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 July 1, 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 30, 2004 Jun 23, 2004 Jul 2, 2003 Jun 30, 2004 Reserve Bank credit 752,257 + 3,822 + 32,780 760,868 Securities held outright 687,099 + 2,056 + 34,937 687,391 U.S. Treasury1 687,099 + 2,056 + 34,947 687,391 Bills2 254,008 + 2,044 + 15,010 254,295 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 1,932 + 12 + 446 1,936 Federal agency2 0 0 - 10 0 Repurchase agreements4 25,250 + 1,000 - 3,464 33,500 Loans to depository institutions 222 + 25 + 34 323 Primary credit 58 + 4 - 41 154 Secondary credit 0 0 0 0 Seasonal credit 164 + 21 + 75 169 Float -6 + 257 + 621 165 Other Federal Reserve assets 39,693 + 485 + 653 39,490 Gold stock 11,045 0 + 1 11,045 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 35,954 + 14 + 889 35,954 Total factors supplying reserve funds 801,456 + 3,836 + 33,670 810,066 Currency in circulation5 729,324 + 4,450 + 35,712 733,098 Reverse repurchase agreements6 18,494 - 228 - 4,635 19,228 Foreign official and international accounts 18,494 - 228 - 4,635 19,228 Dealers 0 0 0 0 Treasury cash holdings 307 - 8 - 53 303 Deposits with F.R. Banks, other than reserve balances 17,176 - 479 - 706 17,400 U.S. Treasury, general account 5,961 - 1,073 - 126 6,032 Foreign official 118 + 15 - 294 280 Service-related 10,862 + 569 - 274 10,862 Required clearing balances 10,862 + 569 + 24 10,862 Adjustments to compensate for float 0 0 - 297 0 Other 235 + 10 - 13 226 Other liabilities and capital 21,925 + 218 + 1,880 21,198 Total factors, other than reserve balances, absorbing reserve funds 787,226 + 3,954 + 32,198 791,228 Reserve balances with Federal Reserve Banks 14,230 - 118 + 1,472 18,839 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,225,459 + 1,519 + 282,181 1,240,217 U.S. Treasury 991,534 + 1,431 + 234,473 1,005,658 Federal agency 233,925 + 88 + 47,708 234,559 Securities lent to dealers 2,296 + 1,316 - 2,279 5,503 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 30, 2004 Jun 23, 2004 Jul 2, 2003 Assets Gold certificate account 11,040 - 1 + 1 Special drawing rights certificate account 2,200 0 0 Coin 744 - 10 - 160 Securities, repurchase agreements, and loans 721,213 + 3,871 + 42,759 Securities held outright 687,391 + 2,214 + 35,028 U.S. Treasury1 687,391 + 2,214 + 35,038 Bills2 254,295 + 2,201 + 15,094 Notes and bonds, nominal2 416,694 0 + 17,841 Notes and bonds, inflation-indexed2 14,464 0 + 1,650 Inflation compensation3 1,936 + 12 + 452 Federal agency2 0 0 - 10 Repurchase agreements4 33,500 + 1,500 + 7,500 Loans 323 + 158 + 231 Items in process of collection (783) 5,961 + 401 - 3,496 Bank premises 1,702 + 11 + 121 Other assets5 37,764 + 69 + 364 Total assets (783) 780,624 + 4,341 + 39,589 Liabilities Federal Reserve notes, net of F.R. Bank holdings 698,186 + 5,179 + 33,711 Reverse repurchase agreements6 19,228 + 1,763 - 1,817 Deposits (0) 36,166 - 2,003 + 9,744 Depository institutions 29,628 - 1,029 + 9,609 U.S. Treasury, general account 6,032 - 1,170 + 325 Foreign official 280 + 198 - 196 Other (0) 226 - 1 + 6 Deferred availability cash items (783) 5,845 - 157 - 3,612 Other liabilities and accrued dividends7 2,266 - 285 + 165 Total liabilities (783) 761,692 + 4,498 + 38,192 Capital accounts Capital paid in 9,226 + 2 + 567 Surplus 8,847 0 + 467 Other capital accounts 859 - 159 + 363 Total capital 18,932 - 157 + 1,397 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 30, 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 276 47,329 - 7,359 0 0 33,500 19,228 16 days to 90 days 47 155,351 + 1,927 0 0 0 0 91 days to 1 year 0 168,585 + 7,050 0 0 . . . . . . Over 1 year to 5 years . . . 187,803 + 588 0 0 . . . . . . Over 5 years to 10 years . . . 51,586 + 3 0 0 . . . . . . Over 10 years . . . 76,737 + 5 0 0 . . . . . . All 323 687,391 + 2,214 0 0 33,500 19,228 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 30, 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 0 4 9 4 4,6 5 0 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 2 7 3 1 4 0 3 6 6 6 7 9 8 6 5 7 2 2 4 6 1 4 3 110 Securities, repurchase agreements, and loans 721,2 1 3 32,2 7 8 331,5 6 2 20,4 4 5 29,3 7 3 52,2 4 5 46,3 6 3 62,0 8 8 20,2 1 9 15,0 4 4 18,1 0 0 31,3 4 4 62,153 Securities held outright 687,3 9 1 32,2 7 8 298,0 6 2 20,4 4 5 29,3 7 2 52,2 4 5 46,3 5 6 61,9 1 9 20,1 9 5 14,9 9 3 18,0 6 3 31,3 4 2 62,122 U.S. Treasury1 687,3 9 1 32,2 7 8 298,0 6 2 20,4 4 5 29,3 7 2 52,2 4 5 46,3 5 6 61,9 1 9 20,1 9 5 14,9 9 3 18,0 6 3 31,3 4 2 62,122 Bills2 254,2 9 5 11,9 4 1 110,2 6 6 7,5 6 3 10,8 6 6 19,3 2 8 17,1 4 9 22,9 0 7 7,4 7 1 5,5 4 7 6,6 8 2 11,5 9 5 22,981 Notes and bonds3 433,0 9 5 20,3 3 7 187,7 9 6 12,8 8 1 18,5 0 6 32,9 1 7 29,2 0 7 39,0 1 3 12,7 2 4 9,4 4 6 11,3 8 1 19,7 4 7 39,140 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 33,5 0 0 0 33,5 0 0 0 0 0 0 0 0 0 0 0 0 Loans 3 2 3 0 0 0 1 0 7 1 6 9 2 4 5 2 3 6 3 31 Items in process of collection 6,7 4 4 4 4 9 3 4 1 3 8 6 3 4 8 3 7 4 7 8 3 4 8 9 3 6 1 4 2 4 4 0 3 2 9 1 2,094 Bank premises 1,7 0 2 9 6 1 9 1 5 2 1 5 4 1 4 5 2 7 9 1 3 4 5 3 1 2 4 7 5 2 1 9 181 Other assets5 37,7 6 4 1,7 0 8 13,6 0 6 1,1 3 0 2,3 0 9 5,9 1 1 2,1 5 1 3,4 0 8 9 7 8 1,1 1 4 7 7 9 9 6 9 3,701 Interdistrict settlement account 0 + 2,9 4 3 -32,0 4 2 + 3,7 0 6 - 1 1 6 + 1 1 0 + 7,4 2 5 + 6 9 2 + 1,1 3 9 - 4 7 5 + 1,9 5 9 + 3,8 5 5 +10,804 Total assets 781,4 0 7 38,1 1 0 319,2 1 4 26,2 2 4 32,6 6 0 59,8 1 7 58,1 4 0 68,0 3 4 23,2 0 3 16,5 0 0 21,7 3 0 37,4 4 4 80,331 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 30, 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 815,19 4 37,5 7 2 317,7 8 8 31,5 2 0 33,7 7 4 61,1 5 2 70,5 4 4 67,7 5 7 24,3 2 8 15,4 8 6 23,5 9 7 41,9 8 7 89,690 Less: notes held by F.R. Banks 117,00 8 3,9 1 0 29,5 3 6 8,3 5 8 5,5 4 7 10,7 6 2 18,0 4 8 7,4 1 6 3,1 2 8 1,1 2 8 4,3 7 7 7,0 6 7 17,731 Federal Reserve notes, net 698,18 6 33,6 6 2 288,2 5 1 23,1 6 2 28,2 2 7 50,3 9 0 52,4 9 6 60,3 4 1 21,2 0 0 14,3 5 8 19,2 2 1 34,9 2 0 71,959 Reverse repurchase agreements1 19,22 8 9 0 3 8,3 3 8 5 7 2 8 2 2 1,4 6 1 1,2 9 7 1,7 3 2 5 6 5 4 1 9 5 0 5 8 7 7 1,738 Deposits 36,16 6 1,9 9 3 16,8 6 9 1,3 6 6 1,5 6 8 3,0 2 1 2,3 7 0 3,0 8 8 7 1 8 4 9 0 1,3 3 8 9 2 6 2,421 Depository institutions 29,62 8 1,9 8 1 10,4 2 7 1,3 6 5 1,5 6 5 2,9 5 7 2,3 6 8 3,0 8 4 7 1 4 4 8 9 1,3 3 6 9 2 5 2,417 U.S. Treasury, general account 6,03 2 0 6,0 3 2 0 0 0 0 0 0 0 0 0 0 Foreign official 28 0 2 2 5 7 1 2 7 2 3 1 1 1 0 4 Other 22 6 1 0 1 5 3 0 0 5 7 0 1 3 0 1 1 0 Deferred availability cash items 6,62 8 3 9 8 5 8 7 4 6 8 4 5 2 5 3 6 7 5 3 5 7 0 1 5 1 5 3 9 2 6 2 3 1 3 1,599 Other liabilities and accrued dividends2 2,26 6 1 2 4 7 4 5 9 0 1 1 2 2 2 3 1 8 3 2 1 3 1 0 3 7 7 8 6 1 3 3 177 Total liabilities 762,47 5 37,0 7 9 314,7 9 1 25,6 5 8 31,1 8 0 55,6 3 2 57,0 9 8 65,9 4 4 22,7 3 6 15,8 8 3 21,4 1 1 37,1 6 9 77,893 Capital Capital paid in 9,22 6 5 0 6 2,1 1 8 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 1,201 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 85 9 7 7 2 7 5 2 9 2 0 3 4 4 3 1 3 8 7 7 6 3 4 188 Total liabilities and capital 781,40 7 38,1 1 0 319,2 1 4 26,2 2 4 32,6 6 0 59,8 1 7 58,1 4 0 68,0 3 4 23,2 0 3 16,5 0 0 21,7 3 0 37,4 4 4 80,331 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 30, 2004 Federal Reserve notes outstanding 815,194 Less: Notes held by F.R. Banks not subject to collateralization 117,008 Federal Reserve notes to be collateralized 698,186 Collateral held against Federal Reserve notes 698,186 Gold certificate account 11,040 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 684,946 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 720,891 Less: face value of securities under reverse repurchase agreements 19,234 U.S. Treasury and agency securities eligible to be pledged 701,657 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.