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 12, 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 10, 2004 Nov 3, 2004 Nov 12, 2003 Nov 10, 2004 Reserve Bank credit 774,767 + 1,416 + 52,527 781,192 Securities held outright 708,823 + 1,800 + 48,610 708,909 U.S. Treasury1 708,823 + 1,800 + 48,620 708,909 Bills2 259,638 + 318 + 16,918 259,720 Notes and bonds, nominal2 431,328 + 1,031 + 28,906 431,328 Notes and bonds, inflation-indexed2 15,683 + 421 + 2,229 15,683 Inflation compensation3 2,174 + 30 + 568 2,178 Federal agency2 0 0 - 10 0 Repurchase agreements4 23,643 - 643 + 3,179 29,500 Loans to depository institutions 85 - 30 + 33 77 Primary credit 6 - 2 + 3 1 Secondary credit 0 0 0 0 Seasonal credit 79 - 28 + 31 77 Float 67 - 261 - 393 487 Other Federal Reserve assets 42,149 + 550 + 1,098 42,219 Gold stock 11,043 0 0 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 36,349 + 14 + 1,005 36,349 Total factors supplying reserve funds 824,359 + 1,430 + 53,532 830,784 Currency in circulation5 745,452 + 2,926 + 39,121 749,504 Reverse repurchase agreements6 27,110 + 266 + 9,556 27,467 Foreign official and international accounts 27,110 + 266 + 9,556 27,467 Dealers 0 0 0 0 Treasury cash holdings 303 + 3 - 72 300 Deposits with F.R. Banks, other than reserve balances 15,999 - 263 - 853 15,522 U.S. Treasury, general account 5,012 - 263 + 136 4,565 Foreign official 122 + 37 + 31 82 Service-related 10,572 + 1 - 1,003 10,572 Required clearing balances 10,572 + 1 - 849 10,572 Adjustments to compensate for float 0 0 - 154 0 Other 293 - 38 - 16 304 Other liabilities and capital 24,079 + 200 + 3,836 23,771 Total factors, other than reserve balances, absorbing reserve funds 812,943 + 3,132 + 51,588 816,563 Reserve balances with Federal Reserve Banks 11,415 - 1,703 + 1,943 14,221 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,305,946 + 5,147 + 303,693 1,308,021 U.S. Treasury 1,058,699 + 6,094 + 259,245 1,060,859 Federal agency 247,247 - 946 + 44,448 247,162 Securities lent to dealers 1,699 + 1,258 + 197 2,770 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 10, 2004 Nov 3, 2004 Nov 12, 2003 Assets Gold certificate account 11,039 0 0 Special drawing rights certificate account 2,200 0 0 Coin 772 - 7 - 47 Securities, repurchase agreements, and loans 738,487 + 10,025 + 54,147 Securities held outright 708,909 + 779 + 48,620 U.S. Treasury1 708,909 + 779 + 48,630 Bills2 259,720 + 327 + 16,928 Notes and bonds, nominal2 431,328 0 + 28,906 Notes and bonds, inflation-indexed2 15,683 + 421 + 2,229 Inflation compensation3 2,178 + 31 + 568 Federal agency2 0 0 - 10 Repurchase agreements4 29,500 + 9,250 + 5,500 Loans 77 - 5 + 26 Items in process of collection (836) 7,071 - 643 + 284 Bank premises 1,745 + 4 + 145 Other assets5 40,517 + 548 + 801 Total assets (836) 801,832 + 9,929 + 55,331 Liabilities Federal Reserve notes, net of F.R. Bank holdings 714,224 + 4,612 + 39,855 Reverse repurchase agreements6 27,467 + 955 + 10,081 Deposits (0) 29,792 + 4,683 + 2,068 Depository institutions 24,842 + 5,158 + 2,192 U.S. Treasury, general account 4,565 - 406 - 49 Foreign official 82 0 - 65 Other (0) 304 - 68 - 10 Deferred availability cash items (836) 6,579 - 466 + 3 Other liabilities and accrued dividends7 2,887 - 62 + 573 Total liabilities (836) 780,948 + 9,721 + 52,579 Capital accounts Capital paid in 10,617 + 73 + 1,833 Surplus 8,847 0 + 467 Other capital accounts 1,419 + 134 + 451 Total capital 20,883 + 207 + 2,751 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 10, 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 14 41,934 - 14,265 0 0 29,500 27,467 16 days to 90 days 63 167,164 + 15,083 0 0 0 0 91 days to 1 year 0 168,865 + 584 0 0 . . . . . . Over 1 year to 5 years . . . 203,793 + 4 0 0 . . . . . . Over 5 years to 10 years . . . 50,330 - 730 0 0 . . . . . . Over 10 years . . . 76,822 + 102 0 0 . . . . . . All 77 708,909 + 779 0 0 29,500 27,467 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 10, 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 2 2 2 4 3 5 8 5 4 6 8 7 8 1 1 0 4 1 2 3 5 1 1 1 7 107 Securities, repurchase agreements, and loans 738,4 8 7 33,2 8 9 336,8 9 2 21,0 9 0 30,2 9 2 53,8 8 0 47,8 1 4 63,8 7 4 20,8 2 9 15,4 9 0 18,6 4 5 32,3 2 5 64,067 Securities held outright 708,9 0 9 33,2 8 9 307,3 9 2 21,0 8 5 30,2 9 2 53,8 8 0 47,8 0 7 63,8 5 7 20,8 2 7 15,4 6 2 18,6 2 9 32,3 2 3 64,066 U.S. Treasury1 708,9 0 9 33,2 8 9 307,3 9 2 21,0 8 5 30,2 9 2 53,8 8 0 47,8 0 7 63,8 5 7 20,8 2 7 15,4 6 2 18,6 2 9 32,3 2 3 64,066 Bills2 259,7 2 0 12,1 9 6 112,6 1 8 7,7 2 5 11,0 9 8 19,7 4 0 17,5 1 5 23,3 9 5 7,6 3 0 5,6 6 5 6,8 2 5 11,8 4 2 23,472 Notes and bonds3 449,1 9 0 21,0 9 3 194,7 7 5 13,3 6 0 19,1 9 4 34,1 4 0 30,2 9 2 40,4 6 2 13,1 9 7 9,7 9 7 11,8 0 4 20,4 8 1 40,595 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 7 7 0 0 5 0 0 7 1 7 2 2 8 1 6 2 1 Items in process of collection 7,9 0 7 3 6 9 4 1 3 6 1 0 6 5 6 3 4 3 8 2 5 6 3 1 4 7 0 4 8 8 6 6 2 2 6 1 2,180 Bank premises 1,7 4 5 9 8 1 9 1 5 2 1 5 4 1 4 4 2 7 8 1 4 7 6 2 1 2 3 7 9 2 3 8 179 Other assets5 40,5 1 7 1,8 4 5 14,6 2 6 1,1 3 4 2,4 8 5 6,2 8 2 2,3 3 3 3,6 7 1 1,0 6 7 1,1 9 6 8 4 3 1,0 5 3 3,982 Interdistrict settlement account 0 + 3,8 3 6 -33,5 1 2 + 5,7 5 9 - 1 0 0 + 2,3 9 6 + 9,9 9 7 + 7 1 0 + 1,4 8 5 - 8 0 2 + 1,4 8 9 + 2,1 6 9 + 6,572 Total assets 802,6 6 8 40,0 6 7 324,1 7 7 29,1 6 7 34,0 9 7 64,0 8 0 62,3 8 3 70,2 8 0 24,3 5 0 16,7 6 6 22,1 3 7 36,7 8 6 78,376 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 10, 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 839,33 0 37,7 3 5 326,7 0 2 32,9 3 3 34,7 5 0 65,5 8 6 73,0 3 2 72,1 9 1 25,2 7 6 16,2 9 9 24,4 4 7 41,7 5 5 88,624 Less: notes held by F.R. Banks 125,10 6 4,2 6 1 31,6 4 9 8,3 4 1 5,5 8 9 12,1 6 3 17,1 6 2 9,0 6 0 2,9 8 0 1,8 0 9 4,6 8 2 7,6 6 4 19,745 Federal Reserve notes, net 714,22 4 33,4 7 4 295,0 5 2 24,5 9 2 29,1 6 1 53,4 2 2 55,8 7 1 63,1 3 0 22,2 9 6 14,4 9 0 19,7 6 5 34,0 9 1 68,879 Reverse repurchase agreements1 27,46 7 1,2 9 0 11,9 1 0 8 1 7 1,1 7 4 2,0 8 8 1,8 5 2 2,4 7 4 8 0 7 5 9 9 7 2 2 1,2 5 2 2,482 Deposits 29,79 2 2,2 3 8 10,9 1 4 2,4 1 5 1,5 8 3 3,5 7 8 2,4 1 9 1,8 4 1 5 0 4 4 0 4 7 9 6 7 0 0 2,401 Depository institutions 24,84 2 2,2 3 3 6,0 9 8 2,4 1 4 1,5 7 9 3,4 7 1 2,4 1 7 1,8 3 7 4 9 9 4 0 3 7 9 4 7 0 0 2,397 U.S. Treasury, general account 4,56 5 0 4,5 6 5 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 30 4 3 1 9 2 0 2 1 0 0 0 1 4 0 1 0 0 Deferred availability cash items 7,41 4 5 2 6 7 9 0 6 3 3 4 0 8 4 3 3 9 2 8 4 6 1 1 2 9 5 5 7 4 2 9 3 0 8 1,814 Other liabilities and accrued dividends2 2,88 7 1 7 7 9 4 2 1 0 9 1 4 8 3 1 4 2 2 7 2 7 2 1 1 8 9 5 1 0 1 1 4 8 236 Total liabilities 781,78 4 37,7 0 5 319,6 0 8 28,5 6 5 32,4 7 3 59,8 3 5 61,2 9 7 68,1 7 7 23,8 5 4 16,1 4 6 21,8 1 3 36,4 9 9 75,812 Capital Capital paid in 10,61 7 1,6 3 4 2,1 6 5 2 9 3 8 3 6 2,0 9 8 5 2 6 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 1,41 9 2 8 0 3 7 4 5 1 6 1 7 3 7 1 1 5 1 2 7 1 2 1 3 4 5 261 Total liabilities and capital 802,66 8 40,0 6 7 324,1 7 7 29,1 6 7 34,0 9 7 64,0 8 0 62,3 8 3 70,2 8 0 24,3 5 0 16,7 6 6 22,1 3 7 36,7 8 6 78,376 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 10, 2004 Federal Reserve notes outstanding 839,330 Less: Notes held by F.R. Banks not subject to collateralization 125,106 Federal Reserve notes to be collateralized 714,224 Collateral held against Federal Reserve notes 714,224 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 700,985 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 738,409 Less: face value of securities under reverse repurchase agreements 27,557 U.S. Treasury and agency securities eligible to be pledged 710,852 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.