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 February 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 Week ended Change from week ended Wednesday at Federal Reserve Banks Feb 27, 2008 Feb 20, 2008 Feb 28, 2007 Feb 27, 2008 Reserve Bank credit 866,606 - 253 + 13,191 879,351 Securities held outright 713,358 - 6 - 66,089 713,355 U.S. Treasury1 713,358 - 6 - 66,089 713,355 Bills2 200,360 0 - 76,659 200,360 Notes and bonds, nominal2 470,010 0 + 2,798 470,010 Notes and bonds, inflation-indexed2 38,437 0 + 6,661 38,437 Inflation compensation3 4,551 - 7 + 1,110 4,549 Federal agency2 0 0 0 0 Repurchase agreements4 42,857 - 679 + 6,571 54,500 Term auction credit 60,000 0 + 60,000 60,000 Other loans to depository institutions 173 - 50 + 140 687 Primary credit 169 - 51 + 158 683 Secondary credit 0 0 0 0 Seasonal credit 5 + 2 - 16 4 Float -1,105 + 186 - 665 -1,209 Other Federal Reserve assets 51,323 + 297 + 13,233 52,018 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 38,793 + 14 + 488 38,793 Total factors supplying reserve funds 918,640 - 239 + 13,679 931,385 Currency in circulation5 815,477 - 1,683 + 8,838 816,636 Reverse repurchase agreements6 39,533 + 1,556 + 821 42,648 Foreign official and international accounts 39,533 + 1,556 + 821 42,648 Dealers 0 0 0 0 Treasury cash holdings 261 - 8 + 60 261 Deposits with F.R. Banks, other than reserve balances 11,870 + 854 + 115 12,222 U.S. Treasury, general account 4,740 + 879 + 66 5,103 Foreign official 98 0 + 7 99 Service-related 6,750 + 3 + 12 6,750 Required clearing balances 6,750 + 3 + 12 6,750 Adjustments to compensate for float 0 0 0 0 Other 283 - 27 + 31 270 Other liabilities and capital 43,734 + 1,327 + 5,665 44,130 Total factors, other than reserve balances, absorbing reserve funds 910,875 + 2,047 + 15,498 915,897 Reserve balances with Federal Reserve Banks 7,766 - 2,285 - 1,818 15,487 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 2,141,456 + 11,236 + 308,086 2,147,318 U.S. Treasury 1,270,283 + 6,220 + 69,770 1,276,392 Federal agency 871,173 + 5,015 + 238,317 870,926 Securities lent to dealers 14,459 - 1,560 + 12,077 20,365 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 Feb 27, 2008 Feb 20, 2008 Feb 28, 2007 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 2,200 0 0 Coin 1,352 - 7 + 367 Securities, repurchase agreements, term auction credit, and other loans 828,542 + 15,058 + 2,477 Securities held outright 713,355 - 7 - 67,438 U.S. Treasury1 713,355 - 7 - 67,438 Bills2 200,360 0 - 76,659 Notes and bonds, nominal2 470,010 0 + 1,457 Notes and bonds, inflation-indexed2 38,437 0 + 6,661 Inflation compensation3 4,549 - 7 + 1,103 Federal agency2 0 0 0 Repurchase agreements4 54,500 + 15,750 + 9,250 Term auction credit 60,000 0 + 60,000 Other loans 687 - 684 + 665 Items in process of collection (469) 1,565 - 1,349 - 1,475 Bank premises 2,138 + 4 + 164 Other assets5 49,766 + 1,436 + 13,800 Total assets (469) 896,599 + 15,142 + 15,332 Liabilities Federal Reserve notes, net of F.R. Bank holdings 779,452 - 1,051 + 8,494 Reverse repurchase agreements6 42,648 + 4,038 + 3,003 Deposits (0) 27,595 + 12,346 - 869 Depository institutions 22,123 + 11,800 - 783 U.S. Treasury, general account 5,103 + 578 - 91 Foreign official 99 - 2 + 8 Other (0) 270 - 29 - 4 Deferred availability cash items (469) 2,774 - 1,406 - 1,279 Other liabilities and accrued dividends7 4,716 + 322 - 981 Total liabilities (469) 857,185 + 14,250 + 8,368 Capital accounts Capital paid in 19,395 + 42 + 3,442 Surplus 18,457 0 + 3,175 Other capital accounts 1,562 + 849 + 348 Total capital 39,414 + 892 + 6,964 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, February 27, 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 60,000 687 47,921 - 250 54,500 42,648 16 days to 90 days 0 0 116,819 + 1,970 0 0 91 days to 1 year . . . 0 134,163 - 1,721 . . . . . . Over 1 year to 5 years . . . . . . 231,341 - 2 . . . . . . Over 5 years to 10 years . . . . . . 88,938 - 1 . . . . . . Over 10 years . . . . . . 94,174 - 3 . . . . . . All 60,000 687 713,355 - 7 54,500 42,648 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 February 27, 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 1,352 45 63 108 128 155 169 155 58 54 83 141 193 Securities, repurchase agreements, term auction credit, and other loans 828,542 36,899 323,094 33,970 31,558 67,342 76,412 64,775 25,147 15,787 25,057 34,987 93,514 Securities held outright 713,355 32,876 258,304 31,559 29,193 61,807 66,162 59,834 22,800 14,233 23,092 31,342 82,154 U.S. Treasury1 713,355 32,876 258,304 31,559 29,193 61,807 66,162 59,834 22,800 14,233 23,092 31,342 82,154 Bills2 200,360 9,234 72,550 8,864 8,199 17,360 18,583 16,806 6,404 3,998 6,486 8,803 23,075 Notes and bonds3 512,995 23,642 185,754 22,695 20,993 44,447 47,579 43,028 16,396 10,235 16,606 22,539 59,080 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 54,500 2,512 19,734 2,411 2,230 4,722 5,055 4,571 1,742 1,087 1,764 2,395 6,277 Term auction credit 60,000 1,510 44,872 0 10 813 5,195 370 580 466 200 1,250 4,734 Other loans 687 2 184 0 125 0 0 0 26 0 1 0 349 Items in process of collection 2,033 64 30 187 337 72 230 205 16 171 260 135 326 Bank premises 2,138 119 215 65 152 186 230 205 115 112 274 256 209 Other assets5 49,766 2,604 14,851 4,002 3,027 10,615 3,967 2,669 817 960 838 1,311 4,104 Interdistrict settlement account 0 - 2,712 -16,591 + 1,150 + 989 + 1,933 + 4,039 + 9,554 + 3,949 + 854 + 5,094 - 1,944 - 6,315 Total assets 897,068 37,583 326,589 40,022 36,723 81,319 86,329 78,678 30,499 18,171 32,007 35,597 93,551 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 February 27, 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 996,0 2 1 39,0 4 3 346,9 0 2 41,8 8 6 39,4 7 4 79,4 1 5 113,0 9 0 85,4 0 4 32,5 0 9 18,8 9 9 32,6 8 7 56,4 2 7 110,284 Less: notes held by F.R. Banks 216,5 7 0 6,3 5 1 65,1 1 3 8,5 9 1 8,5 9 1 14,7 1 3 35,7 7 9 14,5 7 3 4,3 8 5 3,0 5 4 3,2 6 3 24,5 5 1 27,605 Federal Reserve notes, net 779,4 5 2 32,6 9 1 281,7 8 9 33,2 9 5 30,8 8 3 64,7 0 1 77,3 1 1 70,8 3 2 28,1 2 4 15,8 4 6 29,4 2 4 31,8 7 6 82,679 Reverse repurchase agreements1 42,6 4 8 1,9 6 5 15,4 4 3 1,8 8 7 1,7 4 5 3,6 9 5 3,9 5 5 3,5 7 7 1,3 6 3 8 5 1 1,3 8 1 1,8 7 4 4,912 Deposits 27,5 9 5 3 5 3 17,5 5 4 4 5 6 6 2 3 1,7 9 1 1,3 1 9 1,3 8 5 3 8 9 3 6 8 4 0 7 6 7 7 2,272 Depository institutions 22,1 2 3 3 3 1 12,2 1 3 4 5 2 6 1 8 1,7 1 5 1,3 1 6 1,3 8 3 3 7 6 3 6 7 4 0 5 6 7 6 2,269 U.S. Treasury, general account 5,1 0 3 0 5,1 0 3 0 0 0 0 0 0 0 0 0 0 Foreign official 9 9 2 6 9 4 3 1 1 3 2 0 1 0 1 3 Other 2 7 0 2 0 1 6 8 0 2 6 6 0 0 1 3 0 1 0 0 Deferred availability cash items 3,2 4 3 1 5 6 4 8 4 5 6 5 6 5 2 6 0 2 9 9 3 0 9 6 3 2 4 5 2 2 0 1 9 5 426 Other liabilities and accrued dividends2 4,7 1 6 2 0 7 1,5 8 9 2 1 1 2 2 1 5 7 0 4 4 7 3 7 7 1 7 6 1 2 2 1 6 1 2 1 4 422 Total liabilities 857,6 5 4 35,3 7 3 316,4 2 2 36,3 0 5 34,0 3 7 71,0 1 8 83,3 3 2 76,4 8 0 30,1 1 5 17,4 3 2 31,5 9 3 34,8 3 6 90,711 Capital Capital paid in 19,3 9 5 1,0 7 7 4,8 9 7 1,8 1 7 1,3 1 0 5,1 0 9 1,4 5 4 1,2 5 6 1 8 2 3 5 7 1 9 6 3 6 1 1,379 Surplus 18,4 5 7 1,0 4 9 4,6 2 4 1,8 1 3 1,2 9 1 4,9 9 6 1,4 2 5 8 1 5 1 8 0 3 5 5 1 9 4 3 6 4 1,350 Other capital 1,5 6 2 8 3 6 4 6 8 7 8 5 1 9 6 1 1 8 1 2 6 2 2 2 7 2 5 3 6 111 Total liabilities and capital 897,0 6 8 37,5 8 3 326,5 8 9 40,0 2 2 36,7 2 3 81,3 1 9 86,3 2 9 78,6 7 8 30,4 9 9 18,1 7 1 32,0 0 7 35,5 9 7 93,551 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 Feb 27, 2008 Federal Reserve notes outstanding 996,021 Less: Notes held by F.R. Banks not subject to collateralization 216,570 Federal Reserve notes to be collateralized 779,452 Collateral held against Federal Reserve notes 779,452 Gold certificate account 11,037 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 725,166 Other assets pledged 41,049 Memo: Total U.S. Treasury and agency securities1 767,855 Less: face value of securities under reverse repurchase agreements 42,689 U.S. Treasury and agency securities eligible to be pledged 725,166 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.