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 10, 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 9, 2004 Jun 2, 2004 Jun 11, 2003 Jun 9, 2004 Reserve Bank credit 746,417 - 3,190 + 33,209 752,783 Securities held outright 683,066 + 1,598 + 31,481 683,932 U.S. Treasury1 683,066 + 1,598 + 31,491 683,932 Bills2 251,904 + 1,442 + 13,504 251,908 Notes and bonds, nominal2 414,802 + 143 + 15,949 415,659 Notes and bonds, inflation-indexed2 14,464 0 + 1,650 14,464 Inflation compensation3 1,895 + 12 + 387 1,900 Federal agency2 0 0 - 10 0 Repurchase agreements4 24,821 - 4,929 + 1,535 30,250 Loans to depository institutions 158 + 31 + 96 157 Primary credit 32 + 24 + 30 32 Secondary credit 0 0 0 0 Seasonal credit 126 + 7 + 65 125 Float -98 - 27 + 2 -135 Other Federal Reserve assets 38,470 + 137 + 95 38,579 Gold stock 11,045 0 + 1 11,045 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 35,797 + 14 + 799 35,797 Total factors supplying reserve funds 795,459 - 3,176 + 34,009 801,825 Currency in circulation5 726,198 - 223 + 34,008 726,682 Reverse repurchase agreements6 20,304 - 94 - 512 19,942 Foreign official and international accounts 20,304 - 94 - 512 19,942 Dealers 0 0 0 0 Treasury cash holdings 323 + 3 - 62 326 Deposits with F.R. Banks, other than reserve balances 15,221 + 599 - 2,552 15,696 U.S. Treasury, general account 4,698 + 606 - 1,817 5,215 Foreign official 92 - 11 - 47 85 Service-related 10,149 - 1 - 729 10,149 Required clearing balances 10,149 - 1 - 683 10,149 Adjustments to compensate for float 0 0 - 45 0 Other 282 + 5 + 41 247 Other liabilities and capital 21,585 - 75 + 1,395 21,218 Total factors, other than reserve balances, absorbing reserve funds 783,631 + 210 + 32,277 783,864 Reserve balances with Federal Reserve Banks 11,828 - 3,385 + 1,732 17,961 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,228,148 + 7,424 + 292,682 1,230,805 U.S. Treasury 993,491 + 8,639 + 246,900 997,535 Federal agency 234,656 - 1,216 + 45,781 233,269 Securities lent to dealers 1,539 - 1,212 + 772 1,544 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 9, 2004 Jun 2, 2004 Jun 11, 2003 Assets Gold certificate account 11,041 0 + 1 Special drawing rights certificate account 2,200 0 0 Coin 726 + 8 - 200 Securities, repurchase agreements, and loans 714,339 + 10,194 + 30,162 Securities held outright 683,932 + 2,449 + 32,319 U.S. Treasury1 683,932 + 2,449 + 32,329 Bills2 251,908 + 1,436 + 13,478 Notes and bonds, nominal2 415,659 + 1,000 + 16,806 Notes and bonds, inflation-indexed2 14,464 0 + 1,650 Inflation compensation3 1,900 + 12 + 395 Federal agency2 0 0 - 10 Repurchase agreements4 30,250 + 7,750 - 2,250 Loans 157 - 5 + 92 Items in process of collection (936) 6,349 - 2,365 - 882 Bank premises 1,685 + 2 + 106 Other assets5 36,831 + 290 - 179 Total assets (936) 773,171 + 8,129 + 29,007 Liabilities Federal Reserve notes, net of F.R. Bank holdings 691,932 - 1,419 + 32,546 Reverse repurchase agreements6 19,942 - 350 - 1,269 Deposits (0) 33,598 + 11,756 - 2,095 Depository institutions 28,051 + 8,181 - 1,298 U.S. Treasury, general account 5,215 + 3,623 - 816 Foreign official 85 + 3 + 5 Other (0) 247 - 51 + 14 Deferred availability cash items (936) 6,481 - 1,679 - 1,274 Other liabilities and accrued dividends7 2,475 + 71 + 120 Total liabilities (936) 754,428 + 8,379 + 28,028 Capital accounts Capital paid in 9,201 - 3 + 545 Surplus 8,847 0 + 467 Other capital accounts 695 - 247 - 33 Total capital 18,743 - 249 + 979 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 9, 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 34 47,092 - 849 0 0 30,250 19,942 16 days to 90 days 123 166,556 + 7,787 0 0 0 0 91 days to 1 year 0 155,813 - 5,502 0 0 . . . . . . Over 1 year to 5 years . . . 186,170 + 730 0 0 . . . . . . Over 5 years to 10 years . . . 51,577 + 278 0 0 . . . . . . Over 10 years . . . 76,723 + 4 0 0 . . . . . . All 157 683,932 + 2,449 0 0 30,250 19,942 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 9, 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 2 6 3 1 2 5 3 9 3 2 6 9 7 4 8 9 5 3 2 6 4 1 1 4 7 101 Securities, repurchase agreements, and loans 714,3 3 9 32,1 1 6 326,8 1 2 20,3 4 2 29,2 2 5 51,9 8 2 46,1 2 7 61,6 5 9 20,1 0 9 14,9 5 7 17,9 8 6 31,1 8 6 61,841 Securities held outright 683,9 3 2 32,1 1 6 296,5 6 2 20,3 4 2 29,2 2 5 51,9 8 2 46,1 2 3 61,6 0 8 20,0 9 3 14,9 1 7 17,9 7 3 31,1 8 4 61,809 U.S. Treasury1 683,9 3 2 32,1 1 6 296,5 6 2 20,3 4 2 29,2 2 5 51,9 8 2 46,1 2 3 61,6 0 8 20,0 9 3 14,9 1 7 17,9 7 3 31,1 8 4 61,809 Bills2 251,9 0 8 11,8 2 9 109,2 3 1 7,4 9 2 10,7 6 4 19,1 4 6 16,9 8 8 22,6 9 1 7,4 0 1 5,4 9 4 6,6 2 0 11,4 8 6 22,766 Notes and bonds3 432,0 2 4 20,2 8 7 187,3 3 1 12,8 4 9 18,4 6 0 32,8 3 6 29,1 3 5 38,9 1 6 12,6 9 2 9,4 2 3 11,3 5 3 19,6 9 8 39,043 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 30,2 5 0 0 30,2 5 0 0 0 0 0 0 0 0 0 0 0 Loans 1 5 7 0 0 0 0 0 4 5 2 1 5 3 9 1 3 2 32 Items in process of collection 7,2 8 5 3 9 8 3 6 0 3 6 8 3 5 7 3 9 1 7 5 8 4 9 0 4 2 0 4 1 7 4 9 8 4 5 1 2,377 Bank premises 1,6 8 5 9 6 1 9 1 5 2 1 5 4 1 4 4 2 7 9 1 3 2 5 1 1 2 3 7 5 2 0 7 181 Other assets5 36,8 3 1 1,6 6 8 13,2 3 1 1,0 2 7 2,2 7 4 5,8 2 9 2,1 0 0 3,3 2 3 9 6 6 1,0 9 8 7 6 0 9 3 1 3,623 Interdistrict settlement account 0 + 3,0 1 3 -22,1 0 2 + 2,9 2 9 - 1,5 5 6 - 1,7 4 4 + 3,2 2 3 + 1 5 7 + 4 1 0 - 4 0 7 + 1,4 4 8 + 3,8 6 1 +10,767 Total assets 774,1 0 7 37,9 3 1 324,0 4 2 25,2 2 2 31,0 4 2 57,6 3 7 53,6 2 0 66,9 8 6 22,4 0 5 16,4 6 2 21,1 7 5 37,4 0 5 80,179 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 9, 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 808,41 0 37,9 4 4 319,4 3 1 31,0 5 4 32,0 5 4 58,9 0 7 67,1 4 2 67,9 5 3 23,5 4 1 15,6 1 0 23,3 4 1 41,8 4 4 89,589 Less: notes held by F.R. Banks 116,47 7 4,0 9 8 28,2 6 2 8,4 6 3 5,4 5 3 10,5 0 6 18,8 6 2 7,4 0 0 3,0 7 4 1,2 4 7 4,2 1 1 6,9 1 6 17,985 Federal Reserve notes, net 691,93 2 33,8 4 6 291,1 6 9 22,5 9 1 26,6 0 2 48,4 0 1 48,2 8 0 60,5 5 2 20,4 6 7 14,3 6 3 19,1 3 0 34,9 2 8 71,604 Reverse repurchase agreements1 19,94 2 9 3 6 8,6 4 7 5 9 3 8 5 2 1,5 1 6 1,3 4 5 1,7 9 6 5 8 6 4 3 5 5 2 4 9 0 9 1,802 Deposits 33,59 8 1,4 5 0 18,4 5 3 9 1 4 1,5 5 9 2,7 7 4 1,9 2 1 1,8 1 4 5 4 2 4 4 4 7 1 7 8 1 3 2,197 Depository institutions 28,05 1 1,4 4 3 13,0 1 3 9 1 3 1,5 5 5 2,6 9 3 1,9 2 0 1,8 1 1 5 4 0 4 4 2 7 1 5 8 1 1 2,193 U.S. Treasury, general account 5,21 5 0 5,2 1 5 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 24 7 5 1 6 4 0 1 7 4 0 0 1 0 1 1 0 Deferred availability cash items 7,41 7 5 4 0 6 1 7 4 6 2 4 2 0 5 2 7 8 4 4 5 7 0 2 2 8 5 2 4 3 9 0 3 5 2 1,943 Other liabilities and accrued dividends2 2,47 5 1 3 6 7 7 9 9 8 1 3 0 2 7 6 1 9 6 2 3 6 1 1 0 8 4 9 1 1 3 1 209 Total liabilities 755,36 3 36,9 0 9 319,6 6 4 24,6 5 8 29,5 6 2 53,4 9 3 52,5 8 6 64,9 6 9 21,9 3 3 15,8 5 0 20,8 5 2 37,1 3 2 77,755 Capital Capital paid in 9,20 1 5 0 6 2,1 1 5 2 7 8 7 3 2 2,0 6 4 5 0 9 1,0 2 0 2 3 2 2 6 4 1 5 4 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 69 5 6 8 2 3 3 2 7 2 1 6 3 7 7 3 1 3 3 7 3 4 175 Total liabilities and capital 774,10 7 37,9 3 1 324,0 4 2 25,2 2 2 31,0 4 2 57,6 3 7 53,6 2 0 66,9 8 6 22,4 0 5 16,4 6 2 21,1 7 5 37,4 0 5 80,179 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 9, 2004 Federal Reserve notes outstanding 808,410 Less: Notes held by F.R. Banks not subject to collateralization 116,477 Federal Reserve notes to be collateralized 691,932 Collateral held against Federal Reserve notes 691,932 Gold certificate account 11,041 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 678,691 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 714,182 Less: face value of securities under reverse repurchase agreements 19,947 U.S. Treasury and agency securities eligible to be pledged 694,235 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.