FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks September 9, 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 Sep 8, 2004 Sep 1, 2004 Sep 10, 2003 Sep 8, 2004 Federal Reserve Banks Reserve Bank Credit 764,440 + 397 + 49,159 768,543 Securities held outright 694,871 + 20 + 40,346 694,869 U.S. Treasury (1) 694,871 + 20 + 40,356 694,869 Bills (2) 255,348 + 22 + 14,379 255,348 Notes and bonds, nominal (2) 422,541 0 + 23,582 422,541 Notes and bonds, inflation-indexed (2) 14,862 0 + 1,773 14,862 Inflation compensation (3) 2,119 - 2 + 620 2,117 Federal agency (2) 0 0 - 10 0 Repurchase agreements(4) 30,929 - 71 + 8,108 33,000 Loans to depository institutions 267 - 6 + 109 418 Primary credit 31 0 + 28 185 Secondary credit 0 0 0 0 Seasonal credit 236 - 6 + 81 234 Float 274 + 326 - 34 1,899 Other Federal Reserve assets 38,100 + 129 + 632 38,356 Gold stock 11,043 0 0 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 36,157 + 14 + 911 36,157 Total factors supplying reserve funds 813,841 + 411 + 50,071 817,943 Currency in circulation(5) 741,202 + 6,280 + 42,705 742,465 Reverse repurchase agreements (6) 23,521 + 1,079 + 4,176 23,882 Foreign official and international accounts 23,521 + 1,079 + 4,176 23,882 Dealers 0 0 0 0 Treasury cash holdings 321 - 7 - 16 323 Deposits with F.R.Banks, other than reserve balances 15,521 - 361 - 1,155 14,273 U.S. Treasury, general account 4,910 - 387 + 165 3,701 Foreign official 78 - 13 - 183 80 Service-related 10,225 + 18 - 1,167 10,225 Required clearing balances 10,225 + 19 - 994 10,225 Adjustments to compensate for float 0 0 - 173 0 Other 308 + 21 + 29 266 Other liabilities and capital 23,064 + 189 + 2,613 22,988 Total factors, other than reserve balances, absorbing reserve funds 803,628 + 7,179 + 48,321 803,931 Reserve balances with Federal Reserve Banks 10,212 - 6,769 + 1,749 14,012 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 1,290,924 + 8,308 + 329,637 1,291,479 U.S. Treasury 1,046,793 + 7,306 + 273,337 1,049,029 Federal agency 244,131 + 1,001 + 56,300 242,450 Securities lent to dealers 1,513 + 974 - 354 2,679 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 Sep 8, 2004 Sep 1, 2004 Sep 10, 2003 Assets Gold certificate account 11,039 0 0 Special drawing rights certificate account 2,200 0 0 Coin 770 - 7 - 80 Securities, repurchase agreements, and loans 728,288 + 691 + 50,032 Securities held outright 694,869 + 11 + 39,267 U.S. Treasury (1) 694,869 + 11 + 39,277 Bills (2) 255,348 + 18 + 14,328 Notes and bonds, nominal (2) 422,541 0 + 22,946 Notes and bonds, inflation-indexed (2) 14,862 0 + 1,408 Inflation compensation (3) 2,117 - 7 + 594 Federal agency (2) 0 0 - 10 Repurchase agreements (4) 33,000 + 500 + 10,500 Loans 418 + 179 + 263 Items in process of collection (487) 9,080 + 2,238 + 1,067 Bank premises 1,718 0 + 128 Other assets (5) 36,755 + 425 + 569 Total assets (487) 789,849 + 3,346 + 51,715 Liabilities Federal Reserve notes net of FR Bank holdings 707,397 + 4,320 + 43,339 Reverse repurchase agreements (6) 23,882 + 679 + 4,163 Deposits (0) 28,394 - 2,296 + 2,233 Depository institutions 24,346 + 428 + 3,591 U.S. Treasury, general account 3,701 - 2,673 - 1,338 Foreign official 80 - 1 0 Other (0) 266 - 51 - 21 Deferred availability cash items (487) 7,189 + 548 - 660 Other liabilities and accrued dividends (7) 2,670 + 70 + 455 Total liabilities (487) 769,532 + 3,322 + 49,529 Capital Accounts Capital paid in 10,454 + 1 + 1,699 Surplus 8,847 0 + 467 Other capital accounts 1,017 + 24 + 21 Total capital 20,317 + 24 + 2,186 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, September 8, 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 220 48,287 - 1,053 0 0 33,000 23,882 16 days to 90 days 198 157,266 + 388 0 0 0 0 91 days to 1 year 0 164,877 + 683 0 0 ------ ------ Over 1 to 5 years ------ 198,716 - 3 0 0 ------ ------ Over 5 to 10 years ------ 49,807 - 1 0 0 ------ ------ Over 10 years ------ 75,917 - 2 0 0 ------ ------ All 418 694,869 + 11 0 0 33,000 23,882 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 September 8, 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 770 18 38 39 47 78 92 101 50 22 52 125 106 Securities, repurchase agreements, and loans 728,288 32,629 334,304 20,677 29,692 52,813 46,882 62,651 20,446 15,241 18,467 31,687 62,799 Securities held outright 694,869 32,629 301,304 20,667 29,692 52,813 46,860 62,593 20,415 15,156 18,260 31,683 62,797 U.S. Treasury (1) 694,869 32,629 301,304 20,667 29,692 52,813 46,860 62,593 20,415 15,156 18,260 31,683 62,797 Bills (2) 255,348 11,990 110,722 7,595 10,911 19,408 17,220 23,001 7,502 5,569 6,710 11,643 23,077 Notes and bonds(3) 439,521 20,639 190,582 13,072 18,781 33,406 29,640 39,591 12,913 9,587 11,550 20,040 39,721 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 418 0 0 10 0 0 22 58 31 85 207 4 2 Items in process of collection 9,567 590 679 470 544 640 860 807 615 477 766 458 2,661 Bank premises 1,718 97 190 51 154 145 279 141 56 124 76 225 180 Other assets(5) 36,755 1,658 13,116 1,108 2,283 5,866 2,108 3,307 943 1,093 754 917 3,603 Interdistrict settlement account 0 + 3,955 -40,426 + 5,822 + 821 - 188 +12,246 + 544 + 1,674 - 451 + 1,816 + 3,487 +10,701 Total Assets 790,336 39,556 313,424 28,632 34,098 60,319 63,527 68,687 24,180 16,754 22,299 37,522 81,338 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 September 8, 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 827,538 38,607 318,054 32,918 35,154 63,309 73,070 68,055 25,284 16,151 24,467 42,779 89,690 Less: notes held by F.R. Banks 120,141 4,165 33,332 8,594 5,597 11,318 14,985 7,583 3,167 1,572 4,493 7,843 17,492 Federal Reserve notes, net 707,397 34,442 284,723 24,324 29,557 51,991 58,085 60,472 22,116 14,578 19,973 34,937 72,198 Reverse repurchase agreements (1) 23,882 1,121 10,355 710 1,020 1,815 1,611 2,151 702 521 628 1,089 2,158 Deposits 28,394 1,085 12,239 2,384 1,331 1,542 1,747 3,196 618 436 799 757 2,260 Depository institutions 24,346 1,076 8,311 2,383 1,328 1,452 1,744 3,193 615 434 797 756 2,256 U.S. Treasury, general account 3,701 0 3,701 0 0 0 0 0 0 0 0 0 0 Foreign official 80 2 57 1 2 7 2 3 1 1 1 0 4 Other 266 7 169 0 1 83 2 0 2 0 1 0 0 Deferred availability cash items 7,676 591 783 532 504 465 809 536 154 513 476 323 1,989 Other liabilities and accrued dividends (2) 2,670 154 855 102 134 299 221 246 114 90 99 141 216 Total liabilities 770,019 37,394 308,954 28,053 32,546 56,112 62,473 66,601 23,704 16,138 21,974 37,247 78,822 Capital Capital paid in 10,454 1,618 2,144 284 762 2,088 517 1,025 232 262 148 130 1,241 Surplus 8,847 448 2,031 259 727 2,074 489 924 228 346 162 111 1,048 Other capital 1,017 96 295 36 62 45 47 136 15 8 14 35 227 Total liabilities and capital 790,336 39,556 313,424 28,632 34,098 60,319 63,527 68,687 24,180 16,754 22,299 37,522 81,338 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 Sep 8, 2004 Federal Reserve notes outstanding 827,538 Less: Notes held by F.R. Banks not subject to collateralization 120,141 Federal Reserve Notes to be collateralized 707,397 Collateral held against Federal Reserve notes 707,397 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 694,158 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities (1) 727,869 Less:face value of securities under reverse repurchase agreements 23,892 U.S. Treasury and agency securities eligible to be pledged 703,977 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.