FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks December 16, 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 15, 2004 Dec 8, 2004 Dec 17, 2003 Dec 15, 2004 Federal Reserve Banks Reserve Bank Credit 782,668 - 1,463 + 50,834 787,884 Securities held outright 717,589 + 1,971 + 51,696 717,661 U.S. Treasury (1) 717,589 + 1,971 + 51,696 717,661 Bills (2) 262,798 + 69 + 18,746 262,861 Notes and bonds, nominal (2) 436,429 + 1,442 + 30,256 436,429 Notes and bonds, inflation-indexed (2) 16,108 + 425 + 2,114 16,108 Inflation compensation (3) 2,254 + 36 + 580 2,262 Federal agency (2) 0 0 0 0 Repurchase agreements(4) 24,821 - 3,250 - 750 28,750 Loans to depository institutions 61 + 6 + 24 56 Primary credit 5 + 2 0 1 Secondary credit 0 0 0 0 Seasonal credit 56 + 5 + 24 55 Float -240 - 383 - 1,125 676 Other Federal Reserve assets 40,436 + 192 + 988 40,742 Gold stock 11,043 0 0 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 36,448 + 14 + 996 36,448 Total factors supplying reserve funds 832,359 - 1,449 + 51,831 837,575 Currency in circulation(5) 751,161 - 256 + 37,621 752,977 Reverse repurchase agreements (6) 27,462 - 931 + 9,246 27,846 Foreign official and international accounts 27,462 - 931 + 9,496 27,846 Dealers 0 0 - 250 0 Treasury cash holdings 277 + 15 - 46 263 Deposits with F.R.Banks, other than reserve balances 15,167 - 267 - 2,755 15,170 U.S. Treasury, general account 5,047 + 61 - 575 5,019 Foreign official 87 - 57 - 2 115 Service-related 9,773 - 253 - 2,197 9,773 Required clearing balances 9,762 - 264 - 2,087 9,762 Adjustments to compensate for float 11 + 11 - 111 11 Other 259 - 19 + 18 262 Other liabilities and capital 25,683 - 34 + 4,850 25,941 Total factors, other than reserve balances, absorbing reserve funds 819,749 - 1,474 + 48,915 822,197 Reserve balances with Federal Reserve Banks 12,610 + 25 + 2,916 15,378 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 1,326,089 - 3,183 + 272,070 1,329,358 U.S. Treasury 1,057,137 - 6,373 + 216,105 1,059,657 Federal agency 268,952 + 3,191 + 55,964 269,701 Securities lent to dealers 2,972 + 208 + 1,341 4,922 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 15, 2004 Dec 8, 2004 Dec 17, 2003 Assets Gold certificate account 11,039 0 0 Special drawing rights certificate account 2,200 0 0 Coin 723 + 13 - 39 Securities, repurchase agreements, and loans 746,467 - 1,157 + 55,463 Securities held outright 717,661 + 589 + 51,708 U.S. Treasury (1) 717,661 + 589 + 51,708 Bills (2) 262,861 + 128 + 18,748 Notes and bonds, nominal (2) 436,429 0 + 30,256 Notes and bonds, inflation-indexed (2) 16,108 + 425 + 2,114 Inflation compensation (3) 2,262 + 36 + 590 Federal agency (2) 0 0 0 Repurchase agreements (4) 28,750 - 1,750 + 3,750 Loans 56 + 3 + 6 Items in process of collection (868) 7,435 - 874 - 2,676 Bank premises 1,762 + 6 + 152 Other assets (5) 38,932 + 557 + 844 Total assets (868) 808,558 - 1,455 + 53,746 Liabilities Federal Reserve notes net of FR Bank holdings 717,511 + 344 + 35,863 Reverse repurchase agreements (6) 27,846 - 325 + 10,189 Deposits (0) 30,501 - 1,899 + 3,991 Depository institutions 25,104 - 2,124 + 6,369 U.S. Treasury, general account 5,019 + 188 - 2,436 Foreign official 115 + 38 + 32 Other (0) 262 - 3 + 26 Deferred availability cash items (868) 6,759 - 168 - 1,573 Other liabilities and accrued dividends (7) 3,109 - 9 + 779 Total liabilities (868) 785,726 - 2,058 + 49,249 Capital Accounts Capital paid in 11,640 + 29 + 2,801 Surplus 8,847 0 + 467 Other capital accounts 2,345 + 574 + 1,228 Total capital 22,832 + 603 + 4,496 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 15, 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 42,923 + 453 0 0 24,750 27,846 16 days to 90 days 38 164,367 + 608 0 0 4,000 0 91 days to 1 year 0 171,974 - 933 0 0 ------ ------ Over 1 to 5 years ------ 208,290 + 8 0 0 ------ ------ Over 5 to 10 years ------ 54,358 + 349 0 0 ------ ------ Over 10 years ------ 75,748 + 104 0 0 ------ ------ All 56 717,661 + 589 0 0 28,750 27,846 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 15, 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 723 18 42 55 52 59 80 107 37 21 48 102 101 Securities, repurchase agreements, and loans 746,467 33,701 339,937 21,351 30,666 54,545 48,405 64,657 21,084 15,671 18,868 32,723 64,858 Securities held outright 717,661 33,699 311,187 21,345 30,666 54,545 48,397 64,646 21,084 15,653 18,859 32,722 64,857 U.S. Treasury (1) 717,661 33,699 311,187 21,345 30,666 54,545 48,397 64,646 21,084 15,653 18,859 32,722 64,857 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) 454,799 21,356 197,207 13,527 19,434 34,567 30,671 40,968 13,362 9,920 11,951 20,737 41,102 Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements(4) 28,750 0 28,750 0 0 0 0 0 0 0 0 0 0 Loans 56 2 0 6 0 0 8 12 0 18 9 1 1 Items in process of collection 8,303 433 419 358 711 420 1,086 558 376 549 650 347 2,395 Bank premises 1,762 99 195 53 155 144 277 150 64 123 79 245 179 Other assets(5) 38,932 1,769 13,788 1,166 2,434 6,253 2,209 3,533 1,016 1,164 790 955 3,856 Interdistrict settlement account 0 + 4,025 -25,476 + 4,555 + 1,262 - 891 + 8,805 + 260 + 1,443 - 1,115 + 1,608 + 1,407 + 4,117 Total Assets 809,425 40,654 334,429 28,003 35,836 61,496 61,922 70,401 24,415 16,661 22,411 36,403 76,796 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 15, 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 849,669 38,245 335,673 32,793 34,707 65,390 73,746 72,976 25,128 16,457 24,594 41,343 88,615 Less: notes held by F.R. Banks 132,158 4,425 34,525 8,072 5,676 12,742 17,789 9,574 3,025 2,085 4,674 7,717 21,853 Federal Reserve notes, net 717,511 33,820 301,148 24,721 29,032 52,649 55,957 63,402 22,103 14,372 19,920 33,626 66,761 Reverse repurchase agreements (1) 27,846 1,308 12,075 828 1,190 2,116 1,878 2,508 818 607 732 1,270 2,517 Deposits 30,501 2,279 12,718 1,215 3,360 1,638 1,879 2,021 698 406 878 768 2,642 Depository institutions 25,104 2,272 7,431 1,214 3,356 1,557 1,877 2,017 693 404 876 767 2,639 U.S. Treasury, general account 5,019 0 5,019 0 0 0 0 0 0 0 0 0 0 Foreign official 115 2 92 1 2 7 2 3 1 1 1 0 4 Other 262 6 176 0 1 73 0 0 3 0 1 1 0 Deferred availability cash items 7,627 572 750 519 485 458 914 440 178 562 452 293 2,004 Other liabilities and accrued dividends (2) 3,109 196 1,051 114 159 335 237 281 123 97 103 154 259 Total liabilities 786,593 38,175 327,742 27,397 34,225 57,195 60,865 68,652 23,921 16,044 22,085 36,111 74,183 Capital Capital paid in 11,640 1,638 3,437 294 795 2,140 516 764 236 255 150 134 1,282 Surplus 8,847 448 2,031 259 727 2,074 489 924 228 346 162 111 1,048 Other capital 2,345 394 1,219 53 89 87 52 61 31 16 14 47 282 Total liabilities and capital 809,425 40,654 334,429 28,003 35,836 61,496 61,922 70,401 24,415 16,661 22,411 36,403 76,796 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 15, 2004 Federal Reserve notes outstanding 849,669 Less: Notes held by F.R. Banks not subject to collateralization 132,158 Federal Reserve Notes to be collateralized 717,511 Collateral held against Federal Reserve notes 717,511 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 704,272 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities (1) 746,411 Less:face value of securities under reverse repurchase agreements 27,884 U.S. Treasury and agency securities eligible to be pledged 718,526 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.