FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                          February 28, 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           Feb 27, 2008 Feb 20, 2008 Feb 28, 2007 Feb 27, 2008
Federal Reserve Banks

Reserve Bank Credit                                         866,606    -     253    +  13,191      879,351
 Securities held outright                                   713,358    -       6    -  66,089      713,355       
    U.S. Treasury (1)                                       713,358    -       6    -  66,089      713,355
       Bills (2)                                            200,360            0    -  76,659      200,360
       Notes and bonds, nominal (2)                         470,010            0    +   2,798      470,010
       Notes and bonds, inflation-indexed (2)                38,437            0    +   6,661       38,437
       Inflation compensation (3)                             4,551    -       7    +   1,110        4,549
    Federal agency (2)                                            0            0            0            0      
 Repurchase agreements(4)                                    42,857    -     679    +   6,571       54,500
 Term auction credit                                         60,000            0    +  60,000       60,000  
 Other loans                                                    173    -      50    +     140          687
    Primary credit                                              169    -      51    +     158          683
    Secondary credit                                              0            0            0            0
    Seasonal credit                                               5    +       2    -      16            4
 Float                                                       -1,105    +     186    -     665       -1,209
 Other Federal Reserve assets                                51,323    +     297    +  13,233       52,018
Gold stock                                                   11,041            0            0       11,041
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            38,793    +      14    +     488       38,793
       
Total factors supplying reserve funds                       918,640    -     239    +  13,679      931,385
                                                                   
Currency in circulation(5)                                  815,477    -   1,683    +   8,838      816,636
Reverse repurchase agreements (6)                            39,533    +   1,556    +     821       42,648
   Foreign official and international accounts               39,533    +   1,556    +     821       42,648
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          261    -       8    +      60          261
Deposits with F.R.Banks, other than reserve balances         11,870    +     854    +     115       12,222       
  U.S. Treasury, general account                              4,740    +     879    +      66        5,103
  Foreign official                                               98            0    +       7           99
  Service-related                                             6,750    +       3    +      12        6,750
     Required clearing balances                               6,750    +       3    +      12        6,750
     Adjustments to compensate for float                          0            0            0            0
  Other                                                         283    -      27    +      31          270
Other liabilities and capital                                43,734    +   1,327    +   5,665       44,130

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  910,875    +   2,047    +  15,498      915,897

Reserve balances with Federal Reserve Banks                   7,766    -   2,285    -   1,818       15,487
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)         2,141,456    +  11,236    + 308,086    2,147,318
     U.S. Treasury                                        1,270,283    +   6,220    +  69,770    1,276,392
     Federal agency                                         871,173    +   5,015    + 238,317      870,926
  Securities lent to dealers                                 14,459    -   1,560    +  12,077       20,365   


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 Feb 27, 2008     Feb 20, 2008     Feb 28, 2007

Assets
Gold certificate account                                        11,037                0                0
Special drawing rights certificate account                       2,200                0                0
Coin                                                             1,352        -       7        +     367
Securities, repurchase agreements, term auction
      credit, and other loans                                  828,542        +  15,058        +   2,477
   Securities held outright                                    713,355        -       7        -  67,438
      U.S. Treasury (1)                                        713,355        -       7        -  67,438       
         Bills (2)                                             200,360                0        -  76,659
         Notes and bonds, nominal (2)                          470,010                0        +   1,457
         Notes and bonds, inflation-indexed (2)                 38,437                0        +   6,661
         Inflation compensation (3)                              4,549        -       7        +   1,103
      Federal agency (2)                                             0                0                0
   Repurchase agreements (4)                                    54,500        +  15,750        +   9,250    
   Term auction credit                                          60,000                0        +  60,000
   Other loans                                                     687        -     684        +     665
Items in process of collection                      (469)        1,565        -   1,349        -   1,475
Bank premises                                                    2,138        +       4        +     164
Other assets (5)                                                49,766        +   1,436        +  13,800
      Total assets                                  (469)      896,599        +  15,142        +  15,332
                          
Liabilities
Federal Reserve notes, net of FR Bank holdings                 779,452        -   1,051        +   8,494
Reverse repurchase agreements (6)                               42,648        +   4,038        +   3,003
Deposits                                              (0)       27,595        +  12,346        -     869       
  Depository institutions                                       22,123        +  11,800        -     783
  U.S. Treasury, general account                                 5,103        +     578        -      91
  Foreign official                                                  99        -       2        +       8
  Other                                               (0)          270        -      29        -       4
Deferred availability cash items                    (469)        2,774        -   1,406        -   1,279
Other liabilities and accrued dividends (7)                      4,716        +     322        -     981
      Total liabilities                             (469)      857,185        +  14,250        +   8,368
                          
Capital Accounts
Capital paid in                                                 19,395        +      42        +   3,442
Surplus                                                         18,457                0        +   3,175
Other capital accounts                                           1,562        +     849        +     348
      Total capital                                             39,414        +     892        +   6,964


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,  February 27, 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          60,000          687      47,921   -     250       54,500       42,648
16 days to 90 days           0            0     116,819   +   1,970            0            0
91 days to 1 year     ------              0     134,163   -   1,721     ------      ------
Over 1 to 5 years     ------       ------       231,341   -       2     ------      ------
Over 5 to 10 years    ------       ------        88,938   -       1     ------      ------
Over 10 years         ------       ------        94,174   -       3     ------      ------
                   		 	
All                     60,000          687     713,355   -       7       54,500       42,648

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  February 27, 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                                           1,352         45         63        108        128        155        169        155         58         54         83        141        193
Securities, repurchase agreements, term
      auction credit, and other loans        828,542     36,899    323,094     33,970     31,558     67,342     76,412     64,775     25,147     15,787     25,057     34,987     93,514
   Securities held outright                  713,355     32,876    258,304     31,559     29,193     61,807     66,162     59,834     22,800     14,233     23,092     31,342     82,154
      U.S. Treasury (1)                      713,355     32,876    258,304     31,559     29,193     61,807     66,162     59,834     22,800     14,233     23,092     31,342     82,154
         Bills (2)                           200,360      9,234     72,550      8,864      8,199     17,360     18,583     16,806      6,404      3,998      6,486      8,803     23,075
         Notes and bonds(3)                  512,995     23,642    185,754     22,695     20,993     44,447     47,579     43,028     16,396     10,235     16,606     22,539     59,080
         Federal agency (2)                        0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements(4)                54,500      2,512     19,734      2,411      2,230      4,722      5,055      4,571      1,742      1,087      1,764      2,395      6,277
      Term auction credit                     60,000      1,510     44,872          0         10        813      5,195        370        580       466        200      1,250      4,734     
      Other loans                                687          2        184          0        125          0          0          0         26          0          1          0        349
Items in process of collection                 2,033         64         30        187        337         72        230        205         16        171        260        135        326
Bank premises                                  2,138        119        215         65        152        186        230        205        115        112        274        256        209
Other assets(5)                               49,766      2,604     14,851      4,002      3,027     10,615      3,967      2,669        817        960        838      1,311      4,104
Interdistrict settlement account                   0    - 2,712    -16,591    + 1,150    +   989    + 1,933    + 4,039    + 9,554    + 3,949    +   854    + 5,094    - 1,944    - 6,315
          Total Assets                       897,068     37,583    326,589     40,022     36,723     81,319     86,329     78,678     30,499     18,171     32,007     35,597     93,551

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  February 27, 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             996,021     39,043    346,902     41,886     39,474     79,415    113,090     85,404     32,509     18,899     32,687     56,427    110,284
  Less: notes held by F.R. Banks              216,570      6,351     65,113      8,591      8,591     14,713     35,779     14,573      4,385      3,054      3,263     24,551     27,605
    Federal Reserve notes, net                779,452     32,691    281,789     33,295     30,883     64,701     77,311     70,832     28,124     15,846     29,424     31,876     82,679
Reverse repurchase agreements (1)              42,648      1,965     15,443      1,887      1,745      3,695      3,955      3,577      1,363        851      1,381      1,874      4,912
Deposits                                       27,595        353     17,554        456        623      1,791      1,319      1,385        389        368        407        677      2,272
  Depository institutions                      22,123        331     12,213        452        618      1,715      1,316      1,383        376        367        405        676      2,269
  U.S. Treasury, general account                5,103          0      5,103          0          0          0          0          0          0          0          0          0          0
  Foreign official                                 99          2         69          4          3         11          3          2          0          1          0          1          3
  Other                                           270         20        168          0          2         66          0          0         13          0          1          0          0
Deferred availability cash items                3,243        156         48        456        565        260        299        309         63        245        220        195        426
Other liabilities and accrued                 
  dividends (2)                                 4,716        207      1,589        211        221        570        447        377        176        122        161        214        422
   
    Total liabilities                         857,654     35,373    316,422     36,305     34,037     71,018     83,332     76,480     30,115     17,432     31,593     34,836     90,711
                              
Capital                    
Capital paid in                                19,395      1,077      4,897      1,817      1,310      5,109      1,454      1,256        182        357        196        361      1,379
Surplus                                        18,457      1,049      4,624      1,813      1,291      4,996      1,425        815        180        355        194        364      1,350
Other capital                                   1,562         83        646         87         85        196        118        126         22         27         25         36        111
     Total liabilities and capital            897,068     37,583    326,589     40,022     36,723     81,319     86,329     78,678     30,499     18,171     32,007     35,597     93,551
                              

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
                                          Feb 27, 2008
              
Federal Reserve notes outstanding             996,021
   Less: Notes held by F.R. Banks
         not subject to collateralization     216,570
      Federal Reserve notes to be
         collateralized                       779,452 
Collateral held against Federal Reserve            
   notes                                      779,452
   Gold certificate account                    11,037
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              725,166
   Other assets pledged                        41,049

Memo:
Total U.S. Treasury and agency 
       securities (1)                         767,855
   Less:face value of securities under
         reverse repurchase agreements         42,689
      U.S. Treasury and agency securities
             eligible to be pledged           725,166
   

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.