FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks December 30, 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 29, 2004 Dec 22, 2004 Dec 31, 2003 Dec 29, 2004 Federal Reserve Banks Reserve Bank Credit 790,621 + 6,148 + 44,054 790,726 Securities held outright 717,727 + 53 + 51,325 717,813 U.S. Treasury (1) 717,727 + 53 + 51,325 717,813 Bills (2) 262,892 + 31 + 18,323 262,970 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) 2,298 + 22 + 632 2,306 Federal agency (2) 0 0 0 0 Repurchase agreements(4) 31,071 + 5,678 - 7,608 33,000 Loans to depository institutions 54 - 21 - 11 57 Primary credit 9 - 10 - 23 13 Secondary credit 0 0 0 0 Seasonal credit 45 - 11 + 12 44 Float 2,496 + 2,043 + 1,316 489 Other Federal Reserve assets 39,272 - 1,606 - 970 39,367 Gold stock 11,044 + 1 + 1 11,045 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 36,476 + 14 + 1,008 36,476 Total factors supplying reserve funds 840,340 + 6,162 + 45,061 840,446 Currency in circulation(5) 756,941 + 3,283 + 33,235 758,397 Reverse repurchase agreements (6) 30,132 + 2,058 + 8,497 29,938 Foreign official and international accounts 30,132 + 2,058 + 8,497 29,938 Dealers 0 0 0 0 Treasury cash holdings 268 + 4 - 51 270 Deposits with F.R.Banks, other than reserve balances 14,971 - 291 - 3,421 16,066 U.S. Treasury, general account 4,631 - 502 - 1,219 5,734 Foreign official 80 - 17 - 19 87 Service-related 10,023 + 261 - 2,102 10,023 Required clearing balances 10,023 + 261 - 1,823 10,023 Adjustments to compensate for float 0 0 - 278 0 Other 237 - 33 - 82 221 Other liabilities and capital 26,619 + 479 + 6,030 26,526 Total factors, other than reserve balances, absorbing reserve funds 828,931 + 5,533 + 44,290 831,197 Reserve balances with Federal Reserve Banks 11,409 + 630 + 772 9,249 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 1,335,780 + 5,683 + 269,038 1,340,321 U.S. Treasury 1,062,209 + 2,584 + 206,337 1,063,222 Federal agency 273,571 + 3,099 + 62,702 277,099 Securities lent to dealers 2,050 - 1,303 - 1,036 5,782 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 29, 2004 Dec 22, 2004 Dec 31, 2003 Assets Gold certificate account 11,041 + 2 + 2 Special drawing rights certificate account 2,200 0 0 Coin 717 - 5 - 5 Securities, repurchase agreements, and loans 750,870 + 1,109 + 40,393 Securities held outright 717,813 + 131 + 51,148 U.S. Treasury (1) 717,813 + 131 + 51,148 Bills (2) 262,970 + 109 + 18,137 Notes and bonds, nominal (2) 436,429 0 + 30,256 Notes and bonds, inflation-indexed (2) 16,108 0 + 2,114 Inflation compensation (3) 2,306 + 22 + 641 Federal agency (2) 0 0 0 Repurchase agreements (4) 33,000 + 1,000 - 10,750 Loans 57 - 22 - 5 Items in process of collection (1,018) 6,104 - 1,994 - 1,689 Bank premises 1,787 + 14 + 159 Other assets (5) 39,759 + 495 + 1,173 Total assets (1,018) 812,478 - 381 + 40,034 Liabilities Federal Reserve notes net of FR Bank holdings 722,904 + 987 + 33,147 Reverse repurchase agreements (6) 29,938 + 1,882 + 4,286 Deposits (0) 27,476 - 2,330 - 2,184 Depository institutions 21,433 - 3,973 - 1,625 U.S. Treasury, general account 5,734 + 1,687 + 11 Foreign official 87 - 1 - 75 Other (0) 221 - 43 - 496 Deferred availability cash items (1,018) 5,634 - 1,339 - 1,948 Other liabilities and accrued dividends (7) 3,193 + 54 + 1,093 Total liabilities (1,018) 789,145 - 747 + 34,395 Capital Accounts Capital paid in 11,641 + 3 + 2,794 Surplus 8,847 0 0 Other capital accounts 2,845 + 363 + 2,845 Total capital 23,333 + 366 + 5,639 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 29, 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 57 54,111 - 296 0 0 33,000 29,938 16 days to 90 days 0 154,406 + 462 0 0 0 0 91 days to 1 year 0 170,856 - 57 0 0 ------ ------ Over 1 to 5 years ------ 208,306 + 8 0 0 ------ ------ Over 5 to 10 years ------ 54,371 + 7 0 0 ------ ------ Over 10 years ------ 75,763 + 8 0 0 ------ ------ All 57 717,813 + 131 0 0 33,000 29,938 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 29, 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 11,041 494 4,651 382 452 819 894 924 325 218 302 525 1,055 Special drawing rights certificate acct. 2,200 115 874 83 104 147 166 212 71 30 66 98 234 Coin 717 18 42 55 51 61 84 110 35 21 47 91 104 Securities, repurchase agreements, and loans 750,870 33,710 344,253 21,357 30,672 54,557 48,414 64,677 21,089 15,668 18,866 32,729 64,877 Securities held outright 717,813 33,707 311,253 21,350 30,672 54,557 48,407 64,659 21,089 15,656 18,863 32,729 64,871 U.S. Treasury (1) 717,813 33,707 311,253 21,350 30,672 54,557 48,407 64,659 21,089 15,656 18,863 32,729 64,871 Bills (2) 262,970 12,348 114,027 7,821 11,237 19,987 17,734 23,688 7,726 5,736 6,910 11,990 23,765 Notes and bonds(3) 454,843 21,358 197,226 13,528 19,436 34,570 30,673 40,972 13,363 9,921 11,952 20,739 41,105 Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements(4) 33,000 0 33,000 0 0 0 0 0 0 0 0 0 0 Loans 57 3 0 8 0 0 7 17 0 12 3 1 6 Items in process of collection 7,122 358 354 343 507 264 629 491 405 455 614 362 2,341 Bank premises 1,787 99 196 53 156 144 277 159 66 123 82 253 179 Other assets(5) 39,759 1,811 14,137 1,159 2,483 6,320 2,267 3,615 1,042 1,187 812 990 3,937 Interdistrict settlement account 0 + 3,840 -27,822 + 3,994 - 284 + 674 + 9,555 + 701 + 1,640 - 971 + 1,879 + 1,572 + 5,223 Total Assets 813,496 40,446 336,684 27,426 34,141 62,985 62,286 70,887 24,672 16,731 22,668 36,619 77,950 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 29, 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 848,985 38,293 337,298 32,638 34,576 65,117 73,178 72,795 25,039 16,418 24,511 41,104 88,017 Less: notes held by F.R. Banks 126,081 3,976 34,805 7,908 5,228 11,962 16,791 8,811 2,704 1,924 4,347 7,277 20,346 Federal Reserve notes, net 722,904 34,317 302,493 24,730 29,348 53,155 56,387 63,984 22,335 14,494 20,164 33,827 67,671 Reverse repurchase agreements (1) 29,938 1,406 12,982 890 1,279 2,275 2,019 2,697 880 653 787 1,365 2,706 Deposits 27,476 1,487 12,442 654 1,287 2,405 1,772 1,728 675 370 835 726 3,095 Depository institutions 21,433 1,483 6,465 652 1,283 2,366 1,770 1,724 672 369 832 725 3,092 U.S. Treasury, general account 5,734 0 5,734 0 0 0 0 0 0 0 0 0 0 Foreign official 87 2 64 1 2 7 2 3 1 1 1 0 4 Other 221 2 179 0 2 31 0 1 2 0 2 1 0 Deferred availability cash items 6,651 513 587 430 447 459 798 442 174 500 454 257 1,589 Other liabilities and accrued dividends (2) 3,193 201 1,073 117 161 341 242 300 125 100 107 157 270 Total liabilities 790,163 37,923 329,577 26,822 32,522 58,636 61,218 69,150 24,188 16,117 22,346 36,333 75,331 Capital Capital paid in 11,641 1,638 3,430 294 795 2,148 516 764 236 254 149 135 1,283 Surplus 8,847 448 2,031 259 727 2,074 489 924 228 346 162 111 1,048 Other capital 2,845 436 1,647 51 97 127 64 50 20 14 10 40 288 Total liabilities and capital 813,496 40,446 336,684 27,426 34,141 62,985 62,286 70,887 24,672 16,731 22,668 36,619 77,950 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 29, 2004 Federal Reserve notes outstanding 848,985 Less: Notes held by F.R. Banks not subject to collateralization 126,081 Federal Reserve Notes to be collateralized 722,904 Collateral held against Federal Reserve notes 722,904 Gold certificate account 11,041 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 709,664 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities (1) 750,813 Less:face value of securities under reverse repurchase agreements 29,952 U.S. Treasury and agency securities eligible to be pledged 720,861 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.