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 27, 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 26, 2004 May 19, 2004 May 28, 2003 May 26, 2004 Reserve Bank credit 743,669 + 3,174 + 23,197 752,122 Securities held outright 680,027 + 453 + 29,175 680,633 U.S. Treasury1 680,027 + 453 + 29,185 680,633 Bills2 250,400 + 205 + 12,728 250,439 Notes and bonds, nominal2 413,304 + 224 + 14,451 413,863 Notes and bonds, inflation-indexed2 14,464 0 + 1,650 14,464 Inflation compensation3 1,859 + 24 + 357 1,867 Federal agency2 0 0 - 10 0 Repurchase agreements4 26,107 + 4,107 - 5,750 33,750 Loans to depository institutions 118 + 13 + 59 128 Primary credit 4 + 2 + 2 10 Secondary credit 0 0 0 0 Seasonal credit 114 + 10 + 57 117 Float -220 + 263 + 193 -280 Other Federal Reserve assets 37,637 - 1,662 - 479 37,892 Gold stock 11,045 0 + 2 11,045 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 35,769 + 14 + 810 35,769 Total factors supplying reserve funds 792,684 + 3,188 + 24,011 801,136 Currency in circulation5 720,728 + 1,057 + 27,116 723,757 Reverse repurchase agreements6 19,191 + 307 - 2,407 19,331 Foreign official and international accounts 19,191 + 307 - 2,407 19,331 Dealers 0 0 0 0 Treasury cash holdings 330 + 6 - 29 320 Deposits with F.R. Banks, other than reserve balances 15,336 - 352 - 1,713 14,978 U.S. Treasury, general account 5,212 - 121 - 331 4,844 Foreign official 83 - 199 - 77 85 Service-related 9,787 + 1 - 1,317 9,787 Required clearing balances 9,787 + 1 - 1,032 9,787 Adjustments to compensate for float 0 0 - 285 0 Other 254 - 33 + 12 263 Other liabilities and capital 21,284 + 542 + 1,003 21,193 Total factors, other than reserve balances, absorbing reserve funds 776,869 + 1,559 + 23,970 779,579 Reserve balances with Federal Reserve Banks 15,814 + 1,629 + 40 21,558 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,210,617 + 10,861 + 282,870 1,214,232 U.S. Treasury 978,460 + 11,147 + 237,521 980,378 Federal agency 232,157 - 286 + 45,349 233,854 Securities lent to dealers 3,404 + 982 + 2,486 2,291 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 26, 2004 May 19, 2004 May 28, 2003 Assets Gold certificate account 11,041 0 + 2 Special drawing rights certificate account 2,200 0 0 Coin 741 - 16 - 179 Securities, repurchase agreements, and loans 714,511 + 13,532 + 31,580 Securities held outright 680,633 + 1,015 + 29,764 U.S. Treasury1 680,633 + 1,015 + 29,774 Bills2 250,439 + 209 + 12,756 Notes and bonds, nominal2 413,863 + 783 + 15,010 Notes and bonds, inflation-indexed2 14,464 0 + 1,650 Inflation compensation3 1,867 + 23 + 359 Federal agency2 0 0 - 10 Repurchase agreements4 33,750 + 12,500 + 1,750 Loans 128 + 17 + 66 Items in process of collection (784) 5,712 + 208 - 4,920 Bank premises 1,678 + 2 + 97 Other assets5 36,151 + 517 - 363 Total assets (784) 772,033 + 14,242 + 26,216 Liabilities Federal Reserve notes, net of F.R. Bank holdings 689,044 + 2,418 + 27,877 Reverse repurchase agreements6 19,331 + 1,058 - 2,526 Deposits (0) 36,473 + 10,815 + 2,915 Depository institutions 31,282 + 10,421 + 2,922 U.S. Treasury, general account 4,844 + 393 + 19 Foreign official 85 + 5 - 44 Other (0) 263 - 3 + 20 Deferred availability cash items (784) 5,992 - 236 - 3,425 Other liabilities and accrued dividends7 2,389 + 48 + 63 Total liabilities (784) 753,230 + 14,103 + 24,904 Capital accounts Capital paid in 9,095 + 15 + 521 Surplus 8,847 0 + 467 Other capital accounts 862 + 124 + 325 Total capital 18,804 + 139 + 1,313 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 26, 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 125 55,260 - 786 0 0 33,750 19,331 16 days to 90 days 3 149,402 + 1,720 0 0 0 0 91 days to 1 year 0 163,583 - 725 0 0 . . . . . . Over 1 year to 5 years . . . 185,179 + 792 0 0 . . . . . . Over 5 years to 10 years . . . 50,582 + 6 0 0 . . . . . . Over 10 years . . . 76,627 + 9 0 0 . . . . . . All 128 680,633 + 1,015 0 0 33,750 19,331 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 26, 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 4 1 3 4 3 0 4 5 3 8 6 8 7 5 8 8 5 0 2 9 4 2 1 4 2 100 Securities, repurchase agreements, and loans 714,5 1 1 31,9 6 4 328,8 8 2 20,2 4 4 29,0 8 4 51,7 3 1 45,9 0 4 61,3 6 3 20,0 1 6 14,8 7 9 17,8 9 5 31,0 3 7 61,512 Securities held outright 680,6 3 3 31,9 6 1 295,1 3 2 20,2 4 4 29,0 8 4 51,7 3 1 45,9 0 0 61,3 1 0 19,9 9 6 14,8 4 5 17,8 8 6 31,0 3 4 61,511 U.S. Treasury1 680,6 3 3 31,9 6 1 295,1 3 2 20,2 4 4 29,0 8 4 51,7 3 1 45,9 0 0 61,3 1 0 19,9 9 6 14,8 4 5 17,8 8 6 31,0 3 4 61,511 Bills2 250,4 3 9 11,7 6 0 108,5 9 3 7,4 4 9 10,7 0 1 19,0 3 4 16,8 8 9 22,5 5 9 7,3 5 8 5,4 6 2 6,5 8 1 11,4 1 9 22,633 Notes and bonds3 430,1 9 5 20,2 0 1 186,5 3 8 12,7 9 5 18,3 8 2 32,6 9 7 29,0 1 1 38,7 5 1 12,6 3 9 9,3 8 3 11,3 0 5 19,6 1 5 38,878 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 33,7 5 0 0 33,7 5 0 0 0 0 0 0 0 0 0 0 0 Loans 1 2 8 4 0 0 0 0 4 5 3 2 0 3 4 1 0 4 1 Items in process of collection 6,4 9 6 3 3 0 4 7 1 2 8 2 4 0 4 3 1 7 7 0 2 4 4 3 2 8 7 4 0 8 4 1 4 3 2 4 2,113 Bank premises 1,6 7 8 9 6 1 9 2 5 2 1 5 4 1 4 4 2 7 8 1 3 2 5 1 1 2 4 7 4 2 0 0 181 Other assets5 36,1 5 1 1,6 3 9 12,9 7 8 1,0 0 7 2,2 3 6 5,7 4 9 2,0 4 9 3,2 6 6 9 4 7 1,0 7 8 7 4 0 9 0 2 3,560 Interdistrict settlement account 0 + 3,4 1 9 -22,3 9 5 + 3,1 2 2 - 1,9 0 1 - 1,6 3 9 + 2,5 6 0 + 3 5 8 + 5 4 2 - 4 0 8 + 1,4 0 9 + 3,9 7 3 +10,960 Total assets 772,8 1 8 38,0 9 2 325,6 8 1 25,2 1 6 30,5 7 1 57,3 3 6 52,6 2 8 66,7 8 6 22,2 8 8 16,3 6 0 20,9 4 2 37,2 0 1 79,715 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 26, 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 807,65 3 38,0 3 3 320,0 3 4 30,6 8 7 31,9 3 7 59,0 4 2 66,1 6 2 67,9 8 9 23,5 0 5 15,5 8 7 23,0 3 7 41,8 7 6 89,764 Less: notes held by F.R. Banks 118,60 8 4,1 8 9 28,7 8 9 8,3 5 6 5,5 4 5 10,5 6 3 19,3 2 8 7,6 5 1 3,2 9 1 1,3 1 9 4,0 0 8 7,0 4 0 18,529 Federal Reserve notes, net 689,04 4 33,8 4 4 291,2 4 5 22,3 3 1 26,3 9 2 48,4 7 9 46,8 3 3 60,3 3 8 20,2 1 4 14,2 6 8 19,0 2 9 34,8 3 6 71,235 Reverse repurchase agreements1 19,33 1 9 0 8 8,3 8 2 5 7 5 8 2 6 1,4 6 9 1,3 0 4 1,7 4 1 5 6 8 4 2 2 5 0 8 8 8 1 1,747 Deposits 36,47 3 1,6 8 9 20,2 3 1 1,1 9 8 1,3 0 4 2,4 7 6 2,4 3 7 2,0 8 1 7 9 5 4 5 1 8 1 3 7 0 2 2,296 Depository institutions 31,28 2 1,6 8 2 15,1 5 8 1,1 9 7 1,3 0 0 2,3 8 5 2,4 3 6 2,0 7 8 7 9 3 4 5 0 8 1 1 7 0 1 2,292 U.S. Treasury, general account 4,84 4 0 4,8 4 4 0 0 0 0 0 0 0 0 0 0 Foreign official 8 5 2 6 2 1 2 7 2 3 1 1 1 0 4 Other 26 3 5 1 6 8 0 1 8 4 0 1 2 0 1 0 0 Deferred availability cash items 6,77 7 4 8 0 6 4 5 4 4 7 4 2 2 4 3 9 8 2 5 5 0 6 1 3 3 5 1 4 1 8 2 3 9 1 1,791 Other liabilities and accrued dividends2 2,38 9 1 3 4 7 4 5 9 3 1 2 7 2 7 6 1 9 0 2 2 4 1 0 7 8 2 8 8 1 2 3 200 Total liabilities 754,01 4 37,0 5 5 321,2 4 8 24,6 4 5 29,0 7 0 53,1 3 9 51,5 8 9 64,8 9 1 21,8 1 8 15,7 3 7 20,6 1 9 36,9 3 2 77,270 Capital Capital paid in 9,09 5 5 0 6 2,1 1 3 2 7 8 7 3 8 2,0 6 4 5 0 5 9 1 4 2 3 2 2 6 4 1 5 3 1 2 7 1,200 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 86 2 8 2 2 8 9 3 5 3 6 6 0 4 5 5 7 1 1 1 4 7 3 1 196 Total liabilities and capital 772,81 8 38,0 9 2 325,6 8 1 25,2 1 6 30,5 7 1 57,3 3 6 52,6 2 8 66,7 8 6 22,2 8 8 16,3 6 0 20,9 4 2 37,2 0 1 79,715 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 26, 2004 Federal Reserve notes outstanding 807,653 Less: Notes held by F.R. Banks not subject to collateralization 118,608 Federal Reserve notes to be collateralized 689,044 Collateral held against Federal Reserve notes 689,044 Gold certificate account 11,041 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 675,804 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 714,383 Less: face value of securities under reverse repurchase agreements 19,335 U.S. Treasury and agency securities eligible to be pledged 695,048 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.