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 May 8, 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 May 7, 2008 Apr 30, 2008 May 9, 2007 May 7, 2008 Reserve Bank credit 867,629 + 3,239 + 14,130 872,018 Securities held outright 542,395 - 6,285 - 247,401 536,714 U.S. Treasury1 542,395 - 6,285 - 247,401 536,714 Bills2 65,752 - 4,565 - 211,267 65,752 Notes and bonds, nominal2 432,531 - 2,415 - 41,942 426,818 Notes and bonds, inflation-indexed2 39,171 + 629 + 4,712 39,171 Inflation compensation3 4,942 + 67 + 1,096 4,973 Federal agency2 0 0 0 0 Repurchase agreements4 119,571 + 12,035 + 96,750 130,500 Term auction credit 100,000 0 + 100,000 100,000 Other loans 28,208 - 1,975 + 28,133 27,789 Primary credit 11,655 + 67 + 11,650 11,490 Secondary credit 0 0 0 0 Seasonal credit 36 + 11 - 34 40 Primary dealer credit facility 16,517 - 2,054 + 16,517 16,260 Other credit extensions 0 0 0 0 Float -1,504 + 170 - 1,026 -1,739 Other Federal Reserve assets 78,959 - 705 + 37,675 78,754 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 38,806 + 14 + 382 38,806 Total factors supplying reserve funds 919,676 + 3,254 + 14,512 924,064 Currency in circulation5 814,372 + 1,904 + 5,694 816,554 Reverse repurchase agreements6 38,766 - 613 + 2,747 39,031 Foreign official and international accounts 38,766 - 613 + 2,747 39,031 Dealers 0 0 0 0 Treasury cash holdings 277 - 39 + 8 256 Deposits with F.R. Banks, other than reserve balances 12,667 - 558 + 884 13,188 U.S. Treasury, general account 5,191 - 530 + 277 5,730 Foreign official 97 - 3 + 4 96 Service-related 7,091 0 + 583 7,091 Required clearing balances 7,091 0 + 583 7,091 Adjustments to compensate for float 0 0 0 0 Other 287 - 26 + 19 271 Other liabilities and capital 42,546 - 281 + 3,745 42,631 Total factors, other than reserve balances, absorbing reserve funds 908,628 + 413 + 13,078 911,660 Reserve balances with Federal Reserve Banks 11,048 + 2,841 + 1,434 12,404 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 2,279,742 + 16,334 + 348,610 2,272,927 U.S. Treasury 1,346,761 + 17,229 + 118,729 1,342,098 Federal agency 932,981 - 895 + 229,881 930,829 Securities lent to dealers 164,904 + 1,524 + 161,860 161,090 Overnight facility8 22,249 + 4,498 + 19,205 18,561 Term facility9 142,655 - 2,974 + 142,655 142,529 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 U.S. Treasury securities. 9. Fully collateralized by 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 May 7, 2008 Apr 30, 2008 May 9, 2007 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 2,200 0 0 Coin 1,431 - 29 + 415 Securities, repurchase agreements, term auction credit, and other loans 795,003 + 1,048 - 24,104 Securities held outright 536,714 - 11,978 - 253,311 U.S. Treasury1 536,714 - 11,978 - 253,311 Bills2 65,752 - 4,565 - 211,267 Notes and bonds, nominal2 426,818 - 7,499 - 47,854 Notes and bonds, inflation-indexed2 39,171 0 + 4,712 Inflation compensation3 4,973 + 86 + 1,098 Federal agency2 0 0 0 Repurchase agreements4 130,500 + 15,000 + 101,500 Term auction credit 100,000 0 + 100,000 Other loans 27,789 - 1,974 + 27,707 Items in process of collection (529) 1,325 - 27 - 2,819 Bank premises 2,145 - 13 + 139 Other assets5 76,480 - 399 + 36,991 Total assets (529) 889,621 + 581 + 10,623 Liabilities Federal Reserve notes, net of F.R. Bank holdings 779,432 + 2,342 + 6,153 Reverse repurchase agreements6 39,031 - 1,673 + 3,621 Deposits (0) 25,463 - 182 - 2,120 Depository institutions 19,366 - 933 - 3,137 U.S. Treasury, general account 5,730 + 775 + 1,004 Foreign official 96 - 10 + 3 Other (0) 271 - 14 + 10 Deferred availability cash items (529) 3,064 - 11 - 1,115 Other liabilities and accrued dividends7 2,530 - 464 - 3,376 Total liabilities (529) 849,520 + 11 + 3,162 Capital accounts Capital paid in 19,623 + 17 + 3,732 Surplus 18,479 + 3 + 3,105 Other capital accounts 2,000 + 551 + 625 Total capital 40,101 + 570 + 7,461 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, May 7, 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 100,000 16,917 32,088 + 1,593 90,500 39,031 16 days to 90 days 0 10,872 41,326 + 3,131 40,000 0 91 days to 1 year . . . 0 93,056 - 9,283 . . . . . . Over 1 year to 5 years . . . . . . 192,466 - 4,972 . . . . . . Over 5 years to 10 years . . . . . . 83,432 - 2,482 . . . . . . Over 10 years . . . . . . 94,346 + 35 . . . . . . All 100,000 27,789 536,714 - 11,978 130,500 39,031 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 May 7, 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 11,037 424 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 1,431 49 68 103 133 167 164 174 60 63 94 153 203 Securities, repurchase agreements, term auction credit, and other loans 795,003 28,487 347,428 29,163 25,800 69,274 68,487 60,223 25,202 12,638 24,574 27,677 76,049 Securities held outright 536,714 22,512 190,959 23,434 20,352 48,668 53,402 47,370 18,547 10,133 19,707 22,263 59,366 U.S. Treasury1 536,714 22,512 190,959 23,434 20,352 48,668 53,402 47,370 18,547 10,133 19,707 22,263 59,366 Bills2 65,752 2,758 23,394 2,871 2,493 5,962 6,542 5,803 2,272 1,241 2,414 2,727 7,273 Notes and bonds3 470,962 19,754 167,565 20,563 17,859 42,706 46,860 41,567 16,275 8,891 17,293 19,536 52,094 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 130,500 5,474 46,431 5,698 4,949 11,834 12,985 11,518 4,510 2,464 4,792 5,413 14,435 Term auction credit 100,000 500 84,024 0 500 8,755 2,100 801 2,075 37 50 0 1,158 Other loans 27,789 2 26,014 31 0 17 0 534 71 6 25 0 1,090 Items in process of collection 1,854 72 0 54 290 89 146 260 34 165 233 192 320 Bank premises 2,145 118 213 65 151 193 228 207 122 112 276 254 208 Other assets5 76,480 4,041 21,664 6,527 4,794 17,622 6,153 3,974 1,146 1,460 1,220 1,834 6,044 Interdistrict settlement account 0 + 4,025 -55,812 + 3,611 + 5,403 - 5,683 +13,809 +13,928 + 2,534 + 3,177 + 4,126 + 4,132 + 6,750 Total assets 890,150 37,331 318,371 40,058 37,098 82,701 90,373 79,891 29,512 17,844 30,938 34,976 91,057 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 May 7, 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 982,0 9 6 38,1 7 8 338,9 4 0 41,2 2 5 39,2 9 1 79,8 7 9 114,5 1 1 84,4 4 7 31,4 7 9 18,4 0 0 32,0 9 9 55,8 6 0 107,786 Less: notes held by F.R. Banks 202,6 6 4 5,6 1 5 57,9 7 4 7,6 9 3 8,0 3 8 13,7 9 9 33,0 2 4 14,1 0 3 4,2 7 7 2,7 3 9 3,8 3 6 24,5 7 5 26,990 Federal Reserve notes, net 779,4 3 2 32,5 6 3 280,9 6 5 33,5 3 2 31,2 5 3 66,0 8 0 81,4 8 7 70,3 4 4 27,2 0 2 15,6 6 0 28,2 6 3 31,2 8 5 80,797 Reverse repurchase agreements1 39,0 3 1 1,6 3 7 13,8 8 7 1,7 0 4 1,4 8 0 3,5 3 9 3,8 8 3 3,4 4 5 1,3 4 9 7 3 7 1,4 3 3 1,6 1 9 4,317 Deposits 25,4 6 3 5 7 4 13,4 2 0 4 2 7 8 9 9 2,0 0 8 1,0 1 9 2,8 6 5 3 5 3 3 1 9 4 1 9 1,0 1 6 2,145 Depository institutions 19,3 6 6 5 7 1 7,4 6 2 4 2 2 8 9 6 1,9 1 0 1,0 1 6 2,8 6 3 3 3 6 3 1 5 4 1 7 1,0 1 5 2,142 U.S. Treasury, general account 5,7 3 0 0 5,7 3 0 0 0 0 0 0 0 0 0 0 0 Foreign official 9 6 2 6 6 4 3 1 1 3 2 0 1 0 1 3 Other 2 7 1 0 1 6 2 1 0 8 7 0 0 1 7 3 1 0 0 Deferred availability cash items 3,5 9 3 1 9 3 0 5 2 3 5 8 5 2 9 1 2 8 8 3 1 0 5 3 3 3 7 2 5 4 2 2 6 533 Other liabilities and accrued dividends2 2,5 3 0 1 6 6 - 8 7 1 8 9 1 9 1 4 9 0 3 8 6 3 0 9 1 5 2 1 0 7 1 3 6 1 7 2 318 Total liabilities 850,0 4 9 35,1 3 2 308,1 8 5 36,3 7 5 34,4 0 8 72,4 0 8 87,0 6 4 77,2 7 3 29,1 1 0 17,1 6 0 30,5 0 4 34,3 1 8 88,111 Capital Capital paid in 19,6 2 3 1,0 8 7 4,9 0 3 1,8 5 1 1,3 4 0 5,1 7 4 1,6 1 1 1,2 7 6 1 8 3 3 1 5 2 0 0 2 5 8 1,424 Surplus 18,4 7 9 1,0 5 0 4,6 4 3 1,8 1 4 1,2 9 1 4,9 9 8 1,4 2 5 8 1 5 1 8 0 3 5 5 1 9 4 3 6 4 1,350 Other capital 2,0 0 0 6 1 6 3 9 1 9 5 8 1 2 1 2 7 2 5 2 8 4 0 1 5 4 0 3 7 171 Total liabilities and capital 890,1 5 0 37,3 3 1 318,3 7 1 40,0 5 8 37,0 9 8 82,7 0 1 90,3 7 3 79,8 9 1 29,5 1 2 17,8 4 4 30,9 3 8 34,9 7 6 91,057 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 May 7, 2008 Federal Reserve notes outstanding 982,096 Less: Notes held by F.R. Banks not subject to collateralization 202,664 Federal Reserve notes to be collateralized 779,432 Collateral held against Federal Reserve notes 779,432 Gold certificate account 11,037 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 628,099 Other assets pledged 138,096 Memo: Total U.S. Treasury and agency securities1 667,214 Less: face value of securities under reverse repurchase agreements 39,115 U.S. Treasury and agency securities eligible to be pledged 628,099 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.