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 8, 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 Jul 7, 2004 Jun 30, 2004 Jul 9, 2003 Jul 7, 2004 Reserve Bank credit 754,955 + 2,698 + 36,560 757,305 Securities held outright 687,668 + 569 + 35,225 687,893 U.S. Treasury1 687,668 + 569 + 35,235 687,893 Bills2 254,558 + 550 + 15,273 254,776 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 1,951 + 19 + 471 1,958 Federal agency2 0 0 - 10 0 Repurchase agreements4 27,179 + 1,929 + 1,179 28,000 Loans to depository institutions 224 + 2 + 125 225 Primary credit 59 + 1 + 51 53 Secondary credit 0 0 0 0 Seasonal credit 165 + 1 + 74 172 Float -17 - 10 - 637 1,075 Other Federal Reserve assets 39,901 + 208 + 668 40,113 Gold stock 11,045 0 + 1 11,045 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 35,968 + 14 + 887 35,968 Total factors supplying reserve funds 804,167 + 2,711 + 37,448 806,517 Currency in circulation5 736,212 + 6,888 + 38,350 738,117 Reverse repurchase agreements6 19,958 + 1,464 - 886 19,828 Foreign official and international accounts 19,958 + 1,464 - 886 19,828 Dealers 0 0 0 0 Treasury cash holdings 303 - 4 - 24 302 Deposits with F.R. Banks, other than reserve balances 15,819 - 1,357 - 1,923 14,126 U.S. Treasury, general account 4,541 - 1,420 - 1,677 2,915 Foreign official 155 + 37 - 124 84 Service-related 10,863 + 1 - 153 10,863 Required clearing balances 10,863 + 1 + 25 10,863 Adjustments to compensate for float 0 0 - 178 0 Other 261 + 26 + 32 264 Other liabilities and capital 21,629 - 296 + 1,812 21,510 Total factors, other than reserve balances, absorbing reserve funds 793,920 + 6,694 + 37,329 793,884 Reserve balances with Federal Reserve Banks 10,247 - 3,983 + 119 12,634 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,235,553 + 10,094 + 289,933 1,235,128 U.S. Treasury 999,289 + 7,755 + 238,396 998,603 Federal agency 236,263 + 2,338 + 51,537 236,525 Securities lent to dealers 2,299 + 3 + 704 999 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 Jul 7, 2004 Jun 30, 2004 Jul 9, 2003 Assets Gold certificate account 11,040 0 + 1 Special drawing rights certificate account 2,200 0 0 Coin 712 - 32 - 162 Securities, repurchase agreements, and loans 716,117 - 5,096 + 34,302 Securities held outright 687,893 + 502 + 35,432 U.S. Treasury1 687,893 + 502 + 35,442 Bills2 254,776 + 481 + 15,471 Notes and bonds, nominal2 416,694 0 + 17,841 Notes and bonds, inflation-indexed2 14,464 0 + 1,650 Inflation compensation3 1,958 + 22 + 479 Federal agency2 0 0 - 10 Repurchase agreements4 28,000 - 5,500 - 1,250 Loans 225 - 98 + 121 Items in process of collection (521) 9,066 + 3,105 - 1,044 Bank premises 1,697 - 5 + 115 Other assets5 38,395 + 631 + 683 Total assets (521) 779,227 - 1,397 + 33,895 Liabilities Federal Reserve notes, net of F.R. Bank holdings 703,159 + 4,973 + 39,630 Reverse repurchase agreements6 19,828 + 600 - 426 Deposits (0) 26,739 - 9,427 - 6,740 Depository institutions 23,476 - 6,152 - 3,095 U.S. Treasury, general account 2,915 - 3,117 - 3,441 Foreign official 84 - 196 - 243 Other (0) 264 + 38 + 39 Deferred availability cash items (521) 7,991 + 2,146 - 404 Other liabilities and accrued dividends7 2,325 + 59 + 218 Total liabilities (521) 760,042 - 1,650 + 32,278 Capital accounts Capital paid in 9,251 + 25 + 591 Surplus 8,847 0 + 469 Other capital accounts 1,087 + 228 + 558 Total capital 19,185 + 253 + 1,618 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, July 7, 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 59 46,828 - 501 0 0 28,000 19,828 16 days to 90 days 166 163,730 + 8,379 0 0 0 0 91 days to 1 year 0 161,187 - 7,398 0 0 . . . . . . Over 1 year to 5 years . . . 187,811 + 8 0 0 . . . . . . Over 5 years to 10 years . . . 51,591 + 5 0 0 . . . . . . Over 10 years . . . 76,745 + 8 0 0 . . . . . . All 225 687,893 + 502 0 0 28,000 19,828 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 July 7, 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 1 2 2 5 2 9 3 8 3 3 6 4 7 7 8 2 5 7 2 1 4 4 1 4 0 101 Securities, repurchase agreements, and loans 716,1 1 7 32,3 0 2 326,2 7 9 20,4 6 0 29,3 9 4 52,3 3 3 46,3 9 9 62,0 2 7 20,2 3 4 15,0 5 7 18,1 0 0 31,3 6 6 62,168 Securities held outright 687,8 9 3 32,3 0 2 298,2 7 9 20,4 6 0 29,3 9 4 52,2 8 3 46,3 9 0 61,9 6 4 20,2 1 0 15,0 0 4 18,0 7 7 31,3 6 5 62,167 U.S. Treasury1 687,8 9 3 32,3 0 2 298,2 7 9 20,4 6 0 29,3 9 4 52,2 8 3 46,3 9 0 61,9 6 4 20,2 1 0 15,0 0 4 18,0 7 7 31,3 6 5 62,167 Bills2 254,7 7 6 11,9 6 4 110,4 7 4 7,5 7 8 10,8 8 7 19,3 6 4 17,1 8 1 22,9 5 0 7,4 8 5 5,5 5 7 6,6 9 5 11,6 1 7 23,025 Notes and bonds3 433,1 1 7 20,3 3 8 187,8 0 5 12,8 8 2 18,5 0 7 32,9 1 9 29,2 0 8 39,0 1 5 12,7 2 5 9,4 4 7 11,3 8 2 19,7 4 8 39,142 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 28,0 0 0 0 28,0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 2 2 5 0 0 0 0 5 0 9 6 2 2 4 5 3 2 3 2 1 Items in process of collection 9,5 8 6 7 6 2 4 4 0 4 9 2 1,0 1 6 5 7 4 8 5 0 5 9 5 4 2 5 4 9 6 8 4 2 4 5 1 2,644 Bank premises 1,6 9 7 9 6 1 9 1 5 2 1 5 4 1 4 5 2 7 9 1 3 5 5 3 1 2 4 7 5 2 1 3 181 Other assets5 38,3 9 5 1,7 3 9 13,8 1 8 1,1 4 8 2,3 4 7 5,9 9 9 2,1 9 5 3,4 6 8 9 9 9 1,1 3 3 7 9 5 9 9 0 3,765 Interdistrict settlement account 0 + 2,7 5 3 -32,3 4 2 + 3,6 4 7 + 2 8 6 + 3 4 1 + 8,2 7 5 + 5 5 7 + 1,2 6 5 - 5 3 2 + 1,1 8 2 + 3,7 8 3 +10,786 Total assets 779,7 4 8 38,2 8 6 313,9 4 1 26,3 0 2 33,7 8 6 60,4 2 1 59,1 3 3 67,9 9 9 23,4 2 8 16,5 4 7 21,4 0 5 37,5 6 5 80,934 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 July 7, 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 815,59 3 37,5 1 8 317,5 5 6 31,4 1 8 34,1 5 3 61,3 0 5 70,8 9 6 67,7 1 7 24,4 5 9 15,4 8 9 23,5 7 7 41,8 8 9 89,615 Less: notes held by F.R. Banks 112,43 4 3,6 8 9 28,7 7 2 8,1 3 4 5,3 8 1 10,4 8 7 17,0 2 9 6,8 9 7 3,0 8 2 1,0 5 2 4,1 5 2 6,7 5 6 17,003 Federal Reserve notes, net 703,15 9 33,8 2 9 288,7 8 4 23,2 8 4 28,7 7 3 50,8 1 8 53,8 6 7 60,8 2 0 21,3 7 7 14,4 3 7 19,4 2 5 35,1 3 4 72,612 Reverse repurchase agreements1 19,82 8 9 3 1 8,5 9 8 5 9 0 8 4 7 1,5 0 7 1,3 3 7 1,7 8 6 5 8 3 4 3 2 5 2 1 9 0 4 1,792 Deposits 26,73 9 1,6 5 4 10,5 7 6 1,2 0 4 1,7 8 3 3,0 8 1 1,7 9 2 2,3 7 6 6 3 3 4 4 8 6 7 8 7 0 4 1,809 Depository institutions 23,47 6 1,6 5 0 7,4 4 0 1,2 0 2 1,7 8 1 2,9 7 9 1,7 9 0 2,3 7 2 6 3 0 4 4 6 6 7 7 7 0 3 1,806 U.S. Treasury, general account 2,91 5 0 2,9 1 5 0 0 0 0 0 0 0 0 0 0 Foreign official 8 4 2 6 1 1 2 7 2 3 1 1 1 0 4 Other 26 4 3 1 6 1 1 0 9 5 0 1 2 0 1 1 0 Deferred availability cash items 8,51 2 7 0 2 7 5 8 5 5 9 7 4 0 5 4 7 8 9 1 6 8 3 2 5 0 5 2 4 3 6 8 4 1 6 2,074 Other liabilities and accrued dividends2 2,32 5 1 2 8 7 5 7 9 2 1 1 6 2 3 3 1 8 9 2 2 4 1 0 4 7 9 8 8 1 2 8 186 Total liabilities 760,56 3 37,2 4 4 309,4 7 3 25,7 2 9 32,2 5 9 56,1 8 5 58,0 7 8 65,8 8 9 22,9 4 6 15,9 2 0 21,0 8 0 37,2 8 6 78,473 Capital Capital paid in 9,25 1 5 0 6 2,1 1 6 2 7 8 7 5 8 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 1,08 7 8 7 3 2 1 3 6 4 2 8 5 5 7 1 5 8 2 1 1 7 1 3 3 9 210 Total liabilities and capital 779,74 8 38,2 8 6 313,9 4 1 26,3 0 2 33,7 8 6 60,4 2 1 59,1 3 3 67,9 9 9 23,4 2 8 16,5 4 7 21,4 0 5 37,5 6 5 80,934 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 Jul 7, 2004 Federal Reserve notes outstanding 815,593 Less: Notes held by F.R. Banks not subject to collateralization 112,434 Federal Reserve notes to be collateralized 703,159 Collateral held against Federal Reserve notes 703,159 Gold certificate account 11,040 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 689,919 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 715,893 Less: face value of securities under reverse repurchase agreements 19,834 U.S. Treasury and agency securities eligible to be pledged 696,059 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.