Reserve Bank credit, related items, and

reserve balances of depository institutions

at Federal Reserve Banks

Reserve Bank credit 2,178,894 - 19,310 +1,310,671 2,171,063

Securities held outright 489,084 - 517 - 290,573 488,926

U.S. Treasury1 476,431 - 15 - 303,226 476,425

Bills2 18,423 0 - 248,596 18,423

Notes and bonds, nominal2 410,491 0 - 60,493 410,491

Notes and bonds, inflation-indexed2 41,071 0 + 4,160 41,071

Inflation compensation3 6,445 - 15 + 1,702 6,440

Federal agency2 12,654 - 501 + 12,654 12,501

Repurchase agreements4 80,000 0 + 31,714 80,000

Term auction credit 415,302 0 + 415,302 415,302

Other loans 296,818 - 26,114 + 296,337 288,702

Primary credit 91,552 - 3,828 + 91,118 92,645

Secondary credit 112 + 23 + 112 118

Seasonal credit 9 - 1 - 37 8

Primary dealer and other broker-dealer credit5 50,170 - 14,763 + 50,170 46,611

Asset-backed commercial paper money

market mutual fund liquidity facility 69,798 - 10,446 + 69,798 61,923

Other credit extensions 85,177 + 2,902 + 85,177 87,397

Net portfolio holdings of Commercial Paper

Funding Facility LLC6 265,691 + 15,781 + 265,691 270,879

Net portfolio holdings of Maiden Lane LLC7 26,945 + 69 + 26,945 26,919

Float -1,374 + 83 - 741 -1,628

Other Federal Reserve assets 606,429 - 8,612 + 565,997 601,963

Gold stock 11,041 0 0 11,041

Special drawing rights certificate account 2,200 0 0 2,200

Treasury currency outstanding8 38,773 + 14 + 36 38,773

Total factors supplying reserve funds 2,230,908 - 19,296 +1,310,707 2,223,077

FEDERAL RESERVE statistical release

 November 20, 2008

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Averages of daily figures

Note: Components may not sum to totals because of rounding. Footnotes appear on the following page.

Change from week ended Wednesday

 Nov 19, 2008 Week ended

 Nov 19, 2008 Nov 12, 2008 Nov 21, 2007
Reserve Bank credit, related items, and

reserve balances of depository institutions

at Federal Reserve Banks

Currency in circulation8 864,682 + 485 + 43,922 865,504

Reverse repurchase agreements9 100,423 + 737 + 65,331 102,909

Foreign official and international accounts 76,137 - 1,406 + 41,045 77,909

Dealers 24,286 + 2,143 + 24,286 25,000

Treasury cash holdings 250 - 12 - 25 242

Deposits with F.R. Banks, other than reserve balances 585,640 - 62,712 + 573,873 585,063

U.S. Treasury, general account 60,465 - 1,311 + 55,506 68,457

U.S. Treasury, supplementary financing account 508,956 - 49,936 + 508,956 508,956

Foreign official 394 + 103 + 296 183

Service-related 6,324 + 17 - 58 6,324

Required clearing balances 6,305 - 2 - 75 6,305

Adjustments to compensate for float 18 + 18 + 16 18

Other 9,501 - 11,585 + 9,173 1,143

Other liabilities and capital10 46,043 + 480 + 3,148 45,186

Total factors, other than reserve balances,

absorbing reserve funds 1,597,037 - 61,023 + 686,248 1,598,905

Reserve balances with Federal Reserve Banks 633,870 + 41,726 + 624,458 624,172

H.4.1

1. Factors Affecting Reserve Balances of Depository Institutions, continued

Millions of dollars

Averages of daily figures

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. Refer to table 4 and the notes on consolidation accompanying table 6.

7. Fair value. Refer to table 3 and the notes on consolidation accompanying table 6.

8. Estimated.

9. Cash value of agreements, which are collateralized by U.S. Treasury securities.

10. Includes the liabilities of Maiden Lane LLC and Commercial Paper Funding Facility LLC to entities other than the Federal Reserve Bank of

New York, including liabilities that have recourse only to the portfolio holdings of these entities. Refer to tables 3 and 4 and the notes on

consolidation accompanying table 6.

Sources: Federal Reserve Banks and the U.S. Department of the Treasury.

Change from week ended Wednesday

 Nov 19, 2008 Week ended

 Nov 19, 2008 Nov 12, 2008 Nov 21, 2007
Marketable securities held in custody for foreign

 official and international accounts1 2,501,128 - 6,804 + 475,356 2,499,533

U.S. Treasury 1,609,909 + 1,870 + 386,639 1,614,483

Federal agency 891,218 - 8,675 + 88,716 885,051

Securities lent to dealers 205,496 - 12,856 + 196,502 200,524

Overnight facility2 14,240 - 4,113 + 5,246 10,325

Term facility3,4 191,256 - 8,743 + 191,256 190,199

1A. Memorandum Items

Millions of dollars

Averages of daily figures

Week ended

 Nov 19, 2008

Change from week ended Wednesday

 Nov 19, 2008

 Nov 12, 2008 Nov 21, 2007

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.

4. On November 19, 2008, option contracts on draws on the Term Securities Lending Facility totaling $ 49,998 million were outstanding. The

exercise date for the options is November 24, 2008, and the draws have a term of November 25, 2008 through December 2, 2008.

Memorandum item

H.4.1

91 days to

1 year

2. Maturity Distribution of Term Auction Credit, Other Loans, and Securities, November 19, 2008

Millions of dollars

Within 15 days Over 1 year

to 5 years

16 days to

 90 days

All

Note: Components may not sum to totals because of rounding.

 . . . Not applicable.

1. Excludes the loans from the Federal Reserve Bank of New York to Maiden Lane LLC and Commercial Paper Funding Facility LLC that were

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. Face value of commercial paper held by Commercial Paper Funding Facility LLC.

4. Cash value of agreements.

Remaining maturity Over 5 years

to 10 years

Over 10

years

Term auction credit

Other loans1

U.S. Treasury securities2

 Holdings

 Weekly changes

Federal agency securities

 Holdings

 Weekly changes

Commercial paper held by

 Commercial Paper Funding

 Facility LLC3

Repurchase agreements4

Reverse repurchase agreements4

 138,271

 160,131

 20,343

+ 2,212

 929

+ 181

 0

 40,000

 102,909

...

 5,419

 66,692

+ 5,464

 3,234

- 350

 0

...

...

...

 66,897

 170,928

- 2,481

 0

 0

...

...

...

 277,031

 56,255

 19,471

- 8,576

 8,338

- 299

 271,969

 40,000

 0

...

...

 96,956

+ 2,647

 0

 0

...

...

...

...

...

 102,035

+ 718

 0

 0

...

...

...

 415,302

 288,702

 476,425

- 15

 12,501

- 468

 271,969

 80,000

 102,909
Wednesday

 Nov 19, 2008

3. Information on Principal Accounts of Maiden Lane LLC

Millions of dollars

Net portfolio holdings of Maiden Lane LLC1

Outstanding principal amount of loan extended by the Federal Reserve Bank of New York2

Accrued interest payable to the Federal Reserve Bank of New York2

Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co.3

 26,919

 28,820

 235

 1,180

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 September 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 notes on consolidation accompanying table 6.

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 5 and table 6.

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.

Account name

H.4.1

Wednesday

 Nov 19, 2008

4. Information on Principal Accounts of Commercial Paper Funding Facility LLC

Millions of dollars

Commercial paper holdings, net1

Other investments, net

Net portfolio holdings of Commercial Paper Funding Facility LLC

Memorandum: Commercial paper holdings, face value

Outstanding principal amount of loan extended by the Federal Reserve Bank of New York2

Accrued interest payable to the Federal Reserve Bank of New York2

 269,702

 1,177

 270,879

 271,969

 270,347

 186

1. Book value, which includes amortized cost and related fees.

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 notes on consolidation accompanying table 6.

Note: On October 27, 2008, the Federal Reserve Bank of New York began extending loans under the authority of section 13(3) of the Federal

Reserve Act to Commercial Paper Funding Facility LLC. This LLC is a limited liability company formed to purchase three-month U.S. dollardenominated commercial paper from eligible issuers and thereby foster liquidity in short-term funding markets and increase the availability of credit

for businesses and households.

Account name
Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 2,200 0 0

Coin 1,648 + 8 + 470

Securities, repurchase agreements, term auction

credit, and other loans 1,272,929 - 27,859 + 438,201

Securities held outright 488,926 - 483 - 290,744

U.S. Treasury1 476,425 - 15 - 303,245

Bills2 18,423 0 - 248,596

Notes and bonds, nominal2 410,491 0 - 60,493

Notes and bonds, inflation-indexed2 41,071 0 + 4,160

Inflation compensation3 6,440 - 15 + 1,684

Federal agency2 12,501 - 468 + 12,501

Repurchase agreements4 80,000 0 + 25,000

Term auction credit 415,302 0 + 415,302

Other loans 288,702 - 27,375 + 288,644

Net portfolio holdings of Commercial Paper Funding

Facility LLC5 270,879 + 13,592 + 270,879

Net portfolio holdings of Maiden Lane LLC6 26,919 - 30 + 26,919

Items in process of collection (459) 1,115 - 11 - 3,250

Bank premises 2,178 + 7 + 64

Other assets7 599,780 - 11,478 + 560,932

Total assets (459) 2,188,686 - 25,769 +1,294,215

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 828,617 + 169 + 42,240

Reverse repurchase agreements8 102,909 + 591 + 67,526

Deposits (0) 1,209,231 - 25,700 +1,182,538

Depository institutions 630,492 + 36,139 + 609,525

U.S. Treasury, general account 68,457 + 15,472 + 63,133

U.S. Treasury, supplementary financing account 508,956 - 49,936 + 508,956

Foreign official 183 - 251 + 87

Other (0) 1,143 - 27,124 + 837

Deferred availability cash items (459) 2,742 - 173 - 346

Other liabilities and accrued dividends9,10 4,194 + 256 - 1,702

Total liabilities (459) 2,147,694 - 24,856 +1,290,257

Capital accounts

Capital paid in 20,373 + 1 + 2,284

Surplus 17,166 - 1,368 + 1,709

Other capital accounts 3,453 + 455 - 35

Total capital 40,992 - 913 + 3,959

H.4.1

5. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Wednesday

 Nov 21, 2007

Eliminations from

consolidation Wednesday

 Nov 19, 2008

Wednesday

 Nov 12, 2008

Assets, liabilities, and capital

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. Refer to table 4 and the notes on consolidation accompanying table 6.

6. Fair value. Refer to table 3 and the notes on consolidation accompanying table 6.

7. Includes assets denominated in foreign currencies and any exchange-translation assets, which are revalued daily at market exchangerates.

8. Cash value of agreements, which are collateralized by U.S. Treasury securities.

9. Includes any exchange-translation liabilities, which are revalued daily at market exchange rates.

10. Includes the liabilities of Maiden Lane LLC and Commercial Paper Funding Facility LLC to entities other than the Federal Reserve Bank of

New York, including liabilities that have recourse only to the portfolio holdings of these entities. Refer to the notes on consolidation

accompanying table 6.
    16, 9, 8,  8,  1, 5,      11, - 8, 18,

 344 71 41 23,213 16,896 16,464 637 15,827 432 2,765 3,098 455 0 0 13 131 6,013 + 2,145 31,972

 913 212 189 59,743 43,152 42,049 1,626 40,423 1,103 7,061 8,227 1,303 0 0 100 207 26,475 + 14,499 102,338

 1,221 166 213 74,869 48,647 47,403 1,833 45,570 1,244 7,960 17,845 416 0 0 493 225 45,381 + 3,138 125,706

 891 147 228 151,257 44,335 43,201 1,671 41,531 1,134 7,254 99,222 445 0 0 -43 222 156,606 - 94,504 214,803

 423 104 130 39,615 18,540 18,066 699 17,367 474 3,034 18,020 21 0 0 233 150 40,631 - 12,537 68,749

 424 115 56 105,867 20,507 19,983 773 19,210 524 3,356 20,050 61,954 0 0 35 123 33,355 - 64,848 75,127

AssetsGold certificate accountSpecial drawing rights certificate acct.CoinSecurities, repurchase agreements, term

auction credit, and other loans

Securities held outright

U.S. Treasury1

Bills2Notes and bonds3

Federal agency2

Repurchase agreements4Term auction creditOther loans

Net portfolio holdings of Commercial

Paper Funding Facility LLC5

Net portfolio holdings of

Maiden Lane LLC6

Items in process of collectionBank premisesOther assets7Interdistrict settlement account

Total assets

 11,037 2,200 1,648 1,272,929 488,926 476,425 18,423 458,002 12,501 80,000 415,302 288,702 270,879 26,919 1,573 2,178 599,780 0 2,189,144

 453 83 128 55,688 21,347 20,801 804 19,997 546 3,493 30,755 93 0 0 176 64 57,026 - 61,520 52,100

 3,935 874 77 589,255 173,957 169,509 6,555 162,954 4,448 28,464 172,267 214,568 270,879 26,919 96 210 161,371 + 226,614 1,280,230

H.4.16. Statement of Condition of Each Federal Reserve Bank, November 19, 2008Millions of dollars

Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneap

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 s4. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.5. Refer to table 4 and the notes on consolidation below.6. Fair value. Refer to the notes on consolidation below.7. Includes assets denominated in foreign currencies and any exchange-translation assets, which are revalued daily at market exchange rates.Notes on consolidation:On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended a loan under the authority of section 13(3) of the Federal Reserve Act to Maideformed to acquire certain assets of Bear Stearns. The FRBNY is the primary beneficiary of Maiden Lane LLC. Consistent with generally accepted accounting Maiden Lane LLC have been consolidated with the assets and liabilities of the FRBNY in the preparation of the statements of condition shown on this releastion, the extension of credit from the FRBNY to Maiden Lane LLC is eliminated, the net assets of Maiden Lane LLC appear as an asset in this table (and table Maiden Lane LLC to entities other than the FRBNY, including those with recourse only to the portfolio holdings of Maiden Lane LLC, are included in other liabiand table 5).

Assets, liabilities, and capital

On October 27, 2008, the Federal Reserve Bank of New York (FRBNY) began extending loans under the authority of section 13(3) of the Federal Reserve AcLLC (CPFF LLC). This LLC is a limited liability company that was formed to purchase three-month U.S. dollar-denominated commercial paper from eligible issuof CPFF LLC. Consistent with generally accepted accounting principles, the assets and liabilities of CPFF LLC have been consolidated with the assets and liaof the statements of condition shown on this release. As a consequence of the consolidation, the extension of credit from the FRBNY to CPFF LLC is eliminatas an asset in this table (and table 1 and table 5), and the liabilities of CPFF LLC to entities other than the FRBNY are included in other liabilities on the next pa
Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneap

LiabilitiesFederal Reserve notes outstanding

Less: Notes held by F.R. Banks

Federal Reserve notes, net

Reverse repurchase agreements8

Deposits

Depository institutionsU.S. Treasury, general accountU.S. Treasury, supplementary financing accountForeign officialOther

Deferred availability cash itemsOther liabilities and accrued

dividends9,10

Total liabilities

CapitalCapital paid inSurplusOther capital

Total liabilities and capital

Note: Components may not sum to totals because of rounding.8. Cash value of agreements, which are collateralized by U.S. Treasury securities.9. Includes any exchange-translation liabilities, which are revalued daily at market exchange rates.10. Includes the liabilities of Maiden Lane LLC and Commercial Paper Funding Facility LLC to entities other than the Federal Reserve Bank of New York, inclu

only to the portfolio holdings of these entities. Refer to the notes on consolidation on the previous page.

H.4.16. Statement of Condition of Each Federal Reserve Bank, November 19, 2008 (continued)Millions of dollars

Assets, liabilities, and capital

 38,348 6,173 32,175 4,316 36,507 36,486 0 0 2 19 71 183 73,252 784 1,050 41 75,127

 1,009,038 180,421 828,617 102,909 1,209,231 630,492 68,457 508,956 183 1,143 3,201 4,194 2,148,152 20,373 17,166 3,453 2,189,144

 350,690 47,744 302,946 36,615 929,212 350,638 68,457 508,956 153 1,008 0 1,371 1,270,144 5,165 3,327 1,594 1,280,230

 42,289 5,973 36,316 4,493 5,854 5,848 0 0 4 1 534 213 47,411 2,330 1,815 544 52,100

 47,354 7,803 39,552 3,902 21,516 21,512 0 0 3 1 504 210 65,684 1,522 1,291 252 68,749

 82,229 11,774 70,454 9,332 122,717 122,603 0 0 11 103 325 584 203,411 5,836 4,999 557 214,803

 120,279 27,675 92,604 10,239 18,984 18,981 0 0 3 0 227 389 122,443 1,610 1,426 227 125,706

 84,354 13,419 70,935 9,083 20,178 20,176 0 0 2 0 284 311 100,792 698 816 32 102,338

 29,791 3,465 26,326 3,556 1,473 1,464 0 0 0 8 30 157 31,542 209 180 42 31,972

 17,5 2,7 14,7 1,9 1,2 1,2     2 1 18,2 3 3  18,9
H.4.1

Federal Reserve notes outstanding

Less: Notes held by F.R. Banks not subject to collateralization

Federal Reserve notes to be collateralized

Collateral held against Federal Reserve notes

Gold certificate accountSpecial drawing rights certificate accountU.S. Treasury and agency securities pledged1Other assets pledged

Memo:Total U.S. Treasury and agency securities1

Less: Face value of securities under reverse repurchase agreements

U.S. Treasury and agency securities eligible to be pledged

7. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' AccountsMillions of dollars

Federal Reserve notes and collateral Wednesday

 Nov 19, 2008

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, andcash value of repurchase agreements.

 1,009,038 180,421 828,617 828,617 11,037 2,200 472,418 342,962 568,926 96,508 472,418