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 October 7, 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 Oct 6, 2004 Sep 29, 2004 Oct 8, 2003 Oct 6, 2004 Reserve Bank credit 764,916 - 897 + 49,947 761,850 Securities held outright 700,691 + 2,089 + 44,449 701,586 U.S. Treasury1 700,691 + 2,089 + 44,459 701,586 Bills2 258,810 + 1,748 + 17,171 258,849 Notes and bonds, nominal2 424,483 + 342 + 24,888 425,339 Notes and bonds, inflation-indexed2 15,262 0 + 1,808 15,262 Inflation compensation3 2,135 - 2 + 592 2,136 Federal agency2 0 0 - 10 0 Repurchase agreements4 24,464 - 3,107 + 5,214 21,000 Loans to depository institutions 201 - 53 + 74 196 Primary credit 2 - 7 0 2 Secondary credit 0 0 0 0 Seasonal credit 199 - 46 + 74 194 Float 0 - 117 + 355 -544 Other Federal Reserve assets 39,560 + 291 - 145 39,612 Gold stock 11,043 0 0 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 36,281 + 14 + 1,000 36,281 Total factors supplying reserve funds 814,440 - 884 + 50,947 811,374 Currency in circulation5 738,570 + 1,728 + 39,580 740,822 Reverse repurchase agreements6 24,888 + 597 + 5,566 24,736 Foreign official and international accounts 24,888 + 597 + 5,566 24,736 Dealers 0 0 0 0 Treasury cash holdings 291 - 8 - 67 295 Deposits with F.R. Banks, other than reserve balances 16,480 + 841 - 611 16,709 U.S. Treasury, general account 5,334 + 216 + 149 5,576 Foreign official 101 - 9 - 4 80 Service-related 10,720 + 557 - 736 10,720 Required clearing balances 10,720 + 557 - 532 10,720 Adjustments to compensate for float 0 0 - 204 0 Other 325 + 78 - 20 334 Other liabilities and capital 23,448 + 54 + 2,870 23,158 Total factors, other than reserve balances, absorbing reserve funds 803,677 + 3,212 + 47,339 805,720 Reserve balances with Federal Reserve Banks 10,763 - 4,096 + 3,608 5,654 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,292,097 + 517 + 300,329 1,289,034 U.S. Treasury 1,049,404 + 1,765 + 250,737 1,045,201 Federal agency 242,694 - 1,247 + 49,593 243,833 Securities lent to dealers 1,597 + 111 - 741 1,766 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 Oct 6, 2004 Sep 29, 2004 Oct 8, 2003 Assets Gold certificate account 11,039 0 0 Special drawing rights certificate account 2,200 0 0 Coin 764 - 13 - 62 Securities, repurchase agreements, and loans 722,782 - 5,586 + 46,637 Securities held outright 701,586 + 2,969 + 45,306 U.S. Treasury1 701,586 + 2,969 + 45,316 Bills2 258,849 + 1,770 + 17,177 Notes and bonds, nominal2 425,339 + 1,198 + 25,744 Notes and bonds, inflation-indexed2 15,262 0 + 1,808 Inflation compensation3 2,136 + 1 + 588 Federal agency2 0 0 - 10 Repurchase agreements4 21,000 - 8,500 + 1,250 Loans 196 - 55 + 81 Items in process of collection (973) 6,609 + 1,007 - 1,142 Bank premises 1,730 - 1 + 135 Other assets5 37,970 + 83 - 471 Total assets (973) 783,093 - 4,512 + 45,097 Liabilities Federal Reserve notes, net of F.R. Bank holdings 705,595 + 2,144 + 38,421 Reverse repurchase agreements6 24,736 + 399 + 5,785 Deposits (0) 22,452 - 8,252 - 1,166 Depository institutions 16,462 - 8,481 - 1,806 U.S. Treasury, general account 5,576 + 140 + 641 Foreign official 80 - 1 - 1 Other (0) 334 + 89 0 Deferred availability cash items (973) 7,153 + 1,215 - 805 Other liabilities and accrued dividends7 2,792 + 33 + 545 Total liabilities (973) 762,728 - 4,460 + 42,779 Capital accounts Capital paid in 10,508 + 6 + 1,761 Surplus 8,847 0 + 467 Other capital accounts 1,011 - 57 + 91 Total capital 20,366 - 50 + 2,318 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, October 6, 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 17 44,846 - 8,401 0 0 21,000 24,736 16 days to 90 days 179 161,100 + 8,278 0 0 0 0 91 days to 1 year 0 166,867 + 775 0 0 . . . . . . Over 1 year to 5 years . . . 201,940 + 2,316 0 0 . . . . . . Over 5 years to 10 years . . . 50,517 0 0 0 . . . . . . Over 10 years . . . 76,316 + 1 0 0 . . . . . . All 196 701,586 + 2,969 0 0 21,000 24,736 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 October 6, 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 6 4 1 8 4 5 4 4 4 3 7 4 8 3 9 9 5 0 2 2 4 9 1 2 7 109 Securities, repurchase agreements, and loans 722,7 8 2 32,9 4 5 325,2 1 7 20,8 7 6 29,9 7 9 53,3 2 4 47,3 2 7 63,2 6 1 20,6 2 8 15,3 6 4 18,4 6 5 31,9 9 3 63,404 Securities held outright 701,5 8 6 32,9 4 5 304,2 1 7 20,8 6 7 29,9 7 9 53,3 2 4 47,3 1 3 63,1 9 8 20,6 1 2 15,3 0 2 18,4 3 6 31,9 8 9 63,404 U.S. Treasury1 701,5 8 6 32,9 4 5 304,2 1 7 20,8 6 7 29,9 7 9 53,3 2 4 47,3 1 3 63,1 9 8 20,6 1 2 15,3 0 2 18,4 3 6 31,9 8 9 63,404 Bills2 258,8 4 9 12,1 5 5 112,2 4 0 7,6 9 9 11,0 6 1 19,6 7 4 17,4 5 6 23,3 1 7 7,6 0 5 5,6 4 6 6,8 0 2 11,8 0 2 23,393 Notes and bonds3 442,7 3 7 20,7 9 0 191,9 7 7 13,1 6 8 18,9 1 8 33,6 5 0 29,8 5 7 39,8 8 1 13,0 0 7 9,6 5 7 11,6 3 4 20,1 8 7 40,011 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 21,0 0 0 0 21,0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 1 9 6 0 0 9 0 0 1 4 6 4 1 6 6 1 2 8 4 0 Items in process of collection 7,5 8 2 4 2 8 4 6 0 3 9 2 4 5 1 4 4 2 8 1 0 3 4 7 3 5 5 4 4 8 5 3 0 4 1 9 2,500 Bank premises 1,7 3 0 9 7 1 9 1 5 1 1 5 4 1 4 4 2 7 8 1 4 5 5 9 1 2 3 7 7 2 3 0 180 Other assets5 37,9 7 0 1,7 1 8 13,6 8 9 1,0 9 4 2,3 2 8 5,9 3 5 2,1 8 3 3,4 2 4 9 9 1 1,1 2 1 7 8 4 9 7 7 3,725 Interdistrict settlement account 0 + 3,2 2 9 -31,8 1 9 + 4,0 2 7 - 1 1 9 + 6 7 5 +10,0 8 4 - 8 0 0 + 1,5 5 3 - 6 0 7 + 2,0 4 6 + 2,8 5 8 + 8,872 Total assets 784,0 6 7 39,0 4 3 313,3 0 6 26,9 4 9 33,3 9 3 61,5 6 0 61,8 2 5 67,6 1 3 24,0 3 2 16,7 1 9 22,3 1 9 37,2 2 7 80,078 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 October 6, 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 830,89 1 38,0 6 7 320,3 9 5 33,2 1 4 34,9 8 4 64,4 4 5 72,9 8 0 69,2 7 7 25,2 2 3 16,1 4 2 24,5 5 2 42,3 2 9 89,284 Less: notes held by F.R. Banks 125,29 7 4,3 1 4 33,9 4 5 8,9 5 5 5,6 4 2 11,9 1 5 16,5 9 3 8,4 4 6 3,1 7 7 1,5 9 0 4,5 4 4 7,7 2 1 18,455 Federal Reserve notes, net 705,59 5 33,7 5 2 286,4 4 9 24,2 5 9 29,3 4 2 52,5 3 1 56,3 8 7 60,8 3 1 22,0 4 5 14,5 5 2 20,0 0 9 34,6 0 8 70,829 Reverse repurchase agreements1 24,73 6 1,1 6 2 10,7 2 6 7 3 6 1,0 5 7 1,8 8 0 1,6 6 8 2,2 2 8 7 2 7 5 4 0 6 5 0 1,1 2 8 2,235 Deposits 22,45 2 1,2 2 6 9,8 7 8 6 7 4 8 2 2 2,1 6 9 1,5 4 5 1,6 6 6 4 6 2 4 1 1 7 0 9 6 5 8 2,231 Depository institutions 16,46 2 1,2 2 4 4,0 8 1 6 7 3 8 1 9 2,0 0 0 1,5 4 1 1,6 6 3 4 5 9 4 1 0 7 0 7 6 5 7 2,227 U.S. Treasury, general account 5,57 6 0 5,5 7 6 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 33 4 0 1 6 4 0 0 1 6 2 2 0 2 0 1 0 0 Deferred availability cash items 8,12 6 5 0 4 8 6 6 5 9 8 5 0 4 4 8 4 9 3 7 5 5 4 1 9 3 5 1 1 5 3 4 4 1 0 2,029 Other liabilities and accrued dividends2 2,79 2 1 6 6 9 0 0 1 0 6 1 3 9 3 0 3 2 3 2 2 5 9 1 1 7 9 1 1 0 1 1 4 9 230 Total liabilities 763,70 1 36,8 1 1 308,8 1 9 26,3 7 3 31,8 6 4 57,3 6 6 60,7 6 9 65,5 3 9 23,5 4 3 16,1 0 6 22,0 0 3 36,9 5 3 77,555 Capital Capital paid in 10,50 8 1,6 3 4 2,1 6 3 2 8 6 7 6 2 2,0 8 9 5 1 8 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 1,01 1 1 5 0 2 9 3 3 2 4 0 3 1 5 0 1 2 5 2 2 5 5 3 2 227 Total liabilities and capital 784,06 7 39,0 4 3 313,3 0 6 26,9 4 9 33,3 9 3 61,5 6 0 61,8 2 5 67,6 1 3 24,0 3 2 16,7 1 9 22,3 1 9 37,2 2 7 80,078 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 Oct 6, 2004 Federal Reserve notes outstanding 830,891 Less: Notes held by F.R. Banks not subject to collateralization 125,297 Federal Reserve notes to be collateralized 705,595 Collateral held against Federal Reserve notes 705,595 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 692,356 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 722,586 Less: face value of securities under reverse repurchase agreements 24,747 U.S. Treasury and agency securities eligible to be pledged 697,839 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.