FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks September 23, 2004 1. Factors Affecting Reserve Balances of Depository Institutions Millions of dollars Averages of daily figures Reserve Bank credit, related items, and Week ended Change from week ended Wednesday reserve balances of depository institutions at Sep 22, 2004 Sep 15, 2004 Sep 24, 2003 Sep 22, 2004 Federal Reserve Banks Reserve Bank Credit 767,481 - 938 + 49,875 763,507 Securities held outright 697,024 + 1,461 + 41,034 698,161 U.S. Treasury (1) 697,024 + 1,461 + 41,044 698,161 Bills (2) 255,913 + 553 + 14,511 257,053 Notes and bonds, nominal (2) 424,141 + 914 + 24,546 424,141 Notes and bonds, inflation-indexed (2) 14,862 0 + 1,408 14,862 Inflation compensation (3) 2,107 - 6 + 578 2,105 Federal agency (2) 0 0 - 10 0 Repurchase agreements(4) 31,286 - 2,214 + 9,000 26,500 Loans to depository institutions 592 + 334 + 356 255 Primary credit 352 + 332 + 279 15 Secondary credit 0 0 0 0 Seasonal credit 240 + 2 + 77 240 Float -268 - 742 - 554 -402 Other Federal Reserve assets 38,847 + 223 + 38 38,993 Gold stock 11,043 0 0 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 36,185 + 14 + 921 36,185 Total factors supplying reserve funds 816,909 - 924 + 50,796 812,936 Currency in circulation(5) 737,438 - 2,637 + 41,474 737,875 Reverse repurchase agreements (6) 24,814 + 107 + 4,269 24,556 Foreign official and international accounts 24,814 + 107 + 4,269 24,556 Dealers 0 0 0 0 Treasury cash holdings 312 - 10 - 24 300 Deposits with F.R.Banks, other than reserve balances 17,502 + 1,661 - 1,903 15,339 U.S. Treasury, general account 6,979 + 1,718 - 561 4,845 Foreign official 81 - 3 - 21 78 Service-related 10,165 - 59 - 1,329 10,165 Required clearing balances 10,165 - 59 - 1,061 10,165 Adjustments to compensate for float 0 0 - 268 0 Other 278 + 5 + 8 252 Other liabilities and capital 23,223 - 48 + 2,468 23,151 Total factors, other than reserve balances, absorbing reserve funds 803,289 - 927 + 46,283 801,222 Reserve balances with Federal Reserve Banks 13,620 + 3 + 4,513 11,714 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 1,290,191 - 1,183 + 326,834 1,289,292 U.S. Treasury 1,047,563 - 194 + 272,768 1,047,480 Federal agency 242,628 - 988 + 54,067 241,812 Securities lent to dealers 995 - 702 + 380 1,840 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. 2. Consolidated Statement of Condition of All Federal Reserve Banks Millions of Dollars Eliminations Change Since from Wednesday Wednesday Wednesday Assets, liabilities, and capital consolidation Sep 22, 2004 Sep 15, 2004 Sep 24, 2003 Assets Gold certificate account 11,039 0 0 Special drawing rights certificate account 2,200 0 0 Coin 773 + 3 - 76 Securities, repurchase agreements, and loans 724,916 - 6,590 + 42,571 Securities held outright 698,161 + 2,458 + 42,158 U.S. Treasury (1) 698,161 + 2,458 + 42,168 Bills (2) 257,053 + 1,664 + 15,639 Notes and bonds, nominal (2) 424,141 + 800 + 24,546 Notes and bonds, inflation-indexed (2) 14,862 0 + 1,408 Inflation compensation (3) 2,105 - 6 + 575 Federal agency (2) 0 0 - 10 Repurchase agreements (4) 26,500 - 9,000 + 500 Loans 255 - 48 - 86 Items in process of collection (907) 5,294 - 940 - 1,241 Bank premises 1,723 + 1 + 128 Other assets (5) 37,447 + 532 - 74 Total assets (907) 783,391 - 6,994 + 41,307 Liabilities Federal Reserve notes net of FR Bank holdings 702,759 - 1,658 + 39,445 Reverse repurchase agreements (6) 24,556 + 233 + 5,755 Deposits (0) 27,087 - 5,406 - 5,121 Depository institutions 21,913 - 2,622 - 3,114 U.S. Treasury, general account 4,845 - 2,781 - 1,992 Foreign official 78 - 1 - 4 Other (0) 252 0 - 10 Deferred availability cash items (907) 5,838 - 435 - 1,274 Other liabilities and accrued dividends (7) 2,685 + 36 + 440 Total liabilities (907) 762,926 - 7,230 + 39,245 Capital Accounts Capital paid in 10,501 + 22 + 1,743 Surplus 8,847 0 + 467 Other capital accounts 1,117 + 214 - 148 Total capital 20,466 + 237 + 2,063 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 securites. 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, September 22, 2004 Millions of dollars U.S. Treasury Federal agency Reverse Maturity Loans securities (1) securities Repurchase repurchase Weekly Weekly agreements(2)agreements(2) Holdings changes Holdings changes Within 15 days 246 54,069 - 702 0 0 26,500 24,556 16 days to 90 days 8 152,191 + 2,029 0 0 0 0 91 days to 1 year 0 165,875 + 338 0 0 ------ ------ Over 1 to 5 years ------ 199,511 - 2 0 0 ------ ------ Over 5 to 10 years ------ 50,203 + 398 0 0 ------ ------ Over 10 years ------ 76,312 + 397 0 0 ------ ------ All 255 698,161 + 2,458 0 0 26,500 24,556 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. 4. Statement of Condition of Each Federal Reserve Bank on September 22, 2004 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 11,039 494 4,649 382 452 819 894 924 325 218 302 525 1,055 Special drawing rights certificate acct. 2,200 115 874 83 104 147 166 212 71 30 66 98 234 Coin 773 21 42 41 45 77 86 100 53 23 49 124 111 Securities, repurchase agreements, and loans 724,916 32,784 329,232 20,775 29,833 53,063 47,097 62,958 20,541 15,311 18,378 31,837 63,107 Securities held outright 698,161 32,784 302,732 20,765 29,833 53,063 47,082 62,889 20,511 15,228 18,346 31,833 63,095 U.S. Treasury (1) 698,161 32,784 302,732 20,765 29,833 53,063 47,082 62,889 20,511 15,228 18,346 31,833 63,095 Bills (2) 257,053 12,071 111,462 7,645 10,984 19,537 17,335 23,155 7,552 5,607 6,755 11,720 23,231 Notes and bonds(3) 441,108 20,713 191,270 13,120 18,849 33,526 29,747 39,734 12,959 9,621 11,592 20,112 39,864 Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements(4) 26,500 0 26,500 0 0 0 0 0 0 0 0 0 0 Loans 255 0 0 10 1 0 15 69 30 83 32 4 12 Items in process of collection 6,200 308 484 378 371 242 484 546 389 398 404 165 2,032 Bank premises 1,723 97 191 51 154 144 279 142 59 124 76 225 180 Other assets(5) 37,447 1,695 13,457 1,126 2,303 5,874 2,131 3,374 975 1,107 771 958 3,675 Interdistrict settlement account 0 + 3,210 -33,451 + 3,724 + 16 + 718 +11,609 - 1,370 + 1,489 - 505 + 2,014 + 3,258 + 9,288 Total Assets 784,298 38,725 315,478 26,560 33,279 61,085 62,745 66,887 23,903 16,705 22,060 37,190 79,681 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. 4. Statement of Condition of Each Federal Reserve Bank on September 22, 2004 Millions of dollars Kansas San Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco Liabilities Federal Reserve notes outstanding 829,099 38,233 318,605 32,894 35,057 63,951 73,505 68,425 25,295 16,201 24,613 42,597 89,723 Less: notes held by F.R. Banks 126,340 4,545 34,134 8,845 5,860 11,778 16,039 8,391 3,505 1,672 4,709 7,987 18,874 Federal Reserve notes, net 702,759 33,688 284,471 24,049 29,197 52,173 57,466 60,034 21,789 14,529 19,904 34,610 70,849 Reverse repurchase agreements (1) 24,556 1,153 10,648 730 1,049 1,866 1,656 2,212 721 536 645 1,120 2,219 Deposits 27,087 1,087 14,346 629 948 2,159 1,521 1,742 604 418 750 724 2,159 Depository institutions 21,913 1,084 9,275 628 944 2,080 1,518 1,738 602 417 748 723 2,155 U.S. Treasury, general account 4,845 0 4,845 0 0 0 0 0 0 0 0 0 0 Foreign official 78 2 55 1 2 7 2 3 1 1 1 0 4 Other 252 1 171 0 2 72 2 0 1 0 1 0 0 Deferred availability cash items 6,745 427 644 466 403 390 818 554 188 514 341 311 1,688 Other liabilities and accrued dividends (2) 2,685 158 867 104 135 275 222 253 114 91 100 142 226 Total liabilities 763,832 36,513 310,976 25,978 31,732 56,864 61,683 64,795 23,416 16,087 21,741 36,907 77,141 Capital Capital paid in 10,501 1,634 2,159 285 762 2,089 517 1,025 238 263 149 130 1,249 Surplus 8,847 448 2,031 259 727 2,074 489 924 228 346 162 111 1,048 Other capital 1,117 130 312 39 58 58 55 143 20 10 8 43 243 Total liabilities and capital 784,298 38,725 315,478 26,560 33,279 61,085 62,745 66,887 23,903 16,705 22,060 37,190 79,681 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 Federal Reserve notes and collateral Wednesday Sep 22, 2004 Federal Reserve notes outstanding 829,099 Less: Notes held by F.R. Banks not subject to collateralization 126,340 Federal Reserve Notes to be collateralized 702,759 Collateral held against Federal Reserve notes 702,759 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 689,520 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities (1) 724,661 Less:face value of securities under reverse repurchase agreements 24,567 U.S. Treasury and agency securities eligible to be pledged 700,094 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.