FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                            January 3, 2008
1. Factors Affecting Reserve Balances of Depository Institutions
Millions of dollars
                                                                   Averages of daily figures
Reserve Bank credit, related items, and                   Week ended   Change from week ended     Wednesday
reserve balances of depository institutions at            Jan 2, 2008 Dec 26, 2007  Jan 3, 2007  Jan 2, 2008
Federal Reserve Banks

Reserve Bank Credit                                         891,743    +  18,231    +  32,341      908,003
 Securities held outright                                   740,611    -  13,994    -  38,305      740,627       
    U.S. Treasury (1)                                       740,611    -  13,994    -  38,305      740,627
       Bills (2)                                            227,841    -  14,015    -  49,178      227,841
       Notes and bonds, nominal (2)                         470,984            0    +   3,120      470,984
       Notes and bonds, inflation-indexed (2)                36,911            0    +   6,806       36,911
       Inflation compensation (3)                             4,876    +      21    +     948        4,892
    Federal agency (2)                                            0            0            0            0      
 Repurchase agreements(4)                                    39,750    +     214    -   1,107       56,750
 Term auction credit                                         40,000    +  20,000    +  40,000       40,000  
 Other loans                                                  5,787    +     959    +   5,554        4,923
    Primary credit                                            5,770    +     968    +   5,590        4,918
    Secondary credit                                              0            0            0            0
    Seasonal credit                                              16    -      10    -      38            5
 Float                                                       -1,017    -     115    -     807       -1,047
 Other Federal Reserve assets                                66,612    +  11,167    +  27,007       66,750
Gold stock                                                   11,041            0            0       11,041
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            38,821    +      14    +     615       38,821
       
Total factors supplying reserve funds                       943,805    +  18,245    +  32,957      960,065
                                                                   
Currency in circulation(5)                                  829,215    +   3,593    +   9,412      829,078
Reverse repurchase agreements (6)                            41,873    +   2,753    +  12,328       40,909
   Foreign official and international accounts               41,873    +   2,753    +  12,328       40,909
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          259    +      11    +       6          263
Deposits with F.R.Banks, other than reserve balances         16,106    +   4,200    +   3,373       14,291       
  U.S. Treasury, general account                              8,693    +   3,783    +   3,666        7,277
  Foreign official                                               97            0    +       3           98
  Service-related                                             6,615            0    -     242        6,615
     Required clearing balances                               6,615            0    -     227        6,615
     Adjustments to compensate for float                          0            0    -      14            0
  Other                                                         701    +     418    -      54          302
Other liabilities and capital                                43,209    +     410    +   6,897       42,466

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  930,663    +  10,969    +  32,017      927,007

Reserve balances with Federal Reserve Banks                  13,141    +   7,276    +     939       33,058
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)         2,060,887    +   4,476    + 297,857    2,063,762
     U.S. Treasury                                        1,230,841    +   4,657    +  68,552    1,233,372
     Federal agency                                         830,046    -     181    + 229,305      830,390
  Securities lent to dealers                                 16,504    +   2,374    +   9,157       18,110   


Note: Components may not sum to totals because of rounding.


1  Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities.  
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  Estimated. 
6  Cash value of agreements, which are collateralized by U.S. Treasury securities.
7  Includes U.S. Treasury STRIPS and other zero coupon bonds at face value.


Sources: Federal Reserve Banks and the U.S. Department of the Treasury.


2. Consolidated Statement of Condition of All Federal Reserve Banks
Millions of Dollars
                                              Eliminations                          Change Since
                                                  from       Wednesday        Wednesday        Wednesday
Assets, liabilities, and capital             consolidation  Jan 2, 2008     Dec 26, 2007      Jan 3, 2007

Assets
Gold certificate account                                        11,037                0                0
Special drawing rights certificate account                       2,200                0                0
Coin                                                             1,169        -       4        +     372
Securities, repurchase agreements, term auction
      credit, and other loans                                  842,300        +  20,653        +  22,379
   Securities held outright                                    740,627        -  13,985        -  38,283
      U.S. Treasury (1)                                        740,627        -  13,985        -  38,283       
         Bills (2)                                             227,841        -  14,015        -  49,178
         Notes and bonds, nominal (2)                          470,984                0        +   3,120
         Notes and bonds, inflation-indexed (2)                 36,911                0        +   6,806
         Inflation compensation (3)                              4,892        +      30        +     970
      Federal agency (2)                                             0                0                0
   Repurchase agreements (4)                                    56,750        +  14,250        +  17,000    
   Term auction credit                                          40,000        +  20,000        +  40,000
   Other loans                                                   4,923        +     388        +   3,661
Items in process of collection                      (871)        2,150        +     269        -   3,322
Bank premises                                                    2,134        +       6        +     189
Other assets (5)                                                64,711        +  10,959        +  27,559
      Total assets                                  (871)      925,701        +  31,883        +  47,177
                          
Liabilities
Federal Reserve notes, net of FR Bank holdings                 791,684        -     117        +  10,337
Reverse repurchase agreements (6)                               40,909        +     367        +  11,167
Deposits                                             (-6)       47,444        +  31,086        +  20,915       
  Depository institutions                                       39,769        +  28,330        +  19,725
  U.S. Treasury, general account                                 7,277        +   2,748        +   1,121
  Foreign official                                                  98        +       1        +       8
  Other                                              (-6)          302        +       9        +      63
Deferred availability cash items                    (878)        3,197        +     981        -   1,643
Other liabilities and accrued dividends (7)                      5,249        -     540        -     212
      Total liabilities                             (871)      888,484        +  31,778        +  40,564
                          
Capital Accounts
Capital paid in                                                 18,446        +      93        +   3,118
Surplus                                                         18,302        +   2,840        +   3,273
Other capital accounts                                             470        -   2,827        +     222
      Total capital                                             37,217        +     105        +   6,613


Note: Components may not sum to totals because of rounding.

1  Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities.
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 securites.
5  Includes assets denominated in foreign currencies, which are revalued daily at market exchange rates. 
6  Cash value of agreements, which are collateralized by U.S. Treasury securities.
7  Includes exchange-translation account reflecting the daily revaluation at market exchange rates of 
   foreign exchange commitments.



3. Maturity Distribution of Term Auction Credit, Other Loans and Securities,    January 2, 2008
Millions of dollars
                   Term auction    Other      U.S. Treasury                        Reverse
Remaining maturity    credit       loans       securities (1)        Repurchase   repurchase
                                                          Weekly     agreements(2)agreements(2)
                                              Holdings    changes    
Within 15 days          20,000        4,918      39,862   -   6,196       56,750       40,909
16 days to 90 days      20,000            5     143,717   -   3,068            0            0
91 days to 1 year     ------              0     150,526   -   7,088     ------      ------
Over 1 to 5 years     ------       ------       235,751   +   2,349     ------      ------
Over 5 to 10 years    ------       ------        81,950   +       5     ------      ------
Over 10 years         ------       ------        88,821   +      12     ------      ------
                   		 	
All                     40,000        4,923     740,627   -  13,985       56,750       40,909

Note: Components may not sum to totals because of rounding.
---   Not applicable.

1  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. 
2  Cash value of agreements.



4. Statement of Condition of Each Federal Reserve Bank on    January 2, 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        449      4,053        455        428        869      1,117        903        326        203        335        613      1,286
Special drawing rights certificate acct.       2,200        115        874         83        104        147        166        212         71         30         66         98        234
Coin                                           1,169         36         54         88        112        134        151        137         50         45         72        129        163
Securities, repurchase agreements, term
      auction credit, and other loans        842,300     36,748    327,448     35,276     32,643     69,865     73,980     67,964     26,535     15,909     25,937     36,434     93,559
   Securities held outright                  740,627     34,132    268,179     32,766     30,309     64,170     68,692     62,121     23,671     14,777     23,975     32,541     85,295
      U.S. Treasury (1)                      740,627     34,132    268,179     32,766     30,309     64,170     68,692     62,121     23,671     14,777     23,975     32,541     85,295
         Bills (2)                           227,841     10,500     82,500     10,080      9,324     19,741     21,132     19,111      7,282      4,546      7,375     10,011     26,239
         Notes and bonds(3)                  512,787     23,632    185,679     22,686     20,985     44,429     47,560     43,011     16,389     10,231     16,599     22,530     59,056
         Federal agency (2)                        0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements(4)                56,750      2,615     20,549      2,511      2,322      4,917      5,263      4,760      1,814      1,132      1,837      2,493      6,536
      Term auction credit                     40,000          0     33,957          0         12        775         25      1,080      1,050         0          0      1,400      1,701     
      Other loans                              4,923          0      4,763          0          0          4          0          3          0          0        125          0         28
Items in process of collection                 3,021        177         78        216        409        124        293        282         67        189        450        192        544
Bank premises                                  2,134        120        214         64        153        182        230        205        115        113        269        256        214
Other assets(5)                               64,711      1,953     18,328      6,374      4,073     14,233      5,449      3,958      1,041      1,185      1,074      1,359      5,684
Interdistrict settlement account                   0    +   683    -23,300    + 2,384    + 1,227    + 4,849    -    84    + 9,056    + 3,641    + 2,156    + 4,922    - 2,519    - 3,016
          Total Assets                       926,573     40,281    327,749     44,941     39,149     90,404     81,301     82,716     31,846     19,830     33,124     36,563     98,668

Note: Components may not sum to totals because of rounding.

1  Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities.
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  Includes assets denominated in foreign currencies, which are revalued daily at market exchange rates.




4. Statement of Condition of Each Federal Reserve Bank on    January 2, 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

Liabilities                         
Federal Reserve notes outstanding           1,009,663     39,260    355,946     42,019     39,613     81,315    107,785     86,964     33,282     19,395     33,682     57,456    112,947
  Less: notes held by F.R. Banks              217,979      5,806     74,330      7,578      7,214     13,729     35,607     13,533      3,785      2,792      3,236     24,791     25,577
    Federal Reserve notes, net                791,684     33,455    281,615     34,440     32,399     67,586     72,177     73,431     29,497     16,603     30,446     32,666     87,369
Reverse repurchase agreements (1)              40,909      1,885     14,813      1,810      1,674      3,544      3,794      3,431      1,308        816      1,324      1,797      4,711
Deposits                                       47,438      2,531     19,784      4,207      1,813      8,298      1,601      3,351        442      1,198        451        847      2,916
  Depository institutions                      39,769      2,456     12,276      4,202      1,810      8,237      1,597      3,348        431      1,198        449        846      2,919
  U.S. Treasury, general account                7,277          0      7,277          0          0          0          0          0          0          0          0          0          0
  Foreign official                                 98          1         67          5          3         11          3          2          0          1          0          1          3
  Other                                           296         74        165          0          0         50          0          0         10          0          1          0         -6
Deferred availability cash items                4,074        193        102        601        503        386        377        432         38        363        333        274        472
Other liabilities and accrued                 
  dividends (2)                                 5,249        215      2,031        212        229        503        467        404        193        131        174        237        452
   
    Total liabilities                         889,356     38,279    318,346     41,271     36,618     80,317     78,417     81,050     31,476     19,112     32,728     35,822     95,920
                              
Capital                    
Capital paid in                                18,446      1,049      4,619      1,813      1,291      4,996      1,421        814        180        355        194        363      1,350
Surplus                                        18,302        953      4,619      1,813      1,240      4,996      1,421        818        180        355        194        363      1,350
Other capital                                     470          0        166         44          0         95         43         34         10          9          9         14         47
     Total liabilities and capital            926,573     40,281    327,749     44,941     39,149     90,404     81,301     82,716     31,846     19,830     33,124     36,563     98,668
                              

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.


5. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts
Millions of dollars



Federal Reserve notes and collateral        Wednesday
                                           Jan 2, 2008
              
Federal Reserve notes outstanding           1,009,663
   Less: Notes held by F.R. Banks
         not subject to collateralization     217,979
      Federal Reserve notes to be
         collateralized                       791,684 
Collateral held against Federal Reserve            
   notes                                      791,684
   Gold certificate account                    11,037
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              756,409
   Other assets pledged                        22,039

Memo:
Total U.S. Treasury and agency 
       securities (1)                         797,377
   Less:face value of securities under
         reverse repurchase agreements         40,968
      U.S. Treasury and agency securities
             eligible to be pledged           756,409
   

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.