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`FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                             March 27, 2008
1. Factors Affecting Reserve Balances of Depository Institutions
Millions of dollars
                                                                   Averages of daily figures
Reserve Bank credit, related items, and                   Week ended   Change from week ended     Wednesday
reserve balances of depository institutions at           Mar 26, 2008 Mar 19, 2008 Mar 28, 2007 Mar 26, 2008
Federal Reserve Banks

Reserve Bank Credit                                         869,437    -   9,347    +  17,325      878,643
 Securities held outright                                   628,977    -  47,917    - 151,905      612,305       
    U.S. Treasury (1)                                       628,977    -  47,917    - 151,905      612,305
       Bills (2)                                            124,375    -  40,841    - 152,644      114,091
       Notes and bonds, nominal (2)                         461,457    -   7,124    -   7,096      455,052
       Notes and bonds, inflation-indexed (2)                38,437            0    +   6,661       38,437
       Inflation compensation (3)                             4,708    +      48    +   1,174        4,726
    Federal agency (2)                                            0            0            0            0      
 Repurchase agreements(4)                                    84,821    +  23,714    +  52,642      106,750
 Term auction credit                                         80,000            0    +  80,000       80,000  
 Other loans                                                 33,481    +  14,432    +  33,401       37,607
    Primary credit                                              550    +     469    +     498          579
    Secondary credit                                              2    +       2    +       2            0
    Seasonal credit                                               6    -       1    -      22            6
    Primary dealer credit facility                           32,923    +  19,490    +  32,923       37,023
    Other credit extensions                                       0    -   5,529            0            0
 Float                                                       -1,349    +     218    -     796       -1,872
 Other Federal Reserve assets                                43,506    +     205    +   3,981       43,853
Gold stock                                                   11,041            0            0       11,041
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            38,778    +      14    +     420       38,778
       
Total factors supplying reserve funds                       921,456    -   9,333    +  17,745      930,662
                                                                   
Currency in circulation(5)                                  816,955    -      99    +  11,470      817,761
Reverse repurchase agreements (6)                            40,706    -       4    +   3,262       40,822
   Foreign official and international accounts               40,706    +   1,032    +   3,262       40,822
   Dealers                                                        0    -   1,036            0            0
Treasury cash holdings                                          297    +      24    +      23          331
Deposits with F.R.Banks, other than reserve balances         12,854    +     581    +     489       12,197       
  U.S. Treasury, general account                              5,729    +     577    +     739        4,944
  Foreign official                                              118    +      15    +      19          239
  Service-related                                             6,754            0    -     286        6,754
     Required clearing balances                               6,754            0    -     286        6,754
     Adjustments to compensate for float                          0            0            0            0
  Other                                                         254    -      10    +      18          261
Other liabilities and capital                                44,535    -     199    +   5,776       44,645

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  915,347    +     303    +  21,018      915,758

Reserve balances with Federal Reserve Banks                   6,109    -   9,637    -   3,274       14,905
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)         2,184,255    +  15,757    + 304,511    2,195,949
     U.S. Treasury                                        1,284,715    +   4,373    +  73,897    1,291,523
     Federal agency                                         899,539    +  11,383    + 230,613      904,426
  Securities lent to dealers                                  9,940    -   2,288    +   9,359       15,484   


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


1  Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities.  
2  Face value of the securities. 
3  Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities. 
4  Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
5  Estimated. 
6  Cash value of agreements, which are collateralized by U.S. Treasury securities.
7  Includes U.S. Treasury STRIPS and other zero coupon bonds at face value.


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


2. Consolidated Statement of Condition of All Federal Reserve Banks
Millions of Dollars
                                              Eliminations                          Change Since
                                                  from       Wednesday        Wednesday        Wednesday
Assets, liabilities, and capital             consolidation Mar 26, 2008     Mar 19, 2008     Mar 28, 2007

Assets
Gold certificate account                                        11,037                0                0
Special drawing rights certificate account                       2,200                0                0
Coin                                                             1,321        +       5        +     400
Securities, repurchase agreements, term auction
      credit, and other loans                                  836,663        +   5,253        +  19,744
   Securities held outright                                    612,305        -  48,179        - 168,585
      U.S. Treasury (1)                                        612,305        -  48,179        - 168,585       
         Bills (2)                                             114,091        -  38,269        - 162,928
         Notes and bonds, nominal (2)                          455,052        -   9,958        -  13,501
         Notes and bonds, inflation-indexed (2)                 38,437                0        +   6,661
         Inflation compensation (3)                              4,726        +      48        +   1,183
      Federal agency (2)                                             0                0                0
   Repurchase agreements (4)                                   106,750        +  44,750        +  70,750    
   Term auction credit                                          80,000                0        +  80,000
   Other loans                                                  37,607        +   8,682        +  37,579
Items in process of collection                      (471)          785        -     701        -   2,034
Bank premises                                                    2,143        +       2        +     168
Other assets (5)                                                41,619        +     461        +   3,808
      Total assets                                  (471)      895,768        +   5,021        +  22,087
                          
Liabilities
Federal Reserve notes, net of FR Bank holdings                 780,632        -     569        +  10,394
Reverse repurchase agreements (6)                               40,822        -   5,321        +   3,179
Deposits                                              (0)       27,011        +  11,086        +   3,487       
  Depository institutions                                       21,567        +  11,392        +   3,138
  U.S. Treasury, general account                                 4,944        -     420        +     172
  Foreign official                                                 239        +     140        +     148
  Other                                               (0)          261        -      27        +      30
Deferred availability cash items                    (471)        2,658        -     607        -   1,150
Other liabilities and accrued dividends (7)                      3,833        -     244        -   2,019
      Total liabilities                             (471)      854,955        +   4,344        +  13,889
                          
Capital Accounts
Capital paid in                                                 19,546        +      18        +   3,705
Surplus                                                         18,458                0        +   3,097
Other capital accounts                                           2,808        +     658        +   1,394
      Total capital                                             40,812        +     676        +   8,197


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

1  Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities.
2  Face value of the securities.
3  Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities. 
4  Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securites.
5  Includes assets denominated in foreign currencies, which are revalued daily at market exchange rates. 
6  Cash value of agreements, which are collateralized by U.S. Treasury securities.
7  Includes exchange-translation account reflecting the daily revaluation at market exchange rates of 
   foreign exchange commitments.



3. Maturity Distribution of Term Auction Credit, Other Loans and Securities,     March 26, 2008
Millions of dollars
                   Term auction    Other      U.S. Treasury                        Reverse
Remaining maturity    credit       loans       securities (1)        Repurchase   repurchase
                                                          Weekly     agreements(2)agreements(2)
                                              Holdings    changes    
Within 15 days          80,000       37,557      39,831   +   1,140       76,750       40,822
16 days to 90 days           0           50      73,064   -  26,510       30,000            0
91 days to 1 year     ------              0     101,222   -  12,896     ------      ------
Over 1 to 5 years     ------       ------       214,965   -   9,943     ------      ------
Over 5 to 10 years    ------       ------        88,977   +      11     ------      ------
Over 10 years         ------       ------        94,246   +      20     ------      ------
                            
All                     80,000       37,607     612,305   -  48,179      106,750       40,822

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

1  Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the original face 
   value of such securities. 
2  Cash value of agreements.



4. Statement of Condition of Each Federal Reserve Bank on     March 26, 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        449      4,053        455        428        869      1,117        903        326        203        335        613      1,286
Special drawing rights certificate acct.       2,200        115        874         83        104        147        166        212         71         30         66         98        234
Coin                                           1,321         44         65        105        123        155        153        157         56         58         85        133        187
Securities, repurchase agreements, term
      auction credit, and other loans        836,663     33,141    359,547     31,850     31,335     63,088     66,892     63,755     25,052     20,419     23,287     32,793     85,504
   Securities held outright                  612,305     28,219    221,714     27,089     25,057     53,051     56,790     51,358     19,570     12,217     19,821     26,903     70,517
      U.S. Treasury (1)                      612,305     28,219    221,714     27,089     25,057     53,051     56,790     51,358     19,570     12,217     19,821     26,903     70,517
         Bills (2)                           114,091      5,258     41,312      5,047      4,669      9,885     10,582      9,570      3,646      2,276      3,693      5,013     13,139
         Notes and bonds(3)                  498,215     22,961    180,402     22,041     20,389     43,166     46,208     41,789     15,923      9,940     16,128     21,890     57,377
      Federal agency (2)                           0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements(4)               106,750      4,920     38,654      4,723      4,369      9,249      9,901      8,954      3,412      2,130      3,456      4,690     12,294
      Term auction credit                     80,000          0     62,131          0      1,909        770        201      3,440      2,070     6,071          0      1,200      2,209     
      Other loans                             37,607          3     37,048         39          0         18          0          4          0          1         11          0        484
Items in process of collection                 1,257         37          9        -79        244          0        102        131         68        153        170        120        301
Bank premises                                  2,143        119        214         65        152        189        229        205        118        112        276        255        209
Other assets(5)                               41,619      2,128     12,912      3,190      2,422      8,251      3,346      2,344        737        809        770      1,169      3,541
Interdistrict settlement account                   0    + 1,650    -55,115    + 4,931    + 1,997    + 8,626    +18,220    +10,850    + 3,478    - 3,726    + 6,749    + 1,252    + 1,087
          Total Assets                       896,239     37,683    322,559     40,600     36,804     81,325     90,226     78,557     29,905     18,058     31,739     36,434     92,349

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

1  Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities.
2  Face value of the securities.
3  Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the original face 
   value of such securities. 
4  Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
5  Includes assets denominated in foreign currencies, which are revalued daily at market exchange rates.




4. Statement of Condition of Each Federal Reserve Bank on     March 26, 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

Liabilities                         
Federal Reserve notes outstanding             990,897     38,685    342,873     41,557     39,388     78,844    115,920     84,848     32,062     18,664     32,427     56,317    109,312
  Less: notes held by F.R. Banks              210,266      6,035     60,735      8,354      8,371     14,479     34,774     14,601      4,371      2,890      3,302     25,040     27,313
    Federal Reserve notes, net                780,632     32,650    282,138     33,203     31,017     64,365     81,145     70,247     27,692     15,774     29,125     31,276     81,999
Reverse repurchase agreements (1)              40,822      1,881     14,782      1,806      1,671      3,537      3,786      3,424      1,305        814      1,321      1,794      4,701
Deposits                                       27,011        574     13,975      1,248        765      2,183      1,315      1,704        294        307        464      2,312      1,868
  Depository institutions                      21,567        541      8,651      1,244        759      2,132      1,312      1,702        281        306        463      2,311      1,865
  U.S. Treasury, general account                4,944          0      4,944          0          0          0          0          0          0          0          0          0          0
  Foreign official                                239          2        209          4          3         11          3          2          0          1          0          1          3
  Other                                           261         31        172          0          3         40          0          0         13          0          1          0          0
Deferred availability cash items                3,129        155         30        447        448        262        258        294         45        297        238        172        482
Other liabilities and accrued                 
  dividends (2)                                 3,833        181      1,163        188        199        453        388        321        156        112        140        187        345
   
    Total liabilities                         855,427     35,443    312,088     36,891     34,099     70,800     86,893     75,990     29,491     17,305     31,289     35,741     89,395
                              
Capital                    
Capital paid in                                19,546      1,087      4,906      1,813      1,315      5,182      1,610      1,259        181        358        198        257      1,380
Surplus                                        18,458      1,049      4,624      1,814      1,291      4,997      1,426        815        180        355        194        364      1,350
Other capital                                   2,808        104        940         83         99        346        297        493         53         40         58         73        223
     Total liabilities and capital            896,239     37,683    322,559     40,600     36,804     81,325     90,226     78,557     29,905     18,058     31,739     36,434     92,349
                              

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

1  Cash value of agreements, which are collateralized by U.S. Treasury securities.
2  Includes exchange-translation account reflecting the daily revaluation at market exchange rates of foreign exchange commitments.


5. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts
Millions of dollars



Federal Reserve notes and collateral        Wednesday
                                          Mar 26, 2008
              
Federal Reserve notes outstanding             990,897
   Less: Notes held by F.R. Banks
         not subject to collateralization     210,266
      Federal Reserve notes to be
         collateralized                       780,632 
Collateral held against Federal Reserve            
   notes                                      780,632
   Gold certificate account                    11,037
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              678,208
   Other assets pledged                        89,187

Memo:
Total U.S. Treasury and agency 
       securities (1)                         719,055
   Less:face value of securities under
         reverse repurchase agreements         40,847
      U.S. Treasury and agency securities
             eligible to be pledged           678,208
   

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.`

Statistical releases

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