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 16, 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 15, 2004 Dec 8, 2004 Dec 17, 2003 Dec 15, 2004 Reserve Bank credit 782,668 - 1,463 + 50,834 787,884 Securities held outright 717,589 + 1,971 + 51,696 717,661 U.S. Treasury1 717,589 + 1,971 + 51,696 717,661 Bills2 262,798 + 69 + 18,746 262,861 Notes and bonds, nominal2 436,429 + 1,442 + 30,256 436,429 Notes and bonds, inflation-indexed2 16,108 + 425 + 2,114 16,108 Inflation compensation3 2,254 + 36 + 580 2,262 Federal agency2 0 0 0 0 Repurchase agreements4 24,821 - 3,250 - 750 28,750 Loans to depository institutions 61 + 6 + 24 56 Primary credit 5 + 2 0 1 Secondary credit 0 0 0 0 Seasonal credit 56 + 5 + 24 55 Float -240 - 383 - 1,125 676 Other Federal Reserve assets 40,436 + 192 + 988 40,742 Gold stock 11,043 0 0 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 36,448 + 14 + 996 36,448 Total factors supplying reserve funds 832,359 - 1,449 + 51,831 837,575 Currency in circulation5 751,161 - 256 + 37,621 752,977 Reverse repurchase agreements6 27,462 - 931 + 9,246 27,846 Foreign official and international accounts 27,462 - 931 + 9,496 27,846 Dealers 0 0 - 250 0 Treasury cash holdings 277 + 15 - 46 263 Deposits with F.R. Banks, other than reserve balances 15,167 - 267 - 2,755 15,170 U.S. Treasury, general account 5,047 + 61 - 575 5,019 Foreign official 87 - 57 - 2 115 Service-related 9,773 - 253 - 2,197 9,773 Required clearing balances 9,762 - 264 - 2,087 9,762 Adjustments to compensate for float 11 + 11 - 111 11 Other 259 - 19 + 18 262 Other liabilities and capital 25,683 - 34 + 4,850 25,941 Total factors, other than reserve balances, absorbing reserve funds 819,749 - 1,474 + 48,915 822,197 Reserve balances with Federal Reserve Banks 12,610 + 25 + 2,916 15,378 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,326,089 - 3,183 + 272,070 1,329,358 U.S. Treasury 1,057,137 - 6,373 + 216,105 1,059,657 Federal agency 268,952 + 3,191 + 55,964 269,701 Securities lent to dealers 2,972 + 208 + 1,341 4,922 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 15, 2004 Dec 8, 2004 Dec 17, 2003 Assets Gold certificate account 11,039 0 0 Special drawing rights certificate account 2,200 0 0 Coin 723 + 13 - 39 Securities, repurchase agreements, and loans 746,467 - 1,157 + 55,463 Securities held outright 717,661 + 589 + 51,708 U.S. Treasury1 717,661 + 589 + 51,708 Bills2 262,861 + 128 + 18,748 Notes and bonds, nominal2 436,429 0 + 30,256 Notes and bonds, inflation-indexed2 16,108 + 425 + 2,114 Inflation compensation3 2,262 + 36 + 590 Federal agency2 0 0 0 Repurchase agreements4 28,750 - 1,750 + 3,750 Loans 56 + 3 + 6 Items in process of collection (868) 7,435 - 874 - 2,676 Bank premises 1,762 + 6 + 152 Other assets5 38,932 + 557 + 844 Total assets (868) 808,558 - 1,455 + 53,746 Liabilities Federal Reserve notes, net of F.R. Bank holdings 717,511 + 344 + 35,863 Reverse repurchase agreements6 27,846 - 325 + 10,189 Deposits (0) 30,501 - 1,899 + 3,991 Depository institutions 25,104 - 2,124 + 6,369 U.S. Treasury, general account 5,019 + 188 - 2,436 Foreign official 115 + 38 + 32 Other (0) 262 - 3 + 26 Deferred availability cash items (868) 6,759 - 168 - 1,573 Other liabilities and accrued dividends7 3,109 - 9 + 779 Total liabilities (868) 785,726 - 2,058 + 49,249 Capital accounts Capital paid in 11,640 + 29 + 2,801 Surplus 8,847 0 + 467 Other capital accounts 2,345 + 574 + 1,228 Total capital 22,832 + 603 + 4,496 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 15, 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 42,923 + 453 0 0 24,750 27,846 16 days to 90 days 38 164,367 + 608 0 0 4,000 0 91 days to 1 year 0 171,974 - 933 0 0 . . . . . . Over 1 year to 5 years . . . 208,290 + 8 0 0 . . . . . . Over 5 years to 10 years . . . 54,358 + 349 0 0 . . . . . . Over 10 years . . . 75,748 + 104 0 0 . . . . . . All 56 717,661 + 589 0 0 28,750 27,846 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 15, 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 2 3 1 8 4 2 5 5 5 2 5 9 8 0 1 0 7 3 7 2 1 4 8 1 0 2 101 Securities, repurchase agreements, and loans 746,4 6 7 33,7 0 1 339,9 3 7 21,3 5 1 30,6 6 6 54,5 4 5 48,4 0 5 64,6 5 7 21,0 8 4 15,6 7 1 18,8 6 8 32,7 2 3 64,858 Securities held outright 717,6 6 1 33,6 9 9 311,1 8 7 21,3 4 5 30,6 6 6 54,5 4 5 48,3 9 7 64,6 4 6 21,0 8 4 15,6 5 3 18,8 5 9 32,7 2 2 64,857 U.S. Treasury1 717,6 6 1 33,6 9 9 311,1 8 7 21,3 4 5 30,6 6 6 54,5 4 5 48,3 9 7 64,6 4 6 21,0 8 4 15,6 5 3 18,8 5 9 32,7 2 2 64,857 Bills2 262,8 6 1 12,3 4 3 113,9 8 0 7,8 1 8 11,2 3 2 19,9 7 9 17,7 2 7 23,6 7 8 7,7 2 3 5,7 3 3 6,9 0 8 11,9 8 5 23,756 Notes and bonds3 454,7 9 9 21,3 5 6 197,2 0 7 13,5 2 7 19,4 3 4 34,5 6 7 30,6 7 1 40,9 6 8 13,3 6 2 9,9 2 0 11,9 5 1 20,7 3 7 41,102 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 28,7 5 0 0 28,7 5 0 0 0 0 0 0 0 0 0 0 0 Loans 5 6 2 0 6 0 0 8 1 2 0 1 8 9 1 1 Items in process of collection 8,3 0 3 4 3 3 4 1 9 3 5 8 7 1 1 4 2 0 1,0 8 6 5 5 8 3 7 6 5 4 9 6 5 0 3 4 7 2,395 Bank premises 1,7 6 2 9 9 1 9 5 5 3 1 5 5 1 4 4 2 7 7 1 5 0 6 4 1 2 3 7 9 2 4 5 179 Other assets5 38,9 3 2 1,7 6 9 13,7 8 8 1,1 6 6 2,4 3 4 6,2 5 3 2,2 0 9 3,5 3 3 1,0 1 6 1,1 6 4 7 9 0 9 5 5 3,856 Interdistrict settlement account 0 + 4,0 2 5 -25,4 7 6 + 4,5 5 5 + 1,2 6 2 - 8 9 1 + 8,8 0 5 + 2 6 0 + 1,4 4 3 - 1,1 1 5 + 1,6 0 8 + 1,4 0 7 + 4,117 Total assets 809,4 2 5 40,6 5 4 334,4 2 9 28,0 0 3 35,8 3 6 61,4 9 6 61,9 2 2 70,4 0 1 24,4 1 5 16,6 6 1 22,4 1 1 36,4 0 3 76,796 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 15, 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 849,66 9 38,2 4 5 335,6 7 3 32,7 9 3 34,7 0 7 65,3 9 0 73,7 4 6 72,9 7 6 25,1 2 8 16,4 5 7 24,5 9 4 41,3 4 3 88,615 Less: notes held by F.R. Banks 132,15 8 4,4 2 5 34,5 2 5 8,0 7 2 5,6 7 6 12,7 4 2 17,7 8 9 9,5 7 4 3,0 2 5 2,0 8 5 4,6 7 4 7,7 1 7 21,853 Federal Reserve notes, net 717,51 1 33,8 2 0 301,1 4 8 24,7 2 1 29,0 3 2 52,6 4 9 55,9 5 7 63,4 0 2 22,1 0 3 14,3 7 2 19,9 2 0 33,6 2 6 66,761 Reverse repurchase agreements1 27,84 6 1,3 0 8 12,0 7 5 8 2 8 1,1 9 0 2,1 1 6 1,8 7 8 2,5 0 8 8 1 8 6 0 7 7 3 2 1,2 7 0 2,517 Deposits 30,50 1 2,2 7 9 12,7 1 8 1,2 1 5 3,3 6 0 1,6 3 8 1,8 7 9 2,0 2 1 6 9 8 4 0 6 8 7 8 7 6 8 2,642 Depository institutions 25,10 4 2,2 7 2 7,4 3 1 1,2 1 4 3,3 5 6 1,5 5 7 1,8 7 7 2,0 1 7 6 9 3 4 0 4 8 7 6 7 6 7 2,639 U.S. Treasury, general account 5,01 9 0 5,0 1 9 0 0 0 0 0 0 0 0 0 0 Foreign official 11 5 2 9 2 1 2 7 2 3 1 1 1 0 4 Other 26 2 6 1 7 6 0 1 7 3 0 0 3 0 1 1 0 Deferred availability cash items 7,62 7 5 7 2 7 5 0 5 1 9 4 8 5 4 5 8 9 1 4 4 4 0 1 7 8 5 6 2 4 5 2 2 9 3 2,004 Other liabilities and accrued dividends2 3,10 9 1 9 6 1,0 5 1 1 1 4 1 5 9 3 3 5 2 3 7 2 8 1 1 2 3 9 7 1 0 3 1 5 4 259 Total liabilities 786,59 3 38,1 7 5 327,7 4 2 27,3 9 7 34,2 2 5 57,1 9 5 60,8 6 5 68,6 5 2 23,9 2 1 16,0 4 4 22,0 8 5 36,1 1 1 74,183 Capital Capital paid in 11,64 0 1,6 3 8 3,4 3 7 2 9 4 7 9 5 2,1 4 0 5 1 6 7 6 4 2 3 6 2 5 5 1 5 0 1 3 4 1,282 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 2,34 5 3 9 4 1,2 1 9 5 3 8 9 8 7 5 2 6 1 3 1 1 6 1 4 4 7 282 Total liabilities and capital 809,42 5 40,6 5 4 334,4 2 9 28,0 0 3 35,8 3 6 61,4 9 6 61,9 2 2 70,4 0 1 24,4 1 5 16,6 6 1 22,4 1 1 36,4 0 3 76,796 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 15, 2004 Federal Reserve notes outstanding 849,669 Less: Notes held by F.R. Banks not subject to collateralization 132,158 Federal Reserve notes to be collateralized 717,511 Collateral held against Federal Reserve notes 717,511 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 704,272 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 746,411 Less: face value of securities under reverse repurchase agreements 27,884 U.S. Treasury and agency securities eligible to be pledged 718,526 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.