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 29, 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 28, 2004 Jul 21, 2004 Jul 30, 2003 Jul 28, 2004 Reserve Bank credit 752,230 - 3,980 + 38,848 755,216 Securities held outright 693,510 + 1,229 + 40,667 693,717 U.S. Treasury1 693,510 + 1,229 + 40,677 693,717 Bills2 255,248 + 10 + 15,547 255,248 Notes and bonds, nominal2 421,346 + 1,196 + 22,493 421,546 Notes and bonds, inflation-indexed2 14,862 0 + 2,048 14,862 Inflation compensation3 2,053 + 22 + 588 2,061 Federal agency2 0 0 - 10 0 Repurchase agreements4 18,607 - 4,929 - 2,250 21,500 Loans to depository institutions 263 + 23 + 137 432 Primary credit 37 + 11 + 36 193 Secondary credit 0 0 0 0 Seasonal credit 226 + 12 + 101 239 Float -513 - 247 - 36 -781 Other Federal Reserve assets 40,363 - 57 + 330 40,349 Gold stock 11,045 0 + 1 11,045 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 36,036 + 14 + 907 36,036 Total factors supplying reserve funds 801,510 - 3,966 + 39,756 804,497 Currency in circulation5 732,994 - 690 + 40,428 734,335 Reverse repurchase agreements6 19,959 + 75 + 43 19,363 Foreign official and international accounts 19,959 + 75 + 43 19,363 Dealers 0 0 0 0 Treasury cash holdings 289 - 11 - 54 283 Deposits with F.R. Banks, other than reserve balances 15,136 - 1,169 - 2,869 14,617 U.S. Treasury, general account 4,956 - 553 - 1,249 4,447 Foreign official 77 - 7 - 182 81 Service-related 9,802 - 619 - 1,488 9,802 Required clearing balances 9,802 - 619 - 1,094 9,802 Adjustments to compensate for float 0 0 - 394 0 Other 300 + 10 + 49 286 Other liabilities and capital 21,326 - 213 + 1,098 21,117 Total factors, other than reserve balances, absorbing reserve funds 789,705 - 2,008 + 38,647 789,714 Reserve balances with Federal Reserve Banks 11,805 - 1,959 + 1,109 14,783 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,239,426 + 687 + 307,672 1,239,479 U.S. Treasury 1,005,071 + 3,201 + 256,961 1,006,486 Federal agency 234,356 - 2,513 + 50,712 232,994 Securities lent to dealers 1,063 + 631 - 993 1,525 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 28, 2004 Jul 21, 2004 Jul 30, 2003 Assets Gold certificate account 11,040 0 + 1 Special drawing rights certificate account 2,200 0 0 Coin 735 + 10 - 134 Securities, repurchase agreements, and loans 715,649 - 2,383 + 36,392 Securities held outright 693,717 + 1,418 + 40,851 U.S. Treasury1 693,717 + 1,418 + 40,861 Bills2 255,248 0 + 15,522 Notes and bonds, nominal2 421,546 + 1,396 + 22,693 Notes and bonds, inflation-indexed2 14,862 0 + 2,048 Inflation compensation3 2,061 + 22 + 598 Federal agency2 0 0 - 10 Repurchase agreements4 21,500 - 4,000 - 4,750 Loans 432 + 199 + 291 Items in process of collection (645) 4,983 - 575 - 2,860 Bank premises 1,707 + 7 + 121 Other assets5 38,711 + 105 + 334 Total assets (645) 775,026 - 2,835 + 33,854 Liabilities Federal Reserve notes, net of F.R. Bank holdings 699,312 + 144 + 38,626 Reverse repurchase agreements6 19,363 - 543 + 47 Deposits (0) 29,469 - 2,305 - 3,682 Depository institutions 24,655 - 1,853 - 1,224 U.S. Treasury, general account 4,447 - 432 - 1,727 Foreign official 81 - 18 - 771 Other (0) 286 - 1 + 40 Deferred availability cash items (645) 5,764 - 98 - 2,511 Other liabilities and accrued dividends7 2,465 + 90 + 314 Total liabilities (645) 756,374 - 2,711 + 32,796 Capital accounts Capital paid in 9,246 + 1 + 527 Surplus 8,779 - 48 + 416 Other capital accounts 627 - 78 + 114 Total capital 18,652 - 125 + 1,058 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 28, 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 420 55,955 + 919 0 0 21,500 19,363 16 days to 90 days 11 153,010 - 1,421 0 0 0 0 91 days to 1 year 0 165,151 + 503 0 0 . . . . . . Over 1 year to 5 years . . . 190,934 + 1,405 0 0 . . . . . . Over 5 years to 10 years . . . 51,865 + 6 0 0 . . . . . . Over 10 years . . . 76,802 + 8 0 0 . . . . . . All 432 693,717 + 1,418 0 0 21,500 19,363 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 28, 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 3 5 2 1 3 2 3 7 3 9 6 6 9 2 9 0 5 2 2 0 4 5 1 3 5 105 Securities, repurchase agreements, and loans 715,6 4 9 32,5 7 5 322,4 6 8 20,6 4 0 29,6 4 3 52,7 2 9 46,7 9 4 62,5 6 3 20,4 1 8 15,2 1 5 18,2 5 9 31,6 3 2 62,714 Securities held outright 693,7 1 7 32,5 7 5 300,8 0 5 20,6 3 3 29,6 4 3 52,7 2 6 46,7 8 3 62,4 8 9 20,3 8 1 15,1 3 1 18,2 3 0 31,6 3 0 62,693 U.S. Treasury1 693,7 1 7 32,5 7 5 300,8 0 5 20,6 3 3 29,6 4 3 52,7 2 6 46,7 8 3 62,4 8 9 20,3 8 1 15,1 3 1 18,2 3 0 31,6 3 0 62,693 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 438,4 7 0 20,5 8 9 190,1 2 6 13,0 4 1 18,7 3 6 33,3 2 6 29,5 6 9 39,4 9 7 12,8 8 2 9,5 6 4 11,5 2 2 19,9 9 2 39,626 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 21,5 0 0 0 21,5 0 0 0 0 0 0 0 0 0 0 0 0 Loans 4 3 2 0 1 6 3 7 0 3 1 1 7 4 3 7 8 4 2 9 2 21 Items in process of collection 5,6 2 8 2 9 9 1 3 0 3 5 8 3 6 4 3 0 4 5 1 1 4 1 2 2 9 9 4 0 1 3 7 0 1 8 6 1,995 Bank premises 1,7 0 7 9 6 1 9 2 5 1 1 5 4 1 4 5 2 7 9 1 3 5 5 5 1 2 4 7 6 2 2 0 180 Other assets5 38,7 1 1 1,7 5 2 14,0 6 7 1,1 2 6 2,3 4 4 5,9 5 0 2,2 1 9 3,4 9 1 1,0 1 5 1,1 3 3 8 0 8 1,0 2 2 3,784 Interdistrict settlement account 0 + 2,9 4 4 -30,2 5 0 + 4,2 3 9 + 3 1 6 - 1 5 8 + 8,9 7 4 - 9 8 1 + 1,1 1 3 - 4 7 4 + 1,2 3 2 + 3,3 0 3 + 9,741 Total assets 775,6 7 1 38,2 9 7 312,1 6 3 26,9 1 7 33,4 1 6 60,0 0 2 59,9 2 7 66,8 4 5 23,3 4 9 16,6 6 8 21,1 5 7 37,1 2 1 79,808 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 28, 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 819,93 5 38,5 3 2 315,7 9 1 32,4 2 6 34,9 1 1 61,4 1 8 72,4 7 5 67,8 3 2 24,9 1 7 15,7 8 1 23,8 6 7 42,2 4 8 89,737 Less: notes held by F.R. Banks 120,62 3 3,9 6 0 30,7 8 8 8,5 6 8 5,6 4 8 11,2 3 5 17,3 7 7 8,1 3 2 3,5 5 3 1,0 7 7 4,6 5 1 7,4 2 5 18,208 Federal Reserve notes, net 699,31 2 34,5 7 2 285,0 0 3 23,8 5 8 29,2 6 3 50,1 8 2 55,0 9 8 59,7 0 0 21,3 6 3 14,7 0 4 19,2 1 6 34,8 2 3 71,529 Reverse repurchase agreements1 19,36 3 9 0 9 8,3 9 6 5 7 6 8 2 7 1,4 7 2 1,3 0 6 1,7 4 4 5 6 9 4 2 2 5 0 9 8 8 3 1,750 Deposits 29,46 9 1,2 1 0 13,0 3 8 1,3 7 0 1,2 0 3 3,5 2 5 1,5 7 2 2,6 1 2 7 1 8 4 3 5 7 4 8 7 5 5 2,285 Depository institutions 24,65 5 1,2 0 7 8,3 5 6 1,3 6 9 1,1 9 9 3,4 1 5 1,5 7 0 2,6 0 8 7 1 6 4 3 4 7 4 7 7 5 4 2,281 U.S. Treasury, general account 4,44 7 0 4,4 4 7 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 28 6 1 1 7 7 0 2 1 0 3 0 1 1 0 1 0 0 Deferred availability cash items 6,40 9 4 6 2 5 8 2 4 6 0 4 9 3 4 6 7 7 3 4 4 9 9 1 2 8 4 1 9 2 7 6 2 5 0 1,639 Other liabilities and accrued dividends2 2,46 5 1 3 5 7 9 1 9 4 1 2 2 2 6 9 1 9 5 2 3 2 1 0 9 8 4 9 3 1 4 2 199 Total liabilities 757,01 9 37,2 8 7 307,8 1 0 26,3 5 8 31,9 0 9 55,9 1 5 58,9 0 5 64,7 8 8 22,8 8 7 16,0 6 5 20,8 4 2 36,8 5 2 77,402 Capital Capital paid in 9,24 6 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 1,203 Surplus 8,77 9 4 4 8 2,0 3 1 2 5 9 7 2 7 2,0 1 0 4 8 9 9 2 4 2 2 8 3 4 1 1 6 2 1 1 1 1,048 Other capital 62 7 5 5 2 0 6 2 3 2 2 0 2 7 1 0 8 2 0 2 2 8 154 Total liabilities and capital 775,67 1 38,2 9 7 312,1 6 3 26,9 1 7 33,4 1 6 60,0 0 2 59,9 2 7 66,8 4 5 23,3 4 9 16,6 6 8 21,1 5 7 37,1 2 1 79,808 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 28, 2004 Federal Reserve notes outstanding 819,935 Less: Notes held by F.R. Banks not subject to collateralization 120,623 Federal Reserve notes to be collateralized 699,312 Collateral held against Federal Reserve notes 699,312 Gold certificate account 11,040 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 686,072 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 715,217 Less: face value of securities under reverse repurchase agreements 19,369 U.S. Treasury and agency securities eligible to be pledged 695,848 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.