FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks December 9, 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 Dec 8, 2004 Dec 1, 2004 Dec 10, 2003 Dec 8, 2004 Federal Reserve Banks Reserve Bank Credit 784,133 - 1,381 + 52,927 789,104 Securities held outright 715,618 + 3,650 + 50,130 717,072 U.S. Treasury (1) 715,618 + 3,650 + 50,139 717,072 Bills (2) 262,729 + 1,171 + 19,095 262,733 Notes and bonds, nominal (2) 434,987 + 2,461 + 28,814 436,429 Notes and bonds, inflation-indexed (2) 15,683 0 + 1,689 15,683 Inflation compensation (3) 2,218 + 18 + 540 2,226 Federal agency (2) 0 0 - 9 0 Repurchase agreements(4) 28,071 - 5,572 + 2,178 30,500 Loans to depository institutions 55 - 18 + 18 53 Primary credit 3 - 3 - 10 2 Secondary credit 0 0 0 0 Seasonal credit 51 - 16 + 27 51 Float 145 + 252 - 606 1,381 Other Federal Reserve assets 40,244 + 306 + 1,207 40,098 Gold stock 11,043 0 0 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 36,434 + 14 + 991 36,434 Total factors supplying reserve funds 833,810 - 1,367 + 53,918 838,781 Currency in circulation(5) 751,417 - 2,448 + 39,620 752,616 Reverse repurchase agreements (6) 28,393 + 307 + 8,929 28,171 Foreign official and international accounts 28,393 + 307 + 8,929 28,171 Dealers 0 0 0 0 Treasury cash holdings 262 - 17 - 64 279 Deposits with F.R.Banks, other than reserve balances 15,435 - 200 - 1,903 15,199 U.S. Treasury, general account 4,986 - 231 + 12 4,831 Foreign official 144 + 56 + 64 77 Service-related 10,027 0 - 1,974 10,026 Required clearing balances 10,027 0 - 1,824 10,026 Adjustments to compensate for float 0 0 - 150 0 Other 278 - 25 - 6 265 Other liabilities and capital 25,717 + 189 + 4,919 25,347 Total factors, other than reserve balances, absorbing reserve funds 821,224 - 2,169 + 51,502 821,612 Reserve balances with Federal Reserve Banks 12,586 + 801 + 2,416 17,169 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 1,329,272 + 6,638 + 284,317 1,330,533 U.S. Treasury 1,063,510 + 1,295 + 229,221 1,062,785 Federal agency 265,761 + 5,342 + 55,096 267,748 Securities lent to dealers 2,764 + 1,177 + 782 3,404 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 Dec 8, 2004 Dec 1, 2004 Dec 10, 2003 Assets Gold certificate account 11,039 0 0 Special drawing rights certificate account 2,200 0 0 Coin 710 + 7 - 44 Securities, repurchase agreements, and loans 747,624 + 927 + 52,732 Securities held outright 717,072 + 4,181 + 51,462 U.S. Treasury (1) 717,072 + 4,181 + 51,462 Bills (2) 262,733 + 256 + 18,966 Notes and bonds, nominal (2) 436,429 + 3,903 + 30,256 Notes and bonds, inflation-indexed (2) 15,683 0 + 1,689 Inflation compensation (3) 2,226 + 21 + 550 Federal agency (2) 0 0 0 Repurchase agreements (4) 30,500 - 3,250 + 1,250 Loans 53 - 3 + 21 Items in process of collection (896) 8,309 + 306 - 1,148 Bank premises 1,756 + 4 + 148 Other assets (5) 38,375 + 215 + 845 Total assets (896) 810,013 + 1,460 + 52,532 Liabilities Federal Reserve notes net of FR Bank holdings 717,167 - 1,060 + 38,643 Reverse repurchase agreements (6) 28,171 + 632 + 9,207 Deposits (0) 32,400 + 1,954 + 577 Depository institutions 27,228 + 2,448 + 892 U.S. Treasury, general account 4,831 - 433 - 331 Foreign official 77 - 7 - 6 Other (0) 265 - 53 + 24 Deferred availability cash items (896) 6,927 - 173 - 727 Other liabilities and accrued dividends (7) 3,118 + 83 + 762 Total liabilities (896) 787,784 + 1,438 + 48,464 Capital Accounts Capital paid in 11,611 + 67 + 2,787 Surplus 8,847 0 + 467 Other capital accounts 1,771 - 44 + 814 Total capital 22,229 + 23 + 4,068 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, December 8, 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 18 42,470 - 94 0 0 26,500 28,171 16 days to 90 days 34 163,759 + 1,378 0 0 4,000 0 91 days to 1 year 0 172,907 + 472 0 0 ------ ------ Over 1 to 5 years ------ 208,282 + 2,412 0 0 ------ ------ Over 5 to 10 years ------ 54,009 + 6 0 0 ------ ------ Over 10 years ------ 75,644 + 7 0 0 ------ ------ All 53 717,072 + 4,181 0 0 30,500 28,171 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 December 8, 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 710 20 43 57 52 57 73 102 36 22 46 104 97 Securities, repurchase agreements, and loans 747,624 33,675 341,432 21,331 30,641 54,501 48,365 64,603 21,067 15,657 18,850 32,697 64,806 Securities held outright 717,072 33,672 310,932 21,327 30,641 54,501 48,357 64,593 21,067 15,640 18,843 32,695 64,804 U.S. Treasury (1) 717,072 33,672 310,932 21,327 30,641 54,501 48,357 64,593 21,067 15,640 18,843 32,695 64,804 Bills (2) 262,733 12,337 113,925 7,814 11,227 19,969 17,718 23,667 7,719 5,731 6,904 11,979 23,744 Notes and bonds(3) 454,339 21,335 197,007 13,513 19,414 34,532 30,639 40,926 13,348 9,910 11,939 20,716 41,060 Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements(4) 30,500 0 30,500 0 0 0 0 0 0 0 0 0 0 Loans 53 3 0 4 0 0 8 11 0 17 7 2 2 Items in process of collection 9,204 523 611 455 926 590 1,095 649 508 483 671 365 2,330 Bank premises 1,756 99 193 53 154 144 277 146 64 123 79 245 179 Other assets(5) 38,375 1,740 13,584 1,153 2,417 6,184 2,172 3,481 990 1,150 777 935 3,793 Interdistrict settlement account 0 + 5,452 -25,896 + 3,985 - 1,111 + 1,599 + 9,134 + 174 + 1,235 - 1,152 + 1,322 + 1,422 + 3,835 Total Assets 810,909 42,118 335,490 27,499 33,635 64,040 62,176 70,291 24,295 16,532 22,114 36,391 76,328 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 December 8, 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 846,549 38,122 333,254 32,718 34,745 65,634 73,086 72,919 25,156 16,527 24,528 41,378 88,481 Less: notes held by F.R. Banks 129,382 4,375 32,499 8,214 5,707 12,602 17,322 9,521 2,991 2,170 4,721 7,749 21,511 Federal Reserve notes, net 717,167 33,746 300,755 24,504 29,039 53,032 55,764 63,398 22,165 14,357 19,807 33,629 66,970 Reverse repurchase agreements (1) 28,171 1,323 12,215 838 1,204 2,141 1,900 2,538 828 614 740 1,284 2,546 Deposits 32,400 3,780 14,281 762 1,136 3,906 2,361 1,892 541 375 660 724 1,983 Depository institutions 27,228 3,776 9,223 761 1,133 3,819 2,360 1,889 535 374 658 723 1,979 U.S. Treasury, general account 4,831 0 4,831 0 0 0 0 0 0 0 0 0 0 Foreign official 77 2 53 1 2 7 2 3 1 1 1 0 4 Other 265 2 175 0 1 80 0 0 5 0 1 0 0 Deferred availability cash items 7,823 624 761 688 501 399 895 480 164 487 483 319 2,023 Other liabilities and accrued dividends (2) 3,118 194 1,046 115 159 344 239 281 120 99 105 157 258 Total liabilities 788,679 39,667 329,059 26,907 32,038 59,823 61,159 68,589 23,818 15,932 21,795 36,113 73,780 Capital Capital paid in 11,611 1,638 3,426 294 794 2,139 503 763 236 255 150 133 1,281 Surplus 8,847 448 2,031 259 727 2,074 489 924 228 346 162 111 1,048 Other capital 1,771 365 975 39 75 4 25 14 13 0 7 34 219 Total liabilities and capital 810,909 42,118 335,490 27,499 33,635 64,040 62,176 70,291 24,295 16,532 22,114 36,391 76,328 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 Dec 8, 2004 Federal Reserve notes outstanding 846,549 Less: Notes held by F.R. Banks not subject to collateralization 129,382 Federal Reserve Notes to be collateralized 717,167 Collateral held against Federal Reserve notes 717,167 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 703,928 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities (1) 747,572 Less:face value of securities under reverse repurchase agreements 28,224 U.S. Treasury and agency securities eligible to be pledged 719,347 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.