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 May 5, 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 May 4, 2005 Apr 27, 2005 May 5, 2004 May 4, 2005 Reserve Bank credit 786,449 - 263 + 44,322 782,861 Securities held outright 719,356 + 1,415 + 41,618 719,372 U.S. Treasury1 719,356 + 1,415 + 41,618 719,372 Bills2 263,005 0 + 12,904 263,005 Notes and bonds, nominal2 434,785 + 1,385 + 23,397 434,785 Notes and bonds, inflation-indexed2 19,108 0 + 4,644 19,108 Inflation compensation3 2,457 + 29 + 672 2,473 Federal agency2 0 0 0 0 Repurchase agreements4 26,143 - 1,178 + 1,679 21,500 Loans to depository institutions 111 + 9 + 23 124 Primary credit 5 - 2 - 1 3 Secondary credit 0 0 0 0 Seasonal credit 107 + 11 + 25 121 Float -1,117 - 801 - 371 -112 Other Federal Reserve assets 41,957 + 295 + 1,375 41,978 Gold stock 11,041 0 - 4 11,041 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 36,672 + 14 + 830 36,672 Total factors supplying reserve funds 836,362 - 249 + 45,148 832,774 Currency in circulation5 753,795 + 1,062 + 35,290 755,472 Reverse repurchase agreements6 26,355 + 861 + 4,878 26,060 Foreign official and international accounts 26,355 + 861 + 4,878 26,060 Dealers 0 0 0 0 Treasury cash holdings 257 - 3 - 62 254 Deposits with F.R. Banks, other than reserve balances 14,326 - 80 - 2,723 14,082 U.S. Treasury, general account 4,863 - 723 - 1,162 4,618 Foreign official 101 + 6 - 29 79 Service-related 9,028 + 603 - 1,534 9,028 Required clearing balances 9,028 + 603 - 1,533 9,028 Adjustments to compensate for float 0 0 0 0 Other 335 + 35 + 3 357 Other liabilities and capital 28,799 - 69 + 7,877 28,643 Total factors, other than reserve balances, absorbing reserve funds 823,533 + 1,772 + 45,261 824,510 Reserve balances with Federal Reserve Banks 12,829 - 2,020 - 113 8,264 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,398,940 + 8,123 + 204,582 1,400,271 U.S. Treasury 1,077,108 + 849 + 112,373 1,075,587 Federal agency 321,833 + 7,275 + 92,210 324,684 Securities lent to dealers 3,492 + 1,897 - 221 2,096 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 May 4, 2005 Apr 27, 2005 May 5, 2004 Assets Gold certificate account 11,037 0 - 4 Special drawing rights certificate account 2,200 0 0 Coin 688 - 22 - 111 Securities, repurchase agreements, and loans 740,996 - 8,497 + 43,088 Securities held outright 719,372 + 734 + 41,561 U.S. Treasury1 719,372 + 734 + 41,561 Bills2 263,005 0 + 12,842 Notes and bonds, nominal2 434,785 + 700 + 23,397 Notes and bonds, inflation-indexed2 19,108 0 + 4,644 Inflation compensation3 2,473 + 34 + 677 Federal agency2 0 0 0 Repurchase agreements4 21,500 - 9,250 + 1,500 Loans 124 + 19 + 27 Items in process of collection (1,035) 7,545 + 896 + 702 Bank premises 1,810 + 1 + 138 Other assets5 39,986 + 229 + 739 Total assets (1,035) 804,262 - 7,394 + 44,551 Liabilities Federal Reserve notes, net of F.R. Bank holdings 719,737 + 921 + 34,113 Reverse repurchase agreements6 26,060 + 992 + 5,407 Deposits (0) 22,164 - 9,488 - 3,010 Depository institutions 17,110 - 7,805 - 1,742 U.S. Treasury, general account 4,618 - 1,738 - 1,342 Foreign official 79 - 9 - 8 Other (0) 357 + 63 + 82 Deferred availability cash items (1,035) 7,657 + 57 + 517 Other liabilities and accrued dividends7 3,292 - 40 + 1,021 Total liabilities (1,035) 778,911 - 7,557 + 38,048 Capital accounts Capital paid in 12,753 + 11 + 3,714 Surplus 11,397 + 40 + 2,550 Other capital accounts 1,200 + 111 + 237 Total capital 25,351 + 163 + 6,502 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, May 4, 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 5 63,851 + 4,070 0 0 21,500 26,060 16 days to 90 days 118 153,048 - 5,760 0 0 0 0 91 days to 1 year 0 161,061 + 2,029 0 0 . . . . . . Over 1 year to 5 years . . . 213,805 - 325 0 0 . . . . . . Over 5 years to 10 years . . . 50,365 + 475 0 0 . . . . . . Over 10 years . . . 77,241 + 245 0 0 . . . . . . All 124 719,372 + 734 0 0 21,500 26,060 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 May 4, 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 5 1 0 4,3 5 5 4 3 2 4 5 3 8 3 6 9 4 5 9 2 8 3 2 7 2 1 2 3 1 8 5 4 9 1,172 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 6 8 8 2 1 3 6 5 8 5 5 5 0 7 9 1 2 2 3 6 2 5 4 8 5 7 101 Securities, repurchase agreements, and loans 740,9 9 6 36,8 0 5 306,7 5 7 25,5 1 9 30,3 9 0 54,9 0 0 55,6 5 8 64,8 3 9 22,3 3 4 15,0 5 9 20,3 6 0 35,4 3 2 72,940 Securities held outright 719,3 7 2 36,8 0 5 285,2 5 6 25,5 1 9 30,3 9 0 54,9 0 0 55,6 5 4 64,7 8 3 22,3 2 3 15,0 2 5 20,3 4 7 35,4 3 0 72,940 U.S. Treasury1 719,3 7 2 36,8 0 5 285,2 5 6 25,5 1 9 30,3 9 0 54,9 0 0 55,6 5 4 64,7 8 3 22,3 2 3 15,0 2 5 20,3 4 7 35,4 3 0 72,940 Bills2 263,0 0 5 13,4 5 6 104,2 9 1 9,3 3 0 11,1 1 1 20,0 7 2 20,3 4 7 23,6 8 5 8,1 6 1 5,4 9 3 7,4 3 9 12,9 5 3 26,667 Notes and bonds3 456,3 6 7 23,3 4 9 180,9 6 5 16,1 8 9 19,2 7 9 34,8 2 8 35,3 0 7 41,0 9 8 14,1 6 1 9,5 3 2 12,9 0 8 22,4 7 7 46,273 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 21,5 0 0 0 21,5 0 0 0 0 0 0 0 0 0 0 0 0 Loans 1 2 4 0 2 0 0 0 4 5 6 1 2 3 4 1 4 2 1 Items in process of collection 8,5 8 0 4 7 7 3 9 3 3 9 3 1,5 8 7 4 1 8 8 6 2 3 8 4 2 3 2 5 7 7 6 6 8 3 9 3 2,197 Bank premises 1,8 1 0 1 0 3 1 9 9 5 4 1 5 6 1 4 3 2 7 4 1 8 0 6 1 1 2 1 8 4 2 6 9 166 Other assets5 39,9 8 6 3,4 6 5 15,0 2 0 1,1 7 1 2,6 2 7 5,1 8 9 2,2 6 7 2,7 9 1 9 6 1 8 0 6 7 3 5 1,0 4 5 3,908 Interdistrict settlement account 0 - 2 7 5 - 8 5 5 + 4,0 4 0 - 1 8 6 + 2,2 0 1 + 9 9 6 + 9 8 5 - 4 2 - 2 5 4 - 2 5 2 - 2,7 2 3 - 3,635 Total assets 805,2 9 7 41,2 2 1 326,7 8 1 31,7 5 1 35,1 8 4 63,8 8 3 61,2 4 8 70,4 4 0 23,9 8 1 16,5 7 6 22,0 2 7 35,1 2 1 77,082 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 May 4, 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 856,89 4 39,7 4 9 338,3 2 7 35,8 3 7 35,3 8 2 66,0 3 0 76,4 5 9 73,2 2 3 24,5 7 7 16,4 2 8 24,1 2 5 40,0 2 4 86,733 Less: notes held by F.R. Banks 137,15 7 4,4 4 4 39,9 6 4 7,4 7 4 5,3 1 1 12,3 5 9 21,8 9 1 9,2 0 6 3,0 0 5 1,9 0 7 4,5 6 4 7,7 3 6 19,294 Federal Reserve notes, net 719,73 7 35,3 0 5 298,3 6 3 28,3 6 3 30,0 7 0 53,6 7 1 54,5 6 7 64,0 1 7 21,5 7 3 14,5 2 1 19,5 6 1 32,2 8 8 67,438 Reverse repurchase agreements1 26,06 0 1,3 3 3 10,3 3 4 9 2 4 1,1 0 1 1,9 8 9 2,0 1 6 2,3 4 7 8 0 9 5 4 4 7 3 7 1,2 8 4 2,642 Deposits 22,16 4 9 8 6 8,8 9 0 1,1 5 0 9 0 2 2,3 1 5 1,8 3 4 1,6 1 2 6 1 4 3 1 3 7 2 0 6 9 0 2,137 Depository institutions 17,11 0 9 7 7 4,0 5 0 1,1 4 9 8 9 8 2,1 3 5 1,8 3 2 1,6 0 9 6 1 1 3 0 9 7 1 9 6 8 9 2,133 U.S. Treasury, general account 4,61 8 0 4,6 1 8 0 0 0 0 0 0 0 0 0 0 Foreign official 7 9 5 5 1 1 4 7 2 3 1 1 1 0 4 Other 35 7 4 1 7 1 0 0 1 7 3 0 1 2 3 1 1 0 Deferred availability cash items 8,69 2 7 0 0 8 7 1 5 7 0 7 8 8 5 1 4 1,3 0 5 4 5 8 1 9 7 5 8 5 5 8 5 3 7 8 1,741 Other liabilities and accrued dividends2 3,29 2 2 0 0 1,0 9 2 1 2 5 1 7 7 3 3 3 2 6 6 3 0 8 1 2 5 9 6 1 0 4 1 6 6 302 Total liabilities 779,94 6 38,5 2 4 319,5 5 0 31,1 3 3 33,0 3 8 58,8 2 2 59,9 8 8 68,7 4 1 23,3 1 7 16,0 5 9 21,7 0 7 34,8 0 5 74,262 Capital Capital paid in 12,75 3 1,5 5 0 3,5 0 4 3 0 3 1,0 9 6 2,5 6 0 6 4 8 8 3 0 3 2 1 2 5 3 1 5 5 1 4 8 1,386 Surplus 11,39 7 1,1 3 6 3,4 3 0 2 9 4 1,0 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 1,20 0 1 1 2 9 8 2 1 0 3 5 3 9 6 1 0 6 1 0 8 9 1 3 3 3 152 Total liabilities and capital 805,29 7 41,2 2 1 326,7 8 1 31,7 5 1 35,1 8 4 63,8 8 3 61,2 4 8 70,4 4 0 23,9 8 1 16,5 7 6 22,0 2 7 35,1 2 1 77,082 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 May 4, 2005 Federal Reserve notes outstanding 856,894 Less: Notes held by F.R. Banks not subject to collateralization 137,157 Federal Reserve notes to be collateralized 719,737 Collateral held against Federal Reserve notes 719,737 Gold certificate account 11,037 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 706,500 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 740,872 Less: face value of securities under reverse repurchase agreements 26,079 U.S. Treasury and agency securities eligible to be pledged 714,793 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.