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 August 19, 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 Aug 18, 2004 Aug 11, 2004 Aug 20, 2003 Aug 18, 2004 Reserve Bank credit 754,238 - 553 + 27,699 749,097 Securities held outright 694,041 + 300 + 40,595 694,760 U.S. Treasury1 694,041 + 300 + 40,605 694,760 Bills2 255,251 + 3 + 14,953 255,254 Notes and bonds, nominal2 421,830 + 284 + 22,977 422,541 Notes and bonds, inflation-indexed2 14,862 0 + 2,048 14,862 Inflation compensation3 2,098 + 13 + 627 2,102 Federal agency2 0 0 - 10 0 Repurchase agreements4 20,536 + 500 - 13,535 16,500 Loans to depository institutions 246 + 7 - 691 241 Primary credit 12 - 4 - 707 8 Secondary credit 0 0 - 66 0 Seasonal credit 235 + 12 + 83 234 Float -389 - 92 - 1,231 -173 Other Federal Reserve assets 39,803 - 1,268 + 2,560 37,768 Gold stock 11,044 0 + 1 11,044 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 36,137 + 14 + 946 36,137 Total factors supplying reserve funds 803,619 - 539 + 28,645 798,479 Currency in circulation5 735,052 + 24 + 40,324 735,981 Reverse repurchase agreements6 21,728 + 1,306 + 1,622 21,374 Foreign official and international accounts 21,728 + 1,306 + 1,622 21,374 Dealers 0 0 0 0 Treasury cash holdings 306 + 17 - 49 320 Deposits with F.R. Banks, other than reserve balances 15,429 - 553 - 2,089 15,591 U.S. Treasury, general account 4,456 - 608 - 1,188 4,665 Foreign official 111 + 30 - 127 104 Service-related 10,527 - 12 - 804 10,527 Required clearing balances 10,527 - 2 - 385 10,527 Adjustments to compensate for float 0 - 10 - 419 0 Other 336 + 38 + 32 294 Other liabilities and capital 21,965 + 115 + 1,661 21,683 Total factors, other than reserve balances, absorbing reserve funds 794,480 + 910 + 41,469 794,949 Reserve balances with Federal Reserve Banks 9,139 - 1,449 - 12,824 3,529 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,265,550 + 9,286 + 319,368 1,274,209 U.S. Treasury 1,025,443 + 7,504 + 264,955 1,034,982 Federal agency 240,107 + 1,782 + 54,412 239,227 Securities lent to dealers 1,085 + 337 - 3,147 3,179 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 Aug 18, 2004 Aug 11, 2004 Aug 20, 2003 Assets Gold certificate account 11,040 0 + 1 Special drawing rights certificate account 2,200 0 0 Coin 754 + 4 - 143 Securities, repurchase agreements, and loans 711,502 + 1,525 + 18,214 Securities held outright 694,760 + 1,014 + 41,234 U.S. Treasury1 694,760 + 1,014 + 41,244 Bills2 255,254 + 6 + 14,878 Notes and bonds, nominal2 422,541 + 995 + 23,688 Notes and bonds, inflation-indexed2 14,862 0 + 2,048 Inflation compensation3 2,102 + 12 + 630 Federal agency2 0 0 - 10 Repurchase agreements4 16,500 + 500 - 23,000 Loans 241 + 10 - 21 Items in process of collection (621) 5,571 + 254 - 1,985 Bank premises 1,711 + 1 + 121 Other assets5 35,998 - 3,427 + 844 Total assets (621) 768,775 - 1,643 + 17,051 Liabilities Federal Reserve notes, net of F.R. Bank holdings 700,913 - 295 + 39,186 Reverse repurchase agreements6 21,374 + 768 + 1,030 Deposits (0) 19,065 - 1,983 - 23,038 Depository institutions 14,001 - 2,083 - 21,187 U.S. Treasury, general account 4,665 + 48 - 1,868 Foreign official 104 + 22 + 23 Other (0) 294 + 29 - 7 Deferred availability cash items (621) 5,740 - 146 - 1,927 Other liabilities and accrued dividends7 2,520 + 8 + 358 Total liabilities (621) 749,612 - 1,649 + 15,609 Capital accounts Capital paid in 9,262 + 2 + 537 Surplus 8,847 - 9 + 467 Other capital accounts 1,054 + 14 + 437 Total capital 19,163 + 6 + 1,441 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, August 18, 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 233 58,065 + 1,500 0 0 16,500 21,374 16 days to 90 days 8 151,192 + 1,870 0 0 0 0 91 days to 1 year 0 162,157 - 4,585 0 0 . . . . . . Over 1 year to 5 years . . . 197,632 + 5,200 0 0 . . . . . . Over 5 years to 10 years . . . 49,803 - 2,069 0 0 . . . . . . Over 10 years . . . 75,911 - 902 0 0 . . . . . . All 241 694,760 + 1,014 0 0 16,500 21,374 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 August 18, 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 5 4 1 9 3 9 3 6 4 4 7 4 9 5 9 4 5 2 2 1 4 7 1 2 8 105 Securities, repurchase agreements, and loans 711,5 0 2 32,6 2 4 317,7 5 8 20,6 7 3 29,6 8 7 52,8 0 7 46,8 5 9 62,6 5 3 20,4 3 5 15,2 4 2 18,2 8 9 31,6 8 0 62,794 Securities held outright 694,7 6 0 32,6 2 4 301,2 5 7 20,6 6 4 29,6 8 7 52,8 0 5 46,8 5 3 62,5 8 3 20,4 1 1 15,1 5 4 18,2 5 7 31,6 7 8 62,788 U.S. Treasury1 694,7 6 0 32,6 2 4 301,2 5 7 20,6 6 4 29,6 8 7 52,8 0 5 46,8 5 3 62,5 8 3 20,4 1 1 15,1 5 4 18,2 5 7 31,6 7 8 62,788 Bills2 255,2 5 4 11,9 8 6 110,6 8 2 7,5 9 2 10,9 0 7 19,4 0 0 17,2 1 4 22,9 9 3 7,4 9 9 5,5 6 7 6,7 0 8 11,6 3 8 23,068 Notes and bonds3 439,5 0 6 20,6 3 8 190,5 7 6 13,0 7 2 18,7 8 0 33,4 0 4 29,6 3 9 39,5 9 0 12,9 1 2 9,5 8 6 11,5 4 9 20,0 3 9 39,719 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 16,5 0 0 0 16,5 0 0 0 0 0 0 0 0 0 0 0 0 Loans 2 4 1 0 0 9 0 2 7 7 0 2 4 8 8 3 2 2 7 Items in process of collection 6,1 9 2 3 1 6 5 4 4 2 9 5 3 3 1 3 5 1 5 7 4 4 0 8 3 4 8 4 0 9 4 3 2 2 6 8 1,917 Bank premises 1,7 1 1 9 7 1 9 1 5 1 1 5 4 1 4 5 2 7 9 1 3 9 5 6 1 2 4 7 5 2 2 0 180 Other assets5 35,9 9 8 1,6 3 1 12,8 3 2 9 9 9 2,2 4 8 5,8 1 5 2,0 3 6 3,2 4 8 9 4 1 1,0 8 1 7 3 4 8 8 5 3,549 Interdistrict settlement account 0 + 2,7 2 9 -30,3 9 4 + 4,2 3 8 + 5 1 - 1,3 8 7 +10,0 6 0 - 1,7 8 2 + 1,5 3 2 - 5 2 7 + 1,4 6 9 + 3,6 9 8 +10,313 Total assets 769,3 9 6 38,0 2 5 306,4 9 3 26,7 5 7 33,0 7 1 58,7 7 0 60,9 6 3 65,8 9 6 23,7 5 9 16,5 9 8 21,4 1 4 37,5 0 1 80,147 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 August 18, 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 824,99 1 38,7 7 4 316,4 8 3 33,0 3 3 35,0 1 4 62,3 8 2 72,8 1 5 67,7 6 4 25,1 5 4 15,9 8 1 24,1 7 2 43,0 6 9 90,350 Less: notes held by F.R. Banks 124,07 9 4,3 3 6 32,3 4 4 8,6 7 9 5,8 4 7 11,5 2 4 17,2 9 4 8,1 3 4 3,3 6 8 1,4 2 8 4,7 9 1 7,9 6 4 18,370 Federal Reserve notes, net 700,91 3 34,4 3 9 284,1 3 8 24,3 5 4 29,1 6 7 50,8 5 8 55,5 2 1 59,6 3 0 21,7 8 6 14,5 5 3 19,3 8 2 35,1 0 6 71,980 Reverse repurchase agreements1 21,37 4 1,0 0 4 9,2 6 8 6 3 6 9 1 3 1,6 2 5 1,4 4 1 1,9 2 5 6 2 8 4 6 6 5 6 2 9 7 5 1,932 Deposits 19,06 5 9 7 7 7,1 9 9 6 8 1 9 3 6 1,3 7 4 2,0 4 5 1,5 9 2 5 6 5 4 0 2 6 5 2 7 2 4 1,919 Depository institutions 14,00 1 9 5 3 2,2 7 8 6 8 0 9 3 2 1,2 7 4 2,0 4 3 1,5 8 9 5 6 3 4 0 1 6 5 0 7 2 4 1,915 U.S. Treasury, general account 4,66 5 0 4,6 6 5 0 0 0 0 0 0 0 0 0 0 Foreign official 10 4 2 8 1 1 2 7 2 3 1 1 1 0 4 Other 29 4 2 2 1 7 4 0 1 9 2 0 1 2 0 1 0 0 Deferred availability cash items 6,36 1 4 3 3 6 1 9 4 0 5 3 8 6 4 1 1 7 1 2 4 1 2 1 8 5 4 7 0 3 9 8 2 7 8 1,653 Other liabilities and accrued dividends2 2,52 0 1 3 5 8 2 2 9 8 1 2 6 2 7 0 2 0 0 2 3 8 1 0 9 8 6 9 5 1 3 7 205 Total liabilities 750,23 3 36,9 8 7 302,0 4 6 26,1 7 3 31,5 2 8 54,5 3 7 59,9 1 9 63,7 9 7 23,2 7 3 15,9 7 7 21,0 8 7 37,2 2 0 77,689 Capital Capital paid in 9,26 2 5 0 6 2,1 1 7 2 8 4 7 5 7 2,0 8 5 5 0 6 1,0 2 4 2 3 2 2 6 2 1 5 3 1 3 1 1,203 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 1,05 4 8 4 2 9 9 4 1 5 9 7 4 4 9 1 5 1 2 6 1 3 1 2 4 0 207 Total liabilities and capital 769,39 6 38,0 2 5 306,4 9 3 26,7 5 7 33,0 7 1 58,7 7 0 60,9 6 3 65,8 9 6 23,7 5 9 16,5 9 8 21,4 1 4 37,5 0 1 80,147 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 Aug 18, 2004 Federal Reserve notes outstanding 824,991 Less: Notes held by F.R. Banks not subject to collateralization 124,079 Federal Reserve notes to be collateralized 700,913 Collateral held against Federal Reserve notes 700,913 Gold certificate account 11,040 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 687,673 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 711,260 Less: face value of securities under reverse repurchase agreements 21,382 U.S. Treasury and agency securities eligible to be pledged 689,879 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.