FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks May 24, 2007 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 23, 2007 May 16, 2007 May 24, 2006 May 23, 2007 Federal Reserve Banks Reserve Bank Credit 850,099 + 2,252 + 27,269 859,206 Securities held outright 790,153 + 79 + 29,704 790,182 U.S. Treasury (1) 790,153 + 79 + 29,704 790,182 Bills (2) 277,019 0 + 1,649 277,019 Notes and bonds, nominal (2) 474,672 0 + 15,740 474,672 Notes and bonds, inflation-indexed (2) 34,459 0 + 11,813 34,459 Inflation compensation (3) 4,003 + 78 + 502 4,032 Federal agency (2) 0 0 0 0 Repurchase agreements(4) 22,071 + 4,035 - 786 31,250 Loans to depository institutions 142 + 58 - 32 118 Primary credit 42 + 40 + 21 0 Secondary credit 0 0 0 0 Seasonal credit 101 + 19 - 51 118 Float -935 + 120 - 1,149 -1,173 Other Federal Reserve assets 38,667 - 2,041 - 470 38,829 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 38,469 + 14 + 500 38,469 Total factors supplying reserve funds 901,810 + 2,266 + 27,769 910,916 Currency in circulation(5) 808,845 - 227 + 15,002 811,394 Reverse repurchase agreements (6) 32,215 - 83 + 8,997 32,618 Foreign official and international accounts 32,215 + 131 + 8,997 32,618 Dealers 0 - 214 0 0 Treasury cash holdings 266 + 30 + 81 280 Deposits with F.R.Banks, other than reserve balances 11,751 + 453 - 1,466 11,141 U.S. Treasury, general account 4,913 + 462 - 563 4,312 Foreign official 94 0 + 6 93 Service-related 6,469 - 1 - 896 6,469 Required clearing balances 6,469 - 1 - 896 6,469 Adjustments to compensate for float 0 0 0 0 Other 275 - 9 - 13 266 Other liabilities and capital 39,060 + 79 + 5,554 38,750 Total factors, other than reserve balances, absorbing reserve funds 892,137 + 251 + 28,168 894,183 Reserve balances with Federal Reserve Banks 9,673 + 2,015 - 399 16,734 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 1,944,736 + 4,766 + 328,170 1,948,912 U.S. Treasury 1,221,737 - 2,996 + 104,637 1,223,577 Federal agency 722,999 + 7,762 + 223,534 725,336 Securities lent to dealers 4,156 + 632 + 2,820 4,239 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 23, 2007 May 16, 2007 May 24, 2006 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 2,200 0 0 Coin 905 - 44 + 162 Securities, repurchase agreements, and loans 821,550 + 13,354 + 36,493 Securities held outright 790,182 + 79 + 27,804 U.S. Treasury (1) 790,182 + 79 + 27,804 Bills (2) 277,019 0 + 1,649 Notes and bonds, nominal (2) 474,672 0 + 13,822 Notes and bonds, inflation-indexed (2) 34,459 0 + 11,813 Inflation compensation (3) 4,032 + 79 + 519 Federal agency (2) 0 0 0 Repurchase agreements (4) 31,250 + 13,250 + 8,750 Loans 118 + 25 - 61 Items in process of collection (994) 3,135 + 612 - 2,275 Bank premises 2,014 + 9 + 178 Other assets (5) 36,835 + 418 - 419 Total assets (994) 877,676 + 14,350 + 34,139 Liabilities Federal Reserve notes net of FR Bank holdings 774,106 + 1,183 + 14,826 Reverse repurchase agreements (6) 32,618 + 172 + 9,815 Deposits (0) 27,894 + 12,180 + 5,014 Depository institutions 23,223 + 12,005 + 5,869 U.S. Treasury, general account 4,312 + 187 - 876 Foreign official 93 0 + 8 Other (0) 266 - 13 + 14 Deferred availability cash items (994) 4,308 + 633 - 1,119 Other liabilities and accrued dividends (7) 5,920 + 26 + 1,031 Total liabilities (994) 844,847 + 14,195 + 29,568 Capital Accounts Capital paid in 16,021 + 38 + 2,155 Surplus 15,374 0 + 2,473 Other capital accounts 1,434 + 117 - 57 Total capital 32,829 + 154 + 4,571 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 23, 2007 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 115 69,193 + 2,353 0 0 31,250 32,618 16 days to 90 days 3 164,924 + 11,065 0 0 0 0 91 days to 1 year 0 169,907 - 13,413 0 0 ------ ------ Over 1 to 5 years ------ 229,490 + 24 0 0 ------ ------ Over 5 to 10 years ------ 74,477 + 7,536 0 0 ------ ------ Over 10 years ------ 82,190 - 7,486 0 0 ------ ------ All 118 790,182 + 79 0 0 31,250 32,618 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 23, 2007 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 11,037 449 4,053 455 428 869 1,117 903 326 203 335 613 1,286 Special drawing rights certificate acct. 2,200 115 874 83 104 147 166 212 71 30 66 98 234 Coin 905 35 56 59 91 84 102 108 41 39 70 87 132 Securities, repurchase agreements, and loans 821,550 37,863 297,438 36,340 33,616 71,171 76,189 68,939 26,283 16,411 26,605 36,093 94,602 Securities held outright 790,182 36,416 286,123 34,958 32,337 68,463 73,288 66,278 25,255 15,766 25,579 34,718 91,002 U.S. Treasury (1) 790,182 36,416 286,123 34,958 32,337 68,463 73,288 66,278 25,255 15,766 25,579 34,718 91,002 Bills (2) 277,019 12,767 100,308 12,255 11,336 24,001 25,693 23,235 8,854 5,527 8,967 12,171 31,903 Notes and bonds(3) 513,163 23,650 185,815 22,703 21,000 44,462 47,595 43,042 16,401 10,239 16,612 22,547 59,099 Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements(4) 31,250 1,440 11,316 1,383 1,279 2,708 2,898 2,621 999 624 1,012 1,373 3,599 Loans 118 7 0 0 0 0 3 40 29 22 14 3 1 Items in process of collection 4,128 153 -19 643 467 257 297 380 549 319 442 -65 705 Bank premises 2,014 117 212 57 156 172 232 207 90 115 201 260 195 Other assets(5) 36,835 1,216 11,381 3,230 2,120 6,962 3,126 2,381 711 689 718 952 3,349 Interdistrict settlement account 0 - 2,461 + 1,742 - 1,751 - 4,034 + 593 + 6,047 + 99 - 254 - 313 + 1,129 + 1,795 - 2,592 Total Assets 878,670 37,488 315,737 39,117 32,947 80,254 87,277 73,228 27,816 17,494 29,566 39,834 97,911 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 23, 2007 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 970,652 37,975 342,853 39,277 35,832 78,534 107,986 80,547 29,448 17,314 30,480 57,628 112,778 Less: notes held by F.R. Banks 196,546 4,370 62,911 6,783 9,056 13,516 29,729 14,258 3,706 2,550 3,633 21,457 24,576 Federal Reserve notes, net 774,106 33,605 279,942 32,494 26,777 65,018 78,257 66,289 25,742 14,764 26,847 36,170 88,202 Reverse repurchase agreements (1) 32,618 1,503 11,811 1,443 1,335 2,826 3,025 2,736 1,042 651 1,056 1,433 3,756 Deposits 27,894 995 13,213 559 1,613 3,142 2,097 1,472 341 981 519 991 1,971 Depository institutions 23,223 986 8,662 553 1,609 3,057 2,093 1,469 338 980 517 990 1,968 U.S. Treasury, general account 4,312 0 4,312 0 0 0 0 0 0 0 0 0 0 Foreign official 93 1 63 5 3 11 3 2 0 1 0 1 3 Other 266 9 176 1 1 74 0 0 3 0 1 0 0 Deferred availability cash items 5,302 286 113 688 729 378 624 417 110 294 554 376 734 Other liabilities and accrued dividends (2) 5,920 259 1,830 294 282 782 567 483 214 156 198 277 579 Total liabilities 845,840 36,648 306,910 35,477 30,736 72,145 84,570 71,396 27,450 16,846 29,174 39,246 95,243 Capital Capital paid in 16,021 403 4,281 1,807 1,099 3,979 1,319 887 172 318 184 278 1,294 Surplus 15,374 396 3,771 1,810 1,087 4,095 1,277 859 166 276 176 213 1,247 Other capital 1,434 41 775 22 26 35 111 86 29 55 32 96 127 Total liabilities and capital 878,670 37,488 315,737 39,117 32,947 80,254 87,277 73,228 27,816 17,494 29,566 39,834 97,911 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 23, 2007 Federal Reserve notes outstanding 970,652 Less: Notes held by F.R. Banks not subject to collateralization 196,546 Federal Reserve Notes to be collateralized 774,106 Collateral held against Federal Reserve notes 774,106 Gold certificate account 11,037 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 760,869 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities (1) 821,432 Less:face value of securities under reverse repurchase agreements 32,664 U.S. Treasury and agency securities eligible to be pledged 788,768 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.