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 8, 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 Apr 7, 2004 Mar 31, 2004 Apr 9, 2003 Apr 7, 2004 Reserve Bank credit 733,554 - 4,184 + 29,147 734,127 Securities held outright 674,201 + 164 + 30,261 674,294 U.S. Treasury1 674,201 + 164 + 30,271 674,294 Bills2 246,644 + 145 + 11,599 246,729 Notes and bonds, nominal2 411,388 0 + 16,663 411,388 Notes and bonds, inflation-indexed2 14,464 0 + 1,650 14,464 Inflation compensation3 1,705 + 19 + 360 1,713 Federal agency2 0 0 - 10 0 Repurchase agreements4 19,571 - 4,786 - 2,322 19,750 Loans to depository institutions 73 + 25 + 44 79 Primary credit 36 + 25 + 23 33 Secondary credit 0 0 0 0 Seasonal credit 37 + 1 + 21 47 Float -497 + 226 - 439 -340 Other Federal Reserve assets 40,205 + 186 + 1,602 40,344 Gold stock 11,045 0 + 2 11,045 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 35,671 + 14 + 850 35,671 Total factors supplying reserve funds 782,471 - 4,169 + 30,000 783,043 Currency in circulation5 716,143 + 1,859 + 29,169 718,264 Reverse repurchase agreements6 19,399 - 1,059 - 1,254 19,072 Foreign official and international accounts 19,399 - 1,059 - 932 19,072 Dealers 0 0 - 321 0 Treasury cash holdings 363 + 13 + 10 346 Deposits with F.R. Banks, other than reserve balances 16,019 + 36 - 2,651 15,563 U.S. Treasury, general account 5,010 - 236 - 1,518 4,561 Foreign official 93 + 9 - 25 96 Service-related 10,568 + 155 - 1,176 10,568 Required clearing balances 10,562 + 152 - 258 10,562 Adjustments to compensate for float 5 + 2 - 918 5 Other 348 + 107 + 67 338 Other liabilities and capital 20,831 - 72 + 971 20,527 Total factors, other than reserve balances, absorbing reserve funds 772,755 + 776 + 26,245 773,773 Reserve balances with Federal Reserve Banks 9,715 - 4,946 + 3,755 9,270 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,176,054 + 16,741 + 277,488 1,179,325 U.S. Treasury 941,640 + 16,254 + 221,058 946,587 Federal agency 234,415 + 488 + 56,431 232,738 Securities lent to dealers 1,944 + 1,049 + 1,628 2,109 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 Apr 7, 2004 Mar 31, 2004 Apr 9, 2003 Assets Gold certificate account 11,041 0 + 3 Special drawing rights certificate account 2,200 0 0 Coin 844 + 8 - 234 Securities, repurchase agreements, and loans 694,123 - 7,525 + 27,756 Securities held outright 674,294 + 210 + 29,210 U.S. Treasury1 674,294 + 210 + 29,220 Bills2 246,729 + 190 + 11,179 Notes and bonds, nominal2 411,388 0 + 16,034 Notes and bonds, inflation-indexed2 14,464 0 + 1,650 Inflation compensation3 1,713 + 21 + 358 Federal agency2 0 0 - 10 Repurchase agreements4 19,750 - 7,750 - 1,500 Loans 79 + 15 + 46 Items in process of collection (786) 6,360 + 647 - 2,683 Bank premises 1,658 - 5 + 100 Other assets5 38,734 + 228 + 1,238 Total assets (786) 754,960 - 6,646 + 26,180 Liabilities Federal Reserve notes, net of F.R. Bank holdings 683,778 + 2,204 + 28,674 Reverse repurchase agreements6 19,072 - 2,629 - 1,219 Deposits (0) 24,882 - 6,271 - 427 Depository institutions 19,886 - 5,069 + 1,828 U.S. Treasury, general account 4,561 - 1,323 - 2,311 Foreign official 96 + 13 - 6 Other (0) 338 + 107 + 61 Deferred availability cash items (786) 6,700 + 402 - 1,760 Other liabilities and accrued dividends7 2,233 + 15 - 31 Total liabilities (786) 736,665 - 6,280 + 25,238 Capital accounts Capital paid in 8,982 + 4 + 461 Surplus 8,847 0 + 467 Other capital accounts 466 - 370 + 14 Total capital 18,295 - 366 + 943 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, April 7, 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 35 44,834 + 1,131 0 0 19,750 19,072 16 days to 90 days 44 156,195 + 6,835 0 0 0 0 91 days to 1 year 0 162,020 - 7,776 0 0 . . . . . . Over 1 year to 5 years . . . 183,799 + 8 0 0 . . . . . . Over 5 years to 10 years . . . 50,007 + 5 0 0 . . . . . . Over 10 years . . . 77,440 + 8 0 0 . . . . . . All 79 674,294 + 210 0 0 19,750 19,072 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 April 7, 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 4 4,6 5 1 3 8 2 4 5 2 8 1 9 8 9 4 9 2 4 3 2 5 2 1 8 3 0 2 5 2 5 1,055 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 4 4 4 1 3 6 5 1 4 0 7 8 8 5 1 1 1 6 6 3 0 4 8 1 4 9 108 Securities, repurchase agreements, and loans 694,1 2 3 31,6 6 5 312,1 3 3 20,0 5 5 28,8 1 3 51,2 4 9 45,4 7 4 60,7 5 8 19,8 2 0 14,7 2 0 17,7 2 4 30,7 4 5 60,968 Securities held outright 674,2 9 4 31,6 6 3 292,3 8 3 20,0 5 5 28,8 1 3 51,2 4 9 45,4 7 3 60,7 3 9 19,8 1 0 14,7 0 7 17,7 1 9 30,7 4 5 60,938 U.S. Treasury1 674,2 9 4 31,6 6 3 292,3 8 3 20,0 5 5 28,8 1 3 51,2 4 9 45,4 7 3 60,7 3 9 19,8 1 0 14,7 0 7 17,7 1 9 30,7 4 5 60,938 Bills2 246,7 2 9 11,5 8 6 106,9 8 5 7,3 3 8 10,5 4 3 18,7 5 2 16,6 3 9 22,2 2 5 7,2 4 9 5,3 8 1 6,4 8 4 11,2 5 0 22,298 Notes and bonds3 427,5 6 5 20,0 7 7 185,3 9 8 12,7 1 7 18,2 7 0 32,4 9 7 28,8 3 4 38,5 1 4 12,5 6 1 9,3 2 6 11,2 3 6 19,4 9 5 38,640 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 7 9 2 0 0 0 0 1 1 9 1 0 1 3 5 0 30 Items in process of collection 7,1 4 5 4 4 0 4 9 8 4 8 9 2 0 8 4 0 0 8 3 5 3 5 1 4 1 5 3 5 8 4 5 3 3 3 2 2,365 Bank premises 1,6 5 8 9 5 1 8 9 5 2 1 5 2 1 4 4 2 7 8 1 2 8 4 9 1 2 4 7 4 1 9 3 180 Other assets5 38,7 3 4 1,7 5 7 13,9 4 5 1,1 6 5 2,3 6 5 6,0 2 6 2,2 2 1 3,4 9 4 1,0 1 3 1,1 4 3 8 0 3 9 9 7 3,807 Interdistrict settlement account 0 + 3,1 8 6 -17,0 1 9 + 1,4 5 2 - 1,2 3 6 + 6 8 9 + 1,5 1 6 - 1,8 9 1 + 1 1 6 - 4 6 7 + 6 7 4 + 4,0 2 4 + 8,954 Total assets 755,7 4 5 37,7 9 4 315,3 0 8 23,7 3 0 30,8 9 7 59,5 5 4 51,4 6 9 64,0 8 7 21,8 7 5 16,1 5 6 20,1 4 3 37,0 6 2 77,671 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 April 7, 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 804,60 7 38,8 9 7 323,2 7 0 29,5 0 9 32,4 2 7 59,9 8 6 64,0 3 9 66,3 1 7 23,5 1 1 15,7 6 4 22,3 2 0 41,5 4 4 87,024 Less: notes held by F.R. Banks 120,82 8 4,8 3 7 31,9 3 3 8,3 5 2 5,1 9 5 10,7 3 2 17,3 7 4 8,3 6 9 3,6 0 3 1,4 8 4 4,1 7 3 6,9 3 8 17,837 Federal Reserve notes, net 683,77 8 34,0 6 0 291,3 3 7 21,1 5 7 27,2 3 1 49,2 5 4 46,6 6 5 57,9 4 8 19,9 0 8 14,2 8 0 18,1 4 7 34,6 0 5 69,187 Reverse repurchase agreements1 19,07 2 8 9 6 8,2 7 0 5 6 7 8 1 5 1,4 5 0 1,2 8 6 1,7 1 8 5 6 0 4 1 6 5 0 1 8 7 0 1,724 Deposits 24,88 2 1,1 6 6 10,0 0 9 8 8 4 9 0 1 3,9 0 2 1,4 2 0 1,8 0 2 6 3 6 4 2 2 6 8 6 8 0 3 2,251 Depository institutions 19,88 6 1,1 6 2 5,2 0 7 8 8 3 8 9 9 3,7 3 2 1,4 1 8 1,7 9 8 6 3 3 4 2 1 6 8 4 8 0 2 2,247 U.S. Treasury, general account 4,56 1 0 4,5 6 1 0 0 0 0 0 0 0 0 0 0 Foreign official 9 6 2 7 3 1 2 7 2 3 1 1 1 0 4 Other 33 8 2 1 6 8 0 0 1 6 3 0 0 3 0 1 1 0 Deferred availability cash items 7,48 5 6 2 0 6 6 8 4 7 9 3 5 2 5 5 5 9 2 8 5 5 7 2 0 0 3 4 0 4 0 7 4 1 7 1,960 Other liabilities and accrued dividends2 2,23 3 1 2 6 7 0 2 9 1 1 1 8 2 3 4 1 8 5 2 1 1 1 0 2 8 1 8 3 1 1 8 184 Total liabilities 737,45 1 36,8 6 7 310,9 8 6 23,1 7 8 29,4 1 8 55,3 9 4 50,4 8 3 62,2 3 5 21,4 0 7 15,5 3 9 19,8 2 4 36,8 1 4 75,306 Capital Capital paid in 8,98 2 4 6 2 2,1 0 5 2 7 5 7 3 9 2,0 5 7 4 8 5 9 0 9 2 3 2 2 6 5 1 5 1 1 2 0 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 46 6 1 7 1 8 6 1 8 1 3 2 9 1 2 1 9 8 6 6 1 7 134 Total liabilities and capital 755,74 5 37,7 9 4 315,3 0 8 23,7 3 0 30,8 9 7 59,5 5 4 51,4 6 9 64,0 8 7 21,8 7 5 16,1 5 6 20,1 4 3 37,0 6 2 77,671 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 Apr 7, 2004 Federal Reserve notes outstanding 804,607 Less: Notes held by F.R. Banks not subject to collateralization 120,828 Federal Reserve notes to be collateralized 683,778 Collateral held against Federal Reserve notes 683,778 Gold certificate account 11,041 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 670,538 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 694,044 Less: face value of securities under reverse repurchase agreements 19,077 U.S. Treasury and agency securities eligible to be pledged 674,966 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.