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 30, 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 29, 2004 Dec 22, 2004 Dec 31, 2003 Dec 29, 2004 Reserve Bank credit 790,621 + 6,148 + 44,054 790,726 Securities held outright 717,727 + 53 + 51,325 717,813 U.S. Treasury1 717,727 + 53 + 51,325 717,813 Bills2 262,892 + 31 + 18,323 262,970 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 2,298 + 22 + 632 2,306 Federal agency2 0 0 0 0 Repurchase agreements4 31,071 + 5,678 - 7,608 33,000 Loans to depository institutions 54 - 21 - 11 57 Primary credit 9 - 10 - 23 13 Secondary credit 0 0 0 0 Seasonal credit 45 - 11 + 12 44 Float 2,496 + 2,043 + 1,316 489 Other Federal Reserve assets 39,272 - 1,606 - 970 39,367 Gold stock 11,044 + 1 + 1 11,045 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 36,476 + 14 + 1,008 36,476 Total factors supplying reserve funds 840,340 + 6,162 + 45,061 840,446 Currency in circulation5 756,941 + 3,283 + 33,235 758,397 Reverse repurchase agreements6 30,132 + 2,058 + 8,497 29,938 Foreign official and international accounts 30,132 + 2,058 + 8,497 29,938 Dealers 0 0 0 0 Treasury cash holdings 268 + 4 - 51 270 Deposits with F.R. Banks, other than reserve balances 14,971 - 291 - 3,421 16,066 U.S. Treasury, general account 4,631 - 502 - 1,219 5,734 Foreign official 80 - 17 - 19 87 Service-related 10,023 + 261 - 2,102 10,023 Required clearing balances 10,023 + 261 - 1,823 10,023 Adjustments to compensate for float 0 0 - 278 0 Other 237 - 33 - 82 221 Other liabilities and capital 26,619 + 479 + 6,030 26,526 Total factors, other than reserve balances, absorbing reserve funds 828,931 + 5,533 + 44,290 831,197 Reserve balances with Federal Reserve Banks 11,409 + 630 + 772 9,249 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,335,780 + 5,683 + 269,038 1,340,321 U.S. Treasury 1,062,209 + 2,584 + 206,337 1,063,222 Federal agency 273,571 + 3,099 + 62,702 277,099 Securities lent to dealers 2,050 - 1,303 - 1,036 5,782 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 29, 2004 Dec 22, 2004 Dec 31, 2003 Assets Gold certificate account 11,041 + 2 + 2 Special drawing rights certificate account 2,200 0 0 Coin 717 - 5 - 5 Securities, repurchase agreements, and loans 750,870 + 1,109 + 40,393 Securities held outright 717,813 + 131 + 51,148 U.S. Treasury1 717,813 + 131 + 51,148 Bills2 262,970 + 109 + 18,137 Notes and bonds, nominal2 436,429 0 + 30,256 Notes and bonds, inflation-indexed2 16,108 0 + 2,114 Inflation compensation3 2,306 + 22 + 641 Federal agency2 0 0 0 Repurchase agreements4 33,000 + 1,000 - 10,750 Loans 57 - 22 - 5 Items in process of collection (1,018) 6,104 - 1,994 - 1,689 Bank premises 1,787 + 14 + 159 Other assets5 39,759 + 495 + 1,173 Total assets (1,018) 812,478 - 381 + 40,034 Liabilities Federal Reserve notes, net of F.R. Bank holdings 722,904 + 987 + 33,147 Reverse repurchase agreements6 29,938 + 1,882 + 4,286 Deposits (0) 27,476 - 2,330 - 2,184 Depository institutions 21,433 - 3,973 - 1,625 U.S. Treasury, general account 5,734 + 1,687 + 11 Foreign official 87 - 1 - 75 Other (0) 221 - 43 - 496 Deferred availability cash items (1,018) 5,634 - 1,339 - 1,948 Other liabilities and accrued dividends7 3,193 + 54 + 1,093 Total liabilities (1,018) 789,145 - 747 + 34,395 Capital accounts Capital paid in 11,641 + 3 + 2,794 Surplus 8,847 0 0 Other capital accounts 2,845 + 363 + 2,845 Total capital 23,333 + 366 + 5,639 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 29, 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 57 54,111 - 296 0 0 33,000 29,938 16 days to 90 days 0 154,406 + 462 0 0 0 0 91 days to 1 year 0 170,856 - 57 0 0 . . . . . . Over 1 year to 5 years . . . 208,306 + 8 0 0 . . . . . . Over 5 years to 10 years . . . 54,371 + 7 0 0 . . . . . . Over 10 years . . . 75,763 + 8 0 0 . . . . . . All 57 717,813 + 131 0 0 33,000 29,938 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 29, 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 4 1 4 9 4 4,6 5 1 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 7 1 8 4 2 5 5 5 1 6 1 8 4 1 1 0 3 5 2 1 4 7 9 1 104 Securities, repurchase agreements, and loans 750,8 7 0 33,7 1 0 344,2 5 3 21,3 5 7 30,6 7 2 54,5 5 7 48,4 1 4 64,6 7 7 21,0 8 9 15,6 6 8 18,8 6 6 32,7 2 9 64,877 Securities held outright 717,8 1 3 33,7 0 7 311,2 5 3 21,3 5 0 30,6 7 2 54,5 5 7 48,4 0 7 64,6 5 9 21,0 8 9 15,6 5 6 18,8 6 3 32,7 2 9 64,871 U.S. Treasury1 717,8 1 3 33,7 0 7 311,2 5 3 21,3 5 0 30,6 7 2 54,5 5 7 48,4 0 7 64,6 5 9 21,0 8 9 15,6 5 6 18,8 6 3 32,7 2 9 64,871 Bills2 262,9 7 0 12,3 4 8 114,0 2 7 7,8 2 1 11,2 3 7 19,9 8 7 17,7 3 4 23,6 8 8 7,7 2 6 5,7 3 6 6,9 1 0 11,9 9 0 23,765 Notes and bonds3 454,8 4 3 21,3 5 8 197,2 2 6 13,5 2 8 19,4 3 6 34,5 7 0 30,6 7 3 40,9 7 2 13,3 6 3 9,9 2 1 11,9 5 2 20,7 3 9 41,105 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 33,0 0 0 0 33,0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 5 7 3 0 8 0 0 7 1 7 0 1 2 3 1 6 Items in process of collection 7,1 2 2 3 5 8 3 5 4 3 4 3 5 0 7 2 6 4 6 2 9 4 9 1 4 0 5 4 5 5 6 1 4 3 6 2 2,341 Bank premises 1,7 8 7 9 9 1 9 6 5 3 1 5 6 1 4 4 2 7 7 1 5 9 6 6 1 2 3 8 2 2 5 3 179 Other assets5 39,7 5 9 1,8 1 1 14,1 3 7 1,1 5 9 2,4 8 3 6,3 2 0 2,2 6 7 3,6 1 5 1,0 4 2 1,1 8 7 8 1 2 9 9 0 3,937 Interdistrict settlement account 0 + 3,8 4 0 -27,8 2 2 + 3,9 9 4 - 2 8 4 + 6 7 4 + 9,5 5 5 + 7 0 1 + 1,6 4 0 - 9 7 1 + 1,8 7 9 + 1,5 7 2 + 5,223 Total assets 813,4 9 6 40,4 4 6 336,6 8 4 27,4 2 6 34,1 4 1 62,9 8 5 62,2 8 6 70,8 8 7 24,6 7 2 16,7 3 1 22,6 6 8 36,6 1 9 77,950 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 29, 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 848,98 5 38,2 9 3 337,2 9 8 32,6 3 8 34,5 7 6 65,1 1 7 73,1 7 8 72,7 9 5 25,0 3 9 16,4 1 8 24,5 1 1 41,1 0 4 88,017 Less: notes held by F.R. Banks 126,08 1 3,9 7 6 34,8 0 5 7,9 0 8 5,2 2 8 11,9 6 2 16,7 9 1 8,8 1 1 2,7 0 4 1,9 2 4 4,3 4 7 7,2 7 7 20,346 Federal Reserve notes, net 722,90 4 34,3 1 7 302,4 9 3 24,7 3 0 29,3 4 8 53,1 5 5 56,3 8 7 63,9 8 4 22,3 3 5 14,4 9 4 20,1 6 4 33,8 2 7 67,671 Reverse repurchase agreements1 29,93 8 1,4 0 6 12,9 8 2 8 9 0 1,2 7 9 2,2 7 5 2,0 1 9 2,6 9 7 8 8 0 6 5 3 7 8 7 1,3 6 5 2,706 Deposits 27,47 6 1,4 8 7 12,4 4 2 6 5 4 1,2 8 7 2,4 0 5 1,7 7 2 1,7 2 8 6 7 5 3 7 0 8 3 5 7 2 6 3,095 Depository institutions 21,43 3 1,4 8 3 6,4 6 5 6 5 2 1,2 8 3 2,3 6 6 1,7 7 0 1,7 2 4 6 7 2 3 6 9 8 3 2 7 2 5 3,092 U.S. Treasury, general account 5,73 4 0 5,7 3 4 0 0 0 0 0 0 0 0 0 0 Foreign official 8 7 2 6 4 1 2 7 2 3 1 1 1 0 4 Other 22 1 2 1 7 9 0 2 3 1 0 1 2 0 2 1 0 Deferred availability cash items 6,65 1 5 1 3 5 8 7 4 3 0 4 4 7 4 5 9 7 9 8 4 4 2 1 7 4 5 0 0 4 5 4 2 5 7 1,589 Other liabilities and accrued dividends2 3,19 3 2 0 1 1,0 7 3 1 1 7 1 6 1 3 4 1 2 4 2 3 0 0 1 2 5 1 0 0 1 0 7 1 5 7 270 Total liabilities 790,16 3 37,9 2 3 329,5 7 7 26,8 2 2 32,5 2 2 58,6 3 6 61,2 1 8 69,1 5 0 24,1 8 8 16,1 1 7 22,3 4 6 36,3 3 3 75,331 Capital Capital paid in 11,64 1 1,6 3 8 3,4 3 0 2 9 4 7 9 5 2,1 4 8 5 1 6 7 6 4 2 3 6 2 5 4 1 4 9 1 3 5 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 2,84 5 4 3 6 1,6 4 7 5 1 9 7 1 2 7 6 4 5 0 2 0 1 4 1 0 4 0 288 Total liabilities and capital 813,49 6 40,4 4 6 336,6 8 4 27,4 2 6 34,1 4 1 62,9 8 5 62,2 8 6 70,8 8 7 24,6 7 2 16,7 3 1 22,6 6 8 36,6 1 9 77,950 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 29, 2004 Federal Reserve notes outstanding 848,985 Less: Notes held by F.R. Banks not subject to collateralization 126,081 Federal Reserve notes to be collateralized 722,904 Collateral held against Federal Reserve notes 722,904 Gold certificate account 11,041 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 709,664 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 750,813 Less: face value of securities under reverse repurchase agreements 29,952 U.S. Treasury and agency securities eligible to be pledged 720,861 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.