FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks March 24, 2005 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 Mar 23, 2005 Mar 16, 2005 Mar 24, 2004 Mar 23, 2005 Federal Reserve Banks Reserve Bank Credit 783,495 - 1,865 + 52,219 778,455 Securities held outright 717,522 + 10 + 44,004 717,526 U.S. Treasury (1) 717,522 + 10 + 44,004 717,526 Bills (2) 263,005 0 + 16,536 263,005 Notes and bonds, nominal (2) 433,096 0 + 22,179 433,096 Notes and bonds, inflation-indexed (2) 19,108 0 + 4,644 19,108 Inflation compensation (3) 2,312 + 10 + 644 2,316 Federal agency (2) 0 0 0 0 Repurchase agreements(4) 25,964 - 2,143 + 7,178 19,250 Loans to depository institutions 43 - 1 - 19 43 Primary credit 5 - 3 - 21 0 Secondary credit 0 0 0 0 Seasonal credit 38 + 3 + 2 43 Float -721 + 12 + 58 1,086 Other Federal Reserve assets 40,687 + 257 + 997 40,549 Gold stock 11,042 0 - 3 11,042 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 36,532 + 14 + 798 36,532 Total factors supplying reserve funds 833,269 - 1,850 + 53,014 828,228 Currency in circulation(5) 751,984 + 59 + 37,832 753,105 Reverse repurchase agreements (6) 26,048 + 683 + 6,809 24,491 Foreign official and international accounts 26,048 + 683 + 6,809 24,491 Dealers 0 0 0 0 Treasury cash holdings 257 + 5 - 82 274 Deposits with F.R.Banks, other than reserve balances 14,041 - 1,254 - 2,218 13,732 U.S. Treasury, general account 4,968 - 150 - 403 4,677 Foreign official 88 0 + 8 83 Service-related 8,733 - 821 - 1,818 8,733 Required clearing balances 8,733 - 821 - 1,676 8,733 Adjustments to compensate for float 0 0 - 142 0 Other 252 - 283 - 4 239 Other liabilities and capital 27,975 - 153 + 7,011 27,480 Total factors, other than reserve balances, absorbing reserve funds 820,303 - 663 + 49,351 819,082 Reserve balances with Federal Reserve Banks 12,965 - 1,188 + 3,662 9,146 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 1,388,686 + 3,747 + 212,502 1,391,290 U.S. Treasury 1,085,472 + 324 + 148,821 1,085,236 Federal agency 303,213 + 3,422 + 63,680 306,054 Securities lent to dealers 2,690 + 867 + 949 4,354 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 Mar 23, 2005 Mar 16, 2005 Mar 24, 2004 Assets Gold certificate account 11,037 0 - 4 Special drawing rights certificate account 2,200 0 0 Coin 730 - 16 - 104 Securities, repurchase agreements, and loans 736,819 - 11,005 + 43,026 Securities held outright 717,526 + 11 + 43,531 U.S. Treasury (1) 717,526 + 11 + 43,531 Bills (2) 263,005 0 + 16,536 Notes and bonds, nominal (2) 433,096 0 + 21,708 Notes and bonds, inflation-indexed (2) 19,108 0 + 4,644 Inflation compensation (3) 2,316 + 10 + 642 Federal agency (2) 0 0 0 Repurchase agreements (4) 19,250 - 11,000 - 500 Loans 43 - 15 - 5 Items in process of collection (978) 7,721 + 1,067 + 3,094 Bank premises 1,801 + 4 + 146 Other assets (5) 38,582 - 147 + 339 Total assets (978) 798,889 - 10,098 + 46,496 Liabilities Federal Reserve notes net of FR Bank holdings 717,572 - 211 + 37,125 Reverse repurchase agreements (6) 24,491 - 448 + 4,504 Deposits (0) 22,691 - 8,682 - 2,756 Depository institutions 17,693 - 8,598 - 3,023 U.S. Treasury, general account 4,677 - 69 + 273 Foreign official 83 + 1 + 3 Other (0) 239 - 15 - 8 Deferred availability cash items (978) 6,655 - 400 + 850 Other liabilities and accrued dividends (7) 3,180 + 92 + 915 Total liabilities (978) 774,589 - 9,650 + 40,638 Capital Accounts Capital paid in 12,558 + 22 + 3,594 Surplus 11,200 - 47 + 2,353 Other capital accounts 542 - 424 - 89 Total capital 24,300 - 449 + 5,859 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, March 23, 2005 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 39 54,765 - 32 0 0 19,250 24,491 16 days to 90 days 4 163,118 - 490 0 0 0 0 91 days to 1 year 0 159,615 + 522 0 0 ------ ------ Over 1 to 5 years ------ 212,802 + 4 0 0 ------ ------ Over 5 to 10 years ------ 50,283 + 2 0 0 ------ ------ Over 10 years ------ 76,943 + 5 0 0 ------ ------ All 43 717,526 + 11 0 0 19,250 24,491 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 March 23, 2005 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 11,037 494 4,647 382 452 819 894 924 325 218 302 525 1,055 Special drawing rights certificate acct. 2,200 115 874 83 104 147 166 212 71 30 66 98 234 Coin 730 22 49 63 54 59 71 119 32 24 49 68 119 Securities, repurchase agreements, and loans 736,819 33,693 330,379 21,341 30,660 54,535 48,388 64,656 21,084 15,667 18,855 32,716 64,845 Securities held outright 717,526 33,693 311,129 21,341 30,660 54,535 48,388 64,634 21,080 15,650 18,855 32,716 64,845 U.S. Treasury (1) 717,526 33,693 311,129 21,341 30,660 54,535 48,388 64,634 21,080 15,650 18,855 32,716 64,845 Bills (2) 263,005 12,350 114,042 7,822 11,238 19,990 17,736 23,691 7,727 5,736 6,911 11,992 23,769 Notes and bonds(3) 454,520 21,343 197,086 13,519 19,422 34,546 30,652 40,942 13,353 9,914 11,944 20,724 41,076 Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements(4) 19,250 0 19,250 0 0 0 0 0 0 0 0 0 0 Loans 43 0 0 0 0 0 0 22 4 17 0 0 0 Items in process of collection 8,699 402 394 290 1,322 550 1,467 590 365 319 459 441 2,099 Bank premises 1,801 104 201 53 157 143 275 170 65 122 83 260 167 Other assets(5) 38,582 3,329 14,969 1,126 2,580 5,071 1,986 2,662 873 785 673 927 3,601 Interdistrict settlement account 0 + 2,672 -24,741 + 8,277 - 326 + 1,416 + 6,190 + 572 + 1,191 - 693 + 1,340 + 439 + 3,663 Total Assets 799,867 40,831 326,772 31,615 35,003 62,741 59,438 69,905 24,005 16,472 21,827 35,474 75,783 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 March 23, 2005 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 854,914 40,016 339,578 35,556 35,431 65,601 72,993 72,685 24,729 16,355 24,390 40,311 87,269 Less: notes held by F.R. Banks 137,342 4,716 40,511 7,837 5,279 12,707 19,708 9,173 3,049 1,878 4,684 7,418 20,381 Federal Reserve notes, net 717,572 35,300 299,067 27,719 30,153 52,894 53,284 63,512 21,679 14,477 19,706 32,893 66,888 Reverse repurchase agreements (1) 24,491 1,150 10,620 728 1,047 1,861 1,652 2,206 720 534 644 1,117 2,213 Deposits 22,691 974 8,150 1,923 1,043 2,299 2,179 1,763 594 377 671 606 2,113 Depository institutions 17,693 967 3,250 1,922 1,038 2,230 2,177 1,760 590 376 669 605 2,108 U.S. Treasury, general account 4,677 0 4,677 0 0 0 0 0 0 0 0 0 0 Foreign official 83 5 55 1 4 7 2 3 1 1 1 0 4 Other 239 2 168 0 1 62 0 0 3 0 1 0 0 Deferred availability cash items 7,632 643 776 537 526 514 1,125 507 152 483 390 406 1,574 Other liabilities and accrued dividends (2) 3,180 184 1,118 110 171 320 234 300 121 96 101 156 270 Total liabilities 775,567 38,250 319,730 31,017 32,939 57,888 58,475 68,288 23,267 15,967 21,512 35,177 73,057 Capital Capital paid in 12,558 1,554 3,492 300 1,099 2,539 429 817 404 254 155 143 1,372 Surplus 11,200 1,027 3,430 294 964 2,148 516 763 236 252 153 135 1,283 Other capital 542 0 120 4 0 166 19 37 98 0 7 19 71 Total liabilities and capital 799,867 40,831 326,772 31,615 35,003 62,741 59,438 69,905 24,005 16,472 21,827 35,474 75,783 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 Mar 23, 2005 Federal Reserve notes outstanding 854,914 Less: Notes held by F.R. Banks not subject to collateralization 137,342 Federal Reserve Notes to be collateralized 717,572 Collateral held against Federal Reserve notes 717,572 Gold certificate account 11,037 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 704,334 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities (1) 736,776 Less:face value of securities under reverse repurchase agreements 24,510 U.S. Treasury and agency securities eligible to be pledged 712,266 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.