---

`For release at
4:30 p.m. EST
January 29, 2009

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 present information separately on liquidity-related operations
conducted under reciprocal currency arrangements with other central banks
(central bank liquidity swaps).  This release also reflects valuations as of
December 31, 2008, of the portfolio holdings of Maiden Lane LLC, Maiden Lane II
LLC, and Maiden Lane III LLC, as described below. 

Central Bank Liquidity Swaps

Each swap arrangement involves two transactions.  When a foreign central bank
draws on (obtains funding under) the swap line, it sells a certain amount of
its currency to the Federal Reserve at the prevailing market exchange rate in
exchange for dollars.  This market rate becomes the swap exchange rate.  At the
same time, the Federal Reserve and the foreign central bank enter into a
binding agreement for a second transaction in which the foreign central bank is
obligated to repurchase the foreign currency at a specified future date.  The
second transaction is done at the swap exchange rate -- that is, the same
exchange rate as in the first transaction.  The release shows the outstanding
dollar value of central bank liquidity swaps in tables 1, 8, and 9.  This value
equals the sum of the dollar value of the outstanding swap drawings, which are
valued at their respective swap exchange rates.  The maturity distribution of
these swaps is reported in table 2.

Previously, foreign currency acquired under central bank liquidity swaps,
revalued daily at current market exchange rates, was included in "Other Federal
Reserve assets" in table 1 and in "Other assets" in tables 8 and 9.  In
addition, each day, an exchange translation account recognized that the foreign
currency would be repurchased by the foreign central bank at the swap exchange
rate, which generally would differ from that day's market exchange rate.  If
that day's foreign exchange value of the dollar were above the swap exchange
rate, then the dollar value of the foreign currency holdings would understate
the value of the dollars that would be booked at the maturity of the swap
drawing.  In this case, the exchange translation amount would be booked as an
asset in "Other Federal Reserve assets" in table 1 and "Other assets" in
tables 8 and 9.  Alternatively, if that day's foreign exchange value of the
dollar were below the swap exchange rate, then that day's value of the foreign
currency holdings would overstate the value of the dollars that would be
received at the maturity of the swap drawing.  In this case, the exchange
translation amount would be booked as a liability in "Other liabilities and
capital" in table 1 and as a liability in "Other liabilities and accrued
dividends" in tables 8 and 9.  The dollar value of central bank liquidity swaps
valued at the swap exchange rates combines the exchange translation account and
the value of the swaps at current market exchange rates so exchange translation
amounts are no longer included in the asset and liability categories referenced
above.   

The Federal Reserve's current program of temporary liquidity swaps was
initiated on December 12, 2007, when the Federal Open Market Committee
authorized swap lines with the European Central Bank and the Swiss National
Bank.  The program has since expanded to include additional central banks.
Historical data on the current program of central bank liquidity swaps will be
available in the historical data tables accompanying this release at
www.federalreserve.gov/releases/h41/hist/.

Portfolio Valuations

The weekly average value of net portfolio holdings of Maiden Lane LLC, Maiden
Lane II LLC, and Maiden Lane III LLC shown in table 1 reflect holdings from
Thursday, January 22, 2009 through Wednesday, January 28, 2009.  The holdings
for the first six days of this reporting week are based on the values as of the
previous valuation dates.  The holdings for the final day of the reporting week
were based on values as of December 31, 2008, the quarterly revaluation date.
The fair value of the net portfolio holdings is updated quarterly.
1


FEDERAL RESERVE statistical release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                           January 29, 2009
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                                    Jan 28, 2009 Jan 21, 2009 Jan 30, 2008 Jan 28, 2009

Reserve Bank credit                                       1,989,877   -   51,461   +1,125,557    1,910,672
  Securities held outright                                  508,693   +    3,370   -  209,657      510,871       
    U.S. Treasury securities (1)                            475,200   -      181   -  243,150      475,129
      Bills (2)                                              18,423            0   -  186,937       18,423
      Notes and bonds, nominal (2)                          412,914            0   -   58,070      412,914
      Notes and bonds, inflation-indexed (2)                 39,378            0   +    1,915       39,378
      Inflation compensation (3)                              4,486   -      181   -       58        4,415
    Federal agency debt securities (2)                       26,668   +    2,510   +   26,668       28,365
    Mortgage-backed securities (4)                            6,824   +    1,040   +    6,824        7,377
  Repurchase agreements (5)                                  17,143   -   20,000   -   12,250            0
  Term auction credit                                       415,859   -      172   +  365,859      415,631  
  Other loans                                               150,009   +    1,711   +  149,981      154,790
    Primary credit                                           64,990   +    3,372   +   64,965       68,288
    Secondary credit                                             34   -       40   +       34            1
    Seasonal credit                                               1            0   -        1            1
    Primary dealer and other broker-dealer credit (6)        32,054   -      625   +   32,054       32,196
    Asset-backed Commercial Paper Money Market
      Mutual Fund Liquidity Facility                         14,593   -      889   +   14,593       15,967
    Credit extended to American International
      Group, Inc. (7)                                        38,336   -      109   +   38,336       38,339
    Other credit extensions                                       0            0            0            0
  Net portfolio holdings of Commercial Paper 
    Funding Facility LLC (8)                                316,201   -   33,739   +  316,201      248,091
  Net portfolio holdings of LLCs funded through
    the Money Market Investor Funding Facility (9)                0            0            0            0
  Net portfolio holdings of Maiden Lane LLC (10)             26,980   -      151   +   26,980       25,772
  Net portfolio holdings of Maiden Lane II LLC (11)          19,692   -      110   +   19,692       18,964
  Net portfolio holdings of Maiden Lane III LLC (12)         27,037   +       91   +   27,037       27,456
  Float                                                      -2,017   -      469   -      868       -1,542
  Central bank liquidity swaps (13)                         465,853   -    2,672   +  441,853      465,672
  Other Federal Reserve assets (14)                          44,428   +      680   +      730       44,967
Gold stock                                                   11,041            0            0       11,041
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (15)                           38,786   +       14   +      106       38,786
       
Total factors supplying reserve funds                     2,041,904   -   51,447   +1,125,663    1,962,699

Note: Components may not sum to totals because of rounding.  Footnotes appear on the following page.


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                                    Jan 28, 2009 Jan 21, 2009 Jan 30, 2008 Jan 28, 2009

Currency in circulation (15)                                884,160   +    1,847   +   74,474      885,432
Reverse repurchase agreements (16)                           73,131   -    3,123   +   33,650       72,214
  Foreign official and international accounts                73,131   -    3,123   +   33,650       72,214
  Dealers                                                         0            0            0            0
Treasury cash holdings                                          287   +       13   -       15          297
Deposits with F.R. Banks, other than reserve balances       238,443   -    2,891   +  226,692      219,470       
  U.S. Treasury, general account                             55,539   +   20,029   +   50,889       38,717
  U.S. Treasury, supplementary financing account            174,840   -   24,907   +  174,840      174,840
  Foreign official                                              168   -       23   +       67          108
  Service-related                                             4,401            0   -    2,269        4,401
    Required clearing balances                                4,401            0   -    2,269        4,401
    Adjustments to compensate for float                           0            0            0            0
  Other                                                       3,495   +    2,010   +    3,165        1,403
Other liabilities and capital (17)                           50,429   +      471   +    7,857       49,260

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                1,246,450   -    3,682   +  342,657    1,226,671

Reserve balances with Federal Reserve Banks                 795,454   -   47,765   +  783,005      736,028
                                                                
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. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae.  Current face value of the securities, which is 
   the remaining principal balance of the underlying mortgages.  
5. Cash value of agreements.
6. Includes credit extended through the Primary Dealer Credit Facility and credit extended to certain
   other broker-dealers.
7. Excludes credit extended to consolidated LLCs.
8. Refer to table 6 and the note on consolidation accompanying table 9.
9. Refer to table 7 and the note on consolidation accompanying table 9.
10. Refer to table 3 and the note on consolidation accompanying table 9.
11. Refer to table 4 and the note on consolidation accompanying table 9.
12. Refer to table 5 and the note on consolidation accompanying table 9.
13. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when 
    the foreign currency is returned to the foreign central bank.  This exchange rate equals the market exchange 
    rate used when the foreign currency was acquired from the foreign central bank.
14. Includes other assets denominated in foreign currencies, which are revalued daily at market exchange rates.
15. Estimated.
16. Cash value of agreements, which are collateralized by U.S. Treasury securities.
17. 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
                                                         Jan 28, 2009 Jan 21, 2009 Jan 30, 2008 Jan 28, 2009

Marketable securities held in custody for foreign
      official and international accounts (1)             2,548,270   +    6,971   +  437,915    2,548,089
  U.S. Treasury securities                                1,736,999   +    1,948   +  480,718    1,730,282
  Federal agency securities (2)                             811,270   +    5,022   -   42,803      817,807
Securities lent to dealers                                  132,453   -    8,349   +  120,944      130,831   
  Overnight facility (3)                                      7,359   -      343   -    4,150        6,451
  Term facility (4)                                         125,094   -    8,006   +  125,094      124,380

Note: Components may not sum to totals because of rounding.

1. Face value of the securities.  Includes U.S. Treasury STRIPS, other zero-coupon bonds, and mortgage-backed 
   securities at face value.
2. Includes debt and mortgage-backed securities.
3. Fully collateralized by U.S. Treasury securities.
4. Fully collateralized by U.S. Treasury securities, federal agency securities, and other highly rated debt
   securities.


2. Maturity Distribution of Term Auction Credit, Other Loans, and Securities,   January 28, 2009
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                  246,446     169,185         ---          ---           ---        ---     415,631
Other loans (1)                       98,552      17,596          303      38,339           ---        ---     154,790
U.S. Treasury securities (2) 
  Holdings                            17,612      18,933       66,649     173,087        97,338    101,510     475,129
  Weekly changes                  +    2,156  -    2,157   -        6  -       60    -       45 -       81  -      193
Federal agency debt securities (3) 
  Holdings                               150       2,638        1,044      19,024         5,509          0      28,365
  Weekly changes                  -      493           0            0  +    4,700             0          0  +    4,207
Mortgage-backed securities (4)    
  Holdings                                 0           0            0           0             0      7,377       7,377
  Weekly changes                           0           0            0           0             0 +    1,386  +    1,386
Commercial paper held by
  Commercial Paper Funding 
  Facility LLC (5)                    78,132     169,446            0         ---           ---        ---     247,578
Money market instruments held by
  LLCs funded through the Money
  Market Investor Funding
  Facility (6)                             0           0            0         ---           ---        ---           0
Repurchase agreements (7)                  0           0          ---         ---           ---        ---           0
Central bank liquidity swaps (8)     258,510     207,162            0           0             0          0     465,672

Reverse repurchase agreements (7)     72,214           0          ---         ---           ---        ---      72,214
  
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. Face value.  For inflation-indexed securities, includes the original face value and compensation that adjusts for 
   the effect of inflation on the original face value of such securities.
3. Face value.
4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae.  Current face value of the securities, which is the remaining 
   principal balance of the underlying mortgages.
5. Face value of commercial paper held by Commercial Paper Funding Facility LLC.
6. Face value of money market instruments held by LLCs funded through the Money Market Investor Funding Facility.
7. Cash value of agreements.
8. Dollar value of foreign currency held under these arrangements valued at the exchange rate to be used when the foreign 
   currency is returned to the foreign central bank.  This exchange rate equals the market exchange rate used when the 
   foreign currency was acquired from the foreign central bank.


3. Information on Principal Accounts of Maiden Lane LLC
Millions of dollars
                                                                                                  Wednesday
Account name                                                                                    Jan 28, 2009
         
Net portfolio holdings of Maiden Lane LLC (1)                                                       25,772

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)                                   279
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3)        1,192
 
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 31, 2008.  Any assets purchased after this valuation date 
   are initially recorded at cost until their estimated fair value as of the purchase date becomes available.
2. Book value.  This amount was eliminated when preparing the Federal Reserve Bank of New York's statement
   of condition consistent with consolidation under generally accepted accounting principles.  Refer to
   the note on consolidation accompanying table 9.
3. Book value.  The fair value of these obligations is included in other liabilities and capital in table 1 
   and in other liabilities and accrued dividends in table 8 and table 9.

Note:  On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended credit to Maiden Lane LLC 
under the authority of section 13(3) of the Federal Reserve Act.  This limited liability company was formed 
to acquire certain assets of Bear Stearns and to manage those assets through time to maximize repayment of 
the credit extended and to minimize disruption to financial markets.  Payments by Maiden Lane LLC from the 
proceeds of the net portfolio holdings will be made in the following order: operating expenses of the LLC, 
principal due to the FRBNY, interest due to the FRBNY, principal due to JPMorgan Chase & Co., and interest 
due to JPMorgan Chase & Co.  Any remaining funds will be paid to the FRBNY.



4. Information on Principal Accounts of Maiden Lane II LLC
Millions of dollars
                                                                                                   Wednesday
Account name                                                                                     Jan 28, 2009

Net portfolio holdings of Maiden Lane II LLC (1)                                                     18,964

Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2)            19,169
Accrued interest payable to the Federal Reserve Bank of New York (2)                                     49
Deferred payment and accrued interest payable to subsidiaries of American International 
  Group, Inc. (3)                                                                                     1,005

1. Fair value.  Fair value reflects an estimate of the price that would be received upon selling an asset if 
   the transaction were to be conducted in an orderly market on the measurement date.  Revalued quarterly.  
   This table reflects valuations as of  December 31, 2008.  Any assets purchased after this valuation date 
   are initially recorded at cost until their estimated fair value as of the purchase date becomes available.
2. Book value.  This amount was eliminated when preparing the Federal Reserve Bank of New York's statement 
   of condition consistent with consolidation under generally accepted accounting principles.  Refer to the 
   note on consolidation accompanying table 9.
3. Book value.  The deferred payment represents the portion of the proceeds of the net portfolio holdings due 
   to subsidiaries of American International Group, Inc. in accordance with the asset purchase agreement.  
   The fair value of this payment and accrued interest payable are included in other liabilities and capital 
   in table 1 and in other liabilities and accrued dividends in table 8 and table 9.

Note:  On December 12, 2008, the Federal Reserve Bank of New York (FRBNY) began extending credit to Maiden 
Lane II LLC under the authority of section 13(3) of the Federal Reserve Act.  This limited liability company 
was formed to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment 
portfolio of subsidiaries of American International Group, Inc. (AIG subsidiaries).  Payments by Maiden 
Lane II LLC from the proceeds of the net portfolio holdings will be made in the following order:  operating 
expenses of Maiden Lane II LLC, principal due to the FRBNY, interest due to the FRBNY, and deferred payment 
and interest due to AIG subsidiaries.  Any remaining funds will be shared by the FRBNY and AIG subsidiaries.


5. Information on Principal Accounts of Maiden Lane III LLC
Millions of dollars
                                                                                                   Wednesday
Account name                                                                                     Jan 28, 2009

Net portfolio holdings of Maiden Lane III LLC (1)                                                    27,456

Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2)            24,339
Accrued interest payable to the Federal Reserve Bank of New York (2)                                     73
Outstanding principal amount and accrued interest on loan payable to American International
  Group, Inc. (3)                                                                                     5,036

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 31, 2008.  Any assets purchased after this valuation date 
   are initially recorded at cost until their estimated fair value as of the purchase date becomes available.
2. Book value.  This amount was eliminated when preparing the Federal Reserve Bank of New York's statement 
   of condition consistent with consolidation under generally accepted accounting principles.  Refer to the 
   note on consolidation accompanying table 9.
3. Book value.  The fair value of these obligations is included in other liabilities and capital in table 1 
   and in other liabilities and accrued dividends in table 8 and table 9.

Note: On November 25, 2008, the Federal Reserve Bank of New York (FRBNY) began extending credit to Maiden Lane 
III LLC under the authority of section 13(3) of the Federal Reserve Act.  This limited liability company was 
formed to purchase multi-sector collateralized debt obligations (CDOs) on which the Financial Products group 
of American International Group, Inc. (AIG) has written credit default swap (CDS) contracts.  In connection 
with the purchase of CDOs, the CDS counterparties will concurrently unwind the related CDS transactions.  
Payments by Maiden Lane III LLC from the proceeds of the net portfolio holdings will be made in the following 
order: operating expenses of Maiden Lane III LLC, principal due to the FRBNY, interest due to the FRBNY, 
principal due to AIG, and interest due to AIG.  Any remaining funds will be shared by the FRBNY and AIG.


6. Information on Principal Accounts of Commercial Paper Funding Facility LLC
Millions of dollars
                                                                                                   Wednesday
Account name                                                                                     Jan 28, 2009

Commercial paper holdings, net (1)                                                                  246,173
Other investments, net                                                                                1,918
Net portfolio holdings of Commercial Paper Funding Facility LLC                                     248,091

Memorandum: Commercial paper holdings, face value                                                   247,578

Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2)           246,187
Accrued interest payable to the Federal Reserve Bank of New York (2)                                    275

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.


7. Information on Principal Accounts of LLCs Funded through the Money Market Investor Funding Facility 
Millions of dollars
                                                                                                   Wednesday
Account name                                                                                     Jan 28, 2009

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:  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 (MMIFF).  The MMIFF became operational on November 24, 2008.  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.


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 Jan 28, 2009     Jan 21, 2009     Jan 30, 2008

Assets
Gold certificate account                                           11,037                0                0
Special drawing rights certificate account                          2,200                0                0
Coin                                                                1,856       +       67       +      487
Securities, repurchase agreements, term auction
      credit, and other loans                                   1,081,292       -    9,533       +  262,875
  Securities held outright                                        510,871       +    5,401       -  207,500
    U.S. Treasury securities (1)                                  475,129       -      193       -  243,242       
      Bills (2)                                                    18,423                0       -  186,937
      Notes and bonds, nominal (2)                                412,914                0       -   58,070
      Notes and bonds, inflation-indexed (2)                       39,378                0       +    1,915
      Inflation compensation (3)                                    4,415       -      193       -      149
    Federal agency debt securities (2)                             28,365       +    4,207       +   28,365
    Mortgage-backed securities (4)                                  7,377       +    1,386       +    7,377
  Repurchase agreements (5)                                             0       -   20,000       -   50,000    
  Term auction credit                                             415,631       -      400       +  365,631
  Other loans                                                     154,790       +    5,466       +  154,744
Net portfolio holdings of Commercial Paper 
  Funding Facility LLC (6)                                        248,091       -  102,433       +  248,091
Net portfolio holdings of LLCs funded through
  the Money Market Investor Funding Facility (7)                        0                0                0
Net portfolio holdings of Maiden Lane LLC (8)                      25,772       -    1,409       +   25,772
Net portfolio holdings of Maiden Lane II LLC (9)                   18,964       -      849       +   18,964
Net portfolio holdings of 
  Maiden Lane III LLC (10)                                         27,456       +      489       +   27,456
Items in process of collection                         (355)        1,268       -      295       -      457
Bank premises                                                       2,183       -        1       +       43
Central bank liquidity swaps (11)                                 465,672       +    2,876       +  441,672
Other assets (12)                                                  42,758       +    1,050       +      801
     
      Total assets                                     (355)    1,928,549       -  110,038       +1,025,703

Note: Components may not sum to totals because of rounding.  Footnotes appear at the end of the table.


8. Consolidated Statement of Condition of All Federal Reserve Banks (continued)
Millions of dollars
                                                 Eliminations                          Change since
                                                     from       Wednesday        Wednesday        Wednesday
Assets, liabilities, and capital                consolidation Jan 28, 2009     Jan 21, 2009     Jan 30, 2008
                         
Liabilities
Federal Reserve notes, net of F.R. Bank holdings                  848,795       +      597       +   74,513
Reverse repurchase agreements (13)                                 72,214       -    2,811       +   32,729
Deposits                                                 (0)      955,471       -  105,325       +  911,473       
  Depository institutions                                         740,403       -   67,896       +  701,906
  U.S. Treasury, general account                                   38,717       -    7,988       +   33,635
  U.S. Treasury, supplementary financing account                  174,840       -   24,907       +  174,840
  Foreign official                                                    108       -       79       +        9
  Other                                                  (0)        1,403       -    4,454       +    1,083
Deferred availability cash items                       (355)        2,810       -    1,464       -       37
Other liabilities and accrued dividends (14)                        8,550       +       17       +    4,213

      Total liabilities                                (355)    1,887,840       -  108,987       +1,022,891
                          
Capital accounts
Capital paid in                                                    21,571       +       57       +    3,099
Surplus                                                            18,977       -      436       +      497
Other capital accounts                                                161       -      673       -      784

      Total capital                                                40,710       -    1,050       +    2,813

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. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae.  Current face value of the securities, which is 
   the remaining principal balance of the underlying mortgages. 
5. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
6. Refer to table 6 and the note on consolidation accompanying table 9.
7. Refer to table 7 and the note on consolidation accompanying table 9.
8. Refer to table 3 and the note on consolidation accompanying table 9.
9. Refer to table 4 and the note on consolidation accompanying table 9.
10. Refer to table 5 and the note on consolidation accompanying table 9.
11. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when 
    the foreign currency is returned to the foreign central bank.  This exchange rate equals the market 
    exchange rate used when the foreign currency was acquired from the foreign central bank. 
12. Includes other assets denominated in foreign currencies, which are revalued daily at market exchange rates. 
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. 


9. Statement of Condition of Each Federal Reserve Bank,   January 28, 2009
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                                           1,856         63         85        150        149        253        237        210         50         60        127        195        279
Securities, repurchase agreements, term
      auction credit, and other loans      1,081,292     50,356    518,930     64,338     29,953    125,188     65,097     52,874     21,180     15,674     22,650     27,089     87,963
  Securities held outright                   510,871     21,428    181,765     22,305     19,372     46,325     50,831     45,089     17,654      9,645     18,758     21,191     56,508
    U.S. Treasury securities (1)             475,129     19,929    169,048     20,745     18,017     43,084     47,275     41,935     16,419      8,970     17,446     19,709     52,555
      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)                    456,707     19,156    162,493     19,940     17,318     41,413     45,442     40,309     15,782      8,622     16,769     18,945     50,517
    Federal agency debt securities (2)        28,365      1,190     10,092      1,238      1,076      2,572      2,822      2,503        980        535      1,042      1,177      3,137
    Mortgage-backed securities (4)             7,377        309      2,625        322        280        669        734        651        255        139        271        306        816
  Repurchase agreements (5)                        0          0          0          0          0          0          0          0          0          0          0          0          0
  Term auction credit                        415,631     12,650    207,683     41,750     10,552     78,208     13,896      5,219      3,038      5,700      2,685      4,708     29,543     
  Other loans                                154,790     16,278    129,482        283         29        655        371      2,566        488        330      1,207      1,190      1,912
Net portfolio holdings of Commercial
  Paper Funding Facility LLC (6)             248,091          0    248,091          0          0          0          0          0          0          0          0          0          0
Net portfolio holdings of LLCs funded
  through the Money Market Investor
  Funding Facility (7)                             0          0          0          0          0          0          0          0          0          0          0          0          0
Net portfolio holdings of Maiden Lane 
  LLC (8)                                     25,772          0     25,772          0          0          0          0          0          0          0          0          0          0
Net portfolio holdings of Maiden
  Lane II LLC (9)                             18,964          0     18,964          0          0          0          0          0          0          0          0          0          0
Net portfolio holdings of Maiden
  Lane III LLC (10)                           27,456          0     27,456          0          0          0          0          0          0          0          0          0          0
Items in process of collection                 1,623         32          0        248        109         36        617        219         14         80         25        120        123
Bank premises                                  2,183        123        210         65        147        228        225        207        131        112        273        250        213
Central bank liquidity swaps (11)            465,672     27,178    107,501     46,959     33,434    129,378     36,792     21,191      4,660      9,181      5,026      9,412     34,960
Other assets (12)                             42,758      2,244     12,513      3,303      2,433      8,526      3,648      2,575        845        822        901      1,229      3,720
Interdistrict settlement account                   0  -  27,085  +  61,122  -  60,037  +  14,811  - 105,196  +  27,157  +  28,637  +   6,951  -   7,295  +   9,837  +   8,063  +  43,036

      Total assets                         1,928,904     53,450  1,025,452     55,562     81,563    159,451    135,161    107,037     34,244     18,862     39,254     47,091    171,776

Note: Components may not sum to totals because of rounding.  Footnotes appear at the end of the table.


9. Statement of Condition of Each Federal Reserve Bank,   January 28, 2009 (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           1,028,677     37,990    360,353     41,070     46,220     80,522    131,363     83,734     29,193     17,505     29,696     58,790    112,241
  Less: Notes held by F.R. Banks              179,882      6,058     45,731      5,745      8,056     12,814     26,376     14,539      3,782      3,101      3,768     21,136     28,777
    Federal Reserve notes, net                848,795     31,933    314,622     35,326     38,163     67,708    104,987     69,196     25,411     14,404     25,928     37,654     83,464
Reverse repurchase agreements (13)             72,214      3,029     25,693      3,153      2,738      6,548      7,185      6,374      2,495      1,363      2,652      2,995      7,988
Deposits                                      955,471     16,482    669,465     11,649     36,976     72,624     19,139     29,296      5,723      2,087      9,989      5,431     76,610
  Depository institutions                     740,403     16,464    454,584     11,645     36,971     72,488     19,135     29,293      5,715      2,086      9,988      5,427     76,607
  U.S. Treasury, general account               38,717          0     38,717          0          0          0          0          0          0          0          0          0          0
  U.S. Treasury, supplementary
    financing account                         174,840          0    174,840          0          0          0          0          0          0          0          0          0          0
  Foreign official                                108          2         78          4          3         11          3          2          0          1          0          1          3
  Other                                         1,403         16      1,246          0          2        126          0          1          7          0          1          3          0
Deferred availability cash items                3,165         79          0        609        400        205        244        439         43        242        140        284        480
Other liabilities and accrued                 
  dividends (14)                                8,550        153      6,093        172        185        440        356        298        148        103        119        177        307
   
      Total liabilities                     1,888,195     51,675  1,015,873     50,908     78,463    147,526    131,910    105,603     33,821     18,198     38,828     46,541    168,848
                              
Capital                    
Capital paid in                                21,571        903      6,030      2,315      1,552      5,981      1,612        705        210        335        209        272      1,448
Surplus                                        18,977        844      3,548      2,315      1,548      5,944      1,612        704        210        324        208        271      1,449
Other capital                                     161         27          0         24          0          0         27         25          4          5         10          8         31

      Total liabilities and capital         1,928,904     53,450  1,025,452     55,562     81,563    159,451    135,161    107,037     34,244     18,862     39,254     47,091    171,776
                              
Note: Components may not sum to totals because of rounding.  Footnotes appear at the end of the table.


9. Statement of Condition of Each Federal Reserve Bank,   January 28, 2009 (continued)

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. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae.  Current face value of the securities, which is the remaining principal balance of the underlying mortgages. 
5. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
6. Refer to table 6 and the note on consolidation below.
7. Refer to table 7 and the note on consolidation below.
8. Refer to table 3 and the note on consolidation below.
9. Refer to table 4 and the note on consolidation below.
10. Refer to table 5 and the note on consolidation below.
11. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank.  This 
    exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.
12. Includes other assets denominated in foreign currencies, which are revalued daily at market exchange rates.
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 LLCto 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 October 21, 2008, the Federal Reserve Board authorized the FRBNY 
to extend credit to a series of LLCs funded through the Money Market Investor Funding Facility.  These LLCs, which became operational on November 24, 2008, 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).

10. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts
Millions of dollars

Federal Reserve notes and collateral                                                              Wednesday
                                                                                                Jan 28, 2009
              
Federal Reserve notes outstanding                                                                1,028,677
  Less: Notes held by F.R. Banks not subject to collateralization                                  179,882
    Federal Reserve notes to be collateralized                                                     848,795 
Collateral held against Federal Reserve notes                                                      848,795
  Gold certificate account                                                                          11,037
  Special drawing rights certificate account                                                         2,200
  U.S. Treasury, agency debt, and mortgage-backed securities pledged (1)                           445,864
  Other assets pledged                                                                             389,694

Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities (1)                               510,871
  Less: Face value of securities under reverse repurchase agreements                                65,007
    U.S. Treasury, agency debt, and mortgage-backed securities
    eligible to be pledged                                                                         445,864
   
Note: Components may not sum to totals because of rounding.

1. Includes face value of U.S. Treasury, agency debt, and mortgage-backed 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

---

Home Economic research and data  Accessibility Contact Us  Last update: January 29, 2009