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 September 2, 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 Sep 1, 2004 Aug 25, 2004 Sep 3, 2003 Sep 1, 2004 Reserve Bank credit 764,044 + 8,838 + 38,736 765,783 Securities held outright 694,851 + 57 + 40,970 694,858 U.S. Treasury1 694,851 + 57 + 40,980 694,858 Bills2 255,326 + 45 + 14,600 255,330 Notes and bonds, nominal2 422,541 0 + 23,688 422,541 Notes and bonds, inflation-indexed2 14,862 0 + 2,048 14,862 Inflation compensation3 2,121 + 11 + 643 2,124 Federal agency2 0 0 - 10 0 Repurchase agreements4 31,000 + 8,214 - 3,429 32,500 Loans to depository institutions 273 + 32 + 107 239 Primary credit 31 + 25 + 22 0 Secondary credit 0 0 0 0 Seasonal credit 242 + 8 + 85 239 Float -52 + 409 + 438 201 Other Federal Reserve assets 37,971 + 125 + 648 37,986 Gold stock 11,043 - 1 0 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 36,143 + 14 + 906 36,143 Total factors supplying reserve funds 813,430 + 8,851 + 39,642 815,170 Currency in circulation5 734,922 + 532 + 34,811 738,126 Reverse repurchase agreements6 22,442 + 1,475 + 2,420 23,203 Foreign official and international accounts 22,442 + 1,475 + 2,420 23,203 Dealers 0 0 0 0 Treasury cash holdings 328 + 7 - 7 320 Deposits with F.R. Banks, other than reserve balances 15,882 + 448 - 908 16,978 U.S. Treasury, general account 5,297 + 508 + 454 6,374 Foreign official 91 - 11 - 157 81 Service-related 10,207 - 1 - 1,248 10,207 Required clearing balances 10,206 - 1 - 706 10,206 Adjustments to compensate for float 0 0 - 543 0 Other 287 - 49 + 43 317 Other liabilities and capital 22,875 + 435 + 2,681 22,893 Total factors, other than reserve balances, absorbing reserve funds 796,449 + 2,896 + 38,996 801,521 Reserve balances with Federal Reserve Banks 16,981 + 5,955 + 645 13,649 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,282,616 + 4,947 + 329,428 1,288,410 U.S. Treasury 1,039,487 + 3,544 + 272,883 1,044,789 Federal agency 243,130 + 1,403 + 56,546 243,621 Securities lent to dealers 539 - 228 - 1,961 1,336 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 Sep 1, 2004 Aug 25, 2004 Sep 3, 2003 Assets Gold certificate account 11,039 - 1 0 Special drawing rights certificate account 2,200 0 0 Coin 777 + 13 - 81 Securities, repurchase agreements, and loans 727,597 + 8,021 + 40,226 Securities held outright 694,858 + 18 + 40,917 U.S. Treasury1 694,858 + 18 + 40,927 Bills2 255,330 + 8 + 14,545 Notes and bonds, nominal2 422,541 0 + 23,688 Notes and bonds, inflation-indexed2 14,862 0 + 2,048 Inflation compensation3 2,124 + 10 + 645 Federal agency2 0 0 - 10 Repurchase agreements4 32,500 + 8,000 - 750 Loans 239 + 3 + 59 Items in process of collection (822) 6,842 + 1,627 - 6,012 Bank premises 1,718 0 + 129 Other assets5 36,330 + 208 + 881 Total assets (822) 786,503 + 9,869 + 35,143 Liabilities Federal Reserve notes, net of F.R. Bank holdings 703,077 + 2,655 + 35,865 Reverse repurchase agreements6 23,203 + 2,281 + 4,446 Deposits (0) 30,690 + 3,482 - 3,627 Depository institutions 23,918 + 890 - 4,948 U.S. Treasury, general account 6,374 + 2,706 + 1,849 Foreign official 81 - 148 - 605 Other (0) 317 + 34 + 77 Deferred availability cash items (822) 6,641 + 1,116 - 4,353 Other liabilities and accrued dividends7 2,600 + 8 + 405 Total liabilities (822) 766,210 + 9,541 + 32,735 Capital accounts Capital paid in 10,453 + 1 + 1,701 Surplus 8,847 + 13 + 467 Other capital accounts 993 + 315 + 241 Total capital 20,293 + 328 + 2,408 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, September 1, 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 30 49,340 - 8,649 0 0 32,500 23,203 16 days to 90 days 209 156,878 + 6,259 0 0 0 0 91 days to 1 year 0 164,194 + 1,320 0 0 . . . . . . Over 1 year to 5 years . . . 198,719 + 1,083 0 0 . . . . . . Over 5 years to 10 years . . . 49,808 + 2 0 0 . . . . . . Over 10 years . . . 75,919 + 3 0 0 . . . . . . All 239 694,858 + 18 0 0 32,500 23,203 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 September 1, 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 3 9 4 9 4 4,6 4 9 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 7 7 1 8 4 0 4 0 4 5 7 7 9 9 1 0 0 5 2 2 2 5 1 1 2 7 107 Securities, repurchase agreements, and loans 727,5 9 7 32,6 2 9 333,8 0 0 20,6 7 5 29,6 9 1 52,8 1 2 46,8 7 4 62,6 5 1 20,4 4 5 15,2 4 2 18,2 9 1 31,6 8 7 62,799 Securities held outright 694,8 5 8 32,6 2 9 301,3 0 0 20,6 6 7 29,6 9 1 52,8 1 2 46,8 5 9 62,5 9 2 20,4 1 4 15,1 5 6 18,2 6 0 31,6 8 2 62,796 U.S. Treasury1 694,8 5 8 32,6 2 9 301,3 0 0 20,6 6 7 29,6 9 1 52,8 1 2 46,8 5 9 62,5 9 2 20,4 1 4 15,1 5 6 18,2 6 0 31,6 8 2 62,796 Bills2 255,3 3 0 11,9 9 0 110,7 1 5 7,5 9 4 10,9 1 0 19,4 0 6 17,2 1 9 23,0 0 0 7,5 0 1 5,5 6 9 6,7 1 0 11,6 4 2 23,075 Notes and bonds3 439,5 2 8 20,6 3 9 190,5 8 5 13,0 7 3 18,7 8 1 33,4 0 6 29,6 4 1 39,5 9 2 12,9 1 3 9,5 8 7 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 32,5 0 0 0 32,5 0 0 0 0 0 0 0 0 0 0 0 0 Loans 2 3 9 0 0 9 0 0 1 5 5 9 3 1 8 7 3 1 5 3 Items in process of collection 7,6 6 3 4 0 7 5 3 2 3 7 1 6 9 0 2 8 8 8 4 9 5 5 6 3 9 8 4 5 8 5 3 5 2 7 2 2,308 Bank premises 1,7 1 8 9 7 1 9 0 5 1 1 5 4 1 4 5 2 7 9 1 4 1 5 6 1 2 4 7 6 2 2 5 180 Other assets5 36,3 3 0 1,6 4 9 12,9 8 1 1,0 0 8 2,2 6 2 5,8 1 3 2,0 7 4 3,2 7 4 9 5 1 1,0 8 7 7 4 5 9 0 7 3,580 Interdistrict settlement account 0 + 4,9 3 3 -39,4 3 1 + 4,2 8 6 + 1,1 2 4 + 1,8 0 9 +10,8 0 4 - 1,2 1 7 + 1,6 6 3 - 5 8 7 + 1,9 2 9 + 3,5 1 5 +11,171 Total assets 787,3 2 5 40,3 4 2 313,6 3 5 26,8 9 7 34,5 2 2 61,9 1 0 62,0 3 8 66,6 4 1 23,9 6 2 16,5 9 3 21,9 9 5 37,3 5 7 81,434 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 September 1, 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 827,01 0 38,6 5 7 317,8 6 9 33,0 1 2 35,1 3 8 63,0 4 7 73,2 2 2 67,7 4 7 25,3 2 4 15,9 4 0 24,2 7 4 42,8 7 5 89,905 Less: notes held by F.R. Banks 123,93 3 4,2 2 6 33,2 1 9 8,6 5 8 5,7 5 5 11,4 0 9 17,0 5 6 7,8 5 1 3,3 7 3 1,4 9 0 4,7 3 6 8,1 2 3 18,039 Federal Reserve notes, net 703,07 7 34,4 3 0 284,6 5 0 24,3 5 4 29,3 8 4 51,6 3 8 56,1 6 5 59,8 9 7 21,9 5 1 14,4 5 0 19,5 3 8 34,7 5 2 71,866 Reverse repurchase agreements1 23,20 3 1,0 9 0 10,0 6 1 6 9 0 9 9 1 1,7 6 4 1,5 6 5 2,0 9 0 6 8 2 5 0 6 6 1 0 1,0 5 8 2,097 Deposits 30,69 0 2,0 3 9 12,9 1 8 7 2 2 1,8 3 5 3,5 7 8 2,1 4 0 1,7 0 3 5 8 0 4 2 9 9 5 7 8 3 3 2,955 Depository institutions 23,91 8 2,0 1 8 6,3 2 1 7 2 1 1,8 3 2 3,4 4 9 2,1 3 3 1,6 9 9 5 7 8 4 2 8 9 5 5 8 3 3 2,951 U.S. Treasury, general account 6,37 4 0 6,3 7 4 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 31 7 1 9 1 6 5 0 0 1 2 3 5 0 1 0 1 0 0 Deferred availability cash items 7,46 2 4 8 5 6 8 4 4 4 9 6 4 4 4 3 8 8 9 6 6 2 1 1 6 8 5 0 3 4 7 4 2 9 4 1,806 Other liabilities and accrued dividends2 2,60 0 1 4 8 8 3 9 9 9 1 2 9 2 8 3 2 1 0 2 4 0 1 1 1 8 6 9 8 1 3 9 217 Total liabilities 767,03 2 38,1 9 2 309,1 5 2 26,3 1 5 32,9 8 3 57,7 0 1 60,9 7 6 64,5 5 0 23,4 9 2 15,9 7 5 21,6 7 7 37,0 7 7 78,942 Capital Capital paid in 10,45 3 1,6 1 8 2,1 4 4 2 8 4 7 6 2 2,0 8 8 5 1 7 1,0 2 5 2 3 2 2 6 2 1 4 8 1 3 0 1,241 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 99 3 8 4 3 0 9 3 9 4 9 4 6 5 6 1 4 1 9 1 0 8 3 9 202 Total liabilities and capital 787,32 5 40,3 4 2 313,6 3 5 26,8 9 7 34,5 2 2 61,9 1 0 62,0 3 8 66,6 4 1 23,9 6 2 16,5 9 3 21,9 9 5 37,3 5 7 81,434 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 Sep 1, 2004 Federal Reserve notes outstanding 827,010 Less: Notes held by F.R. Banks not subject to collateralization 123,933 Federal Reserve notes to be collateralized 703,077 Collateral held against Federal Reserve notes 703,077 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 689,838 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 727,358 Less: face value of securities under reverse repurchase agreements 23,212 U.S. Treasury and agency securities eligible to be pledged 704,146 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.