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 21, 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 20, 2004 Oct 13, 2004 Oct 22, 2003 Oct 20, 2004 Reserve Bank credit 770,529 + 1,756 + 49,424 765,776 Securities held outright 702,661 + 1,059 + 46,036 702,813 U.S. Treasury1 702,661 + 1,059 + 46,046 702,813 Bills2 259,068 + 204 + 17,071 259,078 Notes and bonds, nominal2 426,191 + 852 + 26,596 426,333 Notes and bonds, inflation-indexed2 15,262 0 + 1,808 15,262 Inflation compensation3 2,139 + 2 + 570 2,140 Federal agency2 0 0 - 10 0 Repurchase agreements4 26,964 - 107 + 2,393 21,250 Loans to depository institutions 173 - 20 + 73 179 Primary credit 5 0 - 9 24 Secondary credit 0 0 0 0 Seasonal credit 168 - 20 + 82 154 Float 389 + 526 + 737 956 Other Federal Reserve assets 40,342 + 298 + 186 40,578 Gold stock 11,043 0 0 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 36,309 + 14 + 1,012 36,309 Total factors supplying reserve funds 820,082 + 1,770 + 50,436 815,328 Currency in circulation5 741,404 - 1,167 + 38,771 741,973 Reverse repurchase agreements6 25,431 + 548 + 6,798 25,843 Foreign official and international accounts 25,431 + 548 + 6,798 25,843 Dealers 0 0 0 0 Treasury cash holdings 299 + 4 - 90 302 Deposits with F.R. Banks, other than reserve balances 16,130 + 341 - 1,085 15,651 U.S. Treasury, general account 5,232 + 550 - 171 4,785 Foreign official 99 + 12 + 2 76 Service-related 10,491 - 231 - 934 10,491 Required clearing balances 10,491 - 231 - 751 10,491 Adjustments to compensate for float 0 0 - 184 0 Other 308 + 10 + 19 299 Other liabilities and capital 23,880 + 230 + 3,644 23,765 Total factors, other than reserve balances, absorbing reserve funds 807,145 - 44 + 48,040 807,534 Reserve balances with Federal Reserve Banks 12,936 + 1,813 + 2,396 7,794 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,294,242 + 6,052 + 298,846 1,293,987 U.S. Treasury 1,047,623 + 3,352 + 248,587 1,050,357 Federal agency 246,618 + 2,699 + 50,258 243,630 Securities lent to dealers 373 - 460 - 1,542 1,836 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 20, 2004 Oct 13, 2004 Oct 22, 2003 Assets Gold certificate account 11,039 0 0 Special drawing rights certificate account 2,200 0 0 Coin 758 + 10 - 52 Securities, repurchase agreements, and loans 724,242 - 7,811 + 41,884 Securities held outright 702,813 + 1,196 + 46,049 U.S. Treasury1 702,813 + 1,196 + 46,059 Bills2 259,078 + 200 + 16,947 Notes and bonds, nominal2 426,333 + 994 + 26,738 Notes and bonds, inflation-indexed2 15,262 0 + 1,808 Inflation compensation3 2,140 + 2 + 566 Federal agency2 0 0 - 10 Repurchase agreements4 21,250 - 9,000 - 4,250 Loans 179 - 7 + 85 Items in process of collection (1,139) 7,412 - 3,188 - 193 Bank premises 1,735 + 3 + 138 Other assets5 38,894 + 455 + 42 Total assets (1,139) 786,279 - 10,532 + 41,817 Liabilities Federal Reserve notes, net of F.R. Bank holdings 706,719 - 1,427 + 37,512 Reverse repurchase agreements6 25,843 + 858 + 7,732 Deposits (0) 23,503 - 7,789 - 5,800 Depository institutions 18,343 - 7,104 - 5,459 U.S. Treasury, general account 4,785 - 681 - 338 Foreign official 76 - 10 - 23 Other (0) 299 + 7 + 20 Deferred availability cash items (1,139) 6,449 - 2,460 - 1,064 Other liabilities and accrued dividends7 2,797 - 108 + 534 Total liabilities (1,139) 765,311 - 10,926 + 38,913 Capital accounts Capital paid in 10,523 + 12 + 1,789 Surplus 8,847 0 + 467 Other capital accounts 1,598 + 381 + 648 Total capital 20,968 + 394 + 2,905 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 20, 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 176 50,635 + 5,983 0 0 21,250 25,843 16 days to 90 days 2 155,425 - 5,709 0 0 0 0 91 days to 1 year 0 167,785 + 729 0 0 . . . . . . Over 1 year to 5 years . . . 202,112 + 171 0 0 . . . . . . Over 5 years to 10 years . . . 50,539 + 21 0 0 . . . . . . Over 10 years . . . 76,317 + 1 0 0 . . . . . . All 179 702,813 + 1,196 0 0 21,250 25,843 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 20, 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 5 8 1 6 4 4 4 7 4 4 7 1 8 6 1 0 1 4 8 2 2 4 7 1 2 1 110 Securities, repurchase agreements, and loans 724,2 4 2 33,0 0 6 325,9 9 9 20,9 1 2 30,0 3 1 53,4 1 7 47,4 1 0 63,3 4 8 20,6 5 9 15,3 8 4 18,4 9 3 32,0 4 7 63,535 Securities held outright 702,8 1 3 33,0 0 2 304,7 4 9 20,9 0 3 30,0 3 1 53,4 1 7 47,3 9 6 63,3 0 8 20,6 4 8 15,3 2 9 18,4 6 9 32,0 4 5 63,515 U.S. Treasury1 702,8 1 3 33,0 0 2 304,7 4 9 20,9 0 3 30,0 3 1 53,4 1 7 47,3 9 6 63,3 0 8 20,6 4 8 15,3 2 9 18,4 6 9 32,0 4 5 63,515 Bills2 259,0 7 8 12,1 6 6 112,3 4 0 7,7 0 6 11,0 7 0 19,6 9 1 17,4 7 2 23,3 3 7 7,6 1 1 5,6 5 1 6,8 0 8 11,8 1 3 23,414 Notes and bonds3 443,7 3 6 20,8 3 7 192,4 1 0 13,1 9 8 18,9 6 1 33,7 2 6 29,9 2 4 39,9 7 1 13,0 3 7 9,6 7 8 11,6 6 1 20,2 3 2 40,102 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 21,2 5 0 0 21,2 5 0 0 0 0 0 0 0 0 0 0 0 Loans 1 7 9 4 0 8 0 0 1 4 4 0 1 2 5 5 2 4 3 20 Items in process of collection 8,5 5 1 4 2 8 7 8 4 4 5 2 7 9 1 4 1 0 5 5 8 6 5 0 7 5 6 5 0 1 6 9 3 3 0 1 2,227 Bank premises 1,7 3 5 9 8 1 9 1 5 2 1 5 4 1 4 4 2 7 8 1 4 5 6 0 1 2 3 7 8 2 3 0 180 Other assets5 38,8 9 4 1,7 6 9 14,0 0 9 1,0 8 5 2,3 9 8 6,0 9 0 2,2 2 5 3,5 1 8 1,0 2 4 1,1 4 9 8 0 5 9 9 5 3,826 Interdistrict settlement account 0 + 2,8 6 7 -30,5 3 1 + 4,0 1 8 - 4 6 + 1,6 0 1 + 9,5 9 5 - 7 0 2 + 1,2 0 8 - 6 3 8 + 1,7 8 2 + 2,6 9 5 + 8,153 Total assets 787,4 1 8 38,7 9 4 316,0 2 0 27,0 3 0 33,9 2 9 62,6 9 9 61,2 1 1 68,1 9 6 24,1 5 2 16,7 9 0 22,2 6 6 37,0 1 2 79,320 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 20, 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 832,93 9 37,8 3 1 321,3 1 6 33,2 3 5 34,8 1 2 65,0 2 8 73,3 4 2 70,0 0 1 25,3 1 2 16,0 7 7 24,6 1 5 42,1 5 5 89,214 Less: notes held by F.R. Banks 126,22 0 4,2 6 9 32,8 4 3 8,9 0 8 5,6 2 4 12,0 8 0 17,4 4 6 8,7 8 6 3,3 0 6 1,5 4 7 4,6 5 9 7,7 8 1 18,972 Federal Reserve notes, net 706,71 9 33,5 6 2 288,4 7 3 24,3 2 7 29,1 8 9 52,9 4 8 55,8 9 6 61,2 1 5 22,0 0 6 14,5 3 1 19,9 5 6 34,3 7 4 70,242 Reverse repurchase agreements1 25,84 3 1,2 1 4 11,2 0 6 7 6 9 1,1 0 4 1,9 6 4 1,7 4 3 2,3 2 8 7 5 9 5 6 4 6 7 9 1,1 7 8 2,336 Deposits 23,50 3 1,0 2 1 10,0 5 7 6 7 5 1,1 2 1 2,7 3 1 1,4 4 1 1,7 9 4 5 8 9 4 1 3 7 5 7 7 1 3 2,191 Depository institutions 18,34 3 1,0 1 6 5,0 4 9 6 7 4 1,1 1 7 2,6 0 7 1,4 3 7 1,7 9 0 5 8 6 4 1 2 7 5 5 7 1 2 2,187 U.S. Treasury, general account 4,78 5 0 4,7 8 5 0 0 0 0 0 0 0 0 0 0 Foreign official 7 6 2 5 3 1 2 7 2 3 1 1 1 0 4 Other 29 9 3 1 7 0 0 1 1 1 8 2 1 2 0 1 0 0 Deferred availability cash items 7,58 8 5 3 2 7 5 3 5 4 8 7 9 6 4 4 1 8 2 2 4 6 1 1 7 7 5 5 8 4 4 3 3 2 2 1,733 Other liabilities and accrued dividends2 2,79 7 1 7 0 9 0 9 1 0 7 1 4 1 2 9 3 2 3 3 2 6 1 1 1 6 9 1 1 0 0 1 4 2 234 Total liabilities 766,45 0 36,4 9 8 311,3 9 8 26,4 2 6 32,3 5 1 58,3 7 8 60,1 3 5 66,0 5 9 23,6 4 7 16,1 5 7 21,9 3 5 36,7 2 9 76,736 Capital Capital paid in 10,52 3 1,6 3 4 2,1 6 4 2 9 2 7 6 2 2,0 9 5 5 1 8 1,0 2 7 2 4 0 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 1,59 8 2 1 3 4 2 6 5 3 8 8 1 5 2 7 0 1 8 6 3 7 2 5 1 9 4 2 287 Total liabilities and capital 787,41 8 38,7 9 4 316,0 2 0 27,0 3 0 33,9 2 9 62,6 9 9 61,2 1 1 68,1 9 6 24,1 5 2 16,7 9 0 22,2 6 6 37,0 1 2 79,320 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 20, 2004 Federal Reserve notes outstanding 832,939 Less: Notes held by F.R. Banks not subject to collateralization 126,220 Federal Reserve notes to be collateralized 706,719 Collateral held against Federal Reserve notes 706,719 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 693,480 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 724,063 Less: face value of securities under reverse repurchase agreements 25,856 U.S. Treasury and agency securities eligible to be pledged 698,207 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.