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 15, 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 14, 2008 May 7, 2008 May 16, 2007 May 14, 2008 Reserve Bank credit 866,213 - 1,417 + 18,528 863,631 Securities held outright 520,054 - 22,341 - 270,020 515,656 U.S. Treasury1 520,054 - 22,341 - 270,020 515,656 Bills2 50,467 - 15,285 - 226,552 49,610 Notes and bonds, nominal2 425,389 - 7,142 - 49,283 421,816 Notes and bonds, inflation-indexed2 39,171 0 + 4,712 39,171 Inflation compensation3 5,028 + 86 + 1,103 5,059 Federal agency2 0 0 0 0 Repurchase agreements4 95,821 - 23,750 + 77,785 100,000 Term auction credit 125,000 + 25,000 + 125,000 125,000 Other loans 31,045 + 2,837 + 30,961 27,905 Primary credit 14,416 + 2,761 + 14,414 13,382 Secondary credit 1 + 1 + 1 0 Seasonal credit 37 + 1 - 45 38 Primary dealer credit facility 16,592 + 75 + 16,592 14,485 Other credit extensions 0 0 0 0 Float -1,209 + 295 - 153 -337 Other Federal Reserve assets 95,501 + 16,542 + 54,954 95,407 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 38,763 + 14 + 330 38,763 Total factors supplying reserve funds 918,216 - 1,403 + 18,857 915,635 Currency in circulation5 815,760 + 1,445 + 6,710 817,923 Reverse repurchase agreements6 39,051 + 285 + 6,753 39,114 Foreign official and international accounts 39,051 + 285 + 6,967 39,114 Dealers 0 0 - 214 0 Treasury cash holdings 255 - 22 + 19 247 Deposits with F.R. Banks, other than reserve balances 12,137 - 530 + 840 11,430 U.S. Treasury, general account 4,657 - 534 + 206 4,020 Foreign official 98 + 1 + 4 97 Service-related 7,045 - 46 + 576 7,045 Required clearing balances 7,044 - 47 + 575 7,044 Adjustments to compensate for float 1 + 1 + 1 1 Other 336 + 49 + 52 268 Other liabilities and capital 43,563 + 1,017 + 4,582 43,262 Total factors, other than reserve balances, absorbing reserve funds 910,766 + 2,195 + 18,904 911,976 Reserve balances with Federal Reserve Banks 7,450 - 3,598 - 47 3,659 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 2,278,674 - 1,068 + 338,704 2,284,549 U.S. Treasury 1,348,648 + 1,887 + 123,915 1,352,617 Federal agency 930,025 - 2,956 + 214,788 931,932 Securities lent to dealers 150,541 - 14,363 + 147,017 151,738 Overnight facility8 12,452 - 9,797 + 8,928 14,389 Term facility9 138,089 - 4,566 + 138,089 137,349 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 asset-backed and 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 14, 2008 May 7, 2008 May 16, 2007 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 2,200 0 0 Coin 1,386 - 45 + 437 Securities, repurchase agreements, term auction credit, and other loans 768,561 - 26,442 - 39,635 Securities held outright 515,656 - 21,058 - 274,447 U.S. Treasury1 515,656 - 21,058 - 274,447 Bills2 49,610 - 16,142 - 227,409 Notes and bonds, nominal2 421,816 - 5,002 - 52,856 Notes and bonds, inflation-indexed2 39,171 0 + 4,712 Inflation compensation3 5,059 + 86 + 1,106 Federal agency2 0 0 0 Repurchase agreements4 100,000 - 30,500 + 82,000 Term auction credit 125,000 + 25,000 + 125,000 Other loans 27,905 + 116 + 27,812 Items in process of collection (429) 2,282 + 957 - 241 Bank premises 2,147 + 2 + 142 Other assets5 93,139 + 16,659 + 56,722 Total assets (429) 880,752 - 8,869 + 17,426 Liabilities Federal Reserve notes, net of F.R. Bank holdings 780,789 + 1,357 + 7,866 Reverse repurchase agreements6 39,114 + 83 + 6,668 Deposits (0) 14,959 - 10,504 - 755 Depository institutions 10,574 - 8,792 - 644 U.S. Treasury, general account 4,020 - 1,710 - 105 Foreign official 97 + 1 + 4 Other (0) 268 - 3 - 11 Deferred availability cash items (429) 2,629 - 435 - 1,046 Other liabilities and accrued dividends7 2,734 + 204 - 3,160 Total liabilities (429) 840,224 - 9,296 + 9,572 Capital accounts Capital paid in 19,861 + 238 + 3,878 Surplus 18,479 0 + 3,105 Other capital accounts 2,189 + 189 + 872 Total capital 40,528 + 427 + 7,853 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 14, 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 15,358 30,056 - 2,032 60,000 39,114 16 days to 90 days 75,000 12,547 33,547 - 7,779 40,000 0 91 days to 1 year . . . 0 86,731 - 6,325 . . . . . . Over 1 year to 5 years . . . . . . 187,743 - 4,723 . . . . . . Over 5 years to 10 years . . . . . . 83,199 - 233 . . . . . . Over 10 years . . . . . . 94,380 + 34 . . . . . . All 125,000 27,905 515,656 - 21,058 100,000 39,114 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 14, 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 1,386 47 66 102 125 167 158 170 55 62 91 149 193 Securities, repurchase agreements, term auction credit, and other loans 768,561 26,355 342,057 26,880 25,845 66,303 65,447 56,122 23,445 13,361 22,774 27,938 72,033 Securities held outright 515,656 21,629 183,467 22,514 19,553 46,759 51,307 45,512 17,819 9,735 18,934 21,390 57,037 U.S. Treasury1 515,656 21,629 183,467 22,514 19,553 46,759 51,307 45,512 17,819 9,735 18,934 21,390 57,037 Bills2 49,610 2,081 17,651 2,166 1,881 4,499 4,936 4,379 1,714 937 1,822 2,058 5,487 Notes and bonds3 466,046 19,548 165,816 20,348 17,672 42,260 46,371 41,133 16,105 8,798 17,112 19,332 51,550 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 100,000 4,194 35,579 4,366 3,792 9,068 9,950 8,826 3,456 1,888 3,672 4,148 11,061 Term auction credit 125,000 530 97,072 0 2,300 10,459 4,160 1,226 2,105 1,715 150 2,400 2,883 Other loans 27,905 2 25,939 0 200 17 30 558 65 23 18 0 1,052 Items in process of collection 2,712 61 0 90 253 25 121 124 38 141 1,534 180 146 Bank premises 2,147 118 213 65 151 193 228 207 122 112 277 254 208 Other assets5 93,139 4,988 25,827 8,151 5,950 22,104 7,458 4,726 1,317 1,777 1,399 2,169 7,274 Interdistrict settlement account 0 + 5,181 -61,858 + 4,322 + 3,990 - 7,168 +16,636 +15,678 + 4,121 + 2,107 + 4,578 + 3,437 + 8,977 Total assets 881,181 37,289 311,114 40,146 36,842 82,661 91,434 78,152 29,512 17,789 31,067 34,861 90,314 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 14, 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 982,7 4 4 38,1 2 1 339,7 0 8 41,2 7 4 39,4 0 4 80,1 6 7 114,2 5 9 84,4 9 7 31,4 3 7 18,3 9 7 32,0 6 7 55,8 1 4 107,598 Less: notes held by F.R. Banks 201,9 5 6 5,4 6 4 58,8 8 6 7,6 8 6 8,0 6 4 13,6 5 6 31,7 4 3 13,9 9 7 4,3 0 0 2,7 4 0 3,6 9 5 24,3 6 2 27,362 Federal Reserve notes, net 780,7 8 9 32,6 5 8 280,8 2 2 33,5 8 9 31,3 3 9 66,5 1 1 82,5 1 5 70,5 0 1 27,1 3 7 15,6 5 7 28,3 7 1 31,4 5 2 80,237 Reverse repurchase agreements1 39,1 1 4 1,6 4 1 13,9 1 6 1,7 0 8 1,4 8 3 3,5 4 7 3,8 9 2 3,4 5 2 1,3 5 2 7 3 8 1,4 3 6 1,6 2 2 4,326 Deposits 14,9 5 9 4 4 4 6,0 0 0 3 7 4 5 6 5 1,4 5 0 1,1 2 1 1,0 1 4 4 2 2 2 9 5 4 7 2 7 3 8 2,064 Depository institutions 10,5 7 4 4 4 0 1,7 3 9 3 6 9 5 6 1 1,3 6 3 1,1 1 8 1,0 1 3 4 0 9 2 9 4 4 7 1 7 3 7 2,061 U.S. Treasury, general account 4,0 2 0 0 4,0 2 0 0 0 0 0 0 0 0 0 0 0 Foreign official 9 7 2 6 7 4 3 1 1 3 2 0 1 0 1 3 Other 2 6 8 1 1 7 4 1 1 7 6 0 0 1 3 0 1 0 0 Deferred availability cash items 3,0 5 8 1 6 7 0 3 6 1 5 4 2 2 6 8 2 3 2 2 5 0 5 5 3 0 4 2 2 8 2 2 1 430 Other liabilities and accrued dividends2 2,7 3 4 1 6 1 1 6 8 1 9 2 1 9 0 4 8 7 3 5 5 3 0 6 1 5 2 1 0 8 1 2 8 1 7 1 314 Total liabilities 840,6 5 3 35,0 7 1 300,9 0 7 36,2 2 3 34,1 2 0 72,2 6 2 88,1 1 5 75,5 2 4 29,1 1 8 17,1 0 2 30,6 3 6 34,2 0 4 87,371 Capital Capital paid in 19,8 6 1 1,0 8 8 4,9 3 3 2,0 4 2 1,3 4 1 5,1 7 2 1,6 2 4 1,2 8 0 1 8 3 3 1 6 2 0 1 2 6 0 1,422 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 2,1 8 9 8 1 6 3 1 6 7 8 9 2 2 9 2 6 9 5 3 4 3 1 1 7 3 7 3 4 171 Total liabilities and capital 881,1 8 1 37,2 8 9 311,1 1 4 40,1 4 6 36,8 4 2 82,6 6 1 91,4 3 4 78,1 5 2 29,5 1 2 17,7 8 9 31,0 6 7 34,8 6 1 90,314 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 14, 2008 Federal Reserve notes outstanding 982,744 Less: Notes held by F.R. Banks not subject to collateralization 201,956 Federal Reserve notes to be collateralized 780,789 Collateral held against Federal Reserve notes 780,789 Gold certificate account 11,037 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 576,601 Other assets pledged 190,951 Memo: Total U.S. Treasury and agency securities1 615,656 Less: face value of securities under reverse repurchase agreements 39,055 U.S. Treasury and agency securities eligible to be pledged 576,601 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.