---

`FEDERAL RESERVE statistical release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                           November 6, 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 5, 2008 Oct 29, 2008  Nov 7, 2007  Nov 5, 2008

Reserve Bank credit                                       2,055,846   +  182,898   +1,191,384    2,057,946
  Securities held outright                                  490,027   -      355   -  289,576      489,691       
    U.S. Treasury (1)                                       476,462   -       23   -  303,141      476,456
      Bills (2)                                              18,423            0   -  248,596       18,423
      Notes and bonds, nominal (2)                          410,529   -      228   -   60,455      410,491
      Notes and bonds, inflation-indexed (2)                 41,033   +      227   +    4,122       41,071
      Inflation compensation (3)                              6,477   -       22   +    1,788        6,470
    Federal agency (2)                                       13,565   -      332   +   13,565       13,235      
  Repurchase agreements (4)                                  80,000            0   +   37,179       80,000
  Term auction credit                                       301,363            0   +  301,363      301,363  
  Other loans                                               359,009   -   29,800   +  358,764      346,531
    Primary credit                                          109,994   -    1,952   +  109,803      108,567
    Secondary credit                                              0   -        1            0            0
    Seasonal credit                                              10   -        7   -       44            9
    Primary dealer and other broker-dealer credit (5)        77,020   -   10,373   +   77,020       71,642
    Asset-backed commercial paper money market
      mutual fund liquidity facility                         91,729   -    8,173   +   91,729       85,097
    Other credit extensions                                  80,257   -    9,292   +   80,257       81,215
  Net portfolio holdings of Commercial Paper 
    Funding Facility LLC (6)                                226,008   +  185,189   +  226,008      243,305
  Net portfolio holdings of Maiden Lane LLC (7)              26,850   +       41   +   26,850       26,863
  Float                                                      -1,326   -       86   -      662       -1,559
  Other Federal Reserve assets                              573,915   +   27,909   +  531,458      571,753
Gold stock                                                   11,041            0            0       11,041
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (8)                            38,801   +       14   +       92       38,801
       
Total factors supplying reserve funds                     2,107,889   +  182,913   +1,191,477    2,109,989
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 5, 2008 Oct 29, 2008  Nov 7, 2007  Nov 5, 2008

Currency in circulation (8)                                 860,823   +    3,375   +   45,037      863,774
Reverse repurchase agreements (9)                            95,271   +      948   +   57,981       96,663
  Foreign official and international accounts                70,271   +      948   +   32,981       71,663
  Dealers                                                    25,000            0   +   25,000       25,000
Treasury cash holdings                                          271   +        2   -       27          264
Deposits with F.R. Banks, other than reserve balances       613,169   -   54,397   +  601,082      606,540       
  U.S. Treasury, general account                             31,800   -   68,936   +   26,681       18,652
  U.S. Treasury, supplementary financing account            558,851   -       13   +  558,851      558,851
  Foreign official                                              208   +       34   +      110          229
  Service-related                                             6,000   +        2   -      583        6,000
    Required clearing balances                                6,000   +        2   -      583        6,000
    Adjustments to compensate for float                           0            0            0            0
  Other                                                      16,311   +   14,517   +   16,024       22,808
Other liabilities and capital (10)                           44,722   +      276   +    2,413       45,166

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                1,614,256   -   49,796   +  706,485    1,612,405

Reserve balances with Federal Reserve Banks                 493,633   +  232,709   +  484,992      497,583
                                                                
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. Refer to table 4 and the notes on consolidation accompanying table 6.
7. Fair value.  Refer to table 3 and the notes on consolidation accompanying table 6.
8. Estimated.
9. Cash value of agreements, which are collateralized by U.S. Treasury securities.
10. Includes the liabilities of Maiden Lane LLC and Commercial Paper Funding Facility LLC to entities 
    other than the Federal Reserve Bank of New York, including liabilities that have recourse only to 
    the portfolio holdings of these entities.  Refer to tables 3 and 4 and the notes on consolidation 
    accompanying table 6.

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 5, 2008 Oct 29, 2008  Nov 7, 2007  Nov 5, 2008

Marketable securities held in custody for foreign
      official and international accounts (1)             2,494,267   +    8,075   +  461,696    2,495,962
  U.S. Treasury                                           1,587,762   +   16,588   +  350,587    1,594,096
  Federal agency                                            906,504   -    8,514   +  111,108      901,865
Securities lent to dealers                                  220,648   -    1,918   +  213,399      219,513   
  Overnight facility (2)                                     20,649   -    4,418   +   13,400       19,514
  Term facility (3)                                         199,999   +    2,500   +  199,999      199,999

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 5, 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                  138,271     163,092         ---          ---           ---        ---     301,363
Other loans (1)                      186,055      90,122        8,989      61,365           ---        ---     346,531
U.S. Treasury securities (2) 
  Holdings                            24,416      21,763       61,228     173,414        94,312    101,323     476,456
  Weekly changes                  +    9,096  -    8,961   -      112  -       21    -        5 -       10  -       13
Federal agency securities 
  Holdings                               734       8,917        3,584           0             0          0      13,235
  Weekly changes                  +       83  -      318   -      150           0             0          0  -      385
Commercial paper held by
  Commercial Paper Funding 
  Facility LLC (3)                         0     244,593            0         ---           ---        ---     244,593
Repurchase agreements (4)             40,000      40,000          ---         ---           ---        ---      80,000

Reverse repurchase agreements (4)     96,663           0          ---         ---           ---        ---      96,663
  
Note: Components may not sum to totals because of rounding.
---   Not applicable.

1. Excludes the loans from the Federal Reserve Bank of New York to Maiden Lane LLC and Commercial Paper Funding Facility 
   LLC that were eliminated when preparing that Bank's statement of condition consistent with consolidation under generally 
   accepted accounting principles.  The loan to Maiden Lane LLC is designed to be repaid from the orderly liquidation of 
   Maiden Lane LLC's portfolio holdings and does not have a fixed amortization schedule.
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. Cash value of agreements.


H.4.1
3. Information on Principal Accounts of Maiden Lane LLC
Millions of dollars
                                                                                                  Wednesday
Account name                                                                                     Nov 5, 2008
         
Net portfolio holdings of Maiden Lane LLC (1)                                                       26,863

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)                                   221
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3)        1,178
 
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 notes on consolidation accompanying table 6.
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 5 and table 6.

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 Commercial Paper Funding Facility LLC
Millions of dollars
                                                                                                   Wednesday
Account name                                                                                      Nov 5, 2008

Commercial paper holdings, net (1)                                                                  242,197
Other investments, net                                                                                1,108
Net portfolio holdings of Commercial Paper Funding Facility LLC                                     243,305

Memorandum: Commercial paper holdings, face value                                                   244,593

Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2)           243,124
Accrued interest payable to the Federal Reserve Bank of New York (2)                                     60

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 
   notes on consolidation accompanying table 6.

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 that was 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
5. 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 5, 2008     Oct 29, 2008      Nov 7, 2007

Assets
Gold certificate account                                           11,037                0                0
Special drawing rights certificate account                          2,200                0                0
Coin                                                                1,648       +        3       +      418
Securities, repurchase agreements, term auction
      credit, and other loans                                   1,217,584       -   23,631       +  388,627
  Securities held outright                                        489,691       -      398       -  289,922
    U.S. Treasury (1)                                             476,456       -       13       -  303,157       
      Bills (2)                                                    18,423                0       -  248,596
      Notes and bonds, nominal (2)                                410,491       -      266       -   60,493
      Notes and bonds, inflation-indexed (2)                       41,071       +      265       +    4,160
      Inflation compensation (3)                                    6,470       -       14       +    1,771
    Federal agency (2)                                             13,235       -      385       +   13,235
  Repurchase agreements (4)                                        80,000                0       +   32,000    
  Term auction credit                                             301,363                0       +  301,363
  Other loans                                                     346,531       -   23,232       +  345,187
Net portfolio holdings of Commercial Paper 
  Funding Facility LLC (5)                                        243,305       +   98,497       +  243,305
Net portfolio holdings of Maiden Lane LLC (6)                      26,863       +       15       +   26,863
Items in process of collection                         (438)        1,424       +      341       -    1,507
Bank premises                                                       2,169       -        5       +       59
Other assets (7)                                                  569,591       +   29,921       +  528,826
     
      Total assets                                     (438)    2,075,822       +  105,142       +1,186,593
                          
Liabilities
Federal Reserve notes, net of F.R. Bank holdings                  826,880       +    3,167       +   44,676
Reverse repurchase agreements (8)                                  96,663       +    2,008       +   60,305
Deposits                                                 (0)    1,104,130       +   98,432       +1,079,062       
  Depository institutions                                         503,590       +   77,618       +  483,793
  U.S. Treasury, general account                                   18,652       -      832       +   13,750
  U.S. Treasury, supplementary financing account                  558,851       -       13       +  558,851
  Foreign official                                                    229       +       42       +      131
  Other                                                  (0)       22,808       +   21,616       +   22,536
Deferred availability cash items                       (438)        2,983       +      666       -      402
Other liabilities and accrued dividends (9,10)                      4,009       +      130       -    1,954

      Total liabilities                                (438)    2,034,665       +  104,404       +1,181,688
                          
Capital accounts
Capital paid in                                                    20,364       +       50       +    2,411
Surplus                                                            18,532       +      197       +    3,076
Other capital accounts                                              2,261       +      492       -      583

      Total capital                                                41,157       +      739       +    4,905

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 4 and the notes on consolidation accompanying table 6.
6. Fair value.  Refer to table 3 and the notes on consolidation accompanying table 6.
7. Includes assets denominated in foreign currencies and any exchange-translation assets, which are
   revalued daily at market exchange rates. 
8. Cash value of agreements, which are collateralized by U.S. Treasury securities.
9. Includes any exchange-translation liabilities, which are revalued daily at market exchange rates.
10. Includes the liabilities of Maiden Lane LLC and Commercial Paper Funding Facility LLC to entities other 
    than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio 
    holdings of these entities. Refer to the notes on consolidation accompanying table 6.


H.4.1
6. Statement of Condition of Each Federal Reserve Bank,   November 5, 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                                           1,648         50         77        129        132        225        214        191         44         56        113        177        240
Securities, repurchase agreements, term
      auction credit, and other loans      1,217,584    123,551    579,297     30,143     37,969    133,092     72,558     59,655     22,856     15,942     25,654     27,825     89,042
  Securities held outright                   489,691     20,539    174,229     21,381     18,569     44,404     48,723     43,220     16,922      9,245     17,980     20,313     54,165
    U.S. Treasury (1)                        476,456     19,984    169,520     20,803     18,067     43,204     47,407     42,052     16,465      8,995     17,494     19,764     52,701
      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)                    458,033     19,212    162,965     19,998     17,368     41,534     45,574     40,426     15,828      8,647     16,818     19,000     50,663
    Federal agency (2)                        13,235        555      4,709        578        502      1,200      1,317      1,168        457        250        486        549      1,464
  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                        301,363     14,500    140,138      2,505     15,860     69,047     15,515      7,467      3,000      5,060        670      3,506     24,095     
  Other loans                                346,531     85,156    236,467      2,764        506     12,387        360      1,907        170        126      4,066        688      1,933
Net portfolio holdings of Commercial
  Paper Funding Facility LLC (5)             243,305          0    243,305          0          0          0          0          0          0          0          0          0          0
Net portfolio holdings of Maiden Lane 
      LLC (6)                                 26,863          0     26,863          0          0          0          0          0          0          0          0          0          0
Items in process of collection                 1,862         55         96        268        281        -13        344         82         10        175         47        141        376
Bank premises                                  2,169        123        210         64        150        217        225        206        129        111        274        251        209
Other assets (7)                             569,591     32,201    146,194     54,840     39,189    150,811     43,967     25,724      5,924     10,899      6,359     11,506     41,977
Interdistrict settlement account                   0  -  78,098  + 242,067  -  36,428  -  15,367  - 103,082  -   4,759  +   6,855  +   3,848  -   8,719  +   2,368  +   1,942  -  10,628

      Total assets                         2,076,260     78,420  1,242,919     49,552     62,882    182,288    113,935     93,838     33,227     18,693     35,230     42,576    122,700

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 4 and the notes on consolidation below.
6. Fair value.  Refer to the notes on consolidation below.
7. Includes assets denominated in foreign currencies and any exchange-translation assets, which are revalued daily at market exchange rates.

Notes on consolidation:
On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended a loan under the authority of section 13(3) of the Federal Reserve Act to Maiden Lane LLC, a limited liability company 
formed to acquire certain assets of Bear Stearns.  The FRBNY is the primary beneficiary of Maiden Lane LLC.  Consistent with generally accepted accounting principles, the assets and 
liabilities of Maiden Lane LLC 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 extension of credit from the FRBNY to Maiden Lane LLC is eliminated, the net assets of Maiden Lane LLC appear as an asset in this table (and table 1 and table 5), 
and the liabilities of Maiden Lane LLC to entities other than the FRBNY, including those with recourse only to the portfolio holdings of Maiden Lane LLC, are included in other liabilities on 
the next page (and in table 1 and table 5). 

On October 27, 2008, the Federal Reserve Bank of New York (FRBNY) began extending loans under the authority of section 13(3) of the Federal Reserve Act to Commercial Paper Funding 
Facility LLC (CPFF LLC).  This LLC is a limited liability company that was formed to purchase three-month U.S. dollar-denominated commercial paper from eligible issuers.  The FRBNY is 
the sole beneficiary of CPFF LLC.  Consistent with generally accepted accounting principles, the assets and liabilities of CPFF LLC 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 extension of credit from the FRBNY to CPFF LLC is 
eliminated, the net assets of CPFF LLC appear as an asset in this table (and table 1 and table 5), and the liabilities of CPFF LLC to entities other than the FRBNY are included in other 
liabilities on the next page (and table 1 and table 5). 


6. Statement of Condition of Each Federal Reserve Bank,   November 5, 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           1,002,439     38,429    350,475     42,372     47,472     82,219    119,996     82,045     29,703     17,364     30,481     54,483    107,400
  Less: Notes held by F.R. Banks              175,560      5,711     44,865      5,868      7,572     11,487     28,379     13,135      3,324      2,731      3,600     22,787     26,101
    Federal Reserve notes, net                826,880     32,718    305,610     36,504     39,899     70,732     91,618     68,910     26,378     14,633     26,882     31,697     81,299
Reverse repurchase agreements (8)              96,663      4,054     34,392      4,220      3,665      8,765      9,618      8,531      3,340      1,825      3,549      4,010     10,692
Deposits                                    1,104,130     39,480    891,407      3,386     15,504     90,598      8,748     14,247      2,911      1,072      4,115      5,746     26,916
  Depository institutions                     503,590     39,457    291,089      3,380     15,501     90,473      8,745     14,244      2,907      1,071      4,114      5,695     26,913
  U.S. Treasury, general account               18,652          0     18,652          0          0          0          0          0          0          0          0          0          0
  U.S. Treasury, supplementary
    financing account                         558,851          0    558,851          0          0          0          0          0          0          0          0          0          0
  Foreign official                                229          2        199          4          3         11          3          2          0          1          0          1          3
  Other                                        22,808         21     22,616          1          0        115          0          0          3          0          1         50          0
Deferred availability cash items                3,421         91          0        533        531        359        258        291         31        361        124        288        555
Other liabilities and accrued                 
  dividends (9,10)                              4,009        182      1,221        210        204        546        405        309        161        111        132        184        345
   
      Total liabilities                     2,035,103     76,526  1,232,631     44,853     59,803    171,000    110,647     92,288     32,821     18,002     34,801     41,924    119,807
                              
Capital                    
Capital paid in                                20,364        784      5,162      2,330      1,524      5,841      1,610        685        208        324        207        269      1,419
Surplus                                        18,532      1,050      4,693      1,815      1,291      4,999      1,426        816        180        355        193        364      1,351
Other capital                                   2,261         59        433        554        263        448        252         50         18         12         29         19        123

      Total liabilities and capital         2,076,260     78,420  1,242,919     49,552     62,882    182,288    113,935     93,838     33,227     18,693     35,230     42,576    122,700
                              
Note: Components may not sum to totals because of rounding.

8. Cash value of agreements, which are collateralized by U.S. Treasury securities.
9. Includes any exchange-translation liabilities, which are revalued daily at market exchange rates.
10. Includes the liabilities of Maiden Lane LLC and Commercial Paper Funding Facility LLC to entities other than the Federal Reserve Bank of New York, including liabilities that have 
    recourse only to the portfolio holdings of these entities.  Refer to the notes on consolidation on the previous page.


H.4.1
7. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts
Millions of dollars

Federal Reserve notes and collateral                                                              Wednesday
                                                                                                 Nov 5, 2008
              
Federal Reserve notes outstanding                                                                1,002,439
  Less: Notes held by F.R. Banks not subject to collateralization                                  175,560
    Federal Reserve notes to be collateralized                                                     826,880 
Collateral held against Federal Reserve notes                                                      826,880
  Gold certificate account                                                                          11,037
  Special drawing rights certificate account                                                         2,200
  U.S. Treasury and agency securities pledged (1)                                                  478,849
  Other assets pledged                                                                             334,794

Memo:
Total U.S. Treasury and agency securities (1)                                                      569,691
  Less: Face value of securities under reverse repurchase agreements                                90,842
    U.S. Treasury and agency securities eligible to be pledged                                     478,849
   
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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