FEDERAL RESERVE statistical release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                         September 11, 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                                    Sep 10, 2008  Sep 3, 2008 Sep 12, 2007 Sep 10, 2008

Reserve Bank credit                                         888,283    -   5,563    +  30,786      906,793
  Securities held outright                                  479,762    +      61    - 299,877      479,782       
    U.S. Treasury (1)                                       479,762    +      61    - 299,877      479,782
      Bills (2)                                              21,740            0    - 245,279       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)                              6,459    +      61    +   1,734        6,480
    Federal agency (2)                                            0            0            0            0      
  Repurchase agreements (4)                                 110,821    -   5,072    +  77,464      126,750
  Term auction credit                                       150,000            0    + 150,000      150,000  
  Other loans                                                19,891    +     821    +  16,733       23,556
    Primary credit                                           19,796    +     820    +  16,864       23,455
    Secondary credit                                              0            0            0            0
    Seasonal credit                                              95    +       2    -     131          101
    Primary dealer credit facility                                0            0            0            0
    Other credit extensions                                       0            0            0            0
  Net portfolio holdings of Maiden Lane LLC (5)              29,293    +      40    +  29,293       29,327
  Float                                                      -1,048    +     426    -   2,379       -1,293
  Other Federal Reserve assets                               99,563    -   1,841    +  59,551       98,671
Gold stock                                                   11,041            0            0       11,041
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (6)                            38,817    +      14    +     211       38,817
       
Total factors supplying reserve funds                       940,340    -   5,550    +  30,996      958,851
                                                                   
Currency in circulation (6)                                 834,619    -     700    +  21,687      834,711
Reverse repurchase agreements (7)                            42,690    -     190    +   8,399       44,296
  Foreign official and international accounts                42,690    -     190    +   8,399       44,296
  Dealers                                                         0            0            0            0
Treasury cash holdings                                          275    -       6    -      67          268
Deposits with F.R. Banks, other than reserve balances        12,251    +      11    +     523       13,313       
  U.S. Treasury, general account                              4,723    -      23    -      32        5,412
  Foreign official                                              161    +      61    +      64          522
  Service-related                                             7,086    -       1    +     475        7,086
    Required clearing balances                                7,086    -       1    +     475        7,086
    Adjustments to compensate for float                           0            0            0            0
  Other                                                         281    -      26    +      16          292
Other liabilities and capital (8)                            42,529    -   1,748    +   1,465       41,300

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  932,363    -   2,634    +  32,006      933,887

Reserve balances with Federal Reserve Banks                   7,978    -   2,915    -   1,009       24,964
                                                                
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, September 10, 2008 
Millions of dollars
                                                                   Averages of daily figures
Memorandum item                                           Week ended   Change from week ended     Wednesday
                                                         Sep 10, 2008  Sep 3, 2008 Sep 12, 2007 Sep 10, 2008

Marketable securities held in custody for foreign
      official and international accounts (1)             2,395,347    -   8,477    + 414,026    2,394,660
  U.S. Treasury                                           1,439,662    +   1,698    + 232,520    1,438,094
  Federal agency                                            955,685    -  10,175    + 181,505      956,566
Securities lent to dealers                                  118,063    -   8,034    + 112,544      117,340   
  Overnight facility (2)                                      2,165    -   7,827    -   3,354        1,441
  Term facility (3,4)                                       115,899    -     206    + 115,899      115,899

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.
4. On September 10, 2008, option contracts on draws on the Term Securities Lending Facility totaling 
   $    49,998 million were outstanding.  The exercise date for the options is September 24, 2008, and the 
   draws have a term of September 25, 2008 through    October 2, 2008.


2. Information on Principal Accounts of Maiden Lane LLC
Millions of dollars
                                                                                                  Wednesday
Account name                                                                                    Sep 10, 2008
         
Net portfolio holdings of Maiden Lane LLC (1)                                                       29,327

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)                                   136
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3)        1,166
 
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, September 10, 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                    125,000        8,539       14,955    +     104       86,750       44,296
16 days to 90 days                 25,000       15,017       31,549    -     104       40,000            0
91 days to 1 year                     ---            0       69,272    +       4          ---          ---
Over 1 year to 5 years                ---          ---      170,807    +      18          ---          ---
Over 5 years to 10 years              ---          ---       91,863    +      12          ---          ---
Over 10 years                         ---          ---      101,337    +      23          ---          ---
                             
All                               150,000       23,556      479,782    +      56      126,750       44,296

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 Sep 10, 2008      Sep 3, 2008     Sep 12, 2007

Assets
Gold certificate account                                           11,037                0                0
Special drawing rights certificate account                          2,200                0                0
Coin                                                                1,445        +      31        +     396
Securities, repurchase agreements, term auction
      credit, and other loans                                     780,089        +  22,274        -  51,934
  Securities held outright                                        479,782        +      56        - 299,856
    U.S. Treasury (1)                                             479,782        +      56        - 299,856       
      Bills (2)                                                    21,740                0        - 245,279
      Notes and bonds, nominal (2)                                411,731                0        -  60,411
      Notes and bonds, inflation-indexed (2)                       39,832                0        +   4,079
      Inflation compensation (3)                                    6,480        +      57        +   1,756
    Federal agency (2)                                                  0                0                0
  Repurchase agreements (4)                                       126,750        +  17,750        +  81,750    
  Term auction credit                                             150,000                0        + 150,000
  Other loans                                                      23,556        +   4,467        +  16,170
Net portfolio holdings of Maiden Lane LLC (5)                      29,327        +      40        +  29,327
Items in process of collection                         (647)        1,432        -   1,934        -   2,312
Bank premises                                                       2,165        +       3        +      83
Other assets (6)                                                   96,524        -   1,857        +  58,453
     
      Total assets                                     (647)      924,218        +  18,557        +  34,012
                          
Liabilities
Federal Reserve notes, net of F.R. Bank holdings                  797,602        -   2,117        +  22,195
Reverse repurchase agreements (7)                                  44,296        +   2,540        +  10,806
Deposits                                                 (0)       38,295        +  21,336        +   1,075       
  Depository institutions                                          32,068        +  21,132        +     387
  U.S. Treasury, general account                                    5,412        -     194        +     224
  Foreign official                                                    522        +     422        +     425
  Other                                                  (0)          292        -      25        +      38
Deferred availability cash items                       (647)        2,725        -   1,004        -     671
Other liabilities and accrued dividends (8,9)                         839        -   1,856        -   5,249

      Total liabilities                                (647)      883,757        +  18,898        +  28,156
                          
Capital accounts
Capital paid in                                                    20,202        +      11        +   3,228
Surplus                                                            18,514        +       3        +   3,090
Other capital accounts                                              1,745        -     355        -     462

      Total capital                                                40,461        -     342        +   5,856

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, September 10, 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                                           1,445         39         73        107        121        188        186        170         50         50         99        158        203
Securities, repurchase agreements, term
      auction credit, and other loans        780,089     31,951    311,264     29,850     35,749     68,218     68,094     57,461     23,349     12,271     29,539     27,883     84,459
  Securities held outright                   479,782     20,124    170,704     20,948     18,193     43,506     47,738     42,345     16,580      9,058     17,617     19,902     53,069
    U.S. Treasury (1)                        479,782     20,124    170,704     20,948     18,193     43,506     47,738     42,345     16,580      9,058     17,617     19,902     53,069
      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)                    458,042     19,212    162,969     19,999     17,369     41,535     45,574     40,427     15,828      8,647     16,818     19,000     50,665
    Federal agency (2)                             0          0          0          0          0          0          0          0          0          0          0          0          0
  Repurchase agreements (4)                  126,750      5,316     45,097      5,534      4,806     11,493     12,611     11,187      4,380      2,393      4,654      5,258     14,020
  Term auction credit                        150,000      6,500     83,383      2,582      9,400     12,945      7,510      2,985      2,075         35      7,250      2,000     13,335     
  Other loans                                 23,556         11     12,081        786      3,350        273        235        944        315        785         18        723      4,035
Net portfolio holdings of Maiden Lane 
      LLC (5)                                 29,327          0     29,327          0          0          0          0          0          0          0          0          0          0
Items in process of collection                 2,079        108          0        301        390         80        410        166        -33        119         85        122        330
Bank premises                                  2,165        122        212         64        149        211        226        208        127        111        275        252        208
Other assets (6)                              96,524      5,221     26,407      8,674      6,274     23,528      7,637      4,742      1,255      1,834      1,359      2,177      7,415
Interdistrict settlement account                   0    - 1,097    -32,932    + 2,941    - 6,245    - 3,402    +23,799    +14,534    + 4,053    + 2,298    - 1,544    + 4,202    - 6,608

      Total assets                           924,865     36,882    339,160     42,473     36,966     89,862    101,740     78,406     29,217     16,911     30,228     35,528     87,490

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, September 10, 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             989,500     36,972    351,133     41,045     39,381     81,211    120,643     81,553     30,255     17,653     31,074     55,137    103,442
  Less: Notes held by F.R. Banks              191,897      5,345     55,090      6,877      8,352     12,918     28,798     14,286      3,496      2,956      3,676     23,433     26,670
    Federal Reserve notes, net                797,602     31,627    296,043     34,168     31,029     68,293     91,845     67,267     26,760     14,697     27,399     31,704     76,772
Reverse repurchase agreements (1)              44,296      1,858     15,760      1,934      1,680      4,017      4,407      3,910      1,531        836      1,626      1,837      4,900
Deposits                                       38,295      1,262     18,681      1,169        648      6,642      1,687      4,044        340        319        427        950      2,124
  Depository institutions                      32,068      1,252     12,577      1,165        644      6,560      1,684      4,042        329        318        426        950      2,121
  U.S. Treasury, general account                5,412          0      5,412          0          0          0          0          0          0          0          0          0          0
  Foreign official                                522          2        492          4          3         11          3          2          0          1          0          1          3
  Other                                           292          8        199          0          1         71          0          0         11          0          1          0          0
Deferred availability cash items                3,372        148          0        584        542        249        262        277         58        280        220        222        533
Other liabilities and accrued                 
  dividends (2,3)                                 839        150     -1,610        177        181        439        340        296        154        103        126        174        309
   
      Total liabilities                       884,404     35,044    328,874     38,033     34,079     79,640     98,542     75,793     28,841     16,236     29,798     34,887     84,638
                              
Capital                    
Capital paid in                                20,202        787      5,087      2,328      1,521      5,190      1,596      1,301        182        320        210        268      1,413
Surplus                                        18,514      1,050      4,676      1,814      1,291      4,999      1,426        815        180        355        193        364      1,351
Other capital                                   1,745          2        523        299         75         33        178        496         14          0         27          9         89

      Total liabilities and capital           924,865     36,882    339,160     42,473     36,966     89,862    101,740     78,406     29,217     16,911     30,228     35,528     87,490
                              
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
                                                                                                Sep 10, 2008
              
Federal Reserve notes outstanding                                                                  989,500
  Less: Notes held by F.R. Banks not subject to collateralization                                  191,897
    Federal Reserve notes to be collateralized                                                     797,602 
Collateral held against Federal Reserve notes                                                      797,602
  Gold certificate account                                                                          11,037
  Special drawing rights certificate account                                                         2,200
  U.S. Treasury and agency securities pledged (1)                                                  563,995
  Other assets pledged                                                                             220,370

Memo:
Total U.S. Treasury and agency securities (1)                                                      606,532
  Less: Face value of securities under reverse repurchase agreements                                42,537
    U.S. Treasury and agency securities eligible to be pledged                                     563,995
   
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.