FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks September 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 Sep 15, 2004 Sep 8, 2004 Sep 17, 2003 Sep 15, 2004 Federal Reserve Banks Reserve Bank Credit 768,420 + 3,980 + 46,765 769,926 Securities held outright 695,563 + 692 + 39,796 695,703 U.S. Treasury (1) 695,563 + 692 + 39,806 695,703 Bills (2) 255,360 + 12 + 14,177 255,389 Notes and bonds, nominal (2) 423,227 + 686 + 23,632 423,341 Notes and bonds, inflation-indexed (2) 14,862 0 + 1,408 14,862 Inflation compensation (3) 2,113 - 6 + 588 2,111 Federal agency (2) 0 0 - 10 0 Repurchase agreements(4) 33,500 + 2,571 + 5,607 35,500 Loans to depository institutions 258 - 9 + 96 303 Primary credit 20 - 11 + 16 57 Secondary credit 0 0 0 0 Seasonal credit 238 + 2 + 80 246 Float 472 + 199 + 705 -130 Other Federal Reserve assets 38,627 + 527 + 561 38,550 Gold stock 11,043 0 0 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 36,171 + 14 + 916 36,171 Total factors supplying reserve funds 817,834 + 3,994 + 47,681 819,341 Currency in circulation(5) 740,075 - 1,127 + 43,851 739,509 Reverse repurchase agreements (6) 24,707 + 1,186 + 4,262 24,323 Foreign official and international accounts 24,707 + 1,186 + 4,262 24,323 Dealers 0 0 0 0 Treasury cash holdings 322 + 1 - 11 314 Deposits with F.R.Banks, other than reserve balances 15,841 + 320 - 2,223 18,182 U.S. Treasury, general account 5,261 + 351 - 823 7,626 Foreign official 84 + 6 - 145 79 Service-related 10,224 - 1 - 1,257 10,224 Required clearing balances 10,224 - 1 - 995 10,224 Adjustments to compensate for float 0 0 - 262 0 Other 273 - 35 + 4 252 Other liabilities and capital 23,271 + 207 + 2,683 22,879 Total factors, other than reserve balances, absorbing reserve funds 804,216 + 588 + 48,561 805,206 Reserve balances with Federal Reserve Banks 13,618 + 3,406 - 880 14,134 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 1,291,374 + 450 + 326,906 1,293,491 U.S. Treasury 1,047,757 + 964 + 272,940 1,051,356 Federal agency 243,616 - 515 + 53,965 242,135 Securities lent to dealers 1,697 + 184 + 140 1,450 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 15, 2004 Sep 8, 2004 Sep 17, 2003 Assets Gold certificate account 11,039 0 0 Special drawing rights certificate account 2,200 0 0 Coin 770 0 - 78 Securities, repurchase agreements, and loans 731,506 + 3,218 + 46,139 Securities held outright 695,703 + 834 + 39,750 U.S. Treasury (1) 695,703 + 834 + 39,760 Bills (2) 255,389 + 41 + 14,022 Notes and bonds, nominal (2) 423,341 + 800 + 23,746 Notes and bonds, inflation-indexed (2) 14,862 0 + 1,408 Inflation compensation (3) 2,111 - 6 + 585 Federal agency (2) 0 0 - 10 Repurchase agreements (4) 35,500 + 2,500 + 6,250 Loans 303 - 115 + 138 Items in process of collection (941) 6,234 - 2,846 - 923 Bank premises 1,722 + 4 + 131 Other assets (5) 36,915 + 160 + 282 Total assets (941) 790,385 + 536 + 45,550 Liabilities Federal Reserve notes net of FR Bank holdings 704,417 - 2,980 + 41,490 Reverse repurchase agreements (6) 24,323 + 441 + 5,351 Deposits (1) 32,493 + 4,099 - 2,330 Depository institutions 24,535 + 189 - 2,499 U.S. Treasury, general account 7,626 + 3,925 + 379 Foreign official 79 - 1 - 191 Other (1) 252 - 14 - 20 Deferred availability cash items (940) 6,273 - 916 - 1,616 Other liabilities and accrued dividends (7) 2,649 - 21 + 445 Total liabilities (941) 770,156 + 624 + 43,341 Capital Accounts Capital paid in 10,479 + 25 + 1,724 Surplus 8,847 0 + 467 Other capital accounts 903 - 114 + 18 Total capital 20,229 - 88 + 2,208 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 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 127 54,771 + 6,484 0 0 35,500 24,323 16 days to 90 days 176 150,162 - 7,104 0 0 0 0 91 days to 1 year 0 165,537 + 660 0 0 ------ ------ Over 1 to 5 years ------ 199,513 + 797 0 0 ------ ------ Over 5 to 10 years ------ 49,805 - 2 0 0 ------ ------ Over 10 years ------ 75,915 - 2 0 0 ------ ------ All 303 695,703 + 834 0 0 35,500 24,323 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 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 770 20 36 42 46 76 85 105 53 23 52 126 105 Securities, repurchase agreements, and loans 731,506 32,668 337,166 20,752 29,728 52,876 46,935 62,735 20,479 15,259 18,310 31,724 62,874 Securities held outright 695,703 32,668 301,666 20,692 29,728 52,876 46,916 62,668 20,439 15,174 18,282 31,721 62,873 U.S. Treasury (1) 695,703 32,668 301,666 20,692 29,728 52,876 46,916 62,668 20,439 15,174 18,282 31,721 62,873 Bills (2) 255,389 11,992 110,740 7,596 10,913 19,411 17,223 23,005 7,503 5,570 6,711 11,644 23,080 Notes and bonds(3) 440,314 20,676 190,926 13,096 18,815 33,466 29,694 39,663 12,936 9,604 11,571 20,076 39,793 Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements(4) 35,500 0 35,500 0 0 0 0 0 0 0 0 0 0 Loans 303 0 0 60 0 0 19 68 40 85 28 3 2 Items in process of collection 7,175 433 648 335 415 189 642 434 431 447 451 325 2,423 Bank premises 1,722 97 190 51 154 145 279 142 58 124 76 225 180 Other assets(5) 36,915 1,667 13,246 1,111 2,274 5,838 2,096 3,323 958 1,093 759 930 3,619 Interdistrict settlement account 0 + 3,896 -39,118 + 3,889 + 686 + 2,240 +12,484 + 74 + 1,706 - 448 + 2,076 + 3,352 + 9,162 Total Assets 791,326 39,392 317,692 26,645 33,858 62,331 63,581 67,949 24,081 16,746 22,093 37,305 79,653 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 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 827,759 38,553 318,366 32,792 35,124 63,695 72,970 68,125 25,320 16,205 24,549 42,675 89,384 Less: notes held by F.R. Banks 123,342 4,347 33,337 8,796 5,665 11,517 15,597 7,867 3,400 1,665 4,656 8,002 18,494 Federal Reserve notes, net 704,417 34,207 285,029 23,996 29,459 52,179 57,373 60,258 21,920 14,540 19,892 34,673 70,891 Reverse repurchase agreements (1) 24,323 1,142 10,547 723 1,039 1,849 1,640 2,191 715 531 639 1,109 2,198 Deposits 32,494 1,157 16,142 714 1,275 3,370 2,555 2,639 652 413 761 820 1,996 Depository institutions 24,535 1,153 8,296 713 1,271 3,284 2,551 2,636 650 412 759 820 1,993 U.S. Treasury, general account 7,626 0 7,626 0 0 0 0 0 0 0 0 0 0 Foreign official 79 2 56 1 2 7 2 3 1 1 1 0 4 Other 253 3 164 0 2 79 3 0 1 0 1 0 0 Deferred availability cash items 7,214 542 680 533 431 469 742 543 201 562 384 287 1,841 Other liabilities and accrued dividends (2) 2,649 156 851 101 133 285 217 246 115 88 98 143 217 Total liabilities 771,097 37,204 313,249 26,067 32,336 58,151 62,527 65,876 23,602 16,134 21,774 37,032 77,143 Capital Capital paid in 10,479 1,634 2,144 285 762 2,089 517 1,025 233 263 149 130 1,248 Surplus 8,847 448 2,031 259 727 2,074 489 924 228 346 162 111 1,048 Other capital 903 106 268 35 33 17 48 123 18 3 7 32 213 Total liabilities and capital 791,326 39,392 317,692 26,645 33,858 62,331 63,581 67,949 24,081 16,746 22,093 37,305 79,653 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 15, 2004 Federal Reserve notes outstanding 827,759 Less: Notes held by F.R. Banks not subject to collateralization 123,342 Federal Reserve Notes to be collateralized 704,417 Collateral held against Federal Reserve notes 704,417 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 691,178 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities (1) 731,203 Less:face value of securities under reverse repurchase agreements 24,333 U.S. Treasury and agency securities eligible to be pledged 706,870 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.