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 12, 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 11, 2005 May 4, 2005 May 12, 2004 May 11, 2005 Reserve Bank credit 783,258 - 3,182 + 41,948 789,996 Securities held outright 720,597 + 1,241 + 42,771 721,565 U.S. Treasury1 720,597 + 1,241 + 42,771 721,565 Bills2 264,078 + 1,073 + 13,915 264,263 Notes and bonds, nominal2 434,914 + 129 + 23,526 435,683 Notes and bonds, inflation-indexed2 19,108 0 + 4,644 19,108 Inflation compensation3 2,497 + 40 + 686 2,511 Federal agency2 0 0 0 0 Repurchase agreements4 21,036 - 5,107 - 2,035 26,000 Loans to depository institutions 134 + 23 + 24 138 Primary credit 8 + 3 - 8 1 Secondary credit 0 0 0 0 Seasonal credit 126 + 19 + 33 138 Float -642 + 484 - 258 97 Other Federal Reserve assets 42,134 + 177 + 1,447 42,196 Gold stock 11,041 0 - 4 11,041 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 36,615 + 14 + 753 36,615 Total factors supplying reserve funds 833,115 - 3,168 + 42,697 839,853 Currency in circulation5 754,587 + 862 + 35,036 756,014 Reverse repurchase agreements6 25,149 - 1,206 + 5,344 25,308 Foreign official and international accounts 25,149 - 1,206 + 5,344 25,308 Dealers 0 0 0 0 Treasury cash holdings 254 - 3 - 56 254 Deposits with F.R. Banks, other than reserve balances 14,480 + 154 - 1,889 14,419 U.S. Treasury, general account 4,993 + 130 - 442 4,998 Foreign official 123 + 22 + 20 79 Service-related 9,028 0 - 1,533 9,028 Required clearing balances 9,028 0 - 1,533 9,028 Adjustments to compensate for float 0 0 0 0 Other 336 + 1 + 66 315 Other liabilities and capital 28,913 + 114 + 8,082 28,627 Total factors, other than reserve balances, absorbing reserve funds 823,383 - 80 + 46,516 824,622 Reserve balances with Federal Reserve Banks 9,732 - 3,088 - 3,819 15,231 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,399,360 + 420 + 206,627 1,398,378 U.S. Treasury 1,073,809 - 3,299 + 110,374 1,073,504 Federal agency 325,551 + 3,718 + 96,253 324,874 Securities lent to dealers 1,683 - 1,809 + 621 1,509 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 11, 2005 May 4, 2005 May 12, 2004 Assets Gold certificate account 11,037 0 - 4 Special drawing rights certificate account 2,200 0 0 Coin 675 - 13 - 102 Securities, repurchase agreements, and loans 747,704 + 6,708 + 42,443 Securities held outright 721,565 + 2,193 + 43,730 U.S. Treasury1 721,565 + 2,193 + 43,730 Bills2 264,263 + 1,258 + 14,100 Notes and bonds, nominal2 435,683 + 898 + 24,295 Notes and bonds, inflation-indexed2 19,108 0 + 4,644 Inflation compensation3 2,511 + 38 + 691 Federal agency2 0 0 0 Repurchase agreements4 26,000 + 4,500 - 1,250 Loans 138 + 14 - 38 Items in process of collection (695) 6,600 - 945 + 872 Bank premises 1,814 + 4 + 142 Other assets5 40,200 + 214 + 1,168 Total assets (695) 810,230 + 5,968 + 44,519 Liabilities Federal Reserve notes, net of F.R. Bank holdings 720,324 + 587 + 34,263 Reverse repurchase agreements6 25,308 - 752 + 6,597 Deposits (0) 29,416 + 7,252 - 4,395 Depository institutions 24,025 + 6,915 - 4,496 U.S. Treasury, general account 4,998 + 380 + 49 Foreign official 79 0 - 4 Other (0) 315 - 42 + 56 Deferred availability cash items (695) 6,555 - 1,102 - 24 Other liabilities and accrued dividends7 3,334 + 42 + 1,017 Total liabilities (695) 784,937 + 6,026 + 37,456 Capital accounts Capital paid in 12,771 + 18 + 3,699 Surplus 11,412 + 15 + 2,604 Other capital accounts 1,110 - 90 + 760 Total capital 25,293 - 58 + 7,063 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 11, 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 17 64,301 + 450 0 0 26,000 25,308 16 days to 90 days 121 154,816 + 1,768 0 0 0 0 91 days to 1 year 0 160,101 - 960 0 0 . . . . . . Over 1 year to 5 years . . . 213,945 + 140 0 0 . . . . . . Over 5 years to 10 years . . . 51,144 + 779 0 0 . . . . . . Over 10 years . . . 77,258 + 17 0 0 . . . . . . All 138 721,565 + 2,193 0 0 26,000 25,308 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 11, 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 7 5 2 2 3 4 5 6 5 4 5 1 8 1 1 2 3 3 6 2 4 4 6 5 3 96 Securities, repurchase agreements, and loans 747,7 0 4 36,9 1 7 312,1 2 6 25,5 9 7 30,4 8 3 55,0 6 7 55,8 2 8 65,0 4 5 22,4 0 9 15,1 0 3 20,4 2 1 35,5 4 0 73,167 Securities held outright 721,5 6 5 36,9 1 7 286,1 2 6 25,5 9 7 30,4 8 3 55,0 6 7 55,8 2 4 64,9 8 0 22,3 9 1 15,0 7 0 20,4 0 9 35,5 3 8 73,162 U.S. Treasury1 721,5 6 5 36,9 1 7 286,1 2 6 25,5 9 7 30,4 8 3 55,0 6 7 55,8 2 4 64,9 8 0 22,3 9 1 15,0 7 0 20,4 0 9 35,5 3 8 73,162 Bills2 264,2 6 3 13,5 2 0 104,7 8 9 9,3 7 5 11,1 6 4 20,1 6 8 20,4 4 5 23,7 9 8 8,2 0 0 5,5 1 9 7,4 7 4 13,0 1 5 26,795 Notes and bonds3 457,3 0 3 23,3 9 7 181,3 3 6 16,2 2 3 19,3 1 9 34,9 0 0 35,3 7 9 41,1 8 2 14,1 9 1 9,5 5 1 12,9 3 4 22,5 2 3 46,368 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 26,0 0 0 0 26,0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 1 3 8 0 0 0 0 0 4 6 5 1 8 3 2 1 2 2 5 Items in process of collection 7,2 9 5 3 1 7 3 4 3 3 4 7 6 2 8 5 9 8 1,4 2 7 3 9 3 2 5 0 2 3 6 5 0 9 3 3 7 1,912 Bank premises 1,8 1 4 1 0 4 2 0 0 5 4 1 5 6 1 4 3 2 7 4 1 8 0 6 1 1 2 1 8 5 2 6 9 166 Other assets5 40,2 0 0 3,4 6 2 15,1 2 2 1,1 7 9 2,6 2 6 5,1 8 3 2,2 9 7 2,8 1 3 9 7 3 8 1 1 7 4 5 1,0 6 2 3,927 Interdistrict settlement account 0 - 1 0 0 - 2,8 7 7 + 3,7 3 6 + 1,5 0 6 + 2,1 5 0 + 1,1 7 7 + 1,4 2 2 - 1 5 2 - 1 3 2 - 3 1 0 - 2,8 6 3 - 3,556 Total assets 810,9 2 5 41,3 4 7 330,1 7 6 31,4 8 3 36,0 0 9 64,1 7 6 62,1 9 6 71,1 1 6 23,9 7 6 16,4 0 6 21,8 7 9 35,0 4 5 77,117 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 11, 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 858,40 2 39,6 9 6 338,3 6 8 36,0 9 7 35,3 1 9 65,9 3 3 77,5 6 8 73,6 3 5 24,5 2 3 16,4 1 8 24,0 8 2 39,9 9 7 86,765 Less: notes held by F.R. Banks 138,07 8 4,4 1 4 40,1 0 4 7,3 4 5 5,2 1 6 12,2 1 2 22,5 6 6 9,4 4 1 2,9 2 6 2,0 1 1 4,5 0 0 7,8 8 5 19,458 Federal Reserve notes, net 720,32 4 35,2 8 2 298,2 6 4 28,7 5 2 30,1 0 3 53,7 2 1 55,0 0 2 64,1 9 4 21,5 9 7 14,4 0 7 19,5 8 2 32,1 1 2 67,306 Reverse repurchase agreements1 25,30 8 1,2 9 5 10,0 3 5 8 9 8 1,0 6 9 1,9 3 1 1,9 5 8 2,2 7 9 7 8 5 5 2 9 7 1 6 1,2 4 6 2,566 Deposits 29,41 6 1,3 4 8 12,8 2 4 5 2 8 1,8 5 0 2,6 1 3 2,7 2 2 2,2 5 2 6 5 5 3 6 9 7 1 1 8 9 3 2,652 Depository institutions 24,02 5 1,3 4 2 7,6 1 2 5 2 7 1,8 4 5 2,4 6 1 2,7 2 0 2,2 4 8 6 5 2 3 6 8 7 1 0 8 9 2 2,647 U.S. Treasury, general account 4,99 8 0 4,9 9 8 0 0 0 0 0 0 0 0 0 0 Foreign official 7 9 5 5 0 1 4 7 2 3 1 1 1 0 4 Other 31 5 1 1 6 4 0 1 1 4 5 0 1 2 0 1 0 0 Deferred availability cash items 7,25 0 5 2 4 7 8 8 5 6 0 6 5 5 5 1 3 9 3 3 3 8 7 1 5 8 4 9 1 4 4 3 3 0 9 1,489 Other liabilities and accrued dividends2 3,33 4 2 0 2 1,1 0 5 1 2 7 1 7 7 3 3 8 2 6 6 3 1 6 1 2 8 9 8 1 0 6 1 6 8 304 Total liabilities 785,63 2 38,6 5 1 323,0 1 6 30,8 6 4 33,8 5 6 59,1 1 6 60,8 8 1 69,4 2 8 23,3 2 4 15,8 9 4 21,5 5 8 34,7 2 7 74,317 Capital Capital paid in 12,77 1 1,5 5 0 3,5 0 4 3 0 3 1,1 0 0 2,5 6 0 6 6 0 8 3 0 3 2 1 2 5 3 1 5 5 1 4 8 1,386 Surplus 11,41 2 1,1 4 7 3,4 3 0 2 9 4 1,0 5 3 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 1,11 0 0 2 2 6 2 2 0 3 5 1 1 3 9 9 4 9 5 4 1 3 3 5 131 Total liabilities and capital 810,92 5 41,3 4 7 330,1 7 6 31,4 8 3 36,0 0 9 64,1 7 6 62,1 9 6 71,1 1 6 23,9 7 6 16,4 0 6 21,8 7 9 35,0 4 5 77,117 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 11, 2005 Federal Reserve notes outstanding 858,402 Less: Notes held by F.R. Banks not subject to collateralization 138,078 Federal Reserve notes to be collateralized 720,324 Collateral held against Federal Reserve notes 720,324 Gold certificate account 11,037 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 707,087 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 747,565 Less: face value of securities under reverse repurchase agreements 25,326 U.S. Treasury and agency securities eligible to be pledged 722,239 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.