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 31, 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 30, 2005 Mar 23, 2005 Mar 31, 2004 Mar 30, 2005 Reserve Bank credit 782,330 - 1,165 + 44,593 789,052 Securities held outright 717,532 + 10 + 43,495 717,536 U.S. Treasury1 717,532 + 10 + 43,495 717,536 Bills2 263,005 0 + 16,506 263,005 Notes and bonds, nominal2 433,096 0 + 21,708 433,096 Notes and bonds, inflation-indexed2 19,108 0 + 4,644 19,108 Inflation compensation3 2,322 + 10 + 636 2,326 Federal agency2 0 0 0 0 Repurchase agreements4 24,643 - 1,321 + 286 31,750 Loans to depository institutions 59 + 16 + 11 62 Primary credit 13 + 8 + 2 10 Secondary credit 0 0 0 0 Seasonal credit 46 + 8 + 10 52 Float -517 + 204 + 207 -999 Other Federal Reserve assets 40,614 - 73 + 595 40,703 Gold stock 11,041 - 1 - 4 11,041 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 36,546 + 14 + 785 36,546 Total factors supplying reserve funds 832,118 - 1,151 + 45,376 838,839 Currency in circulation5 753,037 + 1,053 + 38,649 755,241 Reverse repurchase agreements6 24,679 - 1,369 + 4,221 23,691 Foreign official and international accounts 24,679 - 1,369 + 4,221 23,691 Dealers 0 0 0 0 Treasury cash holdings 275 + 18 - 75 284 Deposits with F.R. Banks, other than reserve balances 13,642 - 399 - 2,341 14,267 U.S. Treasury, general account 4,592 - 376 - 654 5,198 Foreign official 83 - 5 - 1 102 Service-related 8,733 0 - 1,680 8,733 Required clearing balances 8,732 - 1 - 1,678 8,732 Adjustments to compensate for float 0 0 - 3 0 Other 235 - 17 - 6 235 Other liabilities and capital 27,686 - 289 + 6,783 27,674 Total factors, other than reserve balances, absorbing reserve funds 819,319 - 984 + 47,237 821,157 Reserve balances with Federal Reserve Banks 12,799 - 166 - 1,861 17,682 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,391,680 + 2,994 + 232,367 1,391,196 U.S. Treasury 1,085,048 - 424 + 159,662 1,081,549 Federal agency 306,632 + 3,419 + 72,705 309,647 Securities lent to dealers 3,276 + 586 + 2,381 7,588 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 30, 2005 Mar 23, 2005 Mar 31, 2004 Assets Gold certificate account 11,037 0 - 4 Special drawing rights certificate account 2,200 0 0 Coin 713 - 17 - 123 Securities, repurchase agreements, and loans 749,348 + 12,529 + 47,700 Securities held outright 717,536 + 10 + 43,452 U.S. Treasury1 717,536 + 10 + 43,452 Bills2 263,005 0 + 16,466 Notes and bonds, nominal2 433,096 0 + 21,708 Notes and bonds, inflation-indexed2 19,108 0 + 4,644 Inflation compensation3 2,326 + 10 + 634 Federal agency2 0 0 0 Repurchase agreements4 31,750 + 12,500 + 4,250 Loans 62 + 19 - 2 Items in process of collection (935) 5,529 - 2,192 - 184 Bank premises 1,806 + 5 + 143 Other assets5 38,731 + 149 + 225 Total assets (935) 809,365 + 10,476 + 47,759 Liabilities Federal Reserve notes, net of F.R. Bank holdings 719,688 + 2,116 + 38,114 Reverse repurchase agreements6 23,691 - 800 + 1,990 Deposits (0) 31,783 + 9,092 + 630 Depository institutions 26,249 + 8,556 + 1,294 U.S. Treasury, general account 5,198 + 521 - 686 Foreign official 102 + 19 + 19 Other (0) 235 - 4 + 4 Deferred availability cash items (935) 6,529 - 126 + 231 Other liabilities and accrued dividends7 3,225 + 45 + 1,007 Total liabilities (935) 784,916 + 10,327 + 41,971 Capital accounts Capital paid in 12,559 + 1 + 3,581 Surplus 11,177 - 23 + 2,330 Other capital accounts 714 + 172 - 122 Total capital 24,449 + 149 + 5,788 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 30, 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 58 54,851 + 86 0 0 31,750 23,691 16 days to 90 days 4 162,697 - 421 0 0 0 0 91 days to 1 year 0 159,950 + 335 0 0 . . . . . . Over 1 year to 5 years . . . 212,806 + 4 0 0 . . . . . . Over 5 years to 10 years . . . 50,284 + 1 0 0 . . . . . . Over 10 years . . . 76,947 + 4 0 0 . . . . . . All 62 717,536 + 10 0 0 31,750 23,691 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 30, 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 1 3 2 2 4 5 6 4 5 2 5 9 7 0 1 1 8 3 2 2 6 4 9 6 2 114 Securities, repurchase agreements, and loans 749,3 4 8 33,6 9 7 342,8 8 3 21,3 4 1 30,6 6 0 54,5 4 1 48,3 8 9 64,6 6 0 21,0 8 5 15,6 6 7 18,8 5 8 32,7 1 6 64,851 Securities held outright 717,5 3 6 33,6 9 4 311,1 3 3 21,3 4 1 30,6 6 0 54,5 3 6 48,3 8 9 64,6 3 4 21,0 8 0 15,6 5 0 18,8 5 6 32,7 1 6 64,846 U.S. Treasury1 717,5 3 6 33,6 9 4 311,1 3 3 21,3 4 1 30,6 6 0 54,5 3 6 48,3 8 9 64,6 3 4 21,0 8 0 15,6 5 0 18,8 5 6 32,7 1 6 64,846 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 3 1 21,3 4 4 197,0 9 0 13,5 1 9 19,4 2 2 34,5 4 6 30,6 5 2 40,9 4 3 13,3 5 4 9,9 1 4 11,9 4 4 20,7 2 4 41,077 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 31,7 5 0 0 31,7 5 0 0 0 0 0 0 0 0 0 0 0 Loans 6 2 3 0 0 0 5 0 2 5 4 1 6 3 0 6 Items in process of collection 6,4 6 5 3 6 1 4 4 1 2 9 8 7 3 0 3 4 6 7 1 6 4 8 6 2 2 7 2 4 7 4 5 9 2 5 2 1,902 Bank premises 1,8 0 6 1 0 3 1 9 9 5 3 1 5 7 1 4 3 2 7 5 1 7 5 6 5 1 2 2 8 3 2 6 3 167 Other assets5 38,7 3 1 3,3 1 9 15,0 5 9 1,1 2 8 2,5 6 4 5,0 6 9 2,0 1 7 2,6 8 2 8 7 7 7 8 8 6 7 5 9 3 8 3,613 Interdistrict settlement account 0 + 2,6 1 1 -25,8 1 3 + 7,5 3 2 + 5 4 9 + 4 4 2 + 6,8 7 6 + 8 5 3 + 1,4 6 5 - 5 4 0 + 1,3 5 8 + 5 4 4 + 4,122 Total assets 810,3 0 0 40,7 2 2 338,3 3 5 30,8 8 3 35,2 7 0 61,5 6 6 59,4 0 3 70,1 0 9 24,1 4 7 16,5 5 8 21,8 5 1 35,3 9 8 76,058 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 30, 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 854,50 7 40,0 8 0 339,2 1 2 35,6 8 5 35,4 1 4 65,6 0 0 72,8 1 3 72,8 7 5 24,7 4 1 16,3 3 4 24,3 4 4 40,1 9 6 87,213 Less: notes held by F.R. Banks 134,82 0 4,7 2 9 38,4 4 8 7,7 8 7 5,3 0 2 12,6 9 5 19,8 0 6 9,0 6 6 2,9 5 1 1,8 0 7 4,6 4 7 7,4 0 5 20,175 Federal Reserve notes, net 719,68 8 35,3 5 1 300,7 6 3 27,8 9 8 30,1 1 2 52,9 0 6 53,0 0 7 63,8 1 0 21,7 9 0 14,5 2 6 19,6 9 6 32,7 9 0 67,038 Reverse repurchase agreements1 23,69 1 1,1 1 2 10,2 7 3 7 0 5 1,0 1 2 1,8 0 1 1,5 9 8 2,1 3 4 6 9 6 5 1 7 6 2 3 1,0 8 0 2,141 Deposits 31,78 3 9 1 7 18,3 7 0 9 9 7 1,4 4 4 1,2 6 4 2,5 2 2 1,6 8 4 6 5 0 3 8 3 6 9 6 6 7 5 2,183 Depository institutions 26,24 9 9 0 8 12,9 3 0 9 9 5 1,4 3 9 1,2 0 1 2,5 2 0 1,6 8 1 6 4 5 3 8 2 6 9 4 6 7 4 2,179 U.S. Treasury, general account 5,19 8 0 5,1 9 8 0 0 0 0 0 0 0 0 0 0 Foreign official 10 2 5 7 4 1 4 7 2 3 1 1 1 0 4 Other 23 5 4 1 6 8 1 1 5 5 0 0 4 0 1 0 0 Deferred availability cash items 7,46 4 5 8 2 6 6 4 5 6 5 4 7 9 4 3 6 1,0 6 0 5 2 6 1 4 3 5 2 4 4 1 9 3 8 9 1,675 Other liabilities and accrued dividends2 3,22 5 1 8 0 1,1 4 0 1 1 2 1 7 5 3 1 2 2 3 9 3 0 8 1 2 5 9 7 1 0 2 1 5 8 276 Total liabilities 785,85 1 38,1 4 2 331,2 0 9 30,2 7 7 33,2 2 2 56,7 1 8 58,4 2 6 68,4 6 2 23,4 0 4 16,0 4 8 21,5 3 6 35,0 9 3 73,314 Capital Capital paid in 12,55 9 1,5 5 4 3,4 9 1 3 0 0 1,0 9 9 2,5 3 9 4 2 8 8 1 7 4 0 5 2 5 4 1 5 5 1 4 3 1,372 Surplus 11,17 7 1,0 1 6 3,4 3 0 2 9 4 9 4 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 71 4 1 0 2 0 5 1 2 0 1 6 0 3 3 6 6 1 0 2 2 7 2 7 89 Total liabilities and capital 810,30 0 40,7 2 2 338,3 3 5 30,8 8 3 35,2 7 0 61,5 6 6 59,4 0 3 70,1 0 9 24,1 4 7 16,5 5 8 21,8 5 1 35,3 9 8 76,058 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 30, 2005 Federal Reserve notes outstanding 854,507 Less: Notes held by F.R. Banks not subject to collateralization 134,820 Federal Reserve notes to be collateralized 719,688 Collateral held against Federal Reserve notes 719,688 Gold certificate account 11,037 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 706,451 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 749,286 Less: face value of securities under reverse repurchase agreements 23,708 U.S. Treasury and agency securities eligible to be pledged 725,577 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.