For Release at 

4:30 P.M. Eastern time 

 July 3, 2008 

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 include information 

related to Maiden Lane LLC, a limited liability company formed to facilitate the arrangements 

associated with JPMorgan Chase & Co.’s acquisition of Bear Stearns Companies, Inc. 

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. 

Consistent with generally accepted accounting principles, the assets and liabilities of Maiden Lane 

LLC have been consolidated with the assets and liabilities of the FRBNY in the preparation of the 

statements of condition shown on the release because the FRBNY is the primary beneficiary of 

Maiden Lane LLC. 

The consequences of this consolidation appear on the release in the following ways. The extension 

of credit from the FRBNY to Maiden Lane LLC is eliminated as is the accrued interest on this loan. 

The net portfolio holdings of Maiden Lane LLC appear as an asset on the statement of condition of 

the FRBNY (table 5), the consolidated statement of condition of all Federal Reserve Banks (table 4), 

and factors affecting reserve balances of depository institutions (table 1). The liabilities of Maiden 

Lane LLC to entities other than the FRBNY are included in “other liabilities and capital” in table 1 

and in “other liabilities and accrued dividends” in table 4 and table 5. 

Information on the LLC is presented separately in the newly created table 2, “Information on 

Principal Accounts of Maiden Lane LLC.” This table presents the fair value of the net portfolio 

holdings of the LLC along with the book value of the outstanding principal of the loan extended by 

the FRBNY, the book value of accrued interest payable to the FRBNY, and the book value of 

outstanding principal and accrued interest on the loan payable to JPMorgan Chase & Co. 

Information pertaining to fair values will be updated quarterly.

FEDERAL RESERVE statistical release 
 July 3, 2008 

Explanatory Note for H.4.1 release of July 3, 2008 

The weekly average value of net portfolio holdings of Maiden Lane LLC reflects holdings from 

Thursday June 26, 2008, through Wednesday July 2, 2008. The holdings for the first six days of this 

week are based on values as of March 14, 2008. The holdings for the last day were valued as of June 

26, 2008. 

FEDERAL RESERVE statistical release 
Reserve Bank credit, related items, and

reserve balances of depository institutions

at Federal Reserve Banks

Reserve Bank credit 890,030 + 15,448 + 32,542 871,653

Securities held outright 478,838 + 65 - 311,693 478,866

U.S. Treasury1 478,838 + 65 - 311,693 478,866

Bills2 21,740 0 - 255,279 21,740

Notes and bonds, nominal2 412,392 0 - 62,280 412,392

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

Inflation compensation3 5,535 + 65 + 1,154 5,563

Federal agency2 0 0 0 0

Repurchase agreements4 110,250 - 11,429 + 83,071 113,000

Term auction credit 150,000 0 + 150,000 150,000

Other loans 16,780 - 4,094 + 16,584 12,920

Primary credit 14,861 + 159 + 14,843 12,814

Secondary credit 86 + 86 + 86 0

Seasonal credit 95 + 18 - 83 105

Primary dealer credit facility 1,738 - 4,357 + 1,738 0

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC5 29,816 + 29,816 + 29,816 28,893

Float -1,518 - 373 - 555 -18,288

Other Federal Reserve assets 105,864 + 1,462 + 65,319 106,262

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding6 38,861 + 14 + 340 38,861

Total factors supplying reserve funds 942,132 + 15,462 + 32,882 923,755

Currency in circulation6 826,758 + 3,811 + 11,951 832,369

Reverse repurchase agreements7 42,177 + 1,803 + 9,983 41,091

Foreign official and international accounts 42,177 + 1,803 + 9,983 41,091

Dealers 0 0 0 0

Treasury cash holdings 278 + 2 - 31 275

Deposits with F.R. Banks, other than reserve balances 12,480 - 31 + 1,104 11,553

U.S. Treasury, general account 5,042 - 28 + 435 4,139

Foreign official 129 + 29 - 11 109

Service-related 7,053 - 2 + 659 7,054

Required clearing balances 7,053 - 2 + 659 7,054

Adjustments to compensate for float 0 0 0 0

Other 256 - 29 + 19 251

Other liabilities and capital8 46,473 + 2,020 + 6,967 45,431

Total factors, other than reserve balances,

absorbing reserve funds 928,166 + 7,605 + 29,974 930,717

Reserve balances with Federal Reserve Banks 13,965 + 7,856 + 2,907 -6,962

FEDERAL RESERVE statistical release

 July 3, 2008

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Averages of daily figures

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

1. Includes securities lent to dealers under the overnight and term securities lending facilities; 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.

Change from week ended Wednesday

 Jul 2, 2008 Week ended

 Jul 2, 2008 Jun 25, 2008 Jul 4, 2007
Wednesday

 Jul 2, 2008

Holdings

 U.S. Treasury

securities2

Marketable securities held in custody for foreign

 official and international accounts1 2,345,653 + 23,278 + 363,485 2,347,266

U.S. Treasury 1,373,770 + 20,336 + 133,108 1,377,312

Federal agency 971,882 + 2,941 + 230,375 969,953

Securities lent to dealers 117,482 + 5,410 + 107,341 113,939

Overnight facility2 13,238 + 7,626 + 3,097 9,842

Term facility3 104,244 - 2,216 + 104,244 104,097

H.4.1

1A. Memorandum Items, July 2, 2008

Millions of dollars

Averages of daily figures

Week ended

 Jul 2, 2008

Change from week ended Wednesday

 Jul 2, 2008

 Jun 25, 2008 Jul 4, 2007

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.

3. Maturity Distribution of Term Auction Credit, Other Loans, and Securities, July 2, 2008

Millions of dollars

Term auction

credit Weekly

changes

Other

loans1

Repurchase

agreements3

Reverse

repurchase

agreements3

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.

Remaining maturity

 150,000

 0

 ...

 ...

 ...

 ...

 150,000

Within 15 days

16 days to 90 days

91 days to 1 year 

Over 1 year to 5 years 

Over 5 years to 10 years

Over 10 years

All

 3,654

 9,266

 0

 ...

 ...

 ...

 12,920

 3,409

 41,661

 73,632

 173,465

 90,136

 96,563

 478,866

 - 2,446

 + 2,460

 - 2,349

 + 2,362

 + 15

 + 28

 + 70

 73,000

 40,000

 ...

 ...

 ...

 ...

 113,000

 41,091

 0

 ...

 ...

 ...

 ...

 41,091

2. 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

 28,893

 28,820

 12

 1,151

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 26, 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.

Memorandum item

Account name
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.

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 2,200 0 0

Coin 1,317 - 16 + 393

Securities, repurchase agreements, term auction

credit, and other loans 754,785 - 19,164 - 66,204

Securities held outright 478,866 + 70 - 311,687

U.S. Treasury1 478,866 + 70 - 311,687

Bills2 21,740 0 - 255,279

Notes and bonds, nominal2 412,392 0 - 62,280

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

Inflation compensation3 5,563 + 69 + 1,160

Federal agency2 0 0 0

Repurchase agreements4 113,000 - 16,750 + 82,750

Term auction credit 150,000 0 + 150,000

Other loans 12,920 - 2,482 + 12,734

Net portfolio holdings of Maiden Lane LLC5 28,893 + 28,893 + 28,893

Items in process of collection (659) 1,234 + 21 - 3,682

Bank premises 2,154 0 + 109

Other assets6 104,120 + 1,795 + 65,832

Total assets (659) 905,739 + 11,527 + 25,340

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 795,095 + 7,132 + 13,719

Reverse repurchase agreements7 41,091 - 958 + 8,882

Deposits (0) 20,730 + 3,343 - 508

Depository institutions 16,232 + 3,399 - 523

U.S. Treasury, general account 4,139 - 69 + 22

Foreign official 109 + 9 + 13

Other (0) 251 + 5 - 18

Deferred availability cash items (659) 3,393 + 765 - 2,429

Other liabilities and accrued dividends8,9 4,549 + 752 - 1,116

Total liabilities (659) 864,857 + 11,033 + 18,546

Capital accounts

Capital paid in 19,876 - 1 + 3,713

Surplus 18,493 + 7 + 3,094

Other capital accounts 2,512 + 488 - 15

Total capital 40,882 + 495 + 6,794

H.4.1

4. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Wednesday

 Jul 4, 2007

Eliminations from

consolidation Wednesday

 Jul 2, 2008

Wednesday

 Jun 25, 2008

Assets, liabilities, and capital
    11, 9, 9,  8,  2,      1, + 3, 17,

 344 71 50 22,607 16,548 16,548 751 15,797 0 3,905 2,016 139 0 43 124 1,372 + 4,802 29,414

 913 212 163 57,274 42,264 42,264 1,919 40,346 0 9,973 4,100 936 0 182 208 5,140 +14,062 78,153

 1,221 166 150 65,557 47,646 47,646 2,163 45,483 0 11,243 6,435 232 0 118 226 8,238 +22,094 97,770

 891 147 161 64,531 43,423 43,423 1,971 41,451 0 10,247 10,806 56 0 166 203 25,338 - 3,397 88,040

 423 104 113 25,332 18,158 18,158 824 17,334 0 4,285 2,810 79 0 394 150 6,763 + 4,300 37,580

 424 115 38 26,327 20,085 20,085 912 19,174 0 4,740 1,500 2 0 77 119 5,629 + 4,873 37,601

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

auction credit, and other loans

Securities held outright

U.S. Treasury1

Bills2Notes and bonds3

Federal agency2

Repurchase agreements4Term auction creditOther loans

Net portfolio holdings of

Maiden Lane LLC5

Items in process of collectionBank premisesOther assets6Interdistrict settlement account

Total assets

 11,037 2,200 1,317 754,785 478,866 478,866 21,740 457,126 0 113,000 150,000 12,920 28,893 1,892 2,154 104,120 0 906,398

 453 83 101 26,124 20,908 20,908 949 19,959 0 4,934 240 42 0 229 64 9,343 + 5,824 42,221

 3,935 874 56 320,148 170,377 170,377 7,735 162,642 0 40,205 100,265 9,302 28,893 0 212 28,463 -61,599 320,982

H.4.15. Statement of Condition of Each Federal Reserve Bank, July 2, 2008Millions of dollars

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

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 s4. 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 Lacquire certain assets of Bear Stearns. The Federal Reserve Bank of New York is the primary beneficiary of Maiden Lane LLC. Consistent with generally acassets 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 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 eliminateappear 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 Yorkthe portfolio holdings of Maiden Lane LLC, are included in other liabilities on the next page (and in table 1 and table 4).

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 agreements1

Deposits

Depository institutionsU.S. Treasury, general accountForeign officialOther

Deferred availability cash itemsOther liabilities and accrued

dividends2,3

Total liabilities

CapitalCapital paid inSurplusOther capital

Total liabilities and capital

Note: Components may not sum to totals because of rounding.1. Cash value of agreements, which are collateralized by U.S. Treasury securities.2. Includes exchange-translation account reflecting the daily revaluation at market exchange rates of foreign exchange commitments.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  Refer to the note on consolidation on the previous page.

 988,324 193,229 795,095 41,091 20,730 16,232 4,139 109 251 4,051 4,549 865,516 19,876 18,493 2,512 906,398

 37,332 4,567 32,765 1,724 883 874 0 2 6 231 140 35,742 764 1,050 45 37,601

 346,099 60,051 286,047 14,620 7,619 3,216 4,139 79 186 0 2,320 310,606 5,065 4,657 654 320,982

 40,779 6,458 34,320 1,794 956 952 0 4 0 587 146 37,803 2,335 1,814 269 42,221

 38,716 6,931 31,784 1,558 555 552 0 3 0 752 158 34,808 1,322 1,291 158 37,580

 80,827 12,476 68,351 3,726 4,738 4,686 0 11 42 309 374 77,499 5,178 4,998 366 88,040

 120,084 31,312 88,773 4,088 1,029 1,026 0 3 0 326 334 94,550 1,561 1,425 234 97,770

 83,096 12,759 70,337 3,627 922 920 0 2 0 368 271 75,523 1,280 815 534 78,153

 30,681 3,626 27,055 1,420 330 316 0 0 14 75 148 29,029 181 180 24 29,414

 17,8 2,7 15,1 7 2 2    3  16,5 3 3  17,2

H.4.15. Statement of Condition of Each Federal Reserve Bank, July 2, 2008 (continued)Millions of dollars

Assets, liabilities, and capital

Federal Reserve notes outstanding

Less: Notes held by F.R. Banks not subject to collateralization

Federal Reserve notes to be collateralized

Collateral held against Federal Reserve notes

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

Memo:Total U.S. Treasury and agency securities1

Less: Face value of securities under reverse repurchase agreements

U.S. Treasury and agency securities eligible to be pledged

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

Federal Reserve notes and collateral Wednesday

 Jul 2, 2008

Note: Components may not sum to totals because of rounding.1. Includes face value of U.S. Treasury and agency securities held outright, compensation to

adjust for the effect of inflation on the original face value of inflation-indexed securities, andcash value of repurchase agreements.

 988,324 193,229 795,095 795,095 11,037 2,200 551,564 230,294 591,866 40,302 551,564