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 29, 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 28, 2008 May 21, 2008 May 30, 2007 May 28, 2008 Reserve Bank credit 878,001 + 6,796 + 24,419 887,657 Securities held outright 491,064 - 11,767 - 299,172 491,091 U.S. Treasury1 491,064 - 11,767 - 299,172 491,091 Bills2 34,296 - 6,859 - 242,723 34,296 Notes and bonds, nominal2 412,392 - 4,999 - 62,280 412,392 Notes and bonds, inflation-indexed2 39,171 0 + 4,712 39,171 Inflation compensation3 5,206 + 92 + 1,119 5,232 Federal agency2 0 0 0 0 Repurchase agreements4 105,036 - 18,321 + 79,179 115,000 Term auction credit 150,000 + 25,000 + 150,000 150,000 Other loans 28,335 + 544 + 28,207 29,222 Primary credit 15,950 + 2,414 + 15,944 19,041 Secondary credit 1 + 1 + 1 0 Seasonal credit 54 + 8 - 68 56 Primary dealer credit facility 12,329 - 1,880 + 12,329 10,125 Other credit extensions 0 0 0 0 Float -1,117 - 202 + 298 -1,785 Other Federal Reserve assets 104,684 + 11,544 + 65,909 104,130 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 38,791 + 14 + 339 38,791 Total factors supplying reserve funds 930,033 + 6,810 + 24,758 939,689 Currency in circulation5 823,278 + 5,517 + 9,683 824,892 Reverse repurchase agreements6 37,474 - 874 + 4,710 38,365 Foreign official and international accounts 37,474 - 874 + 4,710 38,365 Dealers 0 0 0 0 Treasury cash holdings 273 + 22 - 8 282 Deposits with F.R. Banks, other than reserve balances 12,435 + 606 + 293 11,894 U.S. Treasury, general account 4,940 + 541 - 243 4,415 Foreign official 98 0 + 4 98 Service-related 7,121 + 76 + 542 7,121 Required clearing balances 7,121 + 76 + 542 7,121 Adjustments to compensate for float 0 0 0 0 Other 275 - 13 - 12 260 Other liabilities and capital 45,843 + 1,338 + 6,574 44,437 Total factors, other than reserve balances, absorbing reserve funds 919,302 + 6,608 + 21,251 919,870 Reserve balances with Federal Reserve Banks 10,731 + 202 + 3,507 19,819 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 2,292,812 + 16,140 + 333,500 2,292,666 U.S. Treasury 1,345,503 + 7,882 + 114,093 1,341,287 Federal agency 947,308 + 8,257 + 219,406 951,379 Securities lent to dealers 112,721 - 18,348 + 108,518 116,248 Overnight facility8 4,557 - 4,385 + 354 9,988 Term facility9 108,164 - 13,963 + 108,164 106,260 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 28, 2008 May 21, 2008 May 30, 2007 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 2,200 0 0 Coin 1,318 - 27 + 438 Securities, repurchase agreements, term auction credit, and other loans 785,312 - 5,421 - 36,069 Securities held outright 491,091 - 11,772 - 299,169 U.S. Treasury1 491,091 - 11,772 - 299,169 Bills2 34,296 - 6,859 - 242,723 Notes and bonds, nominal2 412,392 - 4,999 - 62,280 Notes and bonds, inflation-indexed2 39,171 0 + 4,712 Inflation compensation3 5,232 + 86 + 1,121 Federal agency2 0 0 0 Repurchase agreements4 115,000 - 19,000 + 84,000 Term auction credit 150,000 + 25,000 + 150,000 Other loans 29,222 + 351 + 29,101 Items in process of collection (923) 1,902 + 1,019 - 4,032 Bank premises 2,152 + 1 + 136 Other assets5 101,847 + 9,946 + 64,580 Total assets (923) 905,768 + 5,519 + 25,053 Liabilities Federal Reserve notes, net of F.R. Bank holdings 787,696 + 4,351 + 9,841 Reverse repurchase agreements6 38,365 + 1,339 + 3,505 Deposits (0) 31,661 - 896 + 7,629 Depository institutions 26,888 - 859 + 7,839 U.S. Treasury, general account 4,415 - 5 - 222 Foreign official 98 0 + 4 Other (0) 260 - 32 + 7 Deferred availability cash items (923) 3,609 + 1,162 - 1,468 Other liabilities and accrued dividends7 3,928 + 2 - 2,043 Total liabilities (923) 865,258 + 5,957 + 17,464 Capital accounts Capital paid in 19,914 - 9 + 3,812 Surplus 18,479 0 + 3,104 Other capital accounts 2,117 - 430 + 673 Total capital 40,510 - 439 + 7,589 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 28, 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 75,000 17,357 13,857 - 2,756 75,000 38,365 16 days to 90 days 75,000 11,865 35,040 - 1,495 40,000 0 91 days to 1 year . . . 0 84,440 - 2,601 . . . . . . Over 1 year to 5 years . . . . . . 171,260 - 4,972 . . . . . . Over 5 years to 10 years . . . . . . 90,065 + 19 . . . . . . Over 10 years . . . . . . 96,430 + 34 . . . . . . All 150,000 29,222 491,091 - 11,772 115,000 38,365 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 28, 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 1,318 45 62 98 111 167 152 162 47 59 85 140 189 Securities, repurchase agreements, term auction credit, and other loans 785,312 26,952 344,538 28,703 27,551 65,757 66,148 56,934 23,111 14,900 22,865 28,399 79,454 Securities held outright 491,091 20,598 174,727 21,442 18,622 44,531 48,863 43,343 16,970 9,271 18,032 20,371 54,320 U.S. Treasury1 491,091 20,598 174,727 21,442 18,622 44,531 48,863 43,343 16,970 9,271 18,032 20,371 54,320 Bills2 34,296 1,439 12,202 1,497 1,300 3,110 3,412 3,027 1,185 647 1,259 1,423 3,794 Notes and bonds3 456,795 19,160 162,525 19,944 17,321 41,421 45,450 40,316 15,785 8,624 16,772 18,948 50,527 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 115,000 4,824 40,916 5,021 4,361 10,428 11,442 10,150 3,974 2,171 4,223 4,770 12,720 Term auction credit 150,000 1,530 101,766 2,240 4,568 10,780 5,808 2,945 2,055 3,428 590 3,258 11,032 Other loans 29,222 0 27,129 0 0 18 35 496 112 30 21 0 1,382 Items in process of collection 2,825 127 0 344 508 341 154 267 55 177 215 245 391 Bank premises 2,152 118 214 65 151 197 228 206 122 112 277 254 208 Other assets5 101,847 5,515 27,735 9,255 6,637 24,885 8,040 5,002 1,307 1,943 1,424 2,284 7,820 Interdistrict settlement account 0 + 4,167 -52,089 + 1,569 + 2,136 - 6,492 +21,077 +14,551 + 4,535 - 28 + 5,721 + 3,547 + 1,306 Total assets 906,690 37,463 325,269 40,571 37,621 85,893 97,185 78,248 29,592 17,392 31,002 35,603 90,851 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 28, 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 986,8 5 8 37,6 5 7 342,1 4 4 40,7 4 4 39,0 1 5 80,5 5 5 120,0 1 0 83,5 4 4 30,9 4 1 18,1 1 9 31,6 4 7 55,8 7 3 106,610 Less: notes held by F.R. Banks 199,1 6 2 5,1 5 4 59,8 5 3 7,2 9 3 7,3 8 2 13,0 5 5 32,5 8 0 13,2 4 4 4,0 4 0 2,8 5 9 3,5 4 3 23,7 4 7 26,413 Federal Reserve notes, net 787,6 9 6 32,5 0 3 282,2 9 2 33,4 5 1 31,6 3 3 67,4 9 9 87,4 3 0 70,3 0 0 26,9 0 0 15,2 6 0 28,1 0 4 32,1 2 6 80,198 Reverse repurchase agreements1 38,3 6 5 1,6 0 9 13,6 5 0 1,6 7 5 1,4 5 5 3,4 7 9 3,8 1 7 3,3 8 6 1,3 2 6 7 2 4 1,4 0 9 1,5 9 1 4,244 Deposits 31,6 6 1 7 4 1 17,9 0 4 6 5 9 7 9 7 3,5 0 2 1,9 0 2 1,0 9 8 7 4 0 3 1 1 5 4 9 7 5 4 2,703 Depository institutions 26,8 8 8 7 2 7 13,2 5 0 6 5 5 7 9 3 3,4 2 8 1,8 9 9 1,0 9 5 7 2 9 3 1 0 5 4 7 7 5 3 2,701 U.S. Treasury, general account 4,4 1 5 0 4,4 1 5 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 6 0 1 2 1 7 1 0 1 6 3 0 0 1 0 0 1 0 0 Deferred availability cash items 4,5 3 1 2 4 6 0 5 7 9 7 3 6 5 5 8 3 3 8 5 3 0 8 9 3 0 7 3 6 7 3 0 8 473 Other liabilities and accrued dividends2 3,9 2 8 1 6 5 1,2 7 3 1 9 8 1 9 7 5 0 9 3 9 0 3 1 5 1 4 9 1 0 8 1 3 1 1 7 2 322 Total liabilities 866,1 8 1 35,2 6 4 315,1 1 8 36,5 6 2 34,8 1 8 75,5 4 6 93,8 7 8 75,6 2 8 29,2 0 5 16,7 1 0 30,5 5 9 34,9 5 2 87,939 Capital Capital paid in 19,9 1 4 1,0 8 8 4,9 3 3 2,0 4 2 1,3 9 0 5,1 7 1 1,6 2 6 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 2,1 1 7 6 1 5 7 4 1 5 3 1 2 2 1 7 8 2 5 6 5 2 5 2 5 1 1 4 2 2 7 144 Total liabilities and capital 906,6 9 0 37,4 6 3 325,2 6 9 40,5 7 1 37,6 2 1 85,8 9 3 97,1 8 5 78,2 4 8 29,5 9 2 17,3 9 2 31,0 0 2 35,6 0 3 90,851 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 28, 2008 Federal Reserve notes outstanding 986,858 Less: Notes held by F.R. Banks not subject to collateralization 199,162 Federal Reserve notes to be collateralized 787,696 Collateral held against Federal Reserve notes 787,696 Gold certificate account 11,037 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 567,483 Other assets pledged 206,976 Memo: Total U.S. Treasury and agency securities1 606,091 Less: face value of securities under reverse repurchase agreements 38,608 U.S. Treasury and agency securities eligible to be pledged 567,483 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.