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 November 4, 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 Nov 3, 2004 Oct 27, 2004 Nov 5, 2003 Nov 3, 2004 Reserve Bank credit 773,351 + 2,748 + 48,246 770,798 Securities held outright 707,023 + 1,858 + 48,210 708,130 U.S. Treasury1 707,023 + 1,858 + 48,220 708,130 Bills2 259,320 + 203 + 16,887 259,393 Notes and bonds, nominal2 430,297 + 1,652 + 28,975 431,328 Notes and bonds, inflation-indexed2 15,262 0 + 1,808 15,262 Inflation compensation3 2,144 + 3 + 551 2,147 Federal agency2 0 0 - 10 0 Repurchase agreements4 24,286 + 286 + 286 20,250 Loans to depository institutions 115 - 83 - 20 82 Primary credit 8 - 43 - 74 0 Secondary credit 0 0 0 0 Seasonal credit 107 - 40 + 54 81 Float 328 + 188 - 1,139 669 Other Federal Reserve assets 41,599 + 499 + 909 41,667 Gold stock 11,043 0 0 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 36,337 + 14 + 1,024 36,337 Total factors supplying reserve funds 822,932 + 2,763 + 49,270 820,378 Currency in circulation5 742,528 + 1,840 + 39,289 744,872 Reverse repurchase agreements6 26,844 + 547 + 6,956 26,512 Foreign official and international accounts 26,844 + 547 + 7,920 26,512 Dealers 0 0 - 964 0 Treasury cash holdings 300 - 1 - 89 303 Deposits with F.R. Banks, other than reserve balances 16,262 + 448 - 1,551 15,996 U.S. Treasury, general account 5,275 + 327 - 405 4,971 Foreign official 85 - 1 - 111 82 Service-related 10,571 + 82 - 1,074 10,571 Required clearing balances 10,571 + 83 - 772 10,571 Adjustments to compensate for float 0 0 - 301 0 Other 331 + 40 + 38 372 Other liabilities and capital 23,879 - 223 + 3,854 23,626 Total factors, other than reserve balances, absorbing reserve funds 809,814 + 2,612 + 48,461 811,308 Reserve balances with Federal Reserve Banks 13,118 + 151 + 810 9,070 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,300,799 + 1,718 + 298,845 1,304,336 U.S. Treasury 1,052,605 + 1,399 + 253,578 1,057,454 Federal agency 248,193 + 319 + 45,266 246,882 Securities lent to dealers 441 - 1,112 - 1,119 775 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 Nov 3, 2004 Oct 27, 2004 Nov 5, 2003 Assets Gold certificate account 11,039 0 0 Special drawing rights certificate account 2,200 0 0 Coin 779 + 12 - 50 Securities, repurchase agreements, and loans 728,462 - 2,158 + 50,528 Securities held outright 708,130 + 1,400 + 49,245 U.S. Treasury1 708,130 + 1,400 + 49,255 Bills2 259,393 + 192 + 16,893 Notes and bonds, nominal2 431,328 + 1,203 + 30,006 Notes and bonds, inflation-indexed2 15,262 0 + 1,808 Inflation compensation3 2,147 + 5 + 548 Federal agency2 0 0 - 10 Repurchase agreements4 20,250 - 3,500 + 1,250 Loans 82 - 58 + 33 Items in process of collection (1,034) 7,714 + 1,084 - 4,686 Bank premises 1,741 - 7 + 143 Other assets5 39,969 + 312 + 954 Total assets (1,034) 791,903 - 758 + 46,888 Liabilities Federal Reserve notes, net of F.R. Bank holdings 709,612 + 2,461 + 38,763 Reverse repurchase agreements6 26,512 + 751 + 5,511 Deposits (0) 25,109 - 4,836 + 149 Depository institutions 19,684 - 5,263 + 117 U.S. Treasury, general account 4,971 + 389 + 356 Foreign official 82 - 31 - 376 Other (0) 372 + 69 + 52 Deferred availability cash items (1,034) 7,045 + 849 - 1,319 Other liabilities and accrued dividends7 2,949 + 100 + 672 Total liabilities (1,034) 771,227 - 675 + 43,776 Capital accounts Capital paid in 10,544 + 17 + 1,790 Surplus 8,847 0 + 512 Other capital accounts 1,285 - 100 + 810 Total capital 20,676 - 84 + 3,112 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, November 3, 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 56,199 + 20,307 0 0 20,250 26,512 16 days to 90 days 65 152,081 - 18,225 0 0 0 0 91 days to 1 year 0 168,281 - 1,082 0 0 . . . . . . Over 1 year to 5 years . . . 203,789 + 280 0 0 . . . . . . Over 5 years to 10 years . . . 51,060 + 118 0 0 . . . . . . Over 10 years . . . 76,720 + 2 0 0 . . . . . . All 82 708,130 + 1,400 0 0 20,250 26,512 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 November 3, 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 9 2 1 4 6 5 4 5 3 7 0 8 1 1 1 3 4 0 2 3 5 0 1 1 8 109 Securities, repurchase agreements, and loans 728,4 6 2 33,2 5 2 327,3 0 5 21,0 6 6 30,2 5 8 53,8 2 1 47,7 6 5 63,8 0 4 20,8 0 5 15,4 7 5 18,6 2 5 32,2 8 9 63,996 Securities held outright 708,1 3 0 33,2 5 2 307,0 5 5 21,0 6 2 30,2 5 8 53,8 2 1 47,7 5 4 63,7 8 7 20,8 0 4 15,4 4 5 18,6 0 8 32,2 8 7 63,996 U.S. Treasury1 708,1 3 0 33,2 5 2 307,0 5 5 21,0 6 2 30,2 5 8 53,8 2 1 47,7 5 4 63,7 8 7 20,8 0 4 15,4 4 5 18,6 0 8 32,2 8 7 63,996 Bills2 259,3 9 3 12,1 8 0 112,4 7 6 7,7 1 5 11,0 8 4 19,7 1 5 17,4 9 3 23,3 6 6 7,6 2 1 5,6 5 8 6,8 1 6 11,8 2 7 23,442 Notes and bonds3 448,7 3 7 21,0 7 2 194,5 7 8 13,3 4 7 19,1 7 5 34,1 0 6 30,2 6 2 40,4 2 2 13,1 8 3 9,7 8 8 11,7 9 2 20,4 6 0 40,554 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 20,2 5 0 0 20,2 5 0 0 0 0 0 0 0 0 0 0 0 Loans 8 2 0 0 4 0 0 1 1 1 7 1 3 0 1 7 2 0 Items in process of collection 8,7 4 8 4 4 8 4 7 6 3 8 2 6 1 2 5 2 4 7 8 0 8 3 6 5 1 0 5 3 8 7 2 6 3 0 4 2,610 Bank premises 1,7 4 1 9 8 1 9 0 5 2 1 5 4 1 4 4 2 7 8 1 4 7 6 1 1 2 3 7 8 2 3 8 179 Other assets5 39,9 6 9 1,8 2 0 14,4 0 8 1,1 1 6 2,4 5 5 6,2 3 1 2,2 9 5 3,6 2 0 1,0 5 1 1,1 7 9 8 3 3 1,0 3 0 3,931 Interdistrict settlement account 0 + 3,6 6 2 -28,4 2 1 + 3,6 8 0 - 4 8 6 + 1,0 2 9 + 9,4 0 6 + 4 2 + 1,4 6 4 - 7 4 1 + 1,6 2 3 + 2,1 5 8 + 6,584 Total assets 792,9 3 7 39,9 1 0 319,5 2 7 26,8 1 5 33,6 0 4 62,7 8 5 61,6 6 6 69,6 9 8 24,3 2 7 16,8 4 6 22,3 0 2 36,7 6 0 78,697 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 November 3, 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 836,24 3 37,7 8 1 324,3 5 0 33,0 4 8 34,7 8 0 65,3 3 0 72,9 9 0 71,2 5 1 25,3 2 9 16,1 7 4 24,5 1 9 41,8 9 5 88,797 Less: notes held by F.R. Banks 126,63 1 4,3 6 7 32,5 0 5 8,8 0 0 5,6 9 2 12,0 0 2 17,4 5 3 8,8 4 3 3,1 5 1 1,6 4 7 4,7 0 1 7,8 2 7 19,643 Federal Reserve notes, net 709,61 2 33,4 1 4 291,8 4 5 24,2 4 8 29,0 8 8 53,3 2 8 55,5 3 6 62,4 0 8 22,1 7 8 14,5 2 7 19,8 1 9 34,0 6 8 69,153 Reverse repurchase agreements1 26,51 2 1,2 4 5 11,4 9 6 7 8 9 1,1 3 3 2,0 1 5 1,7 8 8 2,3 8 8 7 7 9 5 7 8 6 9 7 1,2 0 9 2,396 Deposits 25,10 9 2,1 1 4 9,8 3 8 6 3 6 1,1 8 8 2,4 0 6 2,1 3 8 2,0 5 1 5 9 6 4 0 7 8 9 8 7 1 3 2,124 Depository institutions 19,68 4 2,1 0 8 4,6 2 9 6 3 5 1,1 8 5 2,2 2 1 2,1 3 6 2,0 4 7 5 8 8 4 0 5 8 9 6 7 1 3 2,121 U.S. Treasury, general account 4,97 1 0 4,9 7 1 0 0 0 0 0 0 0 0 0 0 Foreign official 8 2 2 5 8 1 2 7 2 3 1 1 1 0 4 Other 37 2 5 1 7 9 0 0 1 7 8 0 1 8 0 1 0 0 Deferred availability cash items 8,07 9 6 2 3 8 9 4 4 3 9 5 0 8 4 7 7 8 9 8 4 9 5 1 6 6 6 2 5 4 6 7 3 5 0 2,136 Other liabilities and accrued dividends2 2,94 9 1 7 5 9 1 8 1 0 7 1 4 5 3 1 2 2 2 2 2 6 5 1 1 6 9 1 1 0 3 1 4 7 347 Total liabilities 772,26 1 37,5 7 2 314,9 9 0 26,2 1 9 32,0 6 2 58,5 3 8 60,5 8 3 67,6 0 7 23,8 3 5 16,2 2 7 21,9 8 3 36,4 8 8 76,157 Capital Capital paid in 10,54 4 1,6 3 4 2,1 6 5 2 9 2 7 6 2 2,0 9 8 5 2 7 1,0 2 8 2 4 1 2 6 3 1 4 9 1 3 2 1,255 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 1,28 5 2 5 6 3 4 2 4 5 5 2 7 6 6 7 1 4 0 2 3 1 0 8 3 0 237 Total liabilities and capital 792,93 7 39,9 1 0 319,5 2 7 26,8 1 5 33,6 0 4 62,7 8 5 61,6 6 6 69,6 9 8 24,3 2 7 16,8 4 6 22,3 0 2 36,7 6 0 78,697 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 Nov 3, 2004 Federal Reserve notes outstanding 836,243 Less: Notes held by F.R. Banks not subject to collateralization 126,631 Federal Reserve notes to be collateralized 709,612 Collateral held against Federal Reserve notes 709,612 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 696,373 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 728,380 Less: face value of securities under reverse repurchase agreements 26,526 U.S. Treasury and agency securities eligible to be pledged 701,854 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.