---

`For Release at
4:30 P.M. Eastern time
  December 18, 2008

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions
and Condition Statement of Federal Reserve Banks," has been modified to include information related
to Maiden Lane II LLC, a limited liability company formed to purchase residential mortgage-backed
securities (RMBS) from the U.S. securities lending reinvestment portfolio of subsidiaries of American
International Group, Inc. (AIG).  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.

Consistent with generally accepted accounting principles, the assets and liabilities of Maiden Lane
II LLC have been consolidated with the assets and liabilities of the FRBNY in the preparation of the
statements of condition shown on the release because the FRBNY is the primary beneficiary of Maiden
Lane II LLC.  As a result of this consolidation, both the loan extended from the FRBNY to Maiden Lane
II LLC and the accrued interest on this loan were eliminated.  The net portfolio holdings of these
limited liability companies are reported in table 1, in table 8, and in table 9.  

Information on Maiden Lane II LLC is presented separately in a new table 4, "Information on Principal
Accounts of Maiden Lane II LLC."  This table presents the fair value of the net portfolio holdings of
the Maiden Lane II LLC along with the book value of the outstanding principal of the loan extended by
the FRBNY, the book value of accrued interest payable to the FRBNY, and the book value of the deferred
payment and accrued interest payable to subsidiaries of AIG.  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.

Publication Note

The H.4.1 statistical release for the week ended December 24, 2008, will be published on Monday,
December 29, 2008, because the federal government is closed on both Thursday, December 25 and Friday,
December 26.



1


FEDERAL RESERVE statistical release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                          December 18, 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 17, 2008 Dec 10, 2008 Dec 19, 2007 Dec 17, 2008

Reserve Bank credit                                       2,253,739   +   12,269   +1,382,847    2,294,626
  Securities held outright                                  492,765   +    3,373   -  276,983      493,759       
    U.S. Treasury (1)                                       476,178   -      108   -  293,570      476,138
      Bills (2)                                              18,423            0   -  238,596       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)                              6,192   -      108   +    1,358        6,152
    Federal agency (2)                                       16,587   +    3,481   +   16,587       17,621      
  Repurchase agreements (4)                                  80,000            0   +   24,250       80,000
  Term auction credit                                       447,959            0   +  447,959      447,959  
  Other loans                                               212,525   -   28,065   +  207,906      206,544
    Primary credit                                           88,407   -    1,754   +   83,821       90,237
    Secondary credit                                              3   -       75   +        3            0
    Seasonal credit                                               2            0   -       30            0
    Primary dealer and other broker-dealer credit (5)        50,493   -    2,309   +   50,493       47,336
    Asset-backed commercial paper money market
      mutual fund liquidity facility                         29,274   -   11,552   +   29,274       27,421
    Credit extended to American International
      Group, Inc. (6)                                        44,347   -   12,376   +   44,347       41,550
    Other credit extensions                                       0            0            0            0
  Net portfolio holdings of Commercial Paper 
    Funding Facility LLC (7)                                315,267   +    6,749   +  315,267      318,843
  Net portfolio holdings of LLCs funded through
    the money market investor funding facility (8)                0            0            0            0
  Net portfolio holdings of Maiden Lane LLC (9)              26,892   -      162   +   26,892       26,910
  Net portfolio holdings of Maiden Lane II LLC (10)          17,519   +   17,519   +   17,519       20,031
  Net portfolio holdings of Maiden Lane III LLC (11)         19,608   -    1,349   +   19,608       19,656
  Float                                                      -1,029   +        1   -      660       -1,506
  Other Federal Reserve assets                              642,233   +   14,203   +  601,088      682,431
Gold stock                                                   11,041            0            0       11,041
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (12)                           38,829   +       14   +      106       38,829
       
Total factors supplying reserve funds                     2,305,808   +   12,282   +1,382,952    2,346,696
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 17, 2008 Dec 10, 2008 Dec 19, 2007 Dec 17, 2008

Currency in circulation (12)                                875,301   +    3,344   +   55,800      877,664
Reverse repurchase agreements (13)                           93,200   +    1,246   +   56,111       71,928
  Foreign official and international accounts                71,771   +    4,817   +   34,682       71,928
  Dealers                                                    21,429   -    3,571   +   21,429            0
Treasury cash holdings                                          227   -       14   -       20          233
Deposits with F.R. Banks, other than reserve balances       454,749   -   38,778   +  440,275      489,754       
  U.S. Treasury, general account                             79,632   +   30,103   +   72,132      120,443
  U.S. Treasury, supplementary financing account            364,177   -   39,946   +  364,177      364,177
  Foreign official                                              238   +       50   +      134          190
  Service-related                                             4,619   +       26   -    1,978        4,619
    Required clearing balances                                4,592            0   -    1,948        4,592
    Adjustments to compensate for float                          27   +       26   -       30           27
  Other                                                       6,083   -   29,012   +    5,811          325
Other liabilities and capital (14)                           82,074   +   23,867   +   39,265      109,938

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                1,505,551   -   10,334   +  591,432    1,549,517

Reserve balances with Federal Reserve Banks                 800,257   +   22,616   +  791,519      797,179
                                                                
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.


1A. Memorandum Items 
Millions of dollars
                                                                   Averages of daily figures
Memorandum item                                           Week ended   Change from week ended     Wednesday
                                                         Dec 17, 2008 Dec 10, 2008 Dec 19, 2007 Dec 17, 2008

Marketable securities held in custody for foreign
      official and international accounts (1)             2,498,205   +    4,427   +  450,310    2,502,619
  U.S. Treasury                                           1,656,563   +   21,617   +  431,930    1,669,312
  Federal agency                                            841,642   -   17,191   +   18,380      833,307
Securities lent to dealers                                  187,146   -    2,820   +  176,394      186,494   
  Overnight facility (2)                                      5,572   +      752   -    5,180        4,148
  Term facility (3,4)                                       181,575   -    3,571   +  181,575      182,346

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 17, 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 17, 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                  104,458     343,501         ---          ---           ---        ---     447,959
Other loans (1)                      123,256      41,585          154      41,550           ---        ---     206,544
U.S. Treasury securities (2) 
  Holdings                            14,536      25,753       64,478     172,076        97,373    101,921     476,138
  Weekly changes                  +    4,858  -    5,067   -      722  +      409    +      457 -       43  -      108
Federal agency securities 
  Holdings                             4,944       3,060        1,647       5,737         2,233          0      17,621
  Weekly changes                  -       21  -      293   -      877  +      767    +    2,233          0  +    1,809
Commercial paper held by
  Commercial Paper Funding 
  Facility LLC (3)                         0     319,422            0         ---           ---        ---     319,422
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)     71,928           0          ---         ---           ---        ---      71,928
  
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.


H.4.1
3. Information on Principal Accounts of Maiden Lane LLC
Millions of dollars
                                                                                                  Wednesday
Account name                                                                                    Dec 17, 2008
         
Net portfolio holdings of Maiden Lane LLC (1)                                                       26,910

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)                                   262
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3)        1,185
 
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 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.



4. Information on Principal Accounts of Maiden Lane II LLC
Millions of dollars
                                                                                                   Wednesday
Account name                                                                                     Dec 17, 2008

Net portfolio holdings of Maiden Lane II LLC (1)                                                     20,031

Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2)            19,494
Accrued interest payable to the Federal Reserve Bank of New York (2)                                      8
Deferred payment and accrued interest payable to subsidiaries of American International 
  Group, Inc. (3)                                                                                     1,001

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.
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 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.


5. Information on Principal Accounts of Maiden Lane III LLC
Millions of dollars
                                                                                                   Wednesday
Account name                                                                                     Dec 17, 2008

Net portfolio holdings of Maiden Lane III LLC (1)                                                    19,656

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)                                     23
Outstanding principal amount and accrued interest on loan payable to American International
  Group, Inc. (3)                                                                                     5,014

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.
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.


6. Information on Principal Accounts of Commercial Paper Funding Facility LLC
Millions of dollars
                                                                                                   Wednesday
Account name                                                                                     Dec 17, 2008

Commercial paper holdings, net (1)                                                                  317,548
Other investments, net                                                                                1,295
Net portfolio holdings of Commercial Paper Funding Facility LLC                                     318,843

Memorandum: Commercial paper holdings, face value                                                   319,422

Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2)           317,522
Accrued interest payable to the Federal Reserve Bank of New York (2)                                    470

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. 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
7. Information on Principal Accounts of LLCs Funded through the Money Market Investor Funding Facility 
Millions of dollars
                                                                                                   Wednesday
Account name                                                                                     Dec 17, 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 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.


H.4.1
8. 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 17, 2008     Dec 10, 2008     Dec 19, 2007

Assets
Gold certificate account                                           11,037                0                0
Special drawing rights certificate account                          2,200                0                0
Coin                                                                1,677       +       16       +      479
Securities, repurchase agreements, term auction
      credit, and other loans                                   1,228,262       -   24,870       +  395,991
  Securities held outright                                        493,759       +    1,701       -  275,996
    U.S. Treasury (1)                                             476,138       -      108       -  293,617       
      Bills (2)                                                    18,423                0       -  238,596
      Notes and bonds, nominal (2)                                410,491                0       -   60,493
      Notes and bonds, inflation-indexed (2)                       41,071                0       +    4,160
      Inflation compensation (3)                                    6,152       -      109       +    1,310
    Federal agency (2)                                             17,621       +    1,809       +   17,621
  Repurchase agreements (4)                                        80,000                0       +   22,250    
  Term auction credit                                             447,959                0       +  447,959
  Other loans                                                     206,544       -   26,571       +  201,779
Net portfolio holdings of Commercial Paper 
  Funding Facility LLC (5)                                        318,843       +    6,429       +  318,843
Net portfolio holdings of LLCs funded through
  the money market investor funding facility (6)                        0                0                0
Net portfolio holdings of Maiden Lane LLC (7)                      26,910       +       21       +   26,910
Net portfolio holdings of Maiden Lane II LLC (8)                   20,031       +   20,031       +   20,031
Net portfolio holdings of Maiden Lane III LLC (9)                  19,656       +       56       +   19,656
Items in process of collection                         (387)          903       -      107       -    2,482
Bank premises                                                       2,185       +        9       +       61
Other assets (10)                                                 680,190       +   47,970       +  641,129
     
      Total assets                                     (387)    2,311,893       +   49,554       +1,420,617
                          
Liabilities
Federal Reserve notes, net of F.R. Bank holdings                  840,741       +    3,178       +   54,956
Reverse repurchase agreements (11)                                 71,928       -   20,164       +   35,498
Deposits                                                 (0)    1,286,877       +   19,228       +1,264,275       
  Depository institutions                                         801,742       +   23,900       +  784,081
  U.S. Treasury, general account                                  120,443       +   78,797       +  115,857
  U.S. Treasury, supplementary financing account                  364,177       -   39,946       +  364,177
  Foreign official                                                    190       +        2       +       94
  Other                                                  (0)          325       -   43,525       +       65
Deferred availability cash items                       (387)        2,409       +       84       -    1,646
Other liabilities and accrued dividends (12,13)                    64,634       +   45,190       +   58,774

      Total liabilities                                (387)    2,266,589       +   47,516       +1,411,856
                          
Capital accounts
Capital paid in                                                    21,070       +       61       +    2,853
Surplus                                                            17,185       +        5       +    1,725
Other capital accounts                                              7,049       +    1,972       +    4,182

      Total capital                                                45,304       +    2,037       +    8,761

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 exchange rates. 
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. 


H.4.1
9. Statement of Condition of Each Federal Reserve Bank,  December 17, 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                                           1,677         58         76        130        135        233        212        194         44         56        112        178        248
Securities, repurchase agreements, term
      auction credit, and other loans      1,228,262     71,731    556,592     56,449     38,743    147,536     78,262     57,107     24,140     16,699     28,250     29,519    123,235
  Securities held outright                   493,759     20,710    175,676     21,558     18,723     44,773     49,128     43,579     17,063      9,322     18,130     20,482     54,615
    U.S. Treasury (1)                        476,138     19,971    169,407     20,789     18,055     43,175     47,375     42,024     16,454      8,989     17,483     19,751     52,666
      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)                    457,715     19,198    162,852     19,984     17,356     41,505     45,542     40,398     15,817      8,641     16,806     18,986     50,628
    Federal agency (2)                        17,621        739      6,269        769        668      1,598      1,753      1,555        609        333        647        731      1,949
  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                        447,959     20,050    187,257     31,300     16,958     95,070     20,791      4,869      3,888      5,362      2,360      4,833     55,222     
  Other loans                                206,544     27,616    165,195         98         28        438        383      1,598        424        506      4,822        886      4,549
Net portfolio holdings of Commercial
  Paper Funding Facility LLC (5)             318,843          0    318,843          0          0          0          0          0          0          0          0          0          0
Net portfolio holdings of LLCs funded
  through the money market investor
  funding facility (6)                             0          0          0          0          0          0          0          0          0          0          0          0          0
Net portfolio holdings of Maiden Lane 
  LLC (7)                                     26,910          0     26,910          0          0          0          0          0          0          0          0          0          0
Net portfolio holdings of Maiden
  Lane II LLC (8)                             20,031          0     20,031          0          0          0          0          0          0          0          0          0          0
Net portfolio holdings of Maiden
  Lane III LLC (9)                            19,656          0     19,656          0          0          0          0          0          0          0          0          0          0
Items in process of collection                 1,290         34          0        322        156         40        129        184          9         66         53        118        180
Bank premises                                  2,185        124        210         64        150        223        225        207        130        111        274        258        210
Other assets (10)                            680,190     38,554    172,261     66,021     47,101    181,540     52,588     30,674      6,970     13,066      7,513     13,696     50,206
Interdistrict settlement account                   0  -  23,905  + 183,354  -  70,423  -   4,222  - 146,083  +   8,656  +  20,436  -     286  -  11,990  +   4,346  +   1,636  +  38,480

      Total assets                         2,312,280     87,134  1,302,741     53,099     82,591    184,528    141,460    109,926     31,422     18,237     40,961     46,138    214,042

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 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.


H.4.1
9. Statement of Condition of Each Federal Reserve Bank,  December 17, 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           1,022,070     38,625    356,588     41,526     46,769     81,298    128,168     83,607     29,515     17,620     30,168     54,664    113,522
  Less: Notes held by F.R. Banks              181,329      5,955     49,459      5,768      7,622     12,322     26,036     13,969      3,719      3,018      3,892     21,579     27,992
    Federal Reserve notes, net                840,741     32,670    307,130     35,758     39,147     68,976    102,133     69,638     25,796     14,602     26,276     33,085     85,530
Reverse repurchase agreements (11)             71,928      3,017     25,591      3,140      2,727      6,522      7,157      6,348      2,486      1,358      2,641      2,984      7,956
Deposits                                    1,286,877     49,176    896,063      8,588     36,795     95,703     28,194     31,678      2,517      1,238     11,311      8,922    116,693
  Depository institutions                     801,742     49,143    411,083      8,584     36,791     95,615     28,191     31,675      2,502      1,237     11,310      8,921    116,690
  U.S. Treasury, general account              120,443          0    120,443          0          0          0          0          0          0          0          0          0          0
  U.S. Treasury, supplementary
    financing account                         364,177          0    364,177          0          0          0          0          0          0          0          0          0          0
  Foreign official                                190          2        160          4          3         11          3          2          0          1          0          1          3
  Other                                           325         31        200          0          1         77          0          0         14          0          1          0          0
Deferred availability cash items                2,796         61          0        535        443        179        168        316         22        202        164        277        428
Other liabilities and accrued                 
  dividends (12,13)                            64,634        178     61,801        224        218        585        393        311        152        111        129        182        350
   
      Total liabilities                     2,266,976     85,101  1,290,586     48,246     79,331    171,965    138,044    108,291     30,973     17,511     40,521     45,450    210,958
                              
Capital                    
Capital paid in                                21,070        844      5,602      2,315      1,552      5,979      1,614        703        210        324        207        271      1,450
Surplus                                        17,185      1,049      3,348      1,815      1,291      4,999      1,426        816        180        354        193        364      1,351
Other capital                                   7,049        140      3,205        724        416      1,585        376        116         60         48         41         54        284

      Total liabilities and capital         2,312,280     87,134  1,302,741     53,099     82,591    184,528    141,460    109,926     31,422     18,237     40,961     46,138    214,042
                              
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, 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 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 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.  On December 12, 2008, a loan was extended to 
Maiden Lane II LLC, which was formed to purchase residential mortgage-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 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 8), 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 8).


H.4.1
10. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts
Millions of dollars

Federal Reserve notes and collateral                                                              Wednesday
                                                                                                Dec 17, 2008
              
Federal Reserve notes outstanding                                                                1,022,070
  Less: Notes held by F.R. Banks not subject to collateralization                                  181,329
    Federal Reserve notes to be collateralized                                                     840,741 
Collateral held against Federal Reserve notes                                                      840,741
  Gold certificate account                                                                          11,037
  Special drawing rights certificate account                                                         2,200
  U.S. Treasury and agency securities pledged (1)                                                  509,638
  Other assets pledged                                                                             317,866

Memo:
Total U.S. Treasury and agency securities (1)                                                      573,759
  Less: Face value of securities under reverse repurchase agreements                                64,121
    U.S. Treasury and agency securities eligible to be pledged                                     509,638
   
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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