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 26, 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 24, 2004 Nov 17, 2004 Nov 26, 2003 Nov 24, 2004 Reserve Bank credit 779,872 + 1,289 + 50,680 790,416 Securities held outright 711,264 + 1,996 + 47,765 711,595 U.S. Treasury1 711,264 + 1,996 + 47,775 711,595 Bills2 260,864 + 1,132 + 17,670 261,190 Notes and bonds, nominal2 432,526 + 856 + 27,315 432,526 Notes and bonds, inflation-indexed2 15,683 0 + 2,229 15,683 Inflation compensation3 2,191 + 9 + 562 2,196 Federal agency2 0 0 - 10 0 Repurchase agreements4 28,607 + 1,500 + 1,214 39,000 Loans to depository institutions 76 - 435 + 30 72 Primary credit 5 - 426 0 1 Secondary credit 0 0 0 0 Seasonal credit 71 - 9 + 29 71 Float 510 - 243 + 448 90 Other Federal Reserve assets 39,414 - 1,529 + 1,222 39,658 Gold stock 11,043 0 0 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 36,377 + 14 + 973 36,377 Total factors supplying reserve funds 829,491 + 1,302 + 51,651 840,035 Currency in circulation5 749,783 + 1,358 + 40,958 754,255 Reverse repurchase agreements6 27,655 + 306 + 9,427 28,084 Foreign official and international accounts 27,655 + 306 + 9,427 28,084 Dealers 0 0 0 0 Treasury cash holdings 293 - 7 - 14 283 Deposits with F.R. Banks, other than reserve balances 14,759 - 452 - 2,975 14,918 U.S. Treasury, general account 4,419 - 405 - 804 4,575 Foreign official 82 - 11 - 3 84 Service-related 9,963 0 - 2,201 9,963 Required clearing balances 9,963 0 - 1,885 9,963 Adjustments to compensate for float 0 0 - 316 0 Other 294 - 37 + 31 296 Other liabilities and capital 25,367 + 825 + 4,695 25,191 Total factors, other than reserve balances, absorbing reserve funds 817,858 + 2,032 + 52,091 822,732 Reserve balances with Federal Reserve Banks 11,634 - 728 - 438 17,304 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,316,747 + 3,038 + 288,243 1,319,141 U.S. Treasury 1,061,211 - 1,062 + 242,453 1,060,830 Federal agency 255,535 + 4,099 + 45,789 258,311 Securities lent to dealers 4,319 + 2,293 + 2,650 457 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 24, 2004 Nov 17, 2004 Nov 26, 2003 Assets Gold certificate account 11,039 0 0 Special drawing rights certificate account 2,200 0 0 Coin 739 - 17 - 38 Securities, repurchase agreements, and loans 750,667 + 16,451 + 52,599 Securities held outright 711,595 + 1,461 + 47,070 U.S. Treasury1 711,595 + 1,461 + 47,080 Bills2 261,190 + 1,451 + 17,937 Notes and bonds, nominal2 432,526 0 + 26,353 Notes and bonds, inflation-indexed2 15,683 0 + 2,229 Inflation compensation3 2,196 + 10 + 562 Federal agency2 0 0 - 10 Repurchase agreements4 39,000 + 15,000 + 5,500 Loans 72 - 10 + 29 Items in process of collection (1,014) 7,047 - 1,181 - 260 Bank premises 1,753 + 6 + 148 Other assets5 37,958 + 635 + 1,094 Total assets (1,014) 811,403 + 15,894 + 53,544 Liabilities Federal Reserve notes, net of F.R. Bank holdings 718,896 + 5,360 + 39,870 Reverse repurchase agreements6 28,084 + 355 + 10,129 Deposits (0) 32,275 + 10,210 - 679 Depository institutions 27,320 + 10,495 + 81 U.S. Treasury, general account 4,575 - 276 - 802 Foreign official 84 - 1 + 2 Other (0) 296 - 8 + 41 Deferred availability cash items (1,014) 6,957 - 315 - 563 Other liabilities and accrued dividends7 3,008 + 82 + 672 Total liabilities (1,014) 789,219 + 15,690 + 49,428 Capital accounts Capital paid in 11,571 + 25 + 2,743 Surplus 8,847 0 + 467 Other capital accounts 1,765 + 177 + 905 Total capital 22,184 + 203 + 4,116 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 24, 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 66 51,078 - 79 0 0 35,000 28,084 16 days to 90 days 6 150,884 - 39 0 0 4,000 0 91 days to 1 year 0 173,321 + 1,570 0 0 . . . . . . Over 1 year to 5 years . . . 206,678 + 3 0 0 . . . . . . Over 5 years to 10 years . . . 54,001 + 3 0 0 . . . . . . Over 10 years . . . 75,633 + 3 0 0 . . . . . . All 72 711,595 + 1,461 0 0 39,000 28,084 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 24, 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 3 9 2 2 4 7 5 7 5 4 5 9 7 3 1 0 3 3 8 2 2 4 5 1 1 3 105 Securities, repurchase agreements, and loans 750,6 6 7 33,4 1 5 347,5 5 7 21,1 6 9 30,4 0 7 54,0 8 4 47,9 9 8 64,1 2 3 20,9 0 6 15,5 3 8 18,7 1 3 32,4 4 7 64,310 Securities held outright 711,5 9 5 33,4 1 5 308,5 5 7 21,1 6 5 30,4 0 7 54,0 8 4 47,9 8 8 64,0 9 9 20,9 0 6 15,5 2 1 18,6 9 9 32,4 4 5 64,309 U.S. Treasury1 711,5 9 5 33,4 1 5 308,5 5 7 21,1 6 5 30,4 0 7 54,0 8 4 47,9 8 8 64,0 9 9 20,9 0 6 15,5 2 1 18,6 9 9 32,4 4 5 64,309 Bills2 261,1 9 0 12,2 6 5 113,2 5 6 7,7 6 8 11,1 6 1 19,8 5 2 17,6 1 4 23,5 2 8 7,6 7 4 5,6 9 7 6,8 6 4 11,9 0 9 23,605 Notes and bonds3 450,4 0 5 21,1 5 0 195,3 0 2 13,3 9 6 19,2 4 6 34,2 3 3 30,3 7 4 40,5 7 2 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 39,0 0 0 0 39,0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 7 2 0 0 5 0 0 1 0 2 4 0 1 7 1 3 2 1 Items in process of collection 8,0 6 1 3 5 1 3 3 6 5 8 9 6 5 9 5 2 8 6 2 1 5 4 3 3 5 5 5 5 9 9 2 1 3 6 6 2,232 Bank premises 1,7 5 3 9 9 1 9 3 5 2 1 5 4 1 4 4 2 7 8 1 4 7 6 3 1 2 3 7 9 2 4 4 178 Other assets5 37,9 5 8 1,7 2 8 13,4 1 2 1,0 5 7 2,3 9 9 6,1 5 9 2,1 5 1 3,4 5 1 1,0 0 2 1,1 4 8 7 7 1 9 1 7 3,763 Interdistrict settlement account 0 + 3,0 7 0 -33,6 4 0 + 4,5 9 8 - 1 3 2 + 2,5 6 1 +10,5 8 3 + 1,0 5 7 + 1,7 4 4 - 7 1 5 + 1,3 8 8 + 2,2 3 6 + 7,250 Total assets 812,4 1 7 39,2 9 3 333,4 2 8 27,9 8 7 34,0 9 7 64,5 0 2 62,7 6 4 70,5 6 0 24,5 0 5 16,9 2 2 22,2 8 6 36,9 4 6 79,127 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 24, 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 841,26 7 37,6 8 6 327,6 8 5 32,8 5 0 34,6 7 6 65,7 2 0 73,3 3 1 72,6 4 5 25,2 1 0 16,4 9 1 24,5 4 4 41,5 8 5 88,845 Less: notes held by F.R. Banks 122,37 2 4,1 0 8 29,8 9 4 8,1 9 6 5,4 7 3 12,5 0 1 16,6 4 0 9,0 1 7 2,9 1 8 1,9 8 0 4,6 5 9 7,4 1 4 19,572 Federal Reserve notes, net 718,89 6 33,5 7 8 297,7 9 0 24,6 5 4 29,2 0 3 53,2 1 9 56,6 9 1 63,6 2 9 22,2 9 2 14,5 1 1 19,8 8 4 34,1 7 1 69,274 Reverse repurchase agreements1 28,08 4 1,3 1 9 12,1 7 8 8 3 5 1,2 0 0 2,1 3 5 1,8 9 4 2,5 3 0 8 2 5 6 1 3 7 3 8 1,2 8 1 2,538 Deposits 32,27 5 1,1 9 7 15,6 8 9 1,0 7 2 1,3 6 5 4,0 7 6 1,8 8 1 1,9 3 9 6 2 8 3 8 8 7 2 8 7 1 0 2,600 Depository institutions 27,32 0 1,1 8 9 10,8 6 9 1,0 7 1 1,3 6 2 3,9 7 5 1,8 7 8 1,9 3 6 6 2 1 3 8 6 7 2 6 7 0 9 2,597 U.S. Treasury, general account 4,57 5 0 4,5 7 5 0 0 0 0 0 0 0 0 0 0 Foreign official 8 4 2 6 1 1 2 7 2 3 1 1 1 0 4 Other 29 6 7 1 8 4 0 1 9 3 1 0 7 0 1 1 0 Deferred availability cash items 7,97 0 5 8 7 6 7 5 7 0 8 5 5 8 4 5 9 9 6 5 4 3 6 1 5 4 6 8 8 5 0 5 3 4 4 1,891 Other liabilities and accrued dividends2 3,00 8 1 8 6 1,0 0 0 1 1 3 1 5 5 3 3 0 2 3 4 2 7 2 1 2 4 9 7 1 0 4 1 4 9 245 Total liabilities 790,23 3 36,8 6 7 327,3 3 2 27,3 8 3 32,4 8 1 60,2 1 9 61,6 6 5 68,8 0 5 24,0 2 3 16,2 9 6 21,9 5 9 36,6 5 6 76,548 Capital Capital paid in 11,57 1 1,6 3 7 3,4 2 5 2 9 3 7 9 0 2,0 9 8 5 2 8 7 6 3 2 3 6 2 6 3 1 5 0 1 3 2 1,258 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 1,76 5 3 4 0 6 4 1 5 3 9 9 1 1 1 8 2 6 8 1 8 1 8 1 5 4 8 273 Total liabilities and capital 812,41 7 39,2 9 3 333,4 2 8 27,9 8 7 34,0 9 7 64,5 0 2 62,7 6 4 70,5 6 0 24,5 0 5 16,9 2 2 22,2 8 6 36,9 4 6 79,127 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 24, 2004 Federal Reserve notes outstanding 841,267 Less: Notes held by F.R. Banks not subject to collateralization 122,372 Federal Reserve notes to be collateralized 718,896 Collateral held against Federal Reserve notes 718,896 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 705,657 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 750,595 Less: face value of securities under reverse repurchase agreements 28,154 U.S. Treasury and agency securities eligible to be pledged 722,441 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.