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 April 1, 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 31, 2004 Mar 24, 2004 Apr 2, 2003 Mar 31, 2004 Reserve Bank credit 737,739 + 6,461 + 29,906 741,176 Securities held outright 674,037 + 519 + 32,726 674,084 U.S. Treasury1 674,037 + 519 + 32,736 674,084 Bills2 246,499 + 30 + 13,955 246,539 Notes and bonds, nominal2 411,388 + 471 + 16,767 411,388 Notes and bonds, inflation-indexed2 14,464 0 + 1,650 14,464 Inflation compensation3 1,686 + 18 + 364 1,692 Federal agency2 0 0 - 10 0 Repurchase agreements4 24,357 + 5,571 - 4,107 27,500 Loans to depository institutions 48 - 14 + 37 64 Primary credit 11 - 15 + 7 31 Secondary credit 0 0 0 0 Seasonal credit 36 0 + 29 33 Float -722 + 55 - 127 -586 Other Federal Reserve assets 40,019 + 329 + 1,377 40,114 Gold stock 11,045 0 + 2 11,045 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 35,657 + 14 + 859 35,657 Total factors supplying reserve funds 786,641 + 6,475 + 30,767 790,078 Currency in circulation5 714,287 + 226 + 28,403 716,052 Reverse repurchase agreements6 20,458 + 1,219 + 1,167 21,701 Foreign official and international accounts 20,458 + 1,219 + 1,167 21,701 Dealers 0 0 0 0 Treasury cash holdings 347 + 8 - 23 347 Deposits with F.R. Banks, other than reserve balances 15,983 - 275 - 1,282 16,611 U.S. Treasury, general account 5,246 - 125 - 408 5,884 Foreign official 84 + 4 - 39 83 Service-related 10,413 - 138 - 850 10,413 Required clearing balances 10,410 + 1 - 568 10,410 Adjustments to compensate for float 3 - 139 - 282 3 Other 241 - 15 + 16 231 Other liabilities and capital 20,903 - 61 + 940 20,880 Total factors, other than reserve balances, absorbing reserve funds 771,979 + 1,118 + 29,206 775,591 Reserve balances with Federal Reserve Banks 14,662 + 5,357 + 1,562 14,487 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,159,313 - 16,871 + 262,251 1,164,658 U.S. Treasury 925,386 - 11,265 + 207,800 934,269 Federal agency 233,927 - 5,606 + 54,451 230,388 Securities lent to dealers 895 - 846 - 972 1,939 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 31, 2004 Mar 24, 2004 Apr 2, 2003 Assets Gold certificate account 11,041 0 + 3 Special drawing rights certificate account 2,200 0 0 Coin 836 + 2 - 256 Securities, repurchase agreements, and loans 701,648 + 7,855 + 29,650 Securities held outright 674,084 + 89 + 32,602 U.S. Treasury1 674,084 + 89 + 32,612 Bills2 246,539 + 70 + 13,831 Notes and bonds, nominal2 411,388 0 + 16,767 Notes and bonds, inflation-indexed2 14,464 0 + 1,650 Inflation compensation3 1,692 + 18 + 363 Federal agency2 0 0 - 10 Repurchase agreements4 27,500 + 7,750 - 3,000 Loans 64 + 16 + 49 Items in process of collection (1,017) 5,713 + 1,086 - 2,663 Bank premises 1,663 + 8 + 106 Other assets5 38,506 + 263 + 1,360 Total assets (1,017) 761,606 + 9,213 + 28,199 Liabilities Federal Reserve notes, net of F.R. Bank holdings 681,574 + 1,127 + 27,214 Reverse repurchase agreements6 21,701 + 1,714 + 1,972 Deposits (0) 31,153 + 5,706 + 570 Depository institutions 24,955 + 4,239 + 951 U.S. Treasury, general account 5,884 + 1,480 - 315 Foreign official 83 + 3 - 20 Other (0) 231 - 16 - 46 Deferred availability cash items (1,017) 6,298 + 493 - 2,716 Other liabilities and accrued dividends7 2,218 - 47 0 Total liabilities (1,017) 742,945 + 8,994 + 27,041 Capital accounts Capital paid in 8,978 + 14 + 464 Surplus 8,847 0 + 467 Other capital accounts 836 + 205 + 227 Total capital 18,661 + 220 + 1,158 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 31, 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 60 43,703 - 7,273 0 0 27,500 21,701 16 days to 90 days 5 149,360 - 1,259 0 0 0 0 91 days to 1 year 0 169,796 + 8,481 0 0 . . . . . . Over 1 year to 5 years . . . 183,791 + 130 0 0 . . . . . . Over 5 years to 10 years . . . 50,002 + 4 0 0 . . . . . . Over 10 years . . . 77,432 + 6 0 0 . . . . . . All 64 674,084 + 89 0 0 27,500 21,701 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 31, 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 6 3 9 3 9 5 0 4 2 8 0 8 1 1 0 9 6 4 3 0 4 8 1 4 5 109 Securities, repurchase agreements, and loans 701,6 4 8 32,5 9 1 315,8 9 5 21,0 7 5 31,5 8 6 51,8 3 9 45,5 3 9 68,1 2 9 21,2 1 5 15,0 5 7 18,1 1 7 26,4 1 7 54,189 Securities held outright 674,0 8 4 32,5 8 9 288,3 9 5 21,0 7 5 31,5 8 6 51,8 3 9 45,5 3 8 68,1 1 6 21,2 0 8 15,0 4 7 18,1 1 6 26,4 1 7 54,159 U.S. Treasury1 674,0 8 4 32,5 8 9 288,3 9 5 21,0 7 5 31,5 8 6 51,8 3 9 45,5 3 8 68,1 1 6 21,2 0 8 15,0 4 7 18,1 1 6 26,4 1 7 54,159 Bills2 246,5 3 9 11,9 1 9 105,4 7 7 7,7 0 8 11,5 5 2 18,9 6 0 16,6 5 5 24,9 1 3 7,7 5 6 5,5 0 3 6,6 2 6 9,6 6 2 19,808 Notes and bonds3 427,5 4 4 20,6 7 0 182,9 1 7 13,3 6 7 20,0 3 4 32,8 7 9 28,8 8 3 43,2 0 4 13,4 5 1 9,5 4 3 11,4 9 0 16,7 5 5 34,351 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 27,5 0 0 0 27,5 0 0 0 0 0 0 0 0 0 0 0 0 Loans 6 4 2 0 0 0 0 1 1 2 7 1 0 2 0 30 Items in process of collection 6,7 3 0 3 3 8 4 8 7 3 8 0 6 0 6 3 6 6 6 8 3 4 0 0 2 7 1 3 4 6 4 2 2 2 9 9 2,133 Bank premises 1,6 6 3 9 5 1 8 9 5 2 1 5 2 1 4 5 2 7 8 1 2 8 4 9 1 2 4 7 4 1 9 8 180 Other assets5 38,5 0 6 1,7 6 7 13,7 4 1 1,1 8 2 2,4 1 9 6,0 5 2 2,2 0 1 3,6 3 8 1,0 2 7 1,1 4 5 8 0 4 8 8 7 3,643 Interdistrict settlement account 0 + 2,6 7 3 -15,5 5 6 + 5 4 8 - 3,2 4 1 - 8 5 7 + 2,5 8 1 - 8,5 7 5 - 9 6 7 - 5 9 0 + 4 8 2 + 8,6 3 4 +14,867 Total assets 762,6 2 4 38,1 1 4 320,3 7 6 23,7 5 0 32,1 4 4 58,5 7 9 52,3 9 2 65,0 2 3 22,0 6 0 16,3 6 5 20,3 1 6 37,1 8 5 76,318 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 31, 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 803,47 3 38,9 5 4 323,1 2 2 29,5 5 9 32,4 7 5 60,0 5 0 64,3 1 8 66,3 2 9 23,5 4 9 15,7 6 0 22,3 1 0 41,6 6 1 85,385 Less: notes held by F.R. Banks 121,90 0 4,9 7 3 32,6 1 0 8,3 6 5 5,1 6 1 10,6 2 6 17,5 5 5 8,4 7 8 3,5 5 8 1,4 3 3 4,1 8 9 6,9 7 3 17,980 Federal Reserve notes, net 681,57 4 33,9 8 2 290,5 1 2 21,1 9 4 27,3 1 4 49,4 2 4 46,7 6 3 57,8 5 1 19,9 9 2 14,3 2 7 18,1 2 1 34,6 8 8 67,405 Reverse repurchase agreements1 21,70 1 1,0 4 9 9,2 8 5 6 7 8 1,0 1 7 1,6 6 9 1,4 6 6 2,1 9 3 6 8 3 4 8 4 5 8 3 8 5 0 1,744 Deposits 31,15 3 1,4 3 4 14,6 8 3 7 9 0 1,6 4 4 2,5 1 8 2,0 7 4 2,3 5 9 6 1 6 4 5 0 8 1 3 8 9 4 2,878 Depository institutions 24,95 5 1,4 2 9 8,5 7 1 7 8 9 1,6 3 1 2,4 5 7 2,0 7 3 2,3 5 6 6 2 2 4 4 9 8 1 1 8 9 3 2,874 U.S. Treasury, general account 5,88 4 0 5,8 8 4 0 0 0 0 0 0 0 0 0 0 Foreign official 8 3 2 6 0 1 2 7 2 3 1 1 1 0 4 Other 23 1 3 1 6 8 0 1 0 5 4 0 0 - 7 0 1 1 0 Deferred availability cash items 7,31 6 5 7 9 7 5 7 4 3 3 5 3 5 5 0 6 8 9 5 5 0 6 1 8 8 4 0 1 3 9 0 3 7 9 1,746 Other liabilities and accrued dividends2 2,21 8 1 2 4 6 8 9 9 0 1 2 0 2 4 6 1 8 1 2 1 6 1 0 3 7 7 8 4 1 1 9 170 Total liabilities 743,96 3 37,1 6 8 315,9 2 6 23,1 8 5 30,6 3 0 54,3 6 4 51,3 8 0 63,1 2 5 21,5 8 1 15,7 4 0 19,9 9 1 36,9 3 0 73,943 Capital Capital paid in 8,97 8 4 6 2 2,1 0 5 2 7 4 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 83 6 3 6 3 1 5 3 2 4 8 8 6 3 9 6 5 1 9 1 5 1 2 2 6 143 Total liabilities and capital 762,62 4 38,1 1 4 320,3 7 6 23,7 5 0 32,1 4 4 58,5 7 9 52,3 9 2 65,0 2 3 22,0 6 0 16,3 6 5 20,3 1 6 37,1 8 5 76,318 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 31, 2004 Federal Reserve notes outstanding 803,473 Less: Notes held by F.R. Banks not subject to collateralization 121,900 Federal Reserve notes to be collateralized 681,574 Collateral held against Federal Reserve notes 681,574 Gold certificate account 11,041 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 668,333 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 701,584 Less: face value of securities under reverse repurchase agreements 21,707 U.S. Treasury and agency securities eligible to be pledged 679,876 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.