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 March 17, 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 Mar 16, 2005 Mar 9, 2005 Mar 17, 2004 Mar 16, 2005 Reserve Bank credit 785,361 + 7,823 + 48,454 787,990 Securities held outright 717,512 + 10 + 44,426 717,515 U.S. Treasury1 717,512 + 10 + 44,426 717,515 Bills2 263,005 0 + 16,597 263,005 Notes and bonds, nominal2 433,096 0 + 22,533 433,096 Notes and bonds, inflation-indexed2 19,108 0 + 4,644 19,108 Inflation compensation3 2,302 + 10 + 652 2,306 Federal agency2 0 0 0 0 Repurchase agreements4 28,107 + 7,214 + 2,928 30,250 Loans to depository institutions 44 + 11 - 31 58 Primary credit 8 + 3 - 40 20 Secondary credit 0 0 0 0 Seasonal credit 35 + 6 + 8 38 Float -731 + 26 - 38 -392 Other Federal Reserve assets 40,430 + 563 + 1,169 40,558 Gold stock 11,042 0 - 3 11,042 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 36,518 + 14 + 811 36,518 Total factors supplying reserve funds 835,121 + 7,838 + 49,262 837,749 Currency in circulation5 751,925 + 396 + 37,979 753,306 Reverse repurchase agreements6 25,365 - 266 + 6,270 24,939 Foreign official and international accounts 25,365 - 266 + 6,270 24,939 Dealers 0 0 0 0 Treasury cash holdings 252 - 5 - 71 254 Deposits with F.R. Banks, other than reserve balances 15,295 + 1,075 - 2,003 14,637 U.S. Treasury, general account 5,118 + 814 - 619 4,746 Foreign official 88 + 5 + 2 82 Service-related 9,554 0 - 1,574 9,554 Required clearing balances 9,554 0 - 1,331 9,554 Adjustments to compensate for float 0 0 - 243 0 Other 535 + 256 + 188 254 Other liabilities and capital 28,128 + 395 + 7,592 27,837 Total factors, other than reserve balances, absorbing reserve funds 820,966 + 1,595 + 49,768 820,973 Reserve balances with Federal Reserve Banks 14,155 + 6,242 - 506 16,776 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,384,939 + 4,610 + 216,669 1,388,688 U.S. Treasury 1,085,148 + 4,796 + 152,014 1,087,883 Federal agency 299,791 - 186 + 64,655 300,806 Securities lent to dealers 1,823 + 123 - 916 1,578 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 Mar 16, 2005 Mar 9, 2005 Mar 17, 2004 Assets Gold certificate account 11,037 0 - 4 Special drawing rights certificate account 2,200 0 0 Coin 746 - 27 - 100 Securities, repurchase agreements, and loans 747,824 + 8,286 + 45,574 Securities held outright 717,515 + 10 + 44,362 U.S. Treasury1 717,515 + 10 + 44,362 Bills2 263,005 0 + 16,536 Notes and bonds, nominal2 433,096 0 + 22,533 Notes and bonds, inflation-indexed2 19,108 0 + 4,644 Inflation compensation3 2,306 + 10 + 649 Federal agency2 0 0 0 Repurchase agreements4 30,250 + 8,250 + 1,500 Loans 58 + 26 - 289 Items in process of collection (942) 6,654 - 645 + 739 Bank premises 1,797 + 4 + 144 Other assets5 38,729 + 364 + 1,105 Total assets (942) 808,987 + 7,982 + 47,458 Liabilities Federal Reserve notes, net of F.R. Bank holdings 717,783 + 377 + 36,773 Reverse repurchase agreements6 24,939 - 491 + 6,169 Deposits (0) 31,373 + 8,234 - 3,116 Depository institutions 26,291 + 8,118 - 1,344 U.S. Treasury, general account 4,746 + 147 - 1,669 Foreign official 82 0 - 30 Other (0) 254 - 32 - 72 Deferred availability cash items (942) 7,055 - 140 + 372 Other liabilities and accrued dividends7 3,088 - 21 + 862 Total liabilities (942) 784,239 + 7,960 + 41,060 Capital accounts Capital paid in 12,536 + 1 + 3,539 Surplus 11,247 + 31 + 2,455 Other capital accounts 966 - 9 + 406 Total capital 24,749 + 22 + 6,399 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, March 16, 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 22 54,797 + 7,727 0 0 30,250 24,939 16 days to 90 days 37 163,608 - 7,910 0 0 0 0 91 days to 1 year 0 159,093 + 182 0 0 . . . . . . Over 1 year to 5 years . . . 212,798 + 4 0 0 . . . . . . Over 5 years to 10 years . . . 50,281 + 2 0 0 . . . . . . Over 10 years . . . 76,938 + 4 0 0 . . . . . . All 58 717,515 + 10 0 0 30,250 24,939 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 March 16, 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 7 4 9 4 4,6 4 7 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 4 6 2 2 5 1 6 2 5 5 6 2 7 4 1 2 0 3 1 2 4 5 0 7 1 123 Securities, repurchase agreements, and loans 747,8 2 4 33,6 9 3 341,3 7 4 21,3 4 1 30,6 6 0 54,5 3 4 48,3 8 7 64,6 5 5 21,0 8 2 15,6 6 4 18,8 5 5 32,7 1 5 64,863 Securities held outright 717,5 1 5 33,6 9 3 311,1 2 4 21,3 4 1 30,6 6 0 54,5 3 4 48,3 8 7 64,6 3 3 21,0 8 0 15,6 5 0 18,8 5 5 32,7 1 5 64,844 U.S. Treasury1 717,5 1 5 33,6 9 3 311,1 2 4 21,3 4 1 30,6 6 0 54,5 3 4 48,3 8 7 64,6 3 3 21,0 8 0 15,6 5 0 18,8 5 5 32,7 1 5 64,844 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 454,5 1 0 21,3 4 3 197,0 8 2 13,5 1 8 19,4 2 1 34,5 4 5 30,6 5 1 40,9 4 2 13,3 5 3 9,9 1 3 11,9 4 4 20,7 2 3 41,075 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 30,2 5 0 0 30,2 5 0 0 0 0 0 0 0 0 0 0 0 Loans 5 8 1 0 0 0 0 0 2 3 2 1 4 0 0 19 Items in process of collection 7,5 9 6 3 5 2 3 9 6 3 4 6 6 5 0 4 3 6 1,0 2 6 5 5 7 3 1 7 3 4 6 5 7 0 3 9 2 2,208 Bank premises 1,7 9 7 1 0 2 2 0 1 5 3 1 5 7 1 4 3 2 7 5 1 7 0 6 4 1 2 2 8 3 2 6 0 166 Other assets5 38,7 2 9 3,3 8 3 14,9 8 3 1,0 3 7 2,6 1 0 5,1 4 7 2,0 0 0 2,6 6 2 9 0 0 7 9 3 6 7 0 9 1 7 3,626 Interdistrict settlement account 0 + 4,1 1 2 -30,4 4 3 + 7,0 6 8 + 1,4 5 0 + 2,5 1 3 + 7,0 4 6 + 6 1 2 + 1,5 3 9 - 8 3 1 + 1,3 8 4 + 7 0 6 + 4,844 Total assets 809,9 2 9 42,2 7 5 332,0 8 4 30,3 7 2 36,1 3 7 63,8 0 1 59,8 6 9 69,9 1 3 24,3 2 9 16,3 6 7 21,9 8 1 35,6 8 4 77,119 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 March 16, 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 854,97 2 40,0 0 6 339,9 1 0 35,4 1 2 35,4 3 6 65,3 2 5 73,3 0 5 72,5 0 8 24,7 1 8 16,3 0 4 24,2 5 5 40,3 8 6 87,405 Less: notes held by F.R. Banks 137,18 9 4,7 6 2 41,3 0 1 7,8 7 5 5,3 0 6 12,5 4 8 19,6 1 0 8,9 7 4 2,9 7 2 1,8 7 8 4,4 7 1 7,3 1 6 20,175 Federal Reserve notes, net 717,78 3 35,2 4 4 298,6 0 9 27,5 3 7 30,1 3 1 52,7 7 7 53,6 9 5 63,5 3 4 21,7 4 5 14,4 2 6 19,7 8 4 33,0 7 1 67,230 Reverse repurchase agreements1 24,93 9 1,1 7 1 10,8 1 4 7 4 2 1,0 6 6 1,8 9 5 1,6 8 2 2,2 4 6 7 3 3 5 4 4 6 5 5 1,1 3 7 2,254 Deposits 31,37 3 2,4 0 5 13,5 6 7 7 4 4 2,1 8 4 3,3 9 8 2,1 7 6 1,6 3 0 8 1 9 3 4 6 5 9 6 6 7 0 2,837 Depository institutions 26,29 1 2,3 9 8 8,5 9 3 7 4 3 2,1 7 9 3,3 1 9 2,1 7 4 1,6 2 7 8 1 5 3 4 5 5 9 5 6 7 0 2,833 U.S. Treasury, general account 4,74 6 0 4,7 4 6 0 0 0 0 0 0 0 0 0 0 Foreign official 8 2 5 5 4 1 4 7 2 3 1 1 1 0 4 Other 25 4 2 1 7 3 0 1 7 2 0 1 3 0 1 0 0 Deferred availability cash items 7,99 7 6 4 6 7 8 5 6 2 8 5 1 2 5 2 0 1,0 9 9 5 7 4 1 7 0 4 3 9 5 2 3 3 4 7 1,753 Other liabilities and accrued dividends2 3,08 8 1 7 5 1,0 9 9 1 0 7 1 6 7 2 9 4 2 3 0 2 9 1 1 1 8 9 5 1 0 0 1 5 2 260 Total liabilities 785,18 0 39,6 4 1 324,8 7 3 29,7 5 9 34,0 6 0 58,8 8 4 58,8 8 2 68,2 7 5 23,5 8 6 15,8 5 0 21,6 5 9 35,3 7 8 74,334 Capital Capital paid in 12,53 6 1,5 5 4 3,4 9 2 2 9 9 1,0 9 8 2,5 3 9 4 2 8 7 9 9 4 0 3 2 5 4 1 5 5 1 4 3 1,372 Surplus 11,24 7 1,0 5 6 3,4 3 0 2 9 4 9 7 9 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 96 6 2 3 2 9 0 2 0 0 2 3 0 4 3 7 6 1 0 4 8 1 4 2 8 129 Total liabilities and capital 809,92 9 42,2 7 5 332,0 8 4 30,3 7 2 36,1 3 7 63,8 0 1 59,8 6 9 69,9 1 3 24,3 2 9 16,3 6 7 21,9 8 1 35,6 8 4 77,119 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 Mar 16, 2005 Federal Reserve notes outstanding 854,972 Less: Notes held by F.R. Banks not subject to collateralization 137,189 Federal Reserve notes to be collateralized 717,783 Collateral held against Federal Reserve notes 717,783 Gold certificate account 11,037 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 704,546 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 747,765 Less: face value of securities under reverse repurchase agreements 24,958 U.S. Treasury and agency securities eligible to be pledged 722,807 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.