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 19, 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 18, 2005 May 11, 2005 May 19, 2004 May 18, 2005 Reserve Bank credit 787,559 + 4,316 + 47,065 783,234 Securities held outright 721,611 + 1,014 + 42,037 721,629 U.S. Treasury1 721,611 + 1,014 + 42,037 721,629 Bills2 264,284 + 206 + 14,089 264,288 Notes and bonds, nominal2 435,683 + 769 + 22,603 435,683 Notes and bonds, inflation-indexed2 19,108 0 + 4,644 19,108 Inflation compensation3 2,535 + 38 + 700 2,549 Federal agency2 0 0 0 0 Repurchase agreements4 26,571 + 5,535 + 4,571 23,750 Loans to depository institutions 142 + 8 + 37 141 Primary credit 2 - 6 0 4 Secondary credit 0 0 0 0 Seasonal credit 139 + 13 + 35 138 Float -1,259 - 602 - 775 -843 Other Federal Reserve assets 40,493 - 1,641 + 1,194 38,557 Gold stock 11,041 0 - 4 11,041 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 36,629 + 14 + 746 36,629 Total factors supplying reserve funds 837,429 + 4,329 + 47,807 833,104 Currency in circulation5 754,372 - 215 + 34,573 754,992 Reverse repurchase agreements6 28,054 + 2,905 + 9,170 26,179 Foreign official and international accounts 28,054 + 2,905 + 9,170 26,179 Dealers 0 0 0 0 Treasury cash holdings 255 + 1 - 69 260 Deposits with F.R. Banks, other than reserve balances 13,961 - 519 - 1,726 13,807 U.S. Treasury, general account 5,209 + 216 - 124 5,080 Foreign official 84 - 39 - 198 112 Service-related 8,341 - 687 - 1,443 8,341 Required clearing balances 8,341 - 687 - 1,443 8,341 Adjustments to compensate for float 0 0 0 0 Other 327 - 9 + 40 273 Other liabilities and capital 28,820 - 93 + 8,078 28,781 Total factors, other than reserve balances, absorbing reserve funds 825,462 + 2,079 + 50,026 824,019 Reserve balances with Federal Reserve Banks 11,967 + 2,251 - 2,218 9,086 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,404,084 + 4,724 + 204,328 1,402,467 U.S. Treasury 1,074,207 + 398 + 106,894 1,074,542 Federal agency 329,877 + 4,326 + 97,434 327,924 Securities lent to dealers 3,303 + 1,620 + 881 6,714 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 18, 2005 May 11, 2005 May 19, 2004 Assets Gold certificate account 11,037 0 - 4 Special drawing rights certificate account 2,200 0 0 Coin 656 - 19 - 101 Securities, repurchase agreements, and loans 745,520 - 2,184 + 44,541 Securities held outright 721,629 + 64 + 42,011 U.S. Treasury1 721,629 + 64 + 42,011 Bills2 264,288 + 25 + 14,058 Notes and bonds, nominal2 435,683 0 + 22,603 Notes and bonds, inflation-indexed2 19,108 0 + 4,644 Inflation compensation3 2,549 + 38 + 705 Federal agency2 0 0 0 Repurchase agreements4 23,750 - 2,250 + 2,500 Loans 141 + 3 + 30 Items in process of collection (788) 5,494 - 1,106 - 10 Bank premises 1,815 + 1 + 139 Other assets5 36,706 - 3,494 + 1,072 Total assets (788) 803,428 - 6,802 + 45,637 Liabilities Federal Reserve notes, net of F.R. Bank holdings 719,274 - 1,050 + 32,648 Reverse repurchase agreements6 26,179 + 871 + 7,906 Deposits (0) 22,857 - 6,559 - 2,801 Depository institutions 17,391 - 6,634 - 3,470 U.S. Treasury, general account 5,080 + 82 + 629 Foreign official 112 + 33 + 32 Other (0) 273 - 42 + 7 Deferred availability cash items (788) 6,337 - 218 + 109 Other liabilities and accrued dividends7 3,350 + 16 + 1,009 Total liabilities (788) 777,997 - 6,940 + 38,870 Capital accounts Capital paid in 12,909 + 138 + 3,829 Surplus 11,393 - 19 + 2,546 Other capital accounts 1,128 + 18 + 390 Total capital 25,431 + 138 + 6,766 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 18, 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 136 61,702 - 2,599 0 0 23,750 26,179 16 days to 90 days 5 153,168 - 1,648 0 0 0 0 91 days to 1 year 0 161,583 + 1,482 0 0 . . . . . . Over 1 year to 5 years . . . 214,280 + 335 0 0 . . . . . . Over 5 years to 10 years . . . 53,621 + 2,477 0 0 . . . . . . Over 10 years . . . 77,275 + 17 0 0 . . . . . . All 141 721,629 + 64 0 0 23,750 26,179 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 18, 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 5 6 2 3 3 3 5 2 5 1 4 8 8 1 1 2 0 3 5 2 3 4 5 5 1 94 Securities, repurchase agreements, and loans 745,5 2 0 36,9 2 1 309,9 0 1 25,5 9 9 30,4 8 5 55,0 7 2 55,8 3 3 65,0 5 4 22,4 0 6 15,1 0 4 20,4 2 3 35,5 4 4 73,177 Securities held outright 721,6 2 9 36,9 2 1 286,1 5 1 25,5 9 9 30,4 8 5 55,0 7 2 55,8 2 9 64,9 8 6 22,3 9 3 15,0 7 2 20,4 1 1 35,5 4 1 73,169 U.S. Treasury1 721,6 2 9 36,9 2 1 286,1 5 1 25,5 9 9 30,4 8 5 55,0 7 2 55,8 2 9 64,9 8 6 22,3 9 3 15,0 7 2 20,4 1 1 35,5 4 1 73,169 Bills2 264,2 8 8 13,5 2 2 104,7 9 9 9,3 7 5 11,1 6 5 20,1 7 0 20,4 4 7 23,8 0 0 8,2 0 1 5,5 2 0 7,4 7 5 13,0 1 7 26,797 Notes and bonds3 457,3 4 1 23,3 9 9 181,3 5 2 16,2 2 4 19,3 2 0 34,9 0 3 35,3 8 2 41,1 8 6 14,1 9 2 9,5 5 2 12,9 3 6 22,5 2 5 46,371 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 23,7 5 0 0 23,7 5 0 0 0 0 0 0 0 0 0 0 0 Loans 1 4 1 0 0 0 0 0 4 6 8 1 4 3 2 1 2 2 8 Items in process of collection 6,2 8 2 3 9 8 3 5 7 2 5 9 6 3 1 4 5 8 7 7 0 2 9 1 1 2 1 3 4 3 5 7 2 2 1 8 1,864 Bank premises 1,8 1 5 1 0 4 2 0 0 5 4 1 5 6 1 4 3 2 7 4 1 8 0 6 2 1 2 1 8 5 2 6 9 166 Other assets5 36,7 0 6 3,2 6 7 13,7 7 7 1,0 6 3 2,4 7 1 4,8 9 5 1,9 8 7 2,5 0 4 8 7 4 7 4 0 6 5 2 9 0 2 3,575 Interdistrict settlement account 0 - 1 3 2 - 4,0 5 6 + 4,4 3 0 + 3 4 5 + 2,4 4 8 + 2,1 2 2 + 1,1 0 3 - 4 2 - 4 3 5 - 4 4 1 - 3,1 0 3 - 2,238 Total assets 804,2 1 6 41,2 0 5 325,4 4 0 31,9 7 1 34,6 9 6 64,0 4 8 62,1 7 9 70,3 9 3 23,8 5 5 16,1 3 9 21,7 1 9 34,5 2 8 78,043 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 18, 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 860,12 2 39,5 4 2 338,0 5 3 36,2 6 8 35,1 7 3 66,1 0 5 78,8 6 4 74,1 4 9 24,4 6 2 16,3 6 3 24,0 2 5 40,0 2 0 87,098 Less: notes held by F.R. Banks 140,84 8 4,3 8 4 41,4 1 3 7,1 7 5 5,3 8 5 12,3 8 8 22,9 4 3 9,8 9 2 2,9 3 7 2,1 4 0 4,5 9 8 8,2 5 3 19,339 Federal Reserve notes, net 719,27 4 35,1 5 7 296,6 4 0 29,0 9 3 29,7 8 8 53,7 1 8 55,9 2 0 64,2 5 7 21,5 2 4 14,2 2 3 19,4 2 7 31,7 6 8 67,759 Reverse repurchase agreements1 26,17 9 1,3 3 9 10,3 8 1 9 2 9 1,1 0 6 1,9 9 8 2,0 2 5 2,3 5 8 8 1 2 5 4 7 7 4 0 1,2 8 9 2,654 Deposits 22,85 7 1,2 7 6 9,1 9 6 7 9 3 8 3 3 2,5 2 3 1,6 5 5 1,3 3 9 5 8 2 3 3 0 6 7 8 6 4 1 3,011 Depository institutions 17,39 1 1,2 6 3 3,8 6 8 7 9 2 8 2 7 2,4 2 1 1,6 5 3 1,3 3 6 5 7 8 3 2 9 6 7 7 6 4 1 3,006 U.S. Treasury, general account 5,08 0 0 5,0 8 0 0 0 0 0 0 0 0 0 0 0 Foreign official 11 2 5 8 4 1 4 7 2 3 1 1 1 0 4 Other 27 3 8 1 6 4 0 2 9 5 0 1 3 0 1 0 0 Deferred availability cash items 7,12 5 5 4 0 8 4 2 4 1 1 6 1 6 4 3 2 9 5 7 4 4 1 1 5 2 4 2 9 4 4 8 3 4 4 1,512 Other liabilities and accrued dividends2 3,35 0 2 0 4 1,1 1 9 1 2 7 1 7 9 3 3 5 2 6 6 3 1 1 1 2 8 1 0 0 1 0 7 1 6 8 306 Total liabilities 778,78 5 38,5 1 6 318,1 7 8 31,3 5 3 32,5 2 2 59,0 0 6 60,8 2 4 68,7 0 5 23,1 9 8 15,6 2 8 21,4 0 0 34,2 1 1 75,243 Capital Capital paid in 12,90 9 1,5 5 0 3,6 1 6 3 0 6 1,1 2 4 2,5 5 2 6 6 1 8 3 0 3 2 1 2 5 3 1 5 5 1 4 8 1,393 Surplus 11,39 3 1,1 3 2 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 1,12 8 7 2 1 7 1 8 0 3 4 2 1 7 7 9 5 1 0 0 3 1 0 3 4 125 Total liabilities and capital 804,21 6 41,2 0 5 325,4 4 0 31,9 7 1 34,6 9 6 64,0 4 8 62,1 7 9 70,3 9 3 23,8 5 5 16,1 3 9 21,7 1 9 34,5 2 8 78,043 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 18, 2005 Federal Reserve notes outstanding 860,122 Less: Notes held by F.R. Banks not subject to collateralization 140,848 Federal Reserve notes to be collateralized 719,274 Collateral held against Federal Reserve notes 719,274 Gold certificate account 11,037 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 706,037 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 745,379 Less: face value of securities under reverse repurchase agreements 26,198 U.S. Treasury and agency securities eligible to be pledged 719,181 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.