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 17, 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 16, 2004 Jun 9, 2004 Jun 18, 2003 Jun 16, 2004 Reserve Bank credit 746,382 - 27 + 32,531 742,480 Securities held outright 684,980 + 1,914 + 33,197 684,993 U.S. Treasury1 684,980 + 1,914 + 33,207 684,993 Bills2 251,913 + 9 + 13,308 251,922 Notes and bonds, nominal2 416,694 + 1,892 + 17,841 416,694 Notes and bonds, inflation-indexed2 14,464 0 + 1,650 14,464 Inflation compensation3 1,908 + 13 + 407 1,912 Federal agency2 0 0 - 10 0 Repurchase agreements4 22,821 - 2,000 - 358 19,000 Loans to depository institutions 169 + 11 + 95 174 Primary credit 34 + 2 + 31 35 Secondary credit 0 0 0 0 Seasonal credit 135 + 9 + 64 139 Float -355 - 249 - 359 -480 Other Federal Reserve assets 38,767 + 297 - 44 38,793 Gold stock 11,045 0 + 1 11,045 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 35,811 + 14 + 791 35,811 Total factors supplying reserve funds 795,439 - 12 + 33,323 791,536 Currency in circulation5 724,747 - 1,451 + 33,207 725,369 Reverse repurchase agreements6 20,056 - 248 - 1,408 17,971 Foreign official and international accounts 20,056 - 248 - 1,086 17,971 Dealers 0 0 - 321 0 Treasury cash holdings 324 + 1 - 55 316 Deposits with F.R. Banks, other than reserve balances 16,876 + 1,655 - 1,679 17,735 U.S. Treasury, general account 6,195 + 1,497 - 952 7,067 Foreign official 132 + 40 + 44 132 Service-related 10,297 + 148 - 791 10,297 Required clearing balances 10,297 + 148 - 533 10,297 Adjustments to compensate for float 0 0 - 258 0 Other 252 - 30 + 20 238 Other liabilities and capital 21,411 - 174 + 1,089 21,245 Total factors, other than reserve balances, absorbing reserve funds 783,415 - 216 + 31,155 782,636 Reserve balances with Federal Reserve Banks 12,024 + 204 + 2,169 8,900 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,227,312 - 836 + 291,412 1,224,845 U.S. Treasury 993,485 - 6 + 243,347 991,966 Federal agency 233,827 - 829 + 48,065 232,879 Securities lent to dealers 926 - 613 + 301 1,945 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 16, 2004 Jun 9, 2004 Jun 18, 2003 Assets Gold certificate account 11,041 0 + 1 Special drawing rights certificate account 2,200 0 0 Coin 744 + 18 - 193 Securities, repurchase agreements, and loans 704,167 - 10,172 + 29,150 Securities held outright 684,993 + 1,061 + 33,061 U.S. Treasury1 684,993 + 1,061 + 33,071 Bills2 251,922 + 14 + 13,166 Notes and bonds, nominal2 416,694 + 1,035 + 17,841 Notes and bonds, inflation-indexed2 14,464 0 + 1,650 Inflation compensation3 1,912 + 12 + 414 Federal agency2 0 0 - 10 Repurchase agreements4 19,000 - 11,250 - 4,000 Loans 174 + 17 + 88 Items in process of collection (921) 5,877 - 472 - 2,955 Bank premises 1,688 + 3 + 108 Other assets5 37,116 + 285 - 127 Total assets (921) 762,834 - 10,337 + 25,984 Liabilities Federal Reserve notes, net of F.R. Bank holdings 690,614 - 1,318 + 31,809 Reverse repurchase agreements6 17,971 - 1,971 - 4,930 Deposits (0) 26,646 - 6,952 - 565 Depository institutions 19,208 - 8,843 + 408 U.S. Treasury, general account 7,067 + 1,852 - 1,019 Foreign official 132 + 47 + 36 Other (0) 238 - 9 + 9 Deferred availability cash items (921) 6,358 - 123 - 1,638 Other liabilities and accrued dividends7 2,477 + 2 + 151 Total liabilities (921) 744,065 - 10,363 + 24,826 Capital accounts Capital paid in 9,219 + 18 + 562 Surplus 8,847 0 + 467 Other capital accounts 702 + 7 + 128 Total capital 18,768 + 25 + 1,157 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 16, 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 162 54,571 + 7,479 0 0 19,000 17,971 16 days to 90 days 11 153,376 - 13,180 0 0 0 0 91 days to 1 year 0 161,528 + 5,715 0 0 . . . . . . Over 1 year to 5 years . . . 187,210 + 1,040 0 0 . . . . . . Over 5 years to 10 years . . . 51,580 + 3 0 0 . . . . . . Over 10 years . . . 76,728 + 5 0 0 . . . . . . All 174 684,993 + 1,061 0 0 19,000 17,971 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 16, 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 4 3 0 2 6 3 7 3 7 6 8 7 7 9 2 5 7 2 5 4 6 1 4 8 101 Securities, repurchase agreements, and loans 704,1 6 7 32,1 6 5 316,0 2 2 20,3 7 4 29,2 7 0 52,0 6 5 46,1 9 8 61,7 6 4 20,1 3 9 14,9 8 4 18,0 1 6 31,2 3 4 61,935 Securities held outright 684,9 9 3 32,1 6 5 297,0 2 2 20,3 7 3 29,2 7 0 52,0 6 2 46,1 9 4 61,7 0 3 20,1 2 4 14,9 4 1 18,0 0 0 31,2 3 2 61,905 U.S. Treasury1 684,9 9 3 32,1 6 5 297,0 2 2 20,3 7 3 29,2 7 0 52,0 6 2 46,1 9 4 61,7 0 3 20,1 2 4 14,9 4 1 18,0 0 0 31,2 3 2 61,905 Bills2 251,9 2 2 11,8 3 0 109,2 3 7 7,4 9 3 10,7 6 5 19,1 4 7 16,9 8 9 22,6 9 3 7,4 0 1 5,4 9 5 6,6 2 0 11,4 8 6 22,767 Notes and bonds3 433,0 7 1 20,3 3 6 187,7 8 5 12,8 8 1 18,5 0 5 32,9 1 5 29,2 0 5 39,0 1 0 12,7 2 3 9,4 4 6 11,3 8 0 19,7 4 6 39,138 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 19,0 0 0 0 19,0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 1 7 4 0 0 1 0 3 4 6 1 1 4 4 3 1 6 1 31 Items in process of collection 6,7 9 8 4 5 0 3 4 1 3 3 6 3 6 3 3 8 6 6 4 4 4 9 3 3 0 1 4 1 6 5 5 5 2 6 0 2,253 Bank premises 1,6 8 8 9 6 1 9 2 5 2 1 5 4 1 4 5 2 7 9 1 3 3 5 3 1 2 3 7 5 2 0 7 181 Other assets5 37,1 1 6 1,6 7 4 13,3 6 4 1,1 1 5 2,2 7 2 5,8 3 9 2,1 0 7 3,3 4 2 9 6 0 1,0 9 4 7 6 3 9 4 4 3,641 Interdistrict settlement account 0 + 2,5 4 0 -20,1 5 6 + 4,1 9 7 - 2,0 5 4 - 3,0 6 8 + 2,9 0 7 - 6 3 + 3 4 4 - 5 0 4 + 1,3 3 8 + 3,6 7 4 +10,844 Total assets 763,7 5 5 37,5 6 5 315,3 1 4 26,5 7 6 30,5 9 7 56,4 0 2 53,2 7 2 66,8 9 8 22,2 4 9 16,3 8 5 21,1 6 2 37,0 9 0 80,244 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 16, 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 809,30 8 37,8 9 5 319,1 0 0 31,2 6 0 32,2 6 4 59,4 1 6 67,5 2 7 68,0 7 4 23,5 2 9 15,5 8 9 23,3 9 0 41,8 8 6 89,378 Less: notes held by F.R. Banks 118,69 4 4,0 8 8 28,7 6 2 8,6 0 5 5,4 3 3 11,0 3 4 19,0 3 9 7,6 6 6 3,1 9 1 1,2 2 9 4,2 5 5 7,1 5 5 18,236 Federal Reserve notes, net 690,61 4 33,8 0 7 290,3 3 8 22,6 5 5 26,8 3 0 48,3 8 2 48,4 8 7 60,4 0 8 20,3 3 9 14,3 6 0 19,1 3 5 34,7 3 1 71,142 Reverse repurchase agreements1 17,97 1 8 4 4 7,7 9 2 5 3 4 7 6 8 1,3 6 6 1,2 1 2 1,6 1 9 5 2 8 3 9 2 4 7 2 8 1 9 1,624 Deposits 26,64 6 1,1 1 3 11,4 2 1 2,2 4 9 9 6 9 1,6 7 9 1,5 2 9 1,9 7 5 5 8 2 4 4 7 7 1 4 8 3 9 3,128 Depository institutions 19,20 8 1,1 0 8 4,0 8 6 2,2 4 8 1,0 0 4 1,5 6 4 1,5 2 7 1,9 7 2 5 7 8 4 4 6 7 1 2 8 3 8 3,124 U.S. Treasury, general account 7,06 7 0 7,0 6 7 0 0 0 0 0 0 0 0 0 0 Foreign official 13 2 2 1 0 9 1 2 7 2 3 1 1 1 0 4 Other 23 8 3 1 5 8 0 - 3 7 1 0 8 0 0 3 0 1 1 0 Deferred availability cash items 7,27 9 6 4 2 6 0 5 4 7 7 4 2 9 5 4 1 8 1 3 6 1 4 2 1 6 4 9 1 4 2 9 3 0 1 1,721 Other liabilities and accrued dividends2 2,47 7 1 3 6 7 8 3 9 7 1 3 0 2 8 6 1 9 5 2 3 5 1 0 7 8 3 8 8 1 2 8 211 Total liabilities 744,98 6 36,5 4 1 310,9 3 9 26,0 1 2 29,1 2 7 52,2 5 4 52,2 3 6 64,8 5 1 21,7 7 2 15,7 7 4 20,8 3 8 36,8 1 9 77,825 Capital Capital paid in 9,21 9 5 0 6 2,1 1 6 2 7 8 7 3 2 2,0 7 3 5 0 9 1,0 2 8 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 70 2 6 9 2 2 9 2 7 1 1 1 3 8 9 5 1 8 2 8 3 2 171 Total liabilities and capital 763,75 5 37,5 6 5 315,3 1 4 26,5 7 6 30,5 9 7 56,4 0 2 53,2 7 2 66,8 9 8 22,2 4 9 16,3 8 5 21,1 6 2 37,0 9 0 80,244 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 16, 2004 Federal Reserve notes outstanding 809,308 Less: Notes held by F.R. Banks not subject to collateralization 118,694 Federal Reserve notes to be collateralized 690,614 Collateral held against Federal Reserve notes 690,614 Gold certificate account 11,041 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 677,373 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 703,993 Less: face value of securities under reverse repurchase agreements 17,975 U.S. Treasury and agency securities eligible to be pledged 686,018 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.