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 May 6, 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 May 5, 2004 Apr 28, 2004 May 7, 2003 May 5, 2004 Reserve Bank credit 742,139 - 2,616 + 33,899 738,594 Securities held outright 677,738 + 2,199 + 30,319 677,811 U.S. Treasury1 677,738 + 2,199 + 30,329 677,811 Bills2 250,101 + 2,180 + 13,726 250,163 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 1,785 + 19 + 342 1,796 Federal agency2 0 0 - 10 0 Repurchase agreements4 24,464 - 4,965 + 3,927 20,000 Loans to depository institutions 88 + 1 + 38 97 Primary credit 6 - 10 + 2 8 Secondary credit 0 0 0 0 Seasonal credit 82 + 11 + 36 89 Float -744 + 11 - 857 -295 Other Federal Reserve assets 40,591 + 136 + 471 40,980 Gold stock 11,045 0 + 2 11,045 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 35,727 + 14 + 820 35,727 Total factors supplying reserve funds 791,111 - 2,603 + 34,721 787,566 Currency in circulation5 718,390 + 2,172 + 29,575 720,248 Reverse repurchase agreements6 21,477 + 1,073 + 152 20,653 Foreign official and international accounts 21,477 + 1,073 + 152 20,653 Dealers 0 0 0 0 Treasury cash holdings 319 - 8 - 22 308 Deposits with F.R. Banks, other than reserve balances 17,051 - 778 - 1,542 16,886 U.S. Treasury, general account 6,025 - 1,419 - 1,088 5,960 Foreign official 130 + 27 + 28 87 Service-related 10,563 + 593 - 546 10,563 Required clearing balances 10,563 + 593 - 319 10,563 Adjustments to compensate for float 0 0 - 227 0 Other 332 + 20 + 63 275 Other liabilities and capital 20,922 + 202 + 591 21,120 Total factors, other than reserve balances, absorbing reserve funds 778,159 + 2,661 + 28,755 779,216 Reserve balances with Federal Reserve Banks 12,952 - 5,264 + 5,965 8,350 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,194,358 + 10,085 + 300,482 1,196,633 U.S. Treasury 964,735 + 7,739 + 252,595 966,464 Federal agency 229,623 + 2,346 + 47,887 230,169 Securities lent to dealers 3,713 + 930 + 3,253 1,827 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 May 5, 2004 Apr 28, 2004 May 7, 2003 Assets Gold certificate account 11,041 0 + 2 Special drawing rights certificate account 2,200 0 0 Coin 799 - 17 - 204 Securities, repurchase agreements, and loans 697,908 - 16,057 + 28,018 Securities held outright 677,811 + 1,428 + 30,231 U.S. Treasury1 677,811 + 1,428 + 30,241 Bills2 250,163 + 1,406 + 13,634 Notes and bonds, nominal2 411,388 0 + 14,612 Notes and bonds, inflation-indexed2 14,464 0 + 1,650 Inflation compensation3 1,796 + 22 + 346 Federal agency2 0 0 - 10 Repurchase agreements4 20,000 - 17,500 - 2,251 Loans 97 + 16 + 38 Items in process of collection (1,112) 6,843 + 1,536 - 2,713 Bank premises 1,672 + 8 + 94 Other assets5 39,247 + 447 + 106 Total assets (1,112) 759,711 - 14,081 + 25,304 Liabilities Federal Reserve notes, net of F.R. Bank holdings 685,624 + 1,630 + 28,407 Reverse repurchase agreements6 20,653 + 964 - 14 Deposits (0) 25,174 - 18,100 - 2,698 Depository institutions 18,852 - 17,489 - 2,565 U.S. Treasury, general account 5,960 - 580 - 90 Foreign official 87 - 13 - 58 Other (0) 275 - 18 + 16 Deferred availability cash items (1,112) 7,140 + 965 - 1,402 Other liabilities and accrued dividends7 2,271 - 23 - 23 Total liabilities (1,112) 740,863 - 14,563 + 24,271 Capital accounts Capital paid in 9,039 + 9 + 475 Surplus 8,847 + 53 + 467 Other capital accounts 963 + 422 + 92 Total capital 18,849 + 484 + 1,033 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, May 5, 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 12 58,392 + 1,688 0 0 20,000 20,653 16 days to 90 days 85 146,267 - 2,401 0 0 0 0 91 days to 1 year 0 160,782 + 1,077 0 0 . . . . . . Over 1 year to 5 years . . . 184,872 + 1,049 0 0 . . . . . . Over 5 years to 10 years . . . 50,027 + 5 0 0 . . . . . . Over 10 years . . . 77,470 + 8 0 0 . . . . . . All 97 677,811 + 1,428 0 0 20,000 20,653 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 May 5, 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 7 9 9 3 9 3 3 5 1 3 9 7 8 7 3 1 0 6 5 5 3 0 4 8 1 4 4 105 Securities, repurchase agreements, and loans 697,9 0 8 31,8 3 3 313,9 0 8 20,1 6 0 28,9 6 3 51,5 1 7 45,7 1 3 61,0 8 9 19,9 2 8 14,8 1 2 17,8 1 9 30,9 0 5 61,264 Securities held outright 677,8 1 1 31,8 2 8 293,9 0 8 20,1 6 0 28,9 6 3 51,5 1 7 45,7 1 0 61,0 5 6 19,9 1 3 14,7 8 4 17,8 1 2 30,9 0 5 61,256 U.S. Treasury1 677,8 1 1 31,8 2 8 293,9 0 8 20,1 6 0 28,9 6 3 51,5 1 7 45,7 1 0 61,0 5 6 19,9 1 3 14,7 8 4 17,8 1 2 30,9 0 5 61,256 Bills2 250,1 6 3 11,7 4 7 108,4 7 4 7,4 4 0 10,6 8 9 19,0 1 3 16,8 7 0 22,5 3 4 7,3 5 0 5,4 5 6 6,5 7 4 11,4 0 6 22,608 Notes and bonds3 427,6 4 8 20,0 8 1 185,4 3 4 12,7 1 9 18,2 7 3 32,5 0 3 28,8 4 0 38,5 2 2 12,5 6 4 9,3 2 8 11,2 3 8 19,4 9 9 38,648 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 20,0 0 0 0 20,0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 9 7 4 0 0 0 0 3 3 3 1 4 2 8 7 0 8 Items in process of collection 7,9 5 5 4 8 9 4 0 6 4 3 6 4 5 5 6 1 2 8 0 7 4 2 6 4 3 6 4 3 2 6 0 6 4 4 7 2,405 Bank premises 1,6 7 2 9 6 1 9 1 5 2 1 5 3 1 4 5 2 7 8 1 3 0 5 0 1 2 4 7 4 1 9 9 180 Other assets5 39,2 4 7 1,7 8 4 14,2 2 6 1,1 4 5 2,3 7 9 6,0 3 9 2,2 6 0 3,5 4 0 1,0 3 1 1,1 5 0 8 1 7 1,0 3 1 3,844 Interdistrict settlement account 0 + 2,8 7 5 -18,4 2 9 + 2,6 6 1 - 1,8 1 3 - 1,9 9 8 + 8 9 2 + 6 1 8 + 4 7 5 - 5 0 1 + 8 4 9 + 3,9 3 9 +10,433 Total assets 760,8 2 3 37,7 2 5 315,8 6 0 24,9 7 0 30,7 3 2 57,3 5 8 51,0 8 3 67,0 4 5 22,3 7 0 16,2 9 4 20,5 8 0 37,2 8 8 79,519 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 May 5, 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 806,97 2 38,4 2 0 321,8 8 4 29,8 8 3 32,1 2 3 59,5 2 4 64,4 8 7 67,9 8 0 23,4 6 0 15,6 3 9 22,5 9 9 41,7 4 3 89,229 Less: notes held by F.R. Banks 121,34 8 4,6 0 7 30,8 0 8 8,5 0 9 5,4 5 2 10,6 6 4 19,2 0 8 7,7 6 4 3,2 5 6 1,3 9 6 4,1 0 1 7,0 0 9 18,573 Federal Reserve notes, net 685,62 4 33,8 1 4 291,0 7 5 21,3 7 4 26,6 7 1 48,8 5 9 45,2 7 9 60,2 1 6 20,2 0 4 14,2 4 3 18,4 9 8 34,7 3 4 70,657 Reverse repurchase agreements1 20,65 3 9 7 0 8,9 5 6 6 1 4 8 8 3 1,5 7 0 1,3 9 3 1,8 6 0 6 0 7 4 5 0 5 4 3 9 4 2 1,867 Deposits 25,17 4 1,1 2 4 9,8 9 6 1,7 2 8 1,0 9 2 1,8 5 8 2,1 9 5 2,2 5 9 6 9 1 4 2 9 6 7 8 7 7 2 2,451 Depository institutions 18,85 2 1,1 1 8 3,7 0 9 1,7 2 7 1,0 9 0 1,7 5 2 2,1 9 3 2,2 5 5 6 8 9 4 2 4 6 7 7 7 7 2 2,448 U.S. Treasury, general account 5,96 0 0 5,9 6 0 0 0 0 0 0 0 0 0 0 0 Foreign official 8 7 2 6 4 1 2 7 2 3 1 1 1 0 4 Other 27 5 5 1 6 2 0 0 9 9 0 1 1 4 1 0 0 Deferred availability cash items 8,25 1 6 7 7 7 5 9 5 8 8 4 5 0 6 2 2 1,0 1 1 5 8 4 2 8 1 4 6 1 4 5 0 4 5 7 1,911 Other liabilities and accrued dividends2 2,27 1 1 3 0 7 0 6 9 1 1 1 9 2 5 3 1 8 3 2 1 5 1 0 3 7 8 8 5 1 1 9 188 Total liabilities 741,97 4 36,7 1 4 311,3 9 2 24,3 9 6 29,2 1 6 53,1 6 2 50,0 6 1 65,1 3 4 21,8 8 6 15,6 6 1 20,2 5 4 37,0 2 4 77,074 Capital Capital paid in 9,03 9 4 9 9 2,1 0 6 2 7 7 7 3 9 2,0 5 6 4 8 6 9 1 2 2 3 2 2 6 5 1 5 2 1 2 7 1,187 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 96 3 6 3 3 3 2 3 8 4 9 6 6 4 6 7 4 2 3 2 3 1 3 2 6 210 Total liabilities and capital 760,82 3 37,7 2 5 315,8 6 0 24,9 7 0 30,7 3 2 57,3 5 8 51,0 8 3 67,0 4 5 22,3 7 0 16,2 9 4 20,5 8 0 37,2 8 8 79,519 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 May 5, 2004 Federal Reserve notes outstanding 806,972 Less: Notes held by F.R. Banks not subject to collateralization 121,348 Federal Reserve notes to be collateralized 685,624 Collateral held against Federal Reserve notes 685,624 Gold certificate account 11,041 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 672,383 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 697,811 Less: face value of securities under reverse repurchase agreements 20,658 U.S. Treasury and agency securities eligible to be pledged 677,153 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.