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 26, 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 25, 2004 Aug 18, 2004 Aug 27, 2003 Aug 25, 2004 Reserve Bank credit 755,206 + 969 + 39,803 757,041 Securities held outright 694,794 + 753 + 41,150 694,840 U.S. Treasury1 694,794 + 753 + 41,160 694,840 Bills2 255,281 + 30 + 14,789 255,322 Notes and bonds, nominal2 422,541 + 711 + 23,688 422,541 Notes and bonds, inflation-indexed2 14,862 0 + 2,048 14,862 Inflation compensation3 2,110 + 12 + 636 2,114 Federal agency2 0 0 - 10 0 Repurchase agreements4 22,786 + 2,250 - 1,821 24,500 Loans to depository institutions 241 - 5 + 84 236 Primary credit 6 - 6 + 5 5 Secondary credit 0 0 0 0 Seasonal credit 234 - 1 + 78 230 Float -461 - 72 - 621 -310 Other Federal Reserve assets 37,846 - 1,957 + 1,012 37,775 Gold stock 11,044 0 + 1 11,044 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 36,129 + 14 + 915 36,129 Total factors supplying reserve funds 804,579 + 983 + 40,719 806,414 Currency in circulation5 734,390 - 640 + 39,625 735,462 Reverse repurchase agreements6 20,967 - 761 + 1,744 20,922 Foreign official and international accounts 20,967 - 761 + 1,744 20,922 Dealers 0 0 0 0 Treasury cash holdings 321 + 15 - 17 330 Deposits with F.R. Banks, other than reserve balances 15,434 + 5 - 2,180 14,387 U.S. Treasury, general account 4,789 + 333 - 1,185 3,668 Foreign official 102 - 9 + 16 229 Service-related 10,208 - 319 - 1,040 10,208 Required clearing balances 10,207 - 320 - 705 10,207 Adjustments to compensate for float 0 0 - 337 0 Other 336 0 + 30 283 Other liabilities and capital 22,440 + 475 + 2,443 22,557 Total factors, other than reserve balances, absorbing reserve funds 793,553 - 905 + 41,615 793,658 Reserve balances with Federal Reserve Banks 11,026 + 1,888 - 896 12,755 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,277,669 + 12,119 + 328,919 1,279,748 U.S. Treasury 1,035,943 + 10,500 + 274,175 1,035,965 Federal agency 241,727 + 1,620 + 54,745 243,783 Securities lent to dealers 767 - 318 - 862 1,527 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 25, 2004 Aug 18, 2004 Aug 27, 2003 Assets Gold certificate account 11,040 0 + 1 Special drawing rights certificate account 2,200 0 0 Coin 764 + 10 - 123 Securities, repurchase agreements, and loans 719,576 + 8,074 + 36,734 Securities held outright 694,840 + 80 + 41,159 U.S. Treasury1 694,840 + 80 + 41,169 Bills2 255,322 + 68 + 14,794 Notes and bonds, nominal2 422,541 0 + 23,688 Notes and bonds, inflation-indexed2 14,862 0 + 2,048 Inflation compensation3 2,114 + 12 + 638 Federal agency2 0 0 - 10 Repurchase agreements4 24,500 + 8,000 - 4,500 Loans 236 - 5 + 75 Items in process of collection (779) 5,215 - 356 - 2,371 Bank premises 1,718 + 7 + 128 Other assets5 36,122 + 124 + 733 Total assets (779) 776,634 + 7,859 + 35,100 Liabilities Federal Reserve notes, net of F.R. Bank holdings 700,422 - 491 + 37,004 Reverse repurchase agreements6 20,922 - 452 + 1,803 Deposits (0) 27,208 + 8,143 - 4,523 Depository institutions 23,028 + 9,027 - 2,899 U.S. Treasury, general account 3,668 - 997 - 1,773 Foreign official 229 + 125 + 148 Other (0) 283 - 11 + 1 Deferred availability cash items (779) 5,525 - 215 - 1,830 Other liabilities and accrued dividends7 2,592 + 72 + 388 Total liabilities (779) 756,669 + 7,057 + 32,844 Capital accounts Capital paid in 10,452 + 1,190 + 1,704 Surplus 8,834 - 13 + 454 Other capital accounts 678 - 376 + 98 Total capital 19,965 + 802 + 2,257 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 25, 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 215 57,989 - 76 0 0 24,500 20,922 16 days to 90 days 21 150,619 - 573 0 0 0 0 91 days to 1 year 0 162,874 + 717 0 0 . . . . . . Over 1 year to 5 years . . . 197,636 + 4 0 0 . . . . . . Over 5 years to 10 years . . . 49,806 + 3 0 0 . . . . . . Over 10 years . . . 75,916 + 5 0 0 . . . . . . All 236 694,840 + 80 0 0 24,500 20,922 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 25, 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 6 4 2 0 3 7 3 7 4 3 7 5 9 6 9 7 5 2 2 2 4 7 1 2 9 108 Securities, repurchase agreements, and loans 719,5 7 6 32,6 2 8 325,7 9 2 20,6 7 6 29,6 9 1 52,8 1 1 46,8 6 9 62,6 5 0 20,4 4 3 15,2 3 9 18,2 9 0 31,6 8 6 62,801 Securities held outright 694,8 4 0 32,6 2 8 301,2 9 2 20,6 6 6 29,6 9 1 52,8 1 1 46,8 5 8 62,5 9 0 20,4 1 4 15,1 5 5 18,2 5 9 31,6 8 1 62,795 U.S. Treasury1 694,8 4 0 32,6 2 8 301,2 9 2 20,6 6 6 29,6 9 1 52,8 1 1 46,8 5 8 62,5 9 0 20,4 1 4 15,1 5 5 18,2 5 9 31,6 8 1 62,795 Bills2 255,3 2 2 11,9 8 9 110,7 1 1 7,5 9 4 10,9 1 0 19,4 0 6 17,2 1 8 22,9 9 9 7,5 0 1 5,5 6 9 6,7 0 9 11,6 4 1 23,074 Notes and bonds3 439,5 1 8 20,6 3 9 190,5 8 1 13,0 7 2 18,7 8 1 33,4 0 5 29,6 4 0 39,5 9 1 12,9 1 3 9,5 8 6 11,5 5 0 20,0 4 0 39,721 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 24,5 0 0 0 24,5 0 0 0 0 0 0 0 0 0 0 0 0 Loans 2 3 6 0 0 1 0 0 0 1 0 6 0 2 9 8 3 3 1 5 6 Items in process of collection 5,9 9 4 2 7 0 4 6 0 3 2 6 2 7 9 3 3 1 5 3 4 4 1 7 3 9 9 4 2 7 3 7 4 2 3 0 1,947 Bank premises 1,7 1 8 9 7 1 9 1 5 1 1 5 5 1 4 4 2 7 9 1 4 0 5 6 1 2 4 7 6 2 2 6 180 Other assets5 36,1 2 2 1,6 3 4 12,9 3 5 1,0 0 3 2,2 4 9 5,7 6 9 2,0 4 8 3,2 6 3 9 4 6 1,0 8 1 7 4 0 9 0 0 3,554 Interdistrict settlement account 0 + 4,1 6 3 -36,5 6 5 + 4,8 6 0 + 9 9 5 + 1,7 1 4 +10,1 2 2 - 1,3 2 1 + 1,6 4 4 - 5 9 2 + 1,3 3 1 + 3,3 7 2 +10,277 Total assets 777,4 1 3 39,4 2 1 308,3 7 4 27,4 1 8 33,9 6 8 61,8 1 1 61,0 0 7 66,3 8 1 23,9 3 6 16,5 4 9 21,2 2 7 37,1 6 6 80,156 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 25, 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 826,37 1 38,7 2 1 317,1 9 3 33,0 3 2 35,1 1 1 62,7 0 6 73,2 7 7 67,7 5 1 25,3 3 1 15,9 6 2 24,1 4 1 42,9 8 8 90,159 Less: notes held by F.R. Banks 125,94 9 4,3 3 8 32,6 6 7 8,7 4 0 5,9 0 8 11,8 0 0 17,6 6 9 8,1 1 0 3,4 4 7 1,4 3 4 4,9 0 5 8,2 2 3 18,708 Federal Reserve notes, net 700,42 2 34,3 8 3 284,5 2 5 24,2 9 2 29,2 0 2 50,9 0 5 55,6 0 8 59,6 4 1 21,8 8 3 14,5 2 8 19,2 3 6 34,7 6 6 71,451 Reverse repurchase agreements1 20,92 2 9 8 2 9,0 7 2 6 2 2 8 9 4 1,5 9 0 1,4 1 1 1,8 8 5 6 1 5 4 5 6 5 5 0 9 5 4 1,891 Deposits 27,20 8 1,3 5 4 8,9 4 9 1,3 8 8 1,8 2 6 4,5 2 5 2,0 0 3 2,0 1 4 5 9 6 4 3 2 7 3 8 7 6 7 2,615 Depository institutions 23,02 8 1,3 3 4 4,9 0 1 1,3 8 7 1,8 2 2 4,4 3 4 2,0 0 1 2,0 1 0 5 9 4 4 3 1 7 3 6 7 6 6 2,611 U.S. Treasury, general account 3,66 8 0 3,6 6 8 0 0 0 0 0 0 0 0 0 0 Foreign official 22 9 2 2 0 6 1 2 7 2 3 1 1 1 0 4 Other 28 3 1 8 1 7 5 0 1 8 4 0 1 2 0 1 0 0 Deferred availability cash items 6,30 5 4 2 7 5 9 4 4 4 1 4 0 0 3 7 7 7 4 4 5 3 5 2 6 1 4 3 8 2 8 6 2 6 2 1,539 Other liabilities and accrued dividends2 2,59 2 1 5 2 8 4 2 1 0 2 1 3 0 2 6 3 2 0 5 2 4 6 1 1 2 8 8 9 7 1 4 3 213 Total liabilities 757,44 8 37,2 9 8 303,9 8 3 26,8 4 6 32,4 5 2 57,6 6 0 59,9 7 1 64,3 2 1 23,4 6 8 15,9 4 3 20,9 0 7 36,8 9 2 77,709 Capital Capital paid in 10,45 2 1,6 1 7 2,1 4 4 2 8 4 7 6 1 2,0 8 8 5 1 5 1,0 2 5 2 3 2 2 6 2 1 5 3 1 3 1 1,239 Surplus 8,83 4 4 4 8 2,0 3 1 2 5 9 7 2 7 2,0 6 2 4 8 9 9 2 4 2 2 8 3 4 4 1 6 2 1 1 1 1,048 Other capital 67 8 5 7 2 1 6 2 9 2 8 0 3 2 1 1 1 8 0 5 3 3 160 Total liabilities and capital 777,41 3 39,4 2 1 308,3 7 4 27,4 1 8 33,9 6 8 61,8 1 1 61,0 0 7 66,3 8 1 23,9 3 6 16,5 4 9 21,2 2 7 37,1 6 6 80,156 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 25, 2004 Federal Reserve notes outstanding 826,371 Less: Notes held by F.R. Banks not subject to collateralization 125,949 Federal Reserve notes to be collateralized 700,422 Collateral held against Federal Reserve notes 700,422 Gold certificate account 11,040 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 687,182 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 719,340 Less: face value of securities under reverse repurchase agreements 20,930 U.S. Treasury and agency securities eligible to be pledged 698,410 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.