FEDERAL RESERVE statistical release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                           December 4, 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                                     Dec 3, 2008 Nov 26, 2008  Dec 5, 2007  Dec 3, 2008

Reserve Bank credit                                       2,117,751   +   23,864   +1,250,911    2,121,166
  Securities held outright                                  488,445   -      231   -  291,260      487,926       
    U.S. Treasury (1)                                       476,389   -       26   -  303,316      476,354
      Bills (2)                                              18,423            0   -  248,596       18,423
      Notes and bonds, nominal (2)                          410,491            0   -   60,493      410,491
      Notes and bonds, inflation-indexed (2)                 41,071            0   +    4,160       41,071
      Inflation compensation (3)                              6,403   -       26   +    1,612        6,369
    Federal agency (2)                                       12,057   -      204   +   12,057       11,572      
  Repurchase agreements (4)                                  80,000            0   +   33,143       80,000
  Term auction credit                                       406,508            0   +  406,508      406,508  
  Other loans                                               255,573   -   27,607   +  255,231      248,751
    Primary credit                                           90,333   -    3,295   +   90,024       87,813
    Secondary credit                                            158   -       67   +      158          132
    Seasonal credit                                               4   -        1   -       29            3
    Primary dealer and other broker-dealer credit (5)        57,198   +    4,780   +   57,198       55,619
    Asset-backed commercial paper money market
      mutual fund liquidity facility                         51,936   -    5,382   +   51,936       49,234
    Credit extended to American International
      Group, Inc. (6)                                        55,944   -   23,641   +   55,944       55,950
    Other credit extensions                                       0            0            0            0
  Net portfolio holdings of Commercial Paper 
    Funding Facility LLC (7)                                297,576   +   15,379   +  297,576      303,880
  Net portfolio holdings of LLCs funded through
    the money market investor funding facility (7)                0            0            0            0
  Net portfolio holdings of Maiden Lane LLC (7)              26,994   +       66   +   26,994       27,082
  Net portfolio holdings of Maiden Lane III LLC (7)          21,153   +   15,143   +   21,153       21,183
  Float                                                        -973   -      497   -      207         -917
  Other Federal Reserve assets                              542,474   +   21,610   +  501,772      546,753
Gold stock                                                   11,041            0            0       11,041
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (8)                            38,801   +       14   +       36       38,801
       
Total factors supplying reserve funds                     2,169,793   +   23,878   +1,250,947    2,173,208
Note: Components may not sum to totals because of rounding.  Footnotes appear on the following page.


H.4.1
1. Factors Affecting Reserve Balances of Depository Institutions, continued
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                                     Dec 3, 2008 Nov 26, 2008  Dec 5, 2007  Dec 3, 2008

Currency in circulation (8)                                 872,540   +    5,521   +   54,438      872,751
Reverse repurchase agreements (9)                            96,725   -      600   +   60,689       91,994
  Foreign official and international accounts                71,725   -      600   +   35,689       66,994
  Dealers                                                    25,000            0   +   25,000       25,000
Treasury cash holdings                                          241   -        1   -       24          243
Deposits with F.R. Banks, other than reserve balances       512,896   -   41,407   +  501,103      504,828       
  U.S. Treasury, general account                             61,049   -    3,482   +   56,144       57,345
  U.S. Treasury, supplementary financing account            440,528   -   38,526   +  440,528      434,107
  Foreign official                                              190            0   +       93          186
  Service-related                                             4,960   +        7   -    1,525        4,960
    Required clearing balances                                4,957   +        4   -    1,528        4,957
    Adjustments to compensate for float                           3   +        3   +        3            3
  Other                                                       6,168   +      593   +    5,862        8,230
Other liabilities and capital (10)                           53,519   +    4,153   +   10,822       53,159

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                1,535,921   -   32,333   +  627,028    1,522,975

Reserve balances with Federal Reserve Banks                 633,872   +   56,211   +  623,919      650,233
                                                                
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. Excludes credit extended to consolidated LLCs.
7. Refer to table 3 through table 6 and the note on consolidation accompanying table 8.
8. Estimated.
9. Cash value of agreements, which are collateralized by U.S. Treasury securities.
10. Includes the liabilities of Commercial Paper Funding Facility LLC, the LLCs funded through the Money 
    Market Investor Funding Facility, Maiden Lane LLC, and Maiden Lane III LLC to entities other than the 
    Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio 
    holdings of these LLCs.  Refer to table 3 through table 6 and the note on consolidation accompanying 
    table 8.

Sources: Federal Reserve Banks and the U.S. Department of the Treasury.


1A. Memorandum Items 
Millions of dollars
                                                                   Averages of daily figures
Memorandum item                                           Week ended   Change from week ended     Wednesday
                                                          Dec 3, 2008 Nov 26, 2008  Dec 5, 2007  Dec 3, 2008

Marketable securities held in custody for foreign
      official and international accounts (1)             2,494,798   -    3,285   +  458,061    2,494,030
  U.S. Treasury                                           1,626,710   +    8,945   +  400,992    1,627,640
  Federal agency                                            868,088   -   12,230   +   57,069      866,389
Securities lent to dealers                                  197,079   +      760   +  191,332      192,424   
  Overnight facility (2)                                      6,187   -    2,684   +      440        7,278
  Term facility (3,4)                                       190,892   +    3,445   +  190,892      185,146

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   December 3, 2008, option contracts on draws on the Term Securities Lending Facility totaling 
   $    49,999 million were outstanding.  The exercise date for the options is December 22, 2008, and the 
   draws have a term loan of December 23, 2008 through   January 5, 2009.


2. Maturity Distribution of Term Auction Credit, Other Loans, and Securities,   December 3, 2008
Millions of dollars

Remaining maturity                 Within 15  16 days to  91 days to  Over 1 year  Over 5 years  Over 10       All
                                      days     90 days      1 year     to 5 years   to 10 years   years 
Term auction credit                  129,478     277,031         ---          ---           ---        ---     406,508
Other loans (1)                      175,518      34,982        2,801      35,450           ---        ---     248,751
U.S. Treasury securities (2) 
  Holdings                            15,963      24,542       65,200     171,701        96,940    102,007     476,354
  Weekly changes                  -      860  +    1,553   -    1,492  +      778    -       12 -       21  -       53
Federal agency securities 
  Holdings                             1,951       7,127        2,494           0             0          0      11,572
  Weekly changes                  +      542  -    1,091   -      100           0             0          0  -      649
Commercial paper held by
  Commercial Paper Funding 
  Facility LLC (3)                         0     304,759            0         ---           ---        ---     304,759
Money market instruments held by
  LLCs funded through the money
  market investor funding
  facility (4)                             0           0            0         ---           ---        ---           0
Repurchase agreements (5)             40,000      40,000          ---         ---           ---        ---      80,000

Reverse repurchase agreements (5)     91,994           0          ---         ---           ---        ---      91,994
  
Note: Components may not sum to totals because of rounding.
---   Not applicable.

1. Excludes the loans from the Federal Reserve Bank of New York (FRBNY) to Commercial Paper Funding Facility LLC, the 
   LLCs funded through the Money Market Investor Funding Facility, Maiden Lane LLC, and Maiden Lane III LLC.  The loans 
   were eliminated when preparing the FRBNY's statement of condition consistent with consolidation under generally 
   accepted accounting principles.
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. Face value of money market instruments held by LLCs funded through the Money Market Investor Funding Facility.
5. Cash value of agreements.


H.4.1
3. Information on Principal Accounts of Maiden Lane LLC
Millions of dollars
                                                                                                  Wednesday
Account name                                                                                     Dec 3, 2008
         
Net portfolio holdings of Maiden Lane LLC (1)                                                       27,082

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)                                   249
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3)        1,183
 
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 note on consolidation accompanying table 8.
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 7 and table 8.

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.


4. Information on Principal Accounts of Maiden Lane III LLC
Millions of dollars
                                                                                                   Wednesday
Account name                                                                                      Dec 3, 2008

Net portfolio holdings of Maiden Lane III LLC (1)                                                    21,183

Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2)            15,134
Accrued interest payable to the Federal Reserve Bank of New York (2)                                      9
Outstanding principal amount and accrued interest on loan payable to American International
  Group, Inc. (3)                                                                                     5,005

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   October 31, 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 8.
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 7 and table 8.

Note: On November 25, 2008, the Federal Reserve Bank of New York (FRBNY) began extending credit to Maiden Lane 
III LLC under the authority of section 13(3) of the Federal Reserve Act.  This limited liability company was 
formed to purchase multi-sector collateralized debt obligations (CDOs) on which the Financial Products group 
of the American International Group, Inc. (AIG) has written credit default swap (CDS) contracts.  In connection 
with the purchase of CDOs, the CDS counterparties will concurrently unwind the related CDS transactions.  
Payments by Maiden Lane III LLC from the proceeds of the net portfolio holdings will be made in the following 
order: operating expenses of Maiden Lane III LLC, principal due to the FRBNY, interest due to the FRBNY, 
principal due to AIG, and interest due to AIG.  Any remaining funds will be shared by the FRBNY and AIG.


5. Information on Principal Accounts of Commercial Paper Funding Facility LLC
Millions of dollars
                                                                                                   Wednesday
Account name                                                                                      Dec 3, 2008

Commercial paper holdings, net (1)                                                                  302,596
Other investments, net                                                                                1,283
Net portfolio holdings of Commercial Paper Funding Facility LLC                                     303,880

Memorandum: Commercial paper holdings, face value                                                   304,759

Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2)           302,963
Accrued interest payable to the Federal Reserve Bank of New York (2)                                    324

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 
   note on consolidation accompanying table 8.

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. dollar-denominated commercial paper from eligible issuers 
and thereby foster liquidity in short-term funding markets and increase the availability of credit for 
businesses and households.


H.4.1
6. Information on Principal Accounts of LLCs Funded through the Money Market Investor Funding Facility 
Millions of dollars
                                                                                                   Wednesday
Account name                                                                                      Dec 3, 2008

Money market instrument holdings, net (1)                                                                 0
Other investments, net                                                                                    0
Net portfolio holdings of LLCs funded through the money market investor funding facility                  0

Memorandum: Money market instrument holdings, face value                                                  0

Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2)                 0
Accrued interest payable to the Federal Reserve Bank of New York (2)                                      0
Commercial paper issued by LLCs funded through the money market investor funding facility, 
  net of related discounts                                                                                0

1. Book value, which includes amortized cost.
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 8.

Note: On November 24, 2008, the Federal Reserve Board authorized the Federal Reserve Bank of New York to extend 
credit under the authority of section 13(3) of the Federal Reserve Act to a series of limited liability 
companies funded through the Money Market Investor Funding Facility.  These limited liability companies were 
established to purchase short-term U.S. dollar-denominated certificates of deposit, bank notes, and outstanding 
asset-backed commercial paper from eligible issuers.  Such purchases are designed to foster liquidity in 
short-term money markets.


H.4.1
7. Consolidated Statement of Condition of All Federal Reserve Banks
Millions of dollars
                                                 Eliminations                          Change since
                                                     from       Wednesday        Wednesday        Wednesday
Assets, liabilities, and capital                consolidation  Dec 3, 2008     Nov 26, 2008      Dec 5, 2007

Assets
Gold certificate account                                           11,037                0                0
Special drawing rights certificate account                          2,200                0                0
Coin                                                                1,640       -        2       +      450
Securities, repurchase agreements, term auction
      credit, and other loans                                   1,223,186       -   10,999       +  394,825
  Securities held outright                                        487,926       -      702       -  291,789
    U.S. Treasury (1)                                             476,354       -       53       -  303,361       
      Bills (2)                                                    18,423                0       -  248,596
      Notes and bonds, nominal (2)                                410,491                0       -   60,493
      Notes and bonds, inflation-indexed (2)                       41,071                0       +    4,160
      Inflation compensation (3)                                    6,369       -       53       +    1,568
    Federal agency (2)                                             11,572       -      649       +   11,572
  Repurchase agreements (4)                                        80,000                0       +   33,500    
  Term auction credit                                             406,508                0       +  406,508
  Other loans                                                     248,751       -   10,297       +  246,605
Net portfolio holdings of Commercial Paper 
  Funding Facility LLC (5)                                        303,880       +    9,786       +  303,880
Net portfolio holdings of LLCs funded through
  the money market investor funding facility (5)                        0                0                0
Net portfolio holdings of Maiden Lane LLC (5)                      27,082       +      103       +   27,082
Net portfolio holdings of Maiden Lane III LLC (5)                  21,183       +       35       +   21,183
Items in process of collection                         (512)        1,512       +      416       -      933
Bank premises                                                       2,175       -        5       +       57
Other assets (6)                                                  544,564       +   30,041       +  505,750
     
      Total assets                                     (512)    2,138,458       +   29,375       +1,252,293
                          
Liabilities
Federal Reserve notes, net of F.R. Bank holdings                  835,829       +      746       +   53,890
Reverse repurchase agreements (7)                                  91,994       -    7,767       +   55,344
Deposits                                                 (4)    1,155,047       +   37,787       +1,133,541       
  Depository institutions                                         655,179       +   43,984       +  639,198
  U.S. Treasury, general account                                   57,345       +   39,990       +   52,266
  U.S. Treasury, supplementary financing account                  434,107       -   44,947       +  434,107
  Foreign official                                                    186       -        1       +       90
  Other                                                  (4)        8,230       -    1,240       +    7,880
Deferred availability cash items                       (507)        2,429       -      182       -      931
Other liabilities and accrued dividends (8,9)                      10,344       -    1,138       +    4,348

      Total liabilities                                (512)    2,095,642       +   29,445       +1,246,191
                          
Capital accounts
Capital paid in                                                    20,862       -        9       +    2,675
Surplus                                                            17,175       +        5       +    1,714
Other capital accounts                                              4,779       -       65       +    1,713

      Total capital                                                42,815       -       71       +    6,101

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 3 through table 6 and the note on consolidation accompanying table 8.
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 Commercial Paper Funding Facility LLC, the LLCs funded through the Money Market 
   Investor Funding Facility, Maiden Lane LLC, and Maiden Lane III LLC to entities other than the Federal 
   Reserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of these 
   LLCs. Refer to table 3 through table 6 and the note on consolidation accompanying table 8.


H.4.1
8. Statement of Condition of Each Federal Reserve Bank,   December 3, 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                                           1,640         57         73        127        130        225        207        192         46         55        114        176        237
Securities, repurchase agreements, term
      auction credit, and other loans      1,223,186     91,181    556,538     53,674     34,931    151,292     75,256     56,087     23,519     16,161     26,630     28,896    109,021
  Securities held outright                   487,926     20,465    173,601     21,304     18,502     44,244     48,548     43,064     16,861      9,212     17,916     20,240     53,970
    U.S. Treasury (1)                        476,354     19,980    169,484     20,798     18,063     43,195     47,396     42,043     16,461      8,993     17,491     19,760     52,690
      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)                    457,932     19,207    162,929     19,994     17,365     41,525     45,563     40,417     15,824      8,645     16,814     18,995     50,652
    Federal agency (2)                        11,572        485      4,117        505        439      1,049      1,151      1,021        400        218        425        480      1,280
  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                        406,508     18,050    164,794     28,800     13,393     99,297     18,285      4,640      3,633      5,372      1,285      4,608     44,352     
  Other loans                                248,751     49,310    189,680         78          2        497        463      1,322        260         67      4,492        730      1,850
Net portfolio holdings of Commercial
  Paper Funding Facility LLC (5)             303,880          0    303,880          0          0          0          0          0          0          0          0          0          0
Net portfolio holdings of LLCs funded
  through the money market investor
  funding facility (5)                             0          0          0          0          0          0          0          0          0          0          0          0          0
Net portfolio holdings of Maiden Lane 
  LLC (5)                                     27,082          0     27,082          0          0          0          0          0          0          0          0          0          0
Net portfolio holdings of Maiden
  Lane III LLC (5)                            21,183          0     21,183          0          0          0          0          0          0          0          0          0          0
Items in process of collection                 2,024         36          0        250        187         87        623        125         18         81        214        135        269
Bank premises                                  2,175        123        209         64        150        223        225        206        130        111        274        251        209
Other assets (6)                             544,564     30,707    140,838     52,399     37,391    144,052     41,854     24,442      5,578     10,387      6,016     10,933     39,967
Interdistrict settlement account                   0  -  46,307  + 147,906  -  52,736  +   1,228  - 106,317  +   8,577  +  24,823  +   2,628  -   8,049  +   7,870  +   5,108  +  15,268

      Total assets                         2,138,969     76,337  1,202,518     54,314     74,544    190,602    128,129    107,000     32,332     18,974     41,533     46,233    166,454

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. Refer to table 3 through table 6 and the note on consolidation on the following page.
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 Commercial Paper Funding Facility LLC, the LLCs funded through the Money Market Investor Funding Facility, Maiden Lane LLC, and Maiden Lane III LLC to 
   entities other than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of these LLCs.  Refer to table 3 through table 6 and 
   the note on consolidation on the following page.


H.4.1
8. Statement of Condition of Each Federal Reserve Bank,   December 3, 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           1,013,362     38,323    353,361     41,859     47,043     81,712    121,834     83,848     29,546     17,505     30,325     54,498    113,507
  Less: Notes held by F.R. Banks              177,533      5,929     47,851      5,625      7,800     11,362     25,594     13,620      3,463      2,786      3,970     22,061     27,472
    Federal Reserve notes, net                835,829     32,394    305,510     36,234     39,243     70,350     96,240     70,228     26,083     14,719     26,355     32,437     86,035
Reverse repurchase agreements (7)              91,994      3,859     32,731      4,017      3,488      8,342      9,153      8,119      3,179      1,737      3,378      3,816     10,176
Deposits                                    1,155,051     37,960    845,249      8,619     28,062     99,381     18,893     26,481      2,455      1,502     11,075      8,878     66,499
  Depository institutions                     655,179     37,941    345,570      8,611     28,059     99,280     18,889     26,478      2,404      1,501     11,073      8,877     66,496
  U.S. Treasury, general account               57,345          0     57,345          0          0          0          0          0          0          0          0          0          0
  U.S. Treasury, supplementary
    financing account                         434,107          0    434,107          0          0          0          0          0          0          0          0          0          0
  Foreign official                                186          2        156          4          3         11          3          2          0          1          0          1          3
  Other                                         8,235         16      8,072          4          0         90          1          0         50          0          1          0          0
Deferred availability cash items                2,936         69          0        557        413        266        175        312         28        220        168        270        459
Other liabilities and accrued                 
  dividends (8,9)                              10,344        189      7,411        221        221        625        411        316        159        109        134        185        363
   
      Total liabilities                     2,096,154     74,471  1,190,900     49,647     71,427    178,963    124,872    105,456     31,904     18,287     41,109     45,587    163,532
                              
Capital                    
Capital paid in                                20,862        784      5,602      2,315      1,552      5,836      1,610        703        209        324        207        270      1,450
Surplus                                        17,175      1,049      3,338      1,815      1,291      4,999      1,426        816        180        354        193        364      1,351
Other capital                                   4,779         34      2,679        537        274        804        221         25         40          9         24         13        121

      Total liabilities and capital         2,138,969     76,337  1,202,518     54,314     74,544    190,602    128,129    107,000     32,332     18,974     41,533     46,233    166,454
                              
Note: Components may not sum to totals because of rounding.  Footnotes appear on the previous page.

Note on consolidation:

The Federal Reserve Bank of New York (FRBNY) has extended loans to several limited liability companies under the authority of section 13(3) of the Federal Reserve Act. On June 26, 2008, 
a loan was extended to Maiden Lane LLC, which was formed to acquire certain assets of Bear Stearns.  On October 27, 2008, the FRBNY began extending loans to Commercial Paper Funding 
Facility LLC, which was formed to purchase three-month U.S. dollar-denominated commercial paper from eligible issuers. On November 24, 2008, the Federal Reserve Board authorized the FRBNY 
to extend credit to a series of LLCs funded through the Money Market Investor Funding Facility, which were established to purchase short-term U.S. dollar-denominated certificates of 
deposit, bank notes, and commercial paper from eligible issuers. On November 25, 2008, a loan was extended to Maiden Lane III LLC, which was formed to purchase multi-sector collateralized 
debt obligations on which the Financial Products group of the American International Group, Inc. has written credit default swap contracts.

The FRBNY is the sole beneficiary of Commercial Paper Funding Facility LLC and the primary beneficiary of the other LLCs cited above. Consistent with generally accepted accounting principles, 
the assets and liabilities of these LLCs have been consolidated with the assets and liabilities of the FRBNY in the preparation of the statements of condition shown on this release.  As a 
consequence of the consolidation, the extensions of credit from the FRBNY to the LLCs are eliminated, the net assets of the LLCs appear as assets on the previous page (and in table 1 and 
table 7), and the liabilities of the LLCs to entities other than the FRBNY, including those with recourse only to the portfolio holdings of the LLCs, are included in other liabilities in 
this table (and table 1 and table 7).


H.4.1
9. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts
Millions of dollars

Federal Reserve notes and collateral                                                              Wednesday
                                                                                                 Dec 3, 2008
              
Federal Reserve notes outstanding                                                                1,013,362
  Less: Notes held by F.R. Banks not subject to collateralization                                  177,533
    Federal Reserve notes to be collateralized                                                     835,829 
Collateral held against Federal Reserve notes                                                      835,829
  Gold certificate account                                                                          11,037
  Special drawing rights certificate account                                                         2,200
  U.S. Treasury and agency securities pledged (1)                                                  486,156
  Other assets pledged                                                                             336,436

Memo:
Total U.S. Treasury and agency securities (1)                                                      567,926
  Less: Face value of securities under reverse repurchase agreements                                81,770
    U.S. Treasury and agency securities eligible to be pledged                                     486,156
   
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.