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 23, 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 22, 2004 Dec 15, 2004 Dec 24, 2003 Dec 22, 2004 Reserve Bank credit 784,475 + 1,807 + 44,970 791,951 Securities held outright 717,674 + 85 + 51,640 717,682 U.S. Treasury1 717,674 + 85 + 51,640 717,682 Bills2 262,861 + 63 + 18,664 262,861 Notes and bonds, nominal2 436,429 0 + 30,256 436,429 Notes and bonds, inflation-indexed2 16,108 0 + 2,114 16,108 Inflation compensation3 2,276 + 22 + 606 2,284 Federal agency2 0 0 0 0 Repurchase agreements4 25,393 + 572 - 7,786 32,000 Loans to depository institutions 75 + 14 + 5 79 Primary credit 19 + 14 - 14 24 Secondary credit 0 0 0 0 Seasonal credit 56 0 + 19 55 Float 455 + 695 + 42 1,125 Other Federal Reserve assets 40,878 + 442 + 1,068 41,064 Gold stock 11,043 0 0 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 36,462 + 14 + 1,002 36,462 Total factors supplying reserve funds 834,180 + 1,821 + 45,972 841,656 Currency in circulation5 753,658 + 2,497 + 35,013 757,393 Reverse repurchase agreements6 28,074 + 612 + 8,644 28,056 Foreign official and international accounts 28,074 + 612 + 8,644 28,056 Dealers 0 0 0 0 Treasury cash holdings 264 - 13 - 55 268 Deposits with F.R. Banks, other than reserve balances 15,262 + 95 - 1,934 14,162 U.S. Treasury, general account 5,133 + 86 + 432 4,047 Foreign official 97 + 10 + 1 88 Service-related 9,762 - 11 - 2,391 9,762 Required clearing balances 9,762 0 - 2,083 9,762 Adjustments to compensate for float 0 - 11 - 308 0 Other 270 + 11 + 23 264 Other liabilities and capital 26,140 + 457 + 5,381 26,106 Total factors, other than reserve balances, absorbing reserve funds 823,398 + 3,649 + 47,049 825,986 Reserve balances with Federal Reserve Banks 10,781 - 1,828 - 1,078 15,670 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,330,097 + 4,008 + 269,576 1,331,476 U.S. Treasury 1,059,625 + 2,488 + 211,905 1,059,875 Federal agency 270,472 + 1,520 + 57,671 271,601 Securities lent to dealers 3,353 + 381 + 1,290 2,700 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 22, 2004 Dec 15, 2004 Dec 24, 2003 Assets Gold certificate account 11,039 0 0 Special drawing rights certificate account 2,200 0 0 Coin 722 - 1 - 25 Securities, repurchase agreements, and loans 749,761 + 3,294 + 46,870 Securities held outright 717,682 + 21 + 51,466 U.S. Treasury1 717,682 + 21 + 51,466 Bills2 262,861 0 + 18,480 Notes and bonds, nominal2 436,429 0 + 30,256 Notes and bonds, inflation-indexed2 16,108 0 + 2,114 Inflation compensation3 2,284 + 22 + 616 Federal agency2 0 0 0 Repurchase agreements4 32,000 + 3,250 - 4,500 Loans 79 + 23 - 96 Items in process of collection (803) 8,098 + 663 - 2,798 Bank premises 1,773 + 11 + 150 Other assets5 39,264 + 332 + 767 Total assets (803) 812,859 + 4,301 + 44,967 Liabilities Federal Reserve notes, net of F.R. Bank holdings 721,917 + 4,406 + 33,167 Reverse repurchase agreements6 28,056 + 210 + 8,292 Deposits (0) 29,806 - 695 - 487 Depository institutions 25,406 + 302 + 164 U.S. Treasury, general account 4,047 - 972 - 623 Foreign official 88 - 27 - 40 Other (0) 264 + 2 + 11 Deferred availability cash items (803) 6,973 + 214 - 1,589 Other liabilities and accrued dividends7 3,139 + 30 + 772 Total liabilities (803) 789,892 + 4,166 + 40,155 Capital accounts Capital paid in 11,638 - 2 + 2,795 Surplus 8,847 0 + 467 Other capital accounts 2,482 + 137 + 1,551 Total capital 22,967 + 135 + 4,813 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 22, 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 79 54,407 + 11,484 0 0 32,000 28,056 16 days to 90 days 0 153,944 - 10,423 0 0 0 0 91 days to 1 year 0 170,913 - 1,061 0 0 . . . . . . Over 1 year to 5 years . . . 208,298 + 8 0 0 . . . . . . Over 5 years to 10 years . . . 54,364 + 6 0 0 . . . . . . Over 10 years . . . 75,755 + 7 0 0 . . . . . . All 79 717,682 + 21 0 0 32,000 28,056 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 22, 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 2 1 8 3 9 5 5 5 2 6 3 8 3 1 0 9 3 6 2 2 4 6 9 2 107 Securities, repurchase agreements, and loans 749,7 6 1 33,7 0 5 343,1 9 7 21,3 5 3 30,6 6 7 54,5 4 7 48,4 1 1 64,6 5 8 21,0 8 5 15,6 6 8 18,8 6 5 32,7 2 4 64,882 Securities held outright 717,6 8 2 33,7 0 1 311,1 9 7 21,3 4 6 30,6 6 7 54,5 4 7 48,3 9 9 64,6 4 8 21,0 8 5 15,6 5 4 18,8 5 9 32,7 2 3 64,859 U.S. Treasury1 717,6 8 2 33,7 0 1 311,1 9 7 21,3 4 6 30,6 6 7 54,5 4 7 48,3 9 9 64,6 4 8 21,0 8 5 15,6 5 4 18,8 5 9 32,7 2 3 64,859 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 454,8 2 1 21,3 5 7 197,2 1 6 13,5 2 7 19,4 3 5 34,5 6 8 30,6 7 2 40,9 7 0 13,3 6 2 9,9 2 0 11,9 5 2 20,7 3 8 41,104 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 32,0 0 0 0 32,0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 7 9 5 0 7 0 0 1 2 1 1 0 1 5 5 1 23 Items in process of collection 8,9 0 2 5 2 8 5 0 0 3 8 6 7 8 4 3 9 5 8 4 6 6 9 0 4 5 9 5 3 7 6 6 5 5 3 4 2,580 Bank premises 1,7 7 3 9 9 1 9 5 5 3 1 5 5 1 4 4 2 7 7 1 6 0 6 4 1 2 3 8 0 2 4 5 179 Other assets5 39,2 6 4 1,7 8 6 13,9 4 5 1,1 4 5 2,4 5 2 6,2 6 3 2,2 3 1 3,5 8 0 1,0 2 7 1,1 7 2 8 0 0 9 7 6 3,886 Interdistrict settlement account 0 + 3,4 4 0 -25,1 9 5 + 4,2 3 0 - 6 7 2 - 7 8 + 9,8 1 9 + 5 7 4 + 1,4 4 9 - 1,0 7 7 + 1,7 5 8 + 1,5 6 4 + 4,188 Total assets 813,6 6 2 40,1 8 5 338,2 0 5 27,6 8 7 33,9 9 3 62,2 9 9 62,7 2 6 70,9 0 7 24,5 1 5 16,6 9 4 22,5 8 1 36,7 5 8 77,112 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 22, 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 850,73 7 38,3 5 2 337,7 1 0 32,7 0 4 34,6 3 8 65,2 4 3 73,5 1 2 72,9 2 8 25,0 8 0 16,4 4 9 24,5 7 5 41,2 2 9 88,316 Less: notes held by F.R. Banks 128,82 0 4,1 2 3 35,6 5 0 7,8 7 2 5,4 4 6 12,2 7 9 16,9 5 9 9,1 0 7 2,8 1 2 1,9 9 9 4,4 3 9 7,2 6 7 20,868 Federal Reserve notes, net 721,91 7 34,2 2 9 302,0 6 0 24,8 3 3 29,1 9 3 52,9 6 4 56,5 5 4 63,8 2 1 22,2 6 8 14,4 5 0 20,1 3 5 33,9 6 2 67,448 Reverse repurchase agreements1 28,05 6 1,3 1 7 12,1 6 6 8 3 4 1,1 9 9 2,1 3 2 1,8 9 2 2,5 2 7 8 2 4 6 1 2 7 3 7 1,2 7 9 2,536 Deposits 29,80 6 1,2 7 1 15,2 9 9 8 1 4 1,3 3 7 2,0 8 0 2,0 5 6 2,0 4 3 6 4 5 3 4 4 8 1 5 7 3 8 2,364 Depository institutions 25,40 6 1,2 6 2 11,0 0 7 8 1 3 1,3 3 3 2,0 0 2 2,0 5 4 2,0 3 9 6 4 2 3 4 3 8 1 3 7 3 7 2,360 U.S. Treasury, general account 4,04 7 0 4,0 4 7 0 0 0 0 0 0 0 0 0 0 Foreign official 8 8 2 6 5 1 2 7 2 3 1 1 1 0 4 Other 26 4 7 1 8 0 0 1 7 1 0 1 2 0 1 1 0 Deferred availability cash items 7,77 7 6 7 1 7 3 6 4 8 8 4 9 9 4 9 6 9 2 5 4 9 9 1 7 6 5 8 2 4 6 6 3 3 7 1,903 Other liabilities and accrued dividends2 3,13 9 1 9 7 1,0 6 3 1 1 7 1 5 9 3 2 8 2 4 0 2 9 5 1 2 1 9 9 1 0 5 1 5 3 263 Total liabilities 790,69 5 37,6 8 5 331,3 2 4 27,0 8 6 32,3 8 7 58,0 0 1 61,6 6 7 69,1 8 4 24,0 3 4 16,0 8 7 22,2 5 9 36,4 6 8 74,513 Capital Capital paid in 11,63 8 1,6 3 8 3,4 3 7 2 9 4 7 9 5 2,1 3 8 5 1 6 7 6 4 2 3 6 2 5 4 1 5 0 1 3 4 1,283 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 2,48 2 4 1 3 1,4 1 3 4 8 8 4 8 6 5 5 3 5 1 6 8 1 0 4 5 268 Total liabilities and capital 813,66 2 40,1 8 5 338,2 0 5 27,6 8 7 33,9 9 3 62,2 9 9 62,7 2 6 70,9 0 7 24,5 1 5 16,6 9 4 22,5 8 1 36,7 5 8 77,112 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 22, 2004 Federal Reserve notes outstanding 850,737 Less: Notes held by F.R. Banks not subject to collateralization 128,820 Federal Reserve notes to be collateralized 721,917 Collateral held against Federal Reserve notes 721,917 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 708,678 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 749,682 Less: face value of securities under reverse repurchase agreements 28,082 U.S. Treasury and agency securities eligible to be pledged 721,601 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.