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 16, 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 15, 2004 Sep 8, 2004 Sep 17, 2003 Sep 15, 2004 Reserve Bank credit 768,420 + 3,980 + 46,765 769,926 Securities held outright 695,563 + 692 + 39,796 695,703 U.S. Treasury1 695,563 + 692 + 39,806 695,703 Bills2 255,360 + 12 + 14,177 255,389 Notes and bonds, nominal2 423,227 + 686 + 23,632 423,341 Notes and bonds, inflation-indexed2 14,862 0 + 1,408 14,862 Inflation compensation3 2,113 - 6 + 588 2,111 Federal agency2 0 0 - 10 0 Repurchase agreements4 33,500 + 2,571 + 5,607 35,500 Loans to depository institutions 258 - 9 + 96 303 Primary credit 20 - 11 + 16 57 Secondary credit 0 0 0 0 Seasonal credit 238 + 2 + 80 246 Float 472 + 199 + 705 -130 Other Federal Reserve assets 38,627 + 527 + 561 38,550 Gold stock 11,043 0 0 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 36,171 + 14 + 916 36,171 Total factors supplying reserve funds 817,834 + 3,994 + 47,681 819,341 Currency in circulation5 740,075 - 1,127 + 43,851 739,509 Reverse repurchase agreements6 24,707 + 1,186 + 4,262 24,323 Foreign official and international accounts 24,707 + 1,186 + 4,262 24,323 Dealers 0 0 0 0 Treasury cash holdings 322 + 1 - 11 314 Deposits with F.R. Banks, other than reserve balances 15,841 + 320 - 2,223 18,182 U.S. Treasury, general account 5,261 + 351 - 823 7,626 Foreign official 84 + 6 - 145 79 Service-related 10,224 - 1 - 1,257 10,224 Required clearing balances 10,224 - 1 - 995 10,224 Adjustments to compensate for float 0 0 - 262 0 Other 273 - 35 + 4 252 Other liabilities and capital 23,271 + 207 + 2,683 22,879 Total factors, other than reserve balances, absorbing reserve funds 804,216 + 588 + 48,561 805,206 Reserve balances with Federal Reserve Banks 13,618 + 3,406 - 880 14,134 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,291,374 + 450 + 326,906 1,293,491 U.S. Treasury 1,047,757 + 964 + 272,940 1,051,356 Federal agency 243,616 - 515 + 53,965 242,135 Securities lent to dealers 1,697 + 184 + 140 1,450 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 15, 2004 Sep 8, 2004 Sep 17, 2003 Assets Gold certificate account 11,039 0 0 Special drawing rights certificate account 2,200 0 0 Coin 770 0 - 78 Securities, repurchase agreements, and loans 731,506 + 3,218 + 46,139 Securities held outright 695,703 + 834 + 39,750 U.S. Treasury1 695,703 + 834 + 39,760 Bills2 255,389 + 41 + 14,022 Notes and bonds, nominal2 423,341 + 800 + 23,746 Notes and bonds, inflation-indexed2 14,862 0 + 1,408 Inflation compensation3 2,111 - 6 + 585 Federal agency2 0 0 - 10 Repurchase agreements4 35,500 + 2,500 + 6,250 Loans 303 - 115 + 138 Items in process of collection (941) 6,234 - 2,846 - 923 Bank premises 1,722 + 4 + 131 Other assets5 36,915 + 160 + 282 Total assets (941) 790,385 + 536 + 45,550 Liabilities Federal Reserve notes, net of F.R. Bank holdings 704,417 - 2,980 + 41,490 Reverse repurchase agreements6 24,323 + 441 + 5,351 Deposits (1) 32,493 + 4,099 - 2,330 Depository institutions 24,535 + 189 - 2,499 U.S. Treasury, general account 7,626 + 3,925 + 379 Foreign official 79 - 1 - 191 Other (1) 252 - 14 - 20 Deferred availability cash items (940) 6,273 - 916 - 1,616 Other liabilities and accrued dividends7 2,649 - 21 + 445 Total liabilities (941) 770,156 + 624 + 43,341 Capital accounts Capital paid in 10,479 + 25 + 1,724 Surplus 8,847 0 + 467 Other capital accounts 903 - 114 + 18 Total capital 20,229 - 88 + 2,208 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 15, 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 127 54,771 + 6,484 0 0 35,500 24,323 16 days to 90 days 176 150,162 - 7,104 0 0 0 0 91 days to 1 year 0 165,537 + 660 0 0 . . . . . . Over 1 year to 5 years . . . 199,513 + 797 0 0 . . . . . . Over 5 years to 10 years . . . 49,805 - 2 0 0 . . . . . . Over 10 years . . . 75,915 - 2 0 0 . . . . . . All 303 695,703 + 834 0 0 35,500 24,323 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 15, 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 2 0 3 6 4 2 4 6 7 6 8 5 1 0 5 5 3 2 3 5 2 1 2 6 105 Securities, repurchase agreements, and loans 731,5 0 6 32,6 6 8 337,1 6 6 20,7 5 2 29,7 2 8 52,8 7 6 46,9 3 5 62,7 3 5 20,4 7 9 15,2 5 9 18,3 1 0 31,7 2 4 62,874 Securities held outright 695,7 0 3 32,6 6 8 301,6 6 6 20,6 9 2 29,7 2 8 52,8 7 6 46,9 1 6 62,6 6 8 20,4 3 9 15,1 7 4 18,2 8 2 31,7 2 1 62,873 U.S. Treasury1 695,7 0 3 32,6 6 8 301,6 6 6 20,6 9 2 29,7 2 8 52,8 7 6 46,9 1 6 62,6 6 8 20,4 3 9 15,1 7 4 18,2 8 2 31,7 2 1 62,873 Bills2 255,3 8 9 11,9 9 2 110,7 4 0 7,5 9 6 10,9 1 3 19,4 1 1 17,2 2 3 23,0 0 5 7,5 0 3 5,5 7 0 6,7 1 1 11,6 4 4 23,080 Notes and bonds3 440,3 1 4 20,6 7 6 190,9 2 6 13,0 9 6 18,8 1 5 33,4 6 6 29,6 9 4 39,6 6 3 12,9 3 6 9,6 0 4 11,5 7 1 20,0 7 6 39,793 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 35,5 0 0 0 35,5 0 0 0 0 0 0 0 0 0 0 0 0 Loans 3 0 3 0 0 6 0 0 0 1 9 6 8 4 0 8 5 2 8 3 2 Items in process of collection 7,1 7 5 4 3 3 6 4 8 3 3 5 4 1 5 1 8 9 6 4 2 4 3 4 4 3 1 4 4 7 4 5 1 3 2 5 2,423 Bank premises 1,7 2 2 9 7 1 9 0 5 1 1 5 4 1 4 5 2 7 9 1 4 2 5 8 1 2 4 7 6 2 2 5 180 Other assets5 36,9 1 5 1,6 6 7 13,2 4 6 1,1 1 1 2,2 7 4 5,8 3 8 2,0 9 6 3,3 2 3 9 5 8 1,0 9 3 7 5 9 9 3 0 3,619 Interdistrict settlement account 0 + 3,8 9 6 -39,1 1 8 + 3,8 8 9 + 6 8 6 + 2,2 4 0 +12,4 8 4 + 7 4 + 1,7 0 6 - 4 4 8 + 2,0 7 6 + 3,3 5 2 + 9,162 Total assets 791,3 2 6 39,3 9 2 317,6 9 2 26,6 4 5 33,8 5 8 62,3 3 1 63,5 8 1 67,9 4 9 24,0 8 1 16,7 4 6 22,0 9 3 37,3 0 5 79,653 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 15, 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 827,75 9 38,5 5 3 318,3 6 6 32,7 9 2 35,1 2 4 63,6 9 5 72,9 7 0 68,1 2 5 25,3 2 0 16,2 0 5 24,5 4 9 42,6 7 5 89,384 Less: notes held by F.R. Banks 123,34 2 4,3 4 7 33,3 3 7 8,7 9 6 5,6 6 5 11,5 1 7 15,5 9 7 7,8 6 7 3,4 0 0 1,6 6 5 4,6 5 6 8,0 0 2 18,494 Federal Reserve notes, net 704,41 7 34,2 0 7 285,0 2 9 23,9 9 6 29,4 5 9 52,1 7 9 57,3 7 3 60,2 5 8 21,9 2 0 14,5 4 0 19,8 9 2 34,6 7 3 70,891 Reverse repurchase agreements1 24,32 3 1,1 4 2 10,5 4 7 7 2 3 1,0 3 9 1,8 4 9 1,6 4 0 2,1 9 1 7 1 5 5 3 1 6 3 9 1,1 0 9 2,198 Deposits 32,49 4 1,1 5 7 16,1 4 2 7 1 4 1,2 7 5 3,3 7 0 2,5 5 5 2,6 3 9 6 5 2 4 1 3 7 6 1 8 2 0 1,996 Depository institutions 24,53 5 1,1 5 3 8,2 9 6 7 1 3 1,2 7 1 3,2 8 4 2,5 5 1 2,6 3 6 6 5 0 4 1 2 7 5 9 8 2 0 1,993 U.S. Treasury, general account 7,62 6 0 7,6 2 6 0 0 0 0 0 0 0 0 0 0 Foreign official 7 9 2 5 6 1 2 7 2 3 1 1 1 0 4 Other 25 3 3 1 6 4 0 2 7 9 3 0 1 0 1 0 0 Deferred availability cash items 7,21 4 5 4 2 6 8 0 5 3 3 4 3 1 4 6 9 7 4 2 5 4 3 2 0 1 5 6 2 3 8 4 2 8 7 1,841 Other liabilities and accrued dividends2 2,64 9 1 5 6 8 5 1 1 0 1 1 3 3 2 8 5 2 1 7 2 4 6 1 1 5 8 8 9 8 1 4 3 217 Total liabilities 771,09 7 37,2 0 4 313,2 4 9 26,0 6 7 32,3 3 6 58,1 5 1 62,5 2 7 65,8 7 6 23,6 0 2 16,1 3 4 21,7 7 4 37,0 3 2 77,143 Capital Capital paid in 10,47 9 1,6 3 4 2,1 4 4 2 8 5 7 6 2 2,0 8 9 5 1 7 1,0 2 5 2 3 3 2 6 3 1 4 9 1 3 0 1,248 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 90 3 1 0 6 2 6 8 3 5 3 3 1 7 4 8 1 2 3 1 8 3 7 3 2 213 Total liabilities and capital 791,32 6 39,3 9 2 317,6 9 2 26,6 4 5 33,8 5 8 62,3 3 1 63,5 8 1 67,9 4 9 24,0 8 1 16,7 4 6 22,0 9 3 37,3 0 5 79,653 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 15, 2004 Federal Reserve notes outstanding 827,759 Less: Notes held by F.R. Banks not subject to collateralization 123,342 Federal Reserve notes to be collateralized 704,417 Collateral held against Federal Reserve notes 704,417 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 691,178 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 731,203 Less: face value of securities under reverse repurchase agreements 24,333 U.S. Treasury and agency securities eligible to be pledged 706,870 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.