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 22, 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 21, 2004 Jul 14, 2004 Jul 23, 2003 Jul 21, 2004 Reserve Bank credit 756,215 + 719 + 39,509 758,049 Securities held outright 692,281 + 2,507 + 39,517 692,299 U.S. Treasury1 692,281 + 2,507 + 39,527 692,299 Bills2 255,238 + 214 + 15,622 255,248 Notes and bonds, nominal2 420,150 + 1,899 + 21,297 420,150 Notes and bonds, inflation-indexed2 14,862 + 341 + 2,048 14,862 Inflation compensation3 2,031 + 54 + 561 2,039 Federal agency2 0 0 - 10 0 Repurchase agreements4 23,536 - 1,714 - 714 25,500 Loans to depository institutions 240 - 3 + 121 233 Primary credit 26 - 27 + 22 7 Secondary credit 0 0 0 0 Seasonal credit 214 + 23 + 99 226 Float -260 - 58 - 302 -305 Other Federal Reserve assets 40,418 - 13 + 887 40,322 Gold stock 11,045 0 + 1 11,045 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 36,022 + 14 + 909 36,022 Total factors supplying reserve funds 805,481 + 733 + 40,419 807,315 Currency in circulation5 733,684 - 2,515 + 40,965 734,178 Reverse repurchase agreements6 19,884 + 117 + 207 19,906 Foreign official and international accounts 19,884 + 117 + 207 19,906 Dealers 0 0 0 0 Treasury cash holdings 300 - 2 - 30 290 Deposits with F.R. Banks, other than reserve balances 16,305 + 679 - 1,793 15,687 U.S. Treasury, general account 5,509 + 675 - 558 4,879 Foreign official 84 + 4 - 40 99 Service-related 10,421 - 3 - 980 10,421 Required clearing balances 10,421 - 3 - 442 10,421 Adjustments to compensate for float 0 0 - 538 0 Other 290 + 2 - 216 287 Other liabilities and capital 21,539 - 174 + 1,539 21,151 Total factors, other than reserve balances, absorbing reserve funds 791,713 - 1,895 + 40,888 791,213 Reserve balances with Federal Reserve Banks 13,768 + 2,628 - 470 16,102 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,238,739 + 4,731 + 301,746 1,235,793 U.S. Treasury 1,001,870 + 4,822 + 248,126 1,002,873 Federal agency 236,869 - 91 + 53,620 232,920 Securities lent to dealers 432 - 143 - 869 1,418 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 21, 2004 Jul 14, 2004 Jul 23, 2003 Assets Gold certificate account 11,040 0 + 1 Special drawing rights certificate account 2,200 0 0 Coin 725 + 15 - 147 Securities, repurchase agreements, and loans 718,032 + 1,963 + 33,076 Securities held outright 692,299 + 1,990 + 39,462 U.S. Treasury1 692,299 + 1,990 + 39,472 Bills2 255,248 + 70 + 15,556 Notes and bonds, nominal2 420,150 + 1,899 + 21,297 Notes and bonds, inflation-indexed2 14,862 0 + 2,048 Inflation compensation3 2,039 + 22 + 571 Federal agency2 0 0 - 10 Repurchase agreements4 25,500 0 - 6,500 Loans 233 - 27 + 115 Items in process of collection (827) 5,558 - 446 - 2,122 Bank premises 1,700 + 3 + 112 Other assets5 38,606 - 292 + 390 Total assets (827) 777,861 + 1,243 + 31,311 Liabilities Federal Reserve notes, net of F.R. Bank holdings 699,168 - 1,959 + 39,443 Reverse repurchase agreements6 19,906 + 71 + 234 Deposits (0) 31,774 + 3,543 - 7,678 Depository institutions 26,508 + 4,077 - 6,329 U.S. Treasury, general account 4,879 - 490 - 1,179 Foreign official 99 + 18 - 35 Other (0) 287 - 62 - 136 Deferred availability cash items (827) 5,862 - 246 - 1,755 Other liabilities and accrued dividends7 2,375 - 11 + 237 Total liabilities (827) 759,085 + 1,398 + 30,482 Capital accounts Capital paid in 9,245 - 6 + 531 Surplus 8,827 - 20 + 447 Other capital accounts 705 - 128 - 147 Total capital 18,777 - 154 + 830 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 21, 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 230 55,036 + 7,888 0 0 25,500 19,906 16 days to 90 days 3 154,431 - 8,754 0 0 0 0 91 days to 1 year 0 164,648 + 2,833 0 0 . . . . . . Over 1 year to 5 years . . . 189,529 + 9 0 0 . . . . . . Over 5 years to 10 years . . . 51,859 + 5 0 0 . . . . . . Over 10 years . . . 76,794 + 8 0 0 . . . . . . All 233 692,299 + 1,990 0 0 25,500 19,906 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 21, 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 2 5 2 2 3 0 3 7 3 5 6 6 8 8 8 8 5 5 2 1 4 4 1 3 6 105 Securities, repurchase agreements, and loans 718,0 3 2 32,5 0 9 325,6 9 3 20,5 9 5 29,5 8 6 52,6 1 8 46,6 9 8 62,4 3 3 20,3 6 9 15,1 7 7 18,2 2 1 31,5 6 8 62,567 Securities held outright 692,2 9 9 32,5 0 9 300,1 9 0 20,5 9 1 29,5 8 2 52,6 1 8 46,6 8 7 62,3 6 1 20,3 3 9 15,1 0 0 18,1 9 2 31,5 6 5 62,565 U.S. Treasury1 692,2 9 9 32,5 0 9 300,1 9 0 20,5 9 1 29,5 8 2 52,6 1 8 46,6 8 7 62,3 6 1 20,3 3 9 15,1 0 0 18,1 9 2 31,5 6 5 62,565 Bills2 255,2 4 8 11,9 8 6 110,6 7 9 7,5 9 2 10,9 0 7 19,4 0 0 17,2 1 3 22,9 9 2 7,4 9 9 5,5 6 7 6,7 0 7 11,6 3 8 23,067 Notes and bonds3 437,0 5 1 20,5 2 3 189,5 1 1 12,9 9 9 18,6 7 5 33,2 1 8 29,4 7 4 39,3 6 9 12,8 4 0 9,5 3 3 11,4 8 5 19,9 2 7 39,498 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 3 3 0 3 4 4 0 1 1 7 2 3 0 7 7 2 9 3 2 Items in process of collection 6,3 8 4 3 3 2 3 7 4 3 2 5 3 9 3 3 2 1 6 6 4 4 2 6 2 3 0 4 1 7 4 4 3 3 0 0 2,159 Bank premises 1,7 0 0 9 6 1 9 1 5 1 1 5 4 1 4 5 2 7 9 1 3 5 5 5 1 2 4 7 6 2 1 3 180 Other assets5 38,6 0 6 1,7 6 3 13,9 4 9 1,1 5 3 2,3 4 5 5,9 7 9 2,2 0 5 3,4 7 8 1,0 0 8 1,1 3 4 8 0 2 1,0 1 1 3,779 Interdistrict settlement account 0 + 3,5 3 9 -31,0 4 7 + 3,4 4 5 + 4 4 9 - 9 0 0 + 9,7 1 0 - 6 3 9 + 1,4 6 0 - 6 3 4 + 1,3 3 3 + 3,3 2 7 + 9,959 Total assets 778,6 8 8 38,8 7 0 314,7 1 5 26,0 7 0 33,5 1 8 59,1 9 4 60,7 0 3 67,0 5 7 23,5 7 2 16,4 8 6 21,2 8 6 37,1 8 0 80,037 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 21, 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 819,22 9 38,3 1 5 316,0 4 3 32,0 3 7 34,5 8 4 61,3 3 7 72,5 4 2 67,7 5 6 24,9 3 1 15,6 1 7 23,7 9 0 42,3 1 3 89,965 Less: notes held by F.R. Banks 120,06 1 4,0 4 6 30,4 7 7 8,6 1 3 5,6 7 3 11,2 2 2 17,4 4 6 7,7 1 6 3,3 0 5 1,1 1 5 4,6 5 2 7,4 8 9 18,307 Federal Reserve notes, net 699,16 8 34,2 6 9 285,5 6 5 23,4 2 4 28,9 1 1 50,1 1 5 55,0 9 6 60,0 3 9 21,6 2 6 14,5 0 2 19,1 3 8 34,8 2 4 71,658 Reverse repurchase agreements1 19,90 6 9 3 5 8,6 3 1 5 9 2 8 5 1 1,5 1 3 1,3 4 2 1,7 9 3 5 8 5 4 3 4 5 2 3 9 0 8 1,799 Deposits 31,77 4 2,0 8 5 14,7 5 8 9 6 8 1,6 4 7 2,6 6 0 2,3 0 2 2,4 0 1 6 1 6 4 1 2 8 2 0 7 7 1 2,336 Depository institutions 26,50 8 2,0 8 2 9,6 3 4 9 6 7 1,6 4 3 2,5 4 1 2,2 9 9 2,3 9 7 6 1 4 4 1 0 8 1 8 7 7 0 2,333 U.S. Treasury, general account 4,87 9 0 4,8 7 9 0 0 0 0 0 0 0 0 0 0 Foreign official 9 9 2 7 6 1 2 7 2 3 1 1 1 0 4 Other 28 7 1 1 6 9 0 1 1 1 2 1 1 1 0 1 0 0 Deferred availability cash items 6,68 9 4 3 2 6 2 1 4 3 4 4 7 5 5 4 1 7 4 1 5 2 8 1 6 5 4 4 9 3 9 6 2 6 8 1,639 Other liabilities and accrued dividends2 2,37 5 1 3 0 7 7 6 9 3 1 1 9 2 3 3 1 9 3 2 2 7 1 0 5 8 3 9 1 1 3 1 192 Total liabilities 759,91 1 37,8 5 1 310,3 5 2 25,5 1 0 32,0 0 3 55,0 6 3 59,6 7 5 64,9 8 8 23,0 9 6 15,8 8 0 20,9 6 8 36,9 0 1 77,624 Capital Capital paid in 9,24 5 5 0 6 2,1 1 6 2 7 8 7 5 8 2,0 7 7 5 0 6 1,0 2 6 2 3 2 2 6 2 1 5 1 1 3 0 1,202 Surplus 8,82 7 4 4 8 2,0 3 1 2 5 9 7 2 7 2,0 5 4 4 8 9 9 2 4 2 2 8 3 4 5 1 6 2 1 1 1 1,048 Other capital 70 5 6 4 2 1 6 2 3 2 9 0 3 3 1 1 9 1 5 0 5 3 8 162 Total liabilities and capital 778,68 8 38,8 7 0 314,7 1 5 26,0 7 0 33,5 1 8 59,1 9 4 60,7 0 3 67,0 5 7 23,5 7 2 16,4 8 6 21,2 8 6 37,1 8 0 80,037 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 21, 2004 Federal Reserve notes outstanding 819,229 Less: Notes held by F.R. Banks not subject to collateralization 120,061 Federal Reserve notes to be collateralized 699,168 Collateral held against Federal Reserve notes 699,168 Gold certificate account 11,040 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 685,928 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 717,799 Less: face value of securities under reverse repurchase agreements 19,912 U.S. Treasury and agency securities eligible to be pledged 697,887 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.