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 22, 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 21, 2004 Apr 14, 2004 Apr 23, 2003 Apr 21, 2004 Reserve Bank credit 739,030 - 1,186 + 29,315 738,002 Securities held outright 674,786 + 266 + 27,934 674,937 U.S. Treasury1 674,786 + 266 + 27,944 674,937 Bills2 247,188 + 246 + 11,333 247,332 Notes and bonds, nominal2 411,388 0 + 14,612 411,388 Notes and bonds, inflation-indexed2 14,464 0 + 1,650 14,464 Inflation compensation3 1,746 + 21 + 350 1,753 Federal agency2 0 0 - 10 0 Repurchase agreements4 24,529 - 1,200 + 636 22,750 Loans to depository institutions 95 + 10 + 67 83 Primary credit 34 + 1 + 30 18 Secondary credit 0 0 0 0 Seasonal credit 61 + 9 + 37 65 Float -688 - 223 - 283 -22 Other Federal Reserve assets 40,308 - 39 + 961 40,253 Gold stock 11,045 0 + 2 11,045 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 35,699 + 14 + 832 35,699 Total factors supplying reserve funds 787,974 - 1,172 + 30,149 786,946 Currency in circulation5 716,814 - 685 + 29,273 717,070 Reverse repurchase agreements6 19,420 - 716 - 1,132 19,260 Foreign official and international accounts 19,420 - 716 - 1,132 19,260 Dealers 0 0 0 0 Treasury cash holdings 338 - 7 - 22 328 Deposits with F.R. Banks, other than reserve balances 17,010 + 864 - 3,669 16,318 U.S. Treasury, general account 6,630 + 1,472 - 2,297 5,886 Foreign official 96 + 13 - 10 165 Service-related 9,970 - 598 - 1,343 9,970 Required clearing balances 9,970 - 597 - 859 9,970 Adjustments to compensate for float 0 - 2 - 484 0 Other 313 - 25 - 20 297 Other liabilities and capital 20,562 + 6 + 417 20,462 Total factors, other than reserve balances, absorbing reserve funds 774,144 - 539 + 24,867 773,438 Reserve balances with Federal Reserve Banks 13,830 - 633 + 5,282 13,508 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,186,135 + 5,757 + 293,051 1,186,773 U.S. Treasury 956,043 + 6,468 + 238,811 957,442 Federal agency 230,093 - 710 + 54,241 229,331 Securities lent to dealers 2,671 + 1,712 + 2,571 2,235 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 21, 2004 Apr 14, 2004 Apr 23, 2003 Assets Gold certificate account 11,041 0 + 3 Special drawing rights certificate account 2,200 0 0 Coin 831 - 3 - 212 Securities, repurchase agreements, and loans 697,770 - 6,733 + 26,339 Securities held outright 674,937 + 220 + 28,036 U.S. Treasury1 674,937 + 220 + 28,046 Bills2 247,332 + 200 + 11,437 Notes and bonds, nominal2 411,388 0 + 14,612 Notes and bonds, inflation-indexed2 14,464 0 + 1,650 Inflation compensation3 1,753 + 20 + 347 Federal agency2 0 0 - 10 Repurchase agreements4 22,750 - 6,950 - 1,750 Loans 83 - 3 + 53 Items in process of collection (1,028) 6,844 + 1,123 - 745 Bank premises 1,663 + 1 + 103 Other assets5 38,500 - 144 + 204 Total assets (1,028) 758,849 - 5,756 + 25,692 Liabilities Federal Reserve notes, net of F.R. Bank holdings 682,526 - 1,738 + 27,501 Reverse repurchase agreements6 19,260 - 210 - 731 Deposits (0) 29,736 - 4,322 - 633 Depository institutions 23,388 - 5,334 + 2,643 U.S. Treasury, general account 5,886 + 984 - 3,399 Foreign official 165 + 80 + 60 Other (0) 297 - 53 + 63 Deferred availability cash items (1,028) 6,865 + 368 - 1,103 Other liabilities and accrued dividends7 2,242 - 27 - 33 Total liabilities (1,028) 740,629 - 5,930 + 25,001 Capital accounts Capital paid in 9,023 + 40 + 497 Surplus 8,768 + 1 + 388 Other capital accounts 429 + 133 - 194 Total capital 18,220 + 174 + 691 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 21, 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 83 55,679 + 9,394 0 0 22,750 19,260 16 days to 90 days 0 147,434 - 8,272 0 0 0 0 91 days to 1 year 0 160,538 - 922 0 0 . . . . . . Over 1 year to 5 years . . . 183,815 + 8 0 0 . . . . . . Over 5 years to 10 years . . . 50,017 + 5 0 0 . . . . . . Over 10 years . . . 77,455 + 8 0 0 . . . . . . All 83 674,937 + 220 0 0 22,750 19,260 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 21, 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 1 3 8 3 7 5 3 4 2 8 3 7 7 1 1 3 5 9 3 1 5 1 1 4 6 102 Securities, repurchase agreements, and loans 697,7 7 0 31,7 0 2 315,4 1 2 20,0 7 4 28,8 4 0 51,2 9 8 45,5 1 6 60,8 1 8 19,8 4 3 14,7 3 7 17,7 4 3 30,7 7 4 61,014 Securities held outright 674,9 3 7 31,6 9 3 292,6 6 2 20,0 7 4 28,8 4 0 51,2 9 8 45,5 1 6 60,7 9 7 19,8 2 9 14,7 2 1 17,7 3 6 30,7 7 4 60,996 U.S. Treasury1 674,9 3 7 31,6 9 3 292,6 6 2 20,0 7 4 28,8 4 0 51,2 9 8 45,5 1 6 60,7 9 7 19,8 2 9 14,7 2 1 17,7 3 6 30,7 7 4 60,996 Bills2 247,3 3 2 11,6 1 4 107,2 4 6 7,3 5 6 10,5 6 9 18,7 9 8 16,6 7 9 22,2 7 9 7,2 6 6 5,3 9 5 6,4 9 9 11,2 7 7 22,352 Notes and bonds3 427,6 0 5 20,0 7 9 185,4 1 5 12,7 1 8 18,2 7 2 32,5 0 0 28,8 3 7 38,5 1 8 12,5 6 3 9,3 2 7 11,2 3 7 19,4 9 7 38,644 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 22,7 5 0 0 22,7 5 0 0 0 0 0 0 0 0 0 0 0 Loans 8 3 8 0 0 0 0 0 2 0 1 4 1 6 7 0 18 Items in process of collection 7,8 7 2 7 9 4 3 9 9 3 2 6 4 6 2 8 3 6 6 5 8 4 4 2 3 3 5 4 0 0 4 6 1 4 3 6 2,323 Bank premises 1,6 6 3 9 6 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 4 180 Other assets5 38,5 0 0 1,7 4 5 13,9 7 2 1,1 5 9 2,3 3 0 5,9 1 8 2,2 0 4 3,4 6 2 1,0 0 9 1,1 2 4 8 0 2 1,0 0 7 3,769 Interdistrict settlement account 0 + 2,7 9 3 -19,0 0 3 + 1,5 1 8 - 1,6 3 9 + 1,5 7 9 + 3 1 6 + 1 8 4 + 2 3 7 - 3 7 8 + 6 9 3 + 3,7 7 2 + 9,928 Total assets 759,8 7 7 37,7 7 6 316,5 3 1 23,6 4 8 30,7 4 3 60,8 2 5 50,1 0 9 66,2 8 2 21,9 2 8 16,2 8 6 20,1 9 2 36,9 5 2 78,605 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 21, 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 806,84 7 38,7 9 8 323,1 5 5 29,4 5 3 32,2 9 7 59,8 2 0 63,9 6 4 67,8 6 8 23,4 3 0 15,7 4 0 22,2 8 7 41,4 1 4 88,621 Less: notes held by F.R. Banks 124,32 1 4,8 3 9 32,0 0 8 8,4 9 1 5,4 3 5 11,2 9 1 19,2 4 4 7,8 9 8 3,5 1 6 1,4 3 0 4,2 1 9 7,0 0 1 18,949 Federal Reserve notes, net 682,52 6 33,9 5 9 291,1 4 7 20,9 6 2 26,8 6 2 48,5 2 9 44,7 2 0 59,9 7 0 19,9 1 4 14,3 1 0 18,0 6 8 34,4 1 3 69,672 Reverse repurchase agreements1 19,26 0 9 0 4 8,3 5 1 5 7 3 8 2 3 1,4 6 4 1,2 9 9 1,7 3 5 5 6 6 4 2 0 5 0 6 8 7 8 1,741 Deposits 29,73 6 1,2 4 8 11,3 5 6 1,0 0 2 9 8 4 6,0 3 8 1,9 8 5 1,9 2 8 6 0 3 4 3 3 8 2 2 7 3 4 2,603 Depository institutions 23,38 8 1,2 3 2 5,1 6 5 1,0 0 1 9 8 0 5,9 2 0 1,9 8 3 1,9 2 4 6 0 0 4 3 2 8 2 0 7 3 2 2,599 U.S. Treasury, general account 5,88 6 0 5,8 8 6 0 0 0 0 0 0 0 0 0 0 Foreign official 16 5 2 1 4 1 1 2 7 2 3 1 1 1 0 4 Other 29 7 1 5 1 6 4 0 2 1 1 1 0 0 2 0 1 1 0 Deferred availability cash items 7,89 4 5 7 4 6 3 5 4 6 8 4 9 4 4 9 3 9 3 9 5 9 2 2 6 5 4 3 7 3 9 3 5 5 7 2,047 Other liabilities and accrued dividends2 2,24 2 1 2 9 6 9 4 9 1 1 2 1 2 3 4 1 8 5 2 1 5 1 0 2 8 1 8 5 1 1 6 188 Total liabilities 741,65 7 36,8 1 5 312,1 8 4 23,0 9 5 29,2 8 5 56,7 5 8 49,1 2 8 64,4 4 0 21,4 5 0 15,6 8 0 19,8 7 4 36,6 9 7 76,250 Capital Capital paid in 9,02 3 4 9 9 2,1 0 6 2 7 5 7 3 9 2,0 5 8 4 8 6 9 0 9 2 3 2 2 6 5 1 5 1 1 2 0 1,184 Surplus 8,76 8 4 4 8 2,0 3 1 2 5 9 7 1 9 2,0 0 9 4 8 9 9 2 4 2 2 8 3 4 0 1 6 2 1 1 1 1,048 Other capital 42 9 1 4 2 1 2 2 0 0 0 7 8 1 8 0 4 2 4 123 Total liabilities and capital 759,87 7 37,7 7 6 316,5 3 1 23,6 4 8 30,7 4 3 60,8 2 5 50,1 0 9 66,2 8 2 21,9 2 8 16,2 8 6 20,1 9 2 36,9 5 2 78,605 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 21, 2004 Federal Reserve notes outstanding 806,847 Less: Notes held by F.R. Banks not subject to collateralization 124,321 Federal Reserve notes to be collateralized 682,526 Collateral held against Federal Reserve notes 682,526 Gold certificate account 11,041 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 669,285 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 697,687 Less: face value of securities under reverse repurchase agreements 19,265 U.S. Treasury and agency securities eligible to be pledged 678,423 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.