FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks February 27, 2003 1. Factors Affecting Reserve Balances of Depository Institutions Millions of dollars Averages of daily figures Reserve Bank credit, related items, and Week ended Change from week ended Wednesday reserve balances of depository institutions at Feb 26, 2003 Feb 19, 2003 Feb 27, 2002 Feb 26, 2003 Federal Reserve Banks Reserve Bank Credit 697,030 - 4,727 + 65,031 700,792 Securities held outright 634,932 + 3,923 + 67,590 636,006 U.S. Treasury (1) 634,922 + 3,923 + 67,590 635,996 Bills (2) 230,030 + 2,736 + 40,337 230,606 Notes and bonds, nominal (2) 391,412 + 1,195 + 25,009 391,913 Notes and bonds, inflation-indexed (2) 12,242 0 + 1,921 12,242 Inflation compensation (3) 1,238 - 7 + 324 1,235 Federal agency (2) 10 0 0 10 Repurchase agreements(4) 23,321 - 6,746 - 5,535 25,750 Loans to depository institutions 13 - 6 - 4 6 Primary credit 10 - 4 + 10 1 Secondary credit 0 0 0 0 Seasonal credit 4 - 1 - 8 5 Adjustment credit 0 0 - 5 0 Float 1,307 + 483 + 1,274 1,293 Other Federal Reserve assets 37,456 - 2,382 + 1,704 37,738 Gold stock 11,043 0 - 1 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 34,709 + 14 + 1,180 34,709 Total factors supplying reserve funds 744,982 - 4,714 + 66,209 748,744 Currency in circulation(5) 682,287 - 581 + 44,451 682,941 Reverse repurchase agreements (6) 17,738 - 187 + 17,738 17,421 Foreign official and international accounts 17,738 - 187 + 17,738 17,421 Dealers 0 0 0 0 Treasury cash holdings 347 - 11 - 63 343 Deposits with F.R.Banks, other than reserve balances 16,509 + 352 + 2,407 16,245 U.S. Treasury, general account 5,249 + 201 + 553 4,950 Foreign official 111 - 21 - 16 154 Service-related 10,904 + 174 + 1,843 10,904 Required clearing balances 10,336 + 21 + 1,465 10,336 Adjustments to compensate for float 567 + 152 + 377 567 Other 245 - 2 + 27 238 Other liabilities and capital 19,964 + 305 + 2,077 19,699 Total factors, other than reserve balances, absorbing reserve funds 736,846 - 121 + 66,611 736,650 Reserve balances with Federal Reserve Banks 8,136 - 4,593 - 401 12,094 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 881,384 + 6,789 ------ 880,187 U.S. Treasury 704,715 + 4,394 ------ 702,807 Federal agency 176,670 + 2,396 ------ 177,380 Securities lent to dealers 326 + 2 - 1,158 282 Note: Components may not sum to totals because of rounding. --- Not available. 1 Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities. 2 Face value of the securities. 3 Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities. 4 Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities. 5 Estimated. 6 Cash value of agreements, which are collateralized by U.S. Treasury securities. 7 Includes U.S. Treasury STRIPS and other zero coupon bonds at face value. Sources: Federal Reserve Banks and the U.S. Department of the Treasury. 2. Consolidated Statement of Condition of All Federal Reserve Banks Millions of Dollars Eliminations Change Since from Wednesday Wednesday Wednesday Assets, liabilities, and capital consolidation Feb 26, 2003 Feb 19, 2003 Feb 27, 2002 Assets Gold certificate account 11,039 0 - 5 Special drawing rights certificate account 2,200 0 0 Coin 1,100 - 23 - 25 Securities, repurchase agreements, and loans 661,761 - 4,025 + 61,028 Securities held outright 636,006 + 4,733 + 67,294 U.S. Treasury (1) 635,996 + 4,733 + 67,294 Bills (2) 230,606 + 3,045 + 40,311 Notes and bonds, nominal (2) 391,913 + 1,696 + 25,094 Notes and bonds, inflation-indexed (2) 12,242 0 + 1,584 Inflation compensation (3) 1,235 - 7 + 305 Federal agency (2) 10 0 0 Repurchase agreements (4) 25,750 - 8,746 - 6,249 Loans 6 - 11 - 16 Items in process of collection (1,241) 9,197 - 4,970 + 2,160 Bank premises 1,557 0 + 48 Other assets (5) 36,130 + 582 + 1,675 Total assets (1,241) 722,984 - 8,436 + 64,881 Liabilities Federal Reserve notes net of FR Bank holdings 649,670 - 1,366 + 42,766 Reverse repurchase agreements (6) 17,421 - 429 + 17,421 Deposits (0) 28,898 - 3,930 + 2,884 Depository institutions 23,556 - 4,450 + 2,741 U.S. Treasury, general account 4,950 + 543 + 42 Foreign official 154 + 20 + 75 Other (0) 238 - 43 + 26 Deferred availability cash items (1,241) 7,296 - 2,744 - 235 Other liabilities and accrued dividends (7) 2,276 + 27 - 85 Total liabilities (1,241) 705,561 - 8,443 + 62,751 Capital Accounts Capital paid in 8,440 + 6 + 805 Surplus 8,380 0 + 1,114 Other capital accounts 603 0 + 211 Total capital 17,423 + 7 + 2,130 Note: Components may not sum to totals because of rounding. 1 Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities. 2 Face value of the securities. 3 Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities. 4 Cash value of agreements, which are collatealized by U.S. Treasury and federal agency securites. 5 Includes assets denominated in foreign currencies, which are revalued daily at market exchange rates. 6 Cash value of agreements, which are collateralized by U.S. Treasury securities. 7 Includes exchange-translation account reflecting the daily revaluation at market exchange rates of foreign exchange commitments. 3. Maturity Distribution of Loans and Securities, February 26, 2003 Millions of dollars U.S. Treasury Federal agency Reverse Maturity Loans securities (1) securities Repurchase repurchase Weekly Weekly agreements(2)agreements(2) Holdings changes Holdings changes Within 15 days 6 45,075 - 1,242 0 0 20,750 17,421 16 days to 90 days 0 133,699 + 2,545 0 0 5,000 0 91 days to 1 year 0 146,752 + 1,742 10 0 ------ ------ Over 1 to 5 years ------ 178,982 + 992 0 0 ------ ------ Over 5 to 10 years ------ 51,659 + 698 0 0 ------ ------ Over 10 years ------ 79,828 - 3 0 0 ------ ------ All 6 635,996 + 4,733 10 0 25,750 17,421 Note: Components may not sum to totals because of rounding. --- Not applicable. 1 Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the original face value of such securities. 2 Cash value of agreements classified by remaining maturity of the agreements. 4. Statement of Condition of Each Federal Reserve Bank on February 26, 2003 Millions of dollars Kansas San Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco Assets Gold certificate account 11,039 533 4,364 430 522 819 926 1,080 346 179 309 485 1,046 Special drawing rights certificate acct. 2,200 115 874 83 104 147 166 212 71 30 66 98 234 Coin 1,100 54 37 70 49 154 114 145 62 40 73 176 126 Securities, repurchase agreements, and loans 661,761 36,440 275,994 24,456 35,092 49,604 45,286 74,845 22,615 9,947 18,801 14,115 54,567 Securities held outright 636,006 36,440 250,244 24,456 35,092 49,604 45,286 74,845 22,615 9,942 18,800 14,115 54,567 U.S. Treasury (1) 635,996 36,439 250,240 24,456 35,091 49,603 45,285 74,844 22,615 9,942 18,800 14,115 54,566 Bills (2) 230,606 13,212 90,734 8,867 12,724 17,986 16,420 27,138 8,200 3,605 6,817 5,118 19,785 Notes and bonds(3) 405,390 23,227 159,505 15,588 22,367 31,618 28,865 47,706 14,415 6,337 11,983 8,997 34,781 Federal agency (2) 10 1 4 0 1 1 1 1 0 0 0 0 1 Repurchase agreements(4) 25,750 0 25,750 0 0 0 0 0 0 0 0 0 0 Loans 6 0 0 0 0 0 0 0 0 4 0 0 0 Items in process of collection 10,438 505 666 481 422 600 1,241 1,042 676 747 634 829 2,597 Bank premises 1,557 92 186 50 152 143 278 116 44 127 50 142 176 Other assets(5) 36,130 1,807 12,537 1,107 2,366 5,710 2,151 3,599 995 977 905 801 3,176 Interdistrict settlement account 0 - 7,995 +35,456 - 6,527 - 6,560 - 569 - 4,922 -18,592 - 4,222 + 3,543 - 1,517 +13,496 - 1,591 Total Assets 724,226 31,550 330,113 20,150 32,148 56,608 45,240 62,447 20,586 15,590 19,321 30,143 60,329 Note: Components may not sum to totals because of rounding. 1 Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities. 2 Face value of the securities. 3 Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the original face value of such securities. 4 Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities. 5 Includes assets denominated in foreign currencies, which are revalued daily at market exchange rates. 4. Statement of Condition of Each Federal Reserve Bank on February 26, 2003 Millions of dollars Kansas San Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco Liabilities Federal Reserve notes outstanding 763,017 32,644 335,094 25,066 32,111 53,640 59,000 62,996 21,900 15,070 21,460 35,972 68,063 Less: notes held by F.R. Banks 113,346 4,879 28,151 7,648 4,699 8,629 18,686 7,991 3,325 1,711 4,297 7,798 15,533 Federal Reserve notes, net 649,670 27,766 306,943 17,418 27,412 45,010 40,314 55,005 18,575 13,359 17,163 28,174 52,530 Reverse repurchase agreements (1) 17,421 998 6,854 670 961 1,359 1,240 2,050 619 272 515 387 1,495 Deposits 28,898 1,063 10,820 981 1,819 5,238 1,571 2,660 612 515 690 771 2,158 Depository institutions 23,556 1,058 5,590 980 1,815 5,160 1,569 2,662 605 514 688 770 2,145 U.S. Treasury, general account 4,950 0 4,950 0 0 0 0 0 0 0 0 0 0 Foreign official 154 2 130 1 3 7 2 3 1 1 1 1 3 Other 238 3 149 0 1 70 0 -5 6 0 1 0 11 Deferred availability cash items 8,538 681 907 492 401 529 944 705 257 669 442 337 2,174 Other liabilities and accrued dividends (2) 2,276 139 682 101 129 252 185 240 102 79 92 89 186 Total liabilities 706,803 30,647 326,206 19,663 30,722 52,387 44,254 60,660 20,166 14,896 18,901 29,756 58,544 Capital Capital paid in 8,440 437 1,854 235 692 2,080 475 863 200 343 204 188 869 Surplus 8,380 436 1,809 233 702 2,073 475 858 199 340 201 186 868 Other capital 603 29 245 20 31 67 36 67 20 12 16 12 48 Total liabilities and capital 724,226 31,550 330,113 20,150 32,148 56,608 45,240 62,447 20,586 15,590 19,321 30,143 60,329 Note: Components may not sum to totals because of rounding. 1 Cash value of agreements, which are collateralized by U.S. Treasury securities. 2 Includes exchange-translation account reflecting the daily revaluation at market exchange rates of foreign exchange commitments. 5. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts Millions of dollars Federal Reserve notes and collateral Wednesday Feb 26, 2003 Federal Reserve notes, net of F.R. Bank holdings 649,670 Collateral held against Federal Reserve notes 649,670 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 636,432 Other eligible assets 0 Memo: Total U.S. Treasury and agency securities (1) 661,756 Less:face value of securities under reverse repurchase agreements 17,427 U.S. Treasury and agency securities eligible to be pledged 644,329 Note: Components may not sum to totals because of rounding. 1 Includes face value of U.S. Treasury and agency securities held outright, compensation to adjust for the effect of inflation on the original face value of inflation-indexed securities, and cash value of repurchase agreements.