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 February 24, 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 Feb 23, 2005 Feb 16, 2005 Feb 25, 2004 Feb 23, 2005 Reserve Bank credit 780,772 - 2,931 + 48,717 783,514 Securities held outright 717,845 - 21 + 46,936 717,839 U.S. Treasury1 717,845 - 21 + 46,936 717,839 Bills2 263,005 0 + 16,918 263,005 Notes and bonds, nominal2 433,429 0 + 24,211 433,429 Notes and bonds, inflation-indexed2 19,108 0 + 5,114 19,108 Inflation compensation3 2,303 - 21 + 694 2,297 Federal agency2 0 0 0 0 Repurchase agreements4 23,964 + 35 + 964 25,250 Loans to depository institutions 21 - 2 - 31 24 Primary credit 5 - 4 - 32 6 Secondary credit 0 0 0 0 Seasonal credit 16 + 2 0 19 Float -308 - 720 + 233 913 Other Federal Reserve assets 39,250 - 2,223 + 615 39,488 Gold stock 11,042 0 - 1 11,042 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 36,532 + 14 + 903 36,532 Total factors supplying reserve funds 830,547 - 2,916 + 49,620 833,289 Currency in circulation5 753,257 + 2,087 + 39,048 753,834 Reverse repurchase agreements6 23,857 - 3,187 + 3,431 23,474 Foreign official and international accounts 23,857 - 3,187 + 3,431 23,474 Dealers 0 0 0 0 Treasury cash holdings 269 - 11 - 53 263 Deposits with F.R. Banks, other than reserve balances 14,300 - 773 - 1,964 13,515 U.S. Treasury, general account 5,250 + 326 + 103 4,487 Foreign official 81 - 1 - 4 81 Service-related 8,672 - 1,100 - 2,045 8,672 Required clearing balances 8,671 - 1,101 - 1,409 8,671 Adjustments to compensate for float 0 0 - 637 0 Other 296 0 - 19 275 Other liabilities and capital 27,435 + 485 + 7,210 27,300 Total factors, other than reserve balances, absorbing reserve funds 819,119 - 1,399 + 47,673 818,387 Reserve balances with Federal Reserve Banks 11,428 - 1,517 + 1,947 14,902 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,364,705 + 22,426 + 221,842 1,370,033 U.S. Treasury 1,077,357 + 20,310 + 167,917 1,080,307 Federal agency 287,347 + 2,115 + 53,924 289,726 Securities lent to dealers 2,966 - 475 + 2,287 3,508 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 Feb 23, 2005 Feb 16, 2005 Feb 25, 2004 Assets Gold certificate account 11,038 0 0 Special drawing rights certificate account 2,200 0 0 Coin 810 - 18 - 68 Securities, repurchase agreements, and loans 743,114 + 6,729 + 51,316 Securities held outright 717,839 - 20 + 46,312 U.S. Treasury1 717,839 - 20 + 46,312 Bills2 263,005 0 + 16,864 Notes and bonds, nominal2 433,429 0 + 23,645 Notes and bonds, inflation-indexed2 19,108 0 + 5,114 Inflation compensation3 2,297 - 19 + 689 Federal agency2 0 0 0 Repurchase agreements4 25,250 + 6,750 + 5,250 Loans 24 - 3 - 246 Items in process of collection (1,151) 9,655 + 1,652 + 2,659 Bank premises 1,784 + 1 + 134 Other assets5 37,671 + 622 + 676 Total assets (1,151) 806,272 + 8,986 + 54,717 Liabilities Federal Reserve notes, net of F.R. Bank holdings 718,371 + 1,006 + 38,220 Reverse repurchase agreements6 23,474 + 128 + 4,602 Deposits (0) 28,345 + 5,886 + 2,911 Depository institutions 23,502 + 6,435 + 3,687 U.S. Treasury, general account 4,487 - 523 - 722 Foreign official 81 - 4 + 1 Other (0) 275 - 22 - 55 Deferred availability cash items (1,151) 8,781 + 1,632 + 1,611 Other liabilities and accrued dividends7 3,011 + 85 + 772 Total liabilities (1,151) 781,982 + 8,737 + 48,116 Capital accounts Capital paid in 12,508 + 64 + 3,603 Surplus 11,114 + 85 + 2,414 Other capital accounts 668 + 100 + 584 Total capital 24,290 + 249 + 6,601 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, February 23, 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 24 56,852 - 840 0 0 25,250 23,474 16 days to 90 days 0 163,184 + 1,695 0 0 0 0 91 days to 1 year 0 157,795 - 856 0 0 . . . . . . Over 1 year to 5 years . . . 212,794 - 8 0 0 . . . . . . Over 5 years to 10 years . . . 50,279 + 3,054 0 0 . . . . . . Over 10 years . . . 76,934 - 3,066 0 0 . . . . . . All 24 717,839 - 20 0 0 25,250 23,474 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 February 23, 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 3 8 4 9 4 4,6 4 8 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 8 1 0 2 3 5 2 6 1 6 1 7 4 8 9 1 2 3 3 6 2 6 5 8 8 2 128 Securities, repurchase agreements, and loans 743,1 1 4 33,7 0 8 336,5 1 5 21,3 5 1 30,6 7 3 54,5 5 9 48,4 1 0 64,6 6 9 21,0 8 9 15,6 6 6 18,8 6 5 32,7 3 0 64,879 Securities held outright 717,8 3 9 33,7 0 8 311,2 6 5 21,3 5 0 30,6 7 3 54,5 5 9 48,4 0 9 64,6 6 2 21,0 8 9 15,6 5 7 18,8 6 4 32,7 3 0 64,873 U.S. Treasury1 717,8 3 9 33,7 0 8 311,2 6 5 21,3 5 0 30,6 7 3 54,5 5 9 48,4 0 9 64,6 6 2 21,0 8 9 15,6 5 7 18,8 6 4 32,7 3 0 64,873 Bills2 263,0 0 5 12,3 5 0 114,0 4 2 7,8 2 2 11,2 3 8 19,9 9 0 17,7 3 6 23,6 9 1 7,7 2 7 5,7 3 6 6,9 1 1 11,9 9 2 23,769 Notes and bonds3 454,8 3 4 21,3 5 8 197,2 2 2 13,5 2 8 19,4 3 5 34,5 6 9 30,6 7 3 40,9 7 1 13,3 6 3 9,9 2 1 11,9 5 2 20,7 3 8 41,105 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 25,2 5 0 0 25,2 5 0 0 0 0 0 0 0 0 0 0 0 Loans 2 4 0 0 1 0 0 0 7 0 9 1 0 5 Items in process of collection 10,8 0 6 6 1 3 6 1 0 5 9 2 8 7 3 6 8 8 1,0 5 7 1,0 3 8 4 6 0 6 2 5 9 1 7 4 7 5 2,859 Bank premises 1,7 8 4 1 0 1 1 9 8 5 3 1 5 7 1 4 3 2 7 6 1 6 5 6 4 1 2 2 8 2 2 5 6 167 Other assets5 37,6 7 1 3,3 1 1 14,5 6 4 1,0 0 6 2,5 5 7 5,0 2 7 1,9 3 0 2,5 8 3 8 6 5 7 6 9 6 4 4 8 8 0 3,532 Interdistrict settlement account 0 + 3,1 9 2 -31,6 5 9 + 6,6 8 9 + 5 1 4 + 5,0 2 2 + 7,4 9 8 + 9 4 5 + 1,5 1 7 - 9 5 4 + 1,7 5 6 + 1,4 8 1 + 3,999 Total assets 807,4 2 3 41,5 5 6 325,8 0 1 30,2 1 8 35,3 9 2 66,4 7 8 60,3 2 0 70,6 5 9 24,4 2 9 16,5 0 3 22,6 8 9 36,5 2 6 76,852 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 February 23, 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 855,79 1 40,1 6 1 341,1 7 6 35,1 5 6 35,3 9 8 64,5 6 5 73,5 1 8 72,5 1 0 24,7 9 5 16,3 4 1 24,4 2 8 40,4 1 1 87,333 Less: notes held by F.R. Banks 137,42 0 4,7 3 8 43,5 7 8 7,9 6 7 5,2 5 7 12,1 9 8 18,7 4 3 8,9 5 5 2,8 1 7 2,0 1 0 4,3 0 5 6,6 8 4 20,169 Federal Reserve notes, net 718,37 1 35,4 2 3 297,5 9 8 27,1 8 9 30,1 4 2 52,3 6 8 54,7 7 5 63,5 5 5 21,9 7 7 14,3 3 1 20,1 2 3 33,7 2 6 67,165 Reverse repurchase agreements1 23,47 4 1,1 0 2 10,1 7 9 6 9 8 1,0 0 3 1,7 8 4 1,5 8 3 2,1 1 5 6 9 0 5 1 2 6 1 7 1,0 7 0 2,121 Deposits 28,34 5 1,3 7 1 8,9 8 2 7 5 6 1,3 8 0 6,5 2 9 1,6 3 7 2,3 6 4 7 2 4 3 8 6 8 7 5 8 1 2 2,528 Depository institutions 23,50 2 1,3 5 9 4,2 6 9 7 5 5 1,3 7 6 6,4 3 5 1,6 3 5 2,3 6 1 7 1 9 3 8 5 8 7 4 8 1 1 2,523 U.S. Treasury, general account 4,48 7 0 4,4 8 7 0 0 0 0 0 0 0 0 0 0 Foreign official 8 1 5 5 3 1 4 7 2 3 1 1 1 0 4 Other 27 5 7 1 7 4 0 1 8 6 0 0 4 0 1 1 0 Deferred availability cash items 9,93 2 8 6 1 8 0 3 8 5 7 6 9 5 7 2 7 1,1 0 4 7 1 9 2 2 4 6 5 8 6 5 7 4 7 8 2,148 Other liabilities and accrued dividends2 3,01 1 1 6 9 1,0 5 7 1 0 7 1 6 3 2 9 1 2 3 0 2 8 2 1 1 8 9 6 9 8 1 4 7 253 Total liabilities 783,13 4 38,9 2 7 318,6 1 9 29,6 0 6 33,3 8 3 61,6 9 9 59,3 2 9 69,0 3 5 23,7 3 3 15,9 8 3 22,3 6 9 36,2 3 4 74,216 Capital Capital paid in 12,50 8 1,6 3 9 3,4 8 8 2 9 8 1,0 9 8 2,5 3 8 4 2 8 7 8 6 4 0 1 2 5 3 1 5 5 1 3 6 1,288 Surplus 11,11 4 9 9 1 3,4 3 0 2 9 4 9 1 1 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 66 8 0 2 6 5 2 0 0 9 3 4 6 7 4 5 9 1 2 1 2 2 1 65 Total liabilities and capital 807,42 3 41,5 5 6 325,8 0 1 30,2 1 8 35,3 9 2 66,4 7 8 60,3 2 0 70,6 5 9 24,4 2 9 16,5 0 3 22,6 8 9 36,5 2 6 76,852 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 Feb 23, 2005 Federal Reserve notes outstanding 855,791 Less: Notes held by F.R. Banks not subject to collateralization 137,420 Federal Reserve notes to be collateralized 718,371 Collateral held against Federal Reserve notes 718,371 Gold certificate account 11,038 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 705,133 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 743,089 Less: face value of securities under reverse repurchase agreements 23,489 U.S. Treasury and agency securities eligible to be pledged 719,600 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.