FEDERAL RESERVE statistical release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                           October 16, 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                                    Oct 15, 2008  Oct 8, 2008 Oct 17, 2007 Oct 15, 2008

Reserve Bank credit                                       1,740,078    + 245,360    + 882,065    1,753,599
  Securities held outright                                  490,657    -     285    - 288,940      490,660       
    U.S. Treasury (1)                                       476,552    -      42    - 303,045      476,555
      Bills (2)                                              18,423            0    - 248,596       18,423
      Notes and bonds, nominal (2)                          411,592    -     139    -  60,550      410,757
      Notes and bonds, inflation-indexed (2)                 39,971    +     139    +   4,218       40,806
      Inflation compensation (3)                              6,567    -      42    +   1,883        6,569
    Federal agency (2)                                       14,105    -     242    +  14,105       14,105      
  Repurchase agreements (4)                                  80,000    -   1,143    +  41,500       80,000
  Term auction credit                                       263,092    + 114,092    + 263,092      263,092  
  Other loans                                               437,530    +  17,370    + 437,290      441,370
    Primary credit                                           99,659    +  24,649    +  99,533      101,853
    Secondary credit                                              4            0    +       4            0
    Seasonal credit                                              25    -      14    -      89           24
    Primary dealer and other broker-dealer credit(5)        131,125    -   2,941    + 131,125      133,871
    Asset-backed commercial paper money market
      mutual fund liquidity facility                        129,616    -  16,274    + 129,616      122,763
    Other credit extensions                                  77,101    +  11,950    +  77,101       82,860
  Net portfolio holdings of Maiden Lane LLC (6)              29,492    +      40    +  29,492       29,526
  Float                                                      -1,014    +      36    +     458           13
  Other Federal Reserve assets                              440,320    + 115,249    + 399,172      448,937
Gold stock                                                   11,041            0            0       11,041
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (7)                            38,759    +      14    +      92       38,759
       
Total factors supplying reserve funds                     1,792,079    + 245,374    + 882,158    1,805,600
                                                                   
Currency in circulation (7)                                 853,228    +   8,738    +  38,731      855,439
Reverse repurchase agreements (8)                            85,890    -   8,453    +  51,486      107,819
  Foreign official and international accounts                78,747    +   2,261    +  44,343       82,819
  Dealers                                                     7,143    -  10,714    +   7,143       25,000
Treasury cash holdings                                          276    +      14    -      59          278
Deposits with F.R. Banks, other than reserve balances       525,046    +  82,895    + 512,932      529,969       
  U.S. Treasury, general account                              7,338    -     572    +   2,258       23,983
  U.S. Treasury, supplementary financing account            494,853    +  89,082    + 494,853      499,129
  Foreign official                                              308    +     193    +     211          190
  Service-related                                             6,138    -   1,579    -     441        6,138
    Required clearing balances                                6,138    -   1,579    -     441        6,138
    Adjustments to compensate for float                           0            0            0            0
  Other                                                      16,410    -   4,227    +  16,053          529
Other liabilities and capital (9)                            46,567    +     850    +   4,975       46,358

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                1,511,008    +  84,045    + 608,067    1,539,863

Reserve balances with Federal Reserve Banks                 281,070    + 161,328    + 274,090      265,737
                                                                
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. Includes credit extended through the Primary Dealer Credit Facility and credit extended to certain
   other broker-dealers.
6. Fair value.  Refer to table 2 and the note on consolidation accompanying table 5.
7. Estimated.
8. Cash value of agreements, which are collateralized by U.S. Treasury securities.
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 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,   October 15, 2008 
Millions of dollars
                                                                   Averages of daily figures
Memorandum item                                           Week ended   Change from week ended     Wednesday
                                                         Oct 15, 2008  Oct 8, 2008 Oct 17, 2007 Oct 15, 2008

Marketable securities held in custody for foreign
      official and international accounts (1)             2,486,288    +   1,143    + 468,054    2,480,651
  U.S. Treasury                                           1,550,991    +  23,173    + 320,760    1,554,489
  Federal agency                                            935,298    -  22,029    + 147,295      926,162
Securities lent to dealers                                  220,398    +   9,053    + 214,524      218,735   
  Overnight facility (2)                                     25,852    +   5,850    +  19,978       23,739
  Term facility (3)                                         194,546    +   3,203    + 194,546      194,996

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 other highly rated debt
   securities.


2. Information on Principal Accounts of Maiden Lane LLC
Millions of dollars
                                                                                                  Wednesday
Account name                                                                                    Oct 15, 2008
         
Net portfolio holdings of Maiden Lane LLC (1)                                                       29,526

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)                                   195
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3)        1,174
 
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,   October 15, 2008
Millions of dollars
                                                     U.S. Treasury       Federal agency                Reverse
Remaining maturity             Term      Other       securities (2)        securities       Repurchase repurchase
                             auction     loans              Weekly                Weekly    agreements agreements
                              credit      (1)     Holdings  changes    Holdings   changes      (3)         (3)    
Within 15 days                75,000    232,441     12,138  -   3,477        485  +     485     40,000    107,819
16 days to 90 days           188,092    123,084     29,373  +   2,504      9,393  -     235     40,000          0
91 days to 1 year                ---     16,029     65,879  +     607      4,227  -     250        ---        ---
Over 1 year to 5 years           ---     69,816    173,462  -     623          0          0        ---        ---
Over 5 years to 10 years         ---        ---     94,336  +     983          0          0        ---        ---
Over 10 years                    ---        ---    101,367  -      17          0          0        ---        ---
                             
All                          263,092    441,370    476,555  -      24     14,105          0     80,000    107,819

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 Oct 15, 2008      Oct 8, 2008     Oct 17, 2007

Assets
Gold certificate account                                           11,037                0                0
Special drawing rights certificate account                          2,200                0                0
Coin                                                                1,546        +      24        +     367
Securities, repurchase agreements, term auction
      credit, and other loans                                   1,275,122        + 104,572        + 459,173
  Securities held outright                                        490,660        -      24        - 288,931
    U.S. Treasury (1)                                             476,555        -      24        - 303,036       
      Bills (2)                                                    18,423                0        - 248,596
      Notes and bonds, nominal (2)                                410,757        -     974        -  61,385
      Notes and bonds, inflation-indexed (2)                       40,806        +     974        +   5,053
      Inflation compensation (3)                                    6,569        -      24        +   1,892
    Federal agency (2)                                             14,105                0        +  14,105
  Repurchase agreements (4)                                        80,000        -  20,000        +  43,750    
  Term auction credit                                             263,092        + 114,092        + 263,092
  Other loans                                                     441,370        +  10,504        + 441,262
Net portfolio holdings of Maiden Lane LLC (5)                      29,526        +      39        +  29,526
Items in process of collection                         (824)        4,058        +   2,867        +   2,681
Bank premises                                                       2,170                0        +      65
Other assets (6)                                                  446,772        +  71,829        + 407,494
     
      Total assets                                     (824)    1,772,431        + 179,332        + 899,307
                          
Liabilities
Federal Reserve notes, net of F.R. Bank holdings                  818,498        +   6,806        +  40,812
Reverse repurchase agreements (7)                                 107,819        +  30,470        +  72,732
Deposits                                                 (0)      795,712        + 140,486        + 779,919       
  Depository institutions                                         271,881        +  88,567        + 261,605
  U.S. Treasury, general account                                   23,983        +  18,439        +  18,878
  U.S. Treasury, supplementary financing account                  499,129        +  39,883        + 499,129
  Foreign official                                                    190        +      89        +      93
  Other                                                  (0)          529        -   6,492        +     214
Deferred availability cash items                       (824)        4,044        +   1,308        +     851
Other liabilities and accrued dividends (8,9)                       4,501        +     392        -   1,424

      Total liabilities                                (824)    1,730,574        + 179,462        + 892,890
                          
Capital accounts
Capital paid in                                                    20,316        +       4        +   2,580
Surplus                                                            18,525        +       2        +   3,087
Other capital accounts                                              3,016        -     137        +     750

      Total capital                                                41,858        -     130        +   6,418

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 and any exchange-translation assets, which are
   revalued daily at market exchange rates. 
7. Cash value of agreements, which are collateralized by U.S. Treasury securities.
8. Includes any exchange-translation liabilities, which are revalued daily at market exchange rates.
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,   October 15, 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                                           1,546         46         76        123        128        202        203        180         49         54        107        165        212
Securities, repurchase agreements, term
      auction credit, and other loans      1,275,122    158,735    624,423     31,865     34,527    120,786     68,459     56,740     21,943     16,320     21,962     27,297     92,065
  Securities held outright                   490,660     20,580    174,574     21,423     18,606     44,492     48,820     43,305     16,955      9,263     18,016     20,353     54,272
    U.S. Treasury (1)                        476,555     19,989    169,555     20,807     18,071     43,213     47,416     42,060     16,468      8,997     17,498     19,768     52,712
      Bills (2)                               18,423        773      6,555        804        699      1,671      1,833      1,626        637        348        676        764      2,038
      Notes and bonds (3)                    458,132     19,216    163,001     20,003     17,372     41,543     45,583     40,434     15,831      8,649     16,822     19,004     50,674
    Federal agency (2)                        14,105        592      5,018        616        535      1,279      1,403      1,245        487        266        518        585      1,560
  Repurchase agreements (4)                   80,000      3,356     28,464      3,493      3,034      7,254      7,960      7,061      2,765      1,510      2,937      3,318      8,849
  Term auction credit                        263,092     12,000    145,030        500     12,785     43,347     11,440      4,480      2,000      5,035        475      3,000     23,000     
  Other loans                                441,370    122,799    276,356      6,449        102     25,692        240      1,894        223        512        534        626      5,944
Net portfolio holdings of Maiden Lane 
      LLC (5)                                 29,526          0     29,526          0          0          0          0          0          0          0          0          0          0
Items in process of collection                 4,882        195          0        687        610        251        658      1,280         65        225        100        400        410
Bank premises                                  2,170        123        210         64        150        215        226        207        128        111        275        251        209
Other assets (6)                             446,772     24,915    118,872     42,378     30,301    116,463     34,108     20,043      4,643      8,444      4,998      8,980     32,626
Interdistrict settlement account                   0   -108,078   +259,986   - 27,331   - 21,206   -105,742   +  5,634   +  6,919   +  5,810   -  5,968   +  7,911   +  1,710   - 19,644

      Total assets                         1,773,255     76,475    1037903     48,322     45,037    133,212    110,675     86,494     33,054     19,415     35,768     39,538    107,362

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 and any exchange-translation assets, 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,   October 15, 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             991,169     38,072    351,700     41,792     40,518     82,080    119,937     80,660     29,938     17,549     30,787     54,828    103,308
  Less: Notes held by F.R. Banks              172,671      5,193     46,081      6,255      7,869     11,441     27,209     13,072      3,321      2,676      3,312     22,522     23,718
    Federal Reserve notes, net                818,498     32,879    305,619     35,537     32,648     70,639     92,728     67,588     26,616     14,873     27,474     32,307     79,590
Reverse repurchase agreements (1)             107,819      4,522     38,361      4,708      4,088      9,777     10,728      9,516      3,726      2,035      3,959      4,472     11,926
Deposits                                      795,712     36,811    681,185      2,315      4,269     41,405      3,150      6,110      2,110      1,316      3,560      1,558     11,924
  Depository institutions                     271,881     36,803    157,529      2,311      4,265     41,263      3,147      6,108      2,104      1,316      3,559      1,557     11,921
  U.S. Treasury, general account               23,983          0     23,983          0          0          0          0          0          0          0          0          0          0
  U.S. Treasury, supplementary
    financing account                         499,129          0    499,129          0          0          0          0          0          0          0          0          0          0
  Foreign official                                190          2        160          4          3         11          3          2          0          1          0          1          3
  Other                                           529          6        383          0          1        132          0          0          6          0          1          0          0
Deferred availability cash items                4,867        186          0        940        791        428        444        317         67        399        217        370        708
Other liabilities and accrued                 
  dividends (2,3)                               4,501        157      1,881        199        192        477        371        313        156        107        130        186        331
   
      Total liabilities                     1,731,397     74,555    1027046     43,699     41,989    122,726    107,422     83,844     32,676     18,730     35,340     38,893    104,478
                              
Capital                    
Capital paid in                                20,316        784      5,162      2,331      1,524      5,210      1,607      1,306        181        321        207        268      1,414
Surplus                                        18,525      1,050      4,687      1,814      1,291      4,999      1,426        815        180        355        193        364      1,351
Other capital                                   3,016         86      1,008        477        233        276        221        529         17          9         28         13        119

      Total liabilities and capital         1,773,255     76,475    1037903     48,322     45,037    133,212    110,675     86,494     33,054     19,415     35,768     39,538    107,362
                              
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 any exchange-translation liabilities, which are revalued daily at market exchange rates.
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
                                                                                                Oct 15, 2008
              
Federal Reserve notes outstanding                                                                  991,169
  Less: Notes held by F.R. Banks not subject to collateralization                                  172,671
    Federal Reserve notes to be collateralized                                                     818,498 
Collateral held against Federal Reserve notes                                                      818,498
  Gold certificate account                                                                          11,037
  Special drawing rights certificate account                                                         2,200
  U.S. Treasury and agency securities pledged (1)                                                  470,257
  Other assets pledged                                                                             335,005

Memo:
Total U.S. Treasury and agency securities (1)                                                      570,660
  Less: Face value of securities under reverse repurchase agreements                               100,403
    U.S. Treasury and agency securities eligible to be pledged                                     470,257
   
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.