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`FEDERAL RESERVE Statistical Release H.4.1Factors Affecting Reserve Balances of Depository Institutions andCondition Statement of Federal Reserve Banks                                                                                               May 22, 20081. Factors Affecting Reserve Balances of Depository InstitutionsMillions of dollars`

|Reserve Bank credit, related items, and                reserve balances of depository institutions at         Federal Reserve Banks | Averages of daily figures | Wednesday May 21, 2008
|----------------------------------------------------------------------------------------------------------------------------------- | ------------------------- | ----------------------
|
|
|                                                                                                                                    |                           |                       
|871,207                                                                                                                             | +   4,994                 | +  21,236             
|502,831                                                                                                                             | -  17,223                 | - 287,322             
|502,831                                                                                                                             | -  17,223                 | - 287,322             
|41,155                                                                                                                              | -   9,312                 | - 235,864             
|417,391                                                                                                                             | -   7,998                 | -  57,281             
|39,171                                                                                                                              | 0                         | +   4,712             
|5,114                                                                                                                               | +      86                 | +   1,111             
|0                                                                                                                                   | 0                         | 0                     
|123,357                                                                                                                             | +  27,536                 | + 101,286             
|125,000                                                                                                                             | 0                         | + 125,000             
|27,791                                                                                                                              | -   3,254                 | +  27,649             
|13,536                                                                                                                              | -     880                 | +  13,494             
|0                                                                                                                                   | -       1                 | 0                     
|46                                                                                                                                  | +       9                 | -      55             
|14,209                                                                                                                              | -   2,383                 | +  14,209             
|0                                                                                                                                   | 0                         | 0                     
|-912                                                                                                                                | +     297                 | +      25             
|93,140                                                                                                                              | -   2,361                 | +  54,599             
|11,041                                                                                                                              | 0                         | 0                     
|2,200                                                                                                                               | 0                         | 0                     
|38,777                                                                                                                              | +      14                 | +     334             
|                                                                                                                                    |                           |                       
|923,225                                                                                                                             | +   5,009                 | +  21,570             
|                                                                                                                                    |                           |                       
|817,761                                                                                                                             | +   2,001                 | +   8,943             
|38,348                                                                                                                              | -     703                 | +   6,133             
|38,348                                                                                                                              | -     703                 | +   6,133             
|0                                                                                                                                   | 0                         | 0                     
|251                                                                                                                                 | -       4                 | -      15             
|11,829                                                                                                                              | -     308                 | +      78             
|4,399                                                                                                                               | -     258                 | -     514             
|98                                                                                                                                  | 0                         | +       4             
|7,045                                                                                                                               | 0                         | +     576             
|7,045                                                                                                                               | +       1                 | +     576             
|0                                                                                                                                   | -       1                 | 0                     
|288                                                                                                                                 | -      48                 | +      13             
|44,505                                                                                                                              | +     942                 | +   5,445             
|                                                                                                                                    |                           |                       
|                                                                                                                                    |                           |                       
|912,694                                                                                                                             | +   1,928                 | +  20,584             
|                                                                                                                                    |                           |                       
|10,531                                                                                                                              | +   3,081                 | +     986             
|                                                                                                                                    |                           |                       
|                                                                                                                                    |                           |                       
|                                                                                                                                    |                           |                       
|                                                                                                                                    |                           |                       
|2,276,672                                                                                                                           | -   2,002                 | + 331,936             
|1,337,621                                                                                                                           | -  11,027                 | + 115,884             
|939,051                                                                                                                             | +   9,026                 | + 216,052             
|131,069                                                                                                                             | -  19,472                 | + 126,913             
|8,942                                                                                                                               | -   3,510                 | +   4,786             
|122,127                                                                                                                             | -  15,962                 | + 122,127             

`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 asset-backed and mortgage-backed securities. Sources: Federal Reserve Banks and the U.S. Department of the Treasury.  2. Consolidated Statement of Condition of All Federal Reserve BanksMillions of dollars`

|Assets, liabilities, and capital | Eliminationsfromconsolidation |           | Change Since
|-------------------------------- | ----------------------------- | --------- | ------------
|
|                                 |                               |           |             
|                                 | 11,037                        | 0         | 0           
|                                 | 2,200                         | 0         | 0           
|                                 | 1,345                         | -      41 | +     440   
|                                 |                               |           |             
|                                 | 790,733                       | +  22,172 | -  30,817   
|                                 | 502,863                       | -  12,793 | - 287,319   
|                                 | 502,863                       | -  12,793 | - 287,319   
|                                 | 41,155                        | -   8,455 | - 235,864   
|                                 | 417,391                       | -   4,425 | -  57,281   
|                                 | 39,171                        | 0         | +   4,712   
|                                 | 5,146                         | +      87 | +   1,114   
|                                 | 0                             | 0         | 0           
|                                 | 134,000                       | +  34,000 | + 102,750   
|                                 | 125,000                       | 0         | + 125,000   
|                                 | 28,871                        | +     966 | +  28,753   
|(426)                            | 883                           | -   1,399 | -   2,252   
|                                 | 2,151                         | +       4 | +     137   
|                                 | 91,901                        | -   1,238 | +  55,066   
|(426)                            | 900,249                       | +  19,497 | +  22,573   
|                                 |                               |           |             
|                                 |                               |           |             
|                                 | 783,345                       | +   2,556 | +   9,239   
|                                 | 37,026                        | -   2,088 | +   4,408   
|(0)                              | 32,557                        | +  17,598 | +   4,663   
|                                 | 27,747                        | +  17,173 | +   4,524   
|                                 | 4,420                         | +     400 | +     108   
|                                 | 98                            | +       1 | +       5   
|(0)                              | 292                           | +      24 | +      26   
|(426)                            | 2,447                         | -     182 | -   1,861   
|                                 | 3,926                         | +   1,192 | -   1,994   
|(426)                            | 859,301                       | +  19,077 | +  14,454   
|                                 |                               |           |             
|                                 |                               |           |             
|                                 | 19,923                        | +      62 | +   3,902   
|                                 | 18,479                        | 0         | +   3,105   
|                                 | 2,547                         | +     358 | +   1,113   
|                                 | 40,949                        | +     421 | +   8,120   

`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 21, 2008Millions of dollars`

|        | U.S. Treasury       securities (1) |        
|------- | ---------------------------------- | -------
|
|125,000 | 17,264                             | 16,613 
|0       | 11,607                             | 36,535 
|---     | 0                                  | 87,041 
|---     | ---                                | 176,232
|---     | ---                                | 90,046 
|---     | ---                                | 96,396 
|        |                                    |        
|125,000 | 28,871                             | 502,863

`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 21, 2008Millions of dollars`

|Assets, liabilities, and capital | Total   | Boston  | New York | Philadelphia | Cleveland | Richmond | Atlanta | Chicago | St. Louis | Minneapolis | Kansas City | Dallas  | SanFrancisco
|-------------------------------- | ------- | ------- | -------- | ------------ | --------- | -------- | ------- | ------- | --------- | ----------- | ----------- | ------- | ------------
|                                 |         |         |          |              |           |          |         |         |           |             |             |        
|11,037                           | 424     | 3,935   | 453      | 423          | 891       | 1,221    | 913     | 344     | 199       | 349         | 636         | 1,249  
|2,200                            | 115     | 874     | 83       | 104          | 147       | 166      | 212     | 71      | 30        | 66          | 98          | 234    
|1,345                            | 44      | 64      | 99       | 115          | 170       | 156      | 167     | 50      | 60        | 88          | 144         | 189    
|                                 |         |         |          |              |           |          |         |         |           |             |             |        
|790,733                          | 27,244  | 350,722 | 27,806   | 26,450       | 68,227    | 67,560   | 58,009  | 24,211  | 13,763    | 23,553      | 28,818      | 74,371 
|502,863                          | 21,092  | 178,915 | 21,956   | 19,068       | 45,599    | 50,034   | 44,382  | 17,377  | 9,493     | 18,464      | 20,859      | 55,622 
|502,863                          | 21,092  | 178,915 | 21,956   | 19,068       | 45,599    | 50,034   | 44,382  | 17,377  | 9,493     | 18,464      | 20,859      | 55,622 
|41,155                           | 1,726   | 14,643  | 1,797    | 1,561        | 3,732     | 4,095    | 3,632   | 1,422   | 777       | 1,511       | 1,707       | 4,552  
|461,707                          | 19,366  | 164,273 | 20,159   | 17,508       | 41,867    | 45,939   | 40,750  | 15,955  | 8,717     | 16,953      | 19,152      | 51,070 
|0                                | 0       | 0       | 0        | 0            | 0         | 0        | 0       | 0       | 0         | 0           | 0           | 0      
|134,000                          | 5,620   | 47,676  | 5,851    | 5,081        | 12,151    | 13,333   | 11,827  | 4,631   | 2,530     | 4,920       | 5,558       | 14,822 
|125,000                          | 530     | 97,072  | 0        | 2,300        | 10,459    | 4,160    | 1,226   | 2,105   | 1,715     | 150         | 2,400       | 2,883  
|28,871                           | 1       | 27,059  | 0        | 0            | 19        | 33       | 574     | 98      | 25        | 19          | 0           | 1,044  
|1,309                            | 58      | 0       | 89       | 226          | 155       | 16       | 56      | 32      | 120       | 182         | 163         | 212    
|2,151                            | 118     | 214     | 65       | 151          | 197       | 228      | 205     | 122     | 112       | 277         | 254         | 208    
|91,901                           | 4,952   | 25,238  | 8,288    | 5,942        | 22,255    | 7,255    | 4,549   | 1,208   | 1,749     | 1,310       | 2,081       | 7,075  
|0                                | + 4,730 | -57,170 | + 4,068  | + 3,359      | - 8,358   | +20,539  | +15,199 | + 2,991 | + 1,241   | + 4,718     | + 2,853     | + 5,830
|900,675                          | 37,686  | 323,877 | 40,951   | 36,770       | 83,683    | 97,141   | 79,310  | 29,027  | 17,274    | 30,543      | 35,047      | 89,368 

`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 21, 2008 (continued)Millions of dollars`

|Assets, liabilities, and capital | Total  | Boston  | New York | Philadelphia | Cleveland | Richmond | Atlanta | Chicago | St. Louis | Minneapolis | KansasCity | Dallas  | SanFrancisco
|-------------------------------- | ------ | ------- | -------- | ------------ | --------- | -------- | ------- | ------- | --------- | ----------- | ---------- | ------- | ------------
|                                 |        |         |          |              |           |          |         |         |           |             |            |        
|984,851                          | 37,712 | 341,283 | 40,782   | 39,009       | 80,108    | 119,165  | 83,430  | 30,980  | 18,133    | 31,671      | 55,815     | 106,764
|201,506                          | 5,211  | 59,051  | 7,606    | 7,912        | 13,485    | 32,245   | 13,835  | 4,231   | 2,916     | 3,656       | 24,117     | 27,239 
|783,345                          | 32,500 | 282,231 | 33,176   | 31,097       | 66,622    | 86,920   | 69,595  | 26,748  | 15,217    | 28,015      | 31,697     | 79,525 
|37,026                           | 1,553  | 13,174  | 1,617    | 1,404        | 3,357     | 3,684    | 3,268   | 1,279   | 699       | 1,360       | 1,536      | 4,095  
|32,557                           | 1,074  | 16,914  | 1,567    | 731          | 2,432     | 2,556    | 3,255   | 402     | 317       | 387         | 863        | 2,059  
|27,747                           | 1,042  | 12,252  | 1,563    | 725          | 2,347     | 2,553    | 3,255   | 391     | 317       | 385         | 862        | 2,056  
|4,420                            | 0      | 4,420   | 0        | 0            | 0         | 0        | 0       | 0       | 0         | 0           | 0          | 0      
|98                               | 2      | 68      | 4        | 3            | 11        | 3        | 2       | 0       | 1         | 0           | 1          | 3      
|292                              | 30     | 174     | 0        | 3            | 74        | 0        | -2      | 11      | 0         | 1           | 0          | 0      
|2,873                            | 163    | 0       | 396      | 543          | 237       | 251      | 241     | 51      | 239       | 217         | 117        | 418    
|                                 |        |         |          |              |           |          |         |         |           |             |            |        
|3,926                            | 169    | 1,293   | 197      | 195          | 495       | 376      | 313     | 153     | 109       | 132         | 172        | 322    
|                                 |        |         |          |              |           |          |         |         |           |             |            |        
|859,727                          | 35,459 | 313,612 | 36,953   | 33,970       | 73,144    | 93,786   | 76,672  | 28,634  | 16,582    | 30,111      | 34,385     | 86,419 
|                                 |        |         |          |              |           |          |         |         |           |             |            |        
|                                 |        |         |          |              |           |          |         |         |           |             |            |        
|19,923                           | 1,088  | 4,933   | 2,042    | 1,398        | 5,173     | 1,625    | 1,280   | 183     | 316       | 207         | 260        | 1,418  
|18,479                           | 1,050  | 4,643   | 1,814    | 1,291        | 4,998     | 1,425    | 815     | 180     | 355       | 194         | 364        | 1,351  
|2,547                            | 90     | 688     | 142      | 110          | 369       | 304      | 543     | 30      | 21        | 32          | 38         | 179    
|900,675                          | 37,686 | 323,877 | 40,951   | 36,770       | 83,683    | 97,141   | 79,310  | 29,027  | 17,274    | 30,543      | 35,047     | 89,368 

`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' AccountsMillions of dollars`

|Federal Reserve notes and collateral | Wednesday May 21, 2008
|------------------------------------ | ----------------------
|984,851                             
|                                    
|201,506                             
|                                    
|783,345                             
|                                    
|783,345                             
|11,037                              
|                                    
|2,200                               
|                                    
|599,911                             
|170,197                             
|                                    
|                                    
|                                    
|636,863                             
|                                    
|36,951                              
|                                    
|599,911                             

`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.`

Statistical releases

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