FEDERAL RESERVE statistical release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                            August 21, 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 20, 2008 Aug 13, 2008 Aug 22, 2007 Aug 20, 2008

Reserve Bank credit                                         887,648    +   4,655    +  36,014      880,392
  Securities held outright                                  479,500    +     104    - 310,113      479,538       
    U.S. Treasury (1)                                       479,500    +     104    - 310,113      479,538
      Bills (2)                                              21,740            0    - 255,279       21,740
      Notes and bonds, nominal (2)                          411,731            0    -  60,411      411,731
      Notes and bonds, inflation-indexed (2)                 39,832            0    +   4,079       39,832
      Inflation compensation (3)                              6,197    +     104    +   1,498        6,235
    Federal agency (2)                                            0            0            0            0      
  Repurchase agreements (4)                                 107,714    +   1,928    +  85,107      100,750
  Term auction credit                                       150,000            0    + 150,000      150,000  
  Other loans                                                17,609    -     198    +  16,068       18,563
    Primary credit                                           17,513    -     186    +  16,313       18,469
    Secondary credit                                              0    -       7    -      85            0
    Seasonal credit                                              95    -       5    -     161           94
    Primary dealer credit facility                                0            0            0            0
    Other credit extensions                                       0            0            0            0
  Net portfolio holdings of Maiden Lane LLC (5)              29,183    +      38    +  29,183       29,207
  Float                                                        -933    +     193    -     174       -1,694
  Other Federal Reserve assets                              104,575    +   2,588    +  65,943      104,028
Gold stock                                                   11,041            0            0       11,041
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (6)                            38,775    +      14    +     202       38,775
       
Total factors supplying reserve funds                       939,664    +   4,669    +  36,216      932,407
                                                                   
Currency in circulation (6)                                 830,116    -   1,054    +  19,079      830,774
Reverse repurchase agreements (7)                            44,455    +   1,997    +  13,104       43,606
  Foreign official and international accounts                44,455    +   1,997    +  13,104       43,606
  Dealers                                                         0            0            0            0
Treasury cash holdings                                          297    -       1    +      17          306
Deposits with F.R. Banks, other than reserve balances        12,366    -     144    +     132       12,768       
  U.S. Treasury, general account                              4,765    -      94    -      77        5,177
  Foreign official                                              103    -     216    +       4          102
  Service-related                                             7,180    +     173    +     322        7,180
    Required clearing balances                                7,176    +     169    +     321        7,176
    Adjustments to compensate for float                           3    +       3            0            3
  Other                                                         318    -       7    -     116          310
Other liabilities and capital (8)                            41,734    +   1,157    +   1,291       41,699

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  928,968    +   1,955    +  33,623      929,153

Reserve balances with Federal Reserve Banks                  10,696    +   2,714    +   2,593        3,254
                                                                
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 20, 2008 
Millions of dollars
                                                                   Averages of daily figures
Memorandum item                                           Week ended   Change from week ended     Wednesday
                                                         Aug 20, 2008 Aug 13, 2008 Aug 22, 2007 Aug 20, 2008

Marketable securities held in custody for foreign
      official and international accounts (1)             2,405,864    +  10,981    + 419,453    2,395,304
  U.S. Treasury                                           1,430,854    +  15,026    + 212,024    1,423,017
  Federal agency                                            975,010    -   4,044    + 207,428      972,287
Securities lent to dealers                                  124,811    -   6,343    + 119,730      126,022   
  Overnight facility (2)                                      5,823    +   2,986    +     742        8,676
  Term facility (3)                                         118,989    -   9,329    + 118,989      117,346

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 20, 2008
         
Net portfolio holdings of Maiden Lane LLC (1)                                                       29,207

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)                                    99
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3)        1,162
 
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 20, 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                     75,000        3,821       15,488    -   5,713       60,750       43,606
16 days to 90 days                 75,000       14,742       31,182    +   5,423       40,000            0
91 days to 1 year                     ---            0       70,313    +     809          ---          ---
Over 1 year to 5 years                ---          ---      169,506    -   6,090          ---          ---
Over 5 years to 10 years              ---          ---       91,812    +   1,905          ---          ---
Over 10 years                         ---          ---      101,237    +   3,770          ---          ---
                             
All                               150,000       18,563      479,538    +     104      100,750       43,606

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 20, 2008     Aug 13, 2008     Aug 22, 2007

Assets
Gold certificate account                                           11,037                0                0
Special drawing rights certificate account                          2,200                0                0
Coin                                                                1,402        +      24        +     385
Securities, repurchase agreements, term auction
      credit, and other loans                                     748,851        -  16,484        -  62,030
  Securities held outright                                        479,538        +     104        - 310,081
    U.S. Treasury (1)                                             479,538        +     104        - 310,081       
      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)                                    6,235        +     104        +   1,529
    Federal agency (2)                                                  0                0                0
  Repurchase agreements (4)                                       100,750        -  17,500        +  81,750    
  Term auction credit                                             150,000                0        + 150,000
  Other loans                                                      18,563        +     912        +  16,301
Net portfolio holdings of Maiden Lane LLC (5)                      29,207        +      28        +  29,207
Items in process of collection                         (509)          938        -     662        -   1,717
Bank premises                                                       2,163        +       1        +      95
Other assets (6)                                                  101,894        +   2,459        +  64,999
     
      Total assets                                     (509)      897,692        -  14,634        +  30,939
                          
Liabilities
Federal Reserve notes, net of F.R. Bank holdings                  793,703        -   1,398        +  19,163
Reverse repurchase agreements (7)                                  43,606        -     566        +  13,650
Deposits                                                 (0)       16,051        -  14,429        -   2,718       
  Depository institutions                                          10,463        -  14,882        -   2,619
  U.S. Treasury, general account                                    5,177        +     462        -     152
  Foreign official                                                    102        +       1        +       7
  Other                                                  (0)          310        -       9        +      47
Deferred availability cash items                       (509)        2,632        +      40        -     556
Other liabilities and accrued dividends (8,9)                       1,264        +   1,400        -   4,766

      Total liabilities                                (509)      857,256        -  14,953        +  24,773
                          
Capital accounts
Capital paid in                                                    20,189        +     254        +   3,348
Surplus                                                            18,507        +       2        +   3,095
Other capital accounts                                              1,740        +      62        -     276

      Total capital                                                40,436        +     319        +   6,166

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 20, 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                                           1,402         36         65        100        122        173        175        167         52         51         99        159        202
Securities, repurchase agreements, term
      auction credit, and other loans        748,851     28,250    305,717     26,703     31,942     65,944     66,257     54,906     22,811     11,996     27,760     27,257     79,308
  Securities held outright                   479,538     20,114    170,617     20,937     18,184     43,484     47,713     42,324     16,571      9,053     17,608     19,892     53,042
    U.S. Treasury (1)                        479,538     20,114    170,617     20,937     18,184     43,484     47,713     42,324     16,571      9,053     17,608     19,892     53,042
      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)                    457,798     19,202    162,882     19,988     17,359     41,512     45,550     40,405     15,820      8,643     16,809     18,990     50,637
    Federal agency (2)                             0          0          0          0          0          0          0          0          0          0          0          0          0
  Repurchase agreements (4)                  100,750      4,226     35,846      4,399      3,820      9,136     10,024      8,892      3,482      1,902      3,699      4,179     11,144
  Term auction credit                        150,000      3,900     87,122      1,295      9,400     13,160      8,205      2,765      2,475         31      6,425      2,800     12,422     
  Other loans                                 18,563         11     12,132         72        538        164        314        925        284      1,010         28        386      2,700
Net portfolio holdings of Maiden Lane 
      LLC (5)                                 29,207          0     29,207          0          0          0          0          0          0          0          0          0          0
Items in process of collection                 1,447         54          0        212        232         85        206        138         14         97        135        113        160
Bank premises                                  2,163        121        212         65        150        210        226        207        127        111        275        253        207
Other assets (6)                             101,894      5,535     27,629      9,322      6,672     25,106      8,002      4,950      1,281      1,941      1,395      2,274      7,787
Interdistrict settlement account                   0    + 1,361    -41,856    + 3,905    - 2,953    - 8,968    +23,198    +14,746    + 4,596    + 2,571    +   424    + 3,874    -   898

      Total assets                           898,201     35,897    325,783     40,843     36,692     83,587     99,452     76,240     29,296     16,996     30,504     34,663     88,249

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 20, 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             992,338     36,925    351,938     40,778     39,184     80,938    120,696     82,362     30,555     17,814     31,545     55,337    104,266
  Less: Notes held by F.R. Banks              198,635      5,382     58,179      7,199      8,357     13,448     30,472     14,042      3,745      2,962      3,954     24,386     26,509
    Federal Reserve notes, net                793,703     31,543    293,759     33,579     30,827     67,490     90,224     68,320     26,809     14,852     27,591     30,950     77,757
Reverse repurchase agreements (1)              43,606      1,829     15,515      1,904      1,654      3,954      4,339      3,849      1,507        823      1,601      1,809      4,823
Deposits                                       16,051        374      7,330        302        566      1,279      1,094        909        405        298        547        825      2,124
  Depository institutions                      10,463        362      1,883        297        562      1,180      1,091        907        394        297        545        824      2,121
  U.S. Treasury, general account                5,177          0      5,177          0          0          0          0          0          0          0          0          0          0
  Foreign official                                102          2         72          4          3         11          3          2          0          1          0          1          3
  Other                                           310         10        198          0          1         88          0          0         11          0          1          0          0
Deferred availability cash items                3,142        159          0        464        615        246        255        266         44        239        205        260        387
Other liabilities and accrued                 
  dividends (2,3)                               1,264        151     -1,147        169        174        414        352        293        151        104        126        172        304
   
      Total liabilities                       857,766     34,057    315,457     36,418     33,836     73,382     96,265     73,636     28,917     16,317     30,069     34,016     85,396
                              
Capital                    
Capital paid in                                20,189        787      5,087      2,328      1,521      5,189      1,595      1,290        182        320        210        267      1,412
Surplus                                        18,507      1,050      4,670      1,814      1,291      4,999      1,425        815        180        355        193        364      1,351
Other capital                                   1,740          3        569        283         43         16        167        498         18          4         31         16         91

      Total liabilities and capital           898,201     35,897    325,783     40,843     36,692     83,587     99,452     76,240     29,296     16,996     30,504     34,663     88,249
                              
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 20, 2008
              
Federal Reserve notes outstanding                                                                  992,338
  Less: Notes held by F.R. Banks not subject to collateralization                                  198,635
    Federal Reserve notes to be collateralized                                                     793,703 
Collateral held against Federal Reserve notes                                                      793,703
  Gold certificate account                                                                          11,037
  Special drawing rights certificate account                                                         2,200
  U.S. Treasury and agency securities pledged (1)                                                  537,703
  Other assets pledged                                                                             242,762

Memo:
Total U.S. Treasury and agency securities (1)                                                      580,288
  Less: Face value of securities under reverse repurchase agreements                                42,585
    U.S. Treasury and agency securities eligible to be pledged                                     537,703
   
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.