvestment portfolio of subsidiaries of American International Group, Inc. (AIG subsidiaries). Payments by Maiden Lane II

LLC from the proceeds of the net portfolio holdings will be made in the following order: operating expenses of Maiden Lane II LLC, principal due to

the FRBNY, interest due to the FRBNY, and deferred payment and interest due to AIG subsidiaries. Any remaining funds will be shared by the

FRBNY and AIG subsidiaries.

Account name
Wednesday

 Jan 28, 2009

7. Information on Principal Accounts of LLCs Funded through the Money Market Investor

 Funding Facility

Millions of dollars

Money market instrument holdings, net1

Other investments, net

Net portfolio holdings of LLCs funded through the Money Market Investor Funding Facility

Memorandum: Money market instrument holdings, face value

Outstanding principal amount of loan extended by the Federal Reserve Bank of New York2

Accrued interest payable to the Federal Reserve Bank of New York2

Commercial paper issued by LLCs funded through the Money Market Investor Funding Facility, net of related discounts

 0

 0

 0

 0

 0

 0

 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 9.

Note: 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 (MMIFF). The MMIFF

became operational on November 24, 2008. 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.

Account name

H.4.1

Wednesday

 Jan 28, 2009

6. Information on Principal Accounts of Commercial Paper Funding Facility LLC

Millions of dollars

Commercial paper holdings, net1

Other investments, net

Net portfolio holdings of Commercial Paper Funding Facility LLC

Memorandum: Commercial paper holdings, face value

Outstanding principal amount of loan extended by the Federal Reserve Bank of New York2

Accrued interest payable to the Federal Reserve Bank of New York2

 246,173

 1,918

 248,091

 247,578

 246,187

 275

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 9.

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. dollardenominated commercial paper from eligible issuers and thereby foster liquidity in short-term funding markets and increase the availability of credit

for businesses and households.

Account name

Wednesday

 Jan 28, 2009

5. Information on Principal Accounts of Maiden Lane III LLC

Millions of dollars

Net portfolio holdings of Maiden Lane III LLC1

Outstanding principal amount of loan extended by the Federal Reserve Bank of New York2

Accrued interest payable to the Federal Reserve Bank of New York2

Outstanding principal amount and accrued interest on loan payable to American International Group, Inc.3

 27,456

 24,339

 73

 5,036

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 December 31, 2008. Any assets purchased after

this valuation date are initially recorded at cost until their estimated fair value as of the purchase date becomes available.

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 9.

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 8 and table 9.

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 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.

Account name
Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 2,200 0 0

Coin 1,856 + 67 + 487

Securities, repurchase agreements, term auction

credit, and other loans 1,081,292 - 9,533 + 262,875

Securities held outright 510,871 + 5,401 - 207,500

U.S. Treasury securities1 475,129 - 193 - 243,242

Bills2 18,423 0 - 186,937

Notes and bonds, nominal2 412,914 0 - 58,070

Notes and bonds, inflation-indexed2 39,378 0 + 1,915

Inflation compensation3 4,415 - 193 - 149

Federal agency debt securities2 28,365 + 4,207 + 28,365

Mortgage-backed securities4 7,377 + 1,386 + 7,377

Repurchase agreements5 0 - 20,000 - 50,000

Term auction credit 415,631 - 400 + 365,631

Other loans 154,790 + 5,466 + 154,744

Net portfolio holdings of Commercial Paper Funding

Facility LLC6 248,091 - 102,433 + 248,091

Net portfolio holdings of LLCs funded through the

Money Market Investor Funding Facility7 0 0 0

Net portfolio holdings of Maiden Lane LLC8 25,772 - 1,409 + 25,772

Net portfolio holdings of Maiden Lane II LLC9 18,964 - 849 + 18,964

Net portfolio holdings of Maiden Lane III LLC10 27,456 + 489 + 27,456

Items in process of collection (355) 1,268 - 295 - 457

Bank premises 2,183 - 1 + 43

Central bank liquidity swaps11 465,672 + 2,876 + 441,672

Other assets12 42,758 + 1,050 + 801

Total assets (355) 1,928,549 - 110,038 +1,025,703

H.4.1

8. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Wednesday

 Jan 30, 2008

Eliminations from

consolidation Wednesday

 Jan 28, 2009

Wednesday

 Jan 21, 2009

Assets, liabilities, and capital

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
Liabilities

Federal Reserve notes, net of F.R. Bank holdings 848,795 + 597 + 74,513

Reverse repurchase agreements13 72,214 - 2,811 + 32,729

Deposits (0) 955,471 - 105,325 + 911,473

Depository institutions 740,403 - 67,896 + 701,906

U.S. Treasury, general account 38,717 - 7,988 + 33,635

U.S. Treasury, supplementary financing account 174,840 - 24,907 + 174,840

Foreign official 108 - 79 + 9

Other (0) 1,403 - 4,454 + 1,083

Deferred availability cash items (355) 2,810 - 1,464 - 37

Other liabilities and accrued dividends14 8,550 + 17 + 4,213

Total liabilities (355) 1,887,840 - 108,987 +1,022,891

Capital accounts

Capital paid in 21,571 + 57 + 3,099

Surplus 18,977 - 436 + 497

Other capital accounts 161 - 673 - 784

Total capital 40,710 - 1,050 + 2,813

H.4.1

8. Consolidated Statement of Condition of All Federal Reserve Banks (continued)

Millions of dollars

Change since

Wednesday

 Jan 30, 2008

Eliminations from

consolidation Wednesday

 Jan 28, 2009

Wednesday

 Jan 21, 2009

Assets, liabilities, and capital

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. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Current face value of the securities, which is the remaining principal balance of the

underlying mortgages.

5. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.

6. Refer to table 6 and the note on consolidation accompanying table 9.

7. Refer to table 7 and the note on consolidation accompanying table 9.

8. Refer to table 3 and the note on consolidation accompanying table 9.

9. Refer to table 4 and the note on consolidation accompanying table 9.

10. Refer to table 5 and the note on consolidation accompanying table 9.

11. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to

the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign

central bank.

12. Includes other assets denominated in foreign currencies, which are revalued daily at market exchange rates.

13. Cash value of agreements, which are collateralized by U.S. Treasury securities.

14. Includes the liabilities of Commercial Paper Funding Facility LLC, the LLCs funded through the Money Market Investor Funding Facility, Maiden

Lane LLC, Maiden Lane II 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 7 and the note on consolidation accompanying table 9.
    15, 9, 8,  8,    5,         9,  - 7, 18,

 344 71 50 21,180 17,654 16,419 637 15,782 980 255 0 3,038 488 0 0 0 0 0 14 131 4,660 845 + 6,951 34,244

 913 212 210 52,874 45,089 41,935 1,626 40,309 2,503 651 0 5,219 2,566 0 0 0 0 0 219 207 21,191 2,575 + 28,637 107,037

 1,221 166 237 65,097 50,831 47,275 1,833 45,442 2,822 734 0 13,896 371 0 0 0 0 0 617 225 36,792 3,648 + 27,157 135,161

 891 147 253 125,188 46,325 43,084 1,671 41,413 2,572 669 0 78,208 655 0 0 0 0 0 36 228 129,378 8,526 - 105,196 159,451

 423 104 149 29,953 19,372 18,017 699 17,318 1,076 280 0 10,552 29 0 0 0 0 0 109 147 33,434 2,433 + 14,811 81,563

 424 115 63 50,356 21,428 19,929 773 19,156 1,190 309 0 12,650 16,278 0 0 0 0 0 32 123 27,178 2,244 - 27,085 53,450

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

auction credit, and other loans

Securities held outright

U.S. Treasury securities1

Bills2Notes and bonds3

Federal agency debt securities2Mortgage-backed securities4

Repurchase agreements5Term auction creditOther loans

Net portfolio holdings of Commercial

Paper Funding Facility LLC6

Net portfolio holdings of LLCs funded

through the Money Market InvestorFunding Facility7

Net portfolio holdings of Maiden

Lane LLC8

Net portfolio holdings of Maiden

Lane II LLC9

Net portfolio holdings of Maiden

Lane III LLC10

Items in process of collectionBank premisesCentral bank liquidity swaps11

Other assets12Interdistrict settlement account

Total assets

 11,037 2,200 1,856 1,081,292 510,871 475,129 18,423 456,707 28,365 7,377 0 415,631 154,790 248,091 0 25,772 18,964 27,456 1,623 2,183 465,672 42,758 0 1,928,904

 453 83 150 64,338 22,305 20,745 804 19,940 1,238 322 0 41,750 283 0 0 0 0 0 248 65 46,959 3,303 - 60,037 55,562

 3,935 874 85 518,930 181,765 169,048 6,555 162,493 10,092 2,625 0 207,683 129,482 248,091 0 25,772 18,964 27,456 0 210 107,501 12,513 + 61,122 1,025,452

H.4.19. Statement of Condition of Each Federal Reserve Bank, January 28, 2009Millions of dollars

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

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

Assets, liabilities, and capital
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 agreements13

Deposits

Depository institutionsU.S. Treasury, general accountU.S. Treasury, supplementary financing accountForeign officialOther

Deferred availability cash itemsOther liabilities and accrued

dividends14

Total liabilities

CapitalCapital paid inSurplusOther capital

Total liabilities and capital

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.H.4.19. Statement of Condition of Each Federal Reserve Bank, January 28, 2009 (continued)Millions of dollars

Assets, liabilities, and capital

 37,990 6,058 31,933 3,029 16,482 16,464 0 0 2 16 79 153 51,675 903 844 27 53,450

 1,028,677 179,882 848,795 72,214 955,471 740,403 38,717 174,840 108 1,403 3,165 8,550 1,888,195 21,571 18,977 161 1,928,904

 360,353 45,731 314,622 25,693 669,465 454,584 38,717 174,840 78 1,246 0 6,093 1,015,873 6,030 3,548 0 1,025,452

 41,070 5,745 35,326 3,153 11,649 11,645 0 0 4 0 609 172 50,908 2,315 2,315 24 55,562

 46,220 8,056 38,163 2,738 36,976 36,971 0 0 3 2 400 185 78,463 1,552 1,548 0 81,563

 80,522 12,814 67,708 6,548 72,624 72,488 0 0 11 126 205 440 147,526 5,981 5,944 0 159,451

 131,363 26,376 104,987 7,185 19,139 19,135 0 0 3 0 244 356 131,910 1,612 1,612 27 135,161

 83,734 14,539 69,196 6,374 29,296 29,293 0 0 2 1 439 298 105,603 705 704 25 107,037

 29,193 3,782 25,411 2,495 5,723 5,715 0 0 0 7 43 148 33,821 210 210 4 34,244

 17,5 3,1 14,4 1,3 2,0 2,0     2 1 18,1 3 3  18,8
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 4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Current face value of the securities, which is the remaining principal balance of the underlyin5. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.6. Refer to table 6 and the note on consolidation below.7. Refer to table 7 and the note on consolidation below.8. Refer to table 3 and the note on consolidation below.9. Refer to table 4 and the note on consolidation below.10. Refer to table 5 and the note on consolidation below.11. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the fore

equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.

12. Includes other assets denominated in foreign currencies, which are revalued daily at market exchange rates.13. Cash value of agreements, which are collateralized by U.S. Treasury securities.14. Includes the liabilities of Commercial Paper Funding Facility LLC, the LLCs funded through the Money Market Investor Funding Facility, Maiden Lane LLC, M

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. Refnote on consolidation below.

H.4.1

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 Federawas 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 Commwas formed to purchase three-month U.S. dollar-denominated commercial paper from eligible issuers. On October 21, 2008, the Federal Reserve Board authseries of LLCs funded through the Money Market Investor Funding Facility. These LLCs, which became operational on November 24, 2008, were established denominated certificates of deposit, bank notes, and commercial paper from eligible issuers. On November 25, 2008, a loan was extended to Maiden Lane IImulti-sector collateralized debt obligations on which the Financial Products group of the American International Group, Inc. has written credit default swap cowas extended to Maiden Lane II LLC, which was formed to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment pInternational Group, Inc.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 aassets 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 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 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 tab

9. Statement of Condition of Each Federal Reserve Bank, January 28, 2009 (continued)
H.4.1

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, agency debt, and mortgage-backed securities pledged1

Other assets pledged

Memo:Total U.S. Treasury, agency debt, and mortgage-backed securities1

Less: Face value of securities under reverse repurchase agreements

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged

10. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' AccountsMillions of dollars

Federal Reserve notes and collateral Wednesday

 Jan 28, 2009

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.

 1,028,677 179,882 848,795 848,795 11,037 2,200 445,864 389,694 510,871 65,007 445,864