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 20, 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 19, 2004 May 12, 2004 May 21, 2003 May 19, 2004 Reserve Bank credit 740,495 - 816 + 28,693 737,621 Securities held outright 679,574 + 1,748 + 29,171 679,618 U.S. Treasury1 679,574 + 1,748 + 29,181 679,618 Bills2 250,195 + 32 + 12,805 250,230 Notes and bonds, nominal2 413,080 + 1,692 + 14,373 413,080 Notes and bonds, inflation-indexed2 14,464 0 + 1,650 14,464 Inflation compensation3 1,835 + 24 + 353 1,844 Federal agency2 0 0 - 10 0 Repurchase agreements4 22,000 - 1,071 - 2,608 21,250 Loans to depository institutions 105 - 5 + 49 111 Primary credit 2 - 14 0 1 Secondary credit 0 0 0 0 Seasonal credit 104 + 11 + 50 110 Float -483 - 100 + 386 -729 Other Federal Reserve assets 39,299 - 1,388 + 1,696 37,370 Gold stock 11,045 0 + 2 11,045 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 35,755 + 14 + 813 35,755 Total factors supplying reserve funds 789,496 - 801 + 29,510 786,621 Currency in circulation5 719,671 + 241 + 29,735 721,297 Reverse repurchase agreements6 18,884 - 921 - 1,531 18,273 Foreign official and international accounts 18,884 - 921 - 1,531 18,273 Dealers 0 0 0 0 Treasury cash holdings 324 + 14 - 26 332 Deposits with F.R. Banks, other than reserve balances 15,688 - 682 - 2,875 14,583 U.S. Treasury, general account 5,333 - 102 - 1,566 4,451 Foreign official 282 + 179 + 166 80 Service-related 9,786 - 776 - 1,494 9,786 Required clearing balances 9,786 - 776 - 1,033 9,786 Adjustments to compensate for float 0 0 - 461 0 Other 287 + 17 + 21 266 Other liabilities and capital 20,742 - 89 + 462 21,006 Total factors, other than reserve balances, absorbing reserve funds 775,310 - 1,436 + 25,767 775,491 Reserve balances with Federal Reserve Banks 14,185 + 634 + 3,742 11,130 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,199,756 + 7,023 + 282,943 1,209,385 U.S. Treasury 967,313 + 3,878 + 234,330 975,668 Federal agency 232,443 + 3,145 + 48,614 233,717 Securities lent to dealers 2,422 + 1,360 + 1,394 4,914 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 19, 2004 May 12, 2004 May 21, 2003 Assets Gold certificate account 11,041 0 + 2 Special drawing rights certificate account 2,200 0 0 Coin 757 - 20 - 193 Securities, repurchase agreements, and loans 700,979 - 4,282 + 23,938 Securities held outright 679,618 + 1,783 + 28,883 U.S. Treasury1 679,618 + 1,783 + 28,893 Bills2 250,230 + 67 + 12,662 Notes and bonds, nominal2 413,080 + 1,692 + 14,227 Notes and bonds, inflation-indexed2 14,464 0 + 1,650 Inflation compensation3 1,844 + 24 + 355 Federal agency2 0 0 - 10 Repurchase agreements4 21,250 - 6,000 - 5,001 Loans 111 - 65 + 56 Items in process of collection (1,105) 5,504 - 224 - 1,105 Bank premises 1,676 + 4 + 95 Other assets5 35,634 - 3,398 - 574 Total assets (1,105) 757,791 - 7,920 + 22,163 Liabilities Federal Reserve notes, net of F.R. Bank holdings 686,626 + 565 + 28,317 Reverse repurchase agreements6 18,273 - 438 - 2,436 Deposits (0) 25,658 - 8,153 - 3,486 Depository institutions 20,861 - 7,660 - 301 U.S. Treasury, general account 4,451 - 498 - 3,157 Foreign official 80 - 3 - 46 Other (0) 266 + 7 + 19 Deferred availability cash items (1,105) 6,228 - 351 - 1,270 Other liabilities and accrued dividends7 2,341 + 24 + 37 Total liabilities (1,105) 739,127 - 8,354 + 21,163 Capital accounts Capital paid in 9,080 + 8 + 518 Surplus 8,847 + 39 + 467 Other capital accounts 738 + 388 + 16 Total capital 18,665 + 435 + 1,001 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 19, 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 99 56,046 - 2,901 0 0 21,250 18,273 16 days to 90 days 12 147,682 + 1,374 0 0 0 0 91 days to 1 year 0 164,308 + 4,121 0 0 . . . . . . Over 1 year to 5 years . . . 184,387 - 494 0 0 . . . . . . Over 5 years to 10 years . . . 50,576 + 543 0 0 . . . . . . Over 10 years . . . 76,618 - 861 0 0 . . . . . . All 111 679,618 + 1,783 0 0 21,250 18,273 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 19, 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 5 7 3 4 3 5 4 6 3 8 6 8 7 5 9 7 5 2 2 7 4 4 1 4 0 103 Securities, repurchase agreements, and loans 700,9 7 9 31,9 1 8 315,9 4 1 20,2 1 4 29,0 4 0 51,6 5 4 45,8 3 5 61,2 6 5 19,9 8 1 14,8 5 7 17,8 6 7 30,9 8 8 61,420 Securities held outright 679,6 1 8 31,9 1 3 294,6 9 1 20,2 1 4 29,0 4 0 51,6 5 4 45,8 3 2 61,2 1 9 19,9 6 7 14,8 2 3 17,8 5 9 30,9 8 7 61,419 U.S. Treasury1 679,6 1 8 31,9 1 3 294,6 9 1 20,2 1 4 29,0 4 0 51,6 5 4 45,8 3 2 61,2 1 9 19,9 6 7 14,8 2 3 17,8 5 9 30,9 8 7 61,419 Bills2 250,2 3 0 11,7 5 0 108,5 0 3 7,4 4 2 10,6 9 2 19,0 1 9 16,8 7 5 22,5 4 0 7,3 5 2 5,4 5 8 6,5 7 6 11,4 0 9 22,614 Notes and bonds3 429,3 8 8 20,1 6 3 186,1 8 8 12,7 7 1 18,3 4 8 32,6 3 5 28,9 5 7 38,6 7 9 12,6 1 5 9,3 6 6 11,2 8 4 19,5 7 8 38,805 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 21,2 5 0 0 21,2 5 0 0 0 0 0 0 0 0 0 0 0 Loans 1 1 1 5 0 0 0 0 3 4 6 1 5 3 3 7 1 1 Items in process of collection 6,6 0 9 3 1 8 3 8 8 5 0 9 4 0 3 3 2 6 6 4 9 4 6 2 2 6 2 4 0 4 3 8 8 3 5 3 2,146 Bank premises 1,6 7 6 9 6 1 9 1 5 2 1 5 3 1 4 5 2 7 8 1 3 1 5 1 1 2 4 7 4 2 0 0 180 Other assets5 35,6 3 4 1,6 1 1 12,7 5 9 1,0 4 0 2,2 0 7 5,6 9 3 2,0 1 8 3,2 0 2 9 3 1 1,0 6 3 7 2 8 8 8 2 3,502 Interdistrict settlement account 0 + 2,8 2 1 -22,8 7 8 + 2,7 4 3 - 1,6 4 2 + 1 8 4 + 2,3 5 3 + 1 5 1 + 4 5 4 - 4 2 8 + 1,5 1 7 + 3,8 9 8 +10,828 Total assets 758,8 9 6 37,4 0 7 311,9 6 1 25,0 6 8 30,7 5 6 59,0 3 6 52,2 6 8 66,4 4 3 22,1 2 7 16,2 9 4 20,9 8 6 37,0 8 4 79,468 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 19, 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 808,05 8 38,0 6 8 320,4 0 5 30,5 6 0 32,0 0 0 59,1 5 5 66,1 7 5 68,0 5 3 23,4 8 2 15,5 3 3 23,0 2 1 41,8 9 8 89,709 Less: notes held by F.R. Banks 121,43 1 4,3 8 3 29,4 1 7 8,4 6 0 5,6 7 8 10,7 9 5 20,2 1 3 7,8 8 7 3,3 2 3 1,2 8 7 4,1 3 9 7,1 3 3 18,715 Federal Reserve notes, net 686,62 6 33,6 8 5 290,9 8 8 22,0 9 9 26,3 2 1 48,3 6 0 45,9 6 2 60,1 6 6 20,1 5 8 14,2 4 7 18,8 8 3 34,7 6 4 70,994 Reverse repurchase agreements1 18,27 3 8 5 8 7,9 2 3 5 4 3 7 8 1 1,3 8 9 1,2 3 2 1,6 4 6 5 3 7 3 9 9 4 8 0 8 3 3 1,651 Deposits 25,65 8 1,1 5 4 7,2 2 3 1,2 4 1 1,6 1 1 4,3 9 5 2,9 8 1 1,9 3 8 6 4 5 4 3 3 7 6 3 7 4 6 2,529 Depository institutions 20,86 1 1,1 3 7 2,5 6 1 1,2 4 0 1,6 0 6 4,3 0 0 2,9 7 9 1,9 3 4 6 4 1 4 3 2 7 6 1 7 4 5 2,525 U.S. Treasury, general account 4,45 1 0 4,4 5 1 0 0 0 0 0 0 0 0 0 0 Foreign official 8 0 2 5 7 1 2 7 2 3 1 1 1 0 4 Other 26 6 1 6 1 5 4 0 2 8 8 0 0 3 0 1 0 0 Deferred availability cash items 7,33 2 5 6 0 6 7 4 5 2 5 4 1 9 4 8 2 8 7 6 5 8 8 1 9 9 5 0 6 4 5 0 3 4 6 1,707 Other liabilities and accrued dividends2 2,34 1 1 3 4 7 3 3 9 4 1 2 3 2 6 0 1 8 8 2 2 2 1 0 5 8 2 8 4 1 2 2 193 Total liabilities 740,23 1 36,3 9 2 307,5 4 1 24,5 0 3 29,2 5 5 54,8 8 6 51,2 3 9 64,5 6 0 21,6 4 4 15,6 6 6 20,6 6 0 36,8 1 1 77,074 Capital Capital paid in 9,08 0 5 0 6 2,1 0 9 2 7 8 7 3 8 2,0 6 3 5 0 2 9 1 4 2 3 2 2 6 6 1 5 2 1 2 7 1,193 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 73 8 6 0 2 8 0 2 8 3 6 1 3 3 8 4 5 2 2 1 7 1 1 3 6 152 Total liabilities and capital 758,89 6 37,4 0 7 311,9 6 1 25,0 6 8 30,7 5 6 59,0 3 6 52,2 6 8 66,4 4 3 22,1 2 7 16,2 9 4 20,9 8 6 37,0 8 4 79,468 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 19, 2004 Federal Reserve notes outstanding 808,058 Less: Notes held by F.R. Banks not subject to collateralization 121,431 Federal Reserve notes to be collateralized 686,626 Collateral held against Federal Reserve notes 686,626 Gold certificate account 11,041 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 673,386 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 700,868 Less: face value of securities under reverse repurchase agreements 18,277 U.S. Treasury and agency securities eligible to be pledged 682,591 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.