FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks December 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 Dec 22, 2004 Dec 15, 2004 Dec 24, 2003 Dec 22, 2004 Federal Reserve Banks Reserve Bank Credit 784,475 + 1,807 + 44,970 791,951 Securities held outright 717,674 + 85 + 51,640 717,682 U.S. Treasury (1) 717,674 + 85 + 51,640 717,682 Bills (2) 262,861 + 63 + 18,664 262,861 Notes and bonds, nominal (2) 436,429 0 + 30,256 436,429 Notes and bonds, inflation-indexed (2) 16,108 0 + 2,114 16,108 Inflation compensation (3) 2,276 + 22 + 606 2,284 Federal agency (2) 0 0 0 0 Repurchase agreements(4) 25,393 + 572 - 7,786 32,000 Loans to depository institutions 75 + 14 + 5 79 Primary credit 19 + 14 - 14 24 Secondary credit 0 0 0 0 Seasonal credit 56 0 + 19 55 Float 455 + 695 + 42 1,125 Other Federal Reserve assets 40,878 + 442 + 1,068 41,064 Gold stock 11,043 0 0 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 36,462 + 14 + 1,002 36,462 Total factors supplying reserve funds 834,180 + 1,821 + 45,972 841,656 Currency in circulation(5) 753,658 + 2,497 + 35,013 757,393 Reverse repurchase agreements (6) 28,074 + 612 + 8,644 28,056 Foreign official and international accounts 28,074 + 612 + 8,644 28,056 Dealers 0 0 0 0 Treasury cash holdings 264 - 13 - 55 268 Deposits with F.R.Banks, other than reserve balances 15,262 + 95 - 1,934 14,162 U.S. Treasury, general account 5,133 + 86 + 432 4,047 Foreign official 97 + 10 + 1 88 Service-related 9,762 - 11 - 2,391 9,762 Required clearing balances 9,762 0 - 2,083 9,762 Adjustments to compensate for float 0 - 11 - 308 0 Other 270 + 11 + 23 264 Other liabilities and capital 26,140 + 457 + 5,381 26,106 Total factors, other than reserve balances, absorbing reserve funds 823,398 + 3,649 + 47,049 825,986 Reserve balances with Federal Reserve Banks 10,781 - 1,828 - 1,078 15,670 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 1,330,097 + 4,008 + 269,576 1,331,476 U.S. Treasury 1,059,625 + 2,488 + 211,905 1,059,875 Federal agency 270,472 + 1,520 + 57,671 271,601 Securities lent to dealers 3,353 + 381 + 1,290 2,700 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 22, 2004 Dec 15, 2004 Dec 24, 2003 Assets Gold certificate account 11,039 0 0 Special drawing rights certificate account 2,200 0 0 Coin 722 - 1 - 25 Securities, repurchase agreements, and loans 749,761 + 3,294 + 46,870 Securities held outright 717,682 + 21 + 51,466 U.S. Treasury (1) 717,682 + 21 + 51,466 Bills (2) 262,861 0 + 18,480 Notes and bonds, nominal (2) 436,429 0 + 30,256 Notes and bonds, inflation-indexed (2) 16,108 0 + 2,114 Inflation compensation (3) 2,284 + 22 + 616 Federal agency (2) 0 0 0 Repurchase agreements (4) 32,000 + 3,250 - 4,500 Loans 79 + 23 - 96 Items in process of collection (803) 8,098 + 663 - 2,798 Bank premises 1,773 + 11 + 150 Other assets (5) 39,264 + 332 + 767 Total assets (803) 812,859 + 4,301 + 44,967 Liabilities Federal Reserve notes net of FR Bank holdings 721,917 + 4,406 + 33,167 Reverse repurchase agreements (6) 28,056 + 210 + 8,292 Deposits (0) 29,806 - 695 - 487 Depository institutions 25,406 + 302 + 164 U.S. Treasury, general account 4,047 - 972 - 623 Foreign official 88 - 27 - 40 Other (0) 264 + 2 + 11 Deferred availability cash items (803) 6,973 + 214 - 1,589 Other liabilities and accrued dividends (7) 3,139 + 30 + 772 Total liabilities (803) 789,892 + 4,166 + 40,155 Capital Accounts Capital paid in 11,638 - 2 + 2,795 Surplus 8,847 0 + 467 Other capital accounts 2,482 + 137 + 1,551 Total capital 22,967 + 135 + 4,813 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 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 79 54,407 + 11,484 0 0 32,000 28,056 16 days to 90 days 0 153,944 - 10,423 0 0 0 0 91 days to 1 year 0 170,913 - 1,061 0 0 ------ ------ Over 1 to 5 years ------ 208,298 + 8 0 0 ------ ------ Over 5 to 10 years ------ 54,364 + 6 0 0 ------ ------ Over 10 years ------ 75,755 + 7 0 0 ------ ------ All 79 717,682 + 21 0 0 32,000 28,056 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 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 722 18 39 55 52 63 83 109 36 22 46 92 107 Securities, repurchase agreements, and loans 749,761 33,705 343,197 21,353 30,667 54,547 48,411 64,658 21,085 15,668 18,865 32,724 64,882 Securities held outright 717,682 33,701 311,197 21,346 30,667 54,547 48,399 64,648 21,085 15,654 18,859 32,723 64,859 U.S. Treasury (1) 717,682 33,701 311,197 21,346 30,667 54,547 48,399 64,648 21,085 15,654 18,859 32,723 64,859 Bills (2) 262,861 12,343 113,980 7,818 11,232 19,979 17,727 23,678 7,723 5,733 6,908 11,985 23,756 Notes and bonds(3) 454,821 21,357 197,216 13,527 19,435 34,568 30,672 40,970 13,362 9,920 11,952 20,738 41,104 Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements(4) 32,000 0 32,000 0 0 0 0 0 0 0 0 0 0 Loans 79 5 0 7 0 0 12 11 0 15 5 1 23 Items in process of collection 8,902 528 500 386 784 395 846 690 459 537 665 534 2,580 Bank premises 1,773 99 195 53 155 144 277 160 64 123 80 245 179 Other assets(5) 39,264 1,786 13,945 1,145 2,452 6,263 2,231 3,580 1,027 1,172 800 976 3,886 Interdistrict settlement account 0 + 3,440 -25,195 + 4,230 - 672 - 78 + 9,819 + 574 + 1,449 - 1,077 + 1,758 + 1,564 + 4,188 Total Assets 813,662 40,185 338,205 27,687 33,993 62,299 62,726 70,907 24,515 16,694 22,581 36,758 77,112 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 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 850,737 38,352 337,710 32,704 34,638 65,243 73,512 72,928 25,080 16,449 24,575 41,229 88,316 Less: notes held by F.R. Banks 128,820 4,123 35,650 7,872 5,446 12,279 16,959 9,107 2,812 1,999 4,439 7,267 20,868 Federal Reserve notes, net 721,917 34,229 302,060 24,833 29,193 52,964 56,554 63,821 22,268 14,450 20,135 33,962 67,448 Reverse repurchase agreements (1) 28,056 1,317 12,166 834 1,199 2,132 1,892 2,527 824 612 737 1,279 2,536 Deposits 29,806 1,271 15,299 814 1,337 2,080 2,056 2,043 645 344 815 738 2,364 Depository institutions 25,406 1,262 11,007 813 1,333 2,002 2,054 2,039 642 343 813 737 2,360 U.S. Treasury, general account 4,047 0 4,047 0 0 0 0 0 0 0 0 0 0 Foreign official 88 2 65 1 2 7 2 3 1 1 1 0 4 Other 264 7 180 0 1 71 0 1 2 0 1 1 0 Deferred availability cash items 7,777 671 736 488 499 496 925 499 176 582 466 337 1,903 Other liabilities and accrued dividends (2) 3,139 197 1,063 117 159 328 240 295 121 99 105 153 263 Total liabilities 790,695 37,685 331,324 27,086 32,387 58,001 61,667 69,184 24,034 16,087 22,259 36,468 74,513 Capital Capital paid in 11,638 1,638 3,437 294 795 2,138 516 764 236 254 150 134 1,283 Surplus 8,847 448 2,031 259 727 2,074 489 924 228 346 162 111 1,048 Other capital 2,482 413 1,413 48 84 86 55 35 16 8 10 45 268 Total liabilities and capital 813,662 40,185 338,205 27,687 33,993 62,299 62,726 70,907 24,515 16,694 22,581 36,758 77,112 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 22, 2004 Federal Reserve notes outstanding 850,737 Less: Notes held by F.R. Banks not subject to collateralization 128,820 Federal Reserve Notes to be collateralized 721,917 Collateral held against Federal Reserve notes 721,917 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 708,678 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities (1) 749,682 Less:face value of securities under reverse repurchase agreements 28,082 U.S. Treasury and agency securities eligible to be pledged 721,601 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.