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 13, 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 12, 2004 May 5, 2004 May 14, 2003 May 12, 2004 Reserve Bank credit 741,313 - 816 + 26,969 745,174 Securities held outright 677,826 + 88 + 30,009 677,835 U.S. Treasury1 677,826 + 88 + 30,019 677,835 Bills2 250,163 + 62 + 13,409 250,163 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 1,811 + 26 + 348 1,820 Federal agency2 0 0 - 10 0 Repurchase agreements4 23,071 - 1,393 - 2,573 27,250 Loans to depository institutions 110 + 22 + 59 176 Primary credit 16 + 10 + 14 80 Secondary credit 0 0 0 0 Seasonal credit 93 + 11 + 44 96 Float -381 + 363 - 374 -853 Other Federal Reserve assets 40,687 + 105 - 152 40,766 Gold stock 11,045 0 + 2 11,045 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 35,741 + 14 + 816 35,741 Total factors supplying reserve funds 790,299 - 803 + 27,788 794,160 Currency in circulation5 719,430 + 1,040 + 29,708 720,707 Reverse repurchase agreements6 19,805 - 1,672 - 836 18,711 Foreign official and international accounts 19,805 - 1,672 - 836 18,711 Dealers 0 0 0 0 Treasury cash holdings 310 - 9 - 33 323 Deposits with F.R. Banks, other than reserve balances 16,370 - 681 - 2,405 15,852 U.S. Treasury, general account 5,435 - 590 - 1,704 4,949 Foreign official 103 - 27 + 17 83 Service-related 10,562 - 1 - 729 10,562 Required clearing balances 10,562 - 1 - 320 10,562 Adjustments to compensate for float 0 0 - 409 0 Other 270 - 62 + 11 259 Other liabilities and capital 20,831 - 91 + 393 20,548 Total factors, other than reserve balances, absorbing reserve funds 776,746 - 1,413 + 26,826 776,141 Reserve balances with Federal Reserve Banks 13,553 + 610 + 961 18,019 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,192,733 - 1,625 + 295,942 1,191,675 U.S. Treasury 963,435 - 1,300 + 249,086 962,080 Federal agency 229,298 - 325 + 46,856 229,595 Securities lent to dealers 1,062 - 2,651 + 539 2,033 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. 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 12, 2004 May 5, 2004 May 14, 2003 Assets Gold certificate account 11,041 0 + 2 Special drawing rights certificate account 2,200 0 0 Coin 777 - 22 - 206 Securities, repurchase agreements, and loans 705,261 + 7,353 + 26,502 Securities held outright 677,835 + 24 + 29,888 U.S. Treasury1 677,835 + 24 + 29,898 Bills2 250,163 0 + 13,286 Notes and bonds, nominal2 411,388 0 + 14,612 Notes and bonds, inflation-indexed2 14,464 0 + 1,650 Inflation compensation3 1,820 + 24 + 350 Federal agency2 0 0 - 10 Repurchase agreements4 27,250 + 7,250 - 3,502 Loans 176 + 79 + 116 Items in process of collection (975) 5,728 - 1,115 - 1,350 Bank premises 1,672 0 + 92 Other assets5 39,032 - 215 - 638 Total assets (975) 765,711 + 6,000 + 24,402 Liabilities Federal Reserve notes, net of F.R. Bank holdings 686,061 + 437 + 28,665 Reverse repurchase agreements6 18,711 - 1,942 - 2,362 Deposits (0) 33,811 + 8,637 - 1,377 Depository institutions 28,521 + 9,669 + 918 U.S. Treasury, general account 4,949 - 1,011 - 2,250 Foreign official 83 - 4 - 39 Other (0) 259 - 16 - 5 Deferred availability cash items (975) 6,579 - 561 - 1,020 Other liabilities and accrued dividends7 2,317 + 46 - 16 Total liabilities (975) 747,481 + 6,618 + 23,892 Capital accounts Capital paid in 9,072 + 33 + 504 Surplus 8,808 - 39 + 428 Other capital accounts 350 - 613 - 422 Total capital 18,230 - 619 + 510 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 12, 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 86 58,947 + 555 0 0 27,250 18,711 16 days to 90 days 90 146,308 + 41 0 0 0 0 91 days to 1 year 0 160,187 - 595 0 0 . . . . . . Over 1 year to 5 years . . . 184,881 + 9 0 0 . . . . . . Over 5 years to 10 years . . . 50,033 + 6 0 0 . . . . . . Over 10 years . . . 77,479 + 9 0 0 . . . . . . All 176 677,835 + 24 0 0 27,250 18,711 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 12, 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 7 7 3 7 3 3 4 9 3 7 7 3 7 6 1 0 3 5 2 2 9 4 6 1 4 1 101 Securities, repurchase agreements, and loans 705,2 6 1 31,8 3 2 321,1 6 8 20,1 6 1 29,0 4 1 51,5 1 8 45,7 1 4 61,0 9 6 19,9 2 9 14,8 1 7 17,8 1 8 30,9 0 6 61,260 Securities held outright 677,8 3 5 31,8 2 9 293,9 1 8 20,1 6 0 28,9 6 4 51,5 1 8 45,7 1 1 61,0 5 8 19,9 1 4 14,7 8 4 17,8 1 2 30,9 0 6 61,258 U.S. Treasury1 677,8 3 5 31,8 2 9 293,9 1 8 20,1 6 0 28,9 6 4 51,5 1 8 45,7 1 1 61,0 5 8 19,9 1 4 14,7 8 4 17,8 1 2 30,9 0 6 61,258 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 7 2 20,0 8 2 185,4 4 4 12,7 2 0 18,2 7 4 32,5 0 5 28,8 4 1 38,5 2 4 12,5 6 5 9,3 2 8 11,2 3 8 19,5 0 0 38,650 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 27,2 5 0 0 27,2 5 0 0 0 0 0 0 0 0 0 0 0 Loans 1 7 6 3 0 1 7 7 0 3 3 8 1 4 3 3 6 0 2 Items in process of collection 6,7 0 3 3 2 8 3 7 6 4 6 2 3 9 0 3 6 2 6 4 6 2 8 5 3 7 3 4 3 6 4 2 2 3 7 0 2,252 Bank premises 1,6 7 2 9 6 1 9 1 5 2 1 5 3 1 4 5 2 7 8 1 2 9 5 0 1 2 4 7 4 1 9 9 180 Other assets5 39,0 3 2 1,7 7 0 14,2 4 5 1,1 4 2 2,3 4 7 5,9 4 0 2,2 5 2 3,5 0 8 1,0 2 7 1,1 3 8 8 1 9 1,0 4 1 3,805 Interdistrict settlement account 0 + 3,2 1 8 -18,7 9 7 + 2,1 1 1 - 6 4 9 - 1,8 0 8 + 3 1 3 + 2 9 7 + 4 3 5 - 3 9 7 + 1,4 3 8 + 3,7 7 5 +10,064 Total assets 766,6 8 6 37,8 9 0 322,7 4 1 24,4 4 2 31,8 7 4 57,1 9 7 50,3 3 9 66,5 5 4 22,2 6 1 16,3 9 5 20,9 8 5 37,0 5 6 78,951 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 12, 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 807,59 4 38,3 6 5 321,5 2 4 30,2 4 7 32,0 6 7 59,4 3 8 64,9 0 7 68,1 4 7 23,4 7 8 15,6 1 7 22,9 0 4 41,6 3 2 89,269 Less: notes held by F.R. Banks 121,53 3 4,4 6 8 30,3 7 6 8,3 9 7 5,5 1 9 10,8 5 6 19,8 2 8 7,7 5 9 3,3 3 0 1,3 2 4 4,0 2 4 6,9 9 0 18,663 Federal Reserve notes, net 686,06 1 33,8 9 7 291,1 4 8 21,8 5 0 26,5 4 8 48,5 8 2 45,0 7 9 60,3 8 7 20,1 4 8 14,2 9 3 18,8 8 0 34,6 4 2 70,606 Reverse repurchase agreements1 18,71 1 8 7 9 8,1 1 4 5 5 7 8 0 0 1,4 2 2 1,2 6 2 1,6 8 6 5 5 0 4 0 8 4 9 2 8 5 3 1,691 Deposits 33,81 1 1,4 6 9 17,8 2 6 9 2 0 2,4 8 9 2,3 5 1 1,9 6 1 1,8 3 4 7 2 9 4 5 2 8 0 9 7 9 5 2,177 Depository institutions 28,52 1 1,4 6 5 12,6 6 1 9 1 9 2,4 8 6 2,2 5 1 1,9 5 9 1,8 3 0 7 2 7 4 5 0 8 0 7 7 9 4 2,173 U.S. Treasury, general account 4,94 9 0 4,9 4 9 0 0 0 0 0 0 0 0 0 0 Foreign official 8 3 2 6 0 1 2 7 2 3 1 1 1 0 4 Other 25 9 3 1 5 8 0 1 9 3 0 1 1 0 1 0 0 Deferred availability cash items 7,55 5 5 2 9 6 7 4 4 7 1 4 4 0 4 8 3 8 5 1 5 7 4 2 6 6 5 4 4 4 0 0 3 8 1 1,942 Other liabilities and accrued dividends2 2,31 7 1 3 3 7 1 9 9 4 1 2 1 2 6 0 1 8 8 2 1 8 1 0 5 8 2 8 6 1 2 1 191 Total liabilities 748,45 6 36,9 0 7 318,4 8 0 23,8 9 1 30,3 9 8 53,0 9 8 49,3 4 2 64,6 9 9 21,7 9 8 15,7 7 9 20,6 6 6 36,7 9 1 76,606 Capital Capital paid in 9,07 2 4 9 9 2,1 0 9 2 7 8 7 3 8 2,0 6 3 5 0 2 9 1 3 2 3 2 2 6 6 1 5 3 1 2 7 1,193 Surplus 8,80 8 4 4 8 2,0 3 1 2 5 9 7 2 7 2,0 3 5 4 8 9 9 2 4 2 2 8 3 4 6 1 6 2 1 1 1 1,048 Other capital 35 0 3 6 1 2 1 1 4 1 2 0 6 1 8 3 6 3 2 7 104 Total liabilities and capital 766,68 6 37,8 9 0 322,7 4 1 24,4 4 2 31,8 7 4 57,1 9 7 50,3 3 9 66,5 5 4 22,2 6 1 16,3 9 5 20,9 8 5 37,0 5 6 78,951 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 12, 2004 Federal Reserve notes outstanding 807,594 Less: Notes held by F.R. Banks not subject to collateralization 121,533 Federal Reserve notes to be collateralized 686,061 Collateral held against Federal Reserve notes 686,061 Gold certificate account 11,041 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 672,820 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 705,085 Less: face value of securities under reverse repurchase agreements 18,715 U.S. Treasury and agency securities eligible to be pledged 686,369 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.