Statistical Tables

266 91st Annual Report, 2004
1. Statement of Condition of the Federal Reserve Banks,
by Bank, December 31, 2004 and 2003

Millions of dollars

Total

Boston

Item

Assets
Gold certificate account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Special drawing rights certificate account . . . . . . . . . . . . . . .
Coin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Loans
To depository institutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Securities purchased under agreements
to resell (triparty) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Federal agency obligations
Bought outright . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Held under repurchase agreements . . . . . . . . . . . . . . . . . . . . . .
U.S. Treasury securities
Bought outright 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Held under repurchase agreements . . . . . . . . . . . . . . . . . . . . . .
Total loans and securities . . . . . . . . . . . . . . . . . . . . . . . . . .
Items in process of collection . . . . . . . . . . . . . . . . . . . . . . . . . .
Bank premises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other assets
Denominated in foreign currencies 2 . . . . . . . . . . . . . . . . . . . .
Other 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interdistrict settlement account . . . . . . . . . . . . . . . . . . . . . . . . .
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2004

2003

2004

2003

11,041
2,200
728

11,039
2,200
722

494
115
19

495
115
23

43
0

62
0

1
0

0
0

33,000

43,750

0

0

0
0

0
0

0
0

0
0

717,819
0
750,863
7,964
1,778

666,665
0
710,477
9,236
1,630

33,707
0
33,708
457
99

32,230
0
32,230
531
93

21,368
19,004
0
814,946

19,868
18,722
0
773,894

1,083
1,182
2,979
40,136

1,034
762
3,079
38,363

Liabilities
Federal Reserve notes outstanding (issued to Bank) . . . . .
Less: Notes held by Federal Reserve Bank . . . . . . . . . . .
Federal Reserve notes, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Securities sold under agreements to repurchase . . . . . . . . . .
Deposits
Depository institutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
U.S. Treasury, general account . . . . . . . . . . . . . . . . . . . . . . . . .
Foreign, official accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred credit items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other liabilities and accrued dividends 5 . . . . . . . . . . . . . . . . .
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

848,370
128,933
719,437
30,783

799,933
110,176
689,757
25,652

38,054
4,137
33,917
1,445

38,627
4,750
33,877
1,240

24,043
5,912
80
1,288
31,323
7,038
2,821
791,402

23,058
5,723
162
730
29,673
9,026
2,092
756,200

1,050
0
2
2
1,054
578
151
37,145

1,633
0
2
19
1,653
576
119
37,466

Capital Accounts
Capital paid in . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Surplus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other capital accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total liabilities and capital accounts . . . . . . . . . . . . . . . . . .

11,914
11,630
0
814,946

8,847
8,847
0
773,894

1,638
1,353
0
40,136

448
448
0
38,363

848,370
128,933
719,437

799,933
110,176
689,757

. . .
. . .
. . .

. . .
. . .
. . .

11,041
2,200
0
706,196
719,437

11,039
2,200
0
676,518
689,757

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.
.

Federal Reserve Note Statement
Federal Reserve notes outstanding . . . . . . . . . . . . . . . . . . . . . .
Less: Held by Banks not subject to collateralization . . .
Collateralized Federal Reserve notes . . . . . . . . . . . . . . . . . .
Collateral for Federal Reserve notes
Gold certificate account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Special drawing rights certificate account . . . . . . . . . . . . . . .
Other eligible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
U.S. Treasury and federal agency securities . . . . . . . . . . . . .
Total collateral . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
For notes see end of table.

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Statistical Tables 267
1.— Continued

New York
2004

Philadelphia

2003

2004

Cleveland

2003

2004

Richmond

2003

2004

2003

4,651
874
42

4,706
874
30

382
83
56

380
83
37

452
104
52

477
104
33

819
147
62

808
147
83

0
0

15
0

5
0

0
0

0
0

0
0

0
0

0
0

33,000

43,750

0

0

0

0

0

0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

311,256
0
344,256
407
196

285,221
0
328,986
803
189

21,350
0
21,354
360
53

20,843
0
20,843
493
53

30,673
0
30,673
814
157

31,238
0
31,238
595
151

54,557
0
54,558
341
144

51,269
0
51,269
714
146

4,905
9,176
−24,125
340,381

4,289
9,264
−19,034
330,106

624
530
4,007
27,449

552
588
905
23,934

1,757
966
−495
34,479

1,665
793
−2,103
32,954

5,009
1,337
−420
61,996

4,915
1,384
2,793
62,258

335,998
35,347
300,651
13,348

325,387
23,793
301,594
10,975

32,698
7,973
24,725
916

29,636
8,288
21,347
802

34,511
5,408
29,103
1,315

33,115
4,740
28,375
1,202

64,991
12,275
52,716
2,340

59,949
9,855
50,094
1,973

11,388
5,912
57
527
17,884
651
988
333,522

5,607
5,723
139
324
11,792
1,025
658
326,045

603
0
1
28
632
490
99
26,861

719
0
1
10
730
451
87
23,417

1,272
0
2
2
1,277
505
149
32,349

1,259
0
3
26
1,288
521
113
31,500

1,645
0
7
169
1,820
544
280
57,700

5,087
0
7
108
5,203
628
213
58,110

3,430
3,430
0
340,381

2,031
2,031
0
330,106

294
294
0
27,449

259
259
0
23,934

1,065
1,065
0
34,479

727
727
0
32,954

2,148
2,148
0
61,996

2,074
2,074
0
62,258

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268 91st Annual Report, 2004
1. Statement of Condition of the Federal Reserve Banks,
by Bank, December 31, 2004 and 2003 — Continued
Millions of dollars
Atlanta

Chicago

Item
2004
Assets
Gold certificate account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Special drawing rights certificate account . . . . . . . . . . . . . . .
Coin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Loans
To depository institutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Securities purchased under agreements
to resell (triparty) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Federal agency obligations
Bought outright . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Held under repurchase agreements . . . . . . . . . . . . . . . . . . . . . .
U.S. Treasury securities
Bought outright 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Held under repurchase agreements . . . . . . . . . . . . . . . . . . . . . .
Total loans and securities . . . . . . . . . . . . . . . . . . . . . . . . . .
Items in process of collection . . . . . . . . . . . . . . . . . . . . . . . . . .
Bank premises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other assets
Denominated in foreign currencies 2 . . . . . . . . . . . . . . . . . . . .
Other 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interdistrict settlement account . . . . . . . . . . . . . . . . . . . . . . . . . .
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2003

2004

2003

894
166
82

863
166
82

924
212
111

982
212
90

8
0

5
0

14
0

17
0

0

0

0

0

0
0

0
0

0
0

0
0

48,408
0
48,415
637
276

45,037
0
45,043
723
278

64,660
0
64,674
559
157

67,367
0
67,384
942
125

1,181
1,076
9,939
62,666

1,127
1,108
4,274
53,664

2,232
1,374
225
70,469

2,033
1,571
−6,831
66,509

Liabilities
Federal Reserve notes outstanding (issued to Banks) . . . . .
Less: Notes held by Federal Reserve Banks . . . . . . . . . . .
Federal Reserve notes, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Securities sold under repurchase agreements . . . . . . . . . . . .
Deposits
Depository institutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
U.S. Treasury, general account . . . . . . . . . . . . . . . . . . . . . . . . .
Foreign, official accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred credit items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other liabilities and accrued dividends 5 . . . . . . . . . . . . . . . . .
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

74,144
17,376
56,768
2,076

66,711
18,415
48,296
1,733

72,517
9,046
63,470
2,773

66,835
8,141
58,694
2,592

1,722
0
2
56
1,780
796
214
61,634

1,608
0
2
22
1,632
855
170
52,686

1,762
0
3
246
2,011
421
267
68,942

2,349
0
3
29
2,382
781
211
64,660

Capital Accounts
Capital paid in . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Surplus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other capital accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total liabilities and capital accounts . . . . . . . . . . . . . . . . . .

516
516
0
62,666

489
489
0
53,664

763
763
0
70,469

924
924
0
66,509

Note. Components may not sum to totals because of
rounding.
1. Includes securities loaned—fully guaranteed by U.S.
Treasury securities pledged with Federal Reserve Banks—
and excludes securities purchased under agreements to
resell.

2. Valued daily at market exchange rates.
3. The System total includes depository institution over­
drafts of $1 million for 2004 and $3 million for 2003.

Statistical Tables 269
1.— Continued

St. Louis
2004

Minneapolis

2003

2004

Kansas City

2003

2004

Dallas

2003

2004

San Francisco
2003

2004

2003

325
71
36

331
71
53

218
30
22

224
30
23

302
66
48

303
66
42

525
98
93

507
98
141

1,055
234
105

963
234
84

2
0

0
0

13
0

2
0

1
0

2
0

0
0

0
0

0
0

20
0

0

0

0

0

0

0

0

0

0

0

0
0
21,089
0
21,090
348
68

0
0
20,974
0
20,974
341
49

0
0
15,657
0
15,669
512
123

0
0
14,881
0
14,883
426
125

0
0
18,863
0
18,864
653
82

0
0
17,916
0
17,919
596
56

0
0
32,729
0
32,729
334
257

0
0
26,126
0
26,126
383
187

0
0
64,871
0
64,871
2,542
168

0
0
53,563
0
53,583
2,689
179

551
487
1,401
24,377

472
516
−1,330
21,477

835
351
−969
16,790

805
368
−166
16,720

392
416
1,584
22,408

476
439
25
19,921

267
716
1,461
36,479

442
641
6,997
35,522

2,532
1,395
4,414
77,316

2,058
1,287
11,391
72,467

25,006
2,819
22,187
904

23,244
3,961
19,283
807

16,370
1,982
14,387
671

15,491
1,335
14,155
573

24,535
4,497
20,038
809

21,599
4,083
17,516
689

41,146
7,503
33,643
1,404

39,785
7,129
32,657
1,005

88,401
20,570
67,831
2,782

79,553
15,685
63,868
2,061

479
0
1
27
507
197
111
23,906

509
0
1
14
524
308
98
21,020

473
0
1
115
590
548
85
16,281

564
0
1
12
577
650
74
16,029

721
0
1
32
753
409
92
22,101

813
0
1
48
861
450
81
19,596

684
0
0
26
710
301
152
36,209

953
0
1
88
1,041
487
110
35,301

2,244
0
4
57
2,305
1,599
234
74,751

1,957
0
3
30
1,990
2,296
157
70,371

236
236
0
24,377

228
228
0
21,477

254
254
0
16,790

346
346
0
16,720

153
153
0
22,408

162
162
0
19,921

135
135
0
36,479

111
111
0
35,522

1,283
1,283
0
77,316

1,048
1,048
0
72,467

4. Includes international organization deposits of
$144 million for 2004 and $139 million for 2003.

5. Includes exchange-translation account reflecting the
monthly revaluation at market exchange rates of foreign
exchange commitments.
. . . Not applicable.

270 91st Annual Report, 2004
2. Federal Reserve Open Market Transactions, 2004
Millions of dollars
Type of security and transaction

Jan.

Feb.

Mar.

Apr.

Outright transactions 2
Treasury bills
Gross purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gross sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Exchanges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
For new bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Redemptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

619
0
80,276
80,276
0

747
0
61,389
61,389
0

341
0
56,267
56,267
0

3,516
0
74,959
74,959
0

Others within 1 year
Gross purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gross sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Maturity shifts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Exchanges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Redemptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

0
0
0
0
0

1,311
0
10,791
−10,700
0

0
0
16,544
−16,333
0

0
0
7,293
−8,333
0

1 to 5 years
Gross purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gross sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Maturity shifts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Exchanges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

0
0
0
0

1,555
0
−9,361
9,627

1,293
0
−16,544
16,333

0
0
−7,293
8,333

5 to 10 years
Gross purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gross sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Maturity shifts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Exchanges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

0
0
0
0

510
0
−357
1,072

741
0
0
0

0
0
0
0

More than 10 years
Gross purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gross sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Maturity shifts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Exchanges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

0
0
0
0

235
0
−1,072
0

40
0
0
0

0
0
0
0

All maturities
Gross purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gross sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Redemptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

619
0
0

4,358
0
0

2,414
0
0

3,516
0
0

Net change in U.S. Treasury securities . . . . . . . . . . . . . . . . . . . . .

619

4,358

2,414

3,516

U.S. Treasury Securities 1

For notes see end of table.

Statistical Tables 271
2.— Continued

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Total

409
0
66,123
66,123
0

3,831
0
63,302
63,302
0

952
0
78,894
78,894
0

83
0
66,355
66,355
0

3,473
0
80,572
80,572
0

500
0
59,837
59,837
0

3,155
0
60,682
60,682
0

512
0
73,029
73,029
0

18,138
0
821,685
821,685
0

1,693
0
9,748
−8,913
0

0
0
6,998
−13,879
0

1,898
0
0
0
0

0
0
17,703
−21,489
0

0
0
6,535
−7,652
0

1,593
0
0
0
0

0
0
19,781
−23,125
0

1,499
0
7,987
−7,948
0

7,994
0
103,380
−118,373
0

783
0
−4,066
6,620

1,760
0
−6,998
13,879

3,078
0
0
0

428
0
−10,029
19,771

899
0
−6,535
7,652

2,765
0
0
0

2,284
0
−16,031
20,655

2,404
0
−7,987
7,948

17,249
0
−84,844
110,819

713
0
−2,520
2,293

275
0
0
0

244
0
0
0

568
0
−5,051
1,718

695
0
0
0

1,225
0
0
0

453
0
−84
2,471

340
0
0
0

5,763
0
−8,012
7,554

84
0
−3,163
0

0
0
0
0

29
0
0
0

0
0
−2,624
0

405
0
0
0

400
0
0
0

86
0
−3,666
0

85
0
0
0

1,364
0
−10,524
0

3,681
0
0

5,866
0
0

6,202
0
0

1,078
0
0

5,473
0
0

6,484
0
0

5,977
0
0

4,840
0
0

50,507
0
0

3,681

5,866

6,202

1,078

5,473

6,484

5,977

4,840

50,507

272 91st Annual Report, 2004
2. Federal Reserve Open Market Transactions, 2004—Continued
Millions of dollars
Type of security and transaction

Jan.

Feb.

Mar.

Apr.

Federal Agency Obligations
Outright transactions 2
Gross purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gross sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Redemptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

0
0
0

0
0
0

0
0
0

0
0
0

Net change in federal agency obligations . . . . . . . . . . . . . . . . . .

0

0

0

0

Repurchase agreements 3
Gross purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gross sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

138,250
158,500

121,750
116,500

167,500
168,750

163,650
165,900

Reverse repurchase agreements 4
Gross purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gross sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

416,239
410,716

391,676
393,309

444,402
444,341

443,463
442,966

Net change in temporary transactions . . . . . . . . . . . . . . . . . . . . . .

−14,727

3,617

−1,189

−1,752

Total net change in System Open Market Account . . . . . . . . . . . .

−14,108

7,975

1,225

1,764

Temporary Transactions

Note. Sales, redemptions, and negative figures reduce
holdings of the System Open Market Account; all other
figures increase such holdings. Components may not sum
to totals because of rounding.
1. Transactions exclude changes in compensation for
the effects of inflation on the principal of inflationindexed securities. Transactions include the rollover of
inflation compensation into new securities.

2. Excludes the effect of temporary transactions—
repurchase agreements, matched sale–purchase agree­
ments (MSPs), and reverse repurchase agreements
(RRPs).
3. Cash value of agreements, which are collateralized
by U.S. government and federal agency securities.
4. Cash value of agreements, which are collateralized
by U.S. Treasury securities.

Statistical Tables 273
2.— Continued

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Total

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0

0

0

0

0

0

0

0

0

138,500
133,000

138,750
136,000

173,500
182,250

179,500
172,000

180,000
183,000

153,500
157,500

166,750
158,250

155,250
156,000

1,876,900
1,887,650

392,021
391,293

427,319
426,071

416,602
417,540

465,642
468,417

510,205
512,957

510,553
511,896

547,160
548,325

655,872
658,454

5,621,153
5,626,285

6,227

3,998

−9,688

4,725

−5,752

−5,343

7,335

−3,332

−15,882

9,908

9,864

−3,487

5,804

−280

1,140

13,312

1,508

34,626

274 91st Annual Report, 2004
3. Federal Reserve Bank Holdings of U.S. Treasury and Federal Agency Securities,
December 31, 2002–04

Millions of dollars

December 31

Change

Description
2004

2003

2002

2003 to
2004

2002 to
2003

717,819

666,665

629,406

51,154

37,259

179,748
83,222

168,381
76,452

153,311
73,372

11,367
6,770

15,070
3,080

116,443
208,269
54,372
75,765

113,301
180,074
51,312
77,146

96,827
172,758
53,300
79,840

3,142
28,195
3,060
−1,381

16,474
7,316
−1,988
−2,694

262,970
360,832
94,017

244,833
323,361
98,471

226,682
297,893
104,832

18,137
37,471
−4,454

18,151
25,468
−6,361

Held outright 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

0

0

10

0

−10

By remaining maturity
1 year or less . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
More than 1 year through 5 years . . . . . . . . . . . . . . . . . .
More than 5 years through 10 years . . . . . . . . . . . . . . . .
More than 10 years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

0
0
0
0

0
0
0
0

10
0
0
0

0
0
0
0

−10
0
0
0

By issuer
Federal National Mortgage Association . . . . . . . . . . . . .

0

0

10

0

−10

Repurchase agreements 2 . . . . . . . . . . . . . . . . . . . . . . . . . .

33,000

43,750

39,500

−10,750

4,250

Matched sale–purchase agreements . . . . . . . . . . . . . . .
Foreign official and international accounts . . . . . . . .
Dealers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

Reverse repurchase agreements 3 . . . . . . . . . . . . . . . . . .
Foreign official and international accounts . . . . . . . .
Dealers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

30,783
30,783
0

25,652
25,652
0

21,091
21,091
0

5,131
5,131
0

4,561
4,561
0

U.S. Treasury Securities
Held outright 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
By remaining maturity
Bills
1–90 days . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
91 days to 1 year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Notes and bonds
1 year or less . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
More than 1 year through 5 years . . . . . . . . . . . . . . . .
More than 5 years through 10 years . . . . . . . . . . . . . .
More than 10 years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
By type
Bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Federal Agency Securities

Temporary Transactions

Note. Components may not sum to totals because of
rounding.
1. Excludes the effect of temporary transactions—
repurchase agreements, matched sale–purchase agreements (MSPs), and reverse repurchase agreements
(RRPs).

2. Cash value of agreements, which are collateralized
by U.S. government and federal agency securities.
3. Cash value of agreements, which are collateralized
by U.S. Treasury securities.

Statistical Tables 275
4. Number and Annual Salaries of Officers and Employees of the Federal Reserve Banks,
December 31, 2004

President
Federal Reserve
Bank (including
Branches)

Other officers

Total

Number
Salary
(dollars) 1

Num­
ber

270,900
310,000
245,300
240,500
235,000
294,300
293,700
248,100
275,000
269,800
Vacant 2
300,000

61
265
57
64
76
74
92
74
43
76
54
73

. . .

Office of
Employee
Benefits . . . .

. . .

Total . . . . . . . . . . .

2,982,600

Boston . . . . . . . . . .
New York . . . . . . .
Philadelphia . . . . .
Cleveland . . . . . . .
Richmond . . . . . . .
Atlanta . . . . . . . . . .
Chicago . . . . . . . . .
St. Louis . . . . . . . .
Minneapolis . . . . .
Kansas City . . . . .
Dallas . . . . . . . . . . .
San Francisco . . .
Federal Reserve
Information
Technology .

Employees

Salaries
(dollars) 1

Salaries
(dollars) 1

Num­
ber

Salaries
(dollars) 1

112
56
48
38
76
39
62
55
132
46
35
38

66,615,928
190,097,746
48,614,628
62,609,238
90,915,466
96,235,343
100,031,698
50,158,181
57,721,267
67,793,739
58,676,998
108,706,295

1,088
3,054
1,096
1,503
1,868
2,061
1,717
1,115
1,334
1,473
1,273
1,873

76,170,928
237,452,336
56,849,428
71,569,038
101,557,666
107,628,643
113,356,336
60,676,381
64,168,267
78,708,739
65,766,152
121,058,261

691

4

53,371,219

727

58,133,119

1,201,300

29

0

2,369,000

35

3,570,300

159,766,248

18,418

741

Fulltime

Parttime

9,284,100
47,044,590
7,989,500
8,719,300
10,407,200
11,099,000
13,030,938
10,270,100
6,172,000
10,645,200
7,089,154
12,051,966

914
2,732
990
1,400
1,715
1,947
1,562
985
1,158
1,350
1,184
1,761

32

4,761,900

6
1,047

1. Annualized salary liability based on salaries in effect
on December 31, 2004.

1,053,916,746 20,217 1,216,665,594

2. Dallas president separated in November 2004.
. . . Not applicable.

276 91st Annual Report, 2004
5. Income and Expenses of the Federal Reserve Banks, by Bank, 2004
Thousands of dollars
Item

Total

Boston

New York

Philadelphia

Cleveland

Current Income
2,653

185

379

70

47

22,344,362
269,424
865,924
57,579
23,539,942

1,040,391
13,677
37,678
975
1,092,906

9,855,437
61,630
124,144
40,846
10,082,437

662,490
7,852
38,469
622
709,504

962,401
22,172
61,225
1,410
1,047,256

1,350,934
310,508
−33,957
96,778
56,528
116,624

76,036
14,679
179
2,206
2,051
5,047

261,274
71,851
−35,938
8,908
7,419
12,820

65,141
9,462
139
1,196
1,918
4,273

76,054
26,723
169
6,606
4,067
11,549

87,304
14,110
45,679

1,780
1,904
2,296

4,415
2,472
8,551

1,539
421
3,046

2,897
657
3,470

Building expenses
Taxes on real estate . . . . . . . . . . . .
Property depreciation . . . . . . . . . .
Utilities . . . . . . . . . . . . . . . . . . . . . . .
Rent . . . . . . . . . . . . . . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . . . .

31,079
88,214
32,217
40,812
34,944

4,707
4,983
2,900
778
933

4,452
14,581
6,472
16,083
6,854

1,561
3,595
2,464
305
2,002

1,921
6,558
1,998
351
2,605

Equipment
Purchases . . . . . . . . . . . . . . . . . . . . .
Rentals . . . . . . . . . . . . . . . . . . . . . . . .
Depreciation . . . . . . . . . . . . . . . . . . .
Repairs and maintenance . . . . . . .

26,881
31,836
101,172
92,374

1,050
1,770
5,575
6,079

4,752
1,847
9,049
8,662

834
640
5,838
5,513

1,713
342
5,937
6,668

Earnings-credit costs . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . . . .
Recoveries . . . . . . . . . . . . . . . . . . . .
Expenses capitalized 2 . . . . . . . . . .

116,033
70,805
−79,364
−22,825

5,900
29,769
−11,838
−495

38,756
48,381
−9,695
−6,880

7,454
9,532
−3,196
−2,006

8,230
9,865
−2,542
−265

Total . . . . . . . . . . . . . . . . . . . . . . . . .
Reimbursements . . . . . . . . . . . . .
Net expenses . . . . . . . . . . . . .

2,608,684
−369,979
2,238,705

158,288
−23,030
135,259

485,085
−74,709
410,377

121,669
−21,111
100,559

175,573
−42,854
132,718

Loans . . . . . . . . . . . . . . . . . . . . . . . . .
U.S. Treasury and federal
agency securities . . . . . . . . . .
Foreign currencies . . . . . . . . . . . . .
Priced services . . . . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . . . .
Total . . . . . . . . . . . . . . . . . . . . . . . . .
Current Expenses
Salaries and other personnel
expenses . . . . . . . . . . . . . . . . .
Retirement and other benefits . .
Net periodic pension costs 1 . . . .
Fees . . . . . . . . . . . . . . . . . . . . . . . . . .
Travel . . . . . . . . . . . . . . . . . . . . . . . .
Software expenses . . . . . . . . . . . . .
Postage and other shipping
costs . . . . . . . . . . . . . . . . . . . . .
Communications . . . . . . . . . . . . . . .
Materials and supplies . . . . . . . . .

For notes see end of table.

Statistical Tables 277
5.— Continued

Richmond

Atlanta

Chicago

St. Louis

Minneapolis Kansas City

Dallas

San Francisco

55
1,676,581

109
1,483,890

551
2,041,238

178
657,563

549
482,515

256
581,234

28
967,792

247
1,932,829

63,356
66,718
2,520

14,915
160,899
2,003

28,114
114,006
2,677

6,920
39,916
899

10,545
45,601
439

5,030
52,761
550

3,515
46,416
886

31,696
78,090
3,752

1,809,230

1,661,817

2,186,586

705,476

539,649

639,831

1,018,637

2,046,613

178,316
38,006
249
50,376
8,089
51,250

127,914
24,164
177
6,546
5,790
4,579

121,506
22,251
167
5,514
6,500
3,984

71,919
13,643
186
6,564
3,506
3,384

66,896
16,270
197
1,603
2,992
2,505

91,096
14,410
137
1,156
4,223
3,704

74,450
19,045
151
2,278
3,145
5,183

140,332
40,004
229
3,826
6,829
8,349

4,164
1,780
6,029

51,388
1,034
5,647

4,473
1,239
3,665

2,377
979
2,450

2,734
1,011
1,682

3,138
742
2,497

2,361
708
2,983

6,038
1,164
3,363

2,157
7,919
3,502
14,586
4,413

3,417
10,080
2,801
899
3,467

1,590
9,042
1,885
3,186
5,034

477
4,602
1,837
1,291
1,117

3,860
4,548
1,668
233
1,577

1,112
4,223
1,683
1,666
916

2,834
5,646
1,935
1,288
3,739

2,992
12,438
3,072
148
2,287

7,672
23,509
36,588
20,302

2,002
726
8,255
11,142

1,701
565
4,831
8,855

1,283
197
3,617
3,755

1,339
541
2,314
2,948

1,587
316
4,746
3,362

1,165
939
5,062
5,346

1,783
445
9,360
9,741

16,512
−235,234
−26,824
−1,933

5,318
15,106
−2,660
−455

13,704
43,740
−6,227
−782

1,786
65,884
−1,656
−3,819

2,309
17,747
−843
−1,265

3,644
19,042
−2,847
−1,639

2,326
31,328
−6,196
−1,133

10,094
15,646
−4,840
−2,153

211,428
−31,751
179,677

287,336
−16,555
270,780

256,420
−7,044
249,376

185,379
−90,742
94,636

132,864
−21,350
111,514

158,914
−13,648
145,265

164,583
−11,578
153,005

271,146
−15,607
255,539

278 91st Annual Report, 2004
5. Income and Expenses of the Federal Reserve Banks, by Bank, 2004— Continued
Thousands of dollars
Item

Total

Boston

New York

Philadelphia

957,648

9,672,060

608,945

Cleveland

Profit and Loss
Current net income . . . . . . . . . . . .
Additions to and deductions
from (−) current net income 3
Profits on sales of U.S. Treasury
and federal agency
securities . . . . . . . . . . . . . . . . . .
Profits on foreign exchange
transactions . . . . . . . . . . . . . . .
Other additions . . . . . . . . . . . . . . . .
Total additions . . . . . . .
Losses on sales of U.S. Treasury
and federal agency
securities . . . . . . . . . . . . . . . . .
Losses on foreign exchange
transactions . . . . . . . . . . . . . . .
Interest expense on reverse
repurchase agreements . . . .
Other deductions . . . . . . . . . . . . . .
Total deductions . . . . . .
Net addition to or
deduction from (−)
current net income . . . . . .

21,301,238

914,537

0

0

0

0

0

1,230,325
396
1,230,721

62,418
2
62,420

281,819
40
281,859

35,898
21
35,918

101,203
15
101,219

0

0

0

0

0

−13,175

0

0

0

−13,175

−290,153
−9,487
−312,815

−14,315
−1
−14,316

−131,228
−19
−131,247

−9,101
−4
−9,105

0
−1
−13,176

917,906

48,104

150,612

26,813

88,042

Cost of unreimbursed Treasury
services . . . . . . . . . . . . . . . . . .

35

0

25

10

0

Assessments by Board
Board expenditures 4 . . . . . . . . . . .
Cost of currency . . . . . . . . . . . . . . .

272,331
503,784

14,095
33,919

62,507
117,119

8,023
26,153

22,192
23,070

Net income before payment to
U.S. Treasury . . . . . . . . . . . . .

21,442,992

957,738

9,643,022

601,573

957,317

582,402

53,156

136,390

16,824

45,121

Dividends paid . . . . . . . . . . . . . . . .
Payments to U.S. Treasury
(interest on Federal
Reserve notes) . . . . . . . . . . . .

18,078,003

0

8,107,622

549,401

574,815

Transferred to/from surplus . . . .

2,782,587

904,581

1,399,011

35,348

337,381

Surplus, January 1 . . . . . . . . . . . . .
Surplus, December 31 . . . . . . . . .

8,846,916
11,629,504

448,422
1,353,004

2,030,557
3,429,567

258,560
293,908

727,244
1,064,625

Note. Components may not sum to totals because of
rounding.
1. Reflects the effect of Financial Accounting Stan­
dards Board Statement of Financial Accounting Stan­
dards No. 87, Employers’ Accounting for Pensions (SFAS
87). The System Retirement Plan for employees is
recorded on behalf of the System on the books of the
Federal Reserve Bank of New York, resulting in a
decrease in expenses of $36,556 thousand. The expenses
related to the Benefit Equalization Plan and the Supple­
mental Retirement Plan are recorded by each Federal
Reserve Bank.

2. Includes expenses for labor and materials capital­
ized and depreciated or amortized as charges to activities
in the periods benefited.
3. Includes reimbursement from the U.S. Treasury for
uncut sheets of Federal Reserve notes, gains and losses on
the sale of Reserve Bank buildings, counterfeit currency
that is not charged back to the depositing institution, and
stale Reserve Bank checks that are written off.
4. For additional details, see the chapter ‘‘Board of
Governors Financial Statements.’’

Statistical Tables 279
5.— Continued

Richmond

Atlanta

Chicago

St. Louis

1,629,553

1,391,037

1,937,209

610,840

Minneapolis Kansas City

428,135

494,565

Dallas

San Francisco

865,633

1,791,074

0

0

0

0

0

0

0

0

288,950
8
288,958

68,071
5
68,077

128,442
5
128,448

31,658
5
31,663

48,113
3
48,116

22,814
8
22,822

15,780
279
16,059

145,157
4
145,162

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

−23,101
−3
−23,104

−20,462
−184
−20,646

−27,892
−1,404
−29,296

−9,019
−3
−9,022

−6,642
−2
−6,644

−8,002
−1
−8,003

−13,498
−4
−13,502

−26,893
−7,860
−34,753

265,854

47,430

99,152

22,641

41,472

14,819

2,556

110,409

0

0

0

0

0

0

0

0

63,193
39,010

15,051
61,605

28,933
47,395

6,979
16,115

9,912
13,671

4,851
17,234

3,514
42,533

33,083
65,960

1,793,204

1,361,811

1,960,033

610,387

446,024

487,299

822,143

1,802,440

125,013

30,224

56,831

13,930

16,461

9,118

7,513

71,819

1,593,869

1,304,705

2,063,931

589,070

520,699

487,495

790,246

1,496,150

74,322

26,882

−160,728

7,387

−91,136

−9,314

24,383

234,471

2,073,888
2,148,210

489,053
515,935

924,227
763,499

228,257
235,644

345,531
254,396

162,382
153,068

110,570
134,953

1,048,225
1,282,696

280 91st Annual Report, 2004
6. Income and Expenses of the Federal Reserve Banks, 1914 –2004
Thousands of dollars

Federal Reserve Bank
and period

Current
income

Net
expenses

Net additions
or
deductions (−)1

Assessments by
Board of Governors
Board
expenditures

Costs
of currency

All Banks
1914–15 . . . . . . . . . . . . . . . . . . . . . . .
1916. . . . . . . . . . . . . . . . . . . . . . . . . . .
1917. . . . . . . . . . . . . . . . . . . . . . . . . . .
1918. . . . . . . . . . . . . . . . . . . . . . . . . . .
1919. . . . . . . . . . . . . . . . . . . . . . . . . . .

2,173
5,218
16,128
67,584
102,381

2,018
2,082
4,922
10,577
18,745

6
−193
−1,387
−3,909
−4,673

302
192
238
383
595

.
.
.
.
.

1920. . . . . . . . . . . . . . . . . . . . . . . . . . .
1921. . . . . . . . . . . . . . . . . . . . . . . . . . .
1922. . . . . . . . . . . . . . . . . . . . . . . . . . .
1923. . . . . . . . . . . . . . . . . . . . . . . . . . .
1924. . . . . . . . . . . . . . . . . . . . . . . . . . .
1925. . . . . . . . . . . . . . . . . . . . . . . . . . .
1926. . . . . . . . . . . . . . . . . . . . . . . . . . .
1927. . . . . . . . . . . . . . . . . . . . . . . . . . .
1928. . . . . . . . . . . . . . . . . . . . . . . . . . .
1929. . . . . . . . . . . . . . . . . . . . . . . . . . .

181,297
122,866
50,499
50,709
38,340
41,801
47,600
43,024
64,053
70,955

27,549
33,722
28,837
29,062
27,768
26,819
24,914
24,894
25,401
25,810

−3,744
−6,315
−4,442
−8,233
−6,191
−4,823
−3,638
−2,457
−5,026
−4,862

710
741
723
703
663
709
722
779
698
782

. . .
. . .
. . .
. . .
. . .
. . .
1,714
1,845
806
3,099

1930. . . . . . . . . . . . . . . . . . . . . . . . . . .
1931. . . . . . . . . . . . . . . . . . . . . . . . . . .
1932. . . . . . . . . . . . . . . . . . . . . . . . . . .
1933. . . . . . . . . . . . . . . . . . . . . . . . . . .
1934. . . . . . . . . . . . . . . . . . . . . . . . . . .
1935. . . . . . . . . . . . . . . . . . . . . . . . . . .
1936. . . . . . . . . . . . . . . . . . . . . . . . . . .
1937. . . . . . . . . . . . . . . . . . . . . . . . . . .
1938. . . . . . . . . . . . . . . . . . . . . . . . . . .
1939. . . . . . . . . . . . . . . . . . . . . . . . . . .

36,424
29,701
50,019
49,487
48,903
42,752
37,901
41,233
36,261
38,501

25,358
24,843
24,457
25,918
26,844
28,695
26,016
25,295
25,557
25,669

−93
311
−1,413
−12,307
−4,430
−1,737
486
−1,631
2,232
2,390

810
719
729
800
1,372
1,406
1,680
1,748
1,725
1,621

2,176
1,479
1,106
2,505
1,026
1,477
2,178
1,757
1,630
1,356

1940. . . . . . . . . . . . . . . . . . . . . . . . . . .
1941. . . . . . . . . . . . . . . . . . . . . . . . . . .
1942. . . . . . . . . . . . . . . . . . . . . . . . . . .
1943. . . . . . . . . . . . . . . . . . . . . . . . . . .
1944. . . . . . . . . . . . . . . . . . . . . . . . . . .
1945. . . . . . . . . . . . . . . . . . . . . . . . . . .
1946. . . . . . . . . . . . . . . . . . . . . . . . . . .
1947. . . . . . . . . . . . . . . . . . . . . . . . . . .
1948. . . . . . . . . . . . . . . . . . . . . . . . . . .
1949. . . . . . . . . . . . . . . . . . . . . . . . . . .

43,538
41,380
52,663
69,306
104,392
142,210
150,385
158,656
304,161
316,537

25,951
28,536
32,051
35,794
39,659
41,666
50,493
58,191
64,280
67,931

11,488
721
−1,568
23,768
3,222
−830
−626
1,973
−34,318
−12,122

1,704
1,840
1,746
2,416
2,296
2,341
2,260
2,640
3,244
3,243

1,511
2,588
4,826
5,336
7,220
4,710
4,482
4,562
5,186
6,304

1950. . . . . . . . . . . . . . . . . . . . . . . . . . .
1951. . . . . . . . . . . . . . . . . . . . . . . . . . .
1952. . . . . . . . . . . . . . . . . . . . . . . . . . .
1953. . . . . . . . . . . . . . . . . . . . . . . . . . .
1954. . . . . . . . . . . . . . . . . . . . . . . . . . .
1955. . . . . . . . . . . . . . . . . . . . . . . . . . .
1956. . . . . . . . . . . . . . . . . . . . . . . . . . .
1957. . . . . . . . . . . . . . . . . . . . . . . . . . .
1958. . . . . . . . . . . . . . . . . . . . . . . . . . .
1959. . . . . . . . . . . . . . . . . . . . . . . . . . .

275,839
394,656
456,060
513,037
438,486
412,488
595,649
763,348
742,068
886,226

69,822
83,793
92,051
98,493
99,068
101,159
110,240
117,932
125,831
131,848

36,294
−2,128
1,584
−1,059
−134
−265
−23
−7,141
124
98,247

3,434
4,095
4,122
4,100
4,175
4,194
5,340
7,508
5,917
6,471

7,316
7,581
8,521
10,922
6,490
4,707
5,603
6,374
5,973
6,384

1960. . . . . . . . . . . . . . . . . . . . . . . . . . .
1961. . . . . . . . . . . . . . . . . . . . . . . . . . .
1962. . . . . . . . . . . . . . . . . . . . . . . . . . .
1963. . . . . . . . . . . . . . . . . . . . . . . . . . .
1964. . . . . . . . . . . . . . . . . . . . . . . . . . .
1965. . . . . . . . . . . . . . . . . . . . . . . . . . .
1966. . . . . . . . . . . . . . . . . . . . . . . . . . .
1967. . . . . . . . . . . . . . . . . . . . . . . . . . .
1968. . . . . . . . . . . . . . . . . . . . . . . . . . .
1969. . . . . . . . . . . . . . . . . . . . . . . . . . .

1,103,385
941,648
1,048,508
1,151,120
1,343,747
1,559,484
1,908,500
2,190,404
2,764,446
3,373,361

139,894
148,254
161,451
169,638
171,511
172,111
178,212
190,561
207,678
237,828

13,875
3,482
−56
615
726
1,022
996
2,094
8,520
−558

6,534
6,265
6,655
7,573
8,655
8,576
9,022
10,770
14,198
15,020

7,455
6,756
8,030
10,063
17,230
23,603
20,167
18,790
20,474
22,126

For notes see end of table.

.
.
.
.
.

.
.
.
.
.

Statistical Tables 281
6.— Continued

Payments to U.S. Treasury
Dividends
paid

Statutory
transfers 2

Interest on
Federal Reserve
notes

Transferred
to surplus
(section 13b)

Transferred
to surplus
(section 7)

217
1,743
6,804
5,541
5,012

. . .
. . .
1,134
. . .
2,704

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

. . .
. . .
1,134
48,334
70,652

5.654
6,120
6,307
6,553
6,682
6,916
7,329
7,755
8,458
9,584

60,725
59,974
10,851
3,613
114
59
818
250
2,585
4,283

.
.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.

82,916
15,993
−660
2,546
−3,078
2,474
8,464
5,044
21,079
22,536

10,269
10,030
9,282
8,874
8,782
8,505
7,830
7,941
8,019
8,110

17
. . .
2,011
. . .
. . .
298
227
177
120
25

.
.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.

.
.
.
.

. .
. .
. .
. .
−60
28
103
67
− 419
− 426

−2,298
−7,058
11,021
−917
6,510
607
353
2,616
1,862
4,534

8,215
8,430
8,669
8,911
9,500
10,183
10,962
11,523
11,920
12,329

82
141
198
245
327
248
67
36
. . .
. . .

. . .
. . .
. . .
. . .
. . .
. . .
. . .
75,284
166,690
193,146

−54
−4
50
135
201
262
28
87
. . .
. . .

17,617
571
3,554
40,327
48,410
81,970
81,467
8,366
18,523
21,462

13,083
13,865
14,682
15,558
16,442
17,712
18,905
20,081
21,197
22,722

.
.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.

196,629
254,874
291,935
342,568
276,289
251,741
401,556
542,708
524,059
910,650

.
.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.

21,849
28,321
46,334
40,337
35,888
32,710
53,983
61,604
59,215
−93,601

23,948
25,570
27,412
28,912
30,782
32,352
33,696
35,027
36,959
39,237

.
.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.

896,816
687,393
799,366
879,685
1,582,119
1,296,810
1,649,455
1,907,498
2,463,629
3,019,161

.
.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.

42,613
70,892
45,538
55,864
− 465,823
27,054
18,944
29,851
30,027
39,432

282 91st Annual Report, 2004
6. Income and Expenses of the Federal Reserve Banks, 1914 –2004— Continued
Thousands of dollars

Net
expenses

Net additions
or
deductions (−) 1

Assessments by
Board of Governors

Federal Reserve Bank
and period

Current
income

1970. . . . . . . . . . . . . . . . . . . . . . .
1971. . . . . . . . . . . . . . . . . . . . . . .
1972. . . . . . . . . . . . . . . . . . . . . . .
1973. . . . . . . . . . . . . . . . . . . . . . .
1974. . . . . . . . . . . . . . . . . . . . . . .
1975. . . . . . . . . . . . . . . . . . . . . . .
1976. . . . . . . . . . . . . . . . . . . . . . .
1977. . . . . . . . . . . . . . . . . . . . . . .
1978. . . . . . . . . . . . . . . . . . . . . . .
1979. . . . . . . . . . . . . . . . . . . . . . .

3,877,218
3,723,370
3,792,335
5,016,769
6,280,091
6,257,937
6,623,220
6,891,317
8,455,309
10,310,148

276,572
319,608
347,917
416,879
476,235
514,359
558,129
568,851
592,558
625,168

11,442
94,266
−49,616
−80,653
−78,487
−202,370
7,311
−177,033
−633,123
−151,148

21,228
32,634
35,234
44,412
41,117
33,577
41,828
47,366
53,322
50,530

23,574
24,943
31,455
33,826
30,190
37,130
48,819
55,008
60,059
68,391

1980. . . . . . . . . . . . . . . . . . . . . . .
1981. . . . . . . . . . . . . . . . . . . . . . .
1982. . . . . . . . . . . . . . . . . . . . . . .
1983. . . . . . . . . . . . . . . . . . . . . . .
1984. . . . . . . . . . . . . . . . . . . . . . .
1985. . . . . . . . . . . . . . . . . . . . . . .
1986. . . . . . . . . . . . . . . . . . . . . . .
1987. . . . . . . . . . . . . . . . . . . . . . .
1988. . . . . . . . . . . . . . . . . . . . . . .
1989. . . . . . . . . . . . . . . . . . . . . . .

12,802,319
15,508,350
16,517,385
16,068,362
18,068,821
18,131,983
17,464,528
17,633,012
19,526,431
22,249,276

718,033
814,190
926,034
1,023,678
1,102,444
1,127,744
1,156,868
1,146,911
1,205,960
1,332,161

−115,386
−372,879
−68,833
−400,366
−412,943
1,301,624
1,975,893
1,796,594
−516,910
1,254,613

62,231
63,163
61,813
71,551
82,116
77,378
97,338
81,870
84,411
89,580

73,124
82,924
98,441
152,135
162,606
173,739
180,780
170,675
164,245
175,044

1990. . . . . . . . . . . . . . . . . . . . . . .
1991. . . . . . . . . . . . . . . . . . . . . . .
1992. . . . . . . . . . . . . . . . . . . . . . .
1993. . . . . . . . . . . . . . . . . . . . . . .
1994. . . . . . . . . . . . . . . . . . . . . . .
1995. . . . . . . . . . . . . . . . . . . . . . .
1996 . . . . . . . . . . . . . . . . . . . . . .
1997 . . . . . . . . . . . . . . . . . . . . . .
1998 . . . . . . . . . . . . . . . . . . . . . .
1999 . . . . . . . . . . . . . . . . . . . . . .

23,476,604
22,553,002
20,235,028
18,914,251
20,910,742
25,395,148
25,164,303
26,917,213
28,149,477
29,346,836

1,349,726
1,429,322
1,474,531
1,657,800
1,795,328
1,818,416
1,947,861
1,976,453
1,833,436
1,852,162

2,099,328
405,729
−987,788
−230,268
2,363,862
857,788
−1,676,716
−2,611,570
1,906,037
−533,557

103,752
109,631
128,955
140,466
146,866
161,348
162,642
174,407
178,009
213,790

193,007
261,316
295,401
355,947
368,187
370,203
402,517
364,454
408,544
484,959

2000
2001
2002
2003
2004

......................
......................
......................
......................
......................

33,963,992
31,870,721
26,760,113
23,792,725
23,539,942

1,971,688
2,084,708
2,227,078
2,462,658
2,238,705

−1,500,027
−1,117,435
2,149,328
2,481,127
917,870

188,067
295,056
205,111
297,020
272,331

435,838
338,537
429,568
508,144
503,784

Total, 1914–2004 . . . . . . . . . .

641,749,857

47,193,869

7,777,545

4,138,045

7,862,963

Aggregate for each Bank,
1914–2004
Boston . . . . . . . . . . . . . . . . . . . .
New York . . . . . . . . . . . . . . . . .
Philadelphia . . . . . . . . . . . . . . .
Cleveland . . . . . . . . . . . . . . . . .
Richmond . . . . . . . . . . . . . . . . .
Atlanta . . . . . . . . . . . . . . . . . . . .
Chicago . . . . . . . . . . . . . . . . . . .
St. Louis . . . . . . . . . . . . . . . . . .
Minneapolis . . . . . . . . . . . . . . .
Kansas City . . . . . . . . . . . . . . .
Dallas . . . . . . . . . . . . . . . . . . . . .
San Francisco . . . . . . . . . . . . .

34,556,554
222,443,921
23,869,631
39,693,014
49,669,998
33,833,187
79,234,017
22,208,274
10,784,532
23,543,939
29,310,581
72,602,208

338,671
2,102,239
200,363
540,433
1,059,465
546,057
925,960
153,844
218,125
198,986
457,869
1,035,534

175,263
1,009,352
169,950
296,428
531,065
316,723
488,548
107,149
129,234
139,470
211,688
563,174

459,567
2,573,085
318,524
463,041
643,402
536,289
901,978
286,799
131,198
287,617
382,645
878,816

Total . . . . . . . . . . . . . . . . . . . . .

641,749,857

7,777,545

4,138,045

7,862,963

3,140,957
7,280,428 4
2,542,934
2,968,781
4,141,554
4,890,082
5,961,783
2,398,978
2,299,447
3,081,674
3,090,244
5,397,008
47,193,869

Note. Components may not sum to totals because of
rounding.
. . . Not applicable.
1. For 1987 and subsequent years, includes the cost of
services provided to the Treasury by Federal Reserve
Banks for which reimbursement was not received.

Board
expenditures

Costs
of currency

2. Represents transfers made as a franchise tax from
1917 through 1932; transfers made under section 13b of
the Federal Reserve Act from 1935 through 1947; and
transfers made under section 7 of the Federal Reserve Act
for 1996 and 1997.

Statistical Tables 283
6.— Continued

Payments to U.S. Treasury
Dividends
paid

Statutory
transfers 2

Interest on
Federal Reserve
notes

Transferred
to surplus
(section 13b)

Transferred
to surplus
(section 7)

41,137
43,488
46,184
49,140
52,580
54,610
57,351
60,182
63,280
67,194

.
.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.

3,493,571
3,356,560
3,231,268
4,340,680
5,549,999
5,382,064
5,870,463
5,937,148
7,005,779
9,278,576

.
.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.

32,580
40,403
50,661
51,178
51,483
33,828
53,940
45,728
47,268
69,141

70,355
74,574
79,352
85,152
92,620
103,029
109,588
117,499
125,616
129,885

.
.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.

11,706,370
14,023,723
15,204,591
14,228,816
16,054,095
17,796,464
17,803,895
17,738,880
17,364,319
21,646,417

.
.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.

56,821
76,897
78,320
106,663
161,996
155,253
91,954
173,771
64,971
130,802

23,608,398
20,777,552
16,774,477
15,986,765
20,470,011
23,389,367
14,565,624
0
8,774,994
25,409,736

.
.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.

180,292
228,356
402,114
347,583
282,122
283,075
635,343
831,705
731,575
479,053

25,343,892
27,089,222
24,495,490
22,021,528
18,078,003

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

4,114,865
517,580
1,068,598
466,796
2,782,587
15,723,176 3

140,758
152,553
171,763
195,422
212,090
230,527
255,884
299,652
343,014
373,579
409,614
428,183
483,596
517,705
582,402

. . .
. . .
. . .
. . .
. . .
. . .
5,517,716
20,658,972
17,785,942
. . .
.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

7,086,659

44,113,958

523,408,737

−4

338,234
1,739,744
296,712
521,358
964,861
511,227
814,121
183,699
226,818
227,829
330,064
931,991

2,579,504
17,307,161
1,312,118
2,827,043
3,083,928
2,713,230
4,593,811
1,833,837
416,227
1,249,703
1,510,802
4,686,594

26,661,526
190,344,011
18,993,444
31,805,942
38,208,638
24,601,609
66,258,309
17,213,488
7,399,208
18,486,949
23,968,266
59,467,347

135
−433
291
−10
−72
5
12
−27
65
−9
55
−17

7,086,659

44,113,958

523,408,737

−4

3. The $15,723,176 thousand transferred to surplus
was reduced by direct charges of $500 thousand for
charge-off on Bank premises (1927), $139,300 thousand
for contributions to capital of the Federal Deposit Insurance Corporation (1934), $4 thousand net upon elimination of section 13b surplus (1958), and $106,000 thousand (1996), $107,000 thousand (1997), and
$3,752,000 thousand (2000) transferred to the Treasury

1,540,038
4,292,813
436,021
1,350,863
3,156,085
810,079
1,141,414
338,194
400,462
269,691
274,686
1,712,829
15,723,176 3

as statutorily required; and was increased by transfer of
$11,131 thousand from reserves for contingencies (1955),
leaving a balance of $11,629,504 thousand on December 31, 2004.
4. This amount is reduced by $2,675,308 thousand
for expenses of the System Retirement Plan. See note 1,
table 5.

284 91st Annual Report, 2004
7. Acquisition Costs and Net Book Value of Premises of the Federal Reserve Banks
and Branches, December 31, 2004

Thousands of dollars

Acquisition costs
Federal Reserve
Bank or
Branch

Land

BOSTON . . . . . . . . . . . . .
NEW YORK . . . . . . . . . .
Buffalo . . . . . . . . . . . . . . . .

22,074
20,103
888

PHILADELPHIA . . . . . .
CLEVELAND . . . . . . . . .
Cincinnati . . . . . . . . . . . . .
Pittsburgh . . . . . . . . . . . . .

Buildings
(including
vaults) 1

Building ma­
chinery and
equipment

Total 2

Net
book
value

Other
real
estate 3

157,914
298,596
8,729

98,853
192,722
3,462

. . .
. . .
. . .

116,556
218,243
4,142

19,284
60,251
3,699

2,561

75,796

11,857

90,214

53,306

. . .

3,112
2,247
1,658

121,824
28,740
18,806

23,924
11,474
11,967

148,859
42,460
32,432

114,370
23,160
19,349

. . .
. . .
. . .

RICHMOND . . . . . . . . . .
Baltimore . . . . . . . . . . . . .
Charlotte . . . . . . . . . . . . . .

12,923
6,482
3,130

84,560
27,956
28,568

38,545
5,490
6,104

136,028
39,929
37,802

94,468
23,530
25,553

. . .
. . .
. . .

ATLANTA . . . . . . . . . . . .
Birmingham . . . . . . . . . . .
Jacksonville . . . . . . . . . . .
Miami . . . . . . . . . . . . . . . .
Nashville . . . . . . . . . . . . . .
New Orleans . . . . . . . . . .

22,735
7,194
1,812
4,266
687
3,952

146,569
46,118
20,302
17,672
6,147
9,530

15,786
4,170
3,839
4,728
3,305
4,943

185,090
57,483
25,953
26,667
10,139
18,425

171,374
52,501
17,656
17,139
5,845
11,339

. . .
. . .
48
. . .
. . .
. . .

CHICAGO . . . . . . . . . . . .
Detroit . . . . . . . . . . . . . . . .

4,512
4,706

147,541
46,497

18,392
3,358

170,445
54,561

108,476
48,865

1,386
. . .

ST. LOUIS . . . . . . . . . . . .
Little Rock . . . . . . . . . . . .
Louisville . . . . . . . . . . . . .
Memphis . . . . . . . . . . . . . .

4,774
1,148
800
1,136

52,240
4,861
4,735
13,743

11,160
2,155
2,068
4,418

68,173
8,165
7,603
19,297

45,459
4,697
3,422
14,247

MINNEAPOLIS . . . . . . .
Helena . . . . . . . . . . . . . . . .

15,666
2,890

104,234
9,716

13,742
958

133,643
13,564

112,292
10,216

KANSAS CITY . . . . . . .
Denver . . . . . . . . . . . . . . . .
Oklahoma City . . . . . . . .
Omaha . . . . . . . . . . . . . . . .

29,059
3,511
977
7,165

28,921
8,859
12,195
11,824

7,999
4,573
3,488
2,477

65,979
16,943
16,660
21,466

48,004
9,310
8,574
15,992

DALLAS . . . . . . . . . . . . .
El Paso . . . . . . . . . . . . . . .
Houston . . . . . . . . . . . . . . .
San Antonio . . . . . . . . . . .

31,597
262
19,908
826

111,755
3,533
102,810
7,414

20,675
1,487
0
3,103

164,027
5,283
122,718
11,343

124,925
2,330
122,718
6,713

SAN FRANCISCO . . . .
Los Angeles . . . . . . . . . . .
Portland . . . . . . . . . . . . . . .
Salt Lake City . . . . . . . . .
Seattle . . . . . . . . . . . . . . . .

20,084
6,306
1,287
1,294
380

92,910
69,700
8,764
4,785
14,406

22,148
12,533
2,532
1,600
4,699

135,142
88,539
12,584
7,679
19,484

84,251
60,223
6,801
3,492
12,765

Total . . . . . . . . . . . . . . . . .

274,111

1,832,974

372,933

2,480,018

1,778,399

Note. Components may not sum to totals because of
rounding.
1. Includes expenditures for construction at some
offices, pending allocation to appropriate accounts.
2. Excludes charge-offs of $17,699 thousand before
1952.

.
.
.
.

.
.
.
.

.
.
.
.

. . .
. . .
.
.
.
.

.
.
.
.

.
.
.
.

2
. . .
7,202
. . .
.
.
.
.

. .
. .
. .
. .
515

9,154

3. Covers acquisitions for banking-house purposes and
Bank premises formerly occupied and being held pending
sale.
. . . Not applicable.

Statistical Tables 285
8. Operations in Principal Departments of the Federal Reserve Banks, 2001–2004

Operation

2004

Millions of pieces (except as noted)
Currency processed . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Currency destroyed . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Coin received 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Checks handled
U.S. government checks . . . . . . . . . . . . . . . . . . . . .
Postal money orders . . . . . . . . . . . . . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Government securities transfers . . . . . . . . . . . . . . . .
Transfer of funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Automated clearinghouse transactions
Commercial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Food stamps redeemed . . . . . . . . . . . . . . . . . . . . . . . . .
Millions of dollars
Currency processed . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Currency destroyed . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Coin received 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Checks handled
U.S. government checks . . . . . . . . . . . . . . . . . . . . .
Postal money orders . . . . . . . . . . . . . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Government securities transfers . . . . . . . . . . . . . . . .
Transfer of funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Automated clearinghouse transactions
Commercial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Food stamps redeemed . . . . . . . . . . . . . . . . . . . . . . . . .

2003

2002

2001

36,242
6,748
55,655

34,832
7,375
48,138

34,208
8,363
43,445

33,740
7,850
39,735

234
187
13,904
20
125

267
198
15,806
20
123

289
216
16,587
17
115

346
229
16,905
15
112

6,486
941
48

5,588
914
287

4,986
883
500

4,448
900
587

625,127
90,943
5,403

584,915
101,338
4,879

565,302
92,511
4,579

540,746
86,298
4,296

277,649
29,045
14,287,740
313,425,252
469,898,863

308,055
29,197
15,431,625
267,644,194
436,706,269

307,627
30,161
15,033,298
228,907,121
405,761,750

333,849
30,461
14,853,072
212,343,034
423,606,365

12,543,907
2,913,189
239

13,951,600
2,810,283
1,510

13,135,350
2,711,384
2,543

12,707,247
2,528,562
2,989

1. Amounts in bold are restatements due to the inclu­
sion of coin activity at Federal Reserve off-site coin
terminals.

286 91st Annual Report, 2004
9. Federal Reserve Bank Interest Rates on Loans to Depository Institutions,
December 31, 2004
Reserve Bank

Primary credit 1

Secondary credit 2

Seasonal credit 3

All Federal Reserve Banks . . . . . . . . . . . . . . . . . .

3.25

3.75

2.35

1. Primary credit is available for very short terms as
a backup source of liquidity to depository institutions that
are in generally sound financial condition in the judgment
of the lending Federal Reserve Bank.
2. Secondary credit is available in appropriate circum­
stances to depository institutions that do not qualify for
primary credit.

3. Seasonal credit is available to help relatively small
depository institutions meet regular seasonal needs for
funds that arise from a clear pattern of intra-yearly move­
ments in their deposits and loans. The discount rate on
seasonal credit takes into account rates charged by market
sources of funds and is reestablished on the first business
day of each two-week reserve maintenance period.

Statistical Tables 287
10. Reserve Requirements of Depository Institutions, December 31, 2004

Requirements
Type of deposit
Percentage of deposits

Effective date

Net transaction accounts 1
$0 million–$7.0 million 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
More than $7.0 million–$47.6 million 3 . . . . . . . . . . . . . . . . .
More than $47.6 million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

0
3
10

12-23-04
12-23-04
12-23-04

Nonpersonal time deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

0

12-27-90

Eurocurrency liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

0

12-27-90

Note. Required reserves must be held in the form of
vault cash and, if vault cash is insufficient, also in the
form of a deposit with a Federal Reserve Bank. An
institution that is a member of the Federal Reserve Sys­
tem must hold that deposit directly with a Reserve Bank;
an institution that is not a member of the System can
maintain that deposit directly with a Reserve Bank or
with another institution in a pass-through relationship.
Reserve requirements are imposed on commercial banks,
savings banks, savings and loan associations, credit
unions, U.S. branches and agencies of foreign banks,
Edge corporations, and agreement corporations.
1. Total transaction accounts consists of demand
deposits, automatic transfer service (ATS) accounts,
NOW accounts, share draft accounts, telephone or preau­
thorized transfer accounts, ineligible bankers acceptances,
and obligations issued by affiliates maturing in seven
days or less. Net transaction accounts are total transaction
accounts less amounts due from other depository institu­
tions and less cash items in the process of collection.

For a more detailed description of these deposit types,
see Form FR 2900 at www.federalreserve.gov/boarddocs/
reportforms/.
2. The amount of net transaction accounts subject to a
reserve requirement ratio of zero percent (the ‘‘exemption
amount’’ ) is adjusted each year by statute. The exemp­
tion amount is adjusted upward by 80 percent of the
previous year’s (June 30 to June 30) rate of increase in
total reservable liabilities at all depository institutions.
No adjustment is made in the event of a decrease in such
liabilities.
3. The amount of net transaction accounts subject to a
reserve requirement ratio of 3 percent is the ‘‘low-reserve
tranche.’’ By statute, the upper limit of the low-reserve
tranche is adjusted each year by 80 percent of the pre­
vious year’s (June 30 to June 30) rate of increase or
decrease in net transaction accounts held by all depository
institutions.

288 91st Annual Report, 2004
11. Initial Margin Requirements under Regulations T, U, and X
Percent of market value
Effective date

Margin
stocks

1934, Oct. 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1936, Feb. 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Apr. 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1937, Nov. 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1945, Feb. 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
July 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1946, Jan. 21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1947, Feb. 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1949, Mar. 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1951, Jan. 17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1953, Feb. 20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1955, Jan. 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Apr. 23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1958, Jan. 16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aug. 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Oct. 16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1960, July 28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1962, July 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1963, Nov. 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1968, Mar. 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
June 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1970, May 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1971, Dec. 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1972, Nov. 24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1974, Jan. 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

25–45
25–55
55
40
50
75
100
75
50
75
50
60
70
50
70
90
70
50
70
70
80
65
55
65
50

Note. These regulations, adopted by the Board of
Governors pursuant to the Securities Exchange Act of
1934, limit the amount of credit to purchase and carry
‘‘margin securities’’ (as defined in the regulations) when
such value is collateralized by securities. Margin require­
ments on securities are the difference between the market
value (100 percent) and the maximum loan value of
collateral as prescribed by the Board. Regulation T was

Convertible
bonds
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.

. .
. .
. .
. .
. .
. .
. .
. .
. .
. .
. .
. .
. .
. .
. .
. .
. .
. .
. .
50
60
50
50
50
50

Short sales,
T only 1
. . .
. . .
. . .
50
50
75
100
75
50
75
50
60
70
50
70
90
70
50
70
70
80
65
55
65
50

adopted effective October 1, 1934; Regulation U, effec­
tive May 1, 1936; and Regulation X, effective Novem­
ber 1, 1971. The former Regulation G, which was adopted
effective March 11, 1968, was merged with Regulation U,
effective April 1, 1998.
1. From October 1, 1934, to October 31, 1937, the
requirement was the margin ‘‘customarily required’’ by
the brokers and dealers.

Statistical Tables 289
12. Principal Assets and Liabilities of Insured Commercial Banks in the United States,
by Class of Bank, June 30, 2004 and 2003

Millions of dollars, except as noted

Member banks
Item

Total
Total

National

State

Nonmember
banks

2004
Assets
Loans and investments . . . . . . . . . . . . . . . . . . .
Loans, gross . . . . . . . . . . . . . . . . . . . . . . . . . .
Net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . .
U.S. Treasury and federal agency
securities . . . . . . . . . . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cash assets, total . . . . . . . . . . . . . . . . . . . . . . . .

5,788,749
4,267,979
4,266,463
1,520,770

4,567,717
3,381,763
3,380,928
1,185,955

3,321,077
2,481,333
2,480,744
839,744

1,246,640
900,430
900,183
346,210

1,221,031
886,216
885,535
334,815

333,691
1,187,079
271,089

212,367
973,588
218,068

122,046
717,698
156,194

90,320
255,890
61,874

121,324
213,491
53,021

Deposits, total . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interbank . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other transaction . . . . . . . . . . . . . . . . . . . . . .
Other nontransaction . . . . . . . . . . . . . . . . . .
Equity capital . . . . . . . . . . . . . . . . . . . . . . . . . . .

4,454,462
68,720
675,846
3,709,896
721,273

3,413,426
54,897
487,519
2,871,010
576,917

2,442,362
37,078
343,929
2,061,355
419,886

971,063
17,819
143,589
809,655
157,031

1,041,036
13,824
188,327
838,886
144,356

Number of banks . . . . . . . . . . . . . . . . . . . . . . . .

7,676

2,885

1,955

930

4,791

Liabilities

2003
Assets
Loans and investments . . . . . . . . . . . . . . . . . . .
Loans, gross . . . . . . . . . . . . . . . . . . . . . . . . . .
Net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . .
U.S. Treasury and federal agency
securities . . . . . . . . . . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cash assets, total . . . . . . . . . . . . . . . . . . . . . . . .

5,338,735
3,922,431
3,920,108
1,416,304

4,201,136
3,105,061
3,103,351
1,096,075

2,969,072
2,225,277
2,223,849
743,795

1,232,064
879,784
879,502
352,280

1,137,599
817,370
816,757
320,229

289,327
1,126,977
301,052

186,267
909,808
246,847

101,918
641,877
177,579

84,349
267,931
69,267

103,060
217,169
54,205

Deposits, total . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interbank . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other transaction . . . . . . . . . . . . . . . . . . . . . .
Other nontransaction . . . . . . . . . . . . . . . . . .
Equity capital . . . . . . . . . . . . . . . . . . . . . . . . . . .

4,206,473
67,939
684,284
3,454,250
658,407

3,240,228
56,239
504,700
2,679,289
526,805

2,292,202
40,330
361,115
1,890,756
371,055

948,026
15,909
143,585
788,533
155,750

966,245
11,699
179,585
774,961
131,602

Number of banks . . . . . . . . . . . . . . . . . . . . . . . .

7,813

2,995

2,044

951

4,818

Liabilities

Note. Data are domestic assets and liabilities (except
for those components reported on a consolidated basis

only). Components may not sum to totals because of
rounding.

290 91st Annual Report, 2004
13A. Reserves of Depository Institutions, Federal Reserve Bank Credit, and Related Items,
Year-End 1984–2004 and Month-End 2004
Millions of dollars
Factors supplying reserve funds
Federal Reserve Bank credit outstanding
Period

Gold
stock

Special
drawing
rights
certificate
account

Treasury
currency
out­
standing 3

Securities Repurchase
held
2
outright 1 agreements

Loans

Float

Other
Federal
Reserve
assets

1984 . . . . . .

167,612

2,015

3,577

833

12,347

186,384

11,096

4,618

16,418

1985
1986
1987
1988
1989

......
......
......
......
......

186,025
205,454
226,459
240,628
233,300

5,223
16,005
4,961
6,861
2,117

3,060
1,565
3,815
2,170
481

988
1,261
811
1,286
1,093

15,302
17,475
15,837
18,803
39,631

210,598
241,760
251,883
269,748
276,622

11,090
11,084
11,078
11,060
11,059

4,718
5,018
5,018
5,018
8,518

17,075
17,567
18,177
18,799
19,628

1990
1991
1992
1993
1994

......
......
......
......
......

241,431
272,531
300,423
336,654
368,156

18,354
15,898
8,094
13,212
10,590

190
218
675
94
223

2,566
1,026
3,350
963
740

39,880
34,524
30,278
33,394
33,441

302,421
324,197
342,820
384,317
413,150

11,058
11,059
11,056
11,053
11,051

10,018
10,018
8,018
8,018
8,018

20,402
21,014
21,447
22,095
22,994

1995
1996
1997
1998
1999

......
......
......
......
......

380,831
393,132
431,420
452,478
478,144

13,862
21,583
23,840
30,376
140,640

135
85
2,035
17
233

231
5,297
561
1,009
407

33,483
32,222
32,044
37,692
34,799

428,543
452,319
489,901
521,573
654,223

11,050
11,048
11,047
11,046
11,048

10,168
9,718
9,200
9,200
6,200

24,003
24,966
25,543
26,270
28,013

2000
2001
2002
2003
2004

......
......
......
......
......

511,833
551,685
629,416
666,665
717,819

43,375
50,250
39,500
43,750
33,000

110
34
40
62
43

795
698
832
211
927

36,896
36,885
38,574
40,214
42,161

593,009
639,552
708,363
750,901
793,950

11,046
11,045
11,043
11,043
11,045

2,200
2,200
2,200
2,200
2,200

31,643
33,017
34,597
35,475
36,505

For notes see end of table.

Total

Statistical Tables 291
13A.— Continued

Factors absorbing reserve funds

Currency
in
circulation

Reverse
repurchase
agreements 4

Treasury
cash
holdings 5

Deposits with Federal Reserve Banks,
other than reserve balances

Treasury

Foreign

Required
clearing
balances

Other
Federal
Reserve
liabilities
and
capital

Other

Reserve
balances
with
Federal
Reserve
Banks 6

183,796

0

513

5,316

253

867

1,126

5,952

20,693

197,488
211,995
230,205
247,649
260,456

0
0
0
0
0

550
447
454
395
450

9,351
7,588
5,313
8,656
6,217

480
287
244
347
589

1,041
917
1,027
548
1,298

1,490
1,812
1,687
1,605
1,618

5,940
6,088
7,129
7,683
8,486

27,141
46,295
40,097
37,742
36,713

286,963
307,756
334,701
365,271
403,843

0
0
0
0
0

561
636
508
377
335

8,960
17,697
7,492
14,809
7,161

369
968
206
386
250

242
1,706
372
397
876

1,960
3,946
5,897
6,332
4,196

8,147
8,113
7,984
9,292
11,959

36,698
25,467
26,182
28,619
26,593

424,244
450,648
482,327
517,484
628,359

0
0
0
0
0

270
249
225
85
109

5,979
7,742
5,444
6,086
28,402

386
167
457
167
71

932
892
900
1,605
1,261

5,167
6,601
6,679
6,781
7,482

12,342
13,829
15,500
16,354
17,256

24,444
17,923
24,159
19,525
16,545

593,694
643,301
687,518
724,194
754,948

0
0
21,091
25,652
30,783

450
425
367
321
270

5,149
6,645
4,420
5,723
5,912

216
61
136
162
80

1,382
820
1,152
717
1,285

6,332
8,525
10,533
11,828 r
9,963

17,962
17,083
18,977
19,793
26,378

12,713
8,953
12,008
11,230 r
14,080

292 91st Annual Report, 2004
13A. Reserves of Depository Institutions, Federal Reserve Bank Credit, and Related Items,
Year-End 1984–2004 and Month-End 2004—Continued
Millions of dollars
Factors supplying reserve funds
Federal Reserve Bank credit outstanding
Period
Securities Repurchase
held
2
outright 1 agreements
2004
Jan. . . . .
Feb. . . . . .
Mar. . . . .
Apr. . . . . .
May . . . . .
June . . . . .
July . . . .
Aug. . . . .
Sept. . . . .
Oct. . . . .
Nov. . . . .
Dec. . . . .

667,242
671,583
674,084
677,687
681,472
687,391
693,727
694,859
700,341
706,834
712,870
717,819

23,500
28,750
27,500
25,250
30,750
33,500
24,750
32,250
29,250
25,250
33,750
33,000

Loans

Float

Other
Federal
Reserve
assets

19
23
64
84
122
323
260
457
236
121
77
43

−26
520
−586
−829
−155
116
−23
1,002
−25
−114
810
927

41,456
38,754
40,169
40,345
38,354
39,465
40,581
38,043
39,557
41,681
39,844
42,161

Total

732,191
739,630
741,231
742,537
750,543
760,795
759,294
766,610
769,359
773,772
787,351
793,950

Gold
stock

Special
drawing
rights
certificate
account

Treasury
currency
out­
standing 3

11,043
11,045
11,045
11,045
11,045
11,045
11,044
11,043
11,043
11,043
11,043
11,045

2,200
2,200
2,200
2,200
2,200
2,200
2,200
2,200
2,200
2,200
2,200
2,200

35,567
35,649
35,761
35,842
35,924
36,039
36,087
36,211
36,279
36,364
36,435
36,505

Statistical Tables 293
13A.— Continued

Factors absorbing reserve funds

Currency
in
circulation

708,952
712,613
716,136
717,528
726,367
733,183
733,020
736,506
738,372
741,440
754,226
754,948

Reverse
repurchase
agreements 4

20,129
21,762
21,701
21,204
20,477
19,228
20,167
22,941
25,693
27,037
28,201
30,783

Treasury
cash
holdings 5

356
318
366
321
320
303
283
330
291
299
283
270

Deposits with Federal Reserve Banks,
other than reserve balances

Treasury

Foreign

Other

4,184
6,513
5,884
6,392
4,637
6,032
4,917
2,456
5,987
5,116
3,759
5,912

84
82
83
96
86
280
81
158
128
92
89
80

426
302
231
368
267
226
304
275
243
310
326
1,285

Note. Components may not sum to totals because of
rounding.
1. Includes U.S. Treasury and federal agency securi­
ties. U.S. Treasury securities contain securities lent to
dealers and are fully collateralized by other U.S. Treasury
securities. Federal agency securities are included at face
value.
2. Cash value of agreements, which are collateralized
by U.S. Treasury and federal agency securities.
3. Includes currency and coin (other than gold) issued
directly by the Treasury. The largest components are

Required
clearing
balances

Other
Federal
Reserve
liabilities
and
capital

10,614
10,078
10,410
10,561
10,145
10,861
9,802
10,206
10,718
10,571
10,024
9,963

20,365
20,033
20,880
20,804
21,718
21,198
21,302
23,084
23,502
23,918
25,627
26,378

Reserve
balances
with
Federal
Reserve
Banks 6

15,889
16,823
14,545
14,350
15,696
18,767
18,751
20,109
13,946
14,597
14,494
14,080

fractional and dollar coins. For details see ‘‘Currency and
Coin in Circulation,’’ Treasury Bulletin.
4. Cash value of agreements, which are collateralized
by U.S. Treasury securities.
5. Coin and paper currency held by the Treasury, as
well as any gold in excess of the gold certificates issued
to the Reserve Bank.
6. Excludes required clearing balances and adjust­
ments to compensate for float.
r. Revised.

294 91st Annual Report, 2004
13B. Reserves of Depository Institutions, Federal Reserve Bank Credit, and Related Items,
Year-End 1918–1983
Millions of dollars
Factors supplying reserve funds
Federal Reserve Bank credit outstanding
Period
Securities
held
outright 1

Repur­
chase
agree­
ments 2

Loans

Float 3

All
other 4

Other
Federal
Reserve
assets 5

Total

Gold
stock 6

Special
drawing Treasury
currency
rights
out­
certificate standing 7
account

1918. . . . . .
1919. . . . . .

239
300

0
0

1,766
2,215

199
201

294
575

0
0

2,498
3,292

2,873
2,707

. . .
. . .

1,795
1,707

1920. . . . . .
1921. . . . . .
1922. . . . . .
1923. . . . . .
1924. . . . . .

287
234
436
80
536

0
0
0
54
4

2,687
1,144
618
723
320

119
40
78
27
52

262
146
273
355
390

0
0
0
0
0

3,355
1,563
1,405
1,238
1,302

2,639
3,373
3,642
3,957
4,212

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

1,709
1,842
1,958
2,009
2,025

1925. . . . . .
1926. . . . . .
1927. . . . . .
1928. . . . . .
1929. . . . . .

367
312
560
197
488

8
3
57
31
23

643
637
582
1,056
632

63
45
63
24
34

378
384
393
500
405

0
0
0
0
0

1,459
1,381
1,655
1,809
1,583

4,112
4,205
4,092
3,854
3,997

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

1,977
1,991
2,006
2,012
2,022

1930. . . . . .
1931. . . . . .
1932. . . . . .
1933. . . . . .
1934. . . . . .

686
775
1,851
2,435
2,430

43
42
4
2
0

251
638
235
98
7

21
20
14
15
5

372
378
41
137
21

0
0
0
0
0

1,373
1,853
2,145
2,688
2,463

4,306
4,173
4,226
4,036
8,238

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

2,027
2,035
2,204
2,303
2,511

1935. . . . . .
1936. . . . . .
1937. . . . . .
1938. . . . . .
1939. . . . . .

2,430
2,430
2,564
2,564
2,484

1
0
0
0
0

5
3
10
4
7

12
39
19
17
91

38
28
19
16
11

0
0
0
0
0

2,486
2,500
2,612
2,601
2,593

10,125
11,258
12,760
14,512
17,644

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

2,476
2,532
2,637
2,798
2,963

1940. . . . . .
1941. . . . . .
1942. . . . . .
1943. . . . . .
1944. . . . . .

2,184
2,254
6,189
11,543
18,846

0
0
0
0
0

3
3
6
5
80

80
94
471
681
815

8
10
14
10
4

0
0
0
0
0

2,274
2,361
6,679
12,239
19,745

21,995
22,737
22,726
21,938
20,619

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

3,087
3,247
3,648
4,094
4,131

1945. . . . . .
1946. . . . . .
1947. . . . . .
1948. . . . . .
1949. . . . . .

24,252
23,350
22,559
23,333
18,885

0
0
0
0
0

249
163
85
223
78

578
580
535
541
534

2
1
1
1
2

0
0
0
0
0

15,091
24,093
23,181
24,097
19,499

20,065
20,529
22,754
24,244
24,427

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

4,339
4,562
4,562
4,589
4,598

1950. . . . . .
1951. . . . . .
1952. . . . . .
1953. . . . . .
1954. . . . . .

20,725
23,605
24,034
25,318
24,888

53
196
663
598
44

67
19
156
28
143

1,368
1,184
967
935
808

3
5
4
2
1

0
0
0
0
0

22,216
25,009
25,825
26,880
25,885

22,706
22,695
23,187
22,030
21,713

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

4,636
4,709
4,812
4,894
4,985

1955. . . . . .
1956. . . . . .
1957. . . . . .
1958. . . . . .
1959. . . . . .

24,391
24,610
23,719
26,252
26,607

394
305
519
95
41

108
50
55
64
458

1,585
1,665
1,424
1,296
1,590

29
70
66
49
75

0
0
0
0
0

26,507
26,699
25,784
27,755
28,771

21,690
21,949
22,781
20,534
19,456

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

5,008
5,066
5,146
5,234
5,311

For notes see end of table.

Statistical Tables 295
13B.— Continued

Factors absorbing reserve funds

Cur­
rency
in
circula­
tion

Deposits with
Federal Reserve Banks,
other than reserve balances
Treasury
cash
holdings 8
Treasury

Foreign

Other

Member bank
reserves 9
Other
Other Required Federal
Federal clearing Reserve
Reserve balances liabilities
and
accounts 5
capital 5

With
Federal
Reserve
Banks

Currency
Re­
Ex­
and
11
cess 11 , 12
coin 10 quired

4,951
5,091

288
385

51
51

96
73

25
28

118
208

0
0

0
0

1,636
1,890

0
0

1,585
1,822

51
68

5,325
4,403
4,530
4,757
4,760

218
214
225
213
211

57
96
11
38
51

5
12
3
4
19

18
15
26
19
20

298
285
276
275
258

0
0
0
0
0

0
0
0
0
0

1,781
1,753
1,934
1,898
2,220

0
0
0
0
0

0
1,654
0
1,884
2,161

0
99
0
14
59

4,817
4,808
4,716
4,686
4,578

203
201
208
202
216

16
17
18
23
29

8
46
5
6
6

21
19
21
21
24

272
293
301
348
393

0
0
0
0
0

0
0
0
0
0

2,212
2,194
2,487
2,389
2,355

0
0
0
0
0

2,256
2.250
2,424
2,430
2,428

−44
−56
63
−41
−73

4,603
5,360
5,388
5,519
5,536

211
222
272
284
3,029

19
54
8
3
121

6
79
19
4
20

22
31
24
128
169

375
354
355
360
241

0
0
0
0
0

0
0
0
0
0

2,471
1,961
2,509
2,729
4,096

0
0
0
0
0

2,375
1,994
1,933
1,870
2,282

96
−33
576
859
1,814

5,882
6,543
6,550
6,856
7,598

2,566
2,376
3,619
2,706
2,409

544
244
142
923
634

29
99
172
199
397

226
160
235
242
256

253
261
263
260
251

0
0
0
0
0

0
0
0
0
0

5,587
6,606
7,027
8,724
11,653

0
0
0
0
0

2,743
4,622
5,815
5,519
6,444

2,844
1,984
1,212
3,205
5,209

8,732
11,160
15,410
20,499
25,307

2,213
2,215
2,193
2,303
2,375

368
867
799
579
440

1,133
774
793
1,360
1,204

599
586
485
356
394

284
291
256
339
402

0
0
0
0
0

0
0
0
0
0

4,026
12,450
13,117
12,886
14,373

0
0
0
0
0

7,411
9,365
11,129
11,650
12,748

6,615
3,085
1,988
1,236
1,625

28,515
28,952
28,868
28,224
27,600

2,287
2,272
1,336
1,325
1,312

977
393
870
1,123
821

862
508
392
642
767

446
314
569
547
750

495
607
563
590
106

0
0
0
0
0

0
0
0
0
0

15,915
16,139
17,899
20,479
16,568

0
0
0
0
0

14,457
15,577
16,400
19,277
15,550

1,458
562
1,499
1,202
1,018

27,741
29,206
30,433
30,781
30,509

1,293
1,270
1,270
761
796

668
247
389
346
563

895
526
550
423
490

565
363
455
493
441

714
746
777
839
907

0
0
0
0
0

0
0
0
0
0

17,681
20,056
19,950
20,160
18,876

0
0
0
0
0

16,509
19,667
20,520
19,397
18,618

1,172
389
−570
763
258

31,158
31,790
31,834
32,193
32,591

767
775
761
683
391

394
441
481
358
504

402
322
356
272
345

554
426
246
391
694

925
901
998
1,122
841

0
0
0
0
0

0
0
0
0
0

19,005
19,059
19,034
18,504
18,174

0
0
0
0
310

18,903
19,089
19,091
18,574
18,619

102
−30
−57
−70
−135

296 91st Annual Report, 2004
13B. Reserves of Depository Institutions, Federal Reserve Bank Credit, and Related Items,
Year-End 1918–1983—Continued
Millions of dollars
Factors supplying reserve funds
Federal Reserve Bank credit outstanding
Period

Special
drawing Treasury
currency
rights
out­
certificate standing 7
account

Securities
held
outright 1

Loans

Float 3

All
other 4

1960. . . . . .
1961. . . . . .
1962. . . . . .
1963. . . . . .
1964. . . . . .

26,984
30,478
28,722
33,582
36,506

400
159
342
11
538

33
130
38
63
186

1,847
2,300
2,903
2,600
2,606

74
51
110
162
94

0
0
0
0
0

29,338
31,362
33,871
36,418
39,930

17,767
16,889
15,978
15,513
15,388

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

5,398
5,585
5,567
5,578
5,405

1965. . . . . .
1966. . . . . .
1967. . . . . .
1968. . . . . .
1969. . . . . .

40,478
43,655
48,980
52,937
57,154

290
661
170
0
0

137
173
141
186
183

2,248
2,495
2,576
3,443
3,440

187
193
164
58
64

0
0
0
0
2,743

43,340
47,177
52,031
56,624
64,584

13,733
13,159
11,982
10,367
10,367

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

5,575
6,317
6,784
6,795
6,852

1970. . . . . .
1971. . . . . .
1972. . . . . .
1973. . . . . .
1974. . . . . .

62,142
69,481
71,119
80,395
84,760

0
1,323
111
100
954

335
39
1,981
1,258
299

4,261
4,343
3,974
3,099
2,001

57
261
106
68
999

1,123
1,068
1,260
1,152
3,195

67,918
76,515
78,551
86,072
92,208

10,732
10,132
10,410
11,567
11,652

400
400
400
400
400

7,147
7,710
8,313
8,716
9,253

1975. . . . . .
1976. . . . . .
1977. . . . . .
1978. . . . . .
1979. . . . . .

92,789
100,062
108,922
117,374
124,507

1,335
4,031
2,352
1,217
1,660

211
25
265
1,174
1,454

3,688
2,601
3,810
6,432
6,767

1,126
991
954
587
704

3,312
3,182
2,442
4,543
5,613

102,461
110,892
118,745
131,327
140,705

11,599
11,598
11,718
11,671
11,172

500
1,200
1,250
1,300
1,800

10,218
10,810
11,331
11,831
13,083

1980. . . . . .
1981. . . . . .
1982. . . . . .
1983. . . . . .

128,038
136,863
144,544
159,203

2,554
3,485
4,293
1,592

1,809
1,601
717
918

4,467
1,762
2,735
1,605

776
195
1,480
418

8,739
9,230
9,890
8,728

146,383
153,136
63,659
172,464

11,160
11,151
11,148
11,121

2,518
3,318
4,618
4,618

13,427
13,687
13,786
15,732

Note. For a description of figures and discussion of
their significance, see Banking and Monetary Statistics,
1941–1970 (Board of Governors of the Federal Reserve
System, 1976), pp. 507–23.
Components may not sum to totals because of
rounding.
1. In 1969 and thereafter, includes securities loaned—
fully guaranteed by U.S. government securities pledged
with Federal Reserve Banks—and excludes securities
sold and scheduled to be bought back under matched
sale–purchase transactions. On September 29, 1971, and
thereafter, includes federal agency issues bought outright.
2. On December 1, 1966, and thereafter, includes
federal agency obligations held under repurchase
agreements.
3. In 1960 and thereafter, figures reflect a minor
change in concept; see Federal Reserve Bulletin, vol. 47
(February 1961), p. 164.

Other
Federal
Reserve
assets 5

Gold
stock 6

Repur­
chase
agree­
ments 2

Total

4. Principally acceptances and, until August 21, 1959,
industrial loans, the authority for which expired on that
date.
5. For the period before April 16, 1969, includes the
total of Federal Reserve capital paid in, surplus, other
capital accounts, and other liabilities and accrued divi­
dends, less the sum of bank premises and other assets,
and is reported as ‘‘Other Federal Reserve accounts’’ ;
thereafter, ‘‘Other Federal Reserve assets’’ and ‘‘Other
Federal Reserve liabilities and capital’’ are shown
separately.
6. Before January 30, 1934, includes gold held in
Federal Reserve Banks and in circulation.
7. Includes currency and coin (other than gold) issued
directly by the Treasury. The largest components are
fractional and dollar coins. For details see ‘‘Currency and
Coin in Circulation,’’ Treasury Bulletin.

Statistical Tables 297
13B.— Continued

Factors absorbing reserve funds

Cur­
rency
in
cir­
cula­
tion

Deposits with
Federal Reserve Banks,
other than reserve balances
Treasury
cash
holdings 8
Treasury

Foreign

Other

Member bank
reserves 9
Other
Other Required Federal
Federal clearing Reserve
Reserve balances liabilities
and
accounts 5
capital 5

With
Federal
Reserve
Banks

Currency
Re­
Ex­
and
11
cess 11 , 12
coin 10 quired

32,869
33,918
35,338
37,692
39,619

377
422
380
361
612

485
465
597
880
820

217
279
247
171
229

533
320
393
291
321

941
1,044
1,007
1,065
1,036

0
0
0
0
0

0
0
0
0
0

17,081
17,387
17,454
17,049
18,086

2,544
2,544
3,262
4,099
4,151

18,988
18,988
20,071
20,677
21,663

637
96
645
471
574

42,056
44,663
47,226
50,961
53,950

760
1,176
1,344
695
596

668
416
1,123
703
1,312

150
174
135
216
134

355
588
563
747
807

211
−147
−773
−1,353
0

0
0
0
0
0

0
0
0
0
1,919

18,447
19,779
21,092
21,818
22,085

4,163
4,310
4,631
4,921
5,187

22,848
24,321
25,905
27,439
28,173

−238
−232
−182
−700
−901

57,903
61,068
66,516
72,497
79,743

431
460
345
317
185

1,156
2,020
1,855
2,542
2,113

148
294
325
251
418

1,233
999
840
1,419 13
1,275 13

0
0
0
0
0

0
0
0
0
0

1,986
2,131
2,143
2,669
2,935

24,150
27,788
25,647
27,060
25,843

5,423
5,743
6,216
6,781
7,370

30,033
32,496
32,044
35,268
37,011

−460
1,035
98 12
−1,360
−3,798

86,547
93,717
103,811
114,645
125,600

483
460
392
240
494

7,285
10,393
7,114
4,196
4,075

353
352
379
368
429

1,090
1,357
1,187
1,256
1,412

0
0
0
0
0

0
0
0
0
0

2,968
3,063
3,292
4,275
4,957

26,052
25,158
26,870
31,152
29,792

8,036
8,628
9,421
10,538
11,429

35,197
35,461
37,615
42,694
44,217

−1,103 14
−1,535
−1,265
−893
−2,835

136,829
144,774
154,908
171,935

441
443
429
479

3,062
4,301
5,033
3,661

411
505
328
191

617
781
1,033
851

0
0
0
0

0
117
436
1,013

4,671
5,261
4,990
5,392

27,456
25,111
26,053
20,413

13,654
15,576
16,666
17,821

40,558
42,145
41,391
39,179

675
−1,442
1,328
−945

8. Coin and paper currency held by the Treasury, as
well as any gold in excess of the gold certificates issued
to the Reserve Bank.
9. In November 1979 and thereafter, includes reserves
of member banks, Edge Act corporations, and U.S. agen­
cies and branches of foreign banks. On November 13,
1980, and thereafter, includes reserves of all depository
institutions.
10. Between December 1, 1959, and November 23,
1960, part was allowed as reserves; thereafter, all was
allowed.
11. Estimated through 1958. Before 1929, data were
available only on call dates (in 1920 and 1922 the call
date was December 29). Since September 12, 1968, the
amount has been based on close-of-business figures for
the reserve period two weeks before the report date.
12. For the week ending November 15, 1972, and
thereafter, includes $450 million of reserve deficiencies
on which Federal Reserve Banks are allowed to waive
penalties for a transition period in connection with bank
adaptation to Regulation J as amended, effective Novem­
ber 9, 1972. Allowable deficiencies are as follows (begin­
ning with first statement week of quarter, in millions) :

1973—Q1, $279; Q2, $172; Q3, $112; Q4, $84;
1974—Q1, $67; Q2, $58. The transition period ended
with the second quarter of 1974.
13. For the period before July 1973, includes certain
deposits of domestic nonmember banks and foreignowned banking institutions held with member banks and
redeposited in full with Federal Reserve Banks in con­
nection with voluntary participation by nonmember insti­
tutions in the Federal Reserve System program of credit
restraint.
As of December 12, 1974, the amount of voluntary
nonmember bank and foreign-agency and branch deposits
at Federal Reserve Banks that are associated with
marginal reserves is no longer reported. However, two
amounts are reported: (1) deposits voluntarily held as
reserves by agencies and branches of foreign banks oper­
ating in the United States and (2) Eurodollar liabilities.
14. Adjusted to include waivers of penalties for reserve
deficiencies, in accordance with change in Board policy,
effective November 19, 1975.
. . . Not applicable.

298 91st Annual Report, 2004
14. Banking Offices and Banks Affiliated with Bank Holding Companies (BHCs) in the
United States, December 31, 2003 and 2004
Commercial banks 1
Type of office

Total

Statechartered
savings
Nonmember
banks

Member
Total
Total

National

State

All banking offices
Banks
Number, Dec. 31, 2003 . .
Changes during 2004
New banks . . . . . . . . . . . . . .
Banks converted
into branches . . . . . . .
Ceased banking
operation 2 . . . . . . . . . .
Other 3 . . . . . . . . . . . . . . . . . .
Net change . . . . . . . . . . .
Number, Dec. 31, 2004 . .

8,116

7,725

2,892

1,963

929

4,833

391

131

126

29

19

10

97

5

−248

−236

−121

−79

−42

−115

−12

−39
0
−156

−27
−2
−139

−16
10
−98

−13
−10
−83

−3
20
−15

−11
−12
−41

−12
2
−17

7,960

7,586

2,794

1,880

914

4,792

374

72,936

69,440

50,628

36,553

14,075

18,812

3,496

Branches and
Additional Offices
Number, Dec. 31, 2003 . .
Changes during 2004
New branches . . . . . . . . . . .
Branches converted
from banks . . . . . . . . .
Discontinued 2 . . . . . . . . . . .
Other 3 . . . . . . . . . . . . . . . . . .
Net change . . . . . . . . . . . .

2,190

2,078

1,535

1,124

411

543

112

248
−883
0
1,555

241
−666
81
1,734

138
−437
0
1,236

99
−295
1,202
2,130

39
−142
−1,202
−894

103
−229
81
498

7
−217
−81
−179

Number, Dec. 31, 2004 . .

74,491

71,174

51,864

38,683

13,181

19,310

3,317

3,801

116

Banks affiliated with BHCs
Banks
Number, Dec. 31, 2003 . .

6,403

6,287

Changes during 2004
BHC-affiliated
new banks . . . . . . . . . .
Banks converted
into branches . . . . . . .
Ceased banking
operation 2 . . . . . . . . . .
Other 3 . . . . . . . . . . . . . . . . . .
Net change . . . . . . . . . . .

171

159

47

33

14

112

12

−201

−196

−107

−70

−37

−89

−5

−40
0
−70

−30
−2
−69

−17
9
−68

−16
−6
−59

−1
15
−9

−13
−11
−1

−10
2
−1

Number, Dec. 31, 2004 . .

6,333

6,218

2,418

1,613

805

3,800

115

1. For purposes of this table, banks are entities that
are defined as banks in the Bank Holding Company Act,
as amended, which is implemented by Federal Reserve
Regulation Y. Generally, a bank is any institution that
accepts demand deposits and is engaged in the business
of making commercial loans or any institution that is

2,486

1,672

814

defined as an insured bank in section 3(h) of the FDIC
Act. Covers entities in the United States and its territories
and possessions (affiliated insular areas).
2. Institutions that no longer meet the Regulation Y
definition of bank.
3. Interclass changes and sales of branches.