STATEMENT OF CONDITION OF THE                               1
                                                 FEDERAL RESERVE BANK OF NEW YORK

         For release at 4:15 pm
Federal Reserve Bank of New York
May 15, 2008
                                                May 14, 2008        May 7, 2008         May 16, 2007
                   ASSETS

Gold certificate account                                 3,935               3,935               4,053
Special Drawing Rights certificate account                 874                 874                 874
Coin                                                        66                  68                  61

Loans                                                  123,010             110,038                   0
Repurchase agreements  (1)                              35,579              46,431               6,518
Federal agency obligations held outright (2)
U.S. Government securities held outright:
        Bills                                           17,651              23,394             100,308
        Notes                                          124,523             126,284             147,973
        Bonds                                           41,294              41,282              37,814
        Total Government securities held outr          183,468             190,960             286,095
             Total loans and securities                342,057             347,429             292,613

Cash items in process of collection                          0                   0                  35
Bank premises                                              213                 213                 212
Other assets (6)                                        25,827              21,664              11,252
Interdistrict settlement account                       (61,858)            (55,812)             (1,827)
                           TOTAL ASSETS                311,114             318,371             307,273

                 LIABILITIES

Federal Reserve notes                                  280,822             280,965             278,798
Reverse repurchase agreements  (7)                      13,916              13,887              11,749
Deposits:
   Depository Institutions                               1,739               7,462               1,704
   U.S. Treasury account                                 4,020               5,730               4,125
   Foreign accounts                                         67                  66                  62
   Other                                                   174                 162                 178
      Total deposits                                     6,000              13,420               6,069

Deferred credit items                                        0                   0                  68
Other liabilities and accrued dividends (8)                169                 (87)              1,833
                      TOTAL LIABILITIES                300,907             308,185             298,517

              CAPITAL ACCOUNTS

Capital paid in                                          4,933               4,903               4,281
Surplus                                                  4,643               4,643               3,771
Other capital accounts                                     631                 640                 704
     TOTAL LIABILITIES & CAPITAL ACCOUNTS              311,114             318,371             307,273

1 Cash value of agreements,which are collateralized by U.S. Treasury and federal agency securities.
2 Face value of the securities.
3 Includes $8,503 million of inflation-indexed notes valued at the original face amount and $930 million of compensation that adjusts for the effects
    of inflation on the principal of such securities.
4 Includes $5,433 million of inflation-indexed bonds valued at the original face amount and $870 million of compensation that adjusts for the effects
    of inflation on the principal of such securities.
5 Includes securities loans of $53,987 million that are fully collateralized by other U.S. government securities.
6 Includes assets denominated in foreign currencies, 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.