FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks November 18, 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 Nov 17, 2004 Nov 10, 2004 Nov 19, 2003 Nov 17, 2004 Federal Reserve Banks Reserve Bank Credit 778,583 + 3,816 + 50,601 774,190 Securities held outright 709,268 + 445 + 47,305 710,134 U.S. Treasury (1) 709,268 + 445 + 47,315 710,134 Bills (2) 259,732 + 94 + 16,846 259,739 Notes and bonds, nominal (2) 431,670 + 342 + 27,675 432,526 Notes and bonds, inflation-indexed (2) 15,683 0 + 2,229 15,683 Inflation compensation (3) 2,182 + 8 + 565 2,186 Federal agency (2) 0 0 - 10 0 Repurchase agreements(4) 27,107 + 3,464 + 3,036 24,000 Loans to depository institutions 511 + 426 + 446 82 Primary credit 431 + 425 + 409 5 Secondary credit 0 0 0 0 Seasonal credit 80 + 1 + 37 77 Float 754 + 687 - 1,078 956 Other Federal Reserve assets 40,943 - 1,206 + 894 39,018 Gold stock 11,043 0 0 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 36,363 + 14 + 989 36,363 Total factors supplying reserve funds 828,189 + 3,830 + 51,590 823,795 Currency in circulation(5) 748,425 + 2,973 + 41,599 748,852 Reverse repurchase agreements (6) 27,349 + 239 + 8,122 27,729 Foreign official and international accounts 27,349 + 239 + 8,122 27,729 Dealers 0 0 0 0 Treasury cash holdings 300 - 3 - 42 295 Deposits with F.R.Banks, other than reserve balances 15,211 - 788 - 1,660 15,203 U.S. Treasury, general account 4,824 - 188 + 173 4,851 Foreign official 93 - 29 + 13 85 Service-related 9,963 - 609 - 1,838 9,963 Required clearing balances 9,963 - 609 - 1,487 9,963 Adjustments to compensate for float 0 0 - 351 0 Other 331 + 38 - 8 304 Other liabilities and capital 24,542 + 463 + 3,796 24,907 Total factors, other than reserve balances, absorbing reserve funds 815,826 + 2,883 + 51,813 816,986 Reserve balances with Federal Reserve Banks 12,363 + 947 - 223 6,809 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 1,313,709 + 7,763 + 299,566 1,321,088 U.S. Treasury 1,062,273 + 3,574 + 257,593 1,067,166 Federal agency 251,436 + 4,189 + 41,974 253,922 Securities lent to dealers 2,026 + 327 + 80 1,408 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 Nov 17, 2004 Nov 10, 2004 Nov 19, 2003 Assets Gold certificate account 11,039 0 0 Special drawing rights certificate account 2,200 0 0 Coin 756 - 16 - 54 Securities, repurchase agreements, and loans 734,216 - 4,271 + 49,456 Securities held outright 710,134 + 1,225 + 47,421 U.S. Treasury (1) 710,134 + 1,225 + 47,431 Bills (2) 259,739 + 19 + 16,781 Notes and bonds, nominal (2) 432,526 + 1,198 + 27,857 Notes and bonds, inflation-indexed (2) 15,683 0 + 2,229 Inflation compensation (3) 2,186 + 8 + 565 Federal agency (2) 0 0 - 10 Repurchase agreements (4) 24,000 - 5,500 + 2,000 Loans 82 + 5 + 35 Items in process of collection (882) 8,228 + 1,157 - 470 Bank premises 1,747 + 2 + 145 Other assets (5) 37,323 - 3,194 + 999 Total assets (882) 795,509 - 6,323 + 50,076 Liabilities Federal Reserve notes net of FR Bank holdings 713,536 - 688 + 40,102 Reverse repurchase agreements (6) 27,729 + 262 + 9,827 Deposits (-1) 22,065 - 7,727 - 3,859 Depository institutions 16,825 - 8,017 - 3,540 U.S. Treasury, general account 4,851 + 286 - 324 Foreign official 85 + 3 + 9 Other (-1) 304 0 - 4 Deferred availability cash items (883) 7,272 + 693 - 427 Other liabilities and accrued dividends (7) 2,926 + 39 + 617 Total liabilities (882) 773,529 - 7,419 + 46,261 Capital Accounts Capital paid in 11,546 + 929 + 2,760 Surplus 8,847 0 + 467 Other capital accounts 1,588 + 169 + 589 Total capital 21,981 + 1,098 + 3,816 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, November 17, 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 71 51,157 + 9,223 0 0 24,000 27,729 16 days to 90 days 11 150,923 - 16,241 0 0 0 0 91 days to 1 year 0 171,751 + 2,886 0 0 ------ ------ Over 1 to 5 years ------ 206,675 + 2,882 0 0 ------ ------ Over 5 to 10 years ------ 53,998 + 3,668 0 0 ------ ------ Over 10 years ------ 75,630 - 1,192 0 0 ------ ------ All 82 710,134 + 1,225 0 0 24,000 27,729 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 November 17, 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 756 23 46 57 53 62 78 108 40 21 49 115 105 Securities, repurchase agreements, and loans 734,216 33,346 331,923 21,126 30,344 53,973 47,901 63,988 20,863 15,512 18,681 32,381 64,177 Securities held outright 710,134 33,346 307,923 21,121 30,344 53,973 47,890 63,968 20,863 15,489 18,661 32,379 64,177 U.S. Treasury (1) 710,134 33,346 307,923 21,121 30,344 53,973 47,890 63,968 20,863 15,489 18,661 32,379 64,177 Bills (2) 259,739 12,197 112,626 7,725 11,099 19,741 17,516 23,397 7,631 5,665 6,825 11,843 23,473 Notes and bonds(3) 450,395 21,149 195,297 13,396 19,245 34,232 30,373 40,571 13,232 9,824 11,836 20,536 40,704 Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements(4) 24,000 0 24,000 0 0 0 0 0 0 0 0 0 0 Loans 82 0 0 5 0 0 11 20 0 23 20 2 0 Items in process of collection 9,110 359 636 780 649 412 922 775 386 726 790 372 2,303 Bank premises 1,747 99 191 52 154 144 278 148 62 123 79 238 179 Other assets(5) 37,323 1,697 13,191 1,038 2,362 6,079 2,107 3,385 982 1,129 756 896 3,703 Interdistrict settlement account 0 + 2,654 -29,446 + 4,020 - 821 + 2,284 +10,127 + 403 + 1,604 - 1,040 + 1,399 + 2,012 + 6,804 Total Assets 796,391 38,786 322,064 27,537 33,297 63,919 62,472 69,944 24,334 16,719 22,122 36,637 78,560 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 November 17, 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 839,757 37,618 326,180 32,976 34,632 65,601 73,614 72,358 25,256 16,313 24,445 41,710 89,054 Less: notes held by F.R. Banks 126,221 4,153 31,002 8,589 5,731 12,419 17,027 9,343 3,073 1,916 4,665 7,854 20,449 Federal Reserve notes, net 713,536 33,465 295,177 24,387 28,902 53,182 56,587 63,015 22,183 14,397 19,780 33,856 68,604 Reverse repurchase agreements (1) 27,729 1,302 12,024 825 1,185 2,108 1,870 2,498 815 605 729 1,264 2,506 Deposits 22,064 892 7,253 794 978 3,566 1,794 1,843 523 380 655 731 2,655 Depository institutions 16,825 878 2,157 793 975 3,465 1,792 1,839 513 379 654 731 2,651 U.S. Treasury, general account 4,851 0 4,851 0 0 0 0 0 0 0 0 0 0 Foreign official 85 2 62 1 2 7 2 3 1 1 1 0 4 Other 304 12 184 0 1 95 1 1 9 0 1 0 0 Deferred availability cash items 8,155 553 819 818 464 470 902 465 189 615 530 353 1,976 Other liabilities and accrued dividends (2) 2,926 179 978 110 149 309 229 267 118 95 101 151 241 Total liabilities 774,411 36,391 316,251 26,933 31,679 59,634 61,382 68,088 23,828 16,092 21,795 36,355 75,982 Capital Capital paid in 11,546 1,634 3,409 293 789 2,097 526 763 236 263 150 131 1,255 Surplus 8,847 448 2,031 259 727 2,074 489 924 228 346 162 111 1,048 Other capital 1,588 313 372 53 101 113 75 170 42 18 15 39 275 Total liabilities and capital 796,391 38,786 322,064 27,537 33,297 63,919 62,472 69,944 24,334 16,719 22,122 36,637 78,560 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 Nov 17, 2004 Federal Reserve notes outstanding 839,757 Less: Notes held by F.R. Banks not subject to collateralization 126,221 Federal Reserve Notes to be collateralized 713,536 Collateral held against Federal Reserve notes 713,536 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 700,297 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities (1) 734,134 Less:face value of securities under reverse repurchase agreements 27,746 U.S. Treasury and agency securities eligible to be pledged 706,388 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.