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 22, 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 21, 2008 May 14, 2008 May 23, 2007 May 21, 2008 Reserve Bank credit 871,207 + 4,994 + 21,236 883,337 Securities held outright 502,831 - 17,223 - 287,322 502,863 U.S. Treasury1 502,831 - 17,223 - 287,322 502,863 Bills2 41,155 - 9,312 - 235,864 41,155 Notes and bonds, nominal2 417,391 - 7,998 - 57,281 417,391 Notes and bonds, inflation-indexed2 39,171 0 + 4,712 39,171 Inflation compensation3 5,114 + 86 + 1,111 5,146 Federal agency2 0 0 0 0 Repurchase agreements4 123,357 + 27,536 + 101,286 134,000 Term auction credit 125,000 0 + 125,000 125,000 Other loans 27,791 - 3,254 + 27,649 28,871 Primary credit 13,536 - 880 + 13,494 15,264 Secondary credit 0 - 1 0 0 Seasonal credit 46 + 9 - 55 52 Primary dealer credit facility 14,209 - 2,383 + 14,209 13,555 Other credit extensions 0 0 0 0 Float -912 + 297 + 25 -1,563 Other Federal Reserve assets 93,140 - 2,361 + 54,599 94,168 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 38,777 + 14 + 334 38,777 Total factors supplying reserve funds 923,225 + 5,009 + 21,570 935,355 Currency in circulation5 817,761 + 2,001 + 8,943 820,510 Reverse repurchase agreements6 38,348 - 703 + 6,133 37,026 Foreign official and international accounts 38,348 - 703 + 6,133 37,026 Dealers 0 0 0 0 Treasury cash holdings 251 - 4 - 15 272 Deposits with F.R. Banks, other than reserve balances 11,829 - 308 + 78 11,855 U.S. Treasury, general account 4,399 - 258 - 514 4,420 Foreign official 98 0 + 4 98 Service-related 7,045 0 + 576 7,045 Required clearing balances 7,045 + 1 + 576 7,045 Adjustments to compensate for float 0 - 1 0 0 Other 288 - 48 + 13 292 Other liabilities and capital 44,505 + 942 + 5,445 44,874 Total factors, other than reserve balances, absorbing reserve funds 912,694 + 1,928 + 20,584 914,537 Reserve balances with Federal Reserve Banks 10,531 + 3,081 + 986 20,818 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 2,276,672 - 2,002 + 331,936 2,281,658 U.S. Treasury 1,337,621 - 11,027 + 115,884 1,340,300 Federal agency 939,051 + 9,026 + 216,052 941,358 Securities lent to dealers 131,069 - 19,472 + 126,913 129,021 Overnight facility8 8,942 - 3,510 + 4,786 9,431 Term facility9 122,127 - 15,962 + 122,127 119,590 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 21, 2008 May 14, 2008 May 23, 2007 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 2,200 0 0 Coin 1,345 - 41 + 440 Securities, repurchase agreements, term auction credit, and other loans 790,733 + 22,172 - 30,817 Securities held outright 502,863 - 12,793 - 287,319 U.S. Treasury1 502,863 - 12,793 - 287,319 Bills2 41,155 - 8,455 - 235,864 Notes and bonds, nominal2 417,391 - 4,425 - 57,281 Notes and bonds, inflation-indexed2 39,171 0 + 4,712 Inflation compensation3 5,146 + 87 + 1,114 Federal agency2 0 0 0 Repurchase agreements4 134,000 + 34,000 + 102,750 Term auction credit 125,000 0 + 125,000 Other loans 28,871 + 966 + 28,753 Items in process of collection (426) 883 - 1,399 - 2,252 Bank premises 2,151 + 4 + 137 Other assets5 91,901 - 1,238 + 55,066 Total assets (426) 900,249 + 19,497 + 22,573 Liabilities Federal Reserve notes, net of F.R. Bank holdings 783,345 + 2,556 + 9,239 Reverse repurchase agreements6 37,026 - 2,088 + 4,408 Deposits (0) 32,557 + 17,598 + 4,663 Depository institutions 27,747 + 17,173 + 4,524 U.S. Treasury, general account 4,420 + 400 + 108 Foreign official 98 + 1 + 5 Other (0) 292 + 24 + 26 Deferred availability cash items (426) 2,447 - 182 - 1,861 Other liabilities and accrued dividends7 3,926 + 1,192 - 1,994 Total liabilities (426) 859,301 + 19,077 + 14,454 Capital accounts Capital paid in 19,923 + 62 + 3,902 Surplus 18,479 0 + 3,105 Other capital accounts 2,547 + 358 + 1,113 Total capital 40,949 + 421 + 8,120 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 21, 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 125,000 17,264 16,613 - 13,443 94,000 37,026 16 days to 90 days 0 11,607 36,535 + 2,988 40,000 0 91 days to 1 year . . . 0 87,041 + 310 . . . . . . Over 1 year to 5 years . . . . . . 176,232 - 11,511 . . . . . . Over 5 years to 10 years . . . . . . 90,046 + 6,847 . . . . . . Over 10 years . . . . . . 96,396 + 2,016 . . . . . . All 125,000 28,871 502,863 - 12,793 134,000 37,026 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 21, 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 1,345 44 64 99 115 170 156 167 50 60 88 144 189 Securities, repurchase agreements, term auction credit, and other loans 790,733 27,244 350,722 27,806 26,450 68,227 67,560 58,009 24,211 13,763 23,553 28,818 74,371 Securities held outright 502,863 21,092 178,915 21,956 19,068 45,599 50,034 44,382 17,377 9,493 18,464 20,859 55,622 U.S. Treasury1 502,863 21,092 178,915 21,956 19,068 45,599 50,034 44,382 17,377 9,493 18,464 20,859 55,622 Bills2 41,155 1,726 14,643 1,797 1,561 3,732 4,095 3,632 1,422 777 1,511 1,707 4,552 Notes and bonds3 461,707 19,366 164,273 20,159 17,508 41,867 45,939 40,750 15,955 8,717 16,953 19,152 51,070 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 134,000 5,620 47,676 5,851 5,081 12,151 13,333 11,827 4,631 2,530 4,920 5,558 14,822 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 28,871 1 27,059 0 0 19 33 574 98 25 19 0 1,044 Items in process of collection 1,309 58 0 89 226 155 16 56 32 120 182 163 212 Bank premises 2,151 118 214 65 151 197 228 205 122 112 277 254 208 Other assets5 91,901 4,952 25,238 8,288 5,942 22,255 7,255 4,549 1,208 1,749 1,310 2,081 7,075 Interdistrict settlement account 0 + 4,730 -57,170 + 4,068 + 3,359 - 8,358 +20,539 +15,199 + 2,991 + 1,241 + 4,718 + 2,853 + 5,830 Total assets 900,675 37,686 323,877 40,951 36,770 83,683 97,141 79,310 29,027 17,274 30,543 35,047 89,368 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 21, 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 984,8 5 1 37,7 1 2 341,2 8 3 40,7 8 2 39,0 0 9 80,1 0 8 119,1 6 5 83,4 3 0 30,9 8 0 18,1 3 3 31,6 7 1 55,8 1 5 106,764 Less: notes held by F.R. Banks 201,5 0 6 5,2 1 1 59,0 5 1 7,6 0 6 7,9 1 2 13,4 8 5 32,2 4 5 13,8 3 5 4,2 3 1 2,9 1 6 3,6 5 6 24,1 1 7 27,239 Federal Reserve notes, net 783,3 4 5 32,5 0 0 282,2 3 1 33,1 7 6 31,0 9 7 66,6 2 2 86,9 2 0 69,5 9 5 26,7 4 8 15,2 1 7 28,0 1 5 31,6 9 7 79,525 Reverse repurchase agreements1 37,0 2 6 1,5 5 3 13,1 7 4 1,6 1 7 1,4 0 4 3,3 5 7 3,6 8 4 3,2 6 8 1,2 7 9 6 9 9 1,3 6 0 1,5 3 6 4,095 Deposits 32,5 5 7 1,0 7 4 16,9 1 4 1,5 6 7 7 3 1 2,4 3 2 2,5 5 6 3,2 5 5 4 0 2 3 1 7 3 8 7 8 6 3 2,059 Depository institutions 27,7 4 7 1,0 4 2 12,2 5 2 1,5 6 3 7 2 5 2,3 4 7 2,5 5 3 3,2 5 5 3 9 1 3 1 7 3 8 5 8 6 2 2,056 U.S. Treasury, general account 4,4 2 0 0 4,4 2 0 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 2 9 2 3 0 1 7 4 0 3 7 4 0 - 2 1 1 0 1 0 0 Deferred availability cash items 2,8 7 3 1 6 3 0 3 9 6 5 4 3 2 3 7 2 5 1 2 4 1 5 1 2 3 9 2 1 7 1 1 7 418 Other liabilities and accrued dividends2 3,9 2 6 1 6 9 1,2 9 3 1 9 7 1 9 5 4 9 5 3 7 6 3 1 3 1 5 3 1 0 9 1 3 2 1 7 2 322 Total liabilities 859,7 2 7 35,4 5 9 313,6 1 2 36,9 5 3 33,9 7 0 73,1 4 4 93,7 8 6 76,6 7 2 28,6 3 4 16,5 8 2 30,1 1 1 34,3 8 5 86,419 Capital Capital paid in 19,9 2 3 1,0 8 8 4,9 3 3 2,0 4 2 1,3 9 8 5,1 7 3 1,6 2 5 1,2 8 0 1 8 3 3 1 6 2 0 7 2 6 0 1,418 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 1,351 Other capital 2,5 4 7 9 0 6 8 8 1 4 2 1 1 0 3 6 9 3 0 4 5 4 3 3 0 2 1 3 2 3 8 179 Total liabilities and capital 900,6 7 5 37,6 8 6 323,8 7 7 40,9 5 1 36,7 7 0 83,6 8 3 97,1 4 1 79,3 1 0 29,0 2 7 17,2 7 4 30,5 4 3 35,0 4 7 89,368 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 21, 2008 Federal Reserve notes outstanding 984,851 Less: Notes held by F.R. Banks not subject to collateralization 201,506 Federal Reserve notes to be collateralized 783,345 Collateral held against Federal Reserve notes 783,345 Gold certificate account 11,037 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 599,911 Other assets pledged 170,197 Memo: Total U.S. Treasury and agency securities1 636,863 Less: face value of securities under reverse repurchase agreements 36,951 U.S. Treasury and agency securities eligible to be pledged 599,911 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.