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`For Release at
4:30 P.M. Eastern time
April 3, 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 a separate line for securities lending conducted under
the Term Securities Lending Facility (TSLF), which was announced on March 11,
2008.  The first TSLF auction was held on March 27, 2008, with settlement the
following day.  

Under the Term Securities Lending Facility, the Federal Reserve lends U.S.
Treasury securities to primary dealers through an auction process.  Each loan
has a term of 28 days and is secured by other U.S. Treasury securities, federal
agency securities, or highly rated non-agency mortgage-backed securities.

Unlike sales of securities, securities loans under the TSLF do not affect
reserve balances because primary dealers provide other securities as collateral
rather than paying for the securities with cash.  

For additional details on the TSLF program, please refer to the Board's
announcement at
http://www.federalreserve.gov/newsevents/press/monetary/20080311a.htm or the
information on the Federal Reserve Bank of New York's website at
http://www.newyorkfed.org/markets/tslf.html.




FEDERAL RESERVE statistical release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                              April 3, 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            Apr 2, 2008 Mar 26, 2008  Apr 4, 2007  Apr 2, 2008
Federal Reserve Banks

Reserve Bank credit                                         875,577    +   6,141    +  23,331      867,695
 Securities held outright                                   589,085    -  39,892    - 191,823      581,240       
    U.S. Treasury (1)                                       589,085    -  39,892    - 191,823      581,240
       Bills (2)                                             92,985    -  31,390    - 184,034       92,985
       Notes and bonds, nominal (2)                         452,909    -   8,548    -  15,644      445,050
       Notes and bonds, inflation-indexed (2)                38,437            0    +   6,661       38,437
       Inflation compensation (3)                             4,755    +      47    +   1,195        4,769
    Federal agency (2)                                            0            0            0            0      
 Repurchase agreements (4)                                   77,500    -   7,321    +  45,286       76,000
 Term auction credit                                        100,000    +  20,000    + 100,000      100,000  
 Other loans                                                 45,139    +  11,658    +  45,024       44,796
    Primary credit                                            7,013    +   6,463    +   6,926       10,341
    Secondary credit                                              0    -       2            0            0
    Seasonal credit                                               7    +       1    -      21           12
    Primary dealer credit facility                           38,118    +   5,195    +  38,118       34,443
    Other credit extensions                                       0            0            0            0
 Float                                                       -1,071    +     278    -     302        1,473
 Other Federal Reserve assets                                64,924    +  21,418    +  25,146       64,185
Gold stock                                                   11,041            0            0       11,041
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            38,736    +      14    +     365       38,736
       
Total factors supplying reserve funds                       927,554    +   6,155    +  23,695      919,671
                                                                   
Currency in circulation (5)                                 815,629    -   1,269    +   8,963      816,607
Reverse repurchase agreements (6)                            41,696    +     990    +   5,063       41,061
   Foreign official and international accounts               37,874    -   2,832    +   1,241       37,311
   Dealers                                                    3,821    +   3,821    +   3,821        3,750
Treasury cash holdings                                          335    +      38    +      28          354
Deposits with F.R. Banks, other than reserve balances        12,571    -     283    +     452       13,471       
  U.S. Treasury, general account                              5,158    -     571    +     389        6,013
  Foreign official                                               98    -      20            0           98
  Service-related                                             7,048    +     294    +      59        7,048
     Required clearing balances                               7,048    +     294    +      59        7,048
     Adjustments to compensate for float                          0            0            0            0
  Other                                                         268    +      14    +       6          312
Other liabilities and capital                                44,905    +     370    +   6,077       43,680

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  915,136    -     155    +  20,584      915,173

Reserve balances with Federal Reserve Banks                  12,418    +   6,310    +   3,111        4,498
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts (2,7)        2,206,091    +  21,836    + 313,345    2,214,586
     U.S. Treasury                                        1,298,702    +  13,987    +  78,343    1,305,880
     Federal agency                                         907,390    +   7,851    + 235,003      908,707
  Securities lent to dealers                                 85,606    +  75,666    +  83,689       92,658   
     Overnight facility (8)                                  21,321    +  11,381    +  19,404       17,658
     Term facility (9)                                       64,286    +  64,286    +  64,286       75,000


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

1. Includes securities lent to dealers under the overnight and term securities lending facilities.  
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.
8. Fully collateralized by U.S. Treasury securities.
9. Fully collateralized by U.S. Treasury securities, federal agency securities, and highly rated
   non-agency mortgage-backed securities.

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  Apr 2, 2008     Mar 26, 2008      Apr 4, 2007

Assets
Gold certificate account                                        11,037                0                0
Special drawing rights certificate account                       2,200                0                0
Coin                                                             1,340        +      19        +     401
Securities, repurchase agreements, term auction
      credit, and other loans                                  802,036        -  34,627        -   6,922
   Securities held outright                                    581,240        -  31,065        - 199,686
      U.S. Treasury (1)                                        581,240        -  31,065        - 199,686       
         Bills (2)                                              92,985        -  21,106        - 184,034
         Notes and bonds, nominal (2)                          445,050        -  10,002        -  23,503
         Notes and bonds, inflation-indexed (2)                 38,437                0        +   6,661
         Inflation compensation (3)                              4,769        +      43        +   1,191
      Federal agency (2)                                             0                0                0
   Repurchase agreements (4)                                    76,000        -  30,750        +  48,000    
   Term auction credit                                         100,000        +  20,000        + 100,000
   Other loans                                                  44,796        +   7,189        +  44,764
Items in process of collection                      (590)        4,733        +   3,948        +   1,223
Bank premises                                                    2,145        +       2        +     159
Other assets (5)                                                61,911        +  20,292        +  24,356
      Total assets                                  (590)      885,401        -  10,367        +  19,216
                          
Liabilities
Federal Reserve notes, net of FR Bank holdings                 779,560        -   1,072        +   7,780
Reverse repurchase agreements (6)                               41,061        +     239        +   5,586
Deposits                                              (0)       17,840        -   9,171        +   1,683       
  Depository institutions                                       11,417        -  10,150        +     684
  U.S. Treasury, general account                                 6,013        +   1,069        +   1,040
  Foreign official                                                  98        -     141        -      33
  Other                                               (0)          312        +      51        -       7
Deferred availability cash items                    (590)        3,260        +     602        -   1,242
Other liabilities and accrued dividends (7)                      3,734        -      99        -   2,149
      Total liabilities                             (590)      845,455        -   9,500        +  11,658
                          
Capital accounts
Capital paid in                                                 19,548        +       2        +   3,701
Surplus                                                         18,471        +      13        +   3,110
Other capital accounts                                           1,927        -     881        +     747
      Total capital                                             39,946        -     866        +   7,558


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 1, footnotes 8 and 9.
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,      April 2, 2008
Millions of dollars
                                                 U.S. Treasury                       Reverse
Remaining maturity       Term                    securities (1)       Repurchase   repurchase
                       auction       Other                Weekly      agreements   agreements   
                        credit       loans    Holdings    changes         (2)          (2)          
Within 15 days          50,000       39,999      30,277   -   9,554       61,000       41,061
16 days to 90 days      50,000        4,797      61,816   -  11,248       15,000            0
91 days to 1 year          ---            0      99,009   -   2,213          ---          ---
Over 1 to 5 years          ---          ---     206,888   -   8,077          ---          ---
Over 5 to 10 years         ---          ---      88,986   +       9          ---          ---
Over 10 years              ---          ---      94,263   +      17          ---          ---
                            
All                    100,000       44,796     581,240   -  31,065       76,000       41,061

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      April 2, 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                                           1,340         46         67        101        124        162        150        160         55         61         85        142        188
Securities, repurchase agreements, term
      auction credit, and other loans        802,036     31,290    355,655     29,117     31,930     60,805     65,952     56,835     23,076     16,197     21,359     30,077     79,743
   Securities held outright                  581,240     26,787    210,465     25,714     23,786     50,360     53,909     48,753     18,577     11,597     18,815     25,538     66,939
      U.S. Treasury (1)                      581,240     26,787    210,465     25,714     23,786     50,360     53,909     48,753     18,577     11,597     18,815     25,538     66,939
         Bills (2)                            92,985      4,285     33,669      4,114      3,805      8,056      8,624      7,799      2,972      1,855      3,010      4,085     10,709
         Notes and bonds (3)                 488,255     22,502    176,796     21,601     19,981     42,303     45,285     40,953     15,605      9,742     15,805     21,452     56,230
      Federal agency (2)                           0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements (4)               76,000      3,503     27,519      3,362      3,110      6,585      7,049      6,375      2,429      1,516      2,460      3,339      8,753
      Term auction credit                    100,000      1,000     73,443          0      5,034      3,860      4,995      1,480      2,069      3,082         80      1,200      3,759     
      Other loans                             44,796          1     44,228         41          0          0          0        228          1          1          4          0        293
Items in process of collection                 5,323         66          0        360        257         75         74        120      3,268        238        353        144        368
Bank premises                                  2,145        119        213         64        152        189        228        208        119        112        277        255        208
Other assets (5)                              61,911      3,285     17,935      5,197      3,850     13,814      4,915      3,232        936      1,195        980      1,559      5,013
Interdistrict settlement account                   0    + 2,062    -62,613    + 4,892    -    45    + 4,580    +17,000    +16,261    + 2,141    +   324    + 8,147    + 1,772    + 5,480
          Total assets                       885,991     37,431    316,184     40,269     36,800     80,641     89,603     77,931     29,992     18,359     31,602     34,659     92,520

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 1, footnotes 8 and 9.
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      April 2, 2008 (continued)
Millions of dollars
                                                                                                                                                            Kansas                 San
Assets, liabilities, and capital                Total     Boston   New York Philadelphia Cleveland   Richmond   Atlanta    Chicago   St. Louis  Minneapolis   City      Dallas   Francisco

Liabilities                         
Federal Reserve notes outstanding             988,396     38,642    341,099     41,563     39,310     78,752    115,797     84,762     32,019     18,652     32,468     56,248    109,084
  Less: notes held by F.R. Banks              208,836      6,073     59,786      8,213      8,174     14,276     35,095     14,329      4,414      2,870      3,514     25,092     27,001
    Federal Reserve notes, net                779,560     32,568    281,313     33,350     31,136     64,477     80,702     70,434     27,604     15,781     28,955     31,156     82,083
Reverse repurchase agreements (1)              41,061      1,892     14,868      1,817      1,680      3,558      3,808      3,444      1,312        819      1,329      1,804      4,729
Deposits                                       17,840        398      8,710        769        542      1,489      1,129        818        433        489        494        614      1,956
  Depository institutions                      11,417        372      2,467        764        539      1,367      1,126        816        419        488        493        613      1,953
  U.S. Treasury, general account                6,013          0      6,013          0          0          0          0          0          0          0          0          0          0
  Foreign official                                 98          2         68          4          3         11          3          2          0          1          0          1          3
  Other                                           312         23        162          0          0        111          0          0         13          0          1          0          0
Deferred availability cash items                3,849        200          0        511        600        314        291        330         95        431        264        245        568
Other liabilities and accrued                 
  dividends (2)                                 3,734        174      1,126        185        194        466        377        310        153        109        131        177        332
   
    Total liabilities                         846,045     35,232    306,017     36,631     34,153     70,303     86,308     75,335     29,598     17,629     31,173     33,997     89,667
                              
Capital                    
Capital paid in                                19,548      1,087      4,903      1,811      1,322      5,182      1,610      1,259        181        358        198        256      1,380
Surplus                                        18,471      1,049      4,637      1,814      1,291      4,997      1,425        815        180        355        194        364      1,350
Other capital                                   1,927         63        628         14         33        158        259        521         33         17         37         42        122
     Total liabilities and capital            885,991     37,431    316,184     40,269     36,800     80,641     89,603     77,931     29,992     18,359     31,602     34,659     92,520
                              

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
                                           Apr 2, 2008
              
Federal Reserve notes outstanding             988,396
   Less: Notes held by F.R. Banks
         not subject to collateralization     208,836
      Federal Reserve notes to be
         collateralized                       779,560 
Collateral held against Federal Reserve            
   notes                                      779,560
   Gold certificate account                    11,037
   Special drawing rights certificate     
     account                                    2,200
   U.S. Treasury and agency securities   
     pledged (1)                              616,138
   Other assets pledged                       150,185

Memo:
Total U.S. Treasury and agency 
       securities (1)                         657,240
   Less: face value of securities under
         reverse repurchase agreements         41,102
      U.S. Treasury and agency securities
             eligible to be pledged           616,138
   

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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