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 24, 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 23, 2008 Jan 16, 2008 Jan 24, 2007 Jan 23, 2008 Reserve Bank credit 861,489 - 6,047 + 24,399 861,216 Securities held outright 723,298 - 4,940 - 55,582 723,315 U.S. Treasury1 723,298 - 4,940 - 55,582 723,315 Bills2 210,360 - 5,000 - 66,659 210,360 Notes and bonds, nominal2 470,984 0 + 3,120 470,984 Notes and bonds, inflation-indexed2 37,463 + 395 + 6,876 37,463 Inflation compensation3 4,491 - 335 + 1,081 4,508 Federal agency2 0 0 0 0 Repurchase agreements4 21,500 - 9,821 + 2,893 22,000 Term auction credit 50,000 + 10,000 + 50,000 50,000 Other loans to depository institutions 752 - 484 + 433 20 Primary credit 744 - 486 + 446 14 Secondary credit 0 0 0 0 Seasonal credit 8 + 2 - 13 6 Float -1,271 - 227 - 726 -1,546 Other Federal Reserve assets 67,210 - 574 + 27,381 67,427 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 38,863 + 14 + 621 38,863 Total factors supplying reserve funds 913,593 - 6,033 + 25,021 913,320 Currency in circulation5 812,230 - 1,388 + 8,924 811,982 Reverse repurchase agreements6 39,705 + 1,137 + 10,295 37,495 Foreign official and international accounts 39,705 + 1,137 + 10,295 37,495 Dealers 0 0 0 0 Treasury cash holdings 288 + 16 + 68 304 Deposits with F.R. Banks, other than reserve balances 12,441 + 216 + 75 11,951 U.S. Treasury, general account 5,335 + 164 + 223 4,871 Foreign official 102 + 2 - 7 97 Service-related 6,679 + 28 - 158 6,679 Required clearing balances 6,679 + 28 - 158 6,679 Adjustments to compensate for float 0 0 0 0 Other 325 + 22 + 17 304 Other liabilities and capital 42,516 - 742 + 5,492 42,151 Total factors, other than reserve balances, absorbing reserve funds 907,181 - 761 + 24,855 903,883 Reserve balances with Federal Reserve Banks 6,412 - 5,272 + 166 9,437 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 2,095,767 + 24,092 + 316,456 2,103,433 U.S. Treasury 1,251,102 + 12,135 + 81,922 1,250,167 Federal agency 844,665 + 11,957 + 234,534 853,265 Securities lent to dealers 10,433 + 3,360 + 8,766 10,594 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 23, 2008 Jan 16, 2008 Jan 24, 2007 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 2,200 0 0 Coin 1,294 + 48 + 310 Securities, repurchase agreements, term auction credit, and other loans 795,335 - 17,491 - 2,566 Securities held outright 723,315 - 4,944 - 55,560 U.S. Treasury1 723,315 - 4,944 - 55,560 Bills2 210,360 - 5,000 - 66,659 Notes and bonds, nominal2 470,984 0 + 3,120 Notes and bonds, inflation-indexed2 37,463 0 + 6,876 Inflation compensation3 4,508 + 56 + 1,102 Federal agency2 0 0 0 Repurchase agreements4 22,000 - 17,000 + 3,000 Term auction credit 50,000 + 10,000 + 50,000 Other loans 20 - 5,547 - 6 Items in process of collection (1,148) 2,688 + 626 - 430 Bank premises 2,137 + 5 + 188 Other assets5 65,156 - 171 + 26,760 Total assets (1,148) 879,847 - 16,983 + 24,262 Liabilities Federal Reserve notes, net of F.R. Bank holdings 774,712 - 791 + 8,874 Reverse repurchase agreements6 37,495 - 3,584 + 8,076 Deposits (0) 21,255 - 13,073 + 2,242 Depository institutions 15,984 - 12,264 + 2,776 U.S. Treasury, general account 4,871 - 803 - 541 Foreign official 97 0 + 7 Other (0) 304 - 5 + 1 Deferred availability cash items (1,148) 4,233 + 946 + 22 Other liabilities and accrued dividends7 4,406 - 662 - 1,145 Total liabilities (1,148) 842,102 - 17,165 + 18,069 Capital accounts Capital paid in 18,465 + 17 + 3,133 Surplus 18,444 + 27 + 3,352 Other capital accounts 836 + 138 - 292 Total capital 37,745 + 182 + 6,193 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 23, 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 20 46,545 + 3,340 22,000 37,495 16 days to 90 days 30,000 0 123,121 - 8,298 0 0 91 days to 1 year . . . 0 148,953 - 37 . . . . . . Over 1 year to 5 years . . . . . . 231,414 + 17 . . . . . . Over 5 years to 10 years . . . . . . 84,395 + 2,426 . . . . . . Over 10 years . . . . . . 88,887 - 2,391 . . . . . . All 50,000 20 723,315 - 4,944 22,000 37,495 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 23, 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 1,294 42 61 94 127 152 166 145 54 53 80 140 179 Securities, repurchase agreements, term auction credit, and other loans 795,335 34,368 305,525 32,978 31,593 65,336 72,162 63,422 24,871 16,371 24,151 33,997 90,561 Securities held outright 723,315 33,335 261,910 32,000 29,600 62,670 67,086 60,669 23,118 14,432 23,414 31,780 83,301 U.S. Treasury1 723,315 33,335 261,910 32,000 29,600 62,670 67,086 60,669 23,118 14,432 23,414 31,780 83,301 Bills2 210,360 9,695 76,171 9,306 8,609 18,226 19,510 17,644 6,723 4,197 6,810 9,243 24,226 Notes and bonds3 512,955 23,640 185,740 22,693 20,992 44,444 47,575 43,025 16,395 10,235 16,605 22,537 59,075 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 22,000 1,014 7,966 973 900 1,906 2,040 1,845 703 439 712 967 2,534 Term auction credit 50,000 20 35,649 0 1,093 760 3,035 905 1,050 1,500 20 1,250 4,719 Other loans 20 0 0 6 0 0 0 2 0 0 5 0 7 Items in process of collection 3,836 139 333 451 449 127 326 315 155 236 374 238 693 Bank premises 2,137 120 215 64 153 182 230 205 114 113 269 256 217 Other assets5 65,156 1,987 18,560 6,341 4,088 14,233 5,488 4,000 1,068 1,195 1,095 1,392 5,711 Interdistrict settlement account 0 + 277 -17,714 - 348 - 282 + 2,216 + 3,265 + 9,652 + 4,188 + 150 + 5,886 - 1,990 - 5,299 Total assets 880,995 37,498 311,907 40,118 36,660 83,261 82,919 78,854 30,846 18,350 32,256 34,744 93,582 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 23, 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 1,004,6 4 5 39,1 8 2 351,7 9 7 42,0 8 4 39,6 7 3 80,4 1 1 111,0 2 7 86,2 4 9 32,9 7 6 19,2 4 8 33,2 9 4 56,9 4 6 111,757 Less: notes held by F.R. Banks 229,9 3 2 6,6 3 9 72,6 3 4 8,8 8 8 9,1 2 1 15,1 1 2 36,8 5 8 14,8 1 8 4,4 2 6 3,0 8 1 3,7 9 2 25,8 7 5 28,688 Federal Reserve notes, net 774,7 1 2 32,5 4 2 279,1 6 2 33,1 9 6 30,5 5 2 65,2 9 9 74,1 6 9 71,4 3 1 28,5 5 0 16,1 6 7 29,5 0 2 31,0 7 2 83,069 Reverse repurchase agreements1 37,4 9 5 1,7 2 8 13,5 7 7 1,6 5 9 1,5 3 4 3,2 4 9 3,4 7 8 3,1 4 5 1,1 9 8 7 4 8 1,2 1 4 1,6 4 7 4,318 Deposits 21,2 5 5 6 6 8 8,1 3 5 4 4 7 1,0 4 4 3,7 1 7 1,3 6 7 1,7 5 1 3 3 2 2 9 3 4 8 9 7 5 7 2,255 Depository institutions 15,9 8 4 6 5 3 3,0 2 6 4 4 1 1,0 4 0 3,6 0 2 1,3 6 4 1,7 4 9 3 2 1 2 9 2 4 8 7 7 5 6 2,252 U.S. Treasury, general account 4,8 7 1 0 4,8 7 1 0 0 0 0 0 0 0 0 0 0 Foreign official 9 7 1 6 7 5 3 1 1 3 2 0 1 0 1 3 Other 3 0 4 1 3 1 7 1 2 1 1 0 4 0 0 1 1 0 1 0 0 Deferred availability cash items 5,3 8 1 2 5 4 2 0 6 9 3 8 6 9 0 4 1 1 4 7 7 4 3 4 1 9 6 2 8 7 4 7 4 2 8 0 733 Other liabilities and accrued dividends2 4,4 0 6 2 0 9 1,2 9 1 2 1 0 2 2 2 5 1 9 4 1 0 4 0 0 1 8 7 1 2 9 1 6 6 2 3 2 431 Total liabilities 843,2 5 0 35,4 0 1 302,3 7 1 36,4 5 0 34,0 4 2 73,1 9 4 79,9 0 0 77,1 6 1 30,4 6 4 17,6 2 5 31,8 4 5 33,9 8 8 90,807 Capital Capital paid in 18,4 6 5 1,0 4 9 4,6 1 9 1,8 1 4 1,2 9 1 4,9 9 6 1,4 4 8 8 1 6 1 8 0 3 5 5 1 9 4 3 6 4 1,339 Surplus 18,4 4 4 1,0 4 4 4,6 1 9 1,8 1 3 1,2 9 1 4,9 9 6 1,4 2 5 8 1 4 1 8 0 3 5 5 1 9 4 3 6 3 1,350 Other capital 8 3 6 4 2 9 9 4 1 3 6 7 4 1 4 7 6 1 2 2 1 5 2 2 2 9 85 Total liabilities and capital 880,9 9 5 37,4 9 8 311,9 0 7 40,1 1 8 36,6 6 0 83,2 6 1 82,9 1 9 78,8 5 4 30,8 4 6 18,3 5 0 32,2 5 6 34,7 4 4 93,582 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 23, 2008 Federal Reserve notes outstanding 1,004,645 Less: Notes held by F.R. Banks not subject to collateralization 229,932 Federal Reserve notes to be collateralized 774,712 Collateral held against Federal Reserve notes 774,712 Gold certificate account 11,037 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 707,795 Other assets pledged 53,680 Memo: Total U.S. Treasury and agency securities1 745,315 Less: face value of securities under reverse repurchase agreements 37,520 U.S. Treasury and agency securities eligible to be pledged 707,795 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.