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 27, 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 26, 2005 Jan 19, 2005 Jan 28, 2004 Jan 26, 2005 Reserve Bank credit 780,557 - 2,751 + 52,374 786,501 Securities held outright 717,827 + 2 + 50,798 717,827 U.S. Treasury1 717,827 + 2 + 50,798 717,827 Bills2 262,970 0 + 17,739 262,970 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 2,319 + 2 + 689 2,320 Federal agency2 0 0 0 0 Repurchase agreements4 21,893 - 2,893 + 2,750 28,750 Loans to depository institutions 77 + 24 - 120 69 Primary credit 55 + 20 - 129 42 Secondary credit 0 0 0 0 Seasonal credit 22 + 3 + 8 26 Float 1,159 + 218 + 635 45 Other Federal Reserve assets 39,602 - 101 - 1,687 39,811 Gold stock 11,045 0 + 2 11,045 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 36,547 + 14 + 1,000 36,547 Total factors supplying reserve funds 830,349 - 2,737 + 53,376 836,293 Currency in circulation5 746,989 - 1,954 + 37,496 747,490 Reverse repurchase agreements6 27,453 - 127 + 7,228 31,074 Foreign official and international accounts 27,453 - 127 + 7,228 31,074 Dealers 0 0 0 0 Treasury cash holdings 292 + 35 - 53 269 Deposits with F.R. Banks, other than reserve balances 14,614 - 188 - 2,063 14,459 U.S. Treasury, general account 5,252 + 471 + 99 5,117 Foreign official 83 + 2 + 1 76 Service-related 8,949 - 645 - 2,097 8,949 Required clearing balances 8,947 - 646 - 1,672 8,947 Adjustments to compensate for float 2 0 - 425 2 Other 330 - 16 - 66 317 Other liabilities and capital 26,234 - 45 + 5,644 26,270 Total factors, other than reserve balances, absorbing reserve funds 815,582 - 2,279 + 48,253 819,561 Reserve balances with Federal Reserve Banks 14,767 - 458 + 5,123 16,732 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,347,370 + 3,792 + 234,854 1,353,463 U.S. Treasury 1,070,048 + 1,210 + 185,684 1,071,495 Federal agency 277,322 + 2,582 + 49,170 281,968 Securities lent to dealers 1,204 - 960 + 621 700 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 Jan 26, 2005 Jan 19, 2005 Jan 28, 2004 Assets Gold certificate account 11,041 0 + 2 Special drawing rights certificate account 2,200 0 0 Coin 785 + 34 - 28 Securities, repurchase agreements, and loans 746,646 + 6,259 + 56,561 Securities held outright 717,827 + 2 + 50,767 U.S. Treasury1 717,827 + 2 + 50,767 Bills2 262,970 0 + 17,704 Notes and bonds, nominal2 436,429 0 + 30,256 Notes and bonds, inflation-indexed2 16,108 0 + 2,114 Inflation compensation3 2,320 + 2 + 694 Federal agency2 0 0 0 Repurchase agreements4 28,750 + 6,250 + 5,750 Loans 69 + 8 + 44 Items in process of collection (750) 6,204 - 6,346 - 4,368 Bank premises 1,778 - 1 + 134 Other assets5 40,209 + 372 + 400 Total assets (750) 808,862 + 318 + 52,701 Liabilities Federal Reserve notes, net of F.R. Bank holdings 711,992 - 1,472 + 35,727 Reverse repurchase agreements6 31,074 + 3,480 + 10,380 Deposits (0) 33,368 + 1,220 + 2,333 Depository institutions 27,858 + 1,318 + 2,529 U.S. Treasury, general account 5,117 - 25 - 130 Foreign official 76 - 3 - 6 Other (0) 317 - 70 - 61 Deferred availability cash items (750) 6,160 - 3,202 - 1,487 Other liabilities and accrued dividends7 2,836 + 52 + 550 Total liabilities (750) 785,429 + 77 + 47,502 Capital accounts Capital paid in 12,020 + 5 + 3,134 Surplus 10,994 + 48 + 2,147 Other capital accounts 420 + 189 - 82 Total capital 23,433 + 241 + 5,198 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 26, 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 69 57,750 + 1,257 0 0 28,750 31,074 16 days to 90 days 0 153,159 - 848 0 0 0 0 91 days to 1 year 0 169,681 - 408 0 0 . . . . . . Over 1 year to 5 years . . . 209,684 + 1 0 0 . . . . . . Over 5 years to 10 years . . . 51,786 0 0 0 . . . . . . Over 10 years . . . 75,768 + 1 0 0 . . . . . . All 69 717,828 + 3 0 0 28,750 31,074 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 26, 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 8 5 2 0 4 8 5 9 5 4 7 2 9 1 1 2 2 3 6 2 3 5 1 8 6 122 Securities, repurchase agreements, and loans 746,6 4 6 33,7 1 1 340,0 1 2 21,3 5 8 30,6 7 3 54,5 5 8 48,4 0 9 64,6 7 5 21,0 8 9 15,6 6 2 18,8 6 7 32,7 2 9 64,902 Securities held outright 717,8 2 7 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 7 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 7 21,3 5 9 197,2 3 2 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 28,7 5 0 0 28,7 5 0 0 0 0 0 0 0 0 0 0 0 Loans 6 9 3 3 8 0 0 0 1 5 0 5 4 0 30 Items in process of collection 6,9 5 4 3 0 5 4 7 1 2 6 0 6 0 6 2 0 7 8 9 1 3 8 5 3 0 0 4 2 5 5 6 9 2 9 3 2,243 Bank premises 1,7 7 8 1 0 0 1 9 6 5 3 1 5 7 1 4 3 2 7 6 1 5 7 6 7 1 2 3 8 2 2 5 6 167 Other assets5 40,2 0 9 1,8 3 6 14,3 7 8 1,1 6 8 2,4 9 5 6,3 0 5 2,3 4 1 3,6 4 1 1,0 5 3 1,1 8 8 8 2 4 1,0 1 4 3,966 Interdistrict settlement account 0 + 3,6 4 0 -23,9 0 5 + 3,9 1 2 - 3 7 0 + 2,3 8 8 + 8,3 5 0 + 2 8 7 + 1,3 4 6 - 1,0 6 0 + 1,5 6 6 + 1,0 6 3 + 2,782 Total assets 809,6 1 2 40,2 2 1 336,7 2 6 27,2 7 6 34,1 7 1 64,6 3 9 61,4 1 8 70,4 0 3 24,2 8 7 16,6 0 9 22,3 2 6 36,0 6 4 75,471 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 26, 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 852,81 9 39,3 8 0 341,6 1 8 32,7 8 9 34,2 5 0 64,6 2 5 73,4 4 5 72,7 0 7 24,9 0 3 16,4 0 2 24,5 3 2 40,6 9 5 87,472 Less: notes held by F.R. Banks 140,82 7 4,9 3 5 42,2 6 3 8,2 7 9 5,6 8 5 12,4 8 1 18,2 1 8 9,6 8 9 2,9 7 3 1,9 9 3 4,7 4 8 7,5 3 0 22,033 Federal Reserve notes, net 711,99 2 34,4 4 4 299,3 5 5 24,5 1 1 28,5 6 5 52,1 4 3 55,2 2 8 63,0 1 9 21,9 3 0 14,4 0 9 19,7 8 4 33,1 6 5 65,439 Reverse repurchase agreements1 31,07 4 1,4 5 9 13,4 7 4 9 2 4 1,3 2 8 2,3 6 2 2,0 9 6 2,7 9 9 9 1 3 6 7 8 8 1 7 1,4 1 7 2,808 Deposits 33,36 8 1,1 6 7 15,1 2 9 7 9 7 1,5 9 4 4,9 8 3 1,9 1 7 2,2 8 5 5 1 5 4 0 7 9 3 4 7 6 6 2,875 Depository institutions 27,85 8 1,1 4 4 9,7 8 3 7 9 6 1,5 9 1 4,8 6 3 1,9 1 5 2,2 8 1 5 1 3 4 0 6 9 3 2 7 6 2 2,871 U.S. Treasury, general account 5,11 7 0 5,1 1 7 0 0 0 0 0 0 0 0 0 0 Foreign official 7 6 2 5 3 1 2 7 2 3 1 1 1 0 4 Other 31 7 2 2 1 7 5 0 1 1 1 3 0 0 1 0 1 3 0 Deferred availability cash items 6,91 0 4 1 8 7 1 1 3 3 7 6 0 8 5 8 1 9 7 2 4 2 8 1 6 1 5 1 4 3 8 1 2 8 8 1,511 Other liabilities and accrued dividends2 2,83 6 1 6 2 9 9 6 1 0 3 1 5 2 2 6 9 2 2 2 2 6 5 1 1 1 8 6 9 5 1 4 5 231 Total liabilities 786,17 9 37,6 5 0 329,6 6 4 26,6 7 3 32,2 4 7 60,3 3 8 60,4 3 4 68,7 9 5 23,6 3 1 16,0 9 4 22,0 1 0 35,7 8 1 72,864 Capital Capital paid in 12,02 0 1,6 3 8 3,4 3 0 2 9 7 1,0 6 7 2,1 5 1 4 2 6 7 8 6 3 9 9 2 5 3 1 5 4 1 3 5 1,283 Surplus 10,99 4 9 2 4 3,4 3 0 2 9 4 8 5 8 2,1 4 8 5 1 6 7 6 3 2 3 6 2 5 4 1 5 3 1 3 5 1,283 Other capital 42 0 8 2 0 2 1 2 0 2 4 3 5 8 2 1 8 1 0 1 3 42 Total liabilities and capital 809,61 2 40,2 2 1 336,7 2 6 27,2 7 6 34,1 7 1 64,6 3 9 61,4 1 8 70,4 0 3 24,2 8 7 16,6 0 9 22,3 2 6 36,0 6 4 75,471 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 26, 2005 Federal Reserve notes outstanding 852,819 Less: Notes held by F.R. Banks not subject to collateralization 140,827 Federal Reserve notes to be collateralized 711,992 Collateral held against Federal Reserve notes 711,992 Gold certificate account 11,041 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 698,751 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 746,577 Less: face value of securities under reverse repurchase agreements 31,093 U.S. Treasury and agency securities eligible to be pledged 715,485 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.