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 15, 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 14, 2004 Apr 7, 2004 Apr 16, 2003 Apr 14, 2004 Reserve Bank credit 740,217 + 6,663 + 28,929 743,982 Securities held outright 674,520 + 319 + 28,851 674,717 U.S. Treasury1 674,520 + 319 + 28,861 674,717 Bills2 246,942 + 298 + 11,229 247,132 Notes and bonds, nominal2 411,388 0 + 15,628 411,388 Notes and bonds, inflation-indexed2 14,464 0 + 1,650 14,464 Inflation compensation3 1,725 + 20 + 354 1,733 Federal agency2 0 0 - 10 0 Repurchase agreements4 25,729 + 6,158 - 1,092 29,700 Loans to depository institutions 85 + 12 + 49 86 Primary credit 33 - 3 + 17 30 Secondary credit 0 0 0 0 Seasonal credit 52 + 15 + 32 56 Float -463 + 34 - 178 -776 Other Federal Reserve assets 40,347 + 142 + 1,301 40,255 Gold stock 11,045 0 + 2 11,045 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 35,685 + 14 + 841 35,685 Total factors supplying reserve funds 789,147 + 6,676 + 29,772 792,913 Currency in circulation5 717,499 + 1,356 + 29,865 718,780 Reverse repurchase agreements6 20,136 + 737 - 609 19,470 Foreign official and international accounts 20,136 + 737 - 609 19,470 Dealers 0 0 0 0 Treasury cash holdings 345 - 18 - 12 340 Deposits with F.R. Banks, other than reserve balances 16,146 + 127 - 1,665 15,905 U.S. Treasury, general account 5,158 + 148 - 1,312 4,902 Foreign official 83 - 10 - 37 85 Service-related 10,568 0 - 412 10,568 Required clearing balances 10,567 + 5 - 253 10,567 Adjustments to compensate for float 2 - 3 - 158 2 Other 338 - 10 + 97 350 Other liabilities and capital 20,556 - 275 + 615 20,316 Total factors, other than reserve balances, absorbing reserve funds 774,683 + 1,928 + 28,193 774,810 Reserve balances with Federal Reserve Banks 14,464 + 4,749 + 1,579 18,103 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,180,378 + 4,324 + 282,180 1,182,058 U.S. Treasury 949,575 + 7,935 + 229,519 951,963 Federal agency 230,803 - 3,612 + 52,660 230,096 Securities lent to dealers 959 - 985 + 509 2,236 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 14, 2004 Apr 7, 2004 Apr 16, 2003 Assets Gold certificate account 11,041 0 + 3 Special drawing rights certificate account 2,200 0 0 Coin 834 - 10 - 222 Securities, repurchase agreements, and loans 704,503 + 10,380 + 19,662 Securities held outright 674,717 + 423 + 27,922 U.S. Treasury1 674,717 + 423 + 27,932 Bills2 247,132 + 403 + 11,318 Notes and bonds, nominal2 411,388 0 + 14,612 Notes and bonds, inflation-indexed2 14,464 0 + 1,650 Inflation compensation3 1,733 + 20 + 353 Federal agency2 0 0 - 10 Repurchase agreements4 29,700 + 9,950 - 8,300 Loans 86 + 7 + 40 Items in process of collection (1,080) 5,721 - 639 - 2,563 Bank premises 1,662 + 4 + 103 Other assets5 38,644 - 90 + 842 Total assets (1,080) 764,605 + 9,645 + 17,824 Liabilities Federal Reserve notes, net of F.R. Bank holdings 684,264 + 486 + 28,752 Reverse repurchase agreements6 19,470 + 398 - 331 Deposits (0) 34,058 + 9,176 - 8,737 Depository institutions 28,722 + 8,836 - 4,915 U.S. Treasury, general account 4,902 + 341 - 3,919 Foreign official 85 - 11 - 16 Other (0) 350 + 12 + 114 Deferred availability cash items (1,080) 6,497 - 203 - 2,306 Other liabilities and accrued dividends7 2,269 + 36 + 30 Total liabilities (1,080) 746,559 + 9,894 + 17,410 Capital accounts Capital paid in 8,983 + 1 + 461 Surplus 8,767 - 80 + 387 Other capital accounts 296 - 170 - 433 Total capital 18,046 - 249 + 414 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 14, 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 41 46,285 + 1,451 0 0 29,700 19,470 16 days to 90 days 46 155,706 - 489 0 0 0 0 91 days to 1 year 0 161,460 - 560 0 0 . . . . . . Over 1 year to 5 years . . . 183,807 + 8 0 0 . . . . . . Over 5 years to 10 years . . . 50,012 + 5 0 0 . . . . . . Over 10 years . . . 77,447 + 7 0 0 . . . . . . All 86 674,717 + 423 0 0 29,700 19,470 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 14, 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 3 4 3 9 3 6 4 8 3 8 8 5 8 1 1 1 5 6 4 3 0 4 6 1 4 9 104 Securities, repurchase agreements, and loans 704,5 0 3 31,6 9 0 322,2 6 6 20,0 6 8 28,8 3 1 51,2 8 1 45,5 0 1 60,7 9 5 19,8 3 5 14,7 3 2 17,7 3 5 30,7 6 4 61,006 Securities held outright 674,7 1 7 31,6 8 3 292,5 6 6 20,0 6 8 28,8 3 1 51,2 8 1 45,5 0 1 60,7 7 7 19,8 2 3 14,7 1 6 17,7 3 0 30,7 6 4 60,976 U.S. Treasury1 674,7 1 7 31,6 8 3 292,5 6 6 20,0 6 8 28,8 3 1 51,2 8 1 45,5 0 1 60,7 7 7 19,8 2 3 14,7 1 6 17,7 3 0 30,7 6 4 60,976 Bills2 247,1 3 2 11,6 0 5 107,1 6 0 7,3 5 0 10,5 6 0 18,7 8 3 16,6 6 6 22,2 6 1 7,2 6 0 5,3 9 0 6,4 9 4 11,2 6 8 22,334 Notes and bonds3 427,5 8 5 20,0 7 8 185,4 0 6 12,7 1 7 18,2 7 1 32,4 9 8 28,8 3 5 38,5 1 6 12,5 6 2 9,3 2 6 11,2 3 6 19,4 9 6 38,642 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 29,7 0 0 0 29,7 0 0 0 0 0 0 0 0 0 0 0 0 Loans 8 6 7 0 0 0 0 0 1 7 1 3 1 5 5 0 30 Items in process of collection 6,8 0 1 3 9 3 3 2 2 4 2 3 3 9 8 6 3 7 6 6 1 4 2 5 2 8 6 3 6 5 5 0 1 3 3 8 2,051 Bank premises 1,6 6 2 9 5 1 9 1 5 2 1 5 2 1 4 4 2 7 9 1 2 8 4 9 1 2 4 7 4 1 9 3 180 Other assets5 38,6 4 4 1,7 5 1 13,9 8 8 1,1 6 4 2,3 4 3 5,9 6 2 2,2 2 1 3,4 7 7 1,0 1 0 1,1 3 1 8 0 6 1,0 0 9 3,783 Interdistrict settlement account 0 + 3,5 2 4 -19,5 5 6 + 1,5 0 6 - 2 6 3 + 1 7 8 + 1,3 4 6 - 1,4 6 2 + 4 9 3 - 3 5 4 + 8 3 9 + 3,9 0 8 + 9,842 Total assets 765,6 8 5 38,1 0 0 322,7 7 2 23,7 2 6 32,0 5 5 59,2 5 3 51,1 4 9 64,6 1 5 22,1 3 3 16,2 7 6 20,3 6 8 36,9 8 3 78,255 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 14, 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 806,00 2 38,8 6 2 323,2 9 4 29,4 6 8 32,3 6 2 59,9 0 6 64,0 0 4 66,6 4 5 23,4 8 4 15,7 6 0 22,2 7 8 41,5 3 5 88,402 Less: notes held by F.R. Banks 121,73 8 4,9 4 8 31,4 0 4 8,4 3 2 5,1 9 0 10,9 4 5 18,0 8 4 8,2 9 7 3,5 3 1 1,4 6 8 4,0 9 8 7,0 4 9 18,291 Federal Reserve notes, net 684,26 4 33,9 1 5 291,8 9 1 21,0 3 6 27,1 7 2 48,9 6 1 45,9 2 0 58,3 4 8 19,9 5 3 14,2 9 2 18,1 8 0 34,4 8 6 70,111 Reverse repurchase agreements1 19,47 0 9 1 4 8,4 4 3 5 7 9 8 3 2 1,4 8 0 1,3 1 3 1,7 5 4 5 7 2 4 2 5 5 1 2 8 8 8 1,760 Deposits 34,05 8 1,6 2 4 16,8 6 4 9 4 8 1,9 4 3 3,9 5 9 1,9 2 5 1,9 3 4 7 8 9 4 0 6 8 2 8 8 2 1 2,016 Depository institutions 28,72 2 1,6 1 4 11,7 2 7 9 4 7 1,9 3 8 3,7 9 2 1,9 2 4 1,9 3 1 7 8 6 4 0 5 8 2 6 8 2 0 2,012 U.S. Treasury, general account 4,90 2 0 4,9 0 2 0 0 0 0 0 0 0 0 0 0 Foreign official 8 5 2 6 2 1 2 7 2 3 1 1 1 0 4 Other 35 0 9 1 7 4 0 2 1 6 0 0 0 3 0 1 0 0 Deferred availability cash items 7,57 7 6 0 2 5 8 9 5 2 1 5 3 2 5 3 9 8 3 2 5 3 6 2 5 6 4 6 6 4 4 9 4 1 6 1,839 Other liabilities and accrued dividends2 2,26 9 1 2 9 7 0 9 9 3 1 2 0 2 3 8 1 8 6 2 1 6 1 0 3 8 2 8 5 1 1 8 189 Total liabilities 747,63 9 37,1 8 4 318,4 9 6 23,1 7 8 30,5 9 9 55,1 7 7 50,1 7 7 62,7 8 8 21,6 7 3 15,6 7 1 20,0 5 3 36,7 2 9 75,914 Capital Capital paid in 8,98 3 4 6 2 2,1 0 5 2 7 5 7 3 9 2,0 5 8 4 8 5 9 0 9 2 3 2 2 6 5 1 5 1 1 2 0 1,183 Surplus 8,76 7 4 4 8 2,0 3 1 2 5 9 7 1 7 2,0 1 9 4 8 7 9 1 8 2 2 8 3 3 9 1 6 2 1 1 1 1,048 Other capital 29 6 6 1 4 0 1 4 0 0 0 0 1 0 2 2 3 110 Total liabilities and capital 765,68 5 38,1 0 0 322,7 7 2 23,7 2 6 32,0 5 5 59,2 5 3 51,1 4 9 64,6 1 5 22,1 3 3 16,2 7 6 20,3 6 8 36,9 8 3 78,255 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 14, 2004 Federal Reserve notes outstanding 806,002 Less: Notes held by F.R. Banks not subject to collateralization 121,738 Federal Reserve notes to be collateralized 684,264 Collateral held against Federal Reserve notes 684,264 Gold certificate account 11,041 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 671,023 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 704,417 Less: face value of securities under reverse repurchase agreements 19,475 U.S. Treasury and agency securities eligible to be pledged 684,942 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.