FEDERAL RESERVE statistical release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                            August 14, 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                                    Aug 13, 2008  Aug 6, 2008 Aug 15, 2007 Aug 13, 2008

Reserve Bank credit                                         883,000    -   6,150    +  15,319      895,117
  Securities held outright                                  479,396    +     105    - 311,259      479,434       
    U.S. Treasury (1)                                       479,396    +     105    - 311,259      479,434
      Bills (2)                                              21,740            0    - 255,279       21,740
      Notes and bonds, nominal (2)                          411,731            0    -  61,471      411,731
      Notes and bonds, inflation-indexed (2)                 39,832            0    +   4,079       39,832
      Inflation compensation (3)                              6,093    +     105    +   1,412        6,131
    Federal agency (2)                                            0            0            0            0      
  Repurchase agreements (4)                                 105,786    -   4,714    +  69,500      118,250
  Term auction credit                                       150,000            0    + 150,000      150,000  
  Other loans                                                17,807    +     344    +  17,536       17,651
    Primary credit                                           17,699    +     329    +  17,688       17,552
    Secondary credit                                              7    +       7    +       7            0
    Seasonal credit                                             100    +       7    -     160           99
    Primary dealer credit facility                                0            0            0            0
    Other credit extensions                                       0            0            0            0
  Net portfolio holdings of Maiden Lane LLC (5)              29,145    +      40    +  29,145       29,179
  Float                                                      -1,120    +      60    -      75         -991
  Other Federal Reserve assets                              101,987    -   1,984    +  60,473      101,594
Gold stock                                                   11,041            0            0       11,041
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (6)                            38,761    +      14    +     199       38,761
       
Total factors supplying reserve funds                       935,002    -   6,136    +  15,517      947,119
                                                                   
Currency in circulation (6)                                 831,170    -     397    +  18,810      832,192
Reverse repurchase agreements (7)                            42,458    -   1,332    +  11,101       44,172
  Foreign official and international accounts                42,458    -   1,332    +  11,101       44,172
  Dealers                                                         0            0            0            0
Treasury cash holdings                                          298    -      17    +      39          296
Deposits with F.R. Banks, other than reserve balances        12,510    +     147    +     846       12,142       
  U.S. Treasury, general account                              4,859    -      21    +     124        4,715
  Foreign official                                              319    +     204    +     224          101
  Service-related                                             7,007    -      12    +     445        7,007
    Required clearing balances                                7,007    -      12    +     445        7,007
    Adjustments to compensate for float                           0            0            0            0
  Other                                                         325    -      23    +      52          319
Other liabilities and capital (8)                            40,577    -   2,236    +     540       39,982

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  927,013    -   3,835    +  31,336      928,783

Reserve balances with Federal Reserve Banks                   7,990    -   2,300    -  15,818       18,335
                                                                
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,    August 13, 2008 
Millions of dollars
                                                                   Averages of daily figures
Memorandum item                                           Week ended   Change from week ended     Wednesday
                                                         Aug 13, 2008  Aug 6, 2008 Aug 15, 2007 Aug 13, 2008

Marketable securities held in custody for foreign
      official and international accounts (1)             2,394,883    -     801    + 390,062    2,394,588
  U.S. Treasury                                           1,415,828    -   3,015    + 171,866    1,419,375
  Federal agency                                            979,054    +   2,212    + 218,195      975,212
Securities lent to dealers                                  131,154    -   1,705    + 126,453      131,057   
  Overnight facility (2)                                      2,837    -   5,160    -   1,864        2,211
  Term facility (3)                                         128,318    +   3,456    + 128,318      128,846

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                                                                                    Aug 13, 2008
         
Net portfolio holdings of Maiden Lane LLC (1)                                                       29,179

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)                                    87
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3)        1,160
 
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,    August 13, 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                    150,000        3,354       21,201    +   2,161       78,250       44,172
16 days to 90 days                      0       14,297       25,759    -   2,162       40,000            0
91 days to 1 year                     ---            0       69,504    +       7          ---          ---
Over 1 year to 5 years                ---          ---      175,596    +      33          ---          ---
Over 5 years to 10 years              ---          ---       89,907    +      21          ---          ---
Over 10 years                         ---          ---       97,467    +      43          ---          ---
                             
All                               150,000       17,651      479,434    +     104      118,250       44,172

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 Aug 13, 2008      Aug 6, 2008     Aug 15, 2007

Assets
Gold certificate account                                           11,037                0                0
Special drawing rights certificate account                          2,200                0                0
Coin                                                                1,378        -       1        +     340
Securities, repurchase agreements, term auction
      credit, and other loans                                     765,335        +  13,751        -  48,531
  Securities held outright                                        479,434        +     104        - 310,167
    U.S. Treasury (1)                                             479,434        +     104        - 310,167       
      Bills (2)                                                    21,740                0        - 255,279
      Notes and bonds, nominal (2)                                411,731                0        -  60,411
      Notes and bonds, inflation-indexed (2)                       39,832                0        +   4,079
      Inflation compensation (3)                                    6,131        +     104        +   1,443
    Federal agency (2)                                                  0                0                0
  Repurchase agreements (4)                                       118,250        +  13,500        +  94,250    
  Term auction credit                                             150,000                0        + 150,000
  Other loans                                                      17,651        +     147        +  17,387
Net portfolio holdings of Maiden Lane LLC (5)                      29,179        +      40        +  29,179
Items in process of collection                         (532)        1,600        -     914        -     908
Bank premises                                                       2,162        +       2        +      95
Other assets (6)                                                   99,435        -   1,860        +  63,245
     
      Total assets                                     (532)      912,326        +  11,019        +  43,422
                          
Liabilities
Federal Reserve notes, net of F.R. Bank holdings                  795,101        -     747        +  19,312
Reverse repurchase agreements (7)                                  44,172        +     974        +  12,231
Deposits                                                 (0)       30,480        +  14,415        +  12,424       
  Depository institutions                                          25,345        +  14,483        +  12,780
  U.S. Treasury, general account                                    4,715        -      83        -     394
  Foreign official                                                    101                0        +       5
  Other                                                  (0)          319        +      16        +      33
Deferred availability cash items                       (532)        2,592        -   1,577        -     846
Other liabilities and accrued dividends (8,9)                        -136        -   1,848        -   6,103

      Total liabilities                                (532)      872,209        +  11,217        +  37,019
                          
Capital accounts
Capital paid in                                                    19,935        -       2        +   3,156
Surplus                                                            18,505        +       3        +   3,093
Other capital accounts                                              1,678        -     197        +     155

      Total capital                                                40,117        -     198        +   6,403

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,    August 13, 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                                           1,378         38         63         99        120        172        170        165         51         50         97        156        197
Securities, repurchase agreements, term
      auction credit, and other loans        765,335     28,279    311,704     29,021     33,587     65,758     66,116     56,464     23,340     12,132     23,972     29,009     85,952
  Securities held outright                   479,434     20,109    170,580     20,933     18,180     43,474     47,703     42,315     16,568      9,051     17,604     19,887     53,031
    U.S. Treasury (1)                        479,434     20,109    170,580     20,933     18,180     43,474     47,703     42,315     16,568      9,051     17,604     19,887     53,031
      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)                    457,694     19,197    162,845     19,984     17,356     41,503     45,540     40,396     15,816      8,641     16,806     18,986     50,626
    Federal agency (2)                             0          0          0          0          0          0          0          0          0          0          0          0          0
  Repurchase agreements (4)                  118,250      4,960     42,073      5,163      4,484     10,723     11,766     10,437      4,086      2,232      4,342      4,905     13,080
  Term auction credit                        150,000      3,200     87,052      2,895     10,910     11,077      6,360      2,850      2,475         46      2,000      3,854     17,281     
  Other loans                                 17,651         10     12,000         30         14        484        287        863        211        802         27        363      2,560
Net portfolio holdings of Maiden Lane 
      LLC (5)                                 29,179          0     29,179          0          0          0          0          0          0          0          0          0          0
Items in process of collection                 2,133         44          0        220        322         63        344        101         26        131        443        167        273
Bank premises                                  2,162        121        212         65        150        209        226        208        126        111        275        252        207
Other assets (6)                              99,435      5,336     27,387      8,886      6,384     23,798      7,928      4,992      1,343      1,889      1,456      2,297      7,738
Interdistrict settlement account                   0    + 3,016    -44,485    + 4,659    - 4,132    - 4,277    +23,116    +15,990    + 4,091    + 2,571    + 3,938    + 2,333    - 6,819

      Total assets                           912,859     37,373    328,869     43,486     36,958     86,761     99,287     79,045     29,392     17,112     30,596     34,948     89,031

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,    August 13, 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             991,705     36,984    352,127     40,436     38,662     80,539    120,868     82,415     30,553     17,836     31,483     55,438    104,364
  Less: Notes held by F.R. Banks              196,604      5,229     58,752      7,068      7,419     12,995     30,904     13,654      3,584      2,963      3,787     24,149     26,101
    Federal Reserve notes, net                795,101     31,754    293,376     33,368     31,243     67,544     89,964     68,762     26,970     14,872     27,697     31,289     78,263
Reverse repurchase agreements (1)              44,172      1,853     15,716      1,929      1,675      4,005      4,395      3,899      1,526        834      1,622      1,832      4,886
Deposits                                       30,480      1,618     12,006      3,186        523      4,357      1,238      3,295        318        376        473        771      2,320
  Depository institutions                      25,345      1,613      7,023      3,182        519      4,257      1,235      3,278        304        376        472        770      2,317
  U.S. Treasury, general account                4,715          0      4,715          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                                           319          2        197          0          1         89          0         15         14          0          1          0          0
Deferred availability cash items                3,124        165          0        410        676        215        219        218         50        246        246        241        438
Other liabilities and accrued                 
  dividends (2,3)                                -136        143     -2,487        164        170        413        332        286        150        103        125        170        296
   
      Total liabilities                       872,741     35,532    318,611     39,056     34,286     76,534     96,148     76,458     29,014     16,433     30,163     34,303     86,203
                              
Capital                    
Capital paid in                                19,935        787      5,068      2,328      1,342      5,189      1,562      1,281        182        321        210        267      1,398
Surplus                                        18,505      1,050      4,668      1,814      1,291      4,999      1,425        815        180        355        193        364      1,351
Other capital                                   1,678          5        522        288         39         39        152        490         16          4         30         14         79

      Total liabilities and capital           912,859     37,373    328,869     43,486     36,958     86,761     99,287     79,045     29,392     17,112     30,596     34,948     89,031
                              
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
                                                                                                Aug 13, 2008
              
Federal Reserve notes outstanding                                                                  991,705
  Less: Notes held by F.R. Banks not subject to collateralization                                  196,604
    Federal Reserve notes to be collateralized                                                     795,101 
Collateral held against Federal Reserve notes                                                      795,101
  Gold certificate account                                                                          11,037
  Special drawing rights certificate account                                                         2,200
  U.S. Treasury and agency securities pledged (1)                                                  554,113
  Other assets pledged                                                                             227,750

Memo:
Total U.S. Treasury and agency securities (1)                                                      597,684
  Less: Face value of securities under reverse repurchase agreements                                43,570
    U.S. Treasury and agency securities eligible to be pledged                                     554,113
   
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.