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 18, 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 17, 2004 Nov 10, 2004 Nov 19, 2003 Nov 17, 2004 Reserve Bank credit 778,583 + 3,816 + 50,601 774,190 Securities held outright 709,268 + 445 + 47,305 710,134 U.S. Treasury1 709,268 + 445 + 47,315 710,134 Bills2 259,732 + 94 + 16,846 259,739 Notes and bonds, nominal2 431,670 + 342 + 27,675 432,526 Notes and bonds, inflation-indexed2 15,683 0 + 2,229 15,683 Inflation compensation3 2,182 + 8 + 565 2,186 Federal agency2 0 0 - 10 0 Repurchase agreements4 27,107 + 3,464 + 3,036 24,000 Loans to depository institutions 511 + 426 + 446 82 Primary credit 431 + 425 + 409 5 Secondary credit 0 0 0 0 Seasonal credit 80 + 1 + 37 77 Float 754 + 687 - 1,078 956 Other Federal Reserve assets 40,943 - 1,206 + 894 39,018 Gold stock 11,043 0 0 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 36,363 + 14 + 989 36,363 Total factors supplying reserve funds 828,189 + 3,830 + 51,590 823,795 Currency in circulation5 748,425 + 2,973 + 41,599 748,852 Reverse repurchase agreements6 27,349 + 239 + 8,122 27,729 Foreign official and international accounts 27,349 + 239 + 8,122 27,729 Dealers 0 0 0 0 Treasury cash holdings 300 - 3 - 42 295 Deposits with F.R. Banks, other than reserve balances 15,211 - 788 - 1,660 15,203 U.S. Treasury, general account 4,824 - 188 + 173 4,851 Foreign official 93 - 29 + 13 85 Service-related 9,963 - 609 - 1,838 9,963 Required clearing balances 9,963 - 609 - 1,487 9,963 Adjustments to compensate for float 0 0 - 351 0 Other 331 + 38 - 8 304 Other liabilities and capital 24,542 + 463 + 3,796 24,907 Total factors, other than reserve balances, absorbing reserve funds 815,826 + 2,883 + 51,813 816,986 Reserve balances with Federal Reserve Banks 12,363 + 947 - 223 6,809 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,313,709 + 7,763 + 299,566 1,321,088 U.S. Treasury 1,062,273 + 3,574 + 257,593 1,067,166 Federal agency 251,436 + 4,189 + 41,974 253,922 Securities lent to dealers 2,026 + 327 + 80 1,408 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 17, 2004 Nov 10, 2004 Nov 19, 2003 Assets Gold certificate account 11,039 0 0 Special drawing rights certificate account 2,200 0 0 Coin 756 - 16 - 54 Securities, repurchase agreements, and loans 734,216 - 4,271 + 49,456 Securities held outright 710,134 + 1,225 + 47,421 U.S. Treasury1 710,134 + 1,225 + 47,431 Bills2 259,739 + 19 + 16,781 Notes and bonds, nominal2 432,526 + 1,198 + 27,857 Notes and bonds, inflation-indexed2 15,683 0 + 2,229 Inflation compensation3 2,186 + 8 + 565 Federal agency2 0 0 - 10 Repurchase agreements4 24,000 - 5,500 + 2,000 Loans 82 + 5 + 35 Items in process of collection (882) 8,228 + 1,157 - 470 Bank premises 1,747 + 2 + 145 Other assets5 37,323 - 3,194 + 999 Total assets (882) 795,509 - 6,323 + 50,076 Liabilities Federal Reserve notes, net of F.R. Bank holdings 713,536 - 688 + 40,102 Reverse repurchase agreements6 27,729 + 262 + 9,827 Deposits (-1) 22,065 - 7,727 - 3,859 Depository institutions 16,825 - 8,017 - 3,540 U.S. Treasury, general account 4,851 + 286 - 324 Foreign official 85 + 3 + 9 Other (-1) 304 0 - 4 Deferred availability cash items (883) 7,272 + 693 - 427 Other liabilities and accrued dividends7 2,926 + 39 + 617 Total liabilities (882) 773,529 - 7,419 + 46,261 Capital accounts Capital paid in 11,546 + 929 + 2,760 Surplus 8,847 0 + 467 Other capital accounts 1,588 + 169 + 589 Total capital 21,981 + 1,098 + 3,816 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 17, 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 71 51,157 + 9,223 0 0 24,000 27,729 16 days to 90 days 11 150,923 - 16,241 0 0 0 0 91 days to 1 year 0 171,751 + 2,886 0 0 . . . . . . Over 1 year to 5 years . . . 206,675 + 2,882 0 0 . . . . . . Over 5 years to 10 years . . . 53,998 + 3,668 0 0 . . . . . . Over 10 years . . . 75,630 - 1,192 0 0 . . . . . . All 82 710,134 + 1,225 0 0 24,000 27,729 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 17, 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 6 2 3 4 6 5 7 5 3 6 2 7 8 1 0 8 4 0 2 1 4 9 1 1 5 105 Securities, repurchase agreements, and loans 734,2 1 6 33,3 4 6 331,9 2 3 21,1 2 6 30,3 4 4 53,9 7 3 47,9 0 1 63,9 8 8 20,8 6 3 15,5 1 2 18,6 8 1 32,3 8 1 64,177 Securities held outright 710,1 3 4 33,3 4 6 307,9 2 3 21,1 2 1 30,3 4 4 53,9 7 3 47,8 9 0 63,9 6 8 20,8 6 3 15,4 8 9 18,6 6 1 32,3 7 9 64,177 U.S. Treasury1 710,1 3 4 33,3 4 6 307,9 2 3 21,1 2 1 30,3 4 4 53,9 7 3 47,8 9 0 63,9 6 8 20,8 6 3 15,4 8 9 18,6 6 1 32,3 7 9 64,177 Bills2 259,7 3 9 12,1 9 7 112,6 2 6 7,7 2 5 11,0 9 9 19,7 4 1 17,5 1 6 23,3 9 7 7,6 3 1 5,6 6 5 6,8 2 5 11,8 4 3 23,473 Notes and bonds3 450,3 9 5 21,1 4 9 195,2 9 7 13,3 9 6 19,2 4 5 34,2 3 2 30,3 7 3 40,5 7 1 13,2 3 2 9,8 2 4 11,8 3 6 20,5 3 6 40,704 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 24,0 0 0 0 24,0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 8 2 0 0 5 0 0 1 1 2 0 0 2 3 2 0 2 0 Items in process of collection 9,1 1 0 3 5 9 6 3 6 7 8 0 6 4 9 4 1 2 9 2 2 7 7 5 3 8 6 7 2 6 7 9 0 3 7 2 2,303 Bank premises 1,7 4 7 9 9 1 9 1 5 2 1 5 4 1 4 4 2 7 8 1 4 8 6 2 1 2 3 7 9 2 3 8 179 Other assets5 37,3 2 3 1,6 9 7 13,1 9 1 1,0 3 8 2,3 6 2 6,0 7 9 2,1 0 7 3,3 8 5 9 8 2 1,1 2 9 7 5 6 8 9 6 3,703 Interdistrict settlement account 0 + 2,6 5 4 -29,4 4 6 + 4,0 2 0 - 8 2 1 + 2,2 8 4 +10,1 2 7 + 4 0 3 + 1,6 0 4 - 1,0 4 0 + 1,3 9 9 + 2,0 1 2 + 6,804 Total assets 796,3 9 1 38,7 8 6 322,0 6 4 27,5 3 7 33,2 9 7 63,9 1 9 62,4 7 2 69,9 4 4 24,3 3 4 16,7 1 9 22,1 2 2 36,6 3 7 78,560 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 17, 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 839,75 7 37,6 1 8 326,1 8 0 32,9 7 6 34,6 3 2 65,6 0 1 73,6 1 4 72,3 5 8 25,2 5 6 16,3 1 3 24,4 4 5 41,7 1 0 89,054 Less: notes held by F.R. Banks 126,22 1 4,1 5 3 31,0 0 2 8,5 8 9 5,7 3 1 12,4 1 9 17,0 2 7 9,3 4 3 3,0 7 3 1,9 1 6 4,6 6 5 7,8 5 4 20,449 Federal Reserve notes, net 713,53 6 33,4 6 5 295,1 7 7 24,3 8 7 28,9 0 2 53,1 8 2 56,5 8 7 63,0 1 5 22,1 8 3 14,3 9 7 19,7 8 0 33,8 5 6 68,604 Reverse repurchase agreements1 27,72 9 1,3 0 2 12,0 2 4 8 2 5 1,1 8 5 2,1 0 8 1,8 7 0 2,4 9 8 8 1 5 6 0 5 7 2 9 1,2 6 4 2,506 Deposits 22,06 4 8 9 2 7,2 5 3 7 9 4 9 7 8 3,5 6 6 1,7 9 4 1,8 4 3 5 2 3 3 8 0 6 5 5 7 3 1 2,655 Depository institutions 16,82 5 8 7 8 2,1 5 7 7 9 3 9 7 5 3,4 6 5 1,7 9 2 1,8 3 9 5 1 3 3 7 9 6 5 4 7 3 1 2,651 U.S. Treasury, general account 4,85 1 0 4,8 5 1 0 0 0 0 0 0 0 0 0 0 Foreign official 8 5 2 6 2 1 2 7 2 3 1 1 1 0 4 Other 30 4 1 2 1 8 4 0 1 9 5 1 1 9 0 1 0 0 Deferred availability cash items 8,15 5 5 5 3 8 1 9 8 1 8 4 6 4 4 7 0 9 0 2 4 6 5 1 8 9 6 1 5 5 3 0 3 5 3 1,976 Other liabilities and accrued dividends2 2,92 6 1 7 9 9 7 8 1 1 0 1 4 9 3 0 9 2 2 9 2 6 7 1 1 8 9 5 1 0 1 1 5 1 241 Total liabilities 774,41 1 36,3 9 1 316,2 5 1 26,9 3 3 31,6 7 9 59,6 3 4 61,3 8 2 68,0 8 8 23,8 2 8 16,0 9 2 21,7 9 5 36,3 5 5 75,982 Capital Capital paid in 11,54 6 1,6 3 4 3,4 0 9 2 9 3 7 8 9 2,0 9 7 5 2 6 7 6 3 2 3 6 2 6 3 1 5 0 1 3 1 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 1,58 8 3 1 3 3 7 2 5 3 1 0 1 1 1 3 7 5 1 7 0 4 2 1 8 1 5 3 9 275 Total liabilities and capital 796,39 1 38,7 8 6 322,0 6 4 27,5 3 7 33,2 9 7 63,9 1 9 62,4 7 2 69,9 4 4 24,3 3 4 16,7 1 9 22,1 2 2 36,6 3 7 78,560 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 17, 2004 Federal Reserve notes outstanding 839,757 Less: Notes held by F.R. Banks not subject to collateralization 126,221 Federal Reserve notes to be collateralized 713,536 Collateral held against Federal Reserve notes 713,536 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 700,297 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 734,134 Less: face value of securities under reverse repurchase agreements 27,746 U.S. Treasury and agency securities eligible to be pledged 706,388 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.