---

`For Release at
4:30 P.M. Eastern time
  November 28, 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 in a number of ways.  This week's release
reports credit extended to American International Group, Inc. (AIG) as a separate line in table 1.
Previously, this amount was included in other credit extensions.  This release also presents information on
a new lending facility and new limited liability companies.

On November 10, 2008, the Federal Reserve announced a modification of the terms of credit extended to AIG.
Related to this modification was the creation of two limited liability companies, Maiden Lane II LLC and
Maiden Lane III LLC.  On November 25, 2008, the Federal Reserve Bank of New York (FRBNY) began extending
credit under the authority of section 13(3) of the Federal Reserve Act to Maiden Lane III LLC, a limited
liability company formed to purchase multi-sector collateralized debt obligations on which the Financial
Products Group of AIG has written credit default swap contracts.  On November 24, 2008, the Money Market
Investor Funding Facility (MMIFF) was created to provide funding to a series of limited liability companies
to purchase short-term U.S. dollar-denominated certificates of deposit, bank notes, and outstanding
asset-backed commercial paper.

Consistent with generally accepted accounting principles, the assets and liabilities of all of these
limited liability companies will be 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 the limited liability companies.  As a result of this consolidation, the loans extended
from the FRBNY to the limited liability companies and the accrued interest on these loans are
eliminated.  The net portfolio holdings of these limited liability companies are reported in table 1, in
table 7, and in table 8.  

Information on Maiden Lane III LLC is presented separately in a new table 4, "Information on Principal
Accounts of Maiden Lane III LLC."  This table presents the fair value of the net portfolio holdings of the
Maiden Lane III 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 outstanding
principal and accrued interest on the loan payable to AIG.  A similar table for Maiden Lane II will be
provided when credit is extended to that limited liability company.

Information on the limited liability companies funded through the MMIFF is presented separately in a new
table 6, "Information on Principal Accounts of LLCs Funded through the Money Market Investor Funding
Facility."  This table presents the book value of the net portfolio holdings of the limited liability
companies, as well as the face value of the money market instruments.  In addition, the table presents the
outstanding principal of the loans extended by the FRBNY and accrued interest payable to the FRBNY.



FEDERAL RESERVE statistical release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                          November 28, 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                                    Nov 26, 2008 Nov 19, 2008 Nov 28, 2007 Nov 26, 2008

Reserve Bank credit                                       2,093,892   -   85,002   +1,224,361    2,091,608
  Securities held outright                                  488,676   -      408   -  291,007      488,628       
    U.S. Treasury (1)                                       476,415   -       16   -  303,268      476,407
      Bills (2)                                              18,423            0   -  248,596       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)                              6,429   -       16   +    1,659        6,422
    Federal agency (2)                                       12,261   -      393   +   12,261       12,221      
  Repurchase agreements (4)                                  80,000            0   +   30,750       80,000
  Term auction credit                                       406,508   -    8,794   +  406,508      406,508  
  Other loans                                               283,180   -   13,638   +  283,125      259,048
    Primary credit                                           93,628   +    2,076   +   93,621       91,725
    Secondary credit                                            225   +      113   +      225          186
    Seasonal credit                                               5   -        4   -       43            6
    Primary dealer and other broker-dealer credit (5)        52,418   +    2,248   +   52,418       57,886
    Asset-backed commercial paper money market
      mutual fund liquidity facility                         57,318   -   12,480   +   57,318       53,309
    Credit extended to American International
      Group, Inc. (6)                                        79,585   -    5,592   +   79,585       55,936
    Other credit extensions                                       0            0            0            0
  Net portfolio holdings of Commercial Paper 
    Funding Facility LLC (7)                                282,197   +   16,506   +  282,197      294,094
  Net portfolio holdings of LLCs funded through
    the money market investor funding facility (7)                0            0            0            0
  Net portfolio holdings of Maiden Lane LLC (7)              26,928   -       17   +   26,928       26,979
  Net portfolio holdings of Maiden Lane III LLC (7)           6,010   +    6,010   +    6,010       21,148
  Float                                                        -471   +      903   +      103       -1,514
  Other Federal Reserve assets                              520,864   -   85,564   +  479,746      516,717
Gold stock                                                   11,041            0            0       11,041
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (8)                            38,787   +       14   +       36       38,787
       
Total factors supplying reserve funds                     2,145,920   -   84,988   +1,224,397    2,143,636

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                                    Nov 26, 2008 Nov 19, 2008 Nov 28, 2007 Nov 26, 2008

Currency in circulation (8)                                 867,019   +    2,337   +   45,027      871,991
Reverse repurchase agreements (9)                            97,325   -    3,098   +   62,179       99,761
  Foreign official and international accounts                72,325   -    3,812   +   37,179       74,761
  Dealers                                                    25,000   +      714   +   25,000       25,000
Treasury cash holdings                                          242   -        8   -       25          241
Deposits with F.R. Banks, other than reserve balances       554,303   -   31,337   +  542,234      511,018       
  U.S. Treasury, general account                             64,531   +    4,066   +   59,355       17,355
  U.S. Treasury, supplementary financing account            479,054   -   29,902   +  479,054      479,054
  Foreign official                                              190   -      204   +       93          187
  Service-related                                             4,953   -    1,371   -    1,532        4,953
    Required clearing balances                                4,953   -    1,352   -    1,532        4,953
    Adjustments to compensate for float                           0   -       18            0            0
  Other                                                       5,575   -    3,926   +    5,264        9,470
Other liabilities and capital (10)                           49,366   +    3,323   +    6,118       54,368

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                1,568,254   -   28,783   +  655,532    1,537,380

Reserve balances with Federal Reserve Banks                 577,666   -   56,204   +  568,865      606,256
                                                                
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 3 through table 6 and the note on consolidation accompanying table 8.
8. Estimated.
9. Cash value of agreements, which are collateralized by U.S. Treasury securities.
10. Includes the liabilities of Commercial Paper Funding Facility LLC, the LLCs funded through the Money 
    Market Investor Funding Facility, Maiden Lane 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 6 and the note on consolidation accompanying 
    table 8.

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
                                                         Nov 26, 2008 Nov 19, 2008 Nov 28, 2007 Nov 26, 2008

Marketable securities held in custody for foreign
      official and international accounts (1)             2,498,083   -    3,045   +  466,608    2,492,057
  U.S. Treasury                                           1,617,765   +    7,856   +  392,472    1,620,296
  Federal agency                                            880,318   -   10,900   +   74,137      871,761
Securities lent to dealers                                  196,319   -    9,177   +  188,313      201,420   
  Overnight facility (2)                                      8,871   -    5,369   +      865        8,227
  Term facility (3)                                         187,447   -    3,809   +  187,447      193,193

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.


2. Maturity Distribution of Term Auction Credit, Other Loans, and Securities,  November 26, 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                   25,000     381,508         ---          ---           ---        ---     406,508
Other loans (1)                      175,834      43,211        4,567      35,436           ---        ---     259,048
U.S. Treasury securities (2) 
  Holdings                            16,823      22,989       66,692     170,923        96,952    102,028     476,407
  Weekly changes                  -    3,520  +    3,518            0  -        5    -        4 -        7  -       18
Federal agency securities 
  Holdings                             1,409       8,218        2,594           0             0          0      12,221
  Weekly changes                  +      480  -      120   -      640           0             0          0  -      280
Commercial paper held by
  Commercial Paper Funding 
  Facility LLC (3)                         0     295,108            0         ---           ---        ---     295,108
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)     99,761           0          ---         ---           ---        ---      99,761
  
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, 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                                                                                    Nov 26, 2008
         
Net portfolio holdings of Maiden Lane LLC (1)                                                       26,979

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)                                   243
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3)        1,182
 
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 8.
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 7 and table 8.

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 III LLC
Millions of dollars
                                                                                                   Wednesday
Account name                                                                                     Nov 26, 2008

Net portfolio holdings of Maiden Lane III LLC (1)                                                    21,148

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)                                      3
Outstanding principal amount and accrued interest on loan payable to American International
  Group, Inc. (3)                                                                                     5,002

1. Fair value.  Fair value reflects an estimate of the price that would be received upon selling an asset if 
   the transaction were to be conducted in an orderly market on the measurement date.  Revalued quarterly.  
   This table reflects valuations as of   October 31, 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 8.
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 7 and table 8.

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 the 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.


5. Information on Principal Accounts of Commercial Paper Funding Facility LLC
Millions of dollars
                                                                                                   Wednesday
Account name                                                                                     Nov 26, 2008

Commercial paper holdings, net (1)                                                                  292,834
Other investments, net                                                                                1,260
Net portfolio holdings of Commercial Paper Funding Facility LLC                                     294,094

Memorandum: Commercial paper holdings, face value                                                   295,108

Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2)           293,349
Accrued interest payable to the Federal Reserve Bank of New York (2)                                    253

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 8.

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
6. Information on Principal Accounts of LLCs Funded through the Money Market Investor Funding Facility 
Millions of dollars
                                                                                                   Wednesday
Account name                                                                                     Nov 26, 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 8.

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
7. Consolidated Statement of Condition of All Federal Reserve Banks
Millions of dollars
                                                 Eliminations                          Change since
                                                     from       Wednesday        Wednesday        Wednesday
Assets, liabilities, and capital                consolidation Nov 26, 2008     Nov 19, 2008     Nov 28, 2007

Assets
Gold certificate account                                           11,037                0                0
Special drawing rights certificate account                          2,200                0                0
Coin                                                                1,642       -        6       +      477
Securities, repurchase agreements, term auction
      credit, and other loans                                   1,234,185       -   38,744       +  408,438
  Securities held outright                                        488,628       -      298       -  291,065
    U.S. Treasury (1)                                             476,407       -       18       -  303,286       
      Bills (2)                                                    18,423                0       -  248,596
      Notes and bonds, nominal (2)                                410,491                0       -   60,493
      Notes and bonds, inflation-indexed (2)                       41,071                0       +    4,160
      Inflation compensation (3)                                    6,422       -       18       +    1,643
    Federal agency (2)                                             12,221       -      280       +   12,221
  Repurchase agreements (4)                                        80,000                0       +   34,000    
  Term auction credit                                             406,508       -    8,794       +  406,508
  Other loans                                                     259,048       -   29,654       +  258,994
Net portfolio holdings of Commercial Paper 
  Funding Facility LLC (5)                                        294,094       +   23,215       +  294,094
Net portfolio holdings of LLCs funded through
  the money market investor funding facility (5)                        0                0                0
Net portfolio holdings of Maiden Lane LLC (5)                      26,979       +       60       +   26,979
Net portfolio holdings of Maiden Lane III LLC (5)                  21,148       +   21,148       +   21,148
Items in process of collection                         (498)        1,096       -       19       -      467
Bank premises                                                       2,180       +        2       +       66
Other assets (6)                                                  514,523       -   85,257       +  475,499
     
      Total assets                                     (498)    2,109,083       -   79,603       +1,226,235
                          
Liabilities
Federal Reserve notes, net of F.R. Bank holdings                  835,083       +    6,466       +   51,408
Reverse repurchase agreements (7)                                  99,761       -    3,148       +   65,489
Deposits                                                 (0)    1,117,260       -   91,971       +1,097,684       
  Depository institutions                                         611,195       -   19,297       +  596,718
  U.S. Treasury, general account                                   17,355       -   51,102       +   12,644
  U.S. Treasury, supplementary financing account                  479,054       -   29,902       +  479,054
  Foreign official                                                    187       +        4       +       90
  Other                                                  (0)        9,470       +    8,327       +    9,179
Deferred availability cash items                       (498)        2,611       -      131       -      267
Other liabilities and accrued dividends (8,9)                      11,482       +    7,288       +    5,578

      Total liabilities                                (498)    2,066,197       -   81,497       +1,219,892
                          
Capital accounts
Capital paid in                                                    20,871       +      498       +    2,593
Surplus                                                            17,170       +        4       +    1,713
Other capital accounts                                              4,844       +    1,391       +    2,035

      Total capital                                                42,886       +    1,894       +    6,343

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 3 through table 6 and the note on consolidation accompanying table 8.
6. Includes assets denominated in foreign currencies and any exchange-translation assets, which are
   revalued daily at market exchange rates. 
7. Cash value of agreements, which are collateralized by U.S. Treasury securities.
8. Includes any exchange-translation liabilities, which are revalued daily at market exchange rates.
9. Includes the liabilities of Commercial Paper Funding Facility LLC, the LLCs funded through the Money Market 
   Investor Funding Facility, Maiden Lane 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 6 and the note on consolidation accompanying table 8.


H.4.1
8. Statement of Condition of Each Federal Reserve Bank,  November 26, 2008
Millions of dollars
                                                                                                                                                            Kansas                 San
Assets, liabilities, and capital               Total     Boston   New York Philadelphia Cleveland   Richmond   Atlanta    Chicago   St. Louis  Minneapolis   City      Dallas   Francisco

Assets                        
Gold certificate account                      11,037        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                                           1,642         57         76        126        132        227        208        192         45         54        111        178        236
Securities, repurchase agreements, term
      auction credit, and other loans      1,234,185     95,269    560,641     53,904     34,962    151,331     75,348     56,217     23,797     16,169     28,156     29,185    109,206
  Securities held outright                   488,628     20,495    173,851     21,334     18,529     44,308     48,618     43,126     16,885      9,225     17,941     20,269     54,048
    U.S. Treasury (1)                        476,407     19,982    169,503     20,801     18,065     43,200     47,402     42,047     16,463      8,994     17,493     19,762     52,696
      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)                    457,985     19,210    162,948     19,996     17,367     41,529     45,569     40,421     15,826      8,646     16,816     18,998     50,658
    Federal agency (2)                        12,221        513      4,348        534        463      1,108      1,216      1,079        422        231        449        507      1,352
  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                        406,508     18,050    164,794     28,800     13,393     99,297     18,285      4,640      3,633      5,372      1,285      4,608     44,352     
  Other loans                                259,048     53,368    193,532        277          7        472        485      1,390        514         63      5,992        989      1,957
Net portfolio holdings of Commercial
  Paper Funding Facility LLC (5)             294,094          0    294,094          0          0          0          0          0          0          0          0          0          0
Net portfolio holdings of LLCs funded
  through the money market investor
  funding facility (5)                             0          0          0          0          0          0          0          0          0          0          0          0          0
Net portfolio holdings of Maiden Lane 
  LLC (5)                                     26,979          0     26,979          0          0          0          0          0          0          0          0          0          0
Net portfolio holdings of Maiden
  Lane III LLC (5)                            21,148          0     21,148          0          0          0          0          0          0          0          0          0          0
Items in process of collection                 1,594         38          0        223        199         55        561         82         19         73        -47        114        276
Bank premises                                  2,180        122        213         64        150        222        225        207        131        111        274        251        210
Other assets (6)                             514,523     29,197    130,541     49,882     35,543    136,887     39,812     23,276      5,314      9,878      5,739     10,416     38,038
Interdistrict settlement account                   0  -  49,337  + 157,079  -  50,492  +      41  - 104,455  +   9,977  +  22,111  +   2,439  -   7,628  +   7,892  +   4,836  +   7,536

      Total assets                         2,109,580     75,884  1,195,578     54,244     71,554    185,305    127,517    103,211     32,159     18,887     42,540     45,714    156,985

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 3 through table 6 and the note on consolidation on the following page.
6. Includes assets denominated in foreign currencies and any exchange-translation assets, which are revalued daily at market exchange rates.
7. Cash value of agreements, which are collateralized by U.S. Treasury securities.
8. Includes any exchange-translation liabilities, which are revalued daily at market exchange rates.
9. Includes the liabilities of Commercial Paper Funding Facility LLC, the LLCs funded through the Money Market Investor Funding Facility, Maiden Lane 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 6 and 
   the note on consolidation on the following page.


H.4.1
8. Statement of Condition of Each Federal Reserve Bank,  November 26, 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           1,010,762     38,039    352,748     41,910     47,086     81,692    120,854     83,855     29,542     17,426     30,257     54,487    112,866
  Less: Notes held by F.R. Banks              175,679      5,904     47,342      5,601      7,602     11,312     25,912     13,328      3,506      2,800      3,740     22,116     26,515
    Federal Reserve notes, net                835,083     32,135    305,407     36,309     39,484     70,380     94,942     70,527     26,036     14,626     26,517     32,370     86,350
Reverse repurchase agreements (7)              99,761      4,184     35,494      4,356      3,783      9,046      9,926      8,805      3,447      1,883      3,663      4,138     11,035
Deposits                                    1,117,260     37,404    834,542      8,079     24,461     93,457     18,721     21,702      2,059      1,347     11,642      8,080     55,766
  Depository institutions                     611,195     37,376    328,640      8,072     24,457     93,354     18,717     21,700      2,051      1,346     11,640      8,079     55,763
  U.S. Treasury, general account               17,355          0     17,355          0          0          0          0          0          0          0          0          0          0
  U.S. Treasury, supplementary
    financing account                         479,054          0    479,054          0          0          0          0          0          0          0          0          0          0
  Foreign official                                187          2        157          4          3         11          3          2          0          1          0          1          3
  Other                                         9,470         26      9,337          4          1         92          1          0          8          0          1          0          0
Deferred availability cash items                3,108         83          0        554        484        254        230        289         29        222        153        281        530
Other liabilities and accrued                 
  dividends (8,9)                              11,482        174      8,673        216        213        582        394        308        152        110        133        184        344
   
      Total liabilities                     2,066,694     73,979  1,184,116     49,514     68,424    173,719    124,213    101,631     31,724     18,189     42,107     45,053    154,024
                              
Capital                    
Capital paid in                                20,871        784      5,602      2,327      1,552      5,836      1,610        703        209        324        207        270      1,447
Surplus                                        17,170      1,050      3,332      1,815      1,291      4,999      1,426        816        180        354        193        364      1,351
Other capital                                   4,844         71      2,527        589        287        750        267         61         47         19         34         27        163

      Total liabilities and capital         2,109,580     75,884  1,195,578     54,244     71,554    185,305    127,517    103,211     32,159     18,887     42,540     45,714    156,985
                              
Note: Components may not sum to totals because of rounding.  Footnotes appear on the previous page.

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.

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 7), 
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 7).


H.4.1
9. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts
Millions of dollars

Federal Reserve notes and collateral                                                              Wednesday
                                                                                                Nov 26, 2008
              
Federal Reserve notes outstanding                                                                1,010,762
  Less: Notes held by F.R. Banks not subject to collateralization                                  175,679
    Federal Reserve notes to be collateralized                                                     835,083 
Collateral held against Federal Reserve notes                                                      835,083
  Gold certificate account                                                                          11,037
  Special drawing rights certificate account                                                         2,200
  U.S. Treasury and agency securities pledged (1)                                                  477,052
  Other assets pledged                                                                             344,794

Memo:
Total U.S. Treasury and agency securities (1)                                                      568,628
  Less: Face value of securities under reverse repurchase agreements                                91,576
    U.S. Treasury and agency securities eligible to be pledged                                     477,052
   
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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