FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                                May 8, 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            May 7, 2008 Apr 30, 2008  May 9, 2007  May 7, 2008
Federal Reserve Banks

Reserve Bank credit                                         867,629    +   3,239    +  14,130      872,018
 Securities held outright                                   542,395    -   6,285    - 247,401      536,714       
    U.S. Treasury (1)                                       542,395    -   6,285    - 247,401      536,714
       Bills (2)                                             65,752    -   4,565    - 211,267       65,752
       Notes and bonds, nominal (2)                         432,531    -   2,415    -  41,942      426,818
       Notes and bonds, inflation-indexed (2)                39,171    +     629    +   4,712       39,171
       Inflation compensation (3)                             4,942    +      67    +   1,096        4,973
    Federal agency (2)                                            0            0            0            0      
 Repurchase agreements (4)                                  119,571    +  12,035    +  96,750      130,500
 Term auction credit                                        100,000            0    + 100,000      100,000  
 Other loans                                                 28,208    -   1,975    +  28,133       27,789
    Primary credit                                           11,655    +      67    +  11,650       11,490
    Secondary credit                                              0            0            0            0
    Seasonal credit                                              36    +      11    -      34           40
    Primary dealer credit facility                           16,517    -   2,054    +  16,517       16,260
    Other credit extensions                                       0            0            0            0
 Float                                                       -1,504    +     170    -   1,026       -1,739
 Other Federal Reserve assets                                78,959    -     705    +  37,675       78,754
Gold stock                                                   11,041            0            0       11,041
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            38,806    +      14    +     382       38,806
       
Total factors supplying reserve funds                       919,676    +   3,254    +  14,512      924,064
                                                                   
Currency in circulation (5)                                 814,372    +   1,904    +   5,694      816,554
Reverse repurchase agreements (6)                            38,766    -     613    +   2,747       39,031
   Foreign official and international accounts               38,766    -     613    +   2,747       39,031
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          277    -      39    +       8          256
Deposits with F.R. Banks, other than reserve balances        12,667    -     558    +     884       13,188       
  U.S. Treasury, general account                              5,191    -     530    +     277        5,730
  Foreign official                                               97    -       3    +       4           96
  Service-related                                             7,091            0    +     583        7,091
     Required clearing balances                               7,091            0    +     583        7,091
     Adjustments to compensate for float                          0            0            0            0
  Other                                                         287    -      26    +      19          271
Other liabilities and capital                                42,546    -     281    +   3,745       42,631

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  908,628    +     413    +  13,078      911,660

Reserve balances with Federal Reserve Banks                  11,048    +   2,841    +   1,434       12,404
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts (2,7)        2,279,742    +  16,334    + 348,610    2,272,927
     U.S. Treasury                                        1,346,761    +  17,229    + 118,729    1,342,098
     Federal agency                                         932,981    -     895    + 229,881      930,829
  Securities lent to dealers                                164,904    +   1,524    + 161,860      161,090   
     Overnight facility (8)                                  22,249    +   4,498    +  19,205       18,561
     Term facility (9)                                      142,655    -   2,974    + 142,655      142,529


Note: Components may not sum to totals because of rounding.

1. Includes securities lent to dealers under the overnight and term securities lending facilities.  
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.
8. Fully collateralized by U.S. Treasury securities.
9. Fully collateralized by U.S. Treasury securities, federal agency securities, and highly rated
   non-agency mortgage-backed securities.

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  May 7, 2008     Apr 30, 2008      May 9, 2007

Assets
Gold certificate account                                        11,037                0                0
Special drawing rights certificate account                       2,200                0                0
Coin                                                             1,431        -      29        +     415
Securities, repurchase agreements, term auction
      credit, and other loans                                  795,003        +   1,048        -  24,104
   Securities held outright                                    536,714        -  11,978        - 253,311
      U.S. Treasury (1)                                        536,714        -  11,978        - 253,311       
         Bills (2)                                              65,752        -   4,565        - 211,267
         Notes and bonds, nominal (2)                          426,818        -   7,499        -  47,854
         Notes and bonds, inflation-indexed (2)                 39,171                0        +   4,712
         Inflation compensation (3)                              4,973        +      86        +   1,098
      Federal agency (2)                                             0                0                0
   Repurchase agreements (4)                                   130,500        +  15,000        + 101,500    
   Term auction credit                                         100,000                0        + 100,000
   Other loans                                                  27,789        -   1,974        +  27,707
Items in process of collection                      (529)        1,325        -      27        -   2,819
Bank premises                                                    2,145        -      13        +     139
Other assets (5)                                                76,480        -     399        +  36,991
      Total assets                                  (529)      889,621        +     581        +  10,623
                          
Liabilities
Federal Reserve notes, net of FR Bank holdings                 779,432        +   2,342        +   6,153
Reverse repurchase agreements (6)                               39,031        -   1,673        +   3,621
Deposits                                              (0)       25,463        -     182        -   2,120       
  Depository institutions                                       19,366        -     933        -   3,137
  U.S. Treasury, general account                                 5,730        +     775        +   1,004
  Foreign official                                                  96        -      10        +       3
  Other                                               (0)          271        -      14        +      10
Deferred availability cash items                    (529)        3,064        -      11        -   1,115
Other liabilities and accrued dividends (7)                      2,530        -     464        -   3,376
      Total liabilities                             (529)      849,520        +      11        +   3,162
                          
Capital Accounts
Capital paid in                                                 19,623        +      17        +   3,732
Surplus                                                         18,479        +       3        +   3,105
Other capital accounts                                           2,000        +     551        +     625
      Total capital                                             40,101        +     570        +   7,461


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 1, footnotes 8 and 9.
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,        May 7, 2008
Millions of dollars
                                                 U.S. Treasury                       Reverse
Remaining maturity       Term                    securities (1)       Repurchase   repurchase
                       auction       Other                Weekly      agreements   agreements   
                        credit       loans    Holdings    changes         (2)          (2)          
Within 15 days         100,000       16,917      32,088   +   1,593       90,500       39,031
16 days to 90 days           0       10,872      41,326   +   3,131       40,000            0
91 days to 1 year          ---            0      93,056   -   9,283          ---          ---
Over 1 to 5 years          ---          ---     192,466   -   4,972          ---          ---
Over 5 to 10 years         ---          ---      83,432   -   2,482          ---          ---
Over 10 years              ---          ---      94,346   +      35          ---          ---
                            
All                    100,000       27,789     536,714   -  11,978      130,500       39,031

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        May 7, 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                                           1,431         49         68        103        133        167        164        174         60         63         94        153        203
Securities, repurchase agreements, term
      auction credit, and other loans        795,003     28,487    347,428     29,163     25,800     69,274     68,487     60,223     25,202     12,638     24,574     27,677     76,049
   Securities held outright                  536,714     22,512    190,959     23,434     20,352     48,668     53,402     47,370     18,547     10,133     19,707     22,263     59,366
      U.S. Treasury (1)                      536,714     22,512    190,959     23,434     20,352     48,668     53,402     47,370     18,547     10,133     19,707     22,263     59,366
         Bills (2)                            65,752      2,758     23,394      2,871      2,493      5,962      6,542      5,803      2,272      1,241      2,414      2,727      7,273
         Notes and bonds (3)                 470,962     19,754    167,565     20,563     17,859     42,706     46,860     41,567     16,275      8,891     17,293     19,536     52,094
      Federal agency (2)                           0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements (4)              130,500      5,474     46,431      5,698      4,949     11,834     12,985     11,518      4,510      2,464      4,792      5,413     14,435
      Term auction credit                    100,000        500     84,024          0        500      8,755      2,100        801      2,075        37         50          0      1,158     
      Other loans                             27,789          2     26,014         31          0         17          0        534         71          6         25          0      1,090
Items in process of collection                 1,854         72          0         54        290         89        146        260         34        165        233        192        320
Bank premises                                  2,145        118        213         65        151        193        228        207        122        112        276        254        208
Other assets (5)                              76,480      4,041     21,664      6,527      4,794     17,622      6,153      3,974      1,146      1,460      1,220      1,834      6,044
Interdistrict settlement account                   0    + 4,025    -55,812    + 3,611    + 5,403    - 5,683    +13,809    +13,928    + 2,534    + 3,177    + 4,126    + 4,132    + 6,750
          Total Assets                       890,150     37,331    318,371     40,058     37,098     82,701     90,373     79,891     29,512     17,844     30,938     34,976     91,057

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 1, footnotes 8 and 9.
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        May 7, 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             982,096     38,178    338,940     41,225     39,291     79,879    114,511     84,447     31,479     18,400     32,099     55,860    107,786
  Less: notes held by F.R. Banks              202,664      5,615     57,974      7,693      8,038     13,799     33,024     14,103      4,277      2,739      3,836     24,575     26,990
    Federal Reserve notes, net                779,432     32,563    280,965     33,532     31,253     66,080     81,487     70,344     27,202     15,660     28,263     31,285     80,797
Reverse repurchase agreements (1)              39,031      1,637     13,887      1,704      1,480      3,539      3,883      3,445      1,349        737      1,433      1,619      4,317
Deposits                                       25,463        574     13,420        427        899      2,008      1,019      2,865        353        319        419      1,016      2,145
  Depository institutions                      19,366        571      7,462        422        896      1,910      1,016      2,863        336        315        417      1,015      2,142
  U.S. Treasury, general account                5,730          0      5,730          0          0          0          0          0          0          0          0          0          0
  Foreign official                                 96          2         66          4          3         11          3          2          0          1          0          1          3
  Other                                           271          0        162          1          0         87          0          0         17          3          1          0          0
Deferred availability cash items                3,593        193          0        523        585        291        288        310         53        337        254        226        533
Other liabilities and accrued                 
  dividends (2)                                 2,530        166        -87        189        191        490        386        309        152        107        136        172        318
   
    Total liabilities                         850,049     35,132    308,185     36,375     34,408     72,408     87,064     77,273     29,110     17,160     30,504     34,318     88,111
                              
Capital                    
Capital paid in                                19,623      1,087      4,903      1,851      1,340      5,174      1,611      1,276        183        315        200        258      1,424
Surplus                                        18,479      1,050      4,643      1,814      1,291      4,998      1,425        815        180        355        194        364      1,350
Other capital                                   2,000         61        639         19         58        121        272        528         40         15         40         37        171
     Total liabilities and capital            890,150     37,331    318,371     40,058     37,098     82,701     90,373     79,891     29,512     17,844     30,938     34,976     91,057
                              

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
                                           May 7, 2008
              
Federal Reserve notes outstanding             982,096
   Less: Notes held by F.R. Banks
         not subject to collateralization     202,664
      Federal Reserve notes to be
         collateralized                       779,432 
Collateral held against Federal Reserve            
   notes                                      779,432
   Gold certificate account                    11,037
   Special drawing rights certificate     
     account                                    2,200
   U.S. Treasury and agency securities   
     pledged (1)                              628,099
   Other assets pledged                       138,096

Memo:
Total U.S. Treasury and agency 
       securities (1)                         667,214
   Less: face value of securities under
         reverse repurchase agreements         39,115
      U.S. Treasury and agency securities
             eligible to be pledged           628,099
   

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.