Reserve Bank credit, related items, and

reserve balances of depository institutions

at Federal Reserve Banks

Reserve Bank credit 2,207,272 - 46,466 +1,333,775 2,241,288

Securities held outright 495,994 + 3,229 - 258,611 496,892

U.S. Treasury1 476,067 - 111 - 278,538 476,014

Bills2 18,423 0 - 223,433 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 6,082 - 110 + 1,227 6,029

Federal agency2 19,927 + 3,340 + 19,927 20,878

Repurchase agreements4 80,000 0 + 40,464 80,000

Term auction credit 420,806 - 27,153 + 400,806 450,219

Other loans 196,868 - 15,657 + 192,040 186,630

Primary credit 86,260 - 2,147 + 81,458 84,898

Secondary credit 51 + 48 + 51 40

Seasonal credit 3 + 1 - 23 3

Primary dealer and other broker-dealer credit5 45,679 - 4,814 + 45,679 38,190

Asset-backed commercial paper money

market mutual fund liquidity facility 24,858 - 4,416 + 24,858 23,993

Credit extended to American International

Group, Inc.6 40,018 - 4,329 + 40,018 39,507

Other credit extensions 0 0 0 0

Net portfolio holdings of Commercial Paper

Funding Facility LLC7 325,796 + 10,529 + 325,796 331,686

Net portfolio holdings of LLCs funded through the

money market investor funding facility8 0 0 0 0

Net portfolio holdings of Maiden Lane LLC9 26,918 + 26 + 26,918 26,966

Net portfolio holdings of Maiden Lane II LLC10 20,033 + 2,514 + 20,033 20,049

Net portfolio holdings of Maiden Lane III LLC11 28,085 + 8,477 + 28,085 28,191

Float -1,167 - 138 - 254 -1,334

Other Federal Reserve assets 613,939 - 28,294 + 558,497 621,990

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding12 38,843 + 14 + 141 38,843

Total factors supplying reserve funds 2,259,356 - 46,452 +1,333,916 2,293,372

FEDERAL RESERVE statistical release

 December 29, 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

 Dec 24, 2008 Week ended

 Dec 24, 2008 Dec 17, 2008 Dec 26, 2007
Reserve Bank credit, related items, and

reserve balances of depository institutions

at Federal Reserve Banks

Currency in circulation12 881,463 + 6,162 + 55,946 886,651

Reverse repurchase agreements13 87,758 - 5,442 + 48,638 88,317

Foreign official and international accounts 87,758 + 15,987 + 48,638 88,317

Dealers 0 - 21,429 0 0

Treasury cash holdings 233 + 6 - 15 233

Deposits with F.R. Banks, other than reserve balances 425,657 - 29,092 + 413,753 426,994

U.S. Treasury, general account 125,933 + 46,301 + 121,023 118,058

U.S. Treasury, supplementary financing account 289,247 - 74,930 + 289,247 289,247

Foreign official 644 + 406 + 547 1,190

Service-related 4,414 - 205 - 2,200 4,414

Required clearing balances 4,385 - 207 - 2,229 4,385

Adjustments to compensate for float 29 + 2 + 29 29

Other 5,418 - 665 + 5,135 14,085

Other liabilities and capital14 79,640 - 2,434 + 36,808 76,190

Total factors, other than reserve balances,

absorbing reserve funds 1,474,750 - 30,801 + 555,130 1,478,384

Reserve balances with Federal Reserve Banks 784,607 - 15,650 + 778,787 814,987

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. Excludes credit extended to consolidated LLCs.

7. Refer to table 6 and the note on consolidation accompanying table 9.

8. Refer to table 7 and the note on consolidation accompanying table 9.

9. Refer to table 3 and the note on consolidation accompanying table 9.

10. Refer to table 4 and the note on consolidation accompanying table 9.

11. Refer to table 5 and the note on consolidation accompanying table 9.

12. Estimated.

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

14. Includes the liabilities of Commercial Paper Funding Facility LLC, the LLCs funded through the Money Market Investor Funding Facility,

Maiden Lane LLC, Maiden Lane II 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 7 and the note on consolidation

accompanying table 9.

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

Change from week ended Wednesday

 Dec 24, 2008 Week ended

 Dec 24, 2008 Dec 17, 2008 Dec 26, 2007
Marketable securities held in custody for foreign

 official and international accounts1 2,509,692 + 11,487 + 453,281 2,513,564

U.S. Treasury 1,684,697 + 28,134 + 458,513 1,694,571

Federal agency 824,995 - 16,647 - 5,232 818,992

Securities lent to dealers 184,566 - 2,580 + 170,436 188,339

Overnight facility2 6,970 + 1,398 - 7,160 5,743

Term facility3 177,596 - 3,979 + 177,596 182,596

1A. Memorandum Items

Millions of dollars

Averages of daily figures

Week ended

 Dec 24, 2008

Change from week ended Wednesday

 Dec 24, 2008

 Dec 17, 2008 Dec 26, 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.

Memorandum item

H.4.1

91 days to

1 year

2. Maturity Distribution of Term Auction Credit, Other Loans, and Securities, December 24, 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 (FRBNY) to Commercial Paper Funding Facility LLC, the LLCs funded through

the Money Market Investor Funding Facility, Maiden Lane LLC, Maiden Lane II 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.

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

Money market instruments held by

LLCs funded through the

money market investor

funding facility4

Repurchase agreements5

Reverse repurchase agreements5

 181,796

 112,162

 17,301

+ 2,765

 1,620

- 3,324

 0

 0

 40,000

 88,317

...

 0

 64,478

 0

 976

- 671

 0

 0

...

...

...

 39,507

 172,038

- 38

 11,361

+ 5,624

...

...

...

...

 268,423

 34,961

 22,980

- 2,773

 3,281

+ 221

 332,125

 0

 40,000

 0

...

...

 97,345

- 28

 3,640

+ 1,407

...

...

...

...

...

...

 101,871

- 50

 0

 0

...

...

...

...

 450,219

 186,630

 476,014

- 124

 20,878

+ 3,257

 332,125

 0

 80,000

 88,317
Wednesday

 Dec 24, 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

 26,966

 28,820

 265

 1,187

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. Any assets purchased after

this revaluation date are initially recorded at cost until their estimated fair value as of the purchase date becomes available.

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 9.

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 8 and table 9.

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

 Dec 24, 2008

4. Information on Principal Accounts of Maiden Lane II LLC

Millions of dollars

Net portfolio holdings of Maiden Lane II 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

Deferred payment and accrued interest payable to subsidiaries of American International Group, Inc.3

 20,049

 19,494

 20

 1,002

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 December 12, 2008. Any assets purchased after

this revaluation date are initially recorded at cost until their estimated fair value as of the purchase date becomes available.

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 9.

3. Book value. The deferred payment represents the portion of the proceeds of the net portfolio holdings due to AIG subsidiaries in accordance

with the asset purchase agreement. The fair value of this payment and accrued interest payable are included in other liabilities and capital in

table 1 and in other liabilities and accrued dividends in table 8 and table 9.

Note: On December 12, 2008, the Federal Reserve Bank of New York (FRBNY) began extending credit to Maiden Lane II LLC under the authority

of section 13(3) of the Federal Reserve Act. This limited liability company was formed to purchase residential mortgage-backed securities from the

U.S. securities lending reinvestment portfolio of subsidiaries of American International Group, Inc. (AIG subsidiaries). Payments by Maiden Lane II

LLC from the proceeds of the net portfolio holdings will be made in the following order: operating expenses of Maiden Lane II LLC, principal due to

the FRBNY, interest due to the FRBNY, and deferred payment and interest due to AIG subsidiaries. Any remaining funds will be shared by the

FRBNY and AIG subsidiaries.

Account name
Wednesday

 Dec 24, 2008

7. Information on Principal Accounts of LLCs Funded through the Money Market Investor

 Funding Facility

Millions of dollars

Money market instrument holdings, net1

Other investments, net

Net portfolio holdings of LLCs funded through the money market investor funding facility

Memorandum: Money market instrument 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

Commercial paper issued by LLCs funded through the money market investor funding facility, net of related discounts

 0

 0

 0

 0

 0

 0

 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 9.

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.

Account name

H.4.1

Wednesday

 Dec 24, 2008

6. 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

 330,353

 1,332

 331,686

 332,125

 330,125

 545

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 9.

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

Wednesday

 Dec 24, 2008

5. Information on Principal Accounts of Maiden Lane III LLC

Millions of dollars

Net portfolio holdings of Maiden Lane III 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 American International Group, Inc.3

 28,191

 24,339

 36

 5,019

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 November 25, 2008. Any assets purchased after

this revaluation date are initially recorded at cost until their estimated fair value as of the purchase date becomes available.

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 9.

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 8 and table 9.

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 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.

Account name
Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 2,200 0 0

Coin 1,680 + 3 + 507

Securities, repurchase agreements, term auction

credit, and other loans 1,213,741 - 14,521 + 392,094

Securities held outright 496,892 + 3,133 - 257,720

U.S. Treasury1 476,014 - 124 - 278,598

Bills2 18,423 0 - 223,433

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

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

Inflation compensation3 6,029 - 123 + 1,167

Federal agency2 20,878 + 3,257 + 20,878

Repurchase agreements4 80,000 0 + 37,500

Term auction credit 450,219 + 2,260 + 430,219

Other loans 186,630 - 19,914 + 182,095

Net portfolio holdings of Commercial Paper Funding

Facility LLC5 331,686 + 12,843 + 331,686

Net portfolio holdings of LLCs funded through the

money market investor funding facility6 0 0 0

Net portfolio holdings of Maiden Lane LLC7 26,966 + 56 + 26,966

Net portfolio holdings of Maiden Lane II LLC8 20,049 + 18 + 20,049

Net portfolio holdings of Maiden Lane III LLC9 28,191 + 8,535 + 28,191

Items in process of collection (515) 1,203 + 300 - 678

Bank premises 2,186 + 1 + 58

Other assets10 619,807 - 60,383 + 566,055

Total assets (515) 2,258,744 - 53,149 +1,364,926

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 849,716 + 8,975 + 57,915

Reverse repurchase agreements11 88,317 + 16,389 + 47,775

Deposits (0) 1,241,984 - 44,893 +1,225,626

Depository institutions 819,404 + 17,662 + 807,965

U.S. Treasury, general account 118,058 - 2,385 + 113,529

U.S. Treasury, supplementary financing account 289,247 - 74,930 + 289,247

Foreign official 1,190 + 1,000 + 1,093

Other (0) 14,085 + 13,760 + 13,792

Deferred availability cash items (515) 2,537 + 128 + 321

Other liabilities and accrued dividends12,13 33,673 - 30,961 + 27,884

Total liabilities (515) 2,216,227 - 50,362 +1,359,521

Capital accounts

Capital paid in 21,071 + 1 + 2,718

Surplus 16,846 - 339 + 1,384

Other capital accounts 4,600 - 2,449 + 1,303

Total capital 42,517 - 2,787 + 5,405

H.4.1

8. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Wednesday

 Dec 26, 2007

Eliminations from

consolidation Wednesday

 Dec 24, 2008

Wednesday

 Dec 17, 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 6 and the note on consolidation accompanying table 9.

6. Refer to table 7 and the note on consolidation accompanying table 9.

7. Refer to table 3 and the note on consolidation accompanying table 9.

8. Refer to table 4 and the note on consolidation accompanying table 9.

9. Refer to table 5 and the note on consolidation accompanying table 9.

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

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

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

13. Includes the liabilities of Commercial Paper Funding Facility LLC, the LLCs funded through the Money Market Investor Funding Facility,

Maiden Lane LLC, Maiden Lane II 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 7 and the note on consolidation

accompanying table 9.
    16, 9, 8,  8,  1, 5,         11, - 9, 19,

 344 71 44 25,032 17,171 16,449 637 15,813 721 2,765 4,698 398 0 0 0 0 0 39 131 6,408 + 3,650 35,717

 913 212 193 57,604 43,855 42,013 1,626 40,387 1,843 7,061 5,094 1,594 0 0 0 0 0 409 207 28,043 + 21,889 109,471

 1,221 166 213 74,991 49,440 47,363 1,833 45,530 2,077 7,960 17,222 369 0 0 0 0 0 224 226 47,972 + 17,303 142,316

 891 147 233 127,954 45,057 43,164 1,671 41,494 1,893 7,254 75,130 512 0 0 0 0 0 56 225 164,969 - 148,393 146,082

 423 104 136 37,495 18,842 18,050 699 17,352 792 3,034 15,575 45 0 0 0 0 0 172 151 42,840 + 2,533 83,854

 424 115 56 64,554 20,842 19,966 773 19,193 876 3,356 16,150 24,207 0 0 0 0 0 50 124 35,095 - 27,300 73,118

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 LLCs funded

through the money market investorfunding facility6

Net portfolio holdings of Maiden

Lane LLC7

Net portfolio holdings of Maiden

Lane II LLC8

Net portfolio holdings of Maiden

Lane III LLC9

Items in process of collectionBank premisesOther assets10Interdistrict settlement account

Total assets

 11,037 2,200 1,680 1,213,741 496,892 476,014 18,423 457,591 20,878 80,000 450,219 186,630 331,686 0 26,966 20,049 28,191 1,717 2,186 619,807 0 2,259,259

 453 83 133 63,813 21,695 20,783 804 19,979 912 3,493 38,300 325 0 0 0 0 0 223 64 60,021 - 69,678 55,113

 3,935 874 75 579,315 176,791 169,363 6,555 162,808 7,428 28,464 220,434 153,626 331,686 0 26,966 20,049 28,191 0 211 157,275 + 144,574 1,293,150

H.4.19. Statement of Condition of Each Federal Reserve Bank, December 24, 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 4. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.5. Refer to table 6 and the note on consolidation on the following page.6. Refer to table 7 and the note on consolidation on the following page.7. Refer to table 3 and the note on consolidation on the following page.8. Refer to table 4 and the note on consolidation on the following page.9. Refer to table 5 and the note on consolidation on the following page.10. Includes assets denominated in foreign currencies and any exchange-translation assets, which are revalued daily at market exchange rates.

Assets, liabilities, and capital
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 agreements11

Deposits

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

Deferred availability cash itemsOther liabilities and accrued

dividends12,13

Total liabilities

CapitalCapital paid inSurplusOther capital

Total liabilities and capital

Note: Components may not sum to totals because of rounding.11. Cash value of agreements, which are collateralized by U.S. Treasury securities.12. Includes any exchange-translation liabilities, which are revalued daily at market exchange rates.13. Includes the liabilities of Commercial Paper Funding Facility LLC, the LLCs funded through the Money Market Investor Funding Facility, Maiden Lane LLC, M

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. Refenote on consolidation below.

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 Federawas 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 Commwas formed to purchase three-month U.S. dollar-denominated commercial paper from eligible issuers. On November 24, 2008, the Federal Reserve Board authorizeof LLCs funded through the Money Market Investor Funding Facility, which were established to purchase short-term U.S. dollar-denominated certificates of deposit, 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 American International Group, Inc. has written credit default swap contracts. On December 12, 2008, a loan was extended to Maiden Lane II LLC, which wamortgage-backed securities from the U.S. securities lending reinvestment portfolio of subsidiaries of American International Group, Inc.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 aassets 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 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 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 tabH.4.19. Statement of Condition of Each Federal Reserve Bank, December 24, 2008 (continued)Millions of dollars

Assets, liabilities, and capital

 38,558 5,550 33,008 3,704 34,261 34,252 0 0 2 7 78 171 71,222 844 1,049 3 73,118

 1,024,543 174,827 849,716 88,317 1,241,984 819,404 118,058 289,247 1,190 14,085 3,052 33,673 2,216,742 21,071 16,846 4,600 2,259,259

 358,100 48,964 309,136 31,423 910,445 487,977 118,058 289,247 1,160 14,003 0 30,901 1,281,905 5,602 3,009 2,634 1,293,150

 41,448 5,359 36,089 3,856 9,673 9,668 0 0 4 0 632 226 50,475 2,315 1,815 507 55,113

 46,682 7,380 39,301 3,349 37,464 37,460 0 0 3 2 445 213 80,772 1,552 1,291 239 83,854

 81,227 12,291 68,936 8,008 56,532 56,459 0 0 11 62 211 552 134,240 5,980 4,999 862 146,082

 128,949 24,554 104,395 8,787 25,327 25,323 0 0 3 0 189 399 139,098 1,612 1,426 180 142,316

 83,550 13,264 70,286 7,795 29,234 29,232 0 0 2 0 325 303 107,943 703 816 9 109,471

 29,462 3,484 25,977 3,052 6,056 6,047 0 0 0 9 54 152 35,292 210 180 35 35,717

 17,6 2,9 14,7 1,6 1,7 1,7     2 1 18,5 3 3  19,2
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

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

Federal Reserve notes and collateral Wednesday

 Dec 24, 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.

 1,024,543 174,827 849,716 849,716 11,037 2,200 498,178 338,301 576,892 78,714 498,178