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 30, 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 29, 2004 Sep 22, 2004 Oct 1, 2003 Sep 29, 2004 Reserve Bank credit 765,836 - 1,645 + 38,657 767,461 Securities held outright 698,602 + 1,578 + 42,483 698,617 U.S. Treasury1 698,602 + 1,578 + 42,493 698,617 Bills2 257,062 + 1,149 + 15,535 257,079 Notes and bonds, nominal2 424,141 0 + 24,546 424,141 Notes and bonds, inflation-indexed2 15,262 + 400 + 1,808 15,262 Inflation compensation3 2,137 + 30 + 604 2,135 Federal agency2 0 0 - 10 0 Repurchase agreements4 27,571 - 3,715 - 4,536 29,500 Loans to depository institutions 254 - 338 + 76 251 Primary credit 9 - 343 - 14 6 Secondary credit 0 0 0 0 Seasonal credit 245 + 5 + 90 245 Float 140 + 408 + 755 -353 Other Federal Reserve assets 39,269 + 422 - 120 39,445 Gold stock 11,043 0 0 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 36,199 + 14 + 926 36,199 Total factors supplying reserve funds 815,279 - 1,630 + 39,584 816,903 Currency in circulation5 736,774 - 664 + 39,992 738,586 Reverse repurchase agreements6 24,291 - 523 + 2,907 24,337 Foreign official and international accounts 24,291 - 523 + 2,907 24,337 Dealers 0 0 0 0 Treasury cash holdings 299 - 13 - 44 291 Deposits with F.R. Banks, other than reserve balances 15,639 - 1,863 - 3,501 15,925 U.S. Treasury, general account 5,118 - 1,861 - 1,804 5,436 Foreign official 110 + 29 - 349 81 Service-related 10,163 - 2 - 1,352 10,163 Required clearing balances 10,163 - 2 - 1,062 10,163 Adjustments to compensate for float 0 0 - 290 0 Other 247 - 31 + 4 245 Other liabilities and capital 23,394 + 171 + 2,479 23,175 Total factors, other than reserve balances, absorbing reserve funds 800,397 - 2,892 + 41,833 802,314 Reserve balances with Federal Reserve Banks 14,882 + 1,262 - 2,248 14,590 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,291,580 + 1,389 + 318,050 1,291,141 U.S. Treasury 1,047,639 + 76 + 265,913 1,049,079 Federal agency 243,941 + 1,313 + 52,137 242,062 Securities lent to dealers 1,486 + 491 - 2,203 2,645 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 29, 2004 Sep 22, 2004 Oct 1, 2003 Assets Gold certificate account 11,039 0 0 Special drawing rights certificate account 2,200 0 0 Coin 777 + 4 - 62 Securities, repurchase agreements, and loans 728,368 + 3,452 + 35,271 Securities held outright 698,617 + 456 + 42,421 U.S. Treasury1 698,617 + 456 + 42,431 Bills2 257,079 + 26 + 15,478 Notes and bonds, nominal2 424,141 0 + 24,546 Notes and bonds, inflation-indexed2 15,262 + 400 + 1,808 Inflation compensation3 2,135 + 30 + 600 Federal agency2 0 0 - 10 Repurchase agreements4 29,500 + 3,000 - 7,250 Loans 251 - 4 + 100 Items in process of collection (1,080) 5,602 + 308 - 1,797 Bank premises 1,731 + 8 + 137 Other assets5 37,887 + 440 + 11 Total assets (1,080) 787,605 + 4,214 + 33,560 Liabilities Federal Reserve notes, net of F.R. Bank holdings 703,451 + 692 + 38,639 Reverse repurchase agreements6 24,337 - 219 + 2,247 Deposits (0) 30,704 + 3,617 - 7,844 Depository institutions 24,943 + 3,030 - 7,851 U.S. Treasury, general account 5,436 + 591 + 514 Foreign official 81 + 3 - 415 Other (0) 245 - 7 - 91 Deferred availability cash items (1,080) 5,938 + 100 - 2,260 Other liabilities and accrued dividends7 2,759 + 74 + 549 Total liabilities (1,080) 767,188 + 4,262 + 31,331 Capital accounts Capital paid in 10,502 + 1 + 1,756 Surplus 8,847 0 + 467 Other capital accounts 1,068 - 49 + 7 Total capital 20,416 - 50 + 2,229 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 29, 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 236 53,247 - 822 0 0 29,500 24,337 16 days to 90 days 15 152,822 + 631 0 0 0 0 91 days to 1 year 0 166,092 + 217 0 0 . . . . . . Over 1 year to 5 years . . . 199,624 + 113 0 0 . . . . . . Over 5 years to 10 years . . . 50,517 + 314 0 0 . . . . . . Over 10 years . . . 76,315 + 3 0 0 . . . . . . All 251 698,617 + 456 0 0 29,500 24,337 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 29, 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 2 0 4 3 4 1 4 4 7 6 8 7 1 0 1 5 1 2 3 5 1 1 2 8 113 Securities, repurchase agreements, and loans 728,3 6 8 32,8 1 0 332,4 3 0 20,7 9 0 29,8 5 2 53,0 9 8 47,1 2 8 63,0 0 4 20,5 5 2 15,3 1 8 18,3 9 3 31,8 5 7 63,136 Securities held outright 698,6 1 7 32,8 0 5 302,9 3 0 20,7 7 9 29,8 5 2 53,0 9 8 47,1 1 3 62,9 3 0 20,5 2 5 15,2 3 8 18,3 5 8 31,8 5 4 63,136 U.S. Treasury1 698,6 1 7 32,8 0 5 302,9 3 0 20,7 7 9 29,8 5 2 53,0 9 8 47,1 1 3 62,9 3 0 20,5 2 5 15,2 3 8 18,3 5 8 31,8 5 4 63,136 Bills2 257,0 7 9 12,0 7 2 111,4 7 3 7,6 4 6 10,9 8 5 19,5 3 9 17,3 3 7 23,1 5 7 7,5 5 3 5,6 0 7 6,7 5 6 11,7 2 2 23,233 Notes and bonds3 441,5 3 8 20,7 3 3 191,4 5 7 13,1 3 2 18,8 6 7 33,5 5 9 29,7 7 6 39,7 7 3 12,9 7 2 9,6 3 1 11,6 0 3 20,1 3 2 39,903 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 29,5 0 0 0 29,5 0 0 0 0 0 0 0 0 0 0 0 0 Loans 2 5 1 5 0 1 1 0 0 1 5 7 4 2 8 8 0 3 4 4 0 Items in process of collection 6,6 8 2 3 4 7 5 0 7 4 8 4 3 7 1 4 4 6 6 7 3 4 5 8 3 0 1 4 9 2 4 3 3 2 0 3 1,969 Bank premises 1,7 3 1 9 7 1 9 1 5 1 1 5 5 1 4 4 2 7 9 1 4 5 5 9 1 2 4 7 6 2 3 0 180 Other assets5 37,8 8 7 1,7 1 2 13,6 3 4 1,1 3 9 2,3 2 6 5,9 2 9 2,1 6 4 3,4 1 3 9 8 7 1,1 1 7 7 8 2 9 7 3 3,710 Interdistrict settlement account 0 + 3,5 5 8 -37,2 8 6 + 3,5 1 7 + 1,0 5 7 + 1,8 6 6 +11,3 3 0 - 6 6 + 1,6 5 9 - 4 6 8 + 2,3 1 0 + 3,2 0 9 + 9,316 Total assets 788,6 8 5 39,1 5 3 315,0 4 2 26,4 8 8 34,3 5 9 62,5 2 6 62,7 2 0 68,1 9 1 24,0 0 4 16,8 5 4 22,4 1 3 37,2 2 4 79,712 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 29, 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 830,34 1 38,1 3 5 320,0 0 2 32,7 7 5 35,0 3 5 64,2 1 4 73,2 0 3 68,9 7 9 25,2 3 9 16,1 6 6 24,5 7 4 42,4 4 7 89,572 Less: notes held by F.R. Banks 126,89 1 4,4 6 3 34,9 8 8 8,9 4 9 5,7 7 4 11,6 6 9 16,3 8 7 8,3 6 8 3,2 9 5 1,6 2 2 4,6 3 0 7,8 4 2 18,904 Federal Reserve notes, net 703,45 1 33,6 7 1 285,0 1 4 23,8 2 6 29,2 6 1 52,5 4 4 56,8 1 7 60,6 1 1 21,9 4 5 14,5 4 4 19,9 4 4 34,6 0 5 70,668 Reverse repurchase agreements1 24,33 7 1,1 4 3 10,5 5 3 7 2 4 1,0 4 0 1,8 5 0 1,6 4 1 2,1 9 2 7 1 5 5 3 1 6 4 0 1,1 1 0 2,199 Deposits 30,70 4 1,4 3 9 13,4 2 6 7 7 4 1,9 7 5 3,1 8 3 2,1 4 5 2,5 0 0 5 4 7 4 6 4 1,0 1 2 7 0 8 2,530 Depository institutions 24,94 3 1,4 3 6 7,7 6 7 7 7 3 1,9 7 0 3,1 0 7 2,1 4 2 2,4 9 7 5 4 5 4 6 2 1,0 1 0 7 0 7 2,526 U.S. Treasury, general account 5,43 6 0 5,4 3 6 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 24 5 1 1 6 5 0 3 6 9 2 0 1 0 1 0 0 Deferred availability cash items 7,01 8 5 1 5 6 7 0 4 7 8 4 0 4 4 3 7 8 2 9 5 4 8 2 0 0 6 0 7 3 9 4 3 8 1 1,555 Other liabilities and accrued dividends2 2,75 9 1 6 1 8 7 8 1 0 5 1 3 8 3 0 3 2 2 7 2 5 6 1 2 0 9 2 1 0 2 1 4 7 231 Total liabilities 768,26 9 36,9 2 9 310,5 4 2 25,9 0 7 32,8 1 9 58,3 1 6 61,6 5 9 66,1 0 6 23,5 2 6 16,2 3 7 22,0 9 3 36,9 5 0 77,184 Capital Capital paid in 10,50 2 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 1 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 1,06 8 1 4 2 3 1 0 3 7 5 1 4 6 5 5 1 3 5 1 1 8 8 3 2 232 Total liabilities and capital 788,68 5 39,1 5 3 315,0 4 2 26,4 8 8 34,3 5 9 62,5 2 6 62,7 2 0 68,1 9 1 24,0 0 4 16,8 5 4 22,4 1 3 37,2 2 4 79,712 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 29, 2004 Federal Reserve notes outstanding 830,341 Less: Notes held by F.R. Banks not subject to collateralization 126,891 Federal Reserve notes to be collateralized 703,451 Collateral held against Federal Reserve notes 703,451 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 690,212 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 728,117 Less: face value of securities under reverse repurchase agreements 24,348 U.S. Treasury and agency securities eligible to be pledged 703,769 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.