FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                               May 29, 2008
1. Factors Affecting Reserve Balances of Depository Institutions
Millions of dollars
                                                                   Averages of daily figures
Reserve Bank credit, related items, and                   Week ended   Change from week ended     Wednesday
reserve balances of depository institutions at           May 28, 2008 May 21, 2008 May 30, 2007 May 28, 2008
Federal Reserve Banks

Reserve Bank credit                                         878,001    +   6,796    +  24,419      887,657
 Securities held outright                                   491,064    -  11,767    - 299,172      491,091       
    U.S. Treasury (1)                                       491,064    -  11,767    - 299,172      491,091
       Bills (2)                                             34,296    -   6,859    - 242,723       34,296
       Notes and bonds, nominal (2)                         412,392    -   4,999    -  62,280      412,392
       Notes and bonds, inflation-indexed (2)                39,171            0    +   4,712       39,171
       Inflation compensation (3)                             5,206    +      92    +   1,119        5,232
    Federal agency (2)                                            0            0            0            0      
 Repurchase agreements (4)                                  105,036    -  18,321    +  79,179      115,000
 Term auction credit                                        150,000    +  25,000    + 150,000      150,000  
 Other loans                                                 28,335    +     544    +  28,207       29,222
    Primary credit                                           15,950    +   2,414    +  15,944       19,041
    Secondary credit                                              1    +       1    +       1            0
    Seasonal credit                                              54    +       8    -      68           56
    Primary dealer credit facility                           12,329    -   1,880    +  12,329       10,125
    Other credit extensions                                       0            0            0            0
 Float                                                       -1,117    -     202    +     298       -1,785
 Other Federal Reserve assets                               104,684    +  11,544    +  65,909      104,130
Gold stock                                                   11,041            0            0       11,041
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            38,791    +      14    +     339       38,791
       
Total factors supplying reserve funds                       930,033    +   6,810    +  24,758      939,689
                                                                   
Currency in circulation (5)                                 823,278    +   5,517    +   9,683      824,892
Reverse repurchase agreements (6)                            37,474    -     874    +   4,710       38,365
   Foreign official and international accounts               37,474    -     874    +   4,710       38,365
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          273    +      22    -       8          282
Deposits with F.R. Banks, other than reserve balances        12,435    +     606    +     293       11,894       
  U.S. Treasury, general account                              4,940    +     541    -     243        4,415
  Foreign official                                               98            0    +       4           98
  Service-related                                             7,121    +      76    +     542        7,121
     Required clearing balances                               7,121    +      76    +     542        7,121
     Adjustments to compensate for float                          0            0            0            0
  Other                                                         275    -      13    -      12          260
Other liabilities and capital                                45,843    +   1,338    +   6,574       44,437

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  919,302    +   6,608    +  21,251      919,870

Reserve balances with Federal Reserve Banks                  10,731    +     202    +   3,507       19,819
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts (2,7)        2,292,812    +  16,140    + 333,500    2,292,666
     U.S. Treasury                                        1,345,503    +   7,882    + 114,093    1,341,287
     Federal agency                                         947,308    +   8,257    + 219,406      951,379
  Securities lent to dealers                                112,721    -  18,348    + 108,518      116,248   
     Overnight facility (8)                                   4,557    -   4,385    +     354        9,988
     Term facility (9)                                      108,164    -  13,963    + 108,164      106,260


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 Banks
Millions of dollars
                                              Eliminations                          Change Since
                                                  from       Wednesday        Wednesday        Wednesday
Assets, liabilities, and capital             consolidation May 28, 2008     May 21, 2008     May 30, 2007

Assets
Gold certificate account                                        11,037                0                0
Special drawing rights certificate account                       2,200                0                0
Coin                                                             1,318        -      27        +     438
Securities, repurchase agreements, term auction
      credit, and other loans                                  785,312        -   5,421        -  36,069
   Securities held outright                                    491,091        -  11,772        - 299,169
      U.S. Treasury (1)                                        491,091        -  11,772        - 299,169       
         Bills (2)                                              34,296        -   6,859        - 242,723
         Notes and bonds, nominal (2)                          412,392        -   4,999        -  62,280
         Notes and bonds, inflation-indexed (2)                 39,171                0        +   4,712
         Inflation compensation (3)                              5,232        +      86        +   1,121
      Federal agency (2)                                             0                0                0
   Repurchase agreements (4)                                   115,000        -  19,000        +  84,000    
   Term auction credit                                         150,000        +  25,000        + 150,000
   Other loans                                                  29,222        +     351        +  29,101
Items in process of collection                      (923)        1,902        +   1,019        -   4,032
Bank premises                                                    2,152        +       1        +     136
Other assets (5)                                               101,847        +   9,946        +  64,580
      Total assets                                  (923)      905,768        +   5,519        +  25,053
                          
Liabilities
Federal Reserve notes, net of FR Bank holdings                 787,696        +   4,351        +   9,841
Reverse repurchase agreements (6)                               38,365        +   1,339        +   3,505
Deposits                                              (0)       31,661        -     896        +   7,629       
  Depository institutions                                       26,888        -     859        +   7,839
  U.S. Treasury, general account                                 4,415        -       5        -     222
  Foreign official                                                  98                0        +       4
  Other                                               (0)          260        -      32        +       7
Deferred availability cash items                    (923)        3,609        +   1,162        -   1,468
Other liabilities and accrued dividends (7)                      3,928        +       2        -   2,043
      Total liabilities                             (923)      865,258        +   5,957        +  17,464
                          
Capital accounts
Capital paid in                                                 19,914        -       9        +   3,812
Surplus                                                         18,479                0        +   3,104
Other capital accounts                                           2,117        -     430        +     673
      Total capital                                             40,510        -     439        +   7,589


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 28, 2008
Millions of dollars
                                                 U.S. Treasury                       Reverse
Remaining maturity       Term                    securities (1)       Repurchase   repurchase
                       auction       Other                Weekly      agreements   agreements   
                        credit       loans    Holdings    changes         (2)          (2)          
Within 15 days          75,000       17,357      13,857   -   2,756       75,000       38,365
16 days to 90 days      75,000       11,865      35,040   -   1,495       40,000            0
91 days to 1 year          ---            0      84,440   -   2,601          ---          ---
Over 1 to 5 years          ---          ---     171,260   -   4,972          ---          ---
Over 5 to 10 years         ---          ---      90,065   +      19          ---          ---
Over 10 years              ---          ---      96,430   +      34          ---          ---
                            
All                    150,000       29,222     491,091   -  11,772      115,000       38,365

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 28, 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                                           1,318         45         62         98        111        167        152        162         47         59         85        140        189
Securities, repurchase agreements, term
      auction credit, and other loans        785,312     26,952    344,538     28,703     27,551     65,757     66,148     56,934     23,111     14,900     22,865     28,399     79,454
   Securities held outright                  491,091     20,598    174,727     21,442     18,622     44,531     48,863     43,343     16,970      9,271     18,032     20,371     54,320
      U.S. Treasury (1)                      491,091     20,598    174,727     21,442     18,622     44,531     48,863     43,343     16,970      9,271     18,032     20,371     54,320
         Bills (2)                            34,296      1,439     12,202      1,497      1,300      3,110      3,412      3,027      1,185        647      1,259      1,423      3,794
         Notes and bonds (3)                 456,795     19,160    162,525     19,944     17,321     41,421     45,450     40,316     15,785      8,624     16,772     18,948     50,527
      Federal agency (2)                           0          0          0          0          0          0          0          0          0          0          0          0          0
   Repurchase agreements (4)                 115,000      4,824     40,916      5,021      4,361     10,428     11,442     10,150      3,974      2,171      4,223      4,770     12,720
   Term auction credit                       150,000      1,530    101,766      2,240      4,568     10,780      5,808      2,945      2,055     3,428        590      3,258     11,032     
   Other loans                                29,222          0     27,129          0          0         18         35        496        112         30         21          0      1,382
Items in process of collection                 2,825        127          0        344        508        341        154        267         55        177        215        245        391
Bank premises                                  2,152        118        214         65        151        197        228        206        122        112        277        254        208
Other assets (5)                             101,847      5,515     27,735      9,255      6,637     24,885      8,040      5,002      1,307      1,943      1,424      2,284      7,820
Interdistrict settlement account                   0    + 4,167    -52,089    + 1,569    + 2,136    - 6,492    +21,077    +14,551    + 4,535    -    28    + 5,721    + 3,547    + 1,306
          Total assets                       906,690     37,463    325,269     40,571     37,621     85,893     97,185     78,248     29,592     17,392     31,002     35,603     90,851

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 28, 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             986,858     37,657    342,144     40,744     39,015     80,555    120,010     83,544     30,941     18,119     31,647     55,873    106,610
  Less: notes held by F.R. Banks              199,162      5,154     59,853      7,293      7,382     13,055     32,580     13,244      4,040      2,859      3,543     23,747     26,413
    Federal Reserve notes, net                787,696     32,503    282,292     33,451     31,633     67,499     87,430     70,300     26,900     15,260     28,104     32,126     80,198
Reverse repurchase agreements (1)              38,365      1,609     13,650      1,675      1,455      3,479      3,817      3,386      1,326        724      1,409      1,591      4,244
Deposits                                       31,661        741     17,904        659        797      3,502      1,902      1,098        740        311        549        754      2,703
  Depository institutions                      26,888        727     13,250        655        793      3,428      1,899      1,095        729        310        547        753      2,701
  U.S. Treasury, general account                4,415          0      4,415          0          0          0          0          0          0          0          0          0          0
  Foreign official                                 98          2         68          4          3         11          3          2          0          1          0          1          3
  Other                                           260         12        171          0          1         63          0          0         10          0          1          0          0
Deferred availability cash items                4,531        246          0        579        736        558        338        530         89        307        367        308        473
Other liabilities and accrued                 
  dividends (2)                                 3,928        165      1,273        198        197        509        390        315        149        108        131        172        322
   
    Total liabilities                         866,181     35,264    315,118     36,562     34,818     75,546     93,878     75,628     29,205     16,710     30,559     34,952     87,939
                              
Capital                    
Capital paid in                                19,914      1,088      4,933      2,042      1,390      5,171      1,626      1,280        183        316        207        260      1,418
Surplus                                        18,479      1,050      4,643      1,814      1,291      4,998      1,425        815        180        355        194        364      1,351
Other capital                                   2,117         61        574        153        122        178        256        525         25         11         42         27        144
     Total liabilities and capital            906,690     37,463    325,269     40,571     37,621     85,893     97,185     78,248     29,592     17,392     31,002     35,603     90,851
                              

Note: Components may not sum to totals because of rounding.

1. Cash value of agreements, which are collateralized by U.S. Treasury securities.
2. Includes exchange-translation account reflecting the daily revaluation at market exchange rates of foreign exchange commitments.


5. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts
Millions of dollars



Federal Reserve notes and collateral        Wednesday
                                          May 28, 2008
              
Federal Reserve notes outstanding             986,858
   Less: Notes held by F.R. Banks
         not subject to collateralization     199,162
      Federal Reserve notes to be
         collateralized                       787,696 
Collateral held against Federal Reserve            
   notes                                      787,696
   Gold certificate account                    11,037
   Special drawing rights certificate     
     account                                    2,200
   U.S. Treasury and agency securities   
     pledged (1)                              567,483
   Other assets pledged                       206,976

Memo:
Total U.S. Treasury and agency 
       securities (1)                         606,091
   Less: face value of securities under
         reverse repurchase agreements         38,608
      U.S. Treasury and agency securities
             eligible to be pledged           567,483
   

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.