Statistical Tables
1. Federal Reserve Open Market Transactions, 2006

Millions of dollars

Type of security and transaction Jan. Feb. Mar. 

U.S. Treasury Securities1

Outright transactions 2

Treasury bills

Gross purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,563 1,308 1,228 

Gross sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 

Exchanges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,302 68,077 79,509 

For new bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,302 68,077 79,509 

Redemptions ............................................... 0 0 0 

Others within 1 year

Gross purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 1,200 0 

Gross sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 

Maturity shifts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,599 11,858 8,000 

Exchanges ................................................. –13,594 –10,989 –8,334 

Redemptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,321 0 0 

1 to 5 years

Gross purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,809 2,498 2,136 

Gross sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 

Maturity shifts ............................................. –13,599 –4,775 –4,500 

Exchanges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,830 9,306 8,334 

5 to 10 years

Gross purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,505 25 174 

Gross sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 

Maturity shifts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 –5,205 –3,500 

Exchanges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 841 0 

More than 10 years

Gross purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205 924 90 

Gross sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 

Maturity shifts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 –1,878 0 

Exchanges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,765 841 0 

All maturities

Gross purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,082 5,955 3,628 

Gross sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 

Redemptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,321 0 0 

Net change in U.S. Treasury securities . . . . . . . . . . . . . . . . . . . . 4,761 5,955 3,628 

For notes see end of table.
1.—Continued

May June July Aug. Sept. Oct. Nov. Dec. 

0 0 1,649 0 0 0 0 0 

00 0 00 0 00 

75,196 95,728 70,972 90,885 72,636 65,400 85,342 69,275 

75,196 95,728 70,972 90,885 72,636 65,400 85,342 69,275 

00 0 00 0 00 

1,375 0 0 415 0 1,757 220 0 

00 0 00 0 00 

24,441 6,667 6,614 20,379 6,861 7,427 14,046 0 

–15,746 –7,997 –10,078 –13,535 0 –16,498 –15,441 0 

1,217 0 3,931 0 0 3,749 335 0 

2,317 2,650 549 1,454 1,320 1,395 3,151 4,979 

00 0 00 0 00 

–21,298 –3,167 –3,784 –13,673 –6,861 –5,246 –11,009 0 

13,452 7,997 7,254 10,421 0 15,086 13,147 0 

101 1,080 0 0 548 33 411 445 

00 0 00 0 00 

949 –3,500 –2,830 –5,149 0 –2,181 2,073 0 

2,294 0 1,588 1,557 0 1,412 2,294 0 

0 0 0 0 228 0 780 1,072 

00 0 00 0 00 

–4,092 0 0 –1,557 0 0 –5,110 0 

0 0 1,235 1,557 0 0 0 0 

3,793 3,730 2,198 1,869 2,096 3,185 4,562 6,496 

00 0 00 0 00 

1,217 0 3,931 0 0 3,749 335 0 

2,576 3,730 -1,733 1,869 2,096 -564 4,227 6,496 
1. Federal Reserve Open Market Transactions, 2006—Continued

Millions of dollars

Type of security and transaction Jan. Feb. Mar. 

Federal Agency Obligations

Outright transactions 2

Gross purchases .............................................. 000

Gross sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 000

Redemptions ................................................. 000

Net change in federal agency obligations .................. 000

Temporary Transactions

Repurchase agreements 3

Gross purchases .............................................. 185,750 157,000 204,250 

Gross sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 206,750 151,250 209,000 

Reverse repurchase agreements 4

Gross purchases .............................................. 504,837 445,563 558,568 

Gross sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 498,351 446,346 560,306 

Net change in temporary transactions ..................... –14,514 4,967 –6,488 

Total net change in System Open Market Account ........... –9,752 10,922 –2,860 

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 

repurchase agreements, matched sale–pu

ments (MSPs), and reverse repurchas

(RRPs).

3. Cash value of agreements, which are 

by U.S. government and federal agency sec

4. Cash value of agreements, which are 

by U.S. Treasury securities.
1.—Continued

May June July Aug. Sept. Oct. Nov. Dec. 

00000000 

00000000 

00000000 

00000000 

200,750 182,000 177,000 178,000 128,000 178,000 194,500 176,500 

194,250 181,500 178,000 178,000 136,750 169,750 186,500 173,500 

531,844 567,926 584,190 642,084 554,480 649,172 665,558 586,711 

532,338 572,488 584,959 640,413 557,372 651,821 662,802 585,277 

6,006 –4,061 –1,769 1,671 –11,643 5,601 10,756 4,434 

8,582 –331 –3,502 3,540 –9,547 5,037 14,983 10,930 
2. Federal Reserve Bank Holdings of U.S. Treasury and Federal Agency Securi

December 31, 2004–2006

Millions of dollars

Description

December 31 Ch

2006 2005 2004 2005 to

2006

U.S. Treasury Securities

Held outright1 .................................... 778,915 744,215 717,819r 34,700 

By remaining maturity

Bills

1–90 days ....................................... 193,034 187,370 179,748 5,664 

91 days to 1 year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83,985 83,900 83,222 85 

Notes and bonds

1 year or less ................................... 129,594 128,287r 116,443 1,307 

More than 1 year through 5 years ................ 224,177 210,745r 208,269 13,432 

More than 5 years through 10 years . . . . . . . . . . . . . . 67,645 56,699r 54,372 10,946 

More than 10 years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,479 77,215r 75,765 3,264 

By type

Bills .............................................. 277,019 271,270 262,970 5,749 

Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 402,367 380,118 360,832r 22,249 

Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99,528 92,827 94,017r 6,701 

Federal Agency Securities

Held outright1 .................................... 0 0 00 

By remaining maturity

1 year or less ...................................... 0 0 0 0 

More than 1 year through 5 years .................. 0 0 0 0 

More than 5 years through 10 years ................ 0 0 0 0 

More than 10 years ................................ 0 0 0 0 

By issuer

Federal National Mortgage Association ............. 0 0 0 0 

Temporary Transactions

Repurchase agreements 2 .......................... 40,750 46,750 33,000r –6,000 

Matched sale–purchase agreements ............... 0 0 00 

Foreign official and international accounts ........ 0 0 0 0 

Dealers ......................................... 0 0 0 0 

Reverse repurchase agreements 3 .................. 29,615 30,505 30,783r –890 

Foreign official and international accounts . . . . . . . . 29,615 30,505 30,783r –890 

Dealers ......................................... 0 0 0 0 

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 

by U.S. government and federal agency sec

3. Cash value of agreements, which are 

by U.S. Treasury securities.

r. Revised.
3. Federal Reserve Bank Interest Rates on Loans to Depository Institutions,

December 31, 2006

Reserve Bank Primary credit1 Secondary credit 2 Seaso

All Federal Reserve Banks . . . . . . . . . . . . . . . . . . 6.25 6.75 

Note: For details on rate changes over the course of

2006, see the section on discount rates in the chapter

“Record of Policy Actions of the Board of Governors.”

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 circumstances to depository institutions that do not qualify for

primary credit.

3. Seasonal credit is available to help re

depository institutions meet regular seaso

funds that arise from a clear pattern of intra

ments in their deposits and loans. The di

seasonal credit takes into account rates char

sources of funds and is reestablished on the 

day of each two-week reserve maintenance 
4. Reserve Requirements of Depository Institutions, December 31, 2006

Type of deposit

Requirements

Percentage of deposits Effectiv

Net transaction accounts1

$0 million–$8.5 million 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 12-21

More than $8.5 million–$45.8 million 3 . . . . . . . . . . . . . . . . . 3 12-21

More than $45.8 million . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 12-21

Nonpersonal time deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 12-27

Eurocurrency liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 12-27

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 System 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 preauthorized transfer accounts, ineligible banker’s acceptances, and affiliate-issued obligations maturing in seven

days or less. Net transaction accounts are total transaction

accounts less amounts due from other depository institutions and less cash items in the process of collection.

For a more detailed description of these 

see Form FR 2900 at www.federalreserve.g

reportforms/.

2. The amount of net transaction accoun

reserve requirement ratio of 0 percent (th

amount”) is adjusted each year by statute. T

amount is adjusted upward by 80 percent o

year’s (June 30 to June 30) rate of inc

reservable liabilities at all depository 

No adjustment is made in the event of a de

liabilities.

3. The amount of net transaction accoun

reserve requirement ratio of 3 percent is th

tranche.” By statute, the upper limit of th

tranche is adjusted each year by 80 perce

vious year’s (June 30 to June 30) rate o

decrease in net transaction accounts held by 

institutions.
5. Banking Offices and Banks Affiliated with Bank Holding Companies (BHCs

United States, December 31, 2005 and 2006

Type of office Total

Commercial banks 1

Total 

Member

Nonmembe

Total National State

All banking offices

Banks

Number, Dec. 31, 2005 . . 7,853 7,484 2,696 1,794 902 4,788 

Changes during 2006

New banks . . . . . . . . . . . . . . 190 187 41 24 17 146 

Banks converted

into branches ....... –290 –284 –132 –92 –40 –152 

Ceased banking

operation 2 .......... –21 –18 –8 –7 –1 –10 

Other 3 .................. 0 –1 –4 –23 19 3 

Net change ........... –121 –116 –103 –98 –5 –13 

Number, Dec. 31, 2006 . . 7,732 7,368 2,593 1,696 897 4,775 

Branches and

Additional Offices

Number, Dec. 31, 2005 . . 77,830 74,681 53,122 39,155 13,967 21,559 

Changes during 2006

New branches . . . . . . . . . . . 2,765 2,694 2,071 1,546 525 623 

Branches converted

from banks . . . . . . . . . 290 287 131 94 37 156 

Discontinued 2 ........... –2,009 –1,832 –1,645 –1,417 –228 –187 

Other 3 . . . . . . . . . . . . . . . . . . 0 53 259 286 –27 –206 

Net change . . . . . . . . . . . . 1,046 1,202 816 509 307 386 

Number, Dec. 31, 2006 . . 78,876 75,883 53,938 39,664 14,274 21,945 

Banks affiliated with BHCs

Banks

Number, Dec. 31, 2005 . . 6,265 6,143 2,336 1,540 796 3,807 

Changes during 2006

BHC-affiliated

new banks . . . . . . . . . . 183 174 58 38 20 116 

Banks converted

into branches ....... –244 –239 –112 –76 –36 –127 

Ceased banking

operation 2 .......... –18 –17 –7 –6 –1 –10 

Other 3 .................. 0 0 0 –18 18 0 

Net change ........... –79 –82 –61 –62 1 –21 

Number, Dec. 31, 2006 . . 6,186 6,061 2,275 1,478 797 3,786 

Note: Includes banking offices and BHCs in U.S.

territories and possessions.

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 inst

defined as an insured bank in section 3(h

Act. Covers entities in the United States an

and possessions (affiliated insular areas).

2. Institutions that no longer meet the 

definition of bank.

3. Interclass changes and sales of branch
6A. Reserves of Depository Institutions, Federal Reserve Bank Credit, and Relat

Year-End 1984–2006 and Month-End 2006

Millions of dollars

Period

Factors supplying reserve funds

Federal Reserve Bank credit outstanding

Gold

stock

Special

drawing

rights

certificat

account

Securities

held

outright 1

Repurchase

agreements 2 Loans Float

Other

Federal

Reserve

assets

Total

1984 ...... 167,612 2,015 3,577 833 12,347 186,384 11,096 4,618 

1985 ...... 186,025 5,223 3,060 988 15,302 210,598 11,090 4,718 

1986 ...... 205,454 16,005 1,565 1,261 17,475 241,760 11,084 5,018 

1987 ...... 226,459 4,961 3,815 811 15,837 251,883 11,078 5,018 

1988 ...... 240,628 6,861 2,170 1,286 18,803 269,748 11,060 5,018 

1989 ...... 233,300 2,117 481 1,093 39,631 276,622 11,059 8,518 

1990 ...... 241,431 18,354 190 2,566 39,880 302,421 11,058 10,018 

1991 ...... 272,531 15,898 218 1,026 34,524 324,197 11,059 10,018 

1992 ...... 300,423 8,094 675 3,350 30,278 342,820 11,056 8,018 

1993 ...... 336,654 13,212 94 963 33,394 384,317 11,053 8,018 

1994 ...... 368,156 10,590 223 740 33,441 413,150 11,051 8,018 

1995 ...... 380,831 13,862 135 231 33,483 428,543 11,050 10,168 

1996 ...... 393,132 21,583 85 5,297 32,222 452,319 11,048 9,718 

1997 ...... 431,420 23,840 2,035 561 32,044 489,901 11,047 9,200 

1998 ...... 452,478 30,376 17 1,009 37,692 521,573 11,046 9,200 

1999 ...... 478,144 140,640 233 407 34,799 654,223 11,048 6,200 

2000 ...... 511,833 43,375 110 795 36,896 593,009 11,046 2,200 

2001 ...... 551,685 50,250 34 698 36,885 639,552 11,045 2,200 

2002 ...... 629,416 39,500 40 832 38,574 708,363 11,043 2,200 

2003 ...... 666,665 43,750 62 211 40,214 750,901 11,043 2,200 

2004 ...... 717,819 33,000 43 927 42,161 793,950 11,045 2,200 

2005 ...... 744,215 46,750 72 891 39,319 831,247 11,043 2,200 

2006 ...... 778,915 40,750 67 –326 39,885 859,290 11,041 2,200 

For notes see end of table.
6A.—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 Required

clearing

balances

Other

Federal

Reserve

liabilities

and

Treasury Foreign Other capital

183,796 0 513 5,316 253 867 1,126 5,952 

197,488 0 550 9,351 480 1,041 1,490 5,940 

211,995 0 447 7,588 287 917 1,812 6,088 

230,205 0 454 5,313 244 1,027 1,687 7,129 

247,649 0 395 8,656 347 548 1,605 7,683 

260,456 0 450 6,217 589 1,298 1,618 8,486 

286,963 0 561 8,960 369 242 1,960 8,147 

307,756 0 636 17,697 968 1,706 3,946 8,113 

334,701 0 508 7,492 206 372 5,897 7,984 

365,271 0 377 14,809 386 397 6,332 9,292 

403,843 0 335 7,161 250 876 4,196 11,959 

424,244 0 270 5,979 386 932 5,167 12,342 

450,648 0 249 7,742 167 892 6,601 13,829 

482,327 0 225 5,444 457 900 6,679 15,500 

517,484 0 85 6,086 167 1,605 6,781 16,354 

628,359 0 109 28,402 71 1,261 7,482 17,256 

593,694 0 450 5,149 216 1,382 6,332 17,962 

643,301 0 425 6,645 61 820 8,525 17,083 

687,518 21,091 367 4,420 136 1,152 10,534r 18,977 

724,194 25,652 321 5,723 162 717 11,829r 19,793 

754,877 30,783 270 5,912 80 1,285 9,963 26,378 

794,014r 30,505 202 4,573 83 2,144 8,650r 30,466 

820,204 29,615 252 4,708 98 958 6,842 36,231 
6A. Reserves of Depository Institutions, Federal Reserve Bank Credit, and Relat

Year-End 1984–2006 and Month-End 2006—Continued

Millions of dollars

Period

Factors supplying reserve funds

Federal Reserve Bank credit outstanding

Gold

stock

Special

drawing

rights

certificat

account

Securities

held

outright 1

Repurchase

agreements 2 Loans Float

Other

Federal

Reserve

assets

Total

2006

Jan . . . . . . 748,824 25,750 40 1,796 40,285 816,694 11,044 2,200 

Feb . . . . . 754,676 31,500 38 1,466 37,675 825,355 11,044 2,200 

Mar . . . . . 758,542 26,750 566 –836 39,046 824,068 11,043 2,200 

Apr . . . . . 759,690 24,250 138 –1,084 41,283 824,277 11,041 2,200 

May . . . . . 762,411 30,750 207 1,028 39,151 833,547 11,041 2,200 

Jun . . . . . . 766,364 31,250 291 –1,032 40,133 837,005 11,041 2,200 

Jul . . . . . . 764,811 30,250 361 48 41,103 836,574 11,041 2,200 

Aug . . . . . 766,739 30,250 349 –606 38,436 835,168 11,041 2,200 

Sep . . . . . 768,924 21,500 322 –1,104 40,063 829,705 11,041 2,200 

Oct . . . . . 768,493 29,750 157 2,604 40,672 841,677 11,041 2,200 

Nov . . . . . 772,604 37,750 102 –411 37,409 847,455 11,041 2,200 

Dec . . . . . 778,915 40,750 67 –326 39,885 859,290 11,041 2,200 
6A.—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 Required

clearing

balances

Other

Federal

Reserve

liabilities

and

Treasury Foreign Other capital

782,356 24,019 216 5,606 83 281 8,710 31,667 

789,289 24,802 185 5,024 82 279 8,015 32,510 

788,769 26,540 209 5,455 84 217 7,731 32,894 

790,794 24,108 182 4,784 86 278 6,696 33,807 

799,103 24,603 196 2,637 86 242 7,580 34,508 

797,157 29,164 174 5,525 142 226 7,162 34,886 

792,624 29,933 148 4,546 88 320 7,028 35,688 

797,545 28,263 171 4,907 89 259 6,791 35,677 

790,582 31,155 150 5,451 98 236 6,987 36,027 

796,047 33,805 179 5,617 104 344 6,933 36,955 

806,375 31,049 164 4,373 90 278 6,832 36,163 

820,204 29,615 252 4,708 98 958 6,842 36,231 

Note: Components may not sum to totals because of

rounding.

1. Includes U.S. Treasury and federal agency securities. U.S. Treasury securities include securities lent to

dealers, which 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

fractional and dollar coins. For details see ‘

and Coin Outstanding and in Circulation,’’ 

letin.

4. Cash value of agreements, which are 

by U.S. Treasury securities.

5. Coin and paper currency held by th

well as any gold in excess of the gold cert

to the Reserve Bank.

6. Excludes required clearing balance

ments to compensate for float.

r. Revised.
6B. Reserves of Depository Institutions, Federal Reserve Bank Credit, and Relate

Year-End 1918–1983

Millions of dollars

Period

Factors supplying reserve funds

Federal Reserve Bank credit outstanding

Gold

stock 6

Speci

drawin

right

certific

accou

Securities

held

outright 1

Repurchase

agreements 2

Loans Float 3 All

other 4

Other

Federal

Reserve

assets 5

Total

1918. . . . . . 239 0 1,766 199 294 0 2,498 2,873 . . . 

1919. . . . . . 300 0 2,215 201 575 0 3,292 2,707 . . . 

1920. . . . . . 287 0 2,687 119 262 0 3,355 2,639 . . . 

1921. . . . . . 234 0 1,144 40 146 0 1,563 3,373 . . . 

1922. . . . . . 436 0 618 78 273 0 1,405 3,642 . . . 

1923. . . . . . 80 54 723 27 355 0 1,238 3,957 . . . 

1924. . . . . . 536 4 320 52 390 0 1,302 4,212 . . . 

1925. . . . . . 367 8 643 63 378 0 1,459 4,112 . . . 

1926. . . . . . 312 3 637 45 384 0 1,381 4,205 . . . 

1927. . . . . . 560 57 582 63 393 0 1,655 4,092 . . . 

1928. . . . . . 197 31 1,056 24 500 0 1,809 3,854 . . . 

1929. . . . . . 488 23 632 34 405 0 1,583 3,997 . . . 

1930. . . . . . 686 43 251 21 372 0 1,373 4,306 . . . 

1931. . . . . . 775 42 638 20 378 0 1,853 4,173 . . . 

1932. . . . . . 1,851 4 235 14 41 0 2,145 4,226 . . . 

1933. . . . . . 2,435 2 98 15 137 0 2,688 4,036 . . . 

1934. . . . . . 2,430 0 7 5 21 0 2,463 8,238 . . . 

1935. . . . . . 2,430 1 5 12 38 0 2,486 10,125 . . . 

1936. . . . . . 2,430 0 3 39 28 0 2,500 11,258 . . . 

1937. . . . . . 2,564 0 10 19 19 0 2,612 12,760 . . . 

1938. . . . . . 2,564 0 4 17 16 0 2,601 14,512 . . . 

1939. . . . . . 2,484 0 7 91 11 0 2,593 17,644 . . . 

1940. . . . . . 2,184 0 3 80 8 0 2,274 21,995 . . . 

1941. . . . . . 2,254 0 3 94 10 0 2,361 22,737 . . . 

1942. . . . . . 6,189 0 6 471 14 0 6,679 22,726 . . . 

1943. . . . . . 11,543 0 5 681 10 0 12,239 21,938 . . . 

1944. . . . . . 18,846 0 80 815 4 0 19,745 20,619 . . . 

1945. . . . . . 24,252 0 249 578 2 0 15,091 20,065 . . . 

1946. . . . . . 23,350 0 163 580 1 0 24,093 20,529 . . . 

1947. . . . . . 22,559 0 85 535 1 0 23,181 22,754 . . . 

1948. . . . . . 23,333 0 223 541 1 0 24,097 24,244 . . . 

1949. . . . . . 18,885 0 78 534 2 0 19,499 24,427 . . . 

1950. . . . . . 20,725 53 67 1,368 3 0 22,216 22,706 . . . 

1951. . . . . . 23,605 196 19 1,184 5 0 25,009 22,695 . . . 

1952. . . . . . 24,034 663 156 967 4 0 25,825 23,187 . . . 

1953. . . . . . 25,318 598 28 935 2 0 26,880 22,030 . . . 

1954. . . . . . 24,888 44 143 808 1 0 25,885 21,713 . . . 

1955. . . . . . 24,391 394 108 1,585 29 0 26,507 21,690 . . . 

1956. . . . . . 24,610 305 50 1,665 70 0 26,699 21,949 . . . 

1957. . . . . . 23,719 519 55 1,424 66 0 25,784 22,781 . . . 

1958. . . . . . 26,252 95 64 1,296 49 0 27,755 20,534 . . . 

1959. . . . . . 26,607 41 458 1,590 75 0 28,771 19,456 . . . 

For notes see end of table.
6B.—Continued

Factors absorbing reserve funds

Member bank

reserves 9

Currency

in

circulation

Treasury

cash

holdings 8

Deposits with

Federal Reserve Banks,

other than reserve balances Other

Federal

Reserve

accounts 5

Required

clearing

balances

Other

Federal

Reserve

liabilities

and

capital Treasury Foreign Other 5

With

Federal

Reserve

Banks

Currency

and

coin10

Re

quire

4,951 288 51 96 25 118 0 0 1,636 0 1,5

5,091 385 51 73 28 208 0 0 1,890 0 1,8

5,325 218 57 5 18 298 0 0 1,781 0 

4,403 214 96 12 15 285 0 0 1,753 0 1,6

4,530 225 11 3 26 276 0 0 1,934 0 

4,757 213 38 4 19 275 0 0 1,898 0 1,8

4,760 211 51 19 20 258 0 0 2,220 0 2,1

4,817 203 16 8 21 272 0 0 2,212 0 2,2

4,808 201 17 46 19 293 0 0 2,194 0 2.2

4,716 208 18 5 21 301 0 0 2,487 0 2,4

4,686 202 23 6 21 348 0 0 2,389 0 2,4

4,578 216 29 6 24 393 0 0 2,355 0 2,4

4,603 211 19 6 22 375 0 0 2,471 0 2,3

5,360 222 54 79 31 354 0 0 1,961 0 1,9

5,388 272 8 19 24 355 0 0 2,509 0 1,9

5,519 284 3 4 128 360 0 0 2,729 0 1,8

5,536 3,029 121 20 169 241 0 0 4,096 0 2,2

5,882 2,566 544 29 226 253 0 0 5,587 0 2,7

6,543 2,376 244 99 160 261 0 0 6,606 0 4,6

6,550 3,619 142 172 235 263 0 0 7,027 0 5,8

6,856 2,706 923 199 242 260 0 0 8,724 0 5,5

7,598 2,409 634 397 256 251 0 0 11,653 0 6,4

8,732 2,213 368 1,133 599 284 0 0 4,026 0 7,4

11,160 2,215 867 774 586 291 0 0 12,450 0 9,3

15,410 2,193 799 793 485 256 0 0 13,117 0 11,1

20,499 2,303 579 1,360 356 339 0 0 12,886 0 11,6

25,307 2,375 440 1,204 394 402 0 0 14,373 0 12,7

28,515 2,287 977 862 446 495 0 0 15,915 0 14,4

28,952 2,272 393 508 314 607 0 0 16,139 0 15,5

28,868 1,336 870 392 569 563 0 0 17,899 0 16,4

28,224 1,325 1,123 642 547 590 0 0 20,479 0 19,2

27,600 1,312 821 767 750 106 0 0 16,568 0 15,5

27,741 1,293 668 895 565 714 0 0 17,681 0 16,5

29,206 1,270 247 526 363 746 0 0 20,056 0 19,6

30,433 1,270 389 550 455 777 0 0 19,950 0 20,5

30,781 761 346 423 493 839 0 0 20,160 0 19,3

30,509 796 563 490 441 907 0 0 18,876 0 18,6

31,158 767 394 402 554 925 0 0 19,005 0 18,9

31,790 775 441 322 426 901 0 0 19,059 0 19,0

31,834 761 481 356 246 998 0 0 19,034 0 19,0

32,193 683 358 272 391 1,122 0 0 18,504 0 18,5

32,591 391 504 345 694 841 0 0 18,174 310 18,6
6B. Reserves of Depository Institutions, Federal Reserve Bank Credit, and Relate

Year-End 1918–1983—Continued

Millions of dollars

Period

Factors supplying reserve funds

Federal Reserve Bank credit outstanding

Gold

stock 6

Speci

drawin

right

certific

accou

Securities

held

outright 1

Repurchase

agreements 2

Loans Float 3 All

other 4

Other

Federal

Reserve

assets 5

Total

1960. . . . . . 26,984 400 33 1,847 74 0 29,338 17,767 . . . 

1961. . . . . . 30,478 159 130 2,300 51 0 31,362 16,889 . . . 

1962. . . . . . 28,722 342 38 2,903 110 0 33,871 15,978 . . . 

1963. . . . . . 33,582 11 63 2,600 162 0 36,418 15,513 . . . 

1964. . . . . . 36,506 538 186 2,606 94 0 39,930 15,388 . . . 

1965. . . . . . 40,478 290 137 2,248 187 0 43,340 13,733 . . . 

1966. . . . . . 43,655 661 173 2,495 193 0 47,177 13,159 . . . 

1967. . . . . . 48,980 170 141 2,576 164 0 52,031 11,982 . . . 

1968. . . . . . 52,937 0 186 3,443 58 0 56,624 10,367 . . . 

1969. . . . . . 57,154 0 183 3,440 64 2,743 64,584 10,367 . . . 

1970. . . . . . 62,142 0 335 4,261 57 1,123 67,918 10,732 400 

1971. . . . . . 69,481 1,323 39 4,343 261 1,068 76,515 10,132 400 

1972. . . . . . 71,119 111 1,981 3,974 106 1,260 78,551 10,410 400 

1973. . . . . . 80,395 100 1,258 3,099 68 1,152 86,072 11,567 400 

1974. . . . . . 84,760 954 299 2,001 999 3,195 92,208 11,652 400 

1975. . . . . . 92,789 1,335 211 3,688 1,126 3,312 102,461 11,599 500 

1976...... 100,062 4,031 25 2,601 991 3,182 110,892 11,598 1,200 

1977...... 108,922 2,352 265 3,810 954 2,442 118,745 11,718 1,250 

1978...... 117,374 1,217 1,174 6,432 587 4,543 131,327 11,671 1,300 

1979...... 124,507 1,660 1,454 6,767 704 5,613 140,705 11,172 1,800 

1980...... 128,038 2,554 1,809 4,467 776 8,739 146,383 11,160 2,518 

1981...... 136,863 3,485 1,601 1,762 195 9,230 153,136 11,151 3,318 

1982...... 144,544 4,293 717 2,735 1,480 9,890 63,659 11,148 4,618 

1983...... 159,203 1,592 918 1,605 418 8,728 172,464 11,121 4,618 

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.

4. Principally acceptances and, until Au

industrial loans, the authority for which e

date.

5. For the period before April 16, 1969

total of Federal Reserve capital paid in, 

capital accounts, and other liabilities and 

dends, less the sum of bank premises and 

and is reported as ‘‘Other Federal Reserv

thereafter, ‘‘Other Federal Reserve assets

Federal Reserve liabilities and capital

separately.

6. Before January 30, 1934, includes 

Federal Reserve Banks and in circulation.

7. Includes currency and coin (other tha

directly by the Treasury. The largest co

fractional and dollar coins. For details see ‘

and Coin Outstanding and in Circulation,’’ 

letin.
6B.—Continued

Factors absorbing reserve funds

Member bank

reserves 9

Currency

in

circulation

Treasury

cash

holdings 8

Deposits with

Federal Reserve Banks,

other than reserve balances Other

Federal

Reserve

accounts 5

Required

clearing

balances

Other

Federal

Reserve

liabilities

and

capital Treasury Foreign Other 5

With

Federal

Reserve

Banks

Currency

and

coin10

Re

quire

32,869 377 485 217 533 941 0 0 17,081 2,544 18,9

33,918 422 465 279 320 1,044 0 0 17,387 2,544 18,9

35,338 380 597 247 393 1,007 0 0 17,454 3,262 20,0

37,692 361 880 171 291 1,065 0 0 17,049 4,099 20,6

39,619 612 820 229 321 1,036 0 0 18,086 4,151 21,6

42,056 760 668 150 355 211 0 0 18,447 4,163 22,8

44,663 1,176 416 174 588 −147 0 0 19,779 4,310 24,3

47,226 1,344 1,123 135 563 −773 0 0 21,092 4,631 25,9

50,961 695 703 216 747 −1,353 0 0 21,818 4,921 27,4

53,950 596 1,312 134 807 0 0 1,919 22,085 5,187 28,1

57,903 431 1,156 148 1,233 0 0 1,986 24,150 5,423 30,0

61,068 460 2,020 294 999 0 0 2,131 27,788 5,743 32,4

66,516 345 1,855 325 840 0 0 2,143 25,647 6,216 32,0

72,497 317 2,542 251 1,419 13 0 0 2,669 27,060 6,781 35,2

79,743 185 2,113 418 1,275 13 0 0 2,935 25,843 7,370 37,0

86,547 483 7,285 353 1,090 0 0 2,968 26,052 8,036 35,1

93,717 460 10,393 352 1,357 0 0 3,063 25,158 8,628 35,4

103,811 392 7,114 379 1,187 0 0 3,292 26,870 9,421 37,6

114,645 240 4,196 368 1,256 0 0 4,275 31,152 10,538 42,6

125,600 494 4,075 429 1,412 0 0 4,957 29,792 11,429 44,2

136,829 441 3,062 411 617 0 0 4,671 27,456 13,654 40,5

144,774 443 4,301 505 781 0 117 5,261 25,111 15,576 42,1

154,908 429 5,033 328 1,033 0 436 4,990 26,053 16,666 41,3

171,935 479 3,661 191 851 0 1,013 5,392 20,413 17,821 39,1

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. agencies 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 November 9, 1972. Allowable deficiencies are as follows (beginning with first statement week of quarter, in millions) :

1973—Q1, $279; Q2, $172; Q3, $11

1974—Q1, $67; Q2, $58. The transition 

with the second quarter of 1974.

13. For the period before July 1973, in

deposits of domestic nonmember banks 

owned banking institutions held with mem

redeposited in full with Federal Reserve 

nection with voluntary participation by non

tutions in the Federal Reserve System pro

restraint.

As of December 12, 1974, the amoun

nonmember bank and foreign-agency and b

at Federal Reserve Banks that are as

marginal reserves is no longer reported. 

amounts are reported: (1) deposits volun

reserves by agencies and branches of foreig

ating in the United States and (2) Eurodoll

14. Adjusted to include waivers of penal

deficiencies, in accordance with change in 

effective November 19, 1975.

. . . Not applicable.
7. Principal Assets and Liabilities of Insured Commercial Banks, by Class of B

June 30, 2006 and 2005

Millions of dollars, except as noted

Item Total

Member banks

Total National State

2006

Assets

Loans and investments . . . . . . . . . . . . . . . . . . . 6,782,584 5,298,487 4,224,793 1,073,694 

Loans, gross . . . . . . . . . . . . . . . . . . . . . . . . . . 5,177,276 4,018,755 3,218,246 800,509 

Net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,175,292 4,017,598 3,217,313 800,285 

Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,605,308 1,279,731 1,006,547 273,184 

U.S. Treasury and federal agency

securities ...................... 285,687 162,185 102,455 59,730 

Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,319,621 1,117,546 904,092 213,454 

Cash assets, total ........................ 277,134 219,429 182,292 37,137 

Liabilities

Deposits, total . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,255,716 3,987,644 3,185,042 802,603 

Interbank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88,201 74,038 60,177 13,861 

Other transaction ...................... 679,778 485,240 386,663 98,577 

Other nontransaction . . . . . . . . . . . . . . . . . . 4,487,738 3,428,366 2,738,202 690,164 

Equity capital . . . . . . . . . . . . . . . . . . . . . . . . . . . 949,489 760,868 624,281 136,587 

Number of banks . . . . . . . . . . . . . . . . . . . . . . . . 7,453 2,672 1,776 896 

2005

Assets

Loans and investments . . . . . . . . . . . . . . . . . . . 6,253,909 4,891,946 3,885,394 1,006,552 

Loans, gross . . . . . . . . . . . . . . . . . . . . . . . . . . 4,713,929 3,690,671 2,955,356 735,315 

Net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,712,060 3,689,551 2,954,491 735,060 

Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,539,980 1,201,275 930,038 271,238 

U.S. Treasury and federal agency

securities ...................... 300,837 182,559 120,732 61,827 

Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,239,144 1,018,717 809,306 209,411 

Cash assets, total ........................ 262,672 209,055 172,007 37,048 

Liabilities

Deposits, total . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,844,523 3,691,818 2,941,861 749,958 

Interbank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,546 66,730 55,023 11,707 

Other transaction ...................... 702,873 504,424 396,555 107,869 

Other nontransaction . . . . . . . . . . . . . . . . . . 4,061,104 3,120,664 2,490,283 630,381 

Equity capital . . . . . . . . . . . . . . . . . . . . . . . . . . . 872,023 700,699 570,770 129,929 

Number of banks . . . . . . . . . . . . . . . . . . . . . . . . 7,527 2,762 1,862 900 

Note: Includes U.S.-insured commercial banks located

in the United States but not U.S.-insured commercial

banks operating in U.S. territories or possessions. Data

are domestic assets and liabilities (except f

ponents reported on a consolidated basis o

nents may not sum to totals because of rou
8. Initial Margin Requirements under Regulations T, U, and X

Percent of market value

Effective date Margin

stocks

Convertible

bonds

Sho

T 

1934, Oct. 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25–45 . . . 

1936, Feb. 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25–55 . . . 

Apr. 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55 . . . 

1937, Nov. 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 . . . 

1945, Feb. 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 . . . 

July 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 . . . 

1946, Jan. 21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 . . . 

1947, Feb. 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 . . . 

1949, Mar. 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 . . . 

1951, Jan. 17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 . . . 

1953, Feb. 20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 . . . 

1955, Jan. 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 . . . 

Apr. 23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70 . . . 

1958, Jan. 16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 . . . 

Aug. 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70 . . . 

Oct. 16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90 . . . 

1960, July 28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70 . . . 

1962, July 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 . . . 

1963, Nov. 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70 . . . 

1968, Mar. 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70 50 

June 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80 60 

1970, May 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 50 

1971, Dec. 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55 50 

1972, Nov. 24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 50 

1974, Jan. 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 50 

Note: These regulations, adopted by the Board of

Governors pursuant to the Securities Exchange Act of

1934, limit the amount of credit that may be extended for

the purpose of purchasing or carrying ‘‘margin securities’’ (as defined in the regulations) when the loan is

collateralized by such securities. The margin requirement,

expressed as a percentage, is the difference between the

market value of the securities being purchased or carried

(100 percent) and the maximum loan value of the

collateral as prescribed by the Board. Reg

adopted effective October 1, 1934; Regula

tive May 1, 1936; and Regulation X, effect

1, 1971. The former Regulation G, which 

effective March 11, 1968, was merged into 

effective April 1, 1998.

1. From October 1, 1934, to October 

requirement was the margin ‘‘customarily 

brokers and dealers.
9. Statement of Condition of the Federal Reserve Banks, by Bank,

December 31, 2006 and 2005

Millions of dollars

Item

Total Bos

2006 2005 2006 

Assets

Gold certificate account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,037 11,039 486 

Special drawing rights certificate account . . . . . . . . . . . . . . . 2,200 2,200 115 

Coin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 801 686 27 

Loans

To depository institutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67 72 10 

Securities purchased under agreements

to resell (triparty) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,750 46,750 0 

U.S. Treasury securities

Bought outright1 ....................................... 778,915 744,215 37,169 

Held under repurchase agreements ...................... 0 0 0 

Total loans and securities .......................... 819,731 791,036 37,178 

Items in process of collection . . . . . . . . . . . . . . . . . . . . . . . . . . 4,276 6,834 97 

Bank premises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,953 1,827 117 

Other assets

Denominated in foreign currencies 2 . . . . . . . . . . . . . . . . . . . . 20,482 18,928 491 

Other 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,015 18,579 782 

Interdistrict settlement account . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 124 

Total assets ........................................... 878,494 851,130 39,416 

Liabilities

Federal Reserve notes outstanding (issued to Bank) ..... 958,680 906,511 39,020 

Less: Notes held by Federal Reserve Bank ........... 175,661 148,152 3,020 

Federal Reserve notes, net ............................. 783,019 758,359 36,000 

Securities sold under agreements to repurchase . . . . . . . . . . 29,615 30,505 1,413 

Deposits

Depository institutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,699 19,043 549 

U.S. Treasury, general account . . . . . . . . . . . . . . . . . . . . . . . . . 4,708 4,573 0 

Foreign, official accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98 83 1 

Other 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,496 2,168 42 

Total deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,002 25,867 592 

Deferred credit items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,602 5,943 352 

Other liabilities and accrued dividends 5 . . . . . . . . . . . . . . . . . 5,608 4,019 267 

Total liabilities ........................................ 847,846 824,693 38,624 

Capital Accounts

Capital paid in . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,324 13,536 396 

Surplus (including accumulated other

comprehensive income) . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,324 12,901 396 

Total liabilities and capital accounts .................. 878,494 851,130 39,416 

Federal Reserve Note Statement

Federal Reserve notes outstanding ...................... 958,680 906,511 . . . 

Less: Held by Banks not subject to collateralization . . . 175,661 148,152 . . . 

Collateralized Federal Reserve notes .................. 783,019 758,359 ... 

Collateral for Federal Reserve notes

Gold certificate account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,037 11,039 . . . 

Special drawing rights certificate account . . . . . . . . . . . . . . . 2,200 2,200 . . . 

Other eligible assets ................................... 0 0 . . . 

U.S. Treasury and federal agency securities ............. 769,782 745,120 . . . 

Total collateral ........................................ 783,019 758,359 ... 

For notes see end of table.
9.—Continued

New York Philadelphia Cleveland Richm

2006 2005 2006 2005 2006 2005 2006 

4,139 4,357 463 432 446 453 853 

874 874 83 83 104 104 147 

47 47 53 34 73 55 78 

0 00 0 0 0 0 

40,750 46,750 0 0 0 0 0 

288,297 295,107 33,817 26,401 33,633 31,439 64,704 

0 00 0 0 0 0 

329,047 341,857 33,817 26,401 33,633 31,439 64,704 

70 625 649 586 451 820 237 

212 207 58 53 158 158 170 

5,707 5,514 1,152 473 1,569 1,712 5,625 

7,099 8,740 1,055 672 759 718 1,502 

–29,471 −45,332 836 6,148 –2,264 833 4,858 

317,724 316,889 38,166 34,883 34,929 36,293 78,174 

341,947 327,194 38,658 37,426 36,516 36,539 75,090 

56,821 43,521 6,957 6,130 6,709 5,081 11,394 

285,126 283,673 31,700 31,296 29,807 31,457 63,695 

10,961 12,096 1,286 1,082 1,279 1,289 2,460 

6,609 6,389 584 485 954 658 2,748 

4,708 4,573 0 0 0 0 0 

69 55 2 1 3 4 11 

821 523 1 4 32 82 121 

12,207 11,539 587 490 990 743 2,880 

111 797 718 363 405 581 384 

1,864 1,414 255 164 275 196 569 

310,270 309,519 34,547 33,395 32,756 34,266 69,987 

3,727 3,685 1,810 744 1,087 1,013 4,093 

3,727 3,685 1,810 744 1,087 1,013 4,093 

317,724 316,889 38,166 34,883 34,929 36,293 78,174 

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

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

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

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

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

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

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

... ... ... ... ... ... ... 
9. Statement of Condition of the Federal Reserve Banks, by Bank,

December 31, 2006 and 2005—Continued

Millions of dollars

Item

Atlanta Chic

2006 2005 2006 

Assets

Gold certificate account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,023 945 947 

Special drawing rights certificate account . . . . . . . . . . . . . . . 166 166 212 

Coin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93 89 100 

Loans

To depository institutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 7 24 

Securities purchased under agreements

to resell (triparty) ................................. 000

U.S. Treasury securities

Bought outright1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65,208 57,576 71,520 

Held under repurchase agreements ...................... 000

Total loans and securities . . . . . . . . . . . . . . . . . . . . . . . . . . 65,211 57,583 71,544 

Items in process of collection . . . . . . . . . . . . . . . . . . . . . . . . . . 324 1,281 241 

Bank premises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 232 232 206 

Other assets

Denominated in foreign currencies 2 . . . . . . . . . . . . . . . . . . . . 1,382 830 1,357 

Other 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,430 1,276 1,481 

Interdistrict settlement account . . . . . . . . . . . . . . . . . . . . . . . . . . 12,404 10,086 –3,742 

Total assets ........................................... 82,264 72,489 72,346 

Liabilities

Federal Reserve notes outstanding (issued to Banks) . . . . . 98,175 84,653 79,818 

Less: Notes held by Federal Reserve Banks . . . . . . . . . . . 23,938 19,039 14,202 

Federal Reserve notes, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74,237 65,614 65,616 

Securities sold under repurchase agreements . . . . . . . . . . . . 2,479 2,360 2,719 

Deposits

Depository institutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,980 1,626 1,395 

U.S. Treasury, general account ......................... 000

Foreign, official accounts .............................. 323

Other 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63 13 105 

Total deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,046 1,641 1,503 

Deferred credit items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 473 763 276 

Other liabilities and accrued dividends 5 . . . . . . . . . . . . . . . . . 476 326 515 

Total liabilities ........................................ 79,711 70,704 70,630 

Capital Accounts

Capital paid in . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,276 892 858 

Surplus (including accumulated other

comprehensive income) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,276 892 858 

Total liabilities and capital accounts .................. 82,264 72,489 72,346 

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 in

drafts of $2 million for 2006 and 2005.
9.—Continued

St. Louis Minneapolis Kansas City Dallas San 

2006 2005 2006 2005 2006 2005 2006 2005 2006 

328 327 211 212 324 318 575 549 1,242 

71 71 30 30 66 66 98 98 234 

39 43 31 22 62 61 81 68 117 

0 0 22 16 7 11 0 3 1 

00 0 0 0 0 0 0 0 

24,747 23,094 15,835 15,543 22,808 21,050 34,957 36,654 86,218 

00 0 0 0 0 0 0 0 

24,747 23,094 15,857 15,560 22,815 21,060 34,957 36,657 86,219 

196 217 219 339 560 591 348 535 884 

80 70 116 119 159 84 260 261 185 

223 379 380 409 271 246 236 217 2,089 

552 524 348 338 480 441 751 786 1,777 

1,807 2,010 –237 38 4,734 2,422 3,537 −2,693 7,414 

28,045 26,735 16,955 17,067 29,469 25,290 40,844 36,477 100,160 

29,169 28,096 17,442 17,854 30,770 27,832 57,150 50,474 114,925 

3,175 3,494 2,549 2,789 3,717 5,016 19,391 17,163 23,787 

25,994 24,602 14,893 15,065 27,053 22,816 37,759 33,311 91,138 

941 947 602 637 867 863 1,329 1,502 3,278 

434 482 455 388 546 655 705 811 1,741 

00 0 0 0 0 0 0 0 

01 1 1 1 1 0 0 4 

24 108 18 25 32 22 37 31 200 

458 591 474 414 579 678 742 843 1,946 

103 151 288 353 435 457 306 303 749 

217 156 147 107 183 128 284 212 556 

27,713 26,447 16,404 16,576 29,117 24,941 40,420 36,172 97,667 

166 144 276 245 176 175 212 153 1,247 

166 144 276 245 176 175 212 153 1,247 

28,045 26,735 16,955 17,067 29,469 25,290 40,844 36,477 100,160 

4. Includes international organization deposits of

$144 million for 2006 and $125 million for 2005.

5. Includes exchange-translation accoun

monthly revaluation at market exchange ra

exchange commitments.

. . . Not applicable.
10. Income and Expenses of the Federal Reserve Banks, by Bank, 2006

Thousands of dollars

Item Total Boston New York Philadelphia 

Current Income

Loans ......................... 12,038 551 1,597 14 

U.S. Treasury securities ........ 36,452,265 1,712,534 14,520,198 1,454,413 

Foreign currencies ............. 368,905 12,756 103,272 19,564 

Priced services . . . . . . . . . . . . . . . . 908,363 0 65,846 0 

Compensation received for

services provided1 ......... 572,329 46,466 37,091 32,272 

Other . . . . . . . . . . . . . . . . . . . . . . . . . 96,527 2,395 61,125 1,918 

Total ......................... 38,410,427 1,774,702 14,789,129 1,508,181 

Current Expenses

Salaries and other personnel

expenses .................. 1,407,617 76,544 286,428 67,218 

Retirement and other benefits . . . 427,673 19,968 81,799 22,285 

Net periodic pension benefit

expense2 .................. 65,601 1,071 57,394 374 

Fees .......................... 114,852 2,860 9,949 1,422 

Travel ......................... 67,247 2,988 8,717 2,356 

Software expenses ............. 142,574 4,174 18,653 8,775 

Postage and other shipping

costs ..................... 94,173 1,596 3,489 1,815 

Communications ............... 39,339 2,036 3,193 513 

Materials and supplies . . . . . . . . . 55,909 3,532 8,945 3,762 

Building expenses

Taxes on real estate ............ 33,260 4,572 4,841 1,551 

Property depreciation .......... 94,732 5,884 17,604 4,056 

Utilities ....................... 38,389 3,653 7,444 2,787 

Rent .......................... 42,392 1,261 16,021 371 

Other . . . . . . . . . . . . . . . . . . . . . . . . . 34,195 1,277 6,661 1,775 

Equipment

Purchases ..................... 30,100 2,484 5,507 1,023 

Rentals ........................ 4,160 266 1,873 350 

Depreciation ................... 96,727 4,737 8,600 5,115 

Repairs and maintenance ....... 85,982 5,023 9,559 4,693 

Earnings credit costs . . . . . . . . . . . 276,389 12,765 80,953 12,508 

Compensation paid for

services costs incurred1 ... 572,329 0 29,073 0 

Other . . . . . . . . . . . . . . . . . . . . . . . . . 79,957 23,526 57,522 11,633 

Recoveries .................... –92,292 –13,459 –11,060 –2,409 

Expenses capitalized3 .......... –21,075 –1,270 –9,580 –315 

Total ......................... 3,690,228 165,488 703,586 151,657 

Reimbursements ............. –426,384 –23,368 –85,297 –30,547 

Net expenses .............. 3,263,844 142,120 618,289 121,110 

For notes see end of table.
10.—Continued

Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas S

412 431 3,031 1,112 2,582 1,159 164 

2,861,861 2,888,396 3,216,671 1,111,823 721,055 1,021,749 1,621,236 

97,807 23,987 24,389 4,364 6,959 4,866 4,254 

0 787,847 54,670 0 0 0 0 

44,012 469 58,784 21,996 74,126 70,644 59,750 

7,665 4,474 4,488 1,593 910 1,266 1,944 

3,011,757 3,705,604 3,362,033 1,140,888 805,632 1,099,685 1,687,348 

191,575 129,149 108,688 73,743 74,153 91,041 83,001 

64,130 41,586 32,966 22,130 23,075 22,588 28,771 

760 1,295 402 626 720 762 475 

59,317 8,064 5,974 9,225 1,553 4,189 3,688 

9,829 7,882 6,851 3,591 3,042 4,871 3,911 

53,282 3,460 3,641 7,625 3,230 4,220 4,780 

3,334 57,295 3,954 2,357 2,860 2,053 3,810 

23,241 1,648 1,427 1,279 1,036 1,081 1,514 

5,897 6,709 4,467 2,669 2,440 2,962 4,558 

2,232 3,197 3,507 518 3,153 1,206 3,366 

8,496 9,130 11,083 5,150 4,679 4,166 8,527 

3,621 3,806 2,456 1,734 1,894 794 4,358 

14,272 622 2,423 1,708 251 3,653 159 

3,399 3,925 4,568 1,005 1,472 485 4,016 

6,457 2,455 1,874 1,449 1,730 2,538 1,292 

286 393 300 182 22 42 53 

35,919 8,747 4,430 3,325 2,759 4,893 5,090 

18,944 10,670 7,009 2,990 2,470 3,212 5,601 

52,610 17,434 26,003 5,100 5,329 8,173 6,080 

0 543,255 0 0 0 0 0 

–256,628 19,562 42,951 75,530 22,613 17,538 36,101 

–29,564 –3,985 –8,758 –1,867 –1,056 –3,866 –7,025 

–3,041 0 –456 –2,372 –384 –652 –705 

268,368 876,298 265,759 217,697 157,042 175,949 201,422 

−28,208 −14,613 −4,646 −115,598 −26,347 −10,472 −13,686 

240,159 861,685 261,113 102,100 130,694 165,476 187,736 
10. Income and Expenses of the Federal Reserve Banks, by Bank, 2006—Cont

Thousands of dollars

Item Total Boston New York Philadelphia 

Profit and Loss

Current net income ............ 35,146,583 1,632,582 14,170,841 1,387,071 

Additions to and deductions

from (−) current net income 4

Profits on foreign exchange

transactions . . . . . . . . . . . . . . . 1,185,560 31,981 330,788 65,609 

Other additions . . . . . . . . . . . . . . . . 7,286 7 23 2 

Total additions . . . . . . . . . . 1,192,847 31,989 330,811 65,610 

Interest expense on reverse repurchase agreements –1,342,144 –65,129 –505,075 –55,771 

Other deductions ............... –9,550 0 0 0 

Total deductions ........ –1,351,694 –65,129 –505,075 –55,771 

Net addition to or

deduction from (–)

current net income ........ –158,847 –33,141 –174,264 9,840 

Cost of unreimbursed Treasury

services . . . . . . . . . . . . . . . . . . . –20 1 –3 

Assessments by Board

Board expenditures5 ............ 301,014 7,379 81,676 21,904 

Cost of currency ............... 491,962 31,062 106,608 29,515 

Net income before payment to

U.S. Treasury . . . . . . . . . . . . . 34,194,762 1,560,999 13,808,291 1,345,494 

Dividends paid ................ 871,255 21,592 221,339 80,190 

Payments to U.S. Treasury

(interest on Federal

Reserve notes) ............ 29,051,678 1,453,044 11,977,585 175,737 

Transferred to/from surplus ..... 4,271,828 86,363 1,609,367 1,089,567 

Adjustments to surplus6 ........ –1,848,716 –7,094 –1,567,462 –23,790 

Surplus, January 1 ............. 12,901,176 316,824 3,685,179 744,048 

Surplus, December 31 .......... 15,324,288 396,093 3,727,084 1,809,826 

Note: Components may not sum to totals because of

rounding.

1. During 2005, the Federal Reserve Bank of Atlanta

was assigned the overall responsibility for managing the

Reserve Banks’ provision of check services and recognizes total System check revenue on its Statements of

Income. In 2006, this policy was extended to ACH services managed by the Federal Reserve Bank of Atlanta,

as well as to Fedwire funds transfer and securitites transfer services, which are managed by the Federal Reserve

Bank of New York. The Federal Reserve Bank of Atlanta

and the Federal Reserve Bank of New York compensate

the other Reserve Banks for the costs incurred in providing these services.

2. Reflects the effect of Financial Accounting Standards Board Statement of Financial Accounting Standards 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, re

increase in expenses of $53,150 thousand. 

related to the Retirement Benefit Equaliza

the Supplemental Employee Retirement Pla

by each Federal Reserve Bank.

3. Includes expenses for labor and ma

ized and depreciated or amortized as charg

in the periods benefited.

4. Includes reimbursement from the U.S

uncut sheets of Federal Reserve notes, gain

the sale of Reserve Bank buildings, counte

that is not charged back to the depositing i

stale Reserve Bank checks that are written 

5. For additional details, see the chap

Governors Financial Statements.’’

6. The implementation of FAS 158 in 20

adjustment in the amount of $1,848,716 

accumulated other comprehensive income

ported as a component of surplus.
10.—Continued

Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas S

2,771,597 2,843,919 3,100,920 1,038,788 674,938 934,209 1,499,612 

322,377 79,152 78,502 13,225 22,097 15,658 13,679 

3 20 44 0 0 1,291 0 

322,380 79,172 78,546 13,225 22,097 16,949 13,679 

–109,366 –110,361 –122,680 –42,409 –27,460 –38,987 –61,610 

0 0 –610 –555 0 –8,386 0 

–109,367 –110,361 –123,289 –42,964 –27,460 –47,372 –61,610 

213,013 –31,189 –44,743 –29,738 –5,363 –30,424 –47,931 

0 0 0 00 0 0 

80,873 20,742 19,585 3,254 5,427 3,874 3,688 

40,241 65,067 51,165 17,276 12,383 17,174 24,924 

2,863,497 2,726,921 2,985,426 988,520 651,765 882,737 1,423,068 

240,681 64,625 52,280 9,205 15,064 10,502 11,959 

1,764,199 2,251,659 2,910,601 935,913 594,235 864,852 1,323,733 

858,617 410,636 22,546 43,402 42,466 7,382 87,377 

–72,769 –26,515 –40,756 –21,196 –12,026 –5,795 –28,263 

3,307,452 892,166 876,301 144,000 245,322 174,757 152,628 

4,093,301 1,276,288 858,091 166,206 275,762 176,344 211,742 
11. Income and Expenses of the Federal Reserve Banks, 1914–2006

Thousands of dollars

Federal Reserve Bank

and period

Current

income

Net

expenses

Net additions

or

deductions (−)1

Assessmen

Board of Go

Board

expenditures

All Banks

1914–15 . . . . . . . . . . . . . . . . . . . . . . . 2,173 2,018 6 302 

1916. . . . . . . . . . . . . . . . . . . . . . . . . . . 5,218 2,082 −193 192 

1917. . . . . . . . . . . . . . . . . . . . . . . . . . . 16,128 4,922 −1,387 238 

1918. . . . . . . . . . . . . . . . . . . . . . . . . . . 67,584 10,577 −3,909 383 

1919........................... 102,381 18,745 −4,673 595 

1920........................... 181,297 27,549 −3,744 710 

1921........................... 122,866 33,722 −6,315 741 

1922. . . . . . . . . . . . . . . . . . . . . . . . . . . 50,499 28,837 −4,442 723 

1923. . . . . . . . . . . . . . . . . . . . . . . . . . . 50,709 29,062 −8,233 703 

1924. . . . . . . . . . . . . . . . . . . . . . . . . . . 38,340 27,768 −6,191 663 

1925. . . . . . . . . . . . . . . . . . . . . . . . . . . 41,801 26,819 −4,823 709 

1926. . . . . . . . . . . . . . . . . . . . . . . . . . . 47,600 24,914 −3,638 722 

1927. . . . . . . . . . . . . . . . . . . . . . . . . . . 43,024 24,894 −2,457 779 

1928. . . . . . . . . . . . . . . . . . . . . . . . . . . 64,053 25,401 −5,026 698 

1929. . . . . . . . . . . . . . . . . . . . . . . . . . . 70,955 25,810 −4,862 782 

1930. . . . . . . . . . . . . . . . . . . . . . . . . . . 36,424 25,358 −93 810 

1931. . . . . . . . . . . . . . . . . . . . . . . . . . . 29,701 24,843 311 719 

1932. . . . . . . . . . . . . . . . . . . . . . . . . . . 50,019 24,457 −1,413 729 

1933. . . . . . . . . . . . . . . . . . . . . . . . . . . 49,487 25,918 −12,307 800 

1934. . . . . . . . . . . . . . . . . . . . . . . . . . . 48,903 26,844 −4,430 1,372 

1935. . . . . . . . . . . . . . . . . . . . . . . . . . . 42,752 28,695 −1,737 1,406 

1936. . . . . . . . . . . . . . . . . . . . . . . . . . . 37,901 26,016 486 1,680 

1937. . . . . . . . . . . . . . . . . . . . . . . . . . . 41,233 25,295 −1,631 1,748 

1938. . . . . . . . . . . . . . . . . . . . . . . . . . . 36,261 25,557 2,232 1,725 

1939. . . . . . . . . . . . . . . . . . . . . . . . . . . 38,501 25,669 2,390 1,621 

1940. . . . . . . . . . . . . . . . . . . . . . . . . . . 43,538 25,951 11,488 1,704 

1941. . . . . . . . . . . . . . . . . . . . . . . . . . . 41,380 28,536 721 1,840 

1942. . . . . . . . . . . . . . . . . . . . . . . . . . . 52,663 32,051 −1,568 1,746 

1943. . . . . . . . . . . . . . . . . . . . . . . . . . . 69,306 35,794 23,768 2,416 

1944........................... 104,392 39,659 3,222 2,296 

1945........................... 142,210 41,666 −830 2,341 

1946........................... 150,385 50,493 −626 2,260 

1947........................... 158,656 58,191 1,973 2,640 

1948........................... 304,161 64,280 −34,318 3,244 

1949........................... 316,537 67,931 −12,122 3,243 

1950........................... 275,839 69,822 36,294 3,434 

1951........................... 394,656 83,793 −2,128 4,095 

1952........................... 456,060 92,051 1,584 4,122 

1953........................... 513,037 98,493 −1,059 4,100 

1954........................... 438,486 99,068 −134 4,175 

1955........................... 412,488 101,159 −265 4,194 

1956........................... 595,649 110,240 −23 5,340 

1957........................... 763,348 117,932 −7,141 7,508 

1958........................... 742,068 125,831 124 5,917 

1959........................... 886,226 131,848 98,247 6,471 

For notes see end of table.
11.—Continued

Dividends

paid

Payments to U.S. Treasury

Transferred

to surplus

(section 13b)

Tra

to 

Statutory (se

transfers 2

Interest on

Federal Reserve notes

217 . . . . . . . . . 

1,743 . . . . . . . . . 

6,804 1,134 . . . . . . 

5,541 . . . . . . . . . 4

5,012 2,704 . . . . . . 

5,654 60,725 . . . . . . 

6,120 59,974 . . . . . . 

6,307 10,851 . . . . . . 

6,553 3,613 . . . . . . 

6,682 114 . . . . . . −

6,916 59 . . . . . . 

7,329 818 . . . . . . 

7,755 250 . . . . . . 

8,458 2,585 . . . . . . 

9,584 4,283 . . . . . . 

10,269 17 . . . . . . −

10,030 . . . . . . . . . −

9,282 2,011 . . . . . . 

8,874 . . . . . . . . . 

8,782 . . . . . . −60 

8,505 298 . . . 28 

7,830 227 . . . 103 

7,941 177 . . . 67 

8,019 120 . . . − 419 

8,110 25 . . . − 426 

8,215 82 . . . −54 

8,430 141 . . . − 4 

8,669 198 . . . 50 

8,911 245 . . . 135 4

9,500 327 . . . 201 4

10,183 248 . . . 262 

10,962 67 . . . 28 

11,523 36 75,284 87 

11,920 . . . 166,690 . . . 

12,329 . . . 193,146 . . . 

13,083 . . . 196,629 . . . 

13,865 . . . 254,874 . . . 

14,682 . . . 291,935 . . . 4

15,558 . . . 342,568 . . . 4

16,442 . . . 276,289 . . . 

17,712 . . . 251,741 . . . 

18,905 . . . 401,556 . . . 

20,081 . . . 542,708 . . . 

21,197 . . . 524,059 . . . 

22,722 . . . 910,650 . . . −
11. Income and Expenses of the Federal Reserve Banks, 1914–2006—Continue

Thousands of dollars

Federal Reserve Bank

and period

Current

income

Net

expenses

Net additions

or

deductions (−)1

Assessmen

Board of Go

Board

expenditures

1960. . . . . . . . . . . . . . . . . . . . . . . 1,103,385 139,894 13,875 6,534 

1961....................... 941,648 148,254 3,482 6,265 

1962. . . . . . . . . . . . . . . . . . . . . . . 1,048,508 161,451 −56 6,655 

1963. . . . . . . . . . . . . . . . . . . . . . . 1,151,120 169,638 615 7,573 

1964. . . . . . . . . . . . . . . . . . . . . . . 1,343,747 171,511 726 8,655 

1965. . . . . . . . . . . . . . . . . . . . . . . 1,559,484 172,111 1,022 8,576 

1966. . . . . . . . . . . . . . . . . . . . . . . 1,908,500 178,212 996 9,022 

1967. . . . . . . . . . . . . . . . . . . . . . . 2,190,404 190,561 2,094 10,770 

1968. . . . . . . . . . . . . . . . . . . . . . . 2,764,446 207,678 8,520 14,198 

1969. . . . . . . . . . . . . . . . . . . . . . . 3,373,361 237,828 −558 15,020 

1970. . . . . . . . . . . . . . . . . . . . . . . 3,877,218 276,572 11,442 21,228 

1971. . . . . . . . . . . . . . . . . . . . . . . 3,723,370 319,608 94,266 32,634 

1972. . . . . . . . . . . . . . . . . . . . . . . 3,792,335 347,917 −49,616 35,234 

1973. . . . . . . . . . . . . . . . . . . . . . . 5,016,769 416,879 −80,653 44,412 

1974. . . . . . . . . . . . . . . . . . . . . . . 6,280,091 476,235 −78,487 41,117 

1975. . . . . . . . . . . . . . . . . . . . . . . 6,257,937 514,359 −202,370 33,577 

1976. . . . . . . . . . . . . . . . . . . . . . . 6,623,220 558,129 7,311 41,828 

1977. . . . . . . . . . . . . . . . . . . . . . . 6,891,317 568,851 −177,033 47,366 

1978. . . . . . . . . . . . . . . . . . . . . . . 8,455,309 592,558 −633,123 53,322 

1979. . . . . . . . . . . . . . . . . . . . . . . 10,310,148 625,168 −151,148 50,530 

1980. . . . . . . . . . . . . . . . . . . . . . . 12,802,319 718,033 −115,386 62,231 

1981. . . . . . . . . . . . . . . . . . . . . . . 15,508,350 814,190 −372,879 63,163 

1982. . . . . . . . . . . . . . . . . . . . . . . 16,517,385 926,034 −68,833 61,813 

1983. . . . . . . . . . . . . . . . . . . . . . . 16,068,362 1,023,678 −400,366 71,551 

1984. . . . . . . . . . . . . . . . . . . . . . . 18,068,821 1,102,444 −412,943 82,116 

1985. . . . . . . . . . . . . . . . . . . . . . . 18,131,983 1,127,744 1,301,624 77,378 

1986. . . . . . . . . . . . . . . . . . . . . . . 17,464,528 1,156,868 1,975,893 97,338 

1987. . . . . . . . . . . . . . . . . . . . . . . 17,633,012 1,146,911 1,796,594 81,870 

1988. . . . . . . . . . . . . . . . . . . . . . . 19,526,431 1,205,960 −516,910 84,411 

1989. . . . . . . . . . . . . . . . . . . . . . . 22,249,276 1,332,161 1,254,613 89,580 

1990. . . . . . . . . . . . . . . . . . . . . . . 23,476,604 1,349,726 2,099,328 103,752 

1991. . . . . . . . . . . . . . . . . . . . . . . 22,553,002 1,429,322 405,729 109,631 

1992. . . . . . . . . . . . . . . . . . . . . . . 20,235,028 1,474,531 −987,788 128,955 

1993. . . . . . . . . . . . . . . . . . . . . . . 18,914,251 1,657,800 −230,268 140,466 

1994. . . . . . . . . . . . . . . . . . . . . . . 20,910,742 1,795,328 2,363,862 146,866 

1995. . . . . . . . . . . . . . . . . . . . . . . 25,395,148 1,818,416 857,788 161,348 

1996 . . . . . . . . . . . . . . . . . . . . . . 25,164,303 1,947,861 −1,676,716 162,642 

1997 . . . . . . . . . . . . . . . . . . . . . . 26,917,213 1,976,453 −2,611,570 174,407 

1998 . . . . . . . . . . . . . . . . . . . . . . 28,149,477 1,833,436 1,906,037 178,009 

1999 . . . . . . . . . . . . . . . . . . . . . . 29,346,836 1,852,162 −533,557 213,790 

2000 . . . . . . . . . . . . . . . . . . . . . . 33,963,992 1,971,688 −1,500,027 188,067 

2001 . . . . . . . . . . . . . . . . . . . . . . 31,870,721 2,084,708 −1,117,435 295,056 

2002 . . . . . . . . . . . . . . . . . . . . . . 26,760,113 2,227,078 2,149,328 205,111 

2003 . . . . . . . . . . . . . . . . . . . . . . 23,792,725 2,462,658 2,481,127 297,020 

2004 . . . . . . . . . . . . . . . . . . . . . . 23,539,942 2,238,705 917,870 272,331 

2005 . . . . . . . . . . . . . . . . . . . . . . 30,729,357 2,889,544 −3,576,903 265,742 

2006 . . . . . . . . . . . . . . . . . . . . . . 38,410,427 3,263,844 −158,846 301,014 

Total, 1914–2006 .......... 710,889,641 53,347,257 4,041,796 4,704,801 
11.—Continued

Dividends

paid

Payments to U.S. Treasury

Transferred

to surplus

(section 13b)

Tra

to 

Statutory (se

transfers 2

Interest on

Federal Reserve notes

23,948 . . . 896,816 . . . 

25,570 . . . 687,393 . . . 

27,412 . . . 799,366 . . . 

28,912 . . . 879,685 . . . 

30,782 . . . 1,582,119 . . . − 4

32,352 . . . 1,296,810 . . . 

33,696 . . . 1,649,455 . . . 

35,027 . . . 1,907,498 . . . 

36,959 . . . 2,463,629 . . . 

39,237 . . . 3,019,161 . . . 

41,137 . . . 3,493,571 . . . 

43,488 . . . 3,356,560 . . . 

46,184 . . . 3,231,268 . . . 

49,140 . . . 4,340,680 . . . 

52,580 . . . 5,549,999 . . . 

54,610 . . . 5,382,064 . . . 

57,351 . . . 5,870,463 . . . 

60,182 . . . 5,937,148 . . . 

63,280 . . . 7,005,779 . . . 

67,194 . . . 9,278,576 . . . 

70,355 . . . 11,706,370 . . . 

74,574 . . . 14,023,723 . . . 

79,352 . . . 15,204,591 . . . 

85,152 . . . 14,228,816 . . . 1

92,620 . . . 16,054,095 . . . 1

103,029 . . . 17,796,464 . . . 1

109,588 . . . 17,803,895 . . . 

117,499 . . . 17,738,880 . . . 1

125,616 . . . 17,364,319 . . . 

129,885 . . . 21,646,417 . . . 1

140,758 . . . 23,608,398 . . . 1

152,553 . . . 20,777,552 . . . 2

171,763 . . . 16,774,477 . . . 4

195,422 . . . 15,986,765 . . . 3

212,090 . . . 20,470,011 . . . 2

230,527 . . . 23,389,367 . . . 2

255,884 5,517,716 14,565,624 . . . 6

299,652 20,658,972 0 . . . 8

343,014 17,785,942 8,774,994 . . . 7

373,579 . . . 25,409,736 . . . 4

409,614 . . . 25,343,892 . . . 4,1

428,183 . . . 27,089,222 . . . 5

483,596 . . . 24,495,490 . . . 1,0

517,705 . . . 22,021,528 . . . 4

582,402 . . . 18,078,003 . . . 2,7

780,863 . . . 21,467,545 . . . 1,2

871,255 . . . 29,051,678 . . . 4,2

8,738,777 44,113,958 573,927,960 −4 21,2
11. Income and Expenses of the Federal Reserve Banks, 1914–2006—Continue

Thousands of dollars

Federal Reserve Bank

and period

Current

income

Net

expenses

Net additions

or

deductions (−)1

Assessmen

Board of Go

Board

expenditures

Aggregate for each Bank,

1914–2006

Boston . . . . . . . . . . . . . . . . . . . . 37,823,486 3,416,852 -48,223 207,260 

New York . . . . . . . . . . . . . . . . . 249,731,575 8,384,9314 833,624 1,168,193 

Philadelphia . . . . . . . . . . . . . . . 26,369,964 2,776,143 112,671 198,455 

Cleveland . . . . . . . . . . . . . . . . . 42,583,372 3,269,494 297,125 342,922 

Richmond . . . . . . . . . . . . . . . . . 54,923,061 4,585,203 691,529 669,078 

Atlanta . . . . . . . . . . . . . . . . . . . . 40,448,737 6,527,615 290,459 350,725 

Chicago . . . . . . . . . . . . . . . . . . . 85,257,610 6,465,618 613,784 525,507 

St. Louis . . . . . . . . . . . . . . . . . . 24,240,701 2,597,202 42,722 115,126 

Minneapolis . . . . . . . . . . . . . . . 12,223,622 2,549,119 129,352 140,300 

Kansas City . . . . . . . . . . . . . . . 25,486,625 3,401,053 103,704 146,764 

Dallas . . . . . . . . . . . . . . . . . . . . . 32,411,865 3,448,353 338,948 218,444 

San Francisco . . . . . . . . . . . . . 79,389,024 5,925,674 636,099 622,028 

Total ..................... 710,889,641 53,347,257 4,041,796 4,704,801 

Note: Components may not sum to totals because of

rounding.

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.

2. Represents transfers made as a franc

1917 through 1932; transfers made under 

the Federal Reserve Act from 1935 throu

transfers made under section 7 of the Feder

for 1996 and 1997.
11.—Continued

Dividends

paid

Payments to U.S. Treasury

Transferred

to surplus

(section 13b)

Tra

to 

Statutory (se

transfers 2

Interest on

Federal Reserve notes

410,646 2,579,504 30,051,671 135 5

2,176,006 17,307,161 212,590,458 –433 6,1

407,602 1,312,118 19,437,229 291 1,9

649,488 2,827,043 33,884,049 –10 1,3

1,403,928 3,083,928 39,972,837 –72 5,1

617,505 2,713,230 28,273,211 5 1,5

916,679 4,593,811 71,087,653 12 1,2

208,306 1,833,837 18,917,298 –27 2

256,828 416,227 8,400,348 65 4

248,040 1,249,703 19,924,327 –9 2

350,811 1,510,802 26,405,056 55 3

1,092,938 4,686,594 64,983,822 –17 1,6

8,738,777 44,113,958 573,927,960 −4 21,2

3. The $21,266,676 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 as

statutorily required; and was increased by transfer of

$11,131 thousand from reserves for contingencies (1955).

The implementation of FAS 158 in 200

adjustment to accumulated other compreh

of $1,848,716 thousand, which is reported 

nent of surplus, leaving a balance of $15,

sand on December 31, 2006.

4. This amount is reduced by $2,717

for expenses of the System Retirement Pla

table 10.

. . . Not applicable.
12. Operations in Principal Departments of the Federal Reserve Banks, 2003–20

Operation 2006 2005 2004 

Millions of pieces

Currency processed . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,694 36,463 36,242 

Currency destroyed . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,766 6,551 6,748 

Coin received . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,705 56,080 55,655 

Checks handled

U.S. government checks . . . . . . . . . . . . . . . . . . . . . 192 215 234 

Postal money orders . . . . . . . . . . . . . . . . . . . . . . . . . 171 176 187 

All other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,983 12,195 13,904 

Securities transfers1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 22 20 

Funds transfers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 134 132 125 

Automated clearinghouse transactions

Commercial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,231 7,339 6,486 

Government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 992 964 941 

Millions of dollars

Currency processed ............................ 664,592 639,832 625,127 

Currency destroyed . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84,742 83,187 90,943 

Coin received . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,779 5,412 5,403 

Checks handled

U.S. government checks ..................... 231,314 250,865 277,649 

Postal money orders . . . . . . . . . . . . . . . . . . . . . . . . . 28,066 28,395 29,045 

All other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,628,348 14,379,874 14,287,740 

Securities transfers1 ............................ 377,258,592 368,896,819 313,425,252 2

Funds transfers2 ............................... 572,645,790 518,546,733 478,946,947 4

Automated clearinghouse transactions

Commercial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,124,434 12,801,914 12,543,907 

Government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,474,364 3,156,556 2,913,189 

1. The title of this category has changed from previous

years, but the composition of the category is the same;

therefore, the data here are comparable with data reported

in previous years.

2. Amounts in bold are restatements.
13. Number and Annual Salaries of Officers and Employees of the Federal Rese

December 31, 2006

Federal Reserve

Bank (including

Branches)

President1 Other officers Employees T

Salary

(dollars) 2

NumberSalaries

(dollars) 2

Number

Salaries

(dollars) 2

Number

FulltimeParttime

Boston .......... 374,100 62 10,567,765 837 70 57,522,048 970 

New York . . . . . . . 381,000 279 54,289,191 2,454 54 198,746,036 2,791 

Philadelphia ..... 276,500 56 8,595,200 982 34 53,274,392 1,073 

Cleveland ....... 281,400 60 9,200,500 1,491 34 72,454,563 1,586 

Richmond ....... 276,500 72 10,764,700 1,681 40 95,642,478 1,794 

Atlanta . . . . . . . . . . Vacant3 78 12,948,880 1,912 40 106,293,498 2,031 

Chicago ......... 374,100 86 13,118,406 1,310 59 84,242,032 1,456 

St. Louis ........ 311,000 75 10,910,680 954 58 53,627,203 1,088 

Minneapolis ..... 374,100 43 6,422,280 1,155 101 62,186,058 1,300 

Kansas City ..... 340,600 73 11,504,000 1,218 19 67,284,920 1,311 

Dallas . . . . . . . . . . . 276,500 53 8,337,504 1,219 18 65,143,411 1,291 

San Francisco . . . 326,900 75 13,691,634 1,656 28 111,625,788 1,760 

Federal Reserve

Information

Technology . . . . 39 5,947,200 719 6 59,314,205 764 

Office of

Employee

Benefits . . . . . . . 8 1,618,400 33 0 2,669,126 41 

Total ............ 3,592,700 1,059 177,916,340 17,621 561 1,090,025,758 19,256 

1. Under current policies, the appointment salaries of

Federal Reserve Bank presidents are normally 85 percent

of the salary-range midpoint (an 85 compa-ratio), with

the exception of the New York Reserve Bank president,

whose appointment salary normally is set at a 95 comparatio. The Board has discretion to approve a higher

starting salary if requested by a Reserve Bank’s board of

directors.

On January 1 each year, all presidents receive salary

increases equal to the percentage increase in the midpoint

of their respective salary ranges. In addition, on every

third-year anniversary of his or her initial appointment

(through year 9), each president receives a salary increase

that results in a compa-ratio as follows: year 3, 95 (for the

New York Bank, 105); year 6, 105 (New York, 115);

year 9, 115 (New York, 125).

There continue to be tiered salary range

Bank officers, including presidents, reflecti

in the costs of labor in the head-office citi

reviews Reserve Bank officer salary range

Bank placement in the salary tiers annually

York and San Francisco were in tier 1, 

midpoint for presidents’ salaries of $362

Philadelphia, Richmond, Atlanta, Chicago

and Dallas were in tier 2, which had a 

presidents’ salaries of $325,300. Clevela

and Kansas City were in tier 3, which had 

presidents’ salaries of $296,200.

2. Annualized salary liability based on sa

on December 31, 2006.

3. Atlanta president retired in October 2

. . . Not applicable.
14. Acquisition Costs and Net Book Value of the Premises of the Federal Reser

and Branches, December 31, 2006

Thousands of dollars

Federal Reserve

Bank or

Branch

Acquisition costs

Net

book

value

Land

Buildings

(including

vaults)1

Building machinery and

equipment

Total 2

BOSTON . . . . . . . . . . . . . 27,293 127,979 28,019 183,290 117,283 

NEW YORK . . . . . . . . . . 20,103 254,486 66,929 341,517 211,798 

Buffalo . . . . . . . . . . . . . . . . 0 0 0 0 0 

PHILADELPHIA . . . . . . 2,779 84,976 13,545 101,300 57,782 

CLEVELAND . . . . . . . . . 4,219 124,865 25,386 154,470 112,851 

Cincinnati . . . . . . . . . . . . . 2,593 32,466 11,624 46,683 24,993 

Pittsburgh . . . . . . . . . . . . . 1,739 19,488 14,503 35,730 20,349 

RICHMOND . . . . . . . . . . 22,649 107,558 38,279 168,486 118,391 

Baltimore . . . . . . . . . . . . . 6,482 29,566 5,828 41,876 24,081 

Charlotte . . . . . . . . . . . . . . 3,130 31,498 6,847 41,475 27,295 

ATLANTA . . . . . . . . . . . 22,735 149,625 16,367 188,727 166,998 

Birmingham . . . . . . . . . . 5,347 11,744 1,525 18,616 12,323 

Jacksonville . . . . . . . . . . . 1,730 20,987 3,810 26,527 16,960 

Miami . . . . . . . . . . . . . . . . . 4,254 22,143 4,869 31,266 20,746 

Nashville . . . . . . . . . . . . . . 603 5,690 3,532 9,825 4,843 

New Orleans . . . . . . . . . . 3,785 8,827 5,231 17,843 9,924 

CHICAGO . . . . . . . . . . . . 4,512 165,149 20,268 189,929 115,789 

Detroit . . . . . . . . . . . . . . . . 9,980 72,293 10,690 92,962 90,657 

ST. LOUIS . . . . . . . . . . . . 8,392 73,386 12,578 94,356 65,315 

Little Rock . . . . . . . . . . . . 0 0 0 0 0 

Louisville ............. 0 0 0 0 0 

Memphis . . . . . . . . . . . . . . 2,472 14,127 5,164 21,763 14,975 

MINNEAPOLIS . . . . . . . 15,666 104,652 13,834 134,153 106,397 

Helena . . . . . . . . . . . . . . . . 2,890 9,716 943 13,549 9,587 

KANSAS CITY . . . . . . . 29,460 114,121 0 143,580 143,580 

Denver . . . . . . . . . . . . . . . . 3,511 9,167 4,502 17,179 8,525 

Oklahoma City . . . . . . . . 0 108 0 108 108 

Omaha . . . . . . . . . . . . . . . . 3,559 7,374 1,726 12,658 6,390 

DALLAS . . . . . . . . . . . . . . 35,638 111,106 23,715 170,459 123,479 

El Paso . . . . . . . . . . . . . . . . 262 3,584 1,553 5,400 1,616 

Houston . . . . . . . . . . . . . . . 23,754 101,555 8,088 133,397 129,024 

San Antonio . . . . . . . . . . . 826 7,917 2,674 11,418 6,335 

SAN FRANCISCO . . . . 20,129 96,419 22,370 138,919 80,904 

Los Angeles . . . . . . . . . . . 6,306 71,935 13,009 91,250 57,911 

Portland . . . . . . . . . . . . . . . 0 0 0 0 0 

Salt Lake City . . . . . . . . . 1,294 4,680 1,385 7,360 3,083 

Seattle . . . . . . . . . . . . . . . . 8,191 37,798 4,545 50,534 42,639 

Total .................. 306,282 2,036,985 393,340 2,736,606 1,952,930 

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.

3. Covers acquisitions for banking-house 

Bank premises formerly occupied and being 

sale.

. . . Not applicable.