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 20, 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 19, 2005 Jan 12, 2005 Jan 21, 2004 Jan 19, 2005 Reserve Bank credit 783,308 + 2,628 + 45,056 782,994 Securities held outright 717,825 + 3 + 50,998 717,825 U.S. Treasury1 717,825 + 3 + 50,998 717,825 Bills2 262,970 0 + 17,950 262,970 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 2,317 + 2 + 678 2,318 Federal agency2 0 0 0 0 Repurchase agreements4 24,786 + 1,893 - 5,821 22,500 Loans to depository institutions 53 - 12 - 170 61 Primary credit 35 - 10 - 177 42 Secondary credit 0 0 0 0 Seasonal credit 19 - 1 + 8 19 Float 943 + 300 + 1,119 3,188 Other Federal Reserve assets 39,702 + 445 - 1,069 39,420 Gold stock 11,045 0 + 2 11,045 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 36,533 + 14 + 1,006 36,533 Total factors supplying reserve funds 833,086 + 2,643 + 46,064 832,772 Currency in circulation5 748,943 - 1,181 + 37,739 748,954 Reverse repurchase agreements6 27,580 - 2,384 + 7,583 27,594 Foreign official and international accounts 27,580 - 2,384 + 7,583 27,594 Dealers 0 0 0 0 Treasury cash holdings 257 - 16 - 77 296 Deposits with F.R. Banks, other than reserve balances 14,802 - 262 - 3,804 15,202 U.S. Treasury, general account 4,781 - 364 - 2,593 5,142 Foreign official 81 + 2 - 5 79 Service-related 9,594 + 1 - 1,138 9,594 Required clearing balances 9,593 0 - 591 9,593 Adjustments to compensate for float 2 + 2 - 546 2 Other 346 + 99 - 68 387 Other liabilities and capital 26,279 + 574 + 6,159 25,976 Total factors, other than reserve balances, absorbing reserve funds 817,861 - 3,268 + 47,600 818,022 Reserve balances with Federal Reserve Banks 15,225 + 5,911 - 1,536 14,749 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,343,578 - 7,478 + 238,476 1,346,982 U.S. Treasury 1,068,838 - 2,722 + 183,870 1,073,699 Federal agency 274,740 - 4,756 + 54,606 273,283 Securities lent to dealers 2,164 - 505 + 971 2,057 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 19, 2005 Jan 12, 2005 Jan 21, 2004 Assets Gold certificate account 11,041 0 + 2 Special drawing rights certificate account 2,200 0 0 Coin 751 + 14 - 28 Securities, repurchase agreements, and loans 740,387 + 4,264 + 31,423 Securities held outright 717,825 + 2 + 50,993 U.S. Treasury1 717,825 + 2 + 50,993 Bills2 262,970 0 + 17,942 Notes and bonds, nominal2 436,429 0 + 30,256 Notes and bonds, inflation-indexed2 16,108 0 + 2,114 Inflation compensation3 2,318 + 2 + 682 Federal agency2 0 0 0 Repurchase agreements4 22,500 + 4,250 - 19,500 Loans 61 + 11 - 71 Items in process of collection (1,260) 12,550 + 4,556 - 201 Bank premises 1,779 + 3 + 135 Other assets5 39,837 - 324 + 496 Total assets (1,260) 808,544 + 8,512 + 31,827 Liabilities Federal Reserve notes, net of F.R. Bank holdings 713,464 - 387 + 36,839 Reverse repurchase agreements6 27,594 + 363 + 7,859 Deposits (0) 32,148 + 6,116 - 16,668 Depository institutions 26,540 + 5,831 - 14,004 U.S. Treasury, general account 5,142 + 191 - 2,598 Foreign official 79 - 9 - 37 Other (0) 387 + 103 - 29 Deferred availability cash items (1,260) 9,362 + 2,639 - 2,046 Other liabilities and accrued dividends7 2,784 - 19 + 542 Total liabilities (1,260) 785,352 + 8,712 + 26,527 Capital accounts Capital paid in 12,015 + 7 + 3,140 Surplus 10,946 - 7 + 2,099 Other capital accounts 231 - 200 + 61 Total capital 23,192 - 200 + 5,300 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 19, 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 61 56,493 + 10,040 0 0 22,500 27,594 16 days to 90 days 0 154,007 - 9,088 0 0 0 0 91 days to 1 year 0 170,089 + 224 0 0 . . . . . . Over 1 year to 5 years . . . 209,683 + 1,413 0 0 . . . . . . Over 5 years to 10 years . . . 51,786 - 2,587 0 0 . . . . . . Over 10 years . . . 75,767 + 1 0 0 . . . . . . All 61 717,825 + 2 0 0 22,500 27,594 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 19, 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 5 1 1 9 4 6 5 5 5 4 6 8 8 5 1 1 9 3 5 2 2 4 7 8 6 114 Securities, repurchase agreements, and loans 740,3 8 7 33,7 0 7 333,7 7 6 21,3 5 8 30,6 7 3 54,5 6 0 48,4 0 8 64,6 7 3 21,0 8 9 15,6 6 1 18,8 6 4 32,7 2 9 64,890 Securities held outright 717,8 2 5 33,7 0 7 311,2 5 9 21,3 5 0 30,6 7 3 54,5 5 8 48,4 0 8 64,6 6 1 21,0 8 9 15,6 5 7 18,8 6 3 32,7 2 9 64,872 U.S. Treasury1 717,8 2 5 33,7 0 7 311,2 5 9 21,3 5 0 30,6 7 3 54,5 5 8 48,4 0 8 64,6 6 1 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 5 21,3 5 9 197,2 3 1 13,5 2 9 19,4 3 6 34,5 7 1 30,6 7 4 40,9 7 3 13,3 6 3 9,9 2 1 11,9 5 3 20,7 3 9 41,107 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 22,5 0 0 0 22,5 0 0 0 0 0 0 0 0 0 0 0 0 Loans 6 1 0 1 7 8 0 2 0 1 2 0 4 1 0 18 Items in process of collection 13,8 1 0 9 2 6 1,0 3 5 6 4 9 1,0 4 4 7 4 4 1,3 7 1 1,5 8 7 7 5 5 6 4 7 1,2 1 8 6 3 1 3,203 Bank premises 1,7 7 9 1 0 0 1 9 6 5 3 1 5 7 1 4 4 2 7 7 1 5 8 6 7 1 2 3 8 2 2 5 6 167 Other assets5 39,8 3 7 1,8 1 7 14,2 2 3 1,1 5 7 2,4 7 3 6,2 8 9 2,3 0 5 3,6 0 8 1,0 4 1 1,1 8 0 8 1 5 9 9 9 3,929 Interdistrict settlement account 0 + 2,7 5 6 -17,6 8 2 + 3,2 0 4 + 3 0 7 - 9 4 6 + 8,5 1 3 - 9 9 4 + 9 4 3 - 1,2 1 9 + 1,2 1 8 + 9 3 4 + 2,966 Total assets 809,8 0 4 39,9 3 4 337,1 1 9 26,9 4 1 35,2 6 3 61,8 2 5 62,0 1 9 70,2 8 7 24,3 2 6 16,6 6 1 22,6 1 2 36,2 5 8 76,558 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 19, 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 852,38 5 38,5 9 1 341,1 2 3 32,5 3 4 34,3 2 0 64,7 2 8 73,7 6 2 72,8 3 4 24,9 0 0 16,4 3 4 24,5 6 5 40,8 0 7 87,787 Less: notes held by F.R. Banks 138,92 1 4,6 2 4 41,1 0 3 8,2 1 4 5,5 9 7 12,6 2 6 18,1 8 9 9,5 8 7 3,0 5 8 2,0 2 3 4,6 4 8 7,5 1 2 21,740 Federal Reserve notes, net 713,46 4 33,9 6 8 300,0 2 0 24,3 2 0 28,7 2 3 52,1 0 2 55,5 7 2 63,2 4 7 21,8 4 2 14,4 1 1 19,9 1 7 33,2 9 5 66,047 Reverse repurchase agreements1 27,59 4 1,2 9 6 11,9 6 5 8 2 1 1,1 7 9 2,0 9 7 1,8 6 1 2,4 8 6 8 1 1 6 0 2 7 2 5 1,2 5 8 2,494 Deposits 32,14 8 1,1 8 3 16,0 8 7 5 3 7 1,8 6 4 2,2 9 8 2,3 4 8 2,2 0 0 6 0 8 4 5 4 9 6 1 8 6 3 2,746 Depository institutions 26,54 0 1,1 7 5 10,6 6 4 5 3 6 1,8 6 1 2,1 4 1 2,3 4 6 2,1 9 6 6 0 5 4 5 3 9 5 9 8 6 2 2,742 U.S. Treasury, general account 5,14 2 0 5,1 4 2 0 0 0 0 0 0 0 0 0 0 Foreign official 7 9 2 5 6 1 2 7 2 3 1 1 1 0 4 Other 38 7 6 2 2 5 0 1 1 5 0 0 0 2 0 1 0 0 Deferred availability cash items 10,62 2 7 7 8 1,0 6 8 5 6 9 1,4 4 4 8 0 0 1,0 5 5 5 1 0 3 0 7 6 0 1 6 0 1 4 1 5 2,473 Other liabilities and accrued dividends2 2,78 4 1 5 5 9 8 7 1 0 1 1 4 7 2 5 2 2 2 2 2 6 3 1 0 8 8 5 9 4 1 4 2 229 Total liabilities 786,61 2 37,3 7 9 330,1 2 7 26,3 4 8 33,3 5 7 57,5 4 9 61,0 5 7 68,7 0 6 23,6 7 5 16,1 5 4 22,2 9 8 35,9 7 3 73,989 Capital Capital paid in 12,01 5 1,6 3 8 3,4 3 0 2 9 7 1,0 6 7 2,1 4 8 4 2 6 7 8 5 3 9 9 2 5 3 1 5 4 1 3 5 1,283 Surplus 10,94 6 9 1 6 3,4 3 0 2 9 4 8 3 9 2,1 2 7 5 1 6 7 6 3 2 3 6 2 5 4 1 5 3 1 3 5 1,283 Other capital 23 1 2 1 3 3 2 0 0 2 0 3 2 1 6 0 7 1 6 4 Total liabilities and capital 809,80 4 39,9 3 4 337,1 1 9 26,9 4 1 35,2 6 3 61,8 2 5 62,0 1 9 70,2 8 7 24,3 2 6 16,6 6 1 22,6 1 2 36,2 5 8 76,558 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 19, 2005 Federal Reserve notes outstanding 852,385 Less: Notes held by F.R. Banks not subject to collateralization 138,921 Federal Reserve notes to be collateralized 713,464 Collateral held against Federal Reserve notes 713,464 Gold certificate account 11,041 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 700,224 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 740,325 Less: face value of securities under reverse repurchase agreements 27,609 U.S. Treasury and agency securities eligible to be pledged 712,716 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.