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 December 2, 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 Dec 1, 2004 Nov 24, 2004 Dec 3, 2003 Dec 1, 2004 Reserve Bank credit 785,515 + 5,644 + 50,539 787,483 Securities held outright 711,968 + 704 + 47,269 712,891 U.S. Treasury1 711,968 + 704 + 47,279 712,891 Bills2 261,558 + 694 + 18,218 262,477 Notes and bonds, nominal2 432,526 0 + 26,353 432,526 Notes and bonds, inflation-indexed2 15,683 0 + 2,151 15,683 Inflation compensation3 2,200 + 9 + 556 2,205 Federal agency2 0 0 - 10 0 Repurchase agreements4 33,643 + 5,036 + 2,964 33,750 Loans to depository institutions 73 - 3 + 38 56 Primary credit 6 + 1 - 3 1 Secondary credit 0 0 0 0 Seasonal credit 67 - 4 + 41 54 Float -106 - 615 - 1,106 902 Other Federal Reserve assets 39,938 + 524 + 1,373 39,884 Gold stock 11,043 0 0 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 36,391 + 14 + 956 36,391 Total factors supplying reserve funds 835,149 + 5,658 + 51,495 837,117 Currency in circulation5 753,836 + 4,053 + 40,568 753,660 Reverse repurchase agreements6 28,086 + 431 + 9,417 27,539 Foreign official and international accounts 28,086 + 431 + 9,417 27,539 Dealers 0 0 0 0 Treasury cash holdings 279 - 14 - 45 259 Deposits with F.R. Banks, other than reserve balances 15,635 + 876 - 2,526 15,693 U.S. Treasury, general account 5,217 + 798 - 220 5,264 Foreign official 88 + 6 + 2 84 Service-related 10,027 + 64 - 2,332 10,027 Required clearing balances 10,027 + 64 - 1,823 10,027 Adjustments to compensate for float 0 0 - 509 0 Other 303 + 9 + 24 318 Other liabilities and capital 25,528 + 161 + 4,952 25,241 Total factors, other than reserve balances, absorbing reserve funds 823,364 + 5,506 + 52,366 822,392 Reserve balances with Federal Reserve Banks 11,785 + 152 - 871 14,724 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,322,634 + 5,887 + 285,686 1,326,221 U.S. Treasury 1,062,215 + 1,004 + 235,459 1,063,580 Federal agency 260,419 + 4,884 + 50,227 262,641 Securities lent to dealers 1,587 - 2,732 - 440 3,532 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 Dec 1, 2004 Nov 24, 2004 Dec 3, 2003 Assets Gold certificate account 11,039 0 0 Special drawing rights certificate account 2,200 0 0 Coin 703 - 36 - 41 Securities, repurchase agreements, and loans 746,697 - 3,970 + 57,931 Securities held outright 712,891 + 1,296 + 47,649 U.S. Treasury1 712,891 + 1,296 + 47,659 Bills2 262,477 + 1,287 + 19,092 Notes and bonds, nominal2 432,526 0 + 26,353 Notes and bonds, inflation-indexed2 15,683 0 + 1,689 Inflation compensation3 2,205 + 9 + 525 Federal agency2 0 0 - 10 Repurchase agreements4 33,750 - 5,250 + 10,250 Loans 56 - 16 + 33 Items in process of collection (910) 8,003 + 956 - 1,444 Bank premises 1,752 - 1 + 146 Other assets5 38,160 + 202 + 1,083 Total assets (910) 808,553 - 2,850 + 57,675 Liabilities Federal Reserve notes, net of F.R. Bank holdings 718,227 - 669 + 38,875 Reverse repurchase agreements6 27,539 - 545 + 8,808 Deposits (0) 30,446 - 1,829 + 6,013 Depository institutions 24,780 - 2,540 + 5,120 U.S. Treasury, general account 5,264 + 689 + 890 Foreign official 84 0 - 32 Other (0) 318 + 22 + 36 Deferred availability cash items (910) 7,100 + 143 - 763 Other liabilities and accrued dividends7 3,035 + 27 + 708 Total liabilities (910) 786,346 - 2,873 + 53,641 Capital accounts Capital paid in 11,544 - 27 + 2,712 Surplus 8,847 0 + 467 Other capital accounts 1,815 + 50 + 854 Total capital 22,206 + 22 + 4,033 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, December 1, 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 12 42,564 - 8,514 0 0 29,750 27,539 16 days to 90 days 44 162,381 + 11,497 0 0 4,000 0 91 days to 1 year 0 172,435 - 886 0 0 . . . . . . Over 1 year to 5 years . . . 205,870 - 808 0 0 . . . . . . Over 5 years to 10 years . . . 54,003 + 2 0 0 . . . . . . Over 10 years . . . 75,637 + 4 0 0 . . . . . . All 56 712,891 + 1,296 0 0 33,750 27,539 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 December 1, 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 0 3 2 0 4 3 5 6 5 2 5 5 7 1 1 0 0 3 6 2 1 4 6 1 0 6 97 Securities, repurchase agreements, and loans 746,6 9 7 33,4 7 8 342,8 6 9 21,2 0 7 30,4 6 2 54,1 8 3 48,0 8 5 64,2 2 7 20,9 4 4 15,5 6 7 18,7 4 3 32,5 0 6 64,427 Securities held outright 712,8 9 1 33,4 7 6 309,1 1 9 21,2 0 3 30,4 6 2 54,1 8 3 48,0 7 6 64,2 1 6 20,9 4 4 15,5 4 9 18,7 3 4 32,5 0 4 64,426 U.S. Treasury1 712,8 9 1 33,4 7 6 309,1 1 9 21,2 0 3 30,4 6 2 54,1 8 3 48,0 7 6 64,2 1 6 20,9 4 4 15,5 4 9 18,7 3 4 32,5 0 4 64,426 Bills2 262,4 7 7 12,3 2 5 113,8 1 3 7,8 0 7 11,2 1 6 19,9 4 9 17,7 0 1 23,6 4 3 7,7 1 1 5,7 2 5 6,8 9 7 11,9 6 8 23,721 Notes and bonds3 450,4 1 4 21,1 5 0 195,3 0 6 13,3 9 6 19,2 4 6 34,2 3 3 30,3 7 5 40,5 7 3 13,2 3 3 9,8 2 4 11,8 3 6 20,5 3 7 40,705 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 33,7 5 0 0 33,7 5 0 0 0 0 0 0 0 0 0 0 0 Loans 5 6 2 0 4 0 0 9 1 0 0 1 8 1 0 2 1 Items in process of collection 8,9 1 2 5 3 4 4 3 7 4 6 3 1,0 0 7 4 7 2 9 2 8 8 5 4 4 0 0 6 1 2 5 6 2 3 4 4 2,299 Bank premises 1,7 5 2 9 9 1 9 3 5 2 1 5 4 1 4 4 2 7 7 1 4 6 6 3 1 2 3 7 9 2 4 4 178 Other assets5 38,1 6 0 1,7 4 0 13,4 7 8 1,0 6 1 2,4 1 6 6,2 0 3 2,1 5 9 3,4 6 8 1,0 0 6 1,1 5 4 7 7 3 9 2 0 3,784 Interdistrict settlement account 0 + 3,2 1 0 -31,3 2 9 + 5,6 9 0 - 5 2 6 + 1,5 0 7 + 9,6 8 3 + 4 9 5 + 1,6 9 2 - 8 0 6 + 1,8 9 9 + 2,1 3 1 + 6,353 Total assets 809,4 6 2 39,6 9 0 331,2 1 4 28,9 9 4 34,1 2 1 63,5 3 1 62,2 6 2 70,4 2 5 24,5 3 7 16,9 1 8 22,4 6 9 36,8 7 3 78,428 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 December 1, 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 842,58 5 37,8 5 4 329,5 2 3 32,7 8 2 34,6 5 6 65,6 4 3 73,0 4 9 72,6 2 1 25,1 7 4 16,5 1 7 24,4 9 7 41,5 1 6 88,755 Less: notes held by F.R. Banks 124,35 9 4,2 1 6 30,7 2 6 8,2 3 2 5,5 3 0 12,2 0 5 16,8 3 3 9,3 5 2 2,8 8 5 1,9 5 6 4,5 7 3 7,5 0 1 20,348 Federal Reserve notes, net 718,22 7 33,6 3 8 298,7 9 7 24,5 5 0 29,1 2 6 53,4 3 8 56,2 1 6 63,2 6 8 22,2 8 8 14,5 6 1 19,9 2 3 34,0 1 5 68,406 Reverse repurchase agreements1 27,53 9 1,2 9 3 11,9 4 1 8 1 9 1,1 7 7 2,0 9 3 1,8 5 7 2,4 8 1 8 0 9 6 0 1 7 2 4 1,2 5 6 2,489 Deposits 30,44 6 1,5 0 1 12,4 3 6 2,4 5 5 1,1 0 7 2,9 5 9 1,9 6 2 2,2 4 2 6 7 4 4 4 8 9 6 8 8 6 3 2,829 Depository institutions 24,78 0 1,4 9 5 6,9 3 2 2,4 5 4 1,1 0 4 2,8 2 5 1,9 6 0 2,2 3 9 6 7 0 4 4 7 9 6 7 8 6 2 2,825 U.S. Treasury, general account 5,26 4 0 5,2 6 4 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 31 8 4 1 8 0 0 1 1 2 7 1 0 4 0 1 0 0 Deferred availability cash items 8,01 0 6 2 3 7 3 3 4 6 2 9 5 2 4 5 5 9 4 3 4 3 6 1 6 5 5 9 4 4 3 3 3 1 3 1,902 Other liabilities and accrued dividends2 3,03 5 1 8 6 1,0 2 7 1 1 2 1 5 7 3 3 5 2 3 1 2 7 3 1 1 9 9 5 1 0 2 1 4 9 247 Total liabilities 787,25 6 37,2 4 2 324,9 3 4 28,3 9 8 32,5 1 9 59,2 7 9 61,2 1 0 68,7 0 1 24,0 5 6 16,2 9 9 22,1 5 0 36,5 9 6 75,872 Capital Capital paid in 11,54 4 1,6 3 7 3,4 2 5 2 9 3 7 9 0 2,0 9 9 4 9 9 7 6 3 2 3 6 2 6 2 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 1,81 5 3 6 3 8 2 4 4 4 8 5 7 9 6 5 3 7 1 7 1 1 7 3 5 249 Total liabilities and capital 809,46 2 39,6 9 0 331,2 1 4 28,9 9 4 34,1 2 1 63,5 3 1 62,2 6 2 70,4 2 5 24,5 3 7 16,9 1 8 22,4 6 9 36,8 7 3 78,428 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 Dec 1, 2004 Federal Reserve notes outstanding 842,585 Less: Notes held by F.R. Banks not subject to collateralization 124,359 Federal Reserve notes to be collateralized 718,227 Collateral held against Federal Reserve notes 718,227 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 704,988 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 746,641 Less: face value of securities under reverse repurchase agreements 27,599 U.S. Treasury and agency securities eligible to be pledged 719,042 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.