FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks March 13, 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 Mar 12, 2003 Mar 5, 2003 Mar 13, 2002 Mar 12, 2003 Federal Reserve Banks Reserve Bank Credit 696,359 - 5,609 + 62,118 695,729 Securities held outright 638,586 + 1,713 + 66,662 638,724 U.S. Treasury (1) 638,576 + 1,713 + 66,662 638,714 Bills (2) 231,172 + 283 + 39,990 231,305 Notes and bonds, nominal (2) 393,911 + 1,415 + 24,771 393,911 Notes and bonds, inflation-indexed (2) 12,242 0 + 1,584 12,242 Inflation compensation (3) 1,251 + 15 + 317 1,256 Federal agency (2) 10 0 0 10 Repurchase agreements(4) 19,214 - 7,922 - 5,829 18,750 Loans to depository institutions 45 + 16 + 23 9 Primary credit 36 + 12 + 36 1 Secondary credit 0 0 0 0 Seasonal credit 9 + 3 - 11 8 Adjustment credit 0 0 - 3 0 Float 494 + 11 - 233 105 Other Federal Reserve assets 38,020 + 573 + 1,496 38,140 Gold stock 11,043 0 - 1 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 34,737 + 14 + 1,166 34,737 Total factors supplying reserve funds 744,340 - 5,594 + 63,284 743,709 Currency in circulation(5) 683,034 + 634 + 43,418 684,428 Reverse repurchase agreements (6) 18,332 + 254 + 18,332 17,912 Foreign official and international accounts 18,332 + 254 + 18,332 17,912 Dealers 0 0 0 0 Treasury cash holdings 356 + 11 - 65 367 Deposits with F.R.Banks, other than reserve balances 16,897 + 868 + 2,263 16,487 U.S. Treasury, general account 5,196 + 287 + 395 4,775 Foreign official 105 - 81 - 19 116 Service-related 11,363 + 642 + 1,884 11,363 Required clearing balances 10,372 + 36 + 1,442 10,372 Adjustments to compensate for float 991 + 606 + 442 991 Other 233 + 21 + 4 233 Other liabilities and capital 20,015 + 210 + 1,419 19,725 Total factors, other than reserve balances, absorbing reserve funds 738,634 + 1,978 + 65,367 738,919 Reserve balances with Federal Reserve Banks 5,705 - 7,573 - 2,084 4,789 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 901,765 + 11,087 ------ 898,979 U.S. Treasury 723,172 + 10,818 ------ 721,591 Federal agency 178,593 + 269 ------ 177,389 Securities lent to dealers 446 - 33 - 686 872 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 Mar 12, 2003 Mar 5, 2003 Mar 13, 2002 Assets Gold certificate account 11,039 0 - 5 Special drawing rights certificate account 2,200 0 0 Coin 1,070 - 10 - 24 Securities, repurchase agreements, and loans 657,483 - 2,926 + 60,722 Securities held outright 638,724 + 1,575 + 65,986 U.S. Treasury (1) 638,714 + 1,575 + 65,986 Bills (2) 231,305 + 244 + 40,243 Notes and bonds, nominal (2) 393,911 + 1,318 + 23,840 Notes and bonds, inflation-indexed (2) 12,242 0 + 1,584 Inflation compensation (3) 1,256 + 14 + 319 Federal agency (2) 10 0 0 Repurchase agreements (4) 18,750 - 4,500 - 5,250 Loans 9 - 2 - 13 Items in process of collection (1,091) 7,890 - 3,094 + 384 Bank premises 1,557 + 2 + 47 Other assets (5) 36,762 + 382 + 1,595 Total assets (1,091) 718,001 - 5,647 + 62,720 Liabilities Federal Reserve notes net of FR Bank holdings 651,124 + 726 + 42,546 Reverse repurchase agreements (6) 17,912 - 47 + 17,912 Deposits (0) 21,343 - 5,482 + 524 Depository institutions 16,219 - 4,761 + 918 U.S. Treasury, general account 4,775 - 726 - 222 Foreign official 116 + 11 - 200 Other (0) 233 - 5 + 28 Deferred availability cash items (1,091) 7,897 - 876 + 127 Other liabilities and accrued dividends (7) 2,265 + 15 - 152 Total liabilities (1,091) 700,541 - 5,664 + 60,957 Capital Accounts Capital paid in 8,491 + 13 + 841 Surplus 8,380 0 + 1,106 Other capital accounts 589 + 5 - 183 Total capital 17,460 + 18 + 1,763 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, March 12, 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 4 35,307 - 212 0 0 14,750 17,912 16 days to 90 days 5 141,821 + 1,098 0 0 4,000 0 91 days to 1 year 0 149,837 + 677 10 0 ------ ------ Over 1 to 5 years ------ 180,179 + 3 0 0 ------ ------ Over 5 to 10 years ------ 51,734 + 4 0 0 ------ ------ Over 10 years ------ 79,837 + 6 0 0 ------ ------ All 9 638,714 + 1,575 10 0 18,750 17,912 Note: Components may not sum to totals because of rounding. --- Not applicable. 1 Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the original face value of such securities. 2 Cash value of agreements classified by remaining maturity of the agreements. 4. Statement of Condition of Each Federal Reserve Bank on March 12, 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 1,070 50 39 72 46 150 103 141 59 41 70 172 129 Securities, repurchase agreements, and loans 657,483 36,595 270,063 24,561 35,242 49,816 45,480 75,167 22,712 9,991 18,882 14,175 54,800 Securities held outright 638,724 36,595 251,313 24,561 35,242 49,816 45,480 75,165 22,712 9,985 18,881 14,175 54,800 U.S. Treasury (1) 638,714 36,595 251,309 24,560 35,241 49,815 45,479 75,164 22,711 9,985 18,880 14,175 54,799 Bills (2) 231,305 13,253 91,010 8,894 12,762 18,040 16,470 27,220 8,225 3,616 6,837 5,133 19,845 Notes and bonds(3) 407,409 23,342 160,300 15,666 22,479 31,775 29,009 47,944 14,487 6,369 12,043 9,042 34,954 Federal agency (2) 10 1 4 0 1 1 1 1 0 0 0 0 1 Repurchase agreements(4) 18,750 0 18,750 0 0 0 0 0 0 0 0 0 0 Loans 9 0 0 0 0 0 0 2 0 6 1 0 0 Items in process of collection 8,981 543 850 455 597 751 493 556 413 675 521 370 2,756 Bank premises 1,557 91 186 50 152 144 278 116 44 127 51 143 175 Other assets(5) 36,762 1,837 12,752 1,129 2,409 5,792 2,201 3,667 1,015 995 925 810 3,230 Interdistrict settlement account 0 - 7,971 +41,268 - 7,040 - 7,780 - 4,057 - 5,631 -18,962 - 4,380 + 3,607 - 1,736 +13,986 - 1,303 Total Assets 719,092 31,794 330,395 19,739 31,291 53,562 44,017 61,978 20,279 15,644 19,087 30,239 61,067 Note: Components may not sum to totals because of rounding. 1 Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities. 2 Face value of the securities. 3 Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the original face value of such securities. 4 Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities. 5 Includes assets denominated in foreign currencies, which are revalued daily at market exchange rates. 4. Statement of Condition of Each Federal Reserve Bank on March 12, 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 764,640 32,542 337,019 24,932 31,953 53,872 58,938 63,146 21,863 15,093 21,360 35,769 68,153 Less: notes held by F.R. Banks 113,515 4,793 27,957 7,582 4,712 8,988 19,597 7,966 3,613 1,578 4,333 7,563 14,833 Federal Reserve notes, net 651,124 27,749 309,062 17,350 27,241 44,884 39,342 55,180 18,250 13,515 17,027 28,206 53,320 Reverse repurchase agreements (1) 17,912 1,026 7,048 689 988 1,397 1,275 2,108 637 280 529 398 1,537 Deposits 21,343 1,284 8,691 637 1,051 2,194 1,309 2,008 586 447 615 669 1,853 Depository institutions 16,219 1,276 3,668 635 1,047 2,123 1,307 2,004 584 446 613 667 1,849 U.S. Treasury, general account 4,775 0 4,775 0 0 0 0 0 0 0 0 0 0 Foreign official 116 2 93 1 3 7 2 3 1 1 1 1 3 Other 233 7 156 1 1 64 0 0 2 0 1 1 0 Deferred availability cash items 8,988 694 1,010 443 448 618 922 654 288 629 401 493 2,388 Other liabilities and accrued dividends (2) 2,265 139 689 102 130 240 187 238 102 79 90 88 181 Total liabilities 701,632 30,892 326,499 19,220 29,859 49,332 43,035 60,187 19,862 14,950 18,662 29,854 59,279 Capital Capital paid in 8,491 438 1,854 251 700 2,092 475 873 200 343 204 188 873 Surplus 8,380 436 1,809 233 702 2,073 475 858 199 340 201 186 868 Other capital 589 28 233 35 29 65 32 60 17 11 20 11 46 Total liabilities and capital 719,092 31,794 330,395 19,739 31,291 53,562 44,017 61,978 20,279 15,644 19,087 30,239 61,067 Note: Components may not sum to totals because of rounding. 1 Cash value of agreements, which are collateralized by U.S. Treasury securities. 2 Includes exchange-translation account reflecting the daily revaluation at market exchange rates of foreign exchange commitments. 5. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts Millions of dollars Federal Reserve notes and collateral Wednesday Mar 12, 2003 Federal Reserve notes, net of F.R. Bank holdings 651,124 Collateral held against Federal Reserve notes 651,124 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 637,886 Other eligible assets 0 Memo: Total U.S. Treasury and agency securities (1) 657,474 Less:face value of securities under reverse repurchase agreements 17,918 U.S. Treasury and agency securities eligible to be pledged 639,556 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.