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 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 Mar 23, 2005 Mar 16, 2005 Mar 24, 2004 Mar 23, 2005 Reserve Bank credit 783,495 - 1,865 + 52,219 778,455 Securities held outright 717,522 + 10 + 44,004 717,526 U.S. Treasury1 717,522 + 10 + 44,004 717,526 Bills2 263,005 0 + 16,536 263,005 Notes and bonds, nominal2 433,096 0 + 22,179 433,096 Notes and bonds, inflation-indexed2 19,108 0 + 4,644 19,108 Inflation compensation3 2,312 + 10 + 644 2,316 Federal agency2 0 0 0 0 Repurchase agreements4 25,964 - 2,143 + 7,178 19,250 Loans to depository institutions 43 - 1 - 19 43 Primary credit 5 - 3 - 21 0 Secondary credit 0 0 0 0 Seasonal credit 38 + 3 + 2 43 Float -721 + 12 + 58 1,086 Other Federal Reserve assets 40,687 + 257 + 997 40,549 Gold stock 11,042 0 - 3 11,042 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 36,532 + 14 + 798 36,532 Total factors supplying reserve funds 833,269 - 1,850 + 53,014 828,228 Currency in circulation5 751,984 + 59 + 37,832 753,105 Reverse repurchase agreements6 26,048 + 683 + 6,809 24,491 Foreign official and international accounts 26,048 + 683 + 6,809 24,491 Dealers 0 0 0 0 Treasury cash holdings 257 + 5 - 82 274 Deposits with F.R. Banks, other than reserve balances 14,041 - 1,254 - 2,218 13,732 U.S. Treasury, general account 4,968 - 150 - 403 4,677 Foreign official 88 0 + 8 83 Service-related 8,733 - 821 - 1,818 8,733 Required clearing balances 8,733 - 821 - 1,676 8,733 Adjustments to compensate for float 0 0 - 142 0 Other 252 - 283 - 4 239 Other liabilities and capital 27,975 - 153 + 7,011 27,480 Total factors, other than reserve balances, absorbing reserve funds 820,303 - 663 + 49,351 819,082 Reserve balances with Federal Reserve Banks 12,965 - 1,188 + 3,662 9,146 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,388,686 + 3,747 + 212,502 1,391,290 U.S. Treasury 1,085,472 + 324 + 148,821 1,085,236 Federal agency 303,213 + 3,422 + 63,680 306,054 Securities lent to dealers 2,690 + 867 + 949 4,354 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 23, 2005 Mar 16, 2005 Mar 24, 2004 Assets Gold certificate account 11,037 0 - 4 Special drawing rights certificate account 2,200 0 0 Coin 730 - 16 - 104 Securities, repurchase agreements, and loans 736,819 - 11,005 + 43,026 Securities held outright 717,526 + 11 + 43,531 U.S. Treasury1 717,526 + 11 + 43,531 Bills2 263,005 0 + 16,536 Notes and bonds, nominal2 433,096 0 + 21,708 Notes and bonds, inflation-indexed2 19,108 0 + 4,644 Inflation compensation3 2,316 + 10 + 642 Federal agency2 0 0 0 Repurchase agreements4 19,250 - 11,000 - 500 Loans 43 - 15 - 5 Items in process of collection (978) 7,721 + 1,067 + 3,094 Bank premises 1,801 + 4 + 146 Other assets5 38,582 - 147 + 339 Total assets (978) 798,889 - 10,098 + 46,496 Liabilities Federal Reserve notes, net of F.R. Bank holdings 717,572 - 211 + 37,125 Reverse repurchase agreements6 24,491 - 448 + 4,504 Deposits (0) 22,691 - 8,682 - 2,756 Depository institutions 17,693 - 8,598 - 3,023 U.S. Treasury, general account 4,677 - 69 + 273 Foreign official 83 + 1 + 3 Other (0) 239 - 15 - 8 Deferred availability cash items (978) 6,655 - 400 + 850 Other liabilities and accrued dividends7 3,180 + 92 + 915 Total liabilities (978) 774,589 - 9,650 + 40,638 Capital accounts Capital paid in 12,558 + 22 + 3,594 Surplus 11,200 - 47 + 2,353 Other capital accounts 542 - 424 - 89 Total capital 24,300 - 449 + 5,859 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 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 39 54,765 - 32 0 0 19,250 24,491 16 days to 90 days 4 163,118 - 490 0 0 0 0 91 days to 1 year 0 159,615 + 522 0 0 . . . . . . Over 1 year to 5 years . . . 212,802 + 4 0 0 . . . . . . Over 5 years to 10 years . . . 50,283 + 2 0 0 . . . . . . Over 10 years . . . 76,943 + 5 0 0 . . . . . . All 43 717,526 + 11 0 0 19,250 24,491 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 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 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 3 0 2 2 4 9 6 3 5 4 5 9 7 1 1 1 9 3 2 2 4 4 9 6 8 119 Securities, repurchase agreements, and loans 736,8 1 9 33,6 9 3 330,3 7 9 21,3 4 1 30,6 6 0 54,5 3 5 48,3 8 8 64,6 5 6 21,0 8 4 15,6 6 7 18,8 5 5 32,7 1 6 64,845 Securities held outright 717,5 2 6 33,6 9 3 311,1 2 9 21,3 4 1 30,6 6 0 54,5 3 5 48,3 8 8 64,6 3 4 21,0 8 0 15,6 5 0 18,8 5 5 32,7 1 6 64,845 U.S. Treasury1 717,5 2 6 33,6 9 3 311,1 2 9 21,3 4 1 30,6 6 0 54,5 3 5 48,3 8 8 64,6 3 4 21,0 8 0 15,6 5 0 18,8 5 5 32,7 1 6 64,845 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 2 0 21,3 4 3 197,0 8 6 13,5 1 9 19,4 2 2 34,5 4 6 30,6 5 2 40,9 4 2 13,3 5 3 9,9 1 4 11,9 4 4 20,7 2 4 41,076 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 19,2 5 0 0 19,2 5 0 0 0 0 0 0 0 0 0 0 0 Loans 4 3 0 0 0 0 0 0 2 2 4 1 7 0 0 0 Items in process of collection 8,6 9 9 4 0 2 3 9 4 2 9 0 1,3 2 2 5 5 0 1,4 6 7 5 9 0 3 6 5 3 1 9 4 5 9 4 4 1 2,099 Bank premises 1,8 0 1 1 0 4 2 0 1 5 3 1 5 7 1 4 3 2 7 5 1 7 0 6 5 1 2 2 8 3 2 6 0 167 Other assets5 38,5 8 2 3,3 2 9 14,9 6 9 1,1 2 6 2,5 8 0 5,0 7 1 1,9 8 6 2,6 6 2 8 7 3 7 8 5 6 7 3 9 2 7 3,601 Interdistrict settlement account 0 + 2,6 7 2 -24,7 4 1 + 8,2 7 7 - 3 2 6 + 1,4 1 6 + 6,1 9 0 + 5 7 2 + 1,1 9 1 - 6 9 3 + 1,3 4 0 + 4 3 9 + 3,663 Total assets 799,8 6 7 40,8 3 1 326,7 7 2 31,6 1 5 35,0 0 3 62,7 4 1 59,4 3 8 69,9 0 5 24,0 0 5 16,4 7 2 21,8 2 7 35,4 7 4 75,783 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 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 854,91 4 40,0 1 6 339,5 7 8 35,5 5 6 35,4 3 1 65,6 0 1 72,9 9 3 72,6 8 5 24,7 2 9 16,3 5 5 24,3 9 0 40,3 1 1 87,269 Less: notes held by F.R. Banks 137,34 2 4,7 1 6 40,5 1 1 7,8 3 7 5,2 7 9 12,7 0 7 19,7 0 8 9,1 7 3 3,0 4 9 1,8 7 8 4,6 8 4 7,4 1 8 20,381 Federal Reserve notes, net 717,57 2 35,3 0 0 299,0 6 7 27,7 1 9 30,1 5 3 52,8 9 4 53,2 8 4 63,5 1 2 21,6 7 9 14,4 7 7 19,7 0 6 32,8 9 3 66,888 Reverse repurchase agreements1 24,49 1 1,1 5 0 10,6 2 0 7 2 8 1,0 4 7 1,8 6 1 1,6 5 2 2,2 0 6 7 2 0 5 3 4 6 4 4 1,1 1 7 2,213 Deposits 22,69 1 9 7 4 8,1 5 0 1,9 2 3 1,0 4 3 2,2 9 9 2,1 7 9 1,7 6 3 5 9 4 3 7 7 6 7 1 6 0 6 2,113 Depository institutions 17,69 3 9 6 7 3,2 5 0 1,9 2 2 1,0 3 8 2,2 3 0 2,1 7 7 1,7 6 0 5 9 0 3 7 6 6 6 9 6 0 5 2,108 U.S. Treasury, general account 4,67 7 0 4,6 7 7 0 0 0 0 0 0 0 0 0 0 Foreign official 8 3 5 5 5 1 4 7 2 3 1 1 1 0 4 Other 23 9 2 1 6 8 0 1 6 2 0 0 3 0 1 0 0 Deferred availability cash items 7,63 2 6 4 3 7 7 6 5 3 7 5 2 6 5 1 4 1,1 2 5 5 0 7 1 5 2 4 8 3 3 9 0 4 0 6 1,574 Other liabilities and accrued dividends2 3,18 0 1 8 4 1,1 1 8 1 1 0 1 7 1 3 2 0 2 3 4 3 0 0 1 2 1 9 6 1 0 1 1 5 6 270 Total liabilities 775,56 7 38,2 5 0 319,7 3 0 31,0 1 7 32,9 3 9 57,8 8 8 58,4 7 5 68,2 8 8 23,2 6 7 15,9 6 7 21,5 1 2 35,1 7 7 73,057 Capital Capital paid in 12,55 8 1,5 5 4 3,4 9 2 3 0 0 1,0 9 9 2,5 3 9 4 2 9 8 1 7 4 0 4 2 5 4 1 5 5 1 4 3 1,372 Surplus 11,20 0 1,0 2 7 3,4 3 0 2 9 4 9 6 4 2,1 4 8 5 1 6 7 6 3 2 3 6 2 5 2 1 5 3 1 3 5 1,283 Other capital 54 2 0 1 2 0 4 0 1 6 6 1 9 3 7 9 8 0 7 1 9 71 Total liabilities and capital 799,86 7 40,8 3 1 326,7 7 2 31,6 1 5 35,0 0 3 62,7 4 1 59,4 3 8 69,9 0 5 24,0 0 5 16,4 7 2 21,8 2 7 35,4 7 4 75,783 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 23, 2005 Federal Reserve notes outstanding 854,914 Less: Notes held by F.R. Banks not subject to collateralization 137,342 Federal Reserve notes to be collateralized 717,572 Collateral held against Federal Reserve notes 717,572 Gold certificate account 11,037 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 704,334 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 736,776 Less: face value of securities under reverse repurchase agreements 24,510 U.S. Treasury and agency securities eligible to be pledged 712,266 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.