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 June 3, 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 Jun 2, 2004 May 26, 2004 Jun 4, 2003 Jun 2, 2004 Reserve Bank credit 749,607 + 5,939 + 32,711 742,972 Securities held outright 681,468 + 1,441 + 30,266 681,483 U.S. Treasury1 681,468 + 1,441 + 30,276 681,483 Bills2 250,462 + 62 + 12,452 250,472 Notes and bonds, nominal2 414,659 + 1,355 + 15,806 414,659 Notes and bonds, inflation-indexed2 14,464 0 + 1,650 14,464 Inflation compensation3 1,883 + 24 + 369 1,888 Federal agency2 0 0 - 10 0 Repurchase agreements4 29,750 + 3,643 + 1,937 22,500 Loans to depository institutions 127 + 9 + 51 162 Primary credit 8 + 4 - 4 35 Secondary credit 0 0 0 0 Seasonal credit 119 + 5 + 55 127 Float -71 + 150 + 271 554 Other Federal Reserve assets 38,333 + 696 + 186 38,274 Gold stock 11,045 0 + 1 11,045 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 35,783 + 14 + 807 35,783 Total factors supplying reserve funds 798,635 + 5,952 + 33,520 792,001 Currency in circulation5 726,421 + 5,693 + 33,483 728,097 Reverse repurchase agreements6 20,398 + 1,207 - 1,589 20,292 Foreign official and international accounts 20,398 + 1,207 - 1,410 20,292 Dealers 0 0 - 179 0 Treasury cash holdings 320 - 10 - 56 323 Deposits with F.R. Banks, other than reserve balances 14,622 - 714 - 3,220 12,122 U.S. Treasury, general account 4,092 - 1,120 - 2,395 1,592 Foreign official 103 + 20 - 20 82 Service-related 10,150 + 363 - 853 10,150 Required clearing balances 10,150 + 363 - 682 10,150 Adjustments to compensate for float 0 0 - 170 0 Other 277 + 23 + 48 298 Other liabilities and capital 21,660 + 376 + 1,670 21,396 Total factors, other than reserve balances, absorbing reserve funds 783,421 + 6,552 + 30,289 782,231 Reserve balances with Federal Reserve Banks 15,213 - 600 + 3,230 9,769 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,220,724 + 10,107 + 287,355 1,224,925 U.S. Treasury 984,852 + 6,392 + 241,333 989,107 Federal agency 235,872 + 3,715 + 46,022 235,818 Securities lent to dealers 2,751 - 653 + 1,937 2,625 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 Jun 2, 2004 May 26, 2004 Jun 4, 2003 Assets Gold certificate account 11,041 0 + 1 Special drawing rights certificate account 2,200 0 0 Coin 718 - 23 - 191 Securities, repurchase agreements, and loans 704,145 - 10,366 + 33,668 Securities held outright 681,483 + 850 + 30,070 U.S. Treasury1 681,483 + 850 + 30,080 Bills2 250,472 + 33 + 12,249 Notes and bonds, nominal2 414,659 + 796 + 15,806 Notes and bonds, inflation-indexed2 14,464 0 + 1,650 Inflation compensation3 1,888 + 21 + 376 Federal agency2 0 0 - 10 Repurchase agreements4 22,500 - 11,250 + 3,500 Loans 162 + 34 + 97 Items in process of collection (803) 8,714 + 3,002 - 1,169 Bank premises 1,683 + 5 + 104 Other assets5 36,541 + 390 + 36 Total assets (803) 765,042 - 6,991 + 32,448 Liabilities Federal Reserve notes, net of F.R. Bank holdings 693,351 + 4,307 + 33,273 Reverse repurchase agreements6 20,292 + 961 - 1,381 Deposits (0) 21,842 - 14,631 - 350 Depository institutions 19,870 - 11,412 + 4,123 U.S. Treasury, general account 1,592 - 3,252 - 4,534 Foreign official 82 - 3 + 5 Other (0) 298 + 35 + 55 Deferred availability cash items (803) 8,160 + 2,168 - 655 Other liabilities and accrued dividends7 2,404 + 15 + 99 Total liabilities (803) 746,049 - 7,181 + 30,986 Capital accounts Capital paid in 9,204 + 109 + 620 Surplus 8,847 0 + 467 Other capital accounts 942 + 80 + 376 Total capital 18,992 + 188 + 1,462 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, June 2, 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 50 47,941 - 7,319 0 0 22,500 20,292 16 days to 90 days 112 158,769 + 9,367 0 0 0 0 91 days to 1 year 0 161,315 - 2,268 0 0 . . . . . . Over 1 year to 5 years . . . 185,440 + 261 0 0 . . . . . . Over 5 years to 10 years . . . 51,299 + 717 0 0 . . . . . . Over 10 years . . . 76,719 + 92 0 0 . . . . . . All 162 681,483 + 850 0 0 22,500 20,292 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 June 2, 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 1 8 3 3 2 7 4 3 3 4 6 4 7 4 8 3 4 8 2 8 4 1 1 4 4 98 Securities, repurchase agreements, and loans 704,1 4 5 32,0 0 3 318,0 0 0 20,2 7 0 29,1 2 0 51,7 9 6 45,9 6 1 61,4 4 3 20,0 3 6 14,9 0 2 17,9 2 3 31,0 7 3 61,618 Securities held outright 681,4 8 3 32,0 0 1 295,5 0 0 20,2 6 9 29,1 2 0 51,7 9 6 45,9 5 7 61,3 8 7 20,0 2 1 14,8 6 4 17,9 0 8 31,0 7 2 61,588 U.S. Treasury1 681,4 8 3 32,0 0 1 295,5 0 0 20,2 6 9 29,1 2 0 51,7 9 6 45,9 5 7 61,3 8 7 20,0 2 1 14,8 6 4 17,9 0 8 31,0 7 2 61,588 Bills2 250,4 7 2 11,7 6 1 108,6 0 8 7,4 5 0 10,7 0 3 19,0 3 7 16,8 9 1 22,5 6 2 7,3 5 9 5,4 6 3 6,5 8 2 11,4 2 0 22,636 Notes and bonds3 431,0 1 2 20,2 3 9 186,8 9 2 12,8 1 9 18,4 1 7 32,7 5 9 29,0 6 6 38,8 2 5 12,6 6 3 9,4 0 1 11,3 2 6 19,6 5 2 38,952 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 22,5 0 0 0 22,5 0 0 0 0 0 0 0 0 0 0 0 0 Loans 1 6 2 2 0 1 0 0 4 5 6 1 5 3 8 1 5 1 31 Items in process of collection 9,5 1 7 7 8 5 4 4 3 4 9 6 4 6 8 5 3 6 1,1 9 3 6 0 4 4 5 0 5 3 8 7 2 5 5 2 7 2,752 Bank premises 1,6 8 3 9 6 1 9 1 5 2 1 5 3 1 4 4 2 7 9 1 3 2 5 1 1 2 4 7 4 2 0 6 181 Other assets5 36,5 4 1 1,6 5 9 13,0 8 3 1,0 1 8 2,2 6 3 5,8 2 4 2,0 7 9 3,3 0 8 9 5 7 1,0 9 3 7 4 9 9 1 1 3,598 Interdistrict settlement account 0 + 3,0 0 8 -24,1 7 5 + 3,0 4 8 - 1,5 9 0 - 1,9 1 7 + 2,4 2 1 + 1,7 3 9 + 5 8 9 - 4 2 6 + 1,4 9 8 + 4,1 2 1 +11,684 Total assets 765,8 4 5 38,1 9 2 313,0 9 3 25,3 9 2 31,0 0 4 57,4 1 3 53,0 6 7 68,4 4 4 22,5 2 8 16,5 0 7 21,3 7 9 37,6 0 6 81,220 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 June 2, 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 807,66 1 37,9 9 1 319,7 6 0 30,8 4 9 31,9 4 3 58,9 7 8 66,4 3 4 67,9 3 1 23,5 4 9 15,5 7 5 23,2 1 1 41,8 0 9 89,631 Less: notes held by F.R. Banks 114,31 0 3,9 3 2 28,3 2 1 8,2 6 5 5,3 1 4 10,0 7 0 18,8 0 6 7,2 6 6 3,0 2 8 1,2 3 8 4,0 2 9 6,6 8 2 17,360 Federal Reserve notes, net 693,35 1 34,0 5 9 291,4 3 9 22,5 8 4 26,6 2 9 48,9 0 8 47,6 2 8 60,6 6 5 20,5 2 1 14,3 3 7 19,1 8 2 35,1 2 7 72,271 Reverse repurchase agreements1 20,29 2 9 5 3 8,7 9 9 6 0 4 8 6 7 1,5 4 2 1,3 6 8 1,8 2 8 5 9 6 4 4 3 5 3 3 9 2 5 1,834 Deposits 21,84 2 1,2 0 3 6,9 0 8 9 2 4 1,1 6 7 1,8 7 1 1,8 7 4 3,0 2 8 5 7 5 4 4 5 7 8 3 7 3 3 2,333 Depository institutions 19,87 0 1,1 9 5 5,0 8 9 9 2 3 1,1 6 5 1,7 4 4 1,8 7 2 3,0 2 4 5 7 2 4 4 4 7 8 1 7 3 2 2,330 U.S. Treasury, general account 1,59 2 0 1,5 9 2 0 0 0 0 0 0 0 0 0 0 Foreign official 8 2 2 5 9 1 2 7 2 3 1 1 1 0 4 Other 29 8 6 1 6 7 0 0 1 2 0 0 0 2 0 1 0 0 Deferred availability cash items 8,96 3 8 0 4 7 4 3 6 1 6 7 0 4 5 9 8 9 6 0 6 9 8 2 5 1 5 7 4 4 6 5 4 2 6 2,125 Other liabilities and accrued dividends2 2,40 4 1 3 3 7 5 4 9 5 1 2 7 2 7 6 1 9 0 2 2 8 1 0 6 8 1 8 6 1 2 6 203 Total liabilities 746,85 2 37,1 5 1 308,6 4 3 24,8 2 2 29,4 9 5 53,1 9 5 52,0 2 0 66,4 4 6 22,0 4 8 15,8 8 0 21,0 5 0 37,3 3 7 78,766 Capital Capital paid in 9,20 4 5 0 6 2,1 1 4 2 7 8 7 3 8 2,0 6 4 5 0 6 1,0 2 1 2 3 2 2 6 4 1 5 3 1 2 8 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 94 2 8 6 3 0 6 3 4 4 4 8 0 5 2 5 3 2 0 1 7 1 4 3 1 205 Total liabilities and capital 765,84 5 38,1 9 2 313,0 9 3 25,3 9 2 31,0 0 4 57,4 1 3 53,0 6 7 68,4 4 4 22,5 2 8 16,5 0 7 21,3 7 9 37,6 0 6 81,220 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 Jun 2, 2004 Federal Reserve notes outstanding 807,661 Less: Notes held by F.R. Banks not subject to collateralization 114,310 Federal Reserve notes to be collateralized 693,351 Collateral held against Federal Reserve notes 693,351 Gold certificate account 11,041 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 680,110 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 703,983 Less: face value of securities under reverse repurchase agreements 20,297 U.S. Treasury and agency securities eligible to be pledged 683,686 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.