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 9, 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 8, 2004 Sep 1, 2004 Sep 10, 2003 Sep 8, 2004 Reserve Bank credit 764,440 + 397 + 49,159 768,543 Securities held outright 694,871 + 20 + 40,346 694,869 U.S. Treasury1 694,871 + 20 + 40,356 694,869 Bills2 255,348 + 22 + 14,379 255,348 Notes and bonds, nominal2 422,541 0 + 23,582 422,541 Notes and bonds, inflation-indexed2 14,862 0 + 1,773 14,862 Inflation compensation3 2,119 - 2 + 620 2,117 Federal agency2 0 0 - 10 0 Repurchase agreements4 30,929 - 71 + 8,108 33,000 Loans to depository institutions 267 - 6 + 109 418 Primary credit 31 0 + 28 185 Secondary credit 0 0 0 0 Seasonal credit 236 - 6 + 81 234 Float 274 + 326 - 34 1,899 Other Federal Reserve assets 38,100 + 129 + 632 38,356 Gold stock 11,043 0 0 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 36,157 + 14 + 911 36,157 Total factors supplying reserve funds 813,841 + 411 + 50,071 817,943 Currency in circulation5 741,202 + 6,280 + 42,705 742,465 Reverse repurchase agreements6 23,521 + 1,079 + 4,176 23,882 Foreign official and international accounts 23,521 + 1,079 + 4,176 23,882 Dealers 0 0 0 0 Treasury cash holdings 321 - 7 - 16 323 Deposits with F.R. Banks, other than reserve balances 15,521 - 361 - 1,155 14,273 U.S. Treasury, general account 4,910 - 387 + 165 3,701 Foreign official 78 - 13 - 183 80 Service-related 10,225 + 18 - 1,167 10,225 Required clearing balances 10,225 + 19 - 994 10,225 Adjustments to compensate for float 0 0 - 173 0 Other 308 + 21 + 29 266 Other liabilities and capital 23,064 + 189 + 2,613 22,988 Total factors, other than reserve balances, absorbing reserve funds 803,628 + 7,179 + 48,321 803,931 Reserve balances with Federal Reserve Banks 10,212 - 6,769 + 1,749 14,012 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,290,924 + 8,308 + 329,637 1,291,479 U.S. Treasury 1,046,793 + 7,306 + 273,337 1,049,029 Federal agency 244,131 + 1,001 + 56,300 242,450 Securities lent to dealers 1,513 + 974 - 354 2,679 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 8, 2004 Sep 1, 2004 Sep 10, 2003 Assets Gold certificate account 11,039 0 0 Special drawing rights certificate account 2,200 0 0 Coin 770 - 7 - 80 Securities, repurchase agreements, and loans 728,288 + 691 + 50,032 Securities held outright 694,869 + 11 + 39,267 U.S. Treasury1 694,869 + 11 + 39,277 Bills2 255,348 + 18 + 14,328 Notes and bonds, nominal2 422,541 0 + 22,946 Notes and bonds, inflation-indexed2 14,862 0 + 1,408 Inflation compensation3 2,117 - 7 + 594 Federal agency2 0 0 - 10 Repurchase agreements4 33,000 + 500 + 10,500 Loans 418 + 179 + 263 Items in process of collection (487) 9,080 + 2,238 + 1,067 Bank premises 1,718 0 + 128 Other assets5 36,755 + 425 + 569 Total assets (487) 789,849 + 3,346 + 51,715 Liabilities Federal Reserve notes, net of F.R. Bank holdings 707,397 + 4,320 + 43,339 Reverse repurchase agreements6 23,882 + 679 + 4,163 Deposits (0) 28,394 - 2,296 + 2,233 Depository institutions 24,346 + 428 + 3,591 U.S. Treasury, general account 3,701 - 2,673 - 1,338 Foreign official 80 - 1 0 Other (0) 266 - 51 - 21 Deferred availability cash items (487) 7,189 + 548 - 660 Other liabilities and accrued dividends7 2,670 + 70 + 455 Total liabilities (487) 769,532 + 3,322 + 49,529 Capital accounts Capital paid in 10,454 + 1 + 1,699 Surplus 8,847 0 + 467 Other capital accounts 1,017 + 24 + 21 Total capital 20,317 + 24 + 2,186 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 8, 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 220 48,287 - 1,053 0 0 33,000 23,882 16 days to 90 days 198 157,266 + 388 0 0 0 0 91 days to 1 year 0 164,877 + 683 0 0 . . . . . . Over 1 year to 5 years . . . 198,716 - 3 0 0 . . . . . . Over 5 years to 10 years . . . 49,807 - 1 0 0 . . . . . . Over 10 years . . . 75,917 - 2 0 0 . . . . . . All 418 694,869 + 11 0 0 33,000 23,882 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 8, 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 0 1 8 3 8 3 9 4 7 7 8 9 2 1 0 1 5 0 2 2 5 2 1 2 5 106 Securities, repurchase agreements, and loans 728,2 8 8 32,6 2 9 334,3 0 4 20,6 7 7 29,6 9 2 52,8 1 3 46,8 8 2 62,6 5 1 20,4 4 6 15,2 4 1 18,4 6 7 31,6 8 7 62,799 Securities held outright 694,8 6 9 32,6 2 9 301,3 0 4 20,6 6 7 29,6 9 2 52,8 1 3 46,8 6 0 62,5 9 3 20,4 1 5 15,1 5 6 18,2 6 0 31,6 8 3 62,797 U.S. Treasury1 694,8 6 9 32,6 2 9 301,3 0 4 20,6 6 7 29,6 9 2 52,8 1 3 46,8 6 0 62,5 9 3 20,4 1 5 15,1 5 6 18,2 6 0 31,6 8 3 62,797 Bills2 255,3 4 8 11,9 9 0 110,7 2 2 7,5 9 5 10,9 1 1 19,4 0 8 17,2 2 0 23,0 0 1 7,5 0 2 5,5 6 9 6,7 1 0 11,6 4 3 23,077 Notes and bonds3 439,5 2 1 20,6 3 9 190,5 8 2 13,0 7 2 18,7 8 1 33,4 0 6 29,6 4 0 39,5 9 1 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 33,0 0 0 0 33,0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 4 1 8 0 0 1 0 0 0 2 2 5 8 3 1 8 5 2 0 7 4 2 Items in process of collection 9,5 6 7 5 9 0 6 7 9 4 7 0 5 4 4 6 4 0 8 6 0 8 0 7 6 1 5 4 7 7 7 6 6 4 5 8 2,661 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 36,7 5 5 1,6 5 8 13,1 1 6 1,1 0 8 2,2 8 3 5,8 6 6 2,1 0 8 3,3 0 7 9 4 3 1,0 9 3 7 5 4 9 1 7 3,603 Interdistrict settlement account 0 + 3,9 5 5 -40,4 2 6 + 5,8 2 2 + 8 2 1 - 1 8 8 +12,2 4 6 + 5 4 4 + 1,6 7 4 - 4 5 1 + 1,8 1 6 + 3,4 8 7 +10,701 Total assets 790,3 3 6 39,5 5 6 313,4 2 4 28,6 3 2 34,0 9 8 60,3 1 9 63,5 2 7 68,6 8 7 24,1 8 0 16,7 5 4 22,2 9 9 37,5 2 2 81,338 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 8, 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 827,53 8 38,6 0 7 318,0 5 4 32,9 1 8 35,1 5 4 63,3 0 9 73,0 7 0 68,0 5 5 25,2 8 4 16,1 5 1 24,4 6 7 42,7 7 9 89,690 Less: notes held by F.R. Banks 120,14 1 4,1 6 5 33,3 3 2 8,5 9 4 5,5 9 7 11,3 1 8 14,9 8 5 7,5 8 3 3,1 6 7 1,5 7 2 4,4 9 3 7,8 4 3 17,492 Federal Reserve notes, net 707,39 7 34,4 4 2 284,7 2 3 24,3 2 4 29,5 5 7 51,9 9 1 58,0 8 5 60,4 7 2 22,1 1 6 14,5 7 8 19,9 7 3 34,9 3 7 72,198 Reverse repurchase agreements1 23,88 2 1,1 2 1 10,3 5 5 7 1 0 1,0 2 0 1,8 1 5 1,6 1 1 2,1 5 1 7 0 2 5 2 1 6 2 8 1,0 8 9 2,158 Deposits 28,39 4 1,0 8 5 12,2 3 9 2,3 8 4 1,3 3 1 1,5 4 2 1,7 4 7 3,1 9 6 6 1 8 4 3 6 7 9 9 7 5 7 2,260 Depository institutions 24,34 6 1,0 7 6 8,3 1 1 2,3 8 3 1,3 2 8 1,4 5 2 1,7 4 4 3,1 9 3 6 1 5 4 3 4 7 9 7 7 5 6 2,256 U.S. Treasury, general account 3,70 1 0 3,7 0 1 0 0 0 0 0 0 0 0 0 0 Foreign official 8 0 2 5 7 1 2 7 2 3 1 1 1 0 4 Other 26 6 7 1 6 9 0 1 8 3 2 0 2 0 1 0 0 Deferred availability cash items 7,67 6 5 9 1 7 8 3 5 3 2 5 0 4 4 6 5 8 0 9 5 3 6 1 5 4 5 1 3 4 7 6 3 2 3 1,989 Other liabilities and accrued dividends2 2,67 0 1 5 4 8 5 5 1 0 2 1 3 4 2 9 9 2 2 1 2 4 6 1 1 4 9 0 9 9 1 4 1 216 Total liabilities 770,01 9 37,3 9 4 308,9 5 4 28,0 5 3 32,5 4 6 56,1 1 2 62,4 7 3 66,6 0 1 23,7 0 4 16,1 3 8 21,9 7 4 37,2 4 7 78,822 Capital Capital paid in 10,45 4 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 1,01 7 9 6 2 9 5 3 6 6 2 4 5 4 7 1 3 6 1 5 8 1 4 3 5 227 Total liabilities and capital 790,33 6 39,5 5 6 313,4 2 4 28,6 3 2 34,0 9 8 60,3 1 9 63,5 2 7 68,6 8 7 24,1 8 0 16,7 5 4 22,2 9 9 37,5 2 2 81,338 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 8, 2004 Federal Reserve notes outstanding 827,538 Less: Notes held by F.R. Banks not subject to collateralization 120,141 Federal Reserve notes to be collateralized 707,397 Collateral held against Federal Reserve notes 707,397 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 694,158 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 727,869 Less: face value of securities under reverse repurchase agreements 23,892 U.S. Treasury and agency securities eligible to be pledged 703,977 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.