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 28, 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 27, 2004 Oct 20, 2004 Oct 29, 2003 Oct 27, 2004 Reserve Bank credit 770,604 + 75 + 43,772 772,409 Securities held outright 705,165 + 2,504 + 47,199 706,730 U.S. Treasury1 705,165 + 2,504 + 47,209 706,730 Bills2 259,117 + 49 + 16,956 259,201 Notes and bonds, nominal2 428,645 + 2,454 + 27,886 430,125 Notes and bonds, inflation-indexed2 15,262 0 + 1,808 15,262 Inflation compensation3 2,141 + 2 + 559 2,142 Federal agency2 0 0 - 10 0 Repurchase agreements4 24,000 - 2,964 - 4,071 23,750 Loans to depository institutions 198 + 25 + 108 140 Primary credit 51 + 46 + 32 0 Secondary credit 0 0 0 0 Seasonal credit 147 - 21 + 76 140 Float 141 - 247 + 259 434 Other Federal Reserve assets 41,100 + 758 + 278 41,356 Gold stock 11,043 0 0 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 36,323 + 14 + 1,018 36,323 Total factors supplying reserve funds 820,170 + 89 + 44,789 821,976 Currency in circulation5 740,688 - 716 + 38,683 742,412 Reverse repurchase agreements6 26,297 + 866 + 7,123 25,761 Foreign official and international accounts 26,297 + 866 + 7,123 25,761 Dealers 0 0 0 0 Treasury cash holdings 301 + 2 - 98 299 Deposits with F.R. Banks, other than reserve balances 15,814 - 316 - 1,105 15,486 U.S. Treasury, general account 4,948 - 284 - 177 4,582 Foreign official 86 - 13 + 5 113 Service-related 10,489 - 2 - 942 10,489 Required clearing balances 10,488 - 3 - 851 10,488 Adjustments to compensate for float 0 0 - 92 0 Other 291 - 17 + 8 303 Other liabilities and capital 24,102 + 222 + 3,596 23,608 Total factors, other than reserve balances, absorbing reserve funds 807,202 + 57 + 48,199 807,566 Reserve balances with Federal Reserve Banks 12,968 + 32 - 3,410 14,410 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,299,081 + 4,839 + 303,461 1,298,001 U.S. Treasury 1,051,206 + 3,583 + 256,551 1,049,867 Federal agency 247,874 + 1,256 + 46,909 248,134 Securities lent to dealers 1,553 + 1,180 + 478 2,831 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 27, 2004 Oct 20, 2004 Oct 29, 2003 Assets Gold certificate account 11,039 0 0 Special drawing rights certificate account 2,200 0 0 Coin 767 + 9 - 59 Securities, repurchase agreements, and loans 730,620 + 6,378 + 43,856 Securities held outright 706,730 + 3,917 + 48,048 U.S. Treasury1 706,730 + 3,917 + 48,058 Bills2 259,201 + 123 + 16,893 Notes and bonds, nominal2 430,125 + 3,792 + 28,803 Notes and bonds, inflation-indexed2 15,262 0 + 1,808 Inflation compensation3 2,142 + 2 + 555 Federal agency2 0 0 - 10 Repurchase agreements4 23,750 + 2,500 - 4,250 Loans 140 - 39 + 58 Items in process of collection (839) 6,630 - 782 + 187 Bank premises 1,748 + 13 + 152 Other assets5 39,657 + 763 + 368 Total assets (839) 792,661 + 6,382 + 44,503 Liabilities Federal Reserve notes, net of F.R. Bank holdings 707,151 + 432 + 37,784 Reverse repurchase agreements6 25,761 - 82 + 6,475 Deposits (0) 29,945 + 6,442 - 2,656 Depository institutions 24,947 + 6,604 - 1,613 U.S. Treasury, general account 4,582 - 203 - 1,090 Foreign official 113 + 37 + 28 Other (0) 303 + 4 + 20 Deferred availability cash items (839) 6,196 - 253 - 603 Other liabilities and accrued dividends7 2,849 + 52 + 546 Total liabilities (839) 771,902 + 6,591 + 41,547 Capital accounts Capital paid in 10,527 + 4 + 1,785 Surplus 8,847 0 + 467 Other capital accounts 1,385 - 213 + 704 Total capital 20,760 - 208 + 2,957 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 27, 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 35,892 - 14,743 0 0 23,750 25,761 16 days to 90 days 14 170,306 + 14,881 0 0 0 0 91 days to 1 year 0 169,363 + 1,578 0 0 . . . . . . Over 1 year to 5 years . . . 203,509 + 1,397 0 0 . . . . . . Over 5 years to 10 years . . . 50,942 + 403 0 0 . . . . . . Over 10 years . . . 76,718 + 401 0 0 . . . . . . All 140 706,730 + 3,917 0 0 23,750 25,761 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 27, 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 7 1 9 4 5 4 9 4 3 7 0 8 5 1 0 8 4 7 2 4 4 7 1 1 9 112 Securities, repurchase agreements, and loans 730,6 2 0 33,1 8 6 330,1 9 7 21,0 2 8 30,1 9 9 53,7 1 5 47,6 7 5 63,7 0 0 20,7 6 9 15,4 6 3 18,5 9 4 32,2 2 6 63,869 Securities held outright 706,7 3 0 33,1 8 6 306,4 4 7 21,0 2 0 30,1 9 9 53,7 1 5 47,6 6 0 63,6 6 1 20,7 6 3 15,4 1 5 18,5 7 2 32,2 2 3 63,869 U.S. Treasury1 706,7 3 0 33,1 8 6 306,4 4 7 21,0 2 0 30,1 9 9 53,7 1 5 47,6 6 0 63,6 6 1 20,7 6 3 15,4 1 5 18,5 7 2 32,2 2 3 63,869 Bills2 259,2 0 1 12,1 7 1 112,3 9 3 7,7 0 9 11,0 7 6 19,7 0 0 17,4 8 0 23,3 4 8 7,6 1 5 5,6 5 3 6,8 1 1 11,8 1 8 23,425 Notes and bonds3 447,5 2 9 21,0 1 5 194,0 5 5 13,3 1 1 19,1 2 3 34,0 1 4 30,1 8 0 40,3 1 3 13,1 4 8 9,7 6 1 11,7 6 0 20,4 0 5 40,445 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 23,7 5 0 0 23,7 5 0 0 0 0 0 0 0 0 0 0 0 Loans 1 4 0 0 0 8 0 0 1 5 3 9 6 4 8 2 2 3 0 Items in process of collection 7,4 6 9 3 5 1 5 0 4 4 0 2 4 9 6 3 4 1 6 4 8 7 9 8 4 6 7 5 3 1 6 0 6 2 3 6 2,090 Bank premises 1,7 4 8 9 8 1 9 6 5 2 1 5 5 1 4 4 2 7 8 1 4 5 6 0 1 2 3 7 8 2 3 8 180 Other assets5 39,6 5 7 1,8 0 7 14,2 9 2 1,1 0 8 2,4 4 1 6,1 7 5 2,2 7 3 3,5 9 3 1,0 4 5 1,1 7 1 8 2 6 1,0 2 1 3,905 Interdistrict settlement account 0 + 2,9 6 2 -30,1 9 8 + 3,6 9 8 + 3 0 5 + 1,6 5 2 + 9,6 0 0 + 1 3 2 + 1,5 0 4 - 7 3 5 + 1,6 2 3 + 2,3 8 0 + 7,079 Total assets 793,5 0 0 39,0 3 2 320,5 6 0 26,8 0 1 34,1 9 4 63,0 6 4 61,6 1 8 69,6 1 1 24,2 8 7 16,8 2 6 22,1 4 1 36,8 4 2 78,524 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 27, 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 833,70 5 37,7 5 4 322,0 3 9 33,1 5 7 34,8 1 6 65,2 0 2 73,1 0 6 70,7 6 9 25,3 3 1 16,0 8 2 24,5 4 8 42,0 3 1 88,871 Less: notes held by F.R. Banks 126,55 4 4,4 2 9 32,5 1 5 8,9 4 5 5,7 2 0 11,9 8 9 17,4 3 9 8,8 3 1 3,1 7 8 1,5 1 4 4,6 5 4 7,8 4 7 19,493 Federal Reserve notes, net 707,15 1 33,3 2 5 289,5 2 3 24,2 1 2 29,0 9 7 53,2 1 2 55,6 6 8 61,9 3 8 22,1 5 3 14,5 6 8 19,8 9 4 34,1 8 4 69,378 Reverse repurchase agreements1 25,76 1 1,2 1 0 11,1 7 0 7 6 6 1,1 0 1 1,9 5 8 1,7 3 7 2,3 2 0 7 5 7 5 6 2 6 7 7 1,1 7 5 2,328 Deposits 29,94 5 1,4 9 4 13,6 1 0 6 7 7 1,8 4 5 2,9 2 8 2,0 3 8 2,5 4 0 5 9 1 3 8 4 7 6 0 7 3 9 2,339 Depository institutions 24,94 7 1,4 8 7 8,7 6 0 6 7 6 1,8 4 1 2,8 0 9 2,0 3 5 2,5 3 5 5 9 0 3 8 3 7 5 8 7 3 8 2,336 U.S. Treasury, general account 4,58 2 0 4,5 8 2 0 0 0 0 0 0 0 0 0 0 Foreign official 11 3 2 9 0 1 2 7 2 3 1 1 1 0 4 Other 30 3 6 1 7 7 0 1 1 1 2 2 1 1 0 1 0 0 Deferred availability cash items 7,03 5 5 0 9 7 7 9 4 3 7 4 5 1 3 8 8 8 6 8 4 4 1 1 7 8 5 9 6 3 8 4 3 2 0 1,685 Other liabilities and accrued dividends2 2,84 9 1 7 3 9 1 8 1 0 9 1 4 3 3 1 2 2 3 5 2 6 2 1 1 8 9 2 1 0 4 1 4 4 239 Total liabilities 772,74 1 36,7 1 1 316,0 0 0 26,2 0 0 32,6 3 6 58,7 9 8 60,5 4 6 67,5 0 1 23,7 9 8 16,2 0 1 21,8 1 8 36,5 6 2 75,969 Capital Capital paid in 10,52 7 1,6 3 4 2,1 6 5 2 9 2 7 6 2 2,0 9 7 5 1 8 1,0 2 8 2 4 0 2 6 3 1 4 9 1 3 1 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 1,38 5 2 3 9 3 6 5 5 0 6 8 9 4 6 5 1 5 8 2 1 1 6 1 1 3 8 258 Total liabilities and capital 793,50 0 39,0 3 2 320,5 6 0 26,8 0 1 34,1 9 4 63,0 6 4 61,6 1 8 69,6 1 1 24,2 8 7 16,8 2 6 22,1 4 1 36,8 4 2 78,524 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 27, 2004 Federal Reserve notes outstanding 833,705 Less: Notes held by F.R. Banks not subject to collateralization 126,554 Federal Reserve notes to be collateralized 707,151 Collateral held against Federal Reserve notes 707,151 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 693,912 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 730,480 Less: face value of securities under reverse repurchase agreements 25,774 U.S. Treasury and agency securities eligible to be pledged 704,706 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.