FEDERAL RESERVE statistical release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                              July 24, 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                                    Jul 23, 2008 Jul 16, 2008 Jul 25, 2007 Jul 23, 2008

Reserve Bank credit                                         882,978    -   5,440    +  32,967      882,395
  Securities held outright                                  479,089    +      85    - 311,605      479,121       
    U.S. Treasury (1)                                       479,089    +      85    - 311,605      479,121
      Bills (2)                                              21,740            0    - 255,279       21,740
      Notes and bonds, nominal (2)                          412,392            0    -  62,280      412,392
      Notes and bonds, inflation-indexed (2)                 39,171            0    +   4,712       39,171
      Inflation compensation (3)                              5,787    +      86    +   1,243        5,818
    Federal agency (2)                                            0            0            0            0      
  Repurchase agreements (4)                                 104,786    -   6,357    +  85,929      103,750
  Term auction credit                                       150,000            0    + 150,000      150,000  
  Other loans                                                16,510    +   2,209    +  16,271       17,830
    Primary credit                                           16,381    +   2,465    +  16,378       17,675
    Secondary credit                                             34    -     245    +      34           60
    Seasonal credit                                              96    -       2    -     140           94
    Primary dealer credit facility                                0    -       9            0            0
    Other credit extensions                                       0            0            0            0
  Net portfolio holdings of Maiden Lane LLC (5)              29,025    +      70    +  29,025       29,059
  Float                                                      -1,405    -      61    -     478       -1,790
  Other Federal Reserve assets                              104,973    -   1,386    +  63,826      104,425
Gold stock                                                   11,041            0            0       11,041
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (6)                            38,903    +      14    +     367       38,903
       
Total factors supplying reserve funds                       935,122    -   5,426    +  33,334      934,539
                                                                   
Currency in circulation (6)                                 830,025    -      92    +  17,557      831,505
Reverse repurchase agreements (7)                            42,610    +     564    +  11,110       42,149
  Foreign official and international accounts                42,610    +     564    +  11,110       42,149
  Dealers                                                         0            0            0            0
Treasury cash holdings                                          278    -       1    -      39          312
Deposits with F.R. Banks, other than reserve balances        13,115    +     830    +   1,205       14,404       
  U.S. Treasury, general account                              5,419    +     708    +     367        6,720
  Foreign official                                              101            0    +       6          101
  Service-related                                             7,261    +      66    +     795        7,261
    Required clearing balances                                7,261    +      66    +     795        7,261
    Adjustments to compensate for float                           0            0            0            0
  Other                                                         335    +      57    +      37          322
Other liabilities and capital (8)                            43,900    -   1,173    +   4,523       42,737

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  929,928    +     128    +  34,354      931,108

Reserve balances with Federal Reserve Banks                   5,194    -   5,554    -   1,020        3,432
                                                                
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. Fair value.  Refer to table 2 and the note on consolidation accompanying table 5.
6. Estimated.
7. Cash value of agreements, which are collateralized by U.S. Treasury securities.
8. 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,      July 23, 2008 
Millions of dollars
                                                                   Averages of daily figures
Memorandum item                                           Week ended   Change from week ended     Wednesday
                                                         Jul 23, 2008 Jul 16, 2008 Jul 25, 2007 Jul 23, 2008

Marketable securities held in custody for foreign
      official and international accounts (1)             2,353,450    +   5,477    + 350,461    2,360,830
  U.S. Treasury                                           1,372,424    +   8,366    + 119,166    1,376,744
  Federal agency                                            981,026    -   2,889    + 231,295      984,086
Securities lent to dealers                                  116,556    +  12,286    + 111,924      119,494   
  Overnight facility (2)                                      4,999    +     857    +     367        5,944
  Term facility (3)                                         111,557    +  11,429    + 111,557      113,550

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 highly rated
   non-agency asset-backed and mortgage-backed securities.

Sources: Federal Reserve Banks and the U.S. Department of the Treasury.


2. Information on Principal Accounts of Maiden Lane LLC
Millions of dollars
                                                                                                  Wednesday
Account name                                                                                    Jul 23, 2008
         
Net portfolio holdings of Maiden Lane LLC (1)                                                       29,059

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)                                    50
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3)        1,156
 
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,      July 23, 2008
Millions of dollars
                                                              U.S. Treasury                       Reverse
Remaining maturity                  Term        Other         securities (2)       Repurchase   repurchase
                                  auction       loans                  Weekly      agreements   agreements
                                   credit        (1)       Holdings    changes         (3)          (3)    
Within 15 days                     75,000        4,105       12,024    -   1,191       63,750       42,149
16 days to 90 days                 75,000       13,725       36,437    +   4,583       40,000            0
91 days to 1 year                     ---            0       71,492    -   3,386          ---          ---
Over 1 year to 5 years                ---          ---      172,656    +      27          ---          ---
Over 5 years to 10 years              ---          ---       89,847    +      18          ---          ---
Over 10 years                         ---          ---       96,665    +      34          ---          ---
                             
All                               150,000       17,830      479,121    +      85      103,750       42,149

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 Jul 23, 2008     Jul 16, 2008     Jul 25, 2007

Assets
Gold certificate account                                           11,037                0                0
Special drawing rights certificate account                          2,200                0                0
Coin                                                                1,334        +      23        +     287
Securities, repurchase agreements, term auction
      credit, and other loans                                     750,700        -  11,277        -  59,010
  Securities held outright                                        479,121        +      85        - 311,593
    U.S. Treasury (1)                                             479,121        +      85        - 311,593       
      Bills (2)                                                    21,740                0        - 255,279
      Notes and bonds, nominal (2)                                412,392                0        -  62,280
      Notes and bonds, inflation-indexed (2)                       39,171                0        +   4,712
      Inflation compensation (3)                                    5,818        +      85        +   1,254
    Federal agency (2)                                                  0                0                0
  Repurchase agreements (4)                                       103,750        -  13,000        +  85,000    
  Term auction credit                                             150,000                0        + 150,000
  Other loans                                                      17,830        +   1,638        +  17,584
Net portfolio holdings of Maiden Lane LLC (5)                      29,059        +      40        +  29,059
Items in process of collection                         (627)        1,431        +     364        -     664
Bank premises                                                       2,158        +       1        +     103
Other assets (6)                                                  102,272        -   1,933        +  62,737
     
      Total assets                                     (627)      900,192        -  12,780        +  32,512
                          
Liabilities
Federal Reserve notes, net of F.R. Bank holdings                  794,244        +     823        +  17,761
Reverse repurchase agreements (7)                                  42,149        -     858        +  11,040
Deposits                                                 (0)       18,111        -  10,292        +     225       
  Depository institutions                                          10,968        -  12,961        -   1,590
  U.S. Treasury, general account                                    6,720        +   2,684        +   1,789
  Foreign official                                                    101        -       1        +       3
  Other                                                  (0)          322        -      14        +      22
Deferred availability cash items                       (627)        2,951        -     188        -     415
Other liabilities and accrued dividends (8,9)                       2,521        -   1,669        -   3,230

      Total liabilities                                (627)      859,976        -  12,183        +  25,381
                          
Capital accounts
Capital paid in                                                    19,904        +      20        +   3,733
Surplus                                                            18,494        +       1        +   3,095
Other capital accounts                                              1,818        -     619        +     303

      Total capital                                                40,216        -     598        +   7,131

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,      July 23, 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                                           1,334         35         58        103        116        169        160        160         48         51         92        149        191
Securities, repurchase agreements, term
      auction credit, and other loans        750,700     25,948    313,288     27,924     30,926     66,524     61,618     55,149     22,402     11,681     22,327     27,542     85,372
  Securities held outright                   479,121     20,096    170,468     20,919     18,168     43,446     47,672     42,287     16,557      9,045     17,592     19,874     52,996
    U.S. Treasury (1)                        479,121     20,096    170,468     20,919     18,168     43,446     47,672     42,287     16,557      9,045     17,592     19,874     52,996
      Bills (2)                               21,740        912      7,735        949        824      1,971      2,163      1,919        751        410        798        902      2,405
      Notes and bonds (3)                    457,381     19,184    162,733     19,970     17,344     41,475     45,509     40,368     15,805      8,635     16,794     18,973     50,591
    Federal agency (2)                             0          0          0          0          0          0          0          0          0          0          0          0          0
  Repurchase agreements (4)                  103,750      4,352     36,914      4,530      3,934      9,408     10,323      9,157      3,585      1,959      3,809      4,304     11,476
  Term auction credit                        150,000      1,500     93,606      2,400      8,160     13,577      3,245      2,825      2,075         42        900      3,354     18,316     
  Other loans                                 17,830          0     12,300         75        664         93        379        880        185        635         25         10      2,584
Net portfolio holdings of Maiden Lane 
      LLC (5)                                 29,059          0     29,059          0          0          0          0          0          0          0          0          0          0
Items in process of collection                 2,059         56          0        342        270        144        180        254         24        104        196        205        284
Bank premises                                  2,158        119        212         65        150        204        227        207        125        111        276        253        207
Other assets (6)                             102,272      5,521     28,028      9,112      6,626     24,748      8,102      5,090      1,370      1,952      1,469      2,328      7,926
Interdistrict settlement account                   0    + 4,256    -50,197    + 2,606    - 1,538    - 9,210    +28,120    +15,077    + 4,919    + 2,997    + 5,992    + 4,162    - 7,184

      Total assets                           900,819     36,474    325,256     40,688     37,078     83,617     99,794     77,062     29,304     17,126     30,768     35,373     88,279

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,      July 23, 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             990,971     36,959    350,917     40,534     38,655     80,333    121,378     82,366     30,485     17,744     31,363     55,604    104,633
  Less: Notes held by F.R. Banks              196,727      4,915     59,958      7,211      7,113     13,101     30,598     13,415      3,664      2,861      3,485     23,809     26,597
    Federal Reserve notes, net                794,244     32,043    290,959     33,323     31,543     67,232     90,780     68,951     26,821     14,883     27,878     31,795     78,036
Reverse repurchase agreements (1)              42,149      1,768     14,997      1,840      1,598      3,822      4,194      3,720      1,457        796      1,548      1,748      4,662
Deposits                                       18,111        537      8,777        421        448      1,637      1,068      1,184        462        403        439        722      2,014
  Depository institutions                      10,968        533      1,796        417        444      1,513      1,064      1,181        448        402        437        721      2,011
  U.S. Treasury, general account                6,720          0      6,720          0          0          0          0          0          0          0          0          0          0
  Foreign official                                101          2         71          4          3         11          3          2          0          1          0          1          3
  Other                                           322          1        190          0          1        113          0          2         14          0          1          0          0
Deferred availability cash items                3,578        170          0        492        663        241        271        343         40        266        346        300        446
Other liabilities and accrued                 
  dividends (2,3)                               2,521        141        250        154        162        382        336        276        147        101        122        166        283
   
      Total liabilities                       860,603     34,660    314,983     36,230     34,415     73,314     96,648     74,474     28,927     16,448     30,333     34,731     85,441
                              
Capital                    
Capital paid in                                19,904        764      5,065      2,335      1,337      5,178      1,563      1,281        182        322        210        267      1,401
Surplus                                        18,494      1,050      4,657      1,814      1,291      4,998      1,425        815        180        355        194        364      1,351
Other capital                                   1,818          0        551        309         36        127        157        492         15          1         31         11         86

      Total liabilities and capital           900,819     36,474    325,256     40,688     37,078     83,617     99,794     77,062     29,304     17,126     30,768     35,373     88,279
                              
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
                                                                                                Jul 23, 2008
              
Federal Reserve notes outstanding                                                                  990,971
  Less: Notes held by F.R. Banks not subject to collateralization                                  196,727
    Federal Reserve notes to be collateralized                                                     794,244 
Collateral held against Federal Reserve notes                                                      794,244
  Gold certificate account                                                                          11,037
  Special drawing rights certificate account                                                         2,200
  U.S. Treasury and agency securities pledged (1)                                                  541,419
  Other assets pledged                                                                             239,588

Memo:
Total U.S. Treasury and agency securities (1)                                                      582,871
  Less: Face value of securities under reverse repurchase agreements                                41,451
    U.S. Treasury and agency securities eligible to be pledged                                     541,419
   
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.