H.4.1 Factors Affecting Reserve Balances of Depository Institutions

FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks January 3, 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 Week ended Change from week ended Wednesday at Federal Reserve Banks Jan 2, 2008 Dec 26, 2007 Jan 3, 2007 Jan 2, 2008 Reserve Bank credit 891,743 + 18,231 + 32,341 908,003 Securities held outright 740,611 - 13,994 - 38,305 740,627 U.S. Treasury1 740,611 - 13,994 - 38,305 740,627 Bills2 227,841 - 14,015 - 49,178 227,841 Notes and bonds, nominal2 470,984 0 + 3,120 470,984 Notes and bonds, inflation-indexed2 36,911 0 + 6,806 36,911 Inflation compensation3 4,876 + 21 + 948 4,892 Federal agency2 0 0 0 0 Repurchase agreements4 39,750 + 214 - 1,107 56,750 Term auction credit 40,000 + 20,000 + 40,000 40,000 Other loans to depository institutions 5,787 + 959 + 5,554 4,923 Primary credit 5,770 + 968 + 5,590 4,918 Secondary credit 0 0 0 0 Seasonal credit 16 - 10 - 38 5 Float -1,017 - 115 - 807 -1,047 Other Federal Reserve assets 66,612 + 11,167 + 27,007 66,750 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 38,821 + 14 + 615 38,821 Total factors supplying reserve funds 943,805 + 18,245 + 32,957 960,065 Currency in circulation5 829,215 + 3,593 + 9,412 829,078 Reverse repurchase agreements6 41,873 + 2,753 + 12,328 40,909 Foreign official and international accounts 41,873 + 2,753 + 12,328 40,909 Dealers 0 0 0 0 Treasury cash holdings 259 + 11 + 6 263 Deposits with F.R. Banks, other than reserve balances 16,106 + 4,200 + 3,373 14,291 U.S. Treasury, general account 8,693 + 3,783 + 3,666 7,277 Foreign official 97 0 + 3 98 Service-related 6,615 0 - 242 6,615 Required clearing balances 6,615 0 - 227 6,615 Adjustments to compensate for float 0 0 - 14 0 Other 701 + 418 - 54 302 Other liabilities and capital 43,209 + 410 + 6,897 42,466 Total factors, other than reserve balances, absorbing reserve funds 930,663 + 10,969 + 32,017 927,007 Reserve balances with Federal Reserve Banks 13,141 + 7,276 + 939 33,058 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 2,060,887 + 4,476 + 297,857 2,063,762 U.S. Treasury 1,230,841 + 4,657 + 68,552 1,233,372 Federal agency 830,046 - 181 + 229,305 830,390 Securities lent to dealers 16,504 + 2,374 + 9,157 18,110 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.

H.4.1 2. Consolidated Statement of Condition of All Federal Reserve Banks Millions of dollars Change since Eliminations from Assets, liabilities, and capital consolidation Wednesday Wednesday Wednesday Jan 2, 2008 Dec 26, 2007 Jan 3, 2007 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 2,200 0 0 Coin 1,169 - 4 + 372 Securities, repurchase agreements, term auction credit, and other loans 842,300 + 20,653 + 22,379 Securities held outright 740,627 - 13,985 - 38,283 U.S. Treasury1 740,627 - 13,985 - 38,283 Bills2 227,841 - 14,015 - 49,178 Notes and bonds, nominal2 470,984 0 + 3,120 Notes and bonds, inflation-indexed2 36,911 0 + 6,806 Inflation compensation3 4,892 + 30 + 970 Federal agency2 0 0 0 Repurchase agreements4 56,750 + 14,250 + 17,000 Term auction credit 40,000 + 20,000 + 40,000 Other loans 4,923 + 388 + 3,661 Items in process of collection (871) 2,150 + 269 - 3,322 Bank premises 2,134 + 6 + 189 Other assets5 64,711 + 10,959 + 27,559 Total assets (871) 925,701 + 31,883 + 47,177 Liabilities Federal Reserve notes, net of F.R. Bank holdings 791,684 - 117 + 10,337 Reverse repurchase agreements6 40,909 + 367 + 11,167 Deposits (-6) 47,444 + 31,086 + 20,915 Depository institutions 39,769 + 28,330 + 19,725 U.S. Treasury, general account 7,277 + 2,748 + 1,121 Foreign official 98 + 1 + 8 Other (-6) 302 + 9 + 63 Deferred availability cash items (878) 3,197 + 981 - 1,643 Other liabilities and accrued dividends7 5,249 - 540 - 212 Total liabilities (871) 888,484 + 31,778 + 40,564 Capital accounts Capital paid in 18,446 + 93 + 3,118 Surplus 18,302 + 2,840 + 3,273 Other capital accounts 470 - 2,827 + 222 Total capital 37,217 + 105 + 6,613 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. 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, January 2, 2008 Millions of dollars U.S. Treasury Reverse Term auction Other securities1 Repurchase Remaining maturity credit loans Weekly agreements2 repurchase Holdings agreements2 changes Within 15 days 20,000 4,918 39,862 - 6,196 56,750 40,909 16 days to 90 days 20,000 5 143,717 - 3,068 0 0 91 days to 1 year . . . 0 150,526 - 7,088 . . . . . . Over 1 year to 5 years . . . . . . 235,751 + 2,349 . . . . . . Over 5 years to 10 years . . . . . . 81,950 + 5 . . . . . . Over 10 years . . . . . . 88,821 + 12 . . . . . . All 40,000 4,923 740,627 - 13,985 56,750 40,909 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.

H.4.1 4. Statement of Condition of Each Federal Reserve Bank on January 2, 2008 Millions of dollars Kansas San Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Dallas City 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 1,169 36 54 88 112 134 151 137 50 45 72 129 163 Securities, repurchase agreements, term auction credit, and other loans 842,300 36,748 327,448 35,276 32,643 69,865 73,980 67,964 26,535 15,909 25,937 36,434 93,559 Securities held outright 740,627 34,132 268,179 32,766 30,309 64,170 68,692 62,121 23,671 14,777 23,975 32,541 85,295 U.S. Treasury1 740,627 34,132 268,179 32,766 30,309 64,170 68,692 62,121 23,671 14,777 23,975 32,541 85,295 Bills2 227,841 10,500 82,500 10,080 9,324 19,741 21,132 19,111 7,282 4,546 7,375 10,011 26,239 Notes and bonds3 512,787 23,632 185,679 22,686 20,985 44,429 47,560 43,011 16,389 10,231 16,599 22,530 59,056 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 56,750 2,615 20,549 2,511 2,322 4,917 5,263 4,760 1,814 1,132 1,837 2,493 6,536 Term auction credit 40,000 0 33,957 0 12 775 25 1,080 1,050 0 0 1,400 1,701 Other loans 4,923 0 4,763 0 0 4 0 3 0 0 125 0 28 Items in process of collection 3,021 177 78 216 409 124 293 282 67 189 450 192 544 Bank premises 2,134 120 214 64 153 182 230 205 115 113 269 256 214 Other assets5 64,711 1,953 18,328 6,374 4,073 14,233 5,449 3,958 1,041 1,185 1,074 1,359 5,684 Interdistrict settlement account 0 + 683 -23,300 + 2,384 + 1,227 + 4,849 - 84 + 9,056 + 3,641 + 2,156 + 4,922 - 2,519 - 3,016 Total assets 926,573 40,281 327,749 44,941 39,149 90,404 81,301 82,716 31,846 19,830 33,124 36,563 98,668 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.

H.4.1 4. Statement of Condition of Each Federal Reserve Bank on January 2, 2008 (continued) Millions of dollars Kansas San Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Dallas City Francisco Liabilities Federal Reserve notes outstanding 1,009,6 6 3 39,2 6 0 355,9 4 6 42,0 1 9 39,6 1 3 81,3 1 5 107,7 8 5 86,9 6 4 33,2 8 2 19,3 9 5 33,6 8 2 57,4 5 6 112,947 Less: notes held by F.R. Banks 217,9 7 9 5,8 0 6 74,3 3 0 7,5 7 8 7,2 1 4 13,7 2 9 35,6 0 7 13,5 3 3 3,7 8 5 2,7 9 2 3,2 3 6 24,7 9 1 25,577 Federal Reserve notes, net 791,6 8 4 33,4 5 5 281,6 1 5 34,4 4 0 32,3 9 9 67,5 8 6 72,1 7 7 73,4 3 1 29,4 9 7 16,6 0 3 30,4 4 6 32,6 6 6 87,369 Reverse repurchase agreements1 40,9 0 9 1,8 8 5 14,8 1 3 1,8 1 0 1,6 7 4 3,5 4 4 3,7 9 4 3,4 3 1 1,3 0 8 8 1 6 1,3 2 4 1,7 9 7 4,711 Deposits 47,4 3 8 2,5 3 1 19,7 8 4 4,2 0 7 1,8 1 3 8,2 9 8 1,6 0 1 3,3 5 1 4 4 2 1,1 9 8 4 5 1 8 4 7 2,916 Depository institutions 39,7 6 9 2,4 5 6 12,2 7 6 4,2 0 2 1,8 1 0 8,2 3 7 1,5 9 7 3,3 4 8 4 3 1 1,1 9 8 4 4 9 8 4 6 2,919 U.S. Treasury, general account 7,2 7 7 0 7,2 7 7 0 0 0 0 0 0 0 0 0 0 Foreign official 9 8 1 6 7 5 3 1 1 3 2 0 1 0 1 3 Other 2 9 6 7 4 1 6 5 0 0 5 0 0 0 1 0 0 1 0 -6 Deferred availability cash items 4,0 7 4 1 9 3 1 0 2 6 0 1 5 0 3 3 8 6 3 7 7 4 3 2 3 8 3 6 3 3 3 3 2 7 4 472 Other liabilities and accrued dividends2 5,2 4 9 2 1 5 2,0 3 1 2 1 2 2 2 9 5 0 3 4 6 7 4 0 4 1 9 3 1 3 1 1 7 4 2 3 7 452 Total liabilities 889,3 5 6 38,2 7 9 318,3 4 6 41,2 7 1 36,6 1 8 80,3 1 7 78,4 1 7 81,0 5 0 31,4 7 6 19,1 1 2 32,7 2 8 35,8 2 2 95,920 Capital Capital paid in 18,4 4 6 1,0 4 9 4,6 1 9 1,8 1 3 1,2 9 1 4,9 9 6 1,4 2 1 8 1 4 1 8 0 3 5 5 1 9 4 3 6 3 1,350 Surplus 18,3 0 2 9 5 3 4,6 1 9 1,8 1 3 1,2 4 0 4,9 9 6 1,4 2 1 8 1 8 1 8 0 3 5 5 1 9 4 3 6 3 1,350 Other capital 4 7 0 0 1 6 6 4 4 0 9 5 4 3 3 4 1 0 9 9 1 4 47 Total liabilities and capital 926,5 7 3 40,2 8 1 327,7 4 9 44,9 4 1 39,1 4 9 90,4 0 4 81,3 0 1 82,7 1 6 31,8 4 6 19,8 3 0 33,1 2 4 36,5 6 3 98,668 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 Wednesday Federal Reserve notes and collateral Jan 2, 2008 Federal Reserve notes outstanding 1,009,663 Less: Notes held by F.R. Banks not subject to collateralization 217,979 Federal Reserve notes to be collateralized 791,684 Collateral held against Federal Reserve notes 791,684 Gold certificate account 11,037 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 756,409 Other assets pledged 22,039 Memo: Total U.S. Treasury and agency securities1 797,377 Less: face value of securities under reverse repurchase agreements 40,968 U.S. Treasury and agency securities eligible to be pledged 756,409 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.