FEDERAL RESERVE statistical release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                          September 4, 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                                     Sep 3, 2008 Aug 27, 2008  Sep 5, 2007  Sep 3, 2008

Reserve Bank credit                                         893,846    +   9,492    +  37,175      887,263
  Securities held outright                                  479,701    +      97    - 299,940      479,726       
    U.S. Treasury (1)                                       479,701    +      97    - 299,940      479,726
      Bills (2)                                              21,740            0    - 245,279       21,740
      Notes and bonds, nominal (2)                          411,731            0    -  60,411      411,731
      Notes and bonds, inflation-indexed (2)                 39,832            0    +   4,079       39,832
      Inflation compensation (3)                              6,398    +      97    +   1,670        6,423
    Federal agency (2)                                            0            0            0            0      
  Repurchase agreements (4)                                 115,893    +  12,500    +  78,893      109,000
  Term auction credit                                       150,000            0    + 150,000      150,000  
  Other loans                                                19,070    +     500    +  17,729       19,089
    Primary credit                                           18,976    +     507    +  17,873       19,000
    Secondary credit                                              0            0            0            0
    Seasonal credit                                              93    -       7    -     145           90
    Primary dealer credit facility                                0            0            0            0
    Other credit extensions                                       0            0            0            0
  Net portfolio holdings of Maiden Lane LLC (5)              29,253    +      40    +  29,253       29,287
  Float                                                      -1,474    -     261    -   1,104         -363
  Other Federal Reserve assets                              101,404    -   3,384    +  62,346      100,524
Gold stock                                                   11,041            0            0       11,041
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (6)                            38,803    +      14    +     208       38,803
       
Total factors supplying reserve funds                       945,890    +   9,506    +  37,384      939,307
                                                                   
Currency in circulation (6)                                 835,319    +   5,750    +  20,394      836,836
Reverse repurchase agreements (7)                            42,880    +      22    +   7,949       41,756
  Foreign official and international accounts                42,880    +      22    +   7,949       41,756
  Dealers                                                         0            0            0            0
Treasury cash holdings                                          281    -      21    -      50          276
Deposits with F.R. Banks, other than reserve balances        12,240    -     195    +     545       13,110       
  U.S. Treasury, general account                              4,746    -      82    +      61        5,606
  Foreign official                                              100    -       1    +       5          100
  Service-related                                             7,087    -      88    +     475        7,087
    Required clearing balances                                7,087    -      88    +     475        7,087
    Adjustments to compensate for float                           0            0            0            0
  Other                                                         307    -      25    +       4          317
Other liabilities and capital (8)                            44,277    +   1,776    +   3,667       43,498

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  934,997    +   7,333    +  32,506      935,476

Reserve balances with Federal Reserve Banks                  10,893    +   2,173    +   4,878        3,831
                                                                
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,  September 3, 2008 
Millions of dollars
                                                                   Averages of daily figures
Memorandum item                                           Week ended   Change from week ended     Wednesday
                                                          Sep 3, 2008 Aug 27, 2008  Sep 5, 2007  Sep 3, 2008

Marketable securities held in custody for foreign
      official and international accounts (1)             2,403,824    -   1,072    + 423,629    2,395,399
  U.S. Treasury                                           1,437,964    +   3,666    + 230,785    1,436,830
  Federal agency                                            965,860    -   4,738    + 192,844      958,569
Securities lent to dealers                                  126,097    +   4,921    + 120,211      120,790   
  Overnight facility (2)                                      9,992    +   6,164    +   4,106        4,892
  Term facility (3,4)                                       116,105    -   1,243    + 116,105      115,898

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.
4. On  September 3, 2008, option contracts on draws on the Term Securities Lending Facility totaling 
   $    24,998 million were outstanding.  The exercise date for the options is September 24, 2008, and the 
   draws have a term of September 25, 2008 through    October 2, 2008.


2. Information on Principal Accounts of Maiden Lane LLC
Millions of dollars
                                                                                                  Wednesday
Account name                                                                                     Sep 3, 2008
         
Net portfolio holdings of Maiden Lane LLC (1)                                                       29,287

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)                                   124
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3)        1,165
 
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,  September 3, 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                     50,000        4,238       14,851    -   3,604       69,000       41,756
16 days to 90 days                100,000       14,851       31,653    +   3,439       40,000            0
91 days to 1 year                     ---            0       69,268    -   1,052          ---          ---
Over 1 year to 5 years                ---          ---      170,789    +   1,250          ---          ---
Over 5 years to 10 years              ---          ---       91,851    +      17          ---          ---
Over 10 years                         ---          ---      101,314    +      34          ---          ---
                             
All                               150,000       19,089      479,726    +      84      109,000       41,756

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  Sep 3, 2008     Aug 27, 2008      Sep 5, 2007

Assets
Gold certificate account                                           11,037                0                0
Special drawing rights certificate account                          2,200                0                0
Coin                                                                1,414        -       1        +     397
Securities, repurchase agreements, term auction
      credit, and other loans                                     757,815        -   1,829        -  58,164
  Securities held outright                                        479,726        +      84        - 299,914
    U.S. Treasury (1)                                             479,726        +      84        - 299,914       
      Bills (2)                                                    21,740                0        - 245,279
      Notes and bonds, nominal (2)                                411,731                0        -  60,411
      Notes and bonds, inflation-indexed (2)                       39,832                0        +   4,079
      Inflation compensation (3)                                    6,423        +      84        +   1,696
    Federal agency (2)                                                  0                0                0
  Repurchase agreements (4)                                       109,000        -   2,000        +  74,000    
  Term auction credit                                             150,000                0        + 150,000
  Other loans                                                      19,089        +      87        +  17,751
Net portfolio holdings of Maiden Lane LLC (5)                      29,287        +      40        +  29,287
Items in process of collection                         (743)        3,366        +   2,440        -   2,130
Bank premises                                                       2,162        -       4        +      83
Other assets (6)                                                   98,381        -   3,976        +  61,137
     
      Total assets                                     (743)      905,661        -   3,330        +  30,609
                          
Liabilities
Federal Reserve notes, net of F.R. Bank holdings                  799,719        +   4,025        +  21,058
Reverse repurchase agreements (7)                                  41,756        -   2,012        +   6,658
Deposits                                                 (0)       16,959        -   7,891        +     847       
  Depository institutions                                          10,936        -   8,441        -     350
  U.S. Treasury, general account                                    5,606        +     617        +   1,117
  Foreign official                                                    100                0        +       3
  Other                                                  (0)          317        -      68        +      76
Deferred availability cash items                       (743)        3,729        +   1,115        -   1,041
Other liabilities and accrued dividends (8,9)                       2,695        +   1,419        -   3,371

      Total liabilities                                (743)      864,859        -   3,343        +  24,152
                          
Capital accounts
Capital paid in                                                    20,191        +       2        +   3,217
Surplus                                                            18,511        +       2        +   3,087
Other capital accounts                                              2,100        +       9        +     153

      Total capital                                                40,803        +      14        +   6,458

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,  September 3, 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                                           1,414         37         69        103        122        179        180        166         49         51         97        159        201
Securities, repurchase agreements, term
      auction credit, and other loans        757,815     31,204    304,878     28,357     31,724     66,554     66,333     55,932     22,760     11,918     28,880     26,899     82,375
  Securities held outright                   479,726     20,122    170,684     20,946     18,191     43,501     47,732     42,340     16,578      9,057     17,614     19,900     53,063
    U.S. Treasury (1)                        479,726     20,122    170,684     20,946     18,191     43,501     47,732     42,340     16,578      9,057     17,614     19,900     53,063
      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)                    457,986     19,210    162,949     19,996     17,367     41,529     45,569     40,422     15,826      8,646     16,816     18,998     50,658
    Federal agency (2)                             0          0          0          0          0          0          0          0          0          0          0          0          0
  Repurchase agreements (4)                  109,000      4,572     38,782      4,759      4,133      9,884     10,845      9,620      3,767      2,058      4,002      4,521     12,057
  Term auction credit                        150,000      6,500     83,383      2,582      9,400     12,945      7,510      2,985      2,075         35      7,250      2,000     13,335     
  Other loans                                 19,089         11     12,030         71          0        224        246        986        341        768         13        478      3,921
Net portfolio holdings of Maiden Lane 
      LLC (5)                                 29,287          0     29,287          0          0          0          0          0          0          0          0          0          0
Items in process of collection                 4,109        261         96        571        600        166        533        429        116        238        218        296        585
Bank premises                                  2,162        122        212         64        149        210        226        207        127        111        275        252        208
Other assets (6)                              98,381      5,335     26,800      8,887      6,419     24,114      7,765      4,812      1,263      1,873      1,371      2,207      7,535
Interdistrict settlement account                   0    -   935    -38,083    + 3,656    - 2,033    - 7,725    +25,015    +13,153    + 4,546    + 2,616    - 1,027    + 4,731    - 3,913

      Total assets                           906,404     36,563    328,069     42,175     37,508     84,535    101,439     75,824     29,276     17,035     30,230     35,278     88,473

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,  September 3, 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             990,711     37,037    351,119     41,095     39,452     81,087    121,388     81,615     30,292     17,674     31,111     55,187    103,654
  Less: Notes held by F.R. Banks              190,992      5,178     56,297      6,713      8,112     12,719     29,345     13,474      3,388      2,850      3,653     23,529     25,733
    Federal Reserve notes, net                799,719     31,860    294,822     34,382     31,340     68,368     92,043     68,142     26,904     14,823     27,458     31,658     77,920
Reverse repurchase agreements (1)              41,756      1,751     14,856      1,823      1,583      3,786      4,155      3,685      1,443        788      1,533      1,732      4,619
Deposits                                       16,959        722      7,734        614        830      1,309      1,252        717        319        288        396        696      2,081
  Depository institutions                      10,936        713      1,870        610        827      1,189      1,249        715        308        287        395        695      2,078
  U.S. Treasury, general account                5,606          0      5,606          0          0          0          0          0          0          0          0          0          0
  Foreign official                                100          2         70          4          3         11          3          2          0          1          0          1          3
  Other                                           317          7        188          0          0        110          0          0         11          0          1          0          0
Deferred availability cash items                4,472        225          0        721        684        348        377        365         76        353        278        370        673
Other liabilities and accrued                 
  dividends (2,3)                               2,695        152        258        174        177        434        360        290        153        100        121        171        305
   
      Total liabilities                       865,602     34,711    317,672     37,714     34,614     74,245     98,186     73,199     28,896     16,353     29,786     34,627     85,598
                              
Capital                    
Capital paid in                                20,191        787      5,087      2,328      1,522      5,190      1,596      1,290        182        320        210        267      1,413
Surplus                                        18,511      1,050      4,674      1,814      1,291      4,999      1,426        815        180        355        193        364      1,351
Other capital                                   2,100         16        636        318         81        101        232        519         19          8         40         19        112

      Total liabilities and capital           906,404     36,563    328,069     42,175     37,508     84,535    101,439     75,824     29,276     17,035     30,230     35,278     88,473
                              
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
                                                                                                 Sep 3, 2008
              
Federal Reserve notes outstanding                                                                  990,711
  Less: Notes held by F.R. Banks not subject to collateralization                                  190,992
    Federal Reserve notes to be collateralized                                                     799,719 
Collateral held against Federal Reserve notes                                                      799,719
  Gold certificate account                                                                          11,037
  Special drawing rights certificate account                                                         2,200
  U.S. Treasury and agency securities pledged (1)                                                  548,031
  Other assets pledged                                                                             238,451

Memo:
Total U.S. Treasury and agency securities (1)                                                      588,726
  Less: Face value of securities under reverse repurchase agreements                                40,694
    U.S. Treasury and agency securities eligible to be pledged                                     548,031
   
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.