FEDERAL RESERVE statistical release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                              July 10, 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                                     Jul 9, 2008  Jul 2, 2008 Jul 11, 2007  Jul 9, 2008

Reserve Bank credit                                         887,866    -   2,164    +  33,967      882,042
  Securities held outright                                  478,925    +      87    - 311,662      478,951       
    U.S. Treasury (1)                                       478,925    +      87    - 311,662      478,951
      Bills (2)                                              21,740            0    - 255,279       21,740
      Notes and bonds, nominal (2)                          412,392            0    -  62,280      412,392
      Notes and bonds, inflation-indexed (2)                 39,171            0    +   4,712       39,171
      Inflation compensation (3)                              5,622    +      87    +   1,185        5,648
    Federal agency (2)                                            0            0            0            0      
  Repurchase agreements (4)                                 113,357    +   3,107    +  90,464      107,000
  Term auction credit                                       150,000            0    + 150,000      150,000  
  Other loans                                                13,014    -   3,766    +  12,776       13,332
    Primary credit                                           12,856    -   2,005    +  12,813       12,985
    Secondary credit                                             57    -      29    +      57          250
    Seasonal credit                                             101    +       6    -      94           97
    Primary dealer credit facility                                0    -   1,738            0            0
    Other credit extensions                                       0            0            0            0
  Net portfolio holdings of Maiden Lane LLC (5)              28,900    -     916    +  28,900       28,944
  Float                                                      -1,361    +     157    -   1,358       -1,566
  Other Federal Reserve assets                              105,031    -     833    +  64,845      105,382
Gold stock                                                   11,041            0            0       11,041
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (6)                            38,875    +      14    +     349       38,875
       
Total factors supplying reserve funds                       939,982    -   2,149    +  34,315      934,158
                                                                   
Currency in circulation (6)                                 833,093    +   6,335    +  15,767      832,959
Reverse repurchase agreements (7)                            42,984    +     807    +  11,260       41,276
  Foreign official and international accounts                42,984    +     807    +  11,260       41,276
  Dealers                                                         0            0            0            0
Treasury cash holdings                                          275    -       3    -      38          280
Deposits with F.R. Banks, other than reserve balances        12,729    +     249    +   1,032       11,877       
  U.S. Treasury, general account                              5,180    +     138    +     268        4,355
  Foreign official                                              100    -      29    +       5          100
  Service-related                                             7,195    +     142    +     764        7,195
    Required clearing balances                                7,195    +     142    +     764        7,195
    Adjustments to compensate for float                           0            0            0            0
  Other                                                         254    -       2    -       5          227
Other liabilities and capital (8)                            44,348    -   2,125    +   4,909       43,969

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  933,430    +   5,264    +  32,930      930,362

Reserve balances with Federal Reserve Banks                   6,553    -   7,412    +   1,386        3,796
                                                                
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,       July 9, 2008 
Millions of dollars
                                                                   Averages of daily figures
Memorandum item                                           Week ended   Change from week ended     Wednesday
                                                          Jul 9, 2008  Jul 2, 2008 Jul 11, 2007  Jul 9, 2008

Marketable securities held in custody for foreign
      official and international accounts (1)             2,350,038    +   4,385    + 361,055    2,348,900
  U.S. Treasury                                           1,375,422    +   1,652    + 130,401    1,369,919
  Federal agency                                            974,616    +   2,734    + 230,654      978,981
Securities lent to dealers                                  109,775    -   7,707    + 106,562      108,438   
  Overnight facility (2)                                      6,021    -   7,217    +   2,808        5,141
  Term facility (3)                                         103,754    -     490    + 103,754      103,297

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.

Sources: Federal Reserve Banks and the U.S. Department of the Treasury.


2. Information on Principal Accounts of Maiden Lane LLC
Millions of dollars
                                                                                                  Wednesday
Account name                                                                                     Jul 9, 2008
         
Net portfolio holdings of Maiden Lane LLC (1)                                                       28,944

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)                                    25
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3)        1,153
 
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 26, 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,       July 9, 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                     75,000        5,290        4,819    +   1,410       67,000       41,276
16 days to 90 days                 75,000        8,042       40,250    -   1,411       40,000            0
91 days to 1 year                     ---            0       73,638    +       6          ---          ---
Over 1 year to 5 years                ---          ---      173,492    +      27          ---          ---
Over 5 years to 10 years              ---          ---       90,155    +      19          ---          ---
Over 10 years                         ---          ---       96,597    +      34          ---          ---
                             
All                               150,000       13,332      478,951    +      85      107,000       41,276

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  Jul 9, 2008      Jul 2, 2008     Jul 11, 2007

Assets
Gold certificate account                                           11,037                0                0
Special drawing rights certificate account                          2,200                0                0
Coin                                                                1,299        -      18        +     372
Securities, repurchase agreements, term auction
      credit, and other loans                                     749,282        -   5,503        -  62,032
  Securities held outright                                        478,951        +      85        - 311,655
    U.S. Treasury (1)                                             478,951        +      85        - 311,655       
      Bills (2)                                                    21,740                0        - 255,279
      Notes and bonds, nominal (2)                                412,392                0        -  62,280
      Notes and bonds, inflation-indexed (2)                       39,171                0        +   4,712
      Inflation compensation (3)                                    5,648        +      85        +   1,191
    Federal agency (2)                                                  0                0                0
  Repurchase agreements (4)                                       107,000        -   6,000        +  86,500    
  Term auction credit                                             150,000                0        + 150,000
  Other loans                                                      13,332        +     412        +  13,124
Net portfolio holdings of Maiden Lane LLC (5)                      28,944        +      51        +  28,944
Items in process of collection                         (619)        1,668        +     434        -   5,035
Bank premises                                                       2,154                0        +     108
Other assets (6)                                                  103,244        -     876        +  64,273
     
      Total assets                                     (619)      899,829        -   5,910        +  26,631
                          
Liabilities
Federal Reserve notes, net of F.R. Bank holdings                  795,659        +     564        +  15,768
Reverse repurchase agreements (7)                                  41,276        +     185        +   9,980
Deposits                                                 (0)       15,693        -   5,037        -     317       
  Depository institutions                                          11,010        -   5,222        +     287
  U.S. Treasury, general account                                    4,355        +     216        -     559
  Foreign official                                                    100        -       9        +       5
  Other                                                  (0)          227        -      24        -      50
Deferred availability cash items                       (619)        3,231        -     162        -   3,882
Other liabilities and accrued dividends (8,9)                       3,678        -     871        -   2,019

      Total liabilities                                (619)      859,537        -   5,320        +  19,530
                          
Capital accounts
Capital paid in                                                    19,880        +       4        +   3,715
Surplus                                                            18,493                0        +   3,094
Other capital accounts                                              1,918        -     594        +     291

      Total capital                                                40,291        -     591        +   7,100

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,       July 9, 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                                           1,299         36         55         98        108        162        153        161         50         52         92        145        187
Securities, repurchase agreements, term
      auction credit, and other loans        749,282     26,077    309,982     25,833     28,102     66,687     64,896     57,158     22,401     11,337     21,752     27,613     87,443
  Securities held outright                   478,951     20,089    170,408     20,912     18,162     43,430     47,655     42,272     16,551      9,042     17,586     19,867     52,977
    U.S. Treasury (1)                        478,951     20,089    170,408     20,912     18,162     43,430     47,655     42,272     16,551      9,042     17,586     19,867     52,977
      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)                    457,211     19,177    162,673     19,962     17,337     41,459     45,492     40,353     15,800      8,632     16,788     18,966     50,573
    Federal agency (2)                             0          0          0          0          0          0          0          0          0          0          0          0          0
  Repurchase agreements (4)                  107,000      4,488     38,070      4,672      4,057      9,703     10,646      9,444      3,698      2,020      3,929      4,438     11,835
  Term auction credit                        150,000      1,500     92,305        240      5,810     13,479      6,390      4,350      2,016         27        200      3,300     20,383     
  Other loans                                 13,332          0      9,200         10         73         75        205      1,092        137        248         38          8      2,248
Net portfolio holdings of Maiden Lane 
      LLC (5)                                 28,944          0     28,944          0          0          0          0          0          0          0          0          0          0
Items in process of collection                 2,287        104          0        249        599        230        111        188         31        121         93        184        380
Bank premises                                  2,154        119        212         65        150        203        226        208        124        111        276        253        207
Other assets (6)                             103,244      5,577     28,232      9,241      6,697     25,043      8,192      5,122      1,373      1,972      1,474      2,340      7,981
Interdistrict settlement account                   0    + 4,949    -52,221    + 5,265    + 1,664    - 8,514    +23,084    +14,173    + 5,165    + 3,428    + 6,876    + 4,343    - 8,211

      Total assets                           900,448     37,400    320,013     41,286     37,847     84,848     98,050     78,135     29,559     17,250     30,977     35,612     89,471

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,       July 9, 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             988,600     37,390    346,721     40,740     38,726     80,763    119,821     83,074     30,694     17,862     31,661     55,713    105,435
  Less: Notes held by F.R. Banks              192,941      4,749     59,339      6,744      6,734     12,408     30,870     12,522      3,500      2,756      3,466     23,668     26,186
    Federal Reserve notes, net                795,659     32,641    287,382     33,997     31,992     68,355     88,952     70,552     27,193     15,106     28,195     32,046     79,249
Reverse repurchase agreements (1)              41,276      1,731     14,686      1,802      1,565      3,743      4,107      3,643      1,426        779      1,516      1,712      4,566
Deposits                                       15,693        773      6,230        438        721      1,745      1,193        790        359        302        506        775      1,860
  Depository institutions                      11,010        771      1,625        434        718      1,702      1,190        788        346        301        504        774      1,857
  U.S. Treasury, general account                4,355          0      4,355          0          0          0          0          0          0          0          0          0          0
  Foreign official                                100          2         70          4          3         11          3          2          0          1          0          1          3
  Other                                           227          1        179          0          0         32          0          0         13          0          1          0          0
Deferred availability cash items                3,850        289          0        481        757        275        296        279         53        282        205        270        662
Other liabilities and accrued                 
  dividends (2,3)                               3,678        137      1,401        150        162        381        350        276        149        100        123        166        283
   
      Total liabilities                       860,157     35,573    309,699     36,868     35,197     74,499     94,898     75,540     29,181     16,569     30,545     34,969     86,620
                              
Capital                    
Capital paid in                                19,880        764      5,065      2,335      1,322      5,178      1,561      1,280        181        322        208        263      1,401
Surplus                                        18,493      1,050      4,657      1,814      1,291      4,998      1,425        815        180        355        194        364      1,351
Other capital                                   1,918         13        592        269         38        172        166        499         17          5         30         17         99

      Total liabilities and capital           900,448     37,400    320,013     41,286     37,847     84,848     98,050     78,135     29,559     17,250     30,977     35,612     89,471
                              
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
                                                                                                 Jul 9, 2008
              
Federal Reserve notes outstanding                                                                  988,600
  Less: Notes held by F.R. Banks not subject to collateralization                                  192,941
    Federal Reserve notes to be collateralized                                                     795,659 
Collateral held against Federal Reserve notes                                                      795,659
  Gold certificate account                                                                          11,037
  Special drawing rights certificate account                                                         2,200
  U.S. Treasury and agency securities pledged (1)                                                  545,270
  Other assets pledged                                                                             237,152

Memo:
Total U.S. Treasury and agency securities (1)                                                      585,951
  Less: Face value of securities under reverse repurchase agreements                                40,681
    U.S. Treasury and agency securities eligible to be pledged                                     545,270
   
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.