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 23, 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 22, 2004 Sep 15, 2004 Sep 24, 2003 Sep 22, 2004 Reserve Bank credit 767,481 - 938 + 49,875 763,507 Securities held outright 697,024 + 1,461 + 41,034 698,161 U.S. Treasury1 697,024 + 1,461 + 41,044 698,161 Bills2 255,913 + 553 + 14,511 257,053 Notes and bonds, nominal2 424,141 + 914 + 24,546 424,141 Notes and bonds, inflation-indexed2 14,862 0 + 1,408 14,862 Inflation compensation3 2,107 - 6 + 578 2,105 Federal agency2 0 0 - 10 0 Repurchase agreements4 31,286 - 2,214 + 9,000 26,500 Loans to depository institutions 592 + 334 + 356 255 Primary credit 352 + 332 + 279 15 Secondary credit 0 0 0 0 Seasonal credit 240 + 2 + 77 240 Float -268 - 742 - 554 -402 Other Federal Reserve assets 38,847 + 223 + 38 38,993 Gold stock 11,043 0 0 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 36,185 + 14 + 921 36,185 Total factors supplying reserve funds 816,909 - 924 + 50,796 812,936 Currency in circulation5 737,438 - 2,637 + 41,474 737,875 Reverse repurchase agreements6 24,814 + 107 + 4,269 24,556 Foreign official and international accounts 24,814 + 107 + 4,269 24,556 Dealers 0 0 0 0 Treasury cash holdings 312 - 10 - 24 300 Deposits with F.R. Banks, other than reserve balances 17,502 + 1,661 - 1,903 15,339 U.S. Treasury, general account 6,979 + 1,718 - 561 4,845 Foreign official 81 - 3 - 21 78 Service-related 10,165 - 59 - 1,329 10,165 Required clearing balances 10,165 - 59 - 1,061 10,165 Adjustments to compensate for float 0 0 - 268 0 Other 278 + 5 + 8 252 Other liabilities and capital 23,223 - 48 + 2,468 23,151 Total factors, other than reserve balances, absorbing reserve funds 803,289 - 927 + 46,283 801,222 Reserve balances with Federal Reserve Banks 13,620 + 3 + 4,513 11,714 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,290,191 - 1,183 + 326,834 1,289,292 U.S. Treasury 1,047,563 - 194 + 272,768 1,047,480 Federal agency 242,628 - 988 + 54,067 241,812 Securities lent to dealers 995 - 702 + 380 1,840 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 22, 2004 Sep 15, 2004 Sep 24, 2003 Assets Gold certificate account 11,039 0 0 Special drawing rights certificate account 2,200 0 0 Coin 773 + 3 - 76 Securities, repurchase agreements, and loans 724,916 - 6,590 + 42,571 Securities held outright 698,161 + 2,458 + 42,158 U.S. Treasury1 698,161 + 2,458 + 42,168 Bills2 257,053 + 1,664 + 15,639 Notes and bonds, nominal2 424,141 + 800 + 24,546 Notes and bonds, inflation-indexed2 14,862 0 + 1,408 Inflation compensation3 2,105 - 6 + 575 Federal agency2 0 0 - 10 Repurchase agreements4 26,500 - 9,000 + 500 Loans 255 - 48 - 86 Items in process of collection (907) 5,294 - 940 - 1,241 Bank premises 1,723 + 1 + 128 Other assets5 37,447 + 532 - 74 Total assets (907) 783,391 - 6,994 + 41,307 Liabilities Federal Reserve notes, net of F.R. Bank holdings 702,759 - 1,658 + 39,445 Reverse repurchase agreements6 24,556 + 233 + 5,755 Deposits (0) 27,087 - 5,406 - 5,121 Depository institutions 21,913 - 2,622 - 3,114 U.S. Treasury, general account 4,845 - 2,781 - 1,992 Foreign official 78 - 1 - 4 Other (0) 252 0 - 10 Deferred availability cash items (907) 5,838 - 435 - 1,274 Other liabilities and accrued dividends7 2,685 + 36 + 440 Total liabilities (907) 762,926 - 7,230 + 39,245 Capital accounts Capital paid in 10,501 + 22 + 1,743 Surplus 8,847 0 + 467 Other capital accounts 1,117 + 214 - 148 Total capital 20,466 + 237 + 2,063 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 22, 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 246 54,069 - 702 0 0 26,500 24,556 16 days to 90 days 8 152,191 + 2,029 0 0 0 0 91 days to 1 year 0 165,875 + 338 0 0 . . . . . . Over 1 year to 5 years . . . 199,511 - 2 0 0 . . . . . . Over 5 years to 10 years . . . 50,203 + 398 0 0 . . . . . . Over 10 years . . . 76,312 + 397 0 0 . . . . . . All 255 698,161 + 2,458 0 0 26,500 24,556 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 22, 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 3 2 1 4 2 4 1 4 5 7 7 8 6 1 0 0 5 3 2 3 4 9 1 2 4 111 Securities, repurchase agreements, and loans 724,9 1 6 32,7 8 4 329,2 3 2 20,7 7 5 29,8 3 3 53,0 6 3 47,0 9 7 62,9 5 8 20,5 4 1 15,3 1 1 18,3 7 8 31,8 3 7 63,107 Securities held outright 698,1 6 1 32,7 8 4 302,7 3 2 20,7 6 5 29,8 3 3 53,0 6 3 47,0 8 2 62,8 8 9 20,5 1 1 15,2 2 8 18,3 4 6 31,8 3 3 63,095 U.S. Treasury1 698,1 6 1 32,7 8 4 302,7 3 2 20,7 6 5 29,8 3 3 53,0 6 3 47,0 8 2 62,8 8 9 20,5 1 1 15,2 2 8 18,3 4 6 31,8 3 3 63,095 Bills2 257,0 5 3 12,0 7 1 111,4 6 2 7,6 4 5 10,9 8 4 19,5 3 7 17,3 3 5 23,1 5 5 7,5 5 2 5,6 0 7 6,7 5 5 11,7 2 0 23,231 Notes and bonds3 441,1 0 8 20,7 1 3 191,2 7 0 13,1 2 0 18,8 4 9 33,5 2 6 29,7 4 7 39,7 3 4 12,9 5 9 9,6 2 1 11,5 9 2 20,1 1 2 39,864 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 26,5 0 0 0 26,5 0 0 0 0 0 0 0 0 0 0 0 0 Loans 2 5 5 0 0 1 0 1 0 1 5 6 9 3 0 8 3 3 2 4 12 Items in process of collection 6,2 0 0 3 0 8 4 8 4 3 7 8 3 7 1 2 4 2 4 8 4 5 4 6 3 8 9 3 9 8 4 0 4 1 6 5 2,032 Bank premises 1,7 2 3 9 7 1 9 1 5 1 1 5 4 1 4 4 2 7 9 1 4 2 5 9 1 2 4 7 6 2 2 5 180 Other assets5 37,4 4 7 1,6 9 5 13,4 5 7 1,1 2 6 2,3 0 3 5,8 7 4 2,1 3 1 3,3 7 4 9 7 5 1,1 0 7 7 7 1 9 5 8 3,675 Interdistrict settlement account 0 + 3,2 1 0 -33,4 5 1 + 3,7 2 4 + 1 6 + 7 1 8 +11,6 0 9 - 1,3 7 0 + 1,4 8 9 - 5 0 5 + 2,0 1 4 + 3,2 5 8 + 9,288 Total assets 784,2 9 8 38,7 2 5 315,4 7 8 26,5 6 0 33,2 7 9 61,0 8 5 62,7 4 5 66,8 8 7 23,9 0 3 16,7 0 5 22,0 6 0 37,1 9 0 79,681 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 22, 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 829,09 9 38,2 3 3 318,6 0 5 32,8 9 4 35,0 5 7 63,9 5 1 73,5 0 5 68,4 2 5 25,2 9 5 16,2 0 1 24,6 1 3 42,5 9 7 89,723 Less: notes held by F.R. Banks 126,34 0 4,5 4 5 34,1 3 4 8,8 4 5 5,8 6 0 11,7 7 8 16,0 3 9 8,3 9 1 3,5 0 5 1,6 7 2 4,7 0 9 7,9 8 7 18,874 Federal Reserve notes, net 702,75 9 33,6 8 8 284,4 7 1 24,0 4 9 29,1 9 7 52,1 7 3 57,4 6 6 60,0 3 4 21,7 8 9 14,5 2 9 19,9 0 4 34,6 1 0 70,849 Reverse repurchase agreements1 24,55 6 1,1 5 3 10,6 4 8 7 3 0 1,0 4 9 1,8 6 6 1,6 5 6 2,2 1 2 7 2 1 5 3 6 6 4 5 1,1 2 0 2,219 Deposits 27,08 7 1,0 8 7 14,3 4 6 6 2 9 9 4 8 2,1 5 9 1,5 2 1 1,7 4 2 6 0 4 4 1 8 7 5 0 7 2 4 2,159 Depository institutions 21,91 3 1,0 8 4 9,2 7 5 6 2 8 9 4 4 2,0 8 0 1,5 1 8 1,7 3 8 6 0 2 4 1 7 7 4 8 7 2 3 2,155 U.S. Treasury, general account 4,84 5 0 4,8 4 5 0 0 0 0 0 0 0 0 0 0 Foreign official 7 8 2 5 5 1 2 7 2 3 1 1 1 0 4 Other 25 2 1 1 7 1 0 2 7 2 2 0 1 0 1 0 0 Deferred availability cash items 6,74 5 4 2 7 6 4 4 4 6 6 4 0 3 3 9 0 8 1 8 5 5 4 1 8 8 5 1 4 3 4 1 3 1 1 1,688 Other liabilities and accrued dividends2 2,68 5 1 5 8 8 6 7 1 0 4 1 3 5 2 7 5 2 2 2 2 5 3 1 1 4 9 1 1 0 0 1 4 2 226 Total liabilities 763,83 2 36,5 1 3 310,9 7 6 25,9 7 8 31,7 3 2 56,8 6 4 61,6 8 3 64,7 9 5 23,4 1 6 16,0 8 7 21,7 4 1 36,9 0 7 77,141 Capital Capital paid in 10,50 1 1,6 3 4 2,1 5 9 2 8 5 7 6 2 2,0 8 9 5 1 7 1,0 2 5 2 3 8 2 6 3 1 4 9 1 3 0 1,249 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 1,11 7 1 3 0 3 1 2 3 9 5 8 5 8 5 5 1 4 3 2 0 1 0 8 4 3 243 Total liabilities and capital 784,29 8 38,7 2 5 315,4 7 8 26,5 6 0 33,2 7 9 61,0 8 5 62,7 4 5 66,8 8 7 23,9 0 3 16,7 0 5 22,0 6 0 37,1 9 0 79,681 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 22, 2004 Federal Reserve notes outstanding 829,099 Less: Notes held by F.R. Banks not subject to collateralization 126,340 Federal Reserve notes to be collateralized 702,759 Collateral held against Federal Reserve notes 702,759 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 689,520 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 724,661 Less: face value of securities under reverse repurchase agreements 24,567 U.S. Treasury and agency securities eligible to be pledged 700,094 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.