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 9, 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 8, 2004 Dec 1, 2004 Dec 10, 2003 Dec 8, 2004 Reserve Bank credit 784,133 - 1,381 + 52,927 789,104 Securities held outright 715,618 + 3,650 + 50,130 717,072 U.S. Treasury1 715,618 + 3,650 + 50,139 717,072 Bills2 262,729 + 1,171 + 19,095 262,733 Notes and bonds, nominal2 434,987 + 2,461 + 28,814 436,429 Notes and bonds, inflation-indexed2 15,683 0 + 1,689 15,683 Inflation compensation3 2,218 + 18 + 540 2,226 Federal agency2 0 0 - 9 0 Repurchase agreements4 28,071 - 5,572 + 2,178 30,500 Loans to depository institutions 55 - 18 + 18 53 Primary credit 3 - 3 - 10 2 Secondary credit 0 0 0 0 Seasonal credit 51 - 16 + 27 51 Float 145 + 252 - 606 1,381 Other Federal Reserve assets 40,244 + 306 + 1,207 40,098 Gold stock 11,043 0 0 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 36,434 + 14 + 991 36,434 Total factors supplying reserve funds 833,810 - 1,367 + 53,918 838,781 Currency in circulation5 751,417 - 2,448 + 39,620 752,616 Reverse repurchase agreements6 28,393 + 307 + 8,929 28,171 Foreign official and international accounts 28,393 + 307 + 8,929 28,171 Dealers 0 0 0 0 Treasury cash holdings 262 - 17 - 64 279 Deposits with F.R. Banks, other than reserve balances 15,435 - 200 - 1,903 15,199 U.S. Treasury, general account 4,986 - 231 + 12 4,831 Foreign official 144 + 56 + 64 77 Service-related 10,027 0 - 1,974 10,026 Required clearing balances 10,027 0 - 1,824 10,026 Adjustments to compensate for float 0 0 - 150 0 Other 278 - 25 - 6 265 Other liabilities and capital 25,717 + 189 + 4,919 25,347 Total factors, other than reserve balances, absorbing reserve funds 821,224 - 2,169 + 51,502 821,612 Reserve balances with Federal Reserve Banks 12,586 + 801 + 2,416 17,169 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,329,272 + 6,638 + 284,317 1,330,533 U.S. Treasury 1,063,510 + 1,295 + 229,221 1,062,785 Federal agency 265,761 + 5,342 + 55,096 267,748 Securities lent to dealers 2,764 + 1,177 + 782 3,404 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 8, 2004 Dec 1, 2004 Dec 10, 2003 Assets Gold certificate account 11,039 0 0 Special drawing rights certificate account 2,200 0 0 Coin 710 + 7 - 44 Securities, repurchase agreements, and loans 747,624 + 927 + 52,732 Securities held outright 717,072 + 4,181 + 51,462 U.S. Treasury1 717,072 + 4,181 + 51,462 Bills2 262,733 + 256 + 18,966 Notes and bonds, nominal2 436,429 + 3,903 + 30,256 Notes and bonds, inflation-indexed2 15,683 0 + 1,689 Inflation compensation3 2,226 + 21 + 550 Federal agency2 0 0 0 Repurchase agreements4 30,500 - 3,250 + 1,250 Loans 53 - 3 + 21 Items in process of collection (896) 8,309 + 306 - 1,148 Bank premises 1,756 + 4 + 148 Other assets5 38,375 + 215 + 845 Total assets (896) 810,013 + 1,460 + 52,532 Liabilities Federal Reserve notes, net of F.R. Bank holdings 717,167 - 1,060 + 38,643 Reverse repurchase agreements6 28,171 + 632 + 9,207 Deposits (0) 32,400 + 1,954 + 577 Depository institutions 27,228 + 2,448 + 892 U.S. Treasury, general account 4,831 - 433 - 331 Foreign official 77 - 7 - 6 Other (0) 265 - 53 + 24 Deferred availability cash items (896) 6,927 - 173 - 727 Other liabilities and accrued dividends7 3,118 + 83 + 762 Total liabilities (896) 787,784 + 1,438 + 48,464 Capital accounts Capital paid in 11,611 + 67 + 2,787 Surplus 8,847 0 + 467 Other capital accounts 1,771 - 44 + 814 Total capital 22,229 + 23 + 4,068 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 8, 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 18 42,470 - 94 0 0 26,500 28,171 16 days to 90 days 34 163,759 + 1,378 0 0 4,000 0 91 days to 1 year 0 172,907 + 472 0 0 . . . . . . Over 1 year to 5 years . . . 208,282 + 2,412 0 0 . . . . . . Over 5 years to 10 years . . . 54,009 + 6 0 0 . . . . . . Over 10 years . . . 75,644 + 7 0 0 . . . . . . All 53 717,072 + 4,181 0 0 30,500 28,171 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 8, 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 1 0 2 0 4 3 5 7 5 2 5 7 7 3 1 0 2 3 6 2 2 4 6 1 0 4 97 Securities, repurchase agreements, and loans 747,6 2 4 33,6 7 5 341,4 3 2 21,3 3 1 30,6 4 1 54,5 0 1 48,3 6 5 64,6 0 3 21,0 6 7 15,6 5 7 18,8 5 0 32,6 9 7 64,806 Securities held outright 717,0 7 2 33,6 7 2 310,9 3 2 21,3 2 7 30,6 4 1 54,5 0 1 48,3 5 7 64,5 9 3 21,0 6 7 15,6 4 0 18,8 4 3 32,6 9 5 64,804 U.S. Treasury1 717,0 7 2 33,6 7 2 310,9 3 2 21,3 2 7 30,6 4 1 54,5 0 1 48,3 5 7 64,5 9 3 21,0 6 7 15,6 4 0 18,8 4 3 32,6 9 5 64,804 Bills2 262,7 3 3 12,3 3 7 113,9 2 5 7,8 1 4 11,2 2 7 19,9 6 9 17,7 1 8 23,6 6 7 7,7 1 9 5,7 3 1 6,9 0 4 11,9 7 9 23,744 Notes and bonds3 454,3 3 9 21,3 3 5 197,0 0 7 13,5 1 3 19,4 1 4 34,5 3 2 30,6 3 9 40,9 2 6 13,3 4 8 9,9 1 0 11,9 3 9 20,7 1 6 41,060 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 30,5 0 0 0 30,5 0 0 0 0 0 0 0 0 0 0 0 0 Loans 5 3 3 0 4 0 0 8 1 1 0 1 7 7 2 2 Items in process of collection 9,2 0 4 5 2 3 6 1 1 4 5 5 9 2 6 5 9 0 1,0 9 5 6 4 9 5 0 8 4 8 3 6 7 1 3 6 5 2,330 Bank premises 1,7 5 6 9 9 1 9 3 5 3 1 5 4 1 4 4 2 7 7 1 4 6 6 4 1 2 3 7 9 2 4 5 179 Other assets5 38,3 7 5 1,7 4 0 13,5 8 4 1,1 5 3 2,4 1 7 6,1 8 4 2,1 7 2 3,4 8 1 9 9 0 1,1 5 0 7 7 7 9 3 5 3,793 Interdistrict settlement account 0 + 5,4 5 2 -25,8 9 6 + 3,9 8 5 - 1,1 1 1 + 1,5 9 9 + 9,1 3 4 + 1 7 4 + 1,2 3 5 - 1,1 5 2 + 1,3 2 2 + 1,4 2 2 + 3,835 Total assets 810,9 0 9 42,1 1 8 335,4 9 0 27,4 9 9 33,6 3 5 64,0 4 0 62,1 7 6 70,2 9 1 24,2 9 5 16,5 3 2 22,1 1 4 36,3 9 1 76,328 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 8, 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 846,54 9 38,1 2 2 333,2 5 4 32,7 1 8 34,7 4 5 65,6 3 4 73,0 8 6 72,9 1 9 25,1 5 6 16,5 2 7 24,5 2 8 41,3 7 8 88,481 Less: notes held by F.R. Banks 129,38 2 4,3 7 5 32,4 9 9 8,2 1 4 5,7 0 7 12,6 0 2 17,3 2 2 9,5 2 1 2,9 9 1 2,1 7 0 4,7 2 1 7,7 4 9 21,511 Federal Reserve notes, net 717,16 7 33,7 4 6 300,7 5 5 24,5 0 4 29,0 3 9 53,0 3 2 55,7 6 4 63,3 9 8 22,1 6 5 14,3 5 7 19,8 0 7 33,6 2 9 66,970 Reverse repurchase agreements1 28,17 1 1,3 2 3 12,2 1 5 8 3 8 1,2 0 4 2,1 4 1 1,9 0 0 2,5 3 8 8 2 8 6 1 4 7 4 0 1,2 8 4 2,546 Deposits 32,40 0 3,7 8 0 14,2 8 1 7 6 2 1,1 3 6 3,9 0 6 2,3 6 1 1,8 9 2 5 4 1 3 7 5 6 6 0 7 2 4 1,983 Depository institutions 27,22 8 3,7 7 6 9,2 2 3 7 6 1 1,1 3 3 3,8 1 9 2,3 6 0 1,8 8 9 5 3 5 3 7 4 6 5 8 7 2 3 1,979 U.S. Treasury, general account 4,83 1 0 4,8 3 1 0 0 0 0 0 0 0 0 0 0 Foreign official 7 7 2 5 3 1 2 7 2 3 1 1 1 0 4 Other 26 5 2 1 7 5 0 1 8 0 0 0 5 0 1 0 0 Deferred availability cash items 7,82 3 6 2 4 7 6 1 6 8 8 5 0 1 3 9 9 8 9 5 4 8 0 1 6 4 4 8 7 4 8 3 3 1 9 2,023 Other liabilities and accrued dividends2 3,11 8 1 9 4 1,0 4 6 1 1 5 1 5 9 3 4 4 2 3 9 2 8 1 1 2 0 9 9 1 0 5 1 5 7 258 Total liabilities 788,67 9 39,6 6 7 329,0 5 9 26,9 0 7 32,0 3 8 59,8 2 3 61,1 5 9 68,5 8 9 23,8 1 8 15,9 3 2 21,7 9 5 36,1 1 3 73,780 Capital Capital paid in 11,61 1 1,6 3 8 3,4 2 6 2 9 4 7 9 4 2,1 3 9 5 0 3 7 6 3 2 3 6 2 5 5 1 5 0 1 3 3 1,281 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 1,77 1 3 6 5 9 7 5 3 9 7 5 4 2 5 1 4 1 3 0 7 3 4 219 Total liabilities and capital 810,90 9 42,1 1 8 335,4 9 0 27,4 9 9 33,6 3 5 64,0 4 0 62,1 7 6 70,2 9 1 24,2 9 5 16,5 3 2 22,1 1 4 36,3 9 1 76,328 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 8, 2004 Federal Reserve notes outstanding 846,549 Less: Notes held by F.R. Banks not subject to collateralization 129,382 Federal Reserve notes to be collateralized 717,167 Collateral held against Federal Reserve notes 717,167 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 703,928 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 747,572 Less: face value of securities under reverse repurchase agreements 28,224 U.S. Treasury and agency securities eligible to be pledged 719,347 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.