H.4.1 Factors Affecting Reserve Balances of Depository Institutions

F EDERAL RESERVE statistical release For Release at 4:30 P.M. Eastern time April 3, 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 a separate line for securities lending conducted under the Term Securities Lending Facility (TSLF), which was announced on March 11, 2008. The first TSLF auction was held on March 27, 2008, with settlement the following day. Under the Term Securities Lending Facility, the Federal Reserve lends U.S. Treasury securities to primary dealers through an auction process. Each loan has a term of 28 days and is secured by other U.S. Treasury securities, federal agency securities, or highly rated non-agency mortgage-backed securities. Unlike sales of securities, securities loans under the TSLF do not affect reserve balances because primary dealers provide other securities as collateral rather than paying for the securities with cash. For additional details on the TSLF program, please refer to the Board’s announcement at http://www.federalreserve.gov/newsevents/press/monetary/20080311a.htm or the information on the Federal Reserve Bank of New York’s website at http://www.newyorkfed.org/markets/tslf.html.

FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks April 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 Apr 2, 2008 Mar 26, 2008 Apr 4, 2007 Apr 2, 2008 Reserve Bank credit 875,577 + 6,141 + 23,331 867,695 Securities held outright 589,085 - 39,892 - 191,823 581,240 U.S. Treasury1 589,085 - 39,892 - 191,823 581,240 Bills2 92,985 - 31,390 - 184,034 92,985 Notes and bonds, nominal2 452,909 - 8,548 - 15,644 445,050 Notes and bonds, inflation-indexed2 38,437 0 + 6,661 38,437 Inflation compensation3 4,755 + 47 + 1,195 4,769 Federal agency2 0 0 0 0 Repurchase agreements4 77,500 - 7,321 + 45,286 76,000 Term auction credit 100,000 + 20,000 + 100,000 100,000 Other loans 45,139 + 11,658 + 45,024 44,796 Primary credit 7,013 + 6,463 + 6,926 10,341 Secondary credit 0 - 2 0 0 Seasonal credit 7 + 1 - 21 12 Primary dealer credit facility 38,118 + 5,195 + 38,118 34,443 Other credit extensions 0 0 0 0 Float -1,071 + 278 - 302 1,473 Other Federal Reserve assets 64,924 + 21,418 + 25,146 64,185 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 38,736 + 14 + 365 38,736 Total factors supplying reserve funds 927,554 + 6,155 + 23,695 919,671 Currency in circulation5 815,629 - 1,269 + 8,963 816,607 Reverse repurchase agreements6 41,696 + 990 + 5,063 41,061 Foreign official and international accounts 37,874 - 2,832 + 1,241 37,311 Dealers 3,821 + 3,821 + 3,821 3,750 Treasury cash holdings 335 + 38 + 28 354 Deposits with F.R. Banks, other than reserve balances 12,571 - 283 + 452 13,471 U.S. Treasury, general account 5,158 - 571 + 389 6,013 Foreign official 98 - 20 0 98 Service-related 7,048 + 294 + 59 7,048 Required clearing balances 7,048 + 294 + 59 7,048 Adjustments to compensate for float 0 0 0 0 Other 268 + 14 + 6 312 Other liabilities and capital 44,905 + 370 + 6,077 43,680 Total factors, other than reserve balances, absorbing reserve funds 915,136 - 155 + 20,584 915,173 Reserve balances with Federal Reserve Banks 12,418 + 6,310 + 3,111 4,498 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 2,206,091 + 21,836 + 313,345 2,214,586 U.S. Treasury 1,298,702 + 13,987 + 78,343 1,305,880 Federal agency 907,390 + 7,851 + 235,003 908,707 Securities lent to dealers 85,606 + 75,666 + 83,689 92,658 Overnight facility8 21,321 + 11,381 + 19,404 17,658 Term facility9 64,286 + 64,286 + 64,286 75,000 Note: Components may not sum to totals because of rounding. 1. Includes securities lent to dealers under the overnight and term securities lending facilities. 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. 8. Fully collateralized by other U.S. Treasury securities. 9. Fully collateralized by other U.S. Treasury securities, federal agency securities, and highly rated non-agency mortgage-backed securities. 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 Apr 2, 2008 Mar 26, 2008 Apr 4, 2007 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 2,200 0 0 Coin 1,340 + 19 + 401 Securities, repurchase agreements, term auction credit, and other loans 802,036 - 34,627 - 6,922 Securities held outright 581,240 - 31,065 - 199,686 U.S. Treasury1 581,240 - 31,065 - 199,686 Bills2 92,985 - 21,106 - 184,034 Notes and bonds, nominal2 445,050 - 10,002 - 23,503 Notes and bonds, inflation-indexed2 38,437 0 + 6,661 Inflation compensation3 4,769 + 43 + 1,191 Federal agency2 0 0 0 Repurchase agreements4 76,000 - 30,750 + 48,000 Term auction credit 100,000 + 20,000 + 100,000 Other loans 44,796 + 7,189 + 44,764 Items in process of collection (590) 4,733 + 3,948 + 1,223 Bank premises 2,145 + 2 + 159 Other assets5 61,911 + 20,292 + 24,356 Total assets (590) 885,401 - 10,367 + 19,216 Liabilities Federal Reserve notes, net of F.R. Bank holdings 779,560 - 1,072 + 7,780 Reverse repurchase agreements6 41,061 + 239 + 5,586 Deposits (0) 17,840 - 9,171 + 1,683 Depository institutions 11,417 - 10,150 + 684 U.S. Treasury, general account 6,013 + 1,069 + 1,040 Foreign official 98 - 141 - 33 Other (0) 312 + 51 - 7 Deferred availability cash items (590) 3,260 + 602 - 1,242 Other liabilities and accrued dividends7 3,734 - 99 - 2,149 Total liabilities (590) 845,455 - 9,500 + 11,658 Capital accounts Capital paid in 19,548 + 2 + 3,701 Surplus 18,471 + 13 + 3,110 Other capital accounts 1,927 - 881 + 747 Total capital 39,946 - 866 + 7,558 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 1, footnotes 8 and 9. 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, April 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 50,000 39,999 30,277 - 9,554 61,000 41,061 16 days to 90 days 50,000 4,797 61,816 - 11,248 15,000 0 91 days to 1 year . . . 0 99,009 - 2,213 . . . . . . Over 1 year to 5 years . . . . . . 206,888 - 8,077 . . . . . . Over 5 years to 10 years . . . . . . 88,986 + 9 . . . . . . Over 10 years . . . . . . 94,263 + 17 . . . . . . All 100,000 44,796 581,240 - 31,065 76,000 41,061 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 April 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 1,340 46 67 101 124 162 150 160 55 61 85 142 188 Securities, repurchase agreements, term auction credit, and other loans 802,036 31,290 355,655 29,117 31,930 60,805 65,952 56,835 23,076 16,197 21,359 30,077 79,743 Securities held outright 581,240 26,787 210,465 25,714 23,786 50,360 53,909 48,753 18,577 11,597 18,815 25,538 66,939 U.S. Treasury1 581,240 26,787 210,465 25,714 23,786 50,360 53,909 48,753 18,577 11,597 18,815 25,538 66,939 Bills2 92,985 4,285 33,669 4,114 3,805 8,056 8,624 7,799 2,972 1,855 3,010 4,085 10,709 Notes and bonds3 488,255 22,502 176,796 21,601 19,981 42,303 45,285 40,953 15,605 9,742 15,805 21,452 56,230 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 76,000 3,503 27,519 3,362 3,110 6,585 7,049 6,375 2,429 1,516 2,460 3,339 8,753 Term auction credit 100,000 1,000 73,443 0 5,034 3,860 4,995 1,480 2,069 3,082 80 1,200 3,759 Other loans 44,796 1 44,228 41 0 0 0 228 1 1 4 0 293 Items in process of collection 5,323 66 0 360 257 75 74 120 3,268 238 353 144 368 Bank premises 2,145 119 213 64 152 189 228 208 119 112 277 255 208 Other assets5 61,911 3,285 17,935 5,197 3,850 13,814 4,915 3,232 936 1,195 980 1,559 5,013 Interdistrict settlement account 0 + 2,062 -62,613 + 4,892 - 45 + 4,580 +17,000 +16,261 + 2,141 + 324 + 8,147 + 1,772 + 5,480 Total assets 885,991 37,431 316,184 40,269 36,800 80,641 89,603 77,931 29,992 18,359 31,602 34,659 92,520 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 1, footnotes 8 and 9. 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 April 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 988,3 9 6 38,6 4 2 341,0 9 9 41,5 6 3 39,3 1 0 78,7 5 2 115,7 9 7 84,7 6 2 32,0 1 9 18,6 5 2 32,4 6 8 56,2 4 8 109,084 Less: notes held by F.R. Banks 208,8 3 6 6,0 7 3 59,7 8 6 8,2 1 3 8,1 7 4 14,2 7 6 35,0 9 5 14,3 2 9 4,4 1 4 2,8 7 0 3,5 1 4 25,0 9 2 27,001 Federal Reserve notes, net 779,5 6 0 32,5 6 8 281,3 1 3 33,3 5 0 31,1 3 6 64,4 7 7 80,7 0 2 70,4 3 4 27,6 0 4 15,7 8 1 28,9 5 5 31,1 5 6 82,083 Reverse repurchase agreements1 41,0 6 1 1,8 9 2 14,8 6 8 1,8 1 7 1,6 8 0 3,5 5 8 3,8 0 8 3,4 4 4 1,3 1 2 8 1 9 1,3 2 9 1,8 0 4 4,729 Deposits 17,8 4 0 3 9 8 8,7 1 0 7 6 9 5 4 2 1,4 8 9 1,1 2 9 8 1 8 4 3 3 4 8 9 4 9 4 6 1 4 1,956 Depository institutions 11,4 1 7 3 7 2 2,4 6 7 7 6 4 5 3 9 1,3 6 7 1,1 2 6 8 1 6 4 1 9 4 8 8 4 9 3 6 1 3 1,953 U.S. Treasury, general account 6,0 1 3 0 6,0 1 3 0 0 0 0 0 0 0 0 0 0 Foreign official 9 8 2 6 8 4 3 1 1 3 2 0 1 0 1 3 Other 3 1 2 2 3 1 6 2 0 0 1 1 1 0 0 1 3 0 1 0 0 Deferred availability cash items 3,8 4 9 2 0 0 0 5 1 1 6 0 0 3 1 4 2 9 1 3 3 0 9 5 4 3 1 2 6 4 2 4 5 568 Other liabilities and accrued dividends2 3,7 3 4 1 7 4 1,1 2 6 1 8 5 1 9 4 4 6 6 3 7 7 3 1 0 1 5 3 1 0 9 1 3 1 1 7 7 332 Total liabilities 846,0 4 5 35,2 3 2 306,0 1 7 36,6 3 1 34,1 5 3 70,3 0 3 86,3 0 8 75,3 3 5 29,5 9 8 17,6 2 9 31,1 7 3 33,9 9 7 89,667 Capital Capital paid in 19,5 4 8 1,0 8 7 4,9 0 3 1,8 1 1 1,3 2 2 5,1 8 2 1,6 1 0 1,2 5 9 1 8 1 3 5 8 1 9 8 2 5 6 1,380 Surplus 18,4 7 1 1,0 4 9 4,6 3 7 1,8 1 4 1,2 9 1 4,9 9 7 1,4 2 5 8 1 5 1 8 0 3 5 5 1 9 4 3 6 4 1,350 Other capital 1,9 2 7 6 3 6 2 8 1 4 3 3 1 5 8 2 5 9 5 2 1 3 3 1 7 3 7 4 2 122 Total liabilities and capital 885,9 9 1 37,4 3 1 316,1 8 4 40,2 6 9 36,8 0 0 80,6 4 1 89,6 0 3 77,9 3 1 29,9 9 2 18,3 5 9 31,6 0 2 34,6 5 9 92,520 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 Apr 2, 2008 Federal Reserve notes outstanding 988,396 Less: Notes held by F.R. Banks not subject to collateralization 208,836 Federal Reserve notes to be collateralized 779,560 Collateral held against Federal Reserve notes 779,560 Gold certificate account 11,037 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 616,138 Other assets pledged 150,185 Memo: Total U.S. Treasury and agency securities1 657,240 Less: face value of securities under reverse repurchase agreements 41,102 U.S. Treasury and agency securities eligible to be pledged 616,138 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.