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 24, 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 23, 2004 Jun 16, 2004 Jun 25, 2003 Jun 23, 2004 Reserve Bank credit 748,436 + 2,055 + 30,743 756,252 Securities held outright 685,043 + 63 + 33,083 685,177 U.S. Treasury1 685,043 + 63 + 33,093 685,177 Bills2 251,964 + 51 + 13,174 252,094 Notes and bonds, nominal2 416,694 0 + 17,841 416,694 Notes and bonds, inflation-indexed2 14,464 0 + 1,650 14,464 Inflation compensation3 1,920 + 12 + 427 1,924 Federal agency2 0 0 - 10 0 Repurchase agreements4 24,250 + 1,429 - 2,071 32,000 Loans to depository institutions 197 + 28 - 210 165 Primary credit 54 + 20 - 268 8 Secondary credit 0 0 0 0 Seasonal credit 143 + 8 + 59 157 Float -262 + 95 - 284 -443 Other Federal Reserve assets 39,208 + 441 + 225 39,353 Gold stock 11,045 0 + 1 11,045 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 35,825 + 14 + 782 35,825 Total factors supplying reserve funds 797,506 + 2,069 + 31,526 805,322 Currency in circulation5 724,759 + 12 + 33,613 727,776 Reverse repurchase agreements6 18,722 - 1,334 - 3,992 17,465 Foreign official and international accounts 18,722 - 1,334 - 2,314 17,465 Dealers 0 0 - 1,679 0 Treasury cash holdings 315 - 9 - 53 307 Deposits with F.R. Banks, other than reserve balances 17,655 + 779 - 982 17,805 U.S. Treasury, general account 7,034 + 839 - 165 7,202 Foreign official 103 - 29 - 59 82 Service-related 10,293 - 4 - 763 10,293 Required clearing balances 10,293 - 4 - 537 10,293 Adjustments to compensate for float 0 0 - 226 0 Other 225 - 27 + 5 227 Other liabilities and capital 21,707 + 296 + 1,601 21,639 Total factors, other than reserve balances, absorbing reserve funds 783,157 - 258 + 30,186 784,993 Reserve balances with Federal Reserve Banks 14,348 + 2,325 + 1,339 20,330 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,223,940 - 3,372 + 290,761 1,218,013 U.S. Treasury 990,103 - 3,382 + 240,373 987,036 Federal agency 233,837 + 10 + 50,387 230,978 Securities lent to dealers 980 + 54 - 377 1,591 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 23, 2004 Jun 16, 2004 Jun 25, 2003 Assets Gold certificate account 11,041 0 + 1 Special drawing rights certificate account 2,200 0 0 Coin 754 + 10 - 187 Securities, repurchase agreements, and loans 717,342 + 13,175 + 33,243 Securities held outright 685,177 + 184 + 33,174 U.S. Treasury1 685,177 + 184 + 33,184 Bills2 252,094 + 172 + 13,259 Notes and bonds, nominal2 416,694 0 + 17,841 Notes and bonds, inflation-indexed2 14,464 0 + 1,650 Inflation compensation3 1,924 + 12 + 433 Federal agency2 0 0 - 10 Repurchase agreements4 32,000 + 13,000 0 Loans 165 - 9 + 70 Items in process of collection (889) 5,560 - 317 - 1,901 Bank premises 1,691 + 3 + 109 Other assets5 37,695 + 579 + 88 Total assets (889) 776,283 + 13,449 + 31,352 Liabilities Federal Reserve notes, net of F.R. Bank holdings 693,007 + 2,393 + 34,038 Reverse repurchase agreements6 17,465 - 506 - 4,127 Deposits (0) 38,169 + 11,523 + 1,183 Depository institutions 30,657 + 11,449 - 398 U.S. Treasury, general account 7,202 + 135 + 1,896 Foreign official 82 - 50 - 322 Other (0) 227 - 11 + 7 Deferred availability cash items (889) 6,002 - 356 - 1,361 Other liabilities and accrued dividends7 2,551 + 74 + 169 Total liabilities (889) 757,194 + 13,129 + 29,902 Capital accounts Capital paid in 9,224 + 5 + 567 Surplus 8,847 0 + 467 Other capital accounts 1,018 + 316 + 417 Total capital 19,089 + 321 + 1,450 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 23, 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 156 54,688 + 117 0 0 32,000 17,465 16 days to 90 days 9 153,424 + 48 0 0 0 0 91 days to 1 year 0 161,535 + 7 0 0 . . . . . . Over 1 year to 5 years . . . 187,215 + 5 0 0 . . . . . . Over 5 years to 10 years . . . 51,583 + 3 0 0 . . . . . . Over 10 years . . . 76,732 + 4 0 0 . . . . . . All 165 685,177 + 184 0 0 32,000 17,465 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 23, 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 4 2 6 3 0 4 0 3 6 7 0 8 0 8 9 5 8 2 4 4 7 1 4 4 111 Securities, repurchase agreements, and loans 717,3 4 2 32,1 7 4 329,1 0 2 20,3 7 9 29,2 7 8 52,0 7 6 46,2 1 4 61,7 8 4 20,1 5 2 14,9 9 3 18,0 2 4 31,2 4 3 61,923 Securities held outright 685,1 7 7 32,1 7 4 297,1 0 2 20,3 7 9 29,2 7 8 52,0 7 6 46,2 0 7 61,7 2 0 20,1 3 0 14,9 4 5 18,0 0 5 31,2 4 1 61,921 U.S. Treasury1 685,1 7 7 32,1 7 4 297,1 0 2 20,3 7 9 29,2 7 8 52,0 7 6 46,2 0 7 61,7 2 0 20,1 3 0 14,9 4 5 18,0 0 5 31,2 4 1 61,921 Bills2 252,0 9 4 11,8 3 8 109,3 1 1 7,4 9 8 10,7 7 2 19,1 6 0 17,0 0 1 22,7 0 8 7,4 0 6 5,4 9 8 6,6 2 5 11,4 9 4 22,782 Notes and bonds3 433,0 8 3 20,3 3 6 187,7 9 1 12,8 8 1 18,5 0 6 32,9 1 6 29,2 0 6 39,0 1 1 12,7 2 4 9,4 4 6 11,3 8 1 19,7 4 6 39,139 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 32,0 0 0 0 32,0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 1 6 5 0 0 0 0 0 7 6 4 2 2 4 9 1 8 3 2 Items in process of collection 6,4 4 9 3 6 9 3 3 2 3 0 9 3 2 4 3 7 5 8 9 4 4 0 5 4 0 3 3 6 3 3 2 9 2 5 7 2,090 Bank premises 1,6 9 1 9 6 1 9 2 5 2 1 5 4 1 4 5 2 7 8 1 3 5 5 3 1 2 4 7 5 2 0 7 181 Other assets5 37,6 9 5 1,7 0 3 13,5 8 8 1,1 2 8 2,3 0 3 5,9 1 4 2,1 4 2 3,3 9 5 9 7 6 1,1 1 0 7 7 6 9 6 5 3,696 Interdistrict settlement account 0 + 2,6 3 6 -28,9 0 8 + 3,0 8 1 - 2 2 4 + 1,6 1 0 + 6,2 6 7 + 5 9 9 + 3 5 3 - 5 7 8 + 1,7 0 0 + 3,3 9 4 +10,068 Total assets 777,1 7 1 37,6 1 3 319,8 6 2 25,4 5 3 32,4 2 6 61,1 5 6 56,9 3 5 67,5 4 2 22,3 9 1 16,2 8 4 21,3 1 9 36,8 3 3 79,357 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 23, 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 812,66 8 37,6 2 5 318,1 3 6 31,3 8 3 33,5 2 9 60,3 1 5 69,7 6 1 67,6 9 1 23,6 1 5 15,5 1 0 23,4 0 0 41,9 6 1 89,742 Less: notes held by F.R. Banks 119,66 1 4,0 8 8 29,1 2 0 8,6 8 2 5,6 3 7 11,0 9 3 18,8 5 7 7,6 8 7 3,3 5 7 1,1 8 9 4,3 0 7 7,3 0 2 18,342 Federal Reserve notes, net 693,00 7 33,5 3 7 289,0 1 6 22,7 0 2 27,8 9 2 49,2 2 2 50,9 0 4 60,0 0 4 20,2 5 7 14,3 2 0 19,0 9 3 34,6 6 0 71,400 Reverse repurchase agreements1 17,46 5 8 2 0 7,5 7 3 5 1 9 7 4 6 1,3 2 7 1,1 7 8 1,5 7 3 5 1 3 3 8 1 4 5 9 7 9 6 1,578 Deposits 38,16 9 1,5 9 0 17,4 5 5 9 5 4 1,7 6 9 5,5 7 0 2,8 3 2 3,0 7 0 7 7 9 4 2 8 9 6 5 6 6 5 2,093 Depository institutions 30,65 7 1,5 8 7 10,0 3 8 9 5 3 1,7 6 5 5,4 9 8 2,8 3 1 3,0 6 7 7 7 6 4 2 6 9 6 3 6 6 4 2,089 U.S. Treasury, general account 7,20 2 0 7,2 0 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 22 7 1 1 5 5 0 1 6 6 0 0 2 0 1 1 0 Deferred availability cash items 6,89 0 4 8 5 5 6 7 6 0 6 3 9 2 5 2 2 7 7 1 5 5 1 2 5 4 4 4 4 3 8 7 3 0 2 1,610 Other liabilities and accrued dividends2 2,55 1 1 4 2 8 0 6 9 9 1 3 3 2 9 1 1 9 6 2 4 4 1 0 9 8 6 9 1 1 3 5 218 Total liabilities 758,08 3 36,5 7 4 315,4 1 7 24,8 8 0 30,9 3 2 56,9 3 3 55,8 8 1 65,4 4 1 21,9 1 2 15,6 5 9 20,9 9 5 36,5 5 8 76,900 Capital Capital paid in 9,22 4 5 0 6 2,1 1 6 2 7 8 7 3 3 2,0 7 7 5 1 0 1,0 2 8 2 3 2 2 6 4 1 5 0 1 3 0 1,202 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 1,01 8 8 4 2 9 8 3 6 3 4 7 3 5 5 1 4 8 1 9 1 5 1 3 3 5 208 Total liabilities and capital 777,17 1 37,6 1 3 319,8 6 2 25,4 5 3 32,4 2 6 61,1 5 6 56,9 3 5 67,5 4 2 22,3 9 1 16,2 8 4 21,3 1 9 36,8 3 3 79,357 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 23, 2004 Federal Reserve notes outstanding 812,668 Less: Notes held by F.R. Banks not subject to collateralization 119,661 Federal Reserve notes to be collateralized 693,007 Collateral held against Federal Reserve notes 693,007 Gold certificate account 11,041 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 679,767 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 717,177 Less: face value of securities under reverse repurchase agreements 17,470 U.S. Treasury and agency securities eligible to be pledged 699,707 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.