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 January 6, 2005 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 Jan 5, 2005 Dec 29, 2004 Jan 7, 2004 Jan 5, 2005 Reserve Bank credit 791,658 + 1,033 + 48,359 793,421 Securities held outright 717,819 + 92 + 51,115 717,821 U.S. Treasury1 717,819 + 92 + 51,115 717,821 Bills2 262,970 + 78 + 18,093 262,970 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 2,312 + 14 + 653 2,313 Federal agency2 0 0 0 0 Repurchase agreements4 33,214 + 2,143 - 1,465 34,500 Loans to depository institutions 53 - 1 + 29 44 Primary credit 19 + 10 + 7 21 Secondary credit 0 0 0 0 Seasonal credit 35 - 10 + 24 23 Float 963 - 1,537 - 385 1,852 Other Federal Reserve assets 39,607 + 335 - 938 39,204 Gold stock 11,045 + 1 + 2 11,045 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 36,490 + 14 + 1,002 36,490 Total factors supplying reserve funds 841,392 + 1,048 + 49,362 843,155 Currency in circulation5 755,083 - 1,858 + 33,922 753,980 Reverse repurchase agreements6 29,902 - 230 + 7,425 28,647 Foreign official and international accounts 29,902 - 230 + 7,782 28,647 Dealers 0 0 - 357 0 Treasury cash holdings 271 + 3 - 50 276 Deposits with F.R. Banks, other than reserve balances 16,822 + 1,851 - 1,261 15,131 U.S. Treasury, general account 5,650 + 1,019 + 331 4,791 Foreign official 174 + 94 + 79 93 Service-related 10,018 - 5 - 2,004 10,018 Required clearing balances 10,018 - 5 - 1,812 10,018 Adjustments to compensate for float 0 0 - 192 0 Other 980 + 743 + 333 229 Other liabilities and capital 26,088 - 531 + 5,963 25,519 Total factors, other than reserve balances, absorbing reserve funds 828,165 - 766 + 45,998 823,553 Reserve balances with Federal Reserve Banks 13,227 + 1,814 + 3,364 19,602 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,344,210 + 8,430 + 271,550 1,347,153 U.S. Treasury 1,067,145 + 4,936 + 205,141 1,067,470 Federal agency 277,065 + 3,494 + 66,409 279,683 Securities lent to dealers 5,607 + 3,557 + 2,407 2,789 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 Jan 5, 2005 Dec 29, 2004 Jan 7, 2004 Assets Gold certificate account 11,041 0 + 2 Special drawing rights certificate account 2,200 0 0 Coin 719 + 2 - 6 Securities, repurchase agreements, and loans 752,365 + 1,495 + 61,634 Securities held outright 717,821 + 8 + 51,101 U.S. Treasury1 717,821 + 8 + 51,101 Bills2 262,970 0 + 18,073 Notes and bonds, nominal2 436,429 0 + 30,256 Notes and bonds, inflation-indexed2 16,108 0 + 2,114 Inflation compensation3 2,313 + 7 + 658 Federal agency2 0 0 0 Repurchase agreements4 34,500 + 1,500 + 10,500 Loans 44 - 13 + 33 Items in process of collection (1,060) 9,541 + 3,437 - 1,700 Bank premises 1,774 - 13 + 150 Other assets5 39,627 - 132 + 468 Total assets (1,060) 817,267 + 4,789 + 60,549 Liabilities Federal Reserve notes, net of F.R. Bank holdings 718,481 - 4,423 + 35,090 Reverse repurchase agreements6 28,647 - 1,291 + 9,060 Deposits (1) 36,930 + 9,454 + 11,850 Depository institutions 31,818 + 10,385 + 11,962 U.S. Treasury, general account 4,791 - 943 - 124 Foreign official 93 + 6 + 9 Other (1) 229 + 8 + 4 Deferred availability cash items (1,060) 7,689 + 2,055 - 590 Other liabilities and accrued dividends7 2,745 - 448 + 643 Total liabilities (1,060) 794,493 + 5,348 + 56,055 Capital accounts Capital paid in 11,846 + 205 + 2,995 Surplus 10,820 + 1,973 + 1,973 Other capital accounts 109 - 2,736 - 474 Total capital 22,774 - 559 + 4,493 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, January 5, 2005 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 29 46,224 - 7,887 0 0 34,500 28,647 16 days to 90 days 15 162,778 + 8,372 0 0 0 0 91 days to 1 year 0 170,411 - 445 0 0 . . . . . . Over 1 year to 5 years . . . 208,270 - 36 0 0 . . . . . . Over 5 years to 10 years . . . 54,373 + 2 0 0 . . . . . . Over 10 years . . . 75,766 + 3 0 0 . . . . . . All 44 717,821 + 8 0 0 34,500 28,647 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 January 5, 2005 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 9 1 8 4 3 5 5 5 1 6 3 8 1 1 1 3 3 4 2 2 4 7 8 8 105 Securities, repurchase agreements, and loans 752,3 6 5 33,7 1 0 345,7 7 8 21,3 5 5 30,6 7 3 54,5 5 8 48,4 0 9 64,6 6 9 21,0 8 9 15,6 6 0 18,8 6 4 32,7 2 9 64,872 Securities held outright 717,8 2 1 33,7 0 7 311,2 5 7 21,3 5 0 30,6 7 3 54,5 5 8 48,4 0 8 64,6 6 0 21,0 8 9 15,6 5 7 18,8 6 3 32,7 2 9 64,872 U.S. Treasury1 717,8 2 1 33,7 0 7 311,2 5 7 21,3 5 0 30,6 7 3 54,5 5 8 48,4 0 8 64,6 6 0 21,0 8 9 15,6 5 7 18,8 6 3 32,7 2 9 64,872 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 5 1 21,3 5 9 197,2 2 9 13,5 2 8 19,4 3 6 34,5 7 1 30,6 7 4 40,9 7 2 13,3 6 3 9,9 2 1 11,9 5 3 20,7 3 9 41,106 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 34,5 0 0 0 34,5 0 0 0 0 0 0 0 0 0 0 0 0 Loans 4 4 3 2 1 6 0 0 2 8 0 4 1 0 0 Items in process of collection 10,6 0 2 4 8 9 5 2 7 4 6 2 9 0 4 4 0 7 9 7 8 1,1 4 2 6 3 6 6 3 0 9 3 8 5 0 1 2,987 Bank premises 1,7 7 4 9 9 1 9 6 5 3 1 5 7 1 4 4 2 7 7 1 5 9 6 7 1 2 3 8 2 2 5 2 167 Other assets5 39,6 2 7 1,7 9 9 14,1 2 4 1,1 5 3 2,4 6 8 6,2 7 9 2,2 8 6 3,5 9 5 1,0 3 6 1,1 8 0 8 1 0 9 8 9 3,909 Interdistrict settlement account 0 + 3,1 3 4 -24,1 2 8 + 4,2 5 3 - 5 0 1 + 2,5 7 4 + 9,2 8 6 - 4 7 8 + 1,0 8 0 - 1,0 7 3 + 1,2 3 2 + 1,2 3 9 + 3,382 Total assets 818,3 2 7 39,8 5 7 342,0 6 4 27,7 9 6 34,3 0 7 64,9 9 0 62,3 7 7 70,3 3 4 24,3 3 8 16,7 9 0 22,3 4 1 36,4 2 0 76,712 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 January 5, 2005 (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 848,67 5 38,2 7 4 338,1 1 7 32,5 7 7 34,4 8 4 64,9 9 2 72,9 2 5 72,8 0 8 24,9 7 9 16,4 2 9 24,4 5 7 40,9 6 5 87,668 Less: notes held by F.R. Banks 130,19 3 4,2 1 6 36,3 2 2 8,0 2 7 5,3 5 6 12,2 0 3 17,3 8 7 9,0 5 6 2,8 8 4 1,9 9 6 4,4 4 1 7,4 5 4 20,853 Federal Reserve notes, net 718,48 1 34,0 5 8 301,7 9 5 24,5 5 0 29,1 2 7 52,7 8 9 55,5 3 8 63,7 5 2 22,0 9 6 14,4 3 3 20,0 1 6 33,5 1 2 66,815 Reverse repurchase agreements1 28,64 7 1,3 4 5 12,4 2 2 8 5 2 1,2 2 4 2,1 7 7 1,9 3 2 2,5 8 0 8 4 2 6 2 5 7 5 3 1,3 0 6 2,589 Deposits 36,93 1 1,2 0 0 19,1 4 9 1,2 2 2 1,1 1 8 4,8 7 9 2,7 9 4 1,7 0 2 6 4 3 3 4 5 7 1 3 8 1 4 2,353 Depository institutions 31,81 8 1,1 9 6 14,1 2 9 1,2 2 1 1,1 1 5 4,8 1 1 2,7 9 2 1,6 9 9 6 4 0 3 4 4 7 1 1 8 1 2 2,349 U.S. Treasury, general account 4,79 1 0 4,7 9 1 0 0 0 0 0 0 0 0 0 0 Foreign official 9 3 2 7 0 1 2 7 2 3 1 1 1 0 4 Other 23 0 2 1 5 9 0 0 6 1 0 1 2 0 2 1 0 Deferred availability cash items 8,74 9 5 7 8 8 0 5 4 8 5 8 1 3 6 4 6 9 4 8 4 9 8 1 7 7 8 0 0 4 5 9 3 6 5 2,173 Other liabilities and accrued dividends2 2,74 5 1 4 6 9 6 6 9 9 1 4 4 2 5 9 2 1 4 2 6 2 1 0 8 8 5 9 3 1 4 3 226 Total liabilities 795,55 3 37,3 2 7 335,1 3 7 27,2 0 9 32,4 2 7 60,7 5 0 61,4 2 5 68,7 9 5 23,8 6 5 16,2 8 8 22,0 3 3 36,1 4 0 74,157 Capital Capital paid in 11,84 6 1,6 3 8 3,4 3 0 2 9 4 1,0 6 6 2,1 4 8 4 2 4 7 8 4 2 3 6 2 5 4 1 5 4 1 3 5 1,283 Surplus 10,82 0 8 9 0 3,4 3 0 2 9 3 8 1 0 2,0 9 2 5 1 6 7 5 5 2 3 6 2 4 7 1 5 3 1 3 5 1,264 Other capital 10 9 3 6 8 0 4 0 1 2 0 2 0 1 1 1 8 Total liabilities and capital 818,32 7 39,8 5 7 342,0 6 4 27,7 9 6 34,3 0 7 64,9 9 0 62,3 7 7 70,3 3 4 24,3 3 8 16,7 9 0 22,3 4 1 36,4 2 0 76,712 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 Jan 5, 2005 Federal Reserve notes outstanding 848,675 Less: Notes held by F.R. Banks not subject to collateralization 130,193 Federal Reserve notes to be collateralized 718,481 Collateral held against Federal Reserve notes 718,481 Gold certificate account 11,041 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 705,241 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 752,321 Less: face value of securities under reverse repurchase agreements 28,665 U.S. Treasury and agency securities eligible to be pledged 723,656 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.