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 13, 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 12, 2005 Jan 5, 2005 Jan 14, 2004 Jan 12, 2005 Reserve Bank credit 780,682 - 10,975 + 51,196 777,138 Securities held outright 717,822 + 3 + 51,024 717,823 U.S. Treasury1 717,822 + 3 + 51,024 717,823 Bills2 262,970 0 + 17,989 262,970 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 2,315 + 3 + 666 2,316 Federal agency2 0 0 0 0 Repurchase agreements4 22,893 - 10,321 + 1,750 18,250 Loans to depository institutions 65 + 12 + 20 50 Primary credit 45 + 26 + 6 27 Secondary credit 0 0 0 0 Seasonal credit 20 - 15 + 14 23 Float 645 - 317 + 316 1,272 Other Federal Reserve assets 39,257 - 350 - 1,915 39,743 Gold stock 11,045 0 + 2 11,045 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 36,519 + 14 + 1,011 36,519 Total factors supplying reserve funds 830,446 - 10,961 + 52,209 826,902 Currency in circulation5 750,124 - 4,974 + 36,974 749,388 Reverse repurchase agreements6 29,964 + 62 + 9,521 27,231 Foreign official and international accounts 29,964 + 62 + 10,485 27,231 Dealers 0 0 - 964 0 Treasury cash holdings 273 + 2 - 51 250 Deposits with F.R. Banks, other than reserve balances 15,064 - 1,758 - 741 14,917 U.S. Treasury, general account 5,145 - 505 + 259 4,951 Foreign official 79 - 95 - 8 88 Service-related 9,593 - 425 - 942 9,593 Required clearing balances 9,593 - 425 - 589 9,593 Adjustments to compensate for float 0 0 - 352 0 Other 247 - 733 - 51 284 Other liabilities and capital 25,705 - 383 + 5,023 26,195 Total factors, other than reserve balances, absorbing reserve funds 821,129 - 7,051 + 50,723 817,981 Reserve balances with Federal Reserve Banks 9,316 - 3,910 + 1,485 8,921 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,351,056 + 6,846 + 268,125 1,341,811 U.S. Treasury 1,071,560 + 4,415 + 205,930 1,064,598 Federal agency 279,496 + 2,431 + 62,194 277,213 Securities lent to dealers 2,669 - 2,938 + 213 3,941 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 12, 2005 Jan 5, 2005 Jan 14, 2004 Assets Gold certificate account 11,041 0 + 2 Special drawing rights certificate account 2,200 0 0 Coin 737 + 18 - 15 Securities, repurchase agreements, and loans 736,123 - 16,242 + 45,311 Securities held outright 717,823 + 2 + 51,025 U.S. Treasury1 717,823 + 2 + 51,025 Bills2 262,970 0 + 17,985 Notes and bonds, nominal2 436,429 0 + 30,256 Notes and bonds, inflation-indexed2 16,108 0 + 2,114 Inflation compensation3 2,316 + 3 + 670 Federal agency2 0 0 0 Repurchase agreements4 18,250 - 16,250 - 5,750 Loans 50 + 6 + 36 Items in process of collection (813) 7,994 - 1,547 + 427 Bank premises 1,776 + 2 + 151 Other assets5 40,161 + 534 + 457 Total assets (813) 800,032 - 17,235 + 46,333 Liabilities Federal Reserve notes, net of F.R. Bank holdings 713,851 - 4,630 + 36,411 Reverse repurchase agreements6 27,231 - 1,416 + 6,510 Deposits (0) 26,032 - 10,898 - 1,278 Depository institutions 20,709 - 11,109 - 794 U.S. Treasury, general account 4,951 + 160 - 447 Foreign official 88 - 5 + 7 Other (0) 284 + 55 - 44 Deferred availability cash items (813) 6,723 - 966 - 1,184 Other liabilities and accrued dividends7 2,803 + 58 + 623 Total liabilities (813) 776,640 - 17,853 + 41,081 Capital accounts Capital paid in 12,008 + 162 + 3,133 Surplus 10,953 + 133 + 2,106 Other capital accounts 431 + 322 + 12 Total capital 23,392 + 618 + 5,251 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 12, 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 38 46,453 + 229 0 0 18,250 27,231 16 days to 90 days 12 163,095 + 317 0 0 0 0 91 days to 1 year 0 169,865 - 546 0 0 . . . . . . Over 1 year to 5 years . . . 208,270 0 0 0 . . . . . . Over 5 years to 10 years . . . 54,373 0 0 0 . . . . . . Over 10 years . . . 75,766 0 0 0 . . . . . . All 50 717,823 + 2 0 0 18,250 27,231 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 12, 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 3 7 1 8 4 6 5 5 5 2 6 7 8 1 1 1 7 3 4 2 3 4 6 8 9 108 Securities, repurchase agreements, and loans 736,1 2 3 33,7 1 2 329,5 2 0 21,3 5 7 30,6 7 3 54,5 5 8 48,4 0 8 64,6 6 8 21,0 8 9 15,6 6 1 18,8 6 4 32,7 2 9 64,886 Securities held outright 717,8 2 3 33,7 0 7 311,2 5 8 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 3 33,7 0 7 311,2 5 8 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 3 21,3 5 9 197,2 3 0 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 18,2 5 0 0 18,2 5 0 0 0 0 0 0 0 0 0 0 0 Loans 5 0 5 1 2 7 0 0 0 7 0 4 1 0 14 Items in process of collection 8,8 0 7 5 3 2 4 7 4 3 7 3 6 6 5 4 6 4 7 3 2 7 3 5 4 0 2 5 3 5 1,1 1 8 3 4 8 2,428 Bank premises 1,7 7 6 1 0 0 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 40,1 6 1 1,8 3 2 14,3 0 5 1,1 7 0 2,4 9 6 6,3 5 1 2,3 1 9 3,6 4 7 1,0 5 3 1,1 9 5 8 2 2 1,0 0 7 3,965 Interdistrict settlement account 0 + 2,7 0 2 -14,7 5 6 + 3,7 3 1 - 9 0 1 - 9 9 1 + 7,4 6 0 - 7 7 4 + 1,1 2 5 - 1,3 1 4 + 7 3 1 + 8 4 6 + 2,140 Total assets 800,8 4 5 39,5 0 6 335,3 0 9 27,2 0 4 33,6 9 8 61,5 6 0 60,3 3 8 69,6 8 8 24,1 6 6 16,4 6 9 22,0 3 1 35,8 9 3 74,983 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 12, 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 850,69 0 38,4 2 9 340,5 6 0 32,5 0 2 34,4 1 7 64,8 8 7 72,7 3 3 72,9 7 6 24,9 1 4 16,4 8 4 24,4 3 8 40,8 2 7 87,522 Less: notes held by F.R. Banks 136,83 9 4,5 1 6 39,3 9 2 8,1 8 1 5,5 8 4 12,5 6 1 17,9 9 5 9,5 5 2 3,0 0 0 2,0 4 2 4,5 6 3 7,6 5 7 21,797 Federal Reserve notes, net 713,85 1 33,9 1 4 301,1 6 8 24,3 2 1 28,8 3 3 52,3 2 6 54,7 3 8 63,4 2 4 21,9 1 4 14,4 4 2 19,8 7 5 33,1 7 0 65,725 Reverse repurchase agreements1 27,23 1 1,2 7 9 11,8 0 8 8 1 0 1,1 6 4 2,0 7 0 1,8 3 6 2,4 5 3 8 0 0 5 9 4 7 1 6 1,2 4 2 2,461 Deposits 26,03 2 1,0 5 2 13,5 0 7 8 9 3 1,0 5 2 1,9 9 4 1,6 5 1 1,5 2 9 5 3 0 3 5 8 6 3 8 7 1 5 2,113 Depository institutions 20,70 9 1,0 4 9 8,3 3 7 8 9 2 1,0 4 8 1,8 6 4 1,6 4 9 1,5 2 5 5 2 8 3 5 7 6 3 6 7 1 4 2,109 U.S. Treasury, general account 4,95 1 0 4,9 5 1 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 28 4 2 1 5 4 0 1 1 2 2 0 0 2 0 1 0 0 Deferred availability cash items 7,53 6 5 5 6 7 6 6 4 7 7 5 9 8 6 0 8 9 0 6 4 2 2 1 6 4 4 7 3 3 8 8 3 3 3 1,845 Other liabilities and accrued dividends2 2,80 3 1 5 3 9 8 3 1 0 2 1 4 7 2 6 0 2 2 0 2 6 9 1 1 0 8 8 9 5 1 4 4 230 Total liabilities 777,45 3 36,9 5 4 328,2 3 3 26,6 0 4 31,7 9 4 57,2 5 7 59,3 5 1 68,0 9 7 23,5 1 9 15,9 5 5 21,7 1 2 35,6 0 3 72,374 Capital Capital paid in 12,00 8 1,6 3 8 3,4 3 0 2 9 4 1,0 6 6 2,1 4 8 4 2 4 7 8 5 3 9 8 2 5 3 1 5 4 1 3 5 1,283 Surplus 10,95 3 9 0 5 3,4 3 0 2 9 4 8 3 8 2,1 4 8 5 1 6 7 6 3 2 3 6 2 5 4 1 5 2 1 3 5 1,283 Other capital 43 1 1 0 2 1 7 1 3 0 6 4 7 4 2 1 3 7 1 3 2 0 43 Total liabilities and capital 800,84 5 39,5 0 6 335,3 0 9 27,2 0 4 33,6 9 8 61,5 6 0 60,3 3 8 69,6 8 8 24,1 6 6 16,4 6 9 22,0 3 1 35,8 9 3 74,983 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 12, 2005 Federal Reserve notes outstanding 850,690 Less: Notes held by F.R. Banks not subject to collateralization 136,839 Federal Reserve notes to be collateralized 713,851 Collateral held against Federal Reserve notes 713,851 Gold certificate account 11,041 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 700,611 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 736,073 Less: face value of securities under reverse repurchase agreements 27,247 U.S. Treasury and agency securities eligible to be pledged 708,826 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.