---

`For Release at

4:30 P.M. Eastern time

March 20, 2008



The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks," has been modified to include data on the Primary Dealer
Credit Facility, which was approved by the Board of Governors on March 16, 2008, and began operations on
March 17, 2008.  The release also includes data on other credit extensions.  This category includes credit
extensions such as the arrangements involving JPMorgan Chase & Co. and The Bear Stearns Companies Inc.
that were approved by the Board of Governors on March 14, 2008, and March 16, 2008.







FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                             March 20, 2008
1. Factors Affecting Reserve Balances of Depository Institutions
Millions of dollars
                                                                   Averages of daily figures
Reserve Bank credit, related items, and                   Week ended   Change from week ended     Wednesday
reserve balances of depository institutions at           Mar 19, 2008 Mar 12, 2008 Mar 21, 2007 Mar 19, 2008
Federal Reserve Banks

Reserve Bank Credit                                         878,784    +   9,622    +  27,663      873,017
 Securities held outright                                   676,894    -  32,239    - 103,963      660,484       
    U.S. Treasury (1)                                       676,894    -  32,239    - 103,963      660,484
       Bills (2)                                            165,216    -  30,858    - 111,803      152,360
       Notes and bonds, nominal (2)                         468,581    -   1,429    +      28      465,010
       Notes and bonds, inflation-indexed (2)                38,437            0    +   6,661       38,437
       Inflation compensation (3)                             4,660    +      48    +   1,151        4,678
    Federal agency (2)                                            0            0            0            0      
 Repurchase agreements(4)                                    61,107    +   2,393    +  29,357       62,000
 Term auction credit                                         80,000    +  20,000    +  80,000       80,000  
 Other loans                                                 19,049    +  18,946    +  19,009       28,925
    Primary credit                                               81    -      18    +      71          120
    Secondary credit                                              0            0            0            0
    Seasonal credit                                               7    +       4    -      23            6
    Primary dealer credit facility                           13,433    +  13,433    +  13,433       28,800
    Other credit extensions                                   5,529    +   5,529    +   5,529            0
 Float                                                       -1,567    -     406    -     963       -1,780
 Other Federal Reserve assets                                43,301    +     928    +   4,223       43,387
Gold stock                                                   11,041            0            0       11,041
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            38,764    +      14    +     419       38,764
       
Total factors supplying reserve funds                       930,789    +   9,636    +  28,082      925,022
                                                                   
Currency in circulation(5)                                  817,054    +     130    +  10,763      818,362
Reverse repurchase agreements (6)                            40,710    +     689    +   1,473       46,143
   Foreign official and international accounts               39,674    -     347    +     437       38,893
   Dealers                                                    1,036    +   1,036    +   1,036        7,250
Treasury cash holdings                                          273    +      12    +      36          291
Deposits with F.R.Banks, other than reserve balances         12,273    +      44    -     496       12,505       
  U.S. Treasury, general account                              5,152    +      76    -     256        5,364
  Foreign official                                              103    +       5    +      13           99
  Service-related                                             6,754    +       4    -     287        6,754
     Required clearing balances                               6,754    +       4    -     287        6,754
     Adjustments to compensate for float                          0            0            0            0
  Other                                                         264    -      42    +      35          288
Other liabilities and capital                                44,734    +     291    +   5,950       44,213

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  915,044    +   1,165    +  17,727      921,515

Reserve balances with Federal Reserve Banks                  15,746    +   8,472    +  10,356        3,507
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)         2,168,498    +  17,282    + 292,643    2,173,695
     U.S. Treasury                                        1,280,342    +   2,645    +  62,914    1,278,331
     Federal agency                                         888,156    +  14,637    + 229,729      895,364
  Securities lent to dealers                                 12,228    +     589    +  10,581        9,890   


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


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


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


2. Consolidated Statement of Condition of All Federal Reserve Banks
Millions of Dollars
                                              Eliminations                          Change Since
                                                  from       Wednesday        Wednesday        Wednesday
Assets, liabilities, and capital             consolidation Mar 19, 2008     Mar 12, 2008     Mar 21, 2007

Assets
Gold certificate account                                        11,037                0                0
Special drawing rights certificate account                       2,200                0                0
Coin                                                             1,316        -       8        +     385
Securities, repurchase agreements, term auction
      credit, and other loans                                  831,410        -   9,054        +  20,764
   Securities held outright                                    660,484        -  42,952        - 120,382
      U.S. Treasury (1)                                        660,484        -  42,952        - 120,382       
         Bills (2)                                             152,360        -  38,000        - 124,659
         Notes and bonds, nominal (2)                          465,010        -   5,000        -   3,543
         Notes and bonds, inflation-indexed (2)                 38,437                0        +   6,661
         Inflation compensation (3)                              4,678        +      49        +   1,160
      Federal agency (2)                                             0                0                0
   Repurchase agreements (4)                                    62,000        -  15,000        +  32,250    
   Term auction credit                                          80,000        +  20,000        +  80,000
   Other loans                                                  28,925        +  28,897        +  28,896
Items in process of collection                      (418)        1,486        +     132        -   1,419
Bank premises                                                    2,141        +       3        +     167
Other assets (5)                                                41,158        +     717        +   3,898
      Total assets                                  (418)      890,747        -   8,209        +  23,795
                          
Liabilities
Federal Reserve notes, net of FR Bank holdings                 781,201        -      53        +  11,149
Reverse repurchase agreements (6)                               46,143        +   5,946        +   7,646
Deposits                                              (0)       15,925        -  14,687        -     396       
  Depository institutions                                       10,175        -  14,831        -   1,115
  U.S. Treasury, general account                                 5,364        +     115        +     643
  Foreign official                                                  99        +       3        +       9
  Other                                               (0)          288        +      28        +      68
Deferred availability cash items                    (418)        3,265        +     401        -     548
Other liabilities and accrued dividends (7)                      4,077        -     288        -   1,734
      Total liabilities                             (418)      850,611        -   8,681        +  16,117
                          
Capital Accounts
Capital paid in                                                 19,528        +      54        +   3,671
Surplus                                                         18,458                0        +   3,119
Other capital accounts                                           2,150        +     417        +     888
      Total capital                                             40,136        +     471        +   7,678


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

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



3. Maturity Distribution of Term Auction Credit, Other Loans and Securities,     March 19, 2008
Millions of dollars
                   Term auction    Other      U.S. Treasury                        Reverse
Remaining maturity    credit       loans       securities (1)        Repurchase   repurchase
                                                          Weekly     agreements(2)agreements(2)
                                              Holdings    changes    
Within 15 days          30,000       28,925      38,691   +   4,278       17,000       46,143
16 days to 90 days      50,000            0      99,574   -  23,313       45,000            0
91 days to 1 year     ------              0     114,118   -  17,841     ------      ------
Over 1 to 5 years     ------       ------       224,908   -   6,106     ------      ------
Over 5 to 10 years    ------       ------        88,966   +      10     ------      ------
Over 10 years         ------       ------        94,226   +      19     ------      ------
                            
All                     80,000       28,925     660,484   -  42,952       62,000       46,143

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

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



4. Statement of Condition of Each Federal Reserve Bank on     March 19, 2008
Millions of dollars
                                                                                                                                                            Kansas                 San
Assets, liabilities, and capital               Total     Boston   New York Philadelphia Cleveland   Richmond   Atlanta    Chicago   St. Louis  Minneapolis   City      Dallas   Francisco

Assets                        
Gold certificate account                      11,037        449      4,053        455        428        869      1,117        903        326        203        335        613      1,286
Special drawing rights certificate acct.       2,200        115        874         83        104        147        166        212         71         30         66         98        234
Coin                                           1,316         42         61        107        124        154        155        155         55         59         83        133        186
Securities, repurchase agreements, term
      auction credit, and other loans        831,410     33,299    352,541     31,963     31,475     63,368     67,210     64,043     25,161     20,487     23,398     32,944     85,521
   Securities held outright                  660,484     30,439    239,160     29,220     27,029     57,226     61,258     55,399     21,110     13,178     21,380     29,019     76,065
      U.S. Treasury (1)                      660,484     30,439    239,160     29,220     27,029     57,226     61,258     55,399     21,110     13,178     21,380     29,019     76,065
         Bills (2)                           152,360      7,022     55,169      6,740      6,235     13,201     14,131     12,779      4,870      3,040      4,932      6,694     17,547
         Notes and bonds(3)                  508,124     23,417    183,990     22,480     20,794     44,025     47,127     42,620     16,240     10,138     16,448     22,325     58,519
      Federal agency (2)                           0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements(4)                62,000      2,857     22,450      2,743      2,537      5,372      5,750      5,200      1,982      1,237      2,007      2,724      7,140
      Term auction credit                     80,000          0     62,131          0      1,909        770        201      3,440      2,070     6,071          0      1,200      2,209     
      Other loans                             28,925          2     28,801          0          0          0          0          4          0          1         11          0        106
Items in process of collection                 1,904         58         15        276        307        156       -118        162         31        209        213        121        473
Bank premises                                  2,141        119        214         65        152        189        229        205        118        112        276        255        208
Other assets(5)                               41,158      2,103     12,710      3,240      2,393      8,196      3,292      2,310        725        794        757      1,150      3,488
Interdistrict settlement account                   0    + 1,911    -51,718    + 3,967    + 2,563    + 8,305    +15,925    +10,522    + 3,881    - 3,690    + 7,108    -   480    + 1,707
          Total Assets                       891,166     38,096    318,750     40,157     37,546     81,383     87,975     78,512     30,368     18,204     32,237     34,834     93,103

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

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




4. Statement of Condition of Each Federal Reserve Bank on     March 19, 2008
Millions of dollars
                                                                                                                                                            Kansas                 San
Assets, liabilities, and capital                Total     Boston   New York Philadelphia Cleveland   Richmond   Atlanta    Chicago   St. Louis  Minneapolis   City      Dallas   Francisco

Liabilities                         
Federal Reserve notes outstanding             992,528     39,092    342,855     41,772     39,707     79,599    113,838     85,428     32,382     18,851     32,734     56,336    109,935
  Less: notes held by F.R. Banks              211,327      6,137     61,045      8,440      8,408     14,695     34,904     14,628      4,399      2,921      3,206     25,129     27,415
    Federal Reserve notes, net                781,201     32,955    281,809     33,332     31,299     64,904     78,934     70,800     27,983     15,930     29,528     31,207     82,520
Reverse repurchase agreements (1)              46,143      2,127     16,708      2,041      1,888      3,998      4,280      3,870      1,475        921      1,494      2,027      5,314
Deposits                                       15,925        455      8,647        371        635      1,170        931        746        298        233        417        563      1,460
  Depository institutions                      10,175        398      3,066        367        631      1,116        928        744        284        232        390        562      1,457
  U.S. Treasury, general account                5,364          0      5,364          0          0          0          0          0          0          0          0          0          0
  Foreign official                                 99          2         70          4          3         11          3          2          0          1          0          1          3
  Other                                           288         55        147          0          2         44          0          0         13          0         27          0          0
Deferred availability cash items                3,683        155         76        508        825        274        255        328         55        262        223        176        547
Other liabilities and accrued                 
  dividends (2)                                 4,077        190      1,253        198        209        480        398        343        166        116        150        199        375
   
    Total liabilities                         851,029     35,882    308,493     36,450     34,856     70,826     84,798     76,088     29,976     17,462     31,811     34,172     90,215
                              
Capital                    
Capital paid in                                19,528      1,076      4,906      1,813      1,315      5,182      1,610      1,256        180        358        198        256      1,379
Surplus                                        18,458      1,049      4,624      1,813      1,291      4,997      1,426        815        180        355        194        364      1,350
Other capital                                   2,150         89        726         81         84        378        142        353         33         31         33         42        158
     Total liabilities and capital            891,166     38,096    318,750     40,157     37,546     81,383     87,975     78,512     30,368     18,204     32,237     34,834     93,103
                              

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

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


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



Federal Reserve notes and collateral        Wednesday
                                          Mar 19, 2008
              
Federal Reserve notes outstanding             992,528
   Less: Notes held by F.R. Banks
         not subject to collateralization     211,327
      Federal Reserve notes to be
         collateralized                       781,201 
Collateral held against Federal Reserve            
   notes                                      781,201
   Gold certificate account                    11,037
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              676,329
   Other assets pledged                        91,635

Memo:
Total U.S. Treasury and agency 
       securities (1)                         722,484
   Less:face value of securities under
         reverse repurchase agreements         46,156
      U.S. Treasury and agency securities
             eligible to be pledged           676,329
   

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

---

Home Economic research and data  Accessibility Contact Us  Last update: March 20, 2008