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 March 25, 2004 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 Mar 24, 2004 Mar 17, 2004 Mar 26, 2003 Mar 24, 2004 Reserve Bank credit 731,279 - 5,713 + 32,298 732,458 Securities held outright 673,518 + 432 + 33,389 673,995 U.S. Treasury1 673,518 + 432 + 33,399 673,995 Bills2 246,469 + 61 + 14,577 246,469 Notes and bonds, nominal2 410,917 + 354 + 16,296 411,388 Notes and bonds, inflation-indexed2 14,464 0 + 2,140 14,464 Inflation compensation3 1,668 + 18 + 386 1,674 Federal agency2 0 0 - 10 0 Repurchase agreements4 18,786 - 6,393 - 500 19,750 Loans to depository institutions 62 - 13 + 52 48 Primary credit 26 - 22 + 24 6 Secondary credit 0 0 0 0 Seasonal credit 36 + 9 + 28 42 Float -776 - 88 - 2,185 -1,179 Other Federal Reserve assets 39,690 + 349 + 1,543 39,844 Gold stock 11,045 0 + 2 11,045 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 35,643 + 14 + 867 35,643 Total factors supplying reserve funds 780,167 - 5,700 + 33,167 781,347 Currency in circulation5 714,061 + 193 + 29,542 714,914 Reverse repurchase agreements6 19,239 + 144 + 919 19,987 Foreign official and international accounts 19,239 + 144 + 919 19,987 Dealers 0 0 0 0 Treasury cash holdings 339 + 16 - 55 347 Deposits with F.R. Banks, other than reserve balances 16,258 - 1,041 - 1,525 15,282 U.S. Treasury, general account 5,371 - 366 - 545 4,404 Foreign official 80 - 6 - 160 80 Service-related 10,551 - 578 - 861 10,551 Required clearing balances 10,409 - 477 - 568 10,409 Adjustments to compensate for float 142 - 101 - 293 142 Other 256 - 91 + 41 247 Other liabilities and capital 20,964 + 428 + 1,552 20,707 Total factors, other than reserve balances, absorbing reserve funds 770,861 - 260 + 30,433 771,236 Reserve balances with Federal Reserve Banks 9,306 - 5,440 + 2,735 10,111 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,176,184 + 7,914 + 281,076 1,170,893 U.S. Treasury 936,651 + 3,517 + 221,081 932,809 Federal agency 239,533 + 4,397 + 59,995 238,084 Securities lent to dealers 1,741 - 998 - 1,017 1,667 Note: Components may not sum to totals because of rounding. 1. Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities. 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. 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 Mar 24, 2004 Mar 17, 2004 Mar 26, 2003 Assets Gold certificate account 11,041 0 + 2 Special drawing rights certificate account 2,200 0 0 Coin 834 - 12 - 247 Securities, repurchase agreements, and loans 693,793 - 8,457 + 27,385 Securities held outright 673,995 + 842 + 33,094 U.S. Treasury1 673,995 + 842 + 33,104 Bills2 246,469 0 + 14,326 Notes and bonds, nominal2 411,388 + 825 + 16,767 Notes and bonds, inflation-indexed2 14,464 0 + 1,650 Inflation compensation3 1,674 + 17 + 362 Federal agency2 0 0 - 10 Repurchase agreements4 19,750 - 9,000 - 5,750 Loans 48 - 299 + 41 Items in process of collection (961) 4,627 - 1,288 - 1,938 Bank premises 1,655 + 2 + 97 Other assets5 38,243 + 619 + 1,122 Total assets (961) 752,393 - 9,136 + 26,422 Liabilities Federal Reserve notes, net of F.R. Bank holdings 680,447 - 563 + 27,517 Reverse repurchase agreements6 19,987 + 1,217 + 1,756 Deposits (0) 25,447 - 9,042 - 2,632 Depository institutions 20,716 - 6,919 - 1,099 U.S. Treasury, general account 4,404 - 2,011 - 1,523 Foreign official 80 - 32 - 82 Other (0) 247 - 79 + 72 Deferred availability cash items (961) 5,805 - 878 - 1,325 Other liabilities and accrued dividends7 2,265 + 39 + 17 Total liabilities (961) 733,951 - 9,228 + 25,333 Capital accounts Capital paid in 8,964 - 33 + 471 Surplus 8,847 + 55 + 467 Other capital accounts 631 + 71 + 151 Total capital 18,441 + 91 + 1,089 Note: Components may not sum to totals because of rounding. 1. Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities. 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 Loans and Securities, March 24, 2004 Millions of dollars U.S. Treasury Federal agency Reverse securities1 securities Repurchase Maturity Loans repurchase Weekly Weekly agreements2 Holdings Holdings agreements2 changes changes Within 15 days 42 50,976 + 595 0 0 19,750 19,987 16 days to 90 days 6 150,619 - 793 0 0 0 0 91 days to 1 year 0 161,315 + 197 0 0 . . . . . . Over 1 year to 5 years . . . 183,661 + 582 0 0 . . . . . . Over 5 years to 10 years . . . 49,998 + 254 0 0 . . . . . . Over 10 years . . . 77,426 + 7 0 0 . . . . . . All 48 673,995 + 842 0 0 19,750 19,987 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 classified by remaining maturity of the agreements.

H.4.1 4. Statement of Condition of Each Federal Reserve Bank on March 24, 2004 Millions of dollars Kansas San Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco Assets Gold certificate account 11,0 4 1 4 9 5 4,7 0 8 3 8 0 4 7 7 8 0 8 8 6 3 9 8 2 3 3 1 2 2 4 3 0 3 5 0 7 963 Special drawing rights certificate acct. 2,2 0 0 1 1 5 8 7 4 8 3 1 0 4 1 4 7 1 6 6 2 1 2 7 1 3 0 6 6 9 8 234 Coin 8 3 4 3 9 3 9 4 9 4 3 8 5 7 8 1 0 7 6 0 3 0 4 9 1 4 5 111 Securities, repurchase agreements, and loans 693,7 9 3 32,5 9 2 308,1 0 7 21,0 7 6 31,5 8 2 51,8 3 2 45,5 3 4 68,1 2 3 21,2 1 4 15,0 5 3 18,1 1 5 26,4 1 4 54,152 Securities held outright 673,9 9 5 32,5 8 5 288,3 5 7 21,0 7 2 31,5 8 2 51,8 3 2 45,5 3 2 68,1 0 7 21,2 0 5 15,0 4 5 18,1 1 3 26,4 1 4 54,152 U.S. Treasury1 673,9 9 5 32,5 8 5 288,3 5 7 21,0 7 2 31,5 8 2 51,8 3 2 45,5 3 2 68,1 0 7 21,2 0 5 15,0 4 5 18,1 1 3 26,4 1 4 54,152 Bills2 246,4 6 9 11,9 1 6 105,4 4 7 7,7 0 6 11,5 4 9 18,9 5 4 16,6 5 0 24,9 0 6 7,7 5 4 5,5 0 2 6,6 2 4 9,6 5 9 19,802 Notes and bonds3 427,5 2 7 20,6 6 9 182,9 1 0 13,3 6 6 20,0 3 3 32,8 7 8 28,8 8 2 43,2 0 2 13,4 5 1 9,5 4 3 11,4 9 0 16,7 5 5 34,349 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 19,7 5 0 0 19,7 5 0 0 0 0 0 0 0 0 0 0 0 Loans 4 8 7 0 4 0 0 1 1 5 9 8 2 0 0 Items in process of collection 5,5 8 8 3 1 4 5 3 6 2 6 7 2 9 5 2 8 5 4 3 2 4 1 7 2 1 6 3 5 7 4 1 7 2 8 1 1,773 Bank premises 1,6 5 5 9 6 1 8 9 5 2 1 5 1 1 4 4 2 7 8 1 2 7 4 9 1 2 5 7 4 1 8 9 180 Other assets5 38,2 4 3 1,7 5 4 13,6 8 1 1,1 7 7 2,3 9 6 5,9 8 5 2,1 8 3 3,6 1 4 1,0 2 0 1,1 3 5 8 0 1 8 8 3 3,615 Interdistrict settlement account 0 + 2,3 2 1 -13,3 2 9 + 1,4 1 0 - 4,0 3 5 - 4 2 + 2,0 8 6 - 9,1 9 2 - 1,1 0 2 - 6 4 7 + 3 7 6 + 8,5 0 8 +13,646 Total assets 753,3 5 4 37,7 2 4 314,8 0 4 24,4 9 3 31,0 1 3 59,2 4 5 51,6 2 0 64,3 9 1 21,8 5 9 16,3 0 6 20,2 0 1 37,0 2 5 74,674 Note: Components may not sum to totals because of rounding. 1. Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities. 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 March 24, 2004 (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 803,67 4 38,9 8 8 323,1 3 4 29,5 8 1 32,5 4 2 60,1 6 2 64,4 7 0 66,4 2 9 23,5 7 3 15,7 7 1 22,3 5 3 41,7 4 2 84,928 Less: notes held by F.R. Banks 123,22 6 5,0 5 8 32,4 4 4 8,3 2 0 5,3 0 6 11,0 3 5 17,5 3 8 8,6 7 4 3,6 8 2 1,4 9 5 4,2 8 2 7,0 4 5 18,349 Federal Reserve notes, net 680,44 7 33,9 3 0 290,6 9 0 21,2 6 1 27,2 3 7 49,1 2 8 46,9 3 3 57,7 5 5 19,8 9 0 14,2 7 7 18,0 7 1 34,6 9 7 66,578 Reverse repurchase agreements1 19,98 7 9 6 6 8,5 5 1 6 2 5 9 3 7 1,5 3 7 1,3 5 0 2,0 2 0 6 2 9 4 4 6 5 3 7 7 8 3 1,606 Deposits 25,44 7 1,2 7 0 9,7 4 9 1,4 0 3 8 3 8 3,7 5 6 1,3 8 1 1,9 9 3 5 7 0 4 3 2 7 9 0 8 3 8 2,427 Depository institutions 20,71 6 1,2 6 4 5,1 2 3 1,4 0 2 8 3 4 3,6 8 1 1,3 7 9 1,9 8 9 5 6 5 4 3 1 7 8 9 8 3 7 2,423 U.S. Treasury, general account 4,40 4 0 4,4 0 4 0 0 0 0 0 0 0 0 0 0 Foreign official 8 0 2 5 7 1 2 7 2 3 1 1 1 0 4 Other 24 7 5 1 6 5 0 1 6 8 0 0 4 0 1 1 0 Deferred availability cash items 6,76 6 5 0 5 6 7 2 5 4 9 3 8 3 4 2 8 7 6 9 5 1 0 1 9 6 4 4 9 3 9 1 3 4 3 1,571 Other liabilities and accrued dividends2 2,26 5 1 3 1 7 1 5 9 3 1 2 0 2 4 6 1 8 3 2 2 2 1 0 4 7 7 8 6 1 1 2 176 Total liabilities 734,91 3 36,8 0 3 310,3 7 7 23,9 3 0 29,5 1 5 55,0 9 5 50,6 1 5 62,5 0 0 21,3 8 9 15,6 8 1 19,8 7 6 36,7 7 3 72,358 Capital Capital paid in 8,96 4 4 4 9 2,1 0 5 2 7 3 7 3 9 2,0 5 6 4 8 4 9 0 8 2 3 1 2 6 5 1 5 1 1 1 9 1,183 Surplus 8,84 7 4 4 8 2,0 3 1 2 5 9 7 2 7 2,0 7 4 4 8 9 9 2 4 2 2 8 3 4 6 1 6 2 1 1 1 1,048 Other capital 63 1 2 4 2 9 1 3 1 3 2 1 9 3 2 5 8 1 1 1 5 1 2 2 2 84 Total liabilities and capital 753,35 4 37,7 2 4 314,8 0 4 24,4 9 3 31,0 1 3 59,2 4 5 51,6 2 0 64,3 9 1 21,8 5 9 16,3 0 6 20,2 0 1 37,0 2 5 74,674 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 Mar 24, 2004 Federal Reserve notes outstanding 803,674 Less: Notes held by F.R. Banks not subject to collateralization 123,226 Federal Reserve notes to be collateralized 680,447 Collateral held against Federal Reserve notes 680,447 Gold certificate account 11,041 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 667,207 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 693,745 Less: face value of securities under reverse repurchase agreements 19,992 U.S. Treasury and agency securities eligible to be pledged 673,753 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.