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 29, 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 28, 2004 Apr 21, 2004 Apr 30, 2003 Apr 28, 2004 Reserve Bank credit 744,758 + 5,728 + 28,884 753,639 Securities held outright 675,539 + 753 + 28,482 676,383 U.S. Treasury1 675,539 + 753 + 28,492 676,383 Bills2 247,921 + 733 + 11,886 248,757 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 1,766 + 20 + 344 1,774 Federal agency2 0 0 - 10 0 Repurchase agreements4 29,429 + 4,900 + 678 37,500 Loans to depository institutions 87 - 8 + 57 81 Primary credit 16 - 18 + 16 5 Secondary credit 0 0 0 0 Seasonal credit 71 + 10 + 42 77 Float -753 - 65 - 978 -880 Other Federal Reserve assets 40,455 + 147 + 644 40,555 Gold stock 11,045 0 + 2 11,045 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 35,713 + 14 + 823 35,713 Total factors supplying reserve funds 793,716 + 5,742 + 29,709 802,598 Currency in circulation5 716,218 - 596 + 28,974 718,575 Reverse repurchase agreements6 20,404 + 984 - 545 19,689 Foreign official and international accounts 20,404 + 984 - 545 19,689 Dealers 0 0 0 0 Treasury cash holdings 327 - 11 - 23 321 Deposits with F.R. Banks, other than reserve balances 17,829 + 819 - 2,300 16,903 U.S. Treasury, general account 7,444 + 814 - 1,319 6,540 Foreign official 103 + 7 - 29 100 Service-related 9,970 0 - 1,038 9,970 Required clearing balances 9,970 0 - 859 9,970 Adjustments to compensate for float 0 0 - 179 0 Other 312 - 1 + 87 293 Other liabilities and capital 20,720 + 158 + 555 20,659 Total factors, other than reserve balances, absorbing reserve funds 775,498 + 1,354 + 26,661 776,147 Reserve balances with Federal Reserve Banks 18,218 + 4,388 + 3,048 26,451 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,184,273 - 1,862 + 297,251 1,181,534 U.S. Treasury 956,996 + 953 + 247,146 956,819 Federal agency 227,277 - 2,816 + 50,106 224,715 Securities lent to dealers 2,783 + 112 + 2,273 3,776 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 28, 2004 Apr 21, 2004 Apr 30, 2003 Assets Gold certificate account 11,041 0 + 2 Special drawing rights certificate account 2,200 0 0 Coin 816 - 15 - 205 Securities, repurchase agreements, and loans 713,965 + 16,195 + 29,148 Securities held outright 676,383 + 1,446 + 29,102 U.S. Treasury1 676,383 + 1,446 + 29,112 Bills2 248,757 + 1,425 + 12,508 Notes and bonds, nominal2 411,388 0 + 14,612 Notes and bonds, inflation-indexed2 14,464 0 + 1,650 Inflation compensation3 1,774 + 21 + 343 Federal agency2 0 0 - 10 Repurchase agreements4 37,500 + 14,750 - 1 Loans 81 - 2 + 46 Items in process of collection (1,131) 5,307 - 1,537 - 2,866 Bank premises 1,664 + 1 + 87 Other assets5 38,800 + 300 + 388 Total assets (1,131) 773,792 + 14,943 + 26,553 Liabilities Federal Reserve notes, net of F.R. Bank holdings 683,994 + 1,468 + 28,768 Reverse repurchase agreements6 19,689 + 429 - 1,125 Deposits (0) 43,274 + 13,538 + 267 Depository institutions 36,341 + 12,953 + 4,461 U.S. Treasury, general account 6,540 + 654 - 4,043 Foreign official 100 - 65 - 213 Other (0) 293 - 4 + 62 Deferred availability cash items (1,131) 6,175 - 690 - 1,967 Other liabilities and accrued dividends7 2,294 + 52 + 24 Total liabilities (1,131) 755,426 + 14,797 + 25,966 Capital accounts Capital paid in 9,030 + 7 + 485 Surplus 8,794 + 26 + 414 Other capital accounts 541 + 112 - 313 Total capital 18,365 + 145 + 586 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 28, 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 78 56,704 + 1,025 0 0 37,500 19,689 16 days to 90 days 3 148,668 + 1,234 0 0 0 0 91 days to 1 year 0 159,705 - 833 0 0 . . . . . . Over 1 year to 5 years . . . 183,823 + 8 0 0 . . . . . . Over 5 years to 10 years . . . 50,022 + 5 0 0 . . . . . . Over 10 years . . . 77,462 + 7 0 0 . . . . . . All 81 676,383 + 1,446 0 0 37,500 19,689 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 28, 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 1 6 4 1 3 4 5 2 3 9 7 9 7 2 1 1 0 5 7 3 0 5 1 1 4 5 106 Securities, repurchase agreements, and loans 713,9 6 5 31,7 7 1 330,7 8 9 20,1 1 7 28,9 0 2 51,4 0 8 45,6 1 4 60,9 5 6 19,8 8 5 14,7 7 3 17,7 8 2 30,8 4 1 61,128 Securities held outright 676,3 8 3 31,7 6 1 293,2 8 9 20,1 1 7 28,9 0 2 51,4 0 8 45,6 1 4 60,9 2 8 19,8 7 1 14,7 5 3 17,7 7 4 30,8 4 0 61,127 U.S. Treasury1 676,3 8 3 31,7 6 1 293,2 8 9 20,1 1 7 28,9 0 2 51,4 0 8 45,6 1 4 60,9 2 8 19,8 7 1 14,7 5 3 17,7 7 4 30,8 4 0 61,127 Bills2 248,7 5 7 11,6 8 1 107,8 6 5 7,3 9 9 10,6 2 9 18,9 0 7 16,7 7 6 22,4 0 8 7,3 0 8 5,4 2 6 6,5 3 7 11,3 4 2 22,481 Notes and bonds3 427,6 2 6 20,0 8 0 185,4 2 4 12,7 1 9 18,2 7 3 32,5 0 1 28,8 3 8 38,5 2 0 12,5 6 3 9,3 2 7 11,2 3 7 19,4 9 8 38,646 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 37,5 0 0 0 37,5 0 0 0 0 0 0 0 0 0 0 0 0 Loans 8 1 1 0 0 0 0 0 0 2 9 1 4 2 0 7 1 1 Items in process of collection 6,4 3 7 3 4 4 5 0 4 3 8 8 3 5 8 4 5 3 5 7 2 4 0 4 3 2 1 3 5 1 4 1 9 3 2 4 1,998 Bank premises 1,6 6 4 9 6 1 9 1 5 2 1 5 3 1 4 5 2 7 9 1 2 9 4 9 1 2 4 7 4 1 9 3 180 Other assets5 38,8 0 0 1,7 6 1 14,1 1 8 1,1 3 3 2,3 4 2 5,9 4 2 2,2 2 8 3,4 9 2 1,0 2 0 1,1 3 1 8 1 0 1,0 2 5 3,797 Interdistrict settlement account 0 + 2,9 7 0 -25,6 7 2 + 1,8 3 1 + 5 1 6 + 1,0 1 1 + 2,0 5 1 + 1,7 2 0 + 4 4 7 - 3 3 6 + 8 9 4 + 3,9 0 7 +10,661 Total assets 774,9 2 3 37,5 9 2 325,4 8 9 24,0 3 9 32,8 6 6 60,0 0 4 51,8 7 6 67,9 4 7 22,1 7 5 16,3 2 1 20,3 9 8 37,0 5 8 79,159 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 28, 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 806,93 2 38,4 6 5 322,0 8 4 29,6 6 9 32,1 6 7 59,6 2 1 64,5 5 1 68,0 6 4 23,4 4 5 15,6 6 0 22,3 3 9 41,6 3 7 89,229 Less: notes held by F.R. Banks 122,93 8 4,7 5 3 31,1 4 3 8,4 9 1 5,5 0 1 11,0 0 7 18,9 2 2 7,9 6 4 3,3 8 3 1,4 1 1 4,1 8 8 7,0 4 2 19,134 Federal Reserve notes, net 683,99 4 33,7 1 2 290,9 4 1 21,1 7 8 26,6 6 6 48,6 1 4 45,6 2 9 60,1 0 1 20,0 6 2 14,2 4 9 18,1 5 1 34,5 9 5 70,095 Reverse repurchase agreements1 19,68 9 9 2 5 8,5 3 7 5 8 6 8 4 1 1,4 9 6 1,3 2 8 1,7 7 4 5 7 8 4 2 9 5 1 7 8 9 8 1,779 Deposits 43,27 4 1,3 0 2 20,2 9 5 1,1 0 9 3,3 1 2 5,0 1 9 2,8 9 3 3,4 5 3 7 2 3 4 8 8 9 1 7 8 1 7 2,944 Depository institutions 36,34 1 1,2 8 8 13,5 1 1 1,1 0 8 3,3 0 8 4,9 0 6 2,8 9 1 3,4 5 0 7 2 1 4 8 7 9 1 6 8 1 6 2,940 U.S. Treasury, general account 6,54 0 0 6,5 4 0 0 0 0 0 0 0 0 0 0 0 Foreign official 10 0 2 7 7 1 2 7 2 3 1 1 1 0 4 Other 29 3 1 3 1 6 8 0 2 1 0 6 0 0 1 0 1 1 0 Deferred availability cash items 7,30 6 5 4 6 6 3 5 5 1 2 4 5 7 5 3 2 8 4 0 5 3 7 2 4 0 4 6 2 4 0 5 3 7 6 1,764 Other liabilities and accrued dividends2 2,29 4 1 3 1 7 0 2 9 2 1 1 9 2 6 4 1 8 8 2 1 5 1 0 4 8 1 8 7 1 1 9 193 Total liabilities 756,55 7 36,6 1 6 321,1 1 1 23,4 7 6 31,3 9 6 55,9 2 5 50,8 7 7 66,0 8 0 21,7 0 8 15,7 1 0 20,0 7 8 36,8 0 4 76,775 Capital Capital paid in 9,03 0 4 9 9 2,1 0 6 2 7 7 7 3 9 2,0 5 8 4 8 6 9 1 2 2 3 2 2 6 5 1 5 1 1 2 0 1,185 Surplus 8,79 4 4 4 8 2,0 3 1 2 5 9 7 2 7 2,0 2 1 4 8 9 9 2 4 2 2 8 3 4 6 1 6 2 1 1 1 1,048 Other capital 54 1 2 8 2 4 1 2 6 4 0 2 4 3 1 7 1 7 2 3 151 Total liabilities and capital 774,92 3 37,5 9 2 325,4 8 9 24,0 3 9 32,8 6 6 60,0 0 4 51,8 7 6 67,9 4 7 22,1 7 5 16,3 2 1 20,3 9 8 37,0 5 8 79,159 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 28, 2004 Federal Reserve notes outstanding 806,932 Less: Notes held by F.R. Banks not subject to collateralization 122,938 Federal Reserve notes to be collateralized 683,994 Collateral held against Federal Reserve notes 683,994 Gold certificate account 11,041 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 670,753 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 713,883 Less: face value of securities under reverse repurchase agreements 19,693 U.S. Treasury and agency securities eligible to be pledged 694,190 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.