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 15, 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 14, 2004 Jul 7, 2004 Jul 16, 2003 Jul 14, 2004 Reserve Bank credit 755,496 + 542 + 40,027 756,575 Securities held outright 689,774 + 2,106 + 37,236 690,309 U.S. Treasury1 689,774 + 2,106 + 37,246 690,309 Bills2 255,024 + 466 + 15,639 255,178 Notes and bonds, nominal2 418,251 + 1,557 + 19,398 418,251 Notes and bonds, inflation-indexed2 14,521 + 57 + 1,707 14,862 Inflation compensation3 1,977 + 26 + 502 2,017 Federal agency2 0 0 - 10 0 Repurchase agreements4 25,250 - 1,929 + 2,357 25,500 Loans to depository institutions 243 + 19 + 129 260 Primary credit 53 - 6 + 47 51 Secondary credit 0 0 - 1 0 Seasonal credit 191 + 26 + 84 209 Float -202 - 184 - 654 -104 Other Federal Reserve assets 40,431 + 530 + 959 40,611 Gold stock 11,045 0 + 1 11,045 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 36,008 + 14 + 911 36,008 Total factors supplying reserve funds 804,749 + 557 + 40,939 805,827 Currency in circulation5 736,199 - 38 + 41,673 736,127 Reverse repurchase agreements6 19,767 - 191 - 300 19,835 Foreign official and international accounts 19,767 - 191 - 300 19,835 Dealers 0 0 0 0 Treasury cash holdings 302 - 1 - 25 302 Deposits with F.R. Banks, other than reserve balances 15,626 - 193 - 2,331 16,223 U.S. Treasury, general account 4,834 + 293 - 1,645 5,369 Foreign official 80 - 75 - 29 81 Service-related 10,424 - 439 - 638 10,424 Required clearing balances 10,424 - 439 - 439 10,424 Adjustments to compensate for float 0 0 - 199 0 Other 288 + 27 - 19 349 Other liabilities and capital 21,713 + 84 + 1,835 21,318 Total factors, other than reserve balances, absorbing reserve funds 793,608 - 338 + 40,853 793,804 Reserve balances with Federal Reserve Banks 11,141 + 895 + 87 12,023 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,234,008 - 1,545 + 292,555 1,236,684 U.S. Treasury 997,048 - 2,241 + 239,429 999,349 Federal agency 236,960 + 697 + 53,126 237,335 Securities lent to dealers 575 - 1,724 - 293 269 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 14, 2004 Jul 7, 2004 Jul 16, 2003 Assets Gold certificate account 11,040 0 + 1 Special drawing rights certificate account 2,200 0 0 Coin 710 - 2 - 162 Securities, repurchase agreements, and loans 716,069 - 48 + 39,247 Securities held outright 690,309 + 2,416 + 37,609 U.S. Treasury1 690,309 + 2,416 + 37,619 Bills2 255,178 + 402 + 15,628 Notes and bonds, nominal2 418,251 + 1,557 + 19,398 Notes and bonds, inflation-indexed2 14,862 + 398 + 2,048 Inflation compensation3 2,017 + 59 + 544 Federal agency2 0 0 - 10 Repurchase agreements4 25,500 - 2,500 + 1,500 Loans 260 + 35 + 139 Items in process of collection (726) 6,004 - 3,062 - 2,530 Bank premises 1,697 0 + 112 Other assets5 38,898 + 503 + 1,291 Total assets (726) 776,618 - 2,609 + 37,960 Liabilities Federal Reserve notes, net of F.R. Bank holdings 701,127 - 2,032 + 40,276 Reverse repurchase agreements6 19,835 + 7 - 511 Deposits (0) 28,231 + 1,492 - 1,369 Depository institutions 22,431 - 1,045 - 998 U.S. Treasury, general account 5,369 + 2,454 - 355 Foreign official 81 - 3 - 47 Other (0) 349 + 85 + 31 Deferred availability cash items (726) 6,108 - 1,883 - 2,103 Other liabilities and accrued dividends7 2,386 + 61 + 306 Total liabilities (726) 757,687 - 2,355 + 36,598 Capital accounts Capital paid in 9,251 0 + 589 Surplus 8,847 0 + 469 Other capital accounts 833 - 254 + 304 Total capital 18,931 - 254 + 1,362 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 14, 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 68 47,148 + 320 0 0 25,500 19,835 16 days to 90 days 192 163,185 - 545 0 0 0 0 91 days to 1 year 0 161,815 + 628 0 0 . . . . . . Over 1 year to 5 years . . . 189,520 + 1,709 0 0 . . . . . . Over 5 years to 10 years . . . 51,854 + 263 0 0 . . . . . . Over 10 years . . . 76,786 + 41 0 0 . . . . . . All 260 690,309 + 2,416 0 0 25,500 19,835 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 14, 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 0 2 4 2 9 3 5 3 5 6 2 8 0 8 7 5 6 2 0 4 3 1 3 8 100 Securities, repurchase agreements, and loans 716,0 6 9 32,4 1 5 324,8 2 7 20,5 3 3 29,4 9 7 52,5 1 6 46,5 6 2 62,2 5 0 20,3 1 0 15,1 2 7 18,1 6 6 31,4 7 7 62,388 Securities held outright 690,3 0 9 32,4 1 5 299,3 2 7 20,5 3 1 29,4 9 7 52,4 6 6 46,5 5 3 62,1 8 2 20,2 8 1 15,0 5 7 18,1 4 0 31,4 7 5 62,385 U.S. Treasury1 690,3 0 9 32,4 1 5 299,3 2 7 20,5 3 1 29,4 9 7 52,4 6 6 46,5 5 3 62,1 8 2 20,2 8 1 15,0 5 7 18,1 4 0 31,4 7 5 62,385 Bills2 255,1 7 8 11,9 8 3 110,6 4 9 7,5 9 0 10,9 0 4 19,3 9 5 17,2 0 9 22,9 8 6 7,4 9 7 5,5 6 6 6,7 0 6 11,6 3 5 23,061 Notes and bonds3 435,1 3 1 20,4 3 3 188,6 7 8 12,9 4 2 18,5 9 3 33,0 7 2 29,3 4 4 39,1 9 6 12,7 8 4 9,4 9 1 11,4 3 4 19,8 4 0 39,324 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 25,5 0 0 0 25,5 0 0 0 0 0 0 0 0 0 0 0 0 Loans 2 6 0 0 0 2 0 5 0 9 6 8 3 0 7 0 2 6 3 3 Items in process of collection 6,7 3 0 3 8 8 4 7 5 5 4 6 3 9 8 3 5 4 5 7 9 4 7 0 2 9 8 4 1 5 4 3 7 3 0 7 2,064 Bank premises 1,6 9 7 9 6 1 9 1 5 1 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 38,8 9 8 1,7 6 2 14,0 1 7 1,1 6 2 2,3 6 8 6,0 5 4 2,2 3 0 3,5 1 0 1,0 1 1 1,1 4 6 8 0 9 1,0 1 1 3,817 Interdistrict settlement account 0 + 2,3 8 0 -28,0 7 5 + 2,9 4 5 + 5 - 1,2 0 1 + 8,4 1 6 - 1 1 9 + 1,4 0 1 - 4 3 0 + 1,2 8 3 + 3,2 9 3 +10,102 Total assets 777,3 4 4 37,6 7 4 316,9 8 9 25,7 3 8 33,0 1 3 58,8 9 6 59,2 0 6 67,4 6 9 23,5 2 5 16,6 4 9 21,1 8 2 37,0 6 2 79,941 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 14, 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 817,73 1 37,9 3 5 317,2 1 0 31,5 9 3 34,4 2 9 61,5 4 8 71,4 0 8 68,0 9 0 24,7 7 1 15,6 9 5 23,6 4 2 42,0 3 4 89,376 Less: notes held by F.R. Banks 116,60 4 3,8 3 3 29,6 0 0 8,4 1 6 5,5 2 3 10,9 1 8 17,0 6 3 7,3 7 6 3,2 1 6 1,1 8 3 4,4 2 2 7,2 1 8 17,837 Federal Reserve notes, net 701,12 7 34,1 0 2 287,6 1 0 23,1 7 8 28,9 0 5 50,6 3 0 54,3 4 5 60,7 1 4 21,5 5 5 14,5 1 1 19,2 2 0 34,8 1 6 71,539 Reverse repurchase agreements1 19,83 5 9 3 1 8,6 0 1 5 9 0 8 4 8 1,5 0 8 1,3 3 8 1,7 8 7 5 8 3 4 3 3 5 2 1 9 0 4 1,793 Deposits 28,23 1 1,0 0 2 14,9 4 7 8 9 1 1,1 0 2 1,8 5 5 1,5 4 2 2,1 2 5 6 2 3 4 3 8 6 7 2 7 4 8 2,285 Depository institutions 22,43 1 1,0 0 0 9,2 8 9 8 8 9 1,0 9 8 1,7 3 7 1,5 4 0 2,1 2 2 6 2 0 4 3 7 6 7 0 7 4 7 2,282 U.S. Treasury, general account 5,36 9 0 5,3 6 9 0 0 0 0 0 0 0 0 0 0 Foreign official 8 1 2 5 8 1 2 7 2 3 1 1 1 0 4 Other 34 9 1 2 3 1 0 1 1 1 2 0 0 2 0 1 1 0 Deferred availability cash items 6,83 4 4 8 0 6 6 0 4 2 1 5 1 5 4 8 8 7 4 5 5 3 1 1 8 5 5 6 8 3 5 7 1 8 6 1,698 Other liabilities and accrued dividends2 2,38 6 1 2 8 7 7 7 9 3 1 1 8 2 3 8 1 9 5 2 3 1 1 0 7 8 4 8 9 1 3 4 193 Total liabilities 758,41 3 36,6 4 3 312,5 9 5 25,1 7 2 31,4 8 8 54,7 1 9 58,1 6 5 65,3 8 8 23,0 5 3 16,0 3 5 20,8 5 9 36,7 8 9 77,507 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 83 3 7 6 2 4 7 3 0 4 0 2 6 4 2 1 2 9 1 3 5 1 0 3 3 183 Total liabilities and capital 777,34 4 37,6 7 4 316,9 8 9 25,7 3 8 33,0 1 3 58,8 9 6 59,2 0 6 67,4 6 9 23,5 2 5 16,6 4 9 21,1 8 2 37,0 6 2 79,941 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 14, 2004 Federal Reserve notes outstanding 817,731 Less: Notes held by F.R. Banks not subject to collateralization 116,604 Federal Reserve notes to be collateralized 701,127 Collateral held against Federal Reserve notes 701,127 Gold certificate account 11,040 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 687,886 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 715,809 Less: face value of securities under reverse repurchase agreements 19,841 U.S. Treasury and agency securities eligible to be pledged 695,968 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.