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 Averages of daily figures Reserve Bank credit, related items, and Week ended Change from week ended Wednesday reserve balances of depository institutions at May 18, 2005 May 11, 2005 May 19, 2004 May 18, 2005 Federal Reserve Banks Reserve Bank Credit 787,559 + 4,316 + 47,065 783,234 Securities held outright 721,611 + 1,014 + 42,037 721,629 U.S. Treasury (1) 721,611 + 1,014 + 42,037 721,629 Bills (2) 264,284 + 206 + 14,089 264,288 Notes and bonds, nominal (2) 435,683 + 769 + 22,603 435,683 Notes and bonds, inflation-indexed (2) 19,108 0 + 4,644 19,108 Inflation compensation (3) 2,535 + 38 + 700 2,549 Federal agency (2) 0 0 0 0 Repurchase agreements(4) 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 outstanding (5) 36,629 + 14 + 746 36,629 Total factors supplying reserve funds 837,429 + 4,329 + 47,807 833,104 Currency in circulation(5) 754,372 - 215 + 34,573 754,992 Reverse repurchase agreements (6) 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 accounts(2,7) 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. 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 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. Treasury (1) 721,629 + 64 + 42,011 Bills (2) 264,288 + 25 + 14,058 Notes and bonds, nominal (2) 435,683 0 + 22,603 Notes and bonds, inflation-indexed (2) 19,108 0 + 4,644 Inflation compensation (3) 2,549 + 38 + 705 Federal agency (2) 0 0 0 Repurchase agreements (4) 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 assets (5) 36,706 - 3,494 + 1,072 Total assets (788) 803,428 - 6,802 + 45,637 Liabilities Federal Reserve notes net of FR Bank holdings 719,274 - 1,050 + 32,648 Reverse repurchase agreements (6) 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 dividends (7) 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 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, May 18, 2005 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 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 to 5 years ------ 214,280 + 335 0 0 ------ ------ Over 5 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. 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 11,037 510 4,355 432 453 836 945 928 327 212 318 549 1,172 Special drawing rights certificate acct. 2,200 115 874 83 104 147 166 212 71 30 66 98 234 Coin 656 23 33 52 51 48 81 120 35 23 45 51 94 Securities, repurchase agreements, and loans 745,520 36,921 309,901 25,599 30,485 55,072 55,833 65,054 22,406 15,104 20,423 35,544 73,177 Securities held outright 721,629 36,921 286,151 25,599 30,485 55,072 55,829 64,986 22,393 15,072 20,411 35,541 73,169 U.S. Treasury (1) 721,629 36,921 286,151 25,599 30,485 55,072 55,829 64,986 22,393 15,072 20,411 35,541 73,169 Bills (2) 264,288 13,522 104,799 9,375 11,165 20,170 20,447 23,800 8,201 5,520 7,475 13,017 26,797 Notes and bonds(3) 457,341 23,399 181,352 16,224 19,320 34,903 35,382 41,186 14,192 9,552 12,936 22,525 46,371 Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements(4) 23,750 0 23,750 0 0 0 0 0 0 0 0 0 0 Loans 141 0 0 0 0 0 4 68 14 32 12 2 8 Items in process of collection 6,282 398 357 259 631 458 770 291 121 343 572 218 1,864 Bank premises 1,815 104 200 54 156 143 274 180 62 121 85 269 166 Other assets(5) 36,706 3,267 13,777 1,063 2,471 4,895 1,987 2,504 874 740 652 902 3,575 Interdistrict settlement account 0 - 132 - 4,056 + 4,430 + 345 + 2,448 + 2,122 + 1,103 - 42 - 435 - 441 - 3,103 - 2,238 Total Assets 804,216 41,205 325,440 31,971 34,696 64,048 62,179 70,393 23,855 16,139 21,719 34,528 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. 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 Liabilities Federal Reserve notes outstanding 860,122 39,542 338,053 36,268 35,173 66,105 78,864 74,149 24,462 16,363 24,025 40,020 87,098 Less: notes held by F.R. Banks 140,848 4,384 41,413 7,175 5,385 12,388 22,943 9,892 2,937 2,140 4,598 8,253 19,339 Federal Reserve notes, net 719,274 35,157 296,640 29,093 29,788 53,718 55,920 64,257 21,524 14,223 19,427 31,768 67,759 Reverse repurchase agreements (1) 26,179 1,339 10,381 929 1,106 1,998 2,025 2,358 812 547 740 1,289 2,654 Deposits 22,857 1,276 9,196 793 833 2,523 1,655 1,339 582 330 678 641 3,011 Depository institutions 17,391 1,263 3,868 792 827 2,421 1,653 1,336 578 329 677 641 3,006 U.S. Treasury, general account 5,080 0 5,080 0 0 0 0 0 0 0 0 0 0 Foreign official 112 5 84 1 4 7 2 3 1 1 1 0 4 Other 273 8 164 0 2 95 0 1 3 0 1 0 0 Deferred availability cash items 7,125 540 842 411 616 432 957 441 152 429 448 344 1,512 Other liabilities and accrued dividends (2) 3,350 204 1,119 127 179 335 266 311 128 100 107 168 306 Total liabilities 778,785 38,516 318,178 31,353 32,522 59,006 60,824 68,705 23,198 15,628 21,400 34,211 75,243 Capital Capital paid in 12,909 1,550 3,616 306 1,124 2,552 661 830 321 253 155 148 1,393 Surplus 11,393 1,132 3,430 294 1,049 2,148 516 763 236 254 153 135 1,283 Other capital 1,128 7 217 18 0 342 177 95 100 3 10 34 125 Total liabilities and capital 804,216 41,205 325,440 31,971 34,696 64,048 62,179 70,393 23,855 16,139 21,719 34,528 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 Federal Reserve notes and collateral Wednesday 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 pledged (1) 706,037 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities (1) 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.