H.4.1 Factors Affecting Reserve Balances of Depository Institutions

F EDERAL RESERVE statistical release For Release at 4:30 P.M. Eastern time July 17, 2008 The weekly average value of net portfolio holdings of Maiden Lane LLC reflects holdings from Thursday, July 10, 2008, through Wednesday, July 16, 2008. The holdings for the first six days of this week are based on the values as of June 26, 2008. The holdings for the last day were based on values as of June 30, 2008, the quarterly revaluation date. The fair value of the net portfolio holdings will be updated quarterly.

FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks July 17, 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 Jul 16, 2008 Jul 9, 2008 Jul 18, 2007 Jul 16, 2008 Reserve Bank credit 888,418 + 552 + 34,759 895,160 Securities held outright 479,004 + 79 - 311,636 479,036 U.S. Treasury1 479,004 + 79 - 311,636 479,036 Bills2 21,740 0 - 255,279 21,740 Notes and bonds, nominal2 412,392 0 - 62,280 412,392 Notes and bonds, inflation-indexed2 39,171 0 + 4,712 39,171 Inflation compensation3 5,701 + 79 + 1,210 5,733 Federal agency2 0 0 0 0 Repurchase agreements4 111,143 - 2,214 + 88,607 116,750 Term auction credit 150,000 0 + 150,000 150,000 Other loans 14,301 + 1,287 + 13,941 16,192 Primary credit 13,916 + 1,060 + 13,771 16,097 Secondary credit 279 + 222 + 279 0 Seasonal credit 98 - 3 - 118 94 Primary dealer credit facility 9 + 9 + 9 0 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC5 28,955 + 55 + 28,955 29,019 Float -1,344 + 17 - 618 -2,072 Other Federal Reserve assets 106,359 + 1,328 + 65,511 106,236 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding6 38,889 + 14 + 358 38,889 Total factors supplying reserve funds 940,548 + 566 + 35,117 947,289 Currency in circulation6 830,117 - 2,976 + 16,121 830,730 Reverse repurchase agreements7 42,046 - 938 + 10,480 43,007 Foreign official and international accounts 42,046 - 938 + 10,480 43,007 Dealers 0 0 0 0 Treasury cash holdings 279 + 4 - 71 272 Deposits with F.R. Banks, other than reserve balances 12,285 - 444 + 1,243 11,669 U.S. Treasury, general account 4,711 - 469 + 537 4,036 Foreign official 101 + 1 - 23 102 Service-related 7,195 0 + 764 7,195 Required clearing balances 7,195 0 + 764 7,195 Adjustments to compensate for float 0 0 0 0 Other 278 + 24 - 34 336 Other liabilities and capital8 45,073 + 725 + 5,723 45,003 Total factors, other than reserve balances, absorbing reserve funds 929,800 - 3,630 + 33,495 930,681 Reserve balances with Federal Reserve Banks 10,748 + 4,196 + 1,622 16,608 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 1A. 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. 5. Fair value. Refer to table 2 and the note on consolidation accompanying table 5. 6. Estimated. 7. Cash value of agreements, which are collateralized by U.S. Treasury securities. 8. Includes the liabilities of Maiden Lane LLC to entities other than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of Maiden Lane LLC. Refer to table 2 and the note on consolidation accompanying table 5. Sources: Federal Reserve Banks and the U.S. Department of the Treasury.

H.4.1 1A. Memorandum Items, July 16, 2008 Millions of dollars Averages of daily figures Wednesday Memorandum item Week ended Change from week ended Jul 16, 2008 Jul 16, 2008 Jul 9, 2008 Jul 18, 2007 Marketable securities held in custody for foreign official and international accounts1 2,347,973 - 2,065 + 351,954 2,349,163 U.S. Treasury 1,364,058 - 11,364 + 112,581 1,363,223 Federal agency 983,915 + 9,299 + 239,372 985,941 Securities lent to dealers 104,270 - 5,505 + 99,592 103,860 Overnight facility2 4,142 - 1,879 - 536 4,260 Term facility3 100,128 - 3,626 + 100,128 99,600 Note: Components may not sum to totals because of rounding. 1. Face value of the securities. Includes U.S. Treasury STRIPS and other zero-coupon bonds at face value. 2. Fully collateralized by U.S. Treasury securities. 3. 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. 2. Information on Principal Accounts of Maiden Lane LLC Millions of dollars Wednesday Account name Jul 16, 2008 Net portfolio holdings of Maiden Lane LLC1 29,019 Outstanding principal amount of loan extended by the Federal Reserve Bank of New York2 28,820 Accrued interest payable to the Federal Reserve Bank of New York2 37 Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co.3 1,154 1. Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if th e transaction were to be conducted in an orderly market on the measurement date. Revalued quarterly. This table reflects valuations as of June 30, 2008. 2. Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York's statement of condition consistent with consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 5. 3. Book value. The fair value of these obligations is included in other liabilities and capital in table 1 and in other liabilities and accrued dividends in table 4 and table 5. Note: On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended credit to Maiden Lane LLC under the authority of section 13(3) of the Federal Reserve Act. This limited liability company was formed to acquire certain assets of Bear Stearns and to manage those assets through time to maximize repayment of the credit extended and to minimize disruption to financial markets. Payments by Maiden Lane LLC from the proceeds of the net portfolio holdings will be made in the following order: operating expenses of the LLC, principal due to the FRBNY, interest due to the FRBNY, principal due to JPMorgan Chase & Co., and interest due to JPMorgan Chase & Co. Any remaining funds will be paid to the FRBNY. 3. Maturity Distribution of Term Auction Credit, Other Loans, and Securities, July 16, 2008 Millions of dollars U.S. Treasury Reverse Term auction Other securities2 Repurchase Remaining maturity repurchase credit loans1 Holdings Weekly agreements3 agreements3 changes Within 15 days 150,000 5,272 13,215 + 8,396 76,750 43,007 16 days to 90 days 0 10,919 31,854 - 8,396 40,000 0 91 days to 1 year ... 0 74,878 + 1,240 ... ... Over 1 year to 5 years ... ... 172,629 - 863 ... ... Over 5 years to 10 years ... ... 89,829 - 326 ... ... Over 10 years ... ... 96,631 + 34 ... ... All 150,000 16,192 479,036 + 85 116,750 43,007 Note: Components may not sum to totals because of rounding. . . . Not applicable. 1. Excludes the loan from the Federal Reserve Bank of New York to Maiden Lane LLC that was eliminated when preparing that Bank's statement of condition consistent with consolidation under generally accepted accounting principles. The loan to Maiden Lane LLC is designed to be repaid from the orderly liquidation of Maiden Lane LLC's portfolio holdings and does not have a fixed amortization schedule. 2. 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. 3. Cash value of agreements.

H.4.1 4. Consolidated Statement of Condition of All Federal Reserve Banks Millions of dollars Change since Eliminations from Assets, liabilities, and capital consolidation Wednesday Wednesday Wednesday Jul 16, 2008 Jul 9, 2008 Jul 18, 2007 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 2,200 0 0 Coin 1,311 + 12 + 330 Securities, repurchase agreements, term auction credit, and other loans 761,977 + 12,695 - 56,185 Securities held outright 479,036 + 85 - 311,624 U.S. Treasury1 479,036 + 85 - 311,624 Bills2 21,740 0 - 255,279 Notes and bonds, nominal2 412,392 0 - 62,280 Notes and bonds, inflation-indexed2 39,171 0 + 4,712 Inflation compensation3 5,733 + 85 + 1,223 Federal agency2 0 0 0 Repurchase agreements4 116,750 + 9,750 + 89,500 Term auction credit 150,000 0 + 150,000 Other loans 16,192 + 2,860 + 15,940 Net portfolio holdings of Maiden Lane LLC5 29,019 + 75 + 29,019 Items in process of collection (610) 1,067 - 601 - 2,162 Bank premises 2,157 + 3 + 111 Other assets6 104,205 + 961 + 65,154 Total assets (610) 912,972 + 13,143 + 36,265 Liabilities Federal Reserve notes, net of F.R. Bank holdings 793,421 - 2,238 + 16,477 Reverse repurchase agreements7 43,007 + 1,731 + 10,500 Deposits (0) 28,403 + 12,710 + 3,800 Depository institutions 23,929 + 12,919 + 4,013 U.S. Treasury, general account 4,036 - 319 - 64 Foreign official 102 + 2 - 191 Other (0) 336 + 109 + 42 Deferred availability cash items (610) 3,139 - 92 - 661 Other liabilities and accrued dividends8,9 4,190 + 512 - 1,488 Total liabilities (610) 872,159 + 12,622 + 28,627 Capital accounts Capital paid in 19,884 + 4 + 3,715 Surplus 18,493 0 + 3,094 Other capital accounts 2,437 + 519 + 830 Total capital 40,814 + 523 + 7,640 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 1A. 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. Fair value. Refer to table 2 and the note on consolidation accompanying table 5. 6. Includes assets denominated in foreign currencies, which are revalued daily at market exchange rates. 7. Cash value of agreements, which are collateralized by U.S. Treasury securities. 8. Includes exchange-translation account reflecting the daily revaluation at market exchange rates of foreign exchange commitments. 9. Includes the liabilities of Maiden Lane LLC to entities other than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of Maiden Lane LLC. Refer to the note on consolidation accompanying table 5.

H.4.1 5. Statement of Condition of Each Federal Reserve Bank, July 16, 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 1,311 35 59 96 112 166 155 159 48 52 90 152 187 Securities, repurchase agreements, term auction credit, and other loans 761,977 26,491 316,282 26,298 28,412 67,598 65,851 57,661 22,749 11,915 22,096 28,022 88,602 Securities held outright 479,036 20,093 170,438 20,915 18,165 43,438 47,663 42,279 16,554 9,044 17,589 19,871 52,987 U.S. Treasury1 479,036 20,093 170,438 20,915 18,165 43,438 47,663 42,279 16,554 9,044 17,589 19,871 52,987 Bills2 21,740 912 7,735 949 824 1,971 2,163 1,919 751 410 798 902 2,405 Notes and bonds3 457,296 19,181 162,703 19,966 17,340 41,467 45,500 40,361 15,803 8,633 16,791 18,969 50,582 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 116,750 4,897 41,539 5,097 4,427 10,587 11,616 10,304 4,034 2,204 4,287 4,843 12,914 Term auction credit 150,000 1,500 92,305 240 5,810 13,479 6,390 4,350 2,016 27 200 3,300 20,383 Other loans 16,192 1 12,000 45 10 94 181 728 145 640 20 8 2,318 Net portfolio holdings of Maiden Lane LLC5 29,019 0 29,019 0 0 0 0 0 0 0 0 0 0 Items in process of collection 1,676 71 0 -120 425 88 80 234 30 301 150 183 233 Bank premises 2,157 119 212 65 150 203 227 208 125 111 276 253 207 Other assets6 104,205 5,627 28,586 9,305 6,754 25,305 8,226 5,153 1,380 1,984 1,477 2,357 8,052 Interdistrict settlement account 0 + 4,023 -54,027 + 7,947 + 1,544 - 6,840 +22,655 +16,215 + 4,830 + 2,767 + 6,444 + 3,952 - 9,510 Total assets 913,582 36,906 324,940 44,127 37,925 87,559 98,580 80,756 29,577 17,359 30,948 35,652 89,254 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 1A. 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. Fair value. Refer to the note on consolidation below. 6. Includes assets denominated in foreign currencies, which are revalued daily at market exchange rates. Note on consolidation: On June 26, 2008, the Federal Reserve Bank of New York extended a loan under the authority of section 13(3) of the Federal Reserve Act to Maiden Lane LLC, a limited liability company formed to acquire certain assets of Bear Stearns. The Federal Reserve Bank of New York is the primary beneficiary of Maiden Lane LLC. Consistent with generally accepted accounting principles, the assets and liabilities of Maiden Lane LLC have been consolidated with the assets and liabilities of the Federal Reserve Bank of New York in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the extension of credit from the Federal Reserve Bank of New York to Maiden Lane LLC is eliminated, the net assets of Maiden Lane LLC appear as an asset in this table (and table 1 and table 4), and the liabilities of Maiden Lane LLC to entities other than the Federal Reserve Bank of New York, including those with recourse only to the portfolio holdings of Maiden Lane LLC, are included in other liabilities on the next page (and in table 1 and table 4).

H.4.1 5. Statement of Condition of Each Federal Reserve Bank, July 16, 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 989,8 7 4 37,3 3 3 348,1 6 6 40,6 9 2 38,8 3 8 80,8 3 5 119,6 8 7 83,1 0 6 30,7 4 3 17,9 3 6 31,7 0 6 55,6 1 2 105,221 Less: Notes held by F.R. Banks 196,4 5 3 4,9 4 5 59,8 6 7 7,0 0 0 6,9 5 7 12,8 7 5 30,8 4 6 13,1 6 9 3,6 7 6 2,8 2 7 3,5 8 2 23,8 8 8 26,821 Federal Reserve notes, net 793,4 2 1 32,3 8 8 288,2 9 9 33,6 9 2 31,8 8 1 67,9 6 0 88,8 4 1 69,9 3 6 27,0 6 7 15,1 0 9 28,1 2 4 31,7 2 4 78,399 Reverse repurchase agreements1 43,0 0 7 1,8 0 4 15,3 0 2 1,8 7 8 1,6 3 1 3,9 0 0 4,2 7 9 3,7 9 6 1,4 8 6 8 1 2 1,5 7 9 1,7 8 4 4,757 Deposits 28,4 0 3 5 4 9 8,9 3 2 3,4 2 1 8 7 8 4,5 1 6 1,6 8 5 3,8 0 0 4 2 6 3 6 4 4 5 9 1,0 6 0 2,312 Depository institutions 23,9 2 9 5 4 5 4,6 3 0 3,4 1 7 8 7 4 4,3 8 2 1,6 8 2 3,7 9 8 4 1 2 3 6 3 4 5 8 1,0 5 9 2,309 U.S. Treasury, general account 4,0 3 6 0 4,0 3 6 0 0 0 0 0 0 0 0 0 0 Foreign official 1 0 2 2 7 2 4 3 1 1 3 2 0 1 0 1 3 Other 3 3 6 2 1 9 4 0 1 1 2 4 0 0 1 3 0 1 0 0 Deferred availability cash items 3,7 4 9 1 7 5 0 5 1 3 6 9 3 3 1 7 2 5 6 3 3 3 6 9 2 8 5 2 2 8 2 6 4 614 Other liabilities and accrued dividends2,3 4,1 9 0 1 3 8 1,9 6 5 1 4 9 1 6 1 3 7 6 3 2 0 2 7 3 1 4 5 9 7 1 2 3 1 6 4 280 Total liabilities 872,7 6 9 35,0 5 4 314,4 9 7 39,6 5 3 35,2 4 4 77,0 6 9 95,3 8 1 78,1 3 7 29,1 9 4 16,6 6 7 30,5 1 4 34,9 9 6 86,362 Capital Capital paid in 19,8 8 4 7 6 4 5,0 6 5 2,3 3 5 1,3 2 2 5,1 7 8 1,5 6 3 1,2 8 1 1 8 1 3 2 2 2 0 9 2 6 2 1,401 Surplus 18,4 9 3 1,0 5 0 4,6 5 7 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 2,4 3 7 3 7 7 2 0 3 2 5 6 8 3 1 4 2 1 1 5 2 2 2 2 1 5 3 2 3 0 139 Total liabilities and capital 913,5 8 2 36,9 0 6 324,9 4 0 44,1 2 7 37,9 2 5 87,5 5 9 98,5 8 0 80,7 5 6 29,5 7 7 17,3 5 9 30,9 4 8 35,6 5 2 89,254 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. 3. Includes the liabilities of Maiden Lane LLC to entities other than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of Maiden Lane LLC. Refer to the note on consolidation on the previous page. 6. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts Millions of dollars Wednesday Federal Reserve notes and collateral Jul 16, 2008 Federal Reserve notes outstanding 989,874 Less: Notes held by F.R. Banks not subject to collateralization 196,453 Federal Reserve notes to be collateralized 793,421 Collateral held against Federal Reserve notes 793,421 Gold certificate account 11,037 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 553,300 Other assets pledged 226,884 Memo: Total U.S. Treasury and agency securities1 595,786 Less: Face value of securities under reverse repurchase agreements 42,486 U.S. Treasury and agency securities eligible to be pledged 553,300 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.