FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks March 20, 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 19, 2003 Mar 12, 2003 Mar 20, 2002 Mar 19, 2003 Federal Reserve Banks Reserve Bank Credit 704,886 + 8,527 + 67,616 708,965 Securities held outright 639,517 + 931 + 65,409 639,899 U.S. Treasury (1) 639,507 + 931 + 65,409 639,889 Bills (2) 231,481 + 309 + 39,678 231,756 Notes and bonds, nominal (2) 394,519 + 608 + 23,822 394,621 Notes and bonds, inflation-indexed (2) 12,242 0 + 1,584 12,242 Inflation compensation (3) 1,264 + 13 + 324 1,269 Federal agency (2) 10 0 0 10 Repurchase agreements(4) 26,500 + 7,286 - 114 27,000 Loans to depository institutions 18 - 27 - 8 17 Primary credit 9 - 27 + 9 11 Secondary credit 0 0 0 0 Seasonal credit 8 - 1 - 12 6 Adjustment credit 0 0 - 6 0 Float 826 + 333 + 1,202 4,086 Other Federal Reserve assets 38,026 + 7 + 1,129 37,964 Gold stock 11,043 0 - 1 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 34,681 + 14 + 1,091 34,681 Total factors supplying reserve funds 752,810 + 8,542 + 68,706 756,889 Currency in circulation(5) 683,644 + 680 + 43,621 685,165 Reverse repurchase agreements (6) 19,802 + 1,470 + 19,802 18,430 Foreign official and international accounts 19,623 + 1,291 + 19,623 17,180 Dealers 179 + 179 + 179 1,250 Treasury cash holdings 372 + 16 - 57 398 Deposits with F.R.Banks, other than reserve balances 16,129 - 767 + 82 14,777 U.S. Treasury, general account 4,979 - 217 - 1,532 3,607 Foreign official 159 + 54 + 64 150 Service-related 10,759 - 604 + 1,525 10,759 Required clearing balances 10,373 + 2 + 1,438 10,373 Adjustments to compensate for float 387 - 604 + 88 387 Other 231 - 2 + 24 261 Other liabilities and capital 19,538 - 477 + 1,262 19,147 Total factors, other than reserve balances, absorbing reserve funds 739,484 + 920 + 64,709 737,917 Reserve balances with Federal Reserve Banks 13,327 + 7,622 + 3,997 18,973 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 900,725 - 1,040 ------ 894,699 U.S. Treasury 722,541 - 631 ------ 716,749 Federal agency 178,184 - 409 ------ 177,950 Securities lent to dealers 1,333 + 887 - 73 2,673 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 19, 2003 Mar 12, 2003 Mar 20, 2002 Assets Gold certificate account 11,039 0 - 5 Special drawing rights certificate account 2,200 0 0 Coin 1,071 + 1 - 14 Securities, repurchase agreements, and loans 666,915 + 9,432 + 64,486 Securities held outright 639,899 + 1,175 + 66,045 U.S. Treasury (1) 639,889 + 1,175 + 66,045 Bills (2) 231,756 + 451 + 40,313 Notes and bonds, nominal (2) 394,621 + 710 + 23,820 Notes and bonds, inflation-indexed (2) 12,242 0 + 1,584 Inflation compensation (3) 1,269 + 13 + 326 Federal agency (2) 10 0 0 Repurchase agreements (4) 27,000 + 8,250 - 1,550 Loans 17 + 8 - 7 Items in process of collection (1,077) 11,532 + 3,642 + 2,616 Bank premises 1,557 0 + 46 Other assets (5) 36,579 - 183 + 1,046 Total assets (1,077) 730,894 + 12,893 + 68,176 Liabilities Federal Reserve notes net of FR Bank holdings 651,949 + 825 + 42,817 Reverse repurchase agreements (6) 18,430 + 518 + 18,430 Deposits (0) 33,960 + 12,617 + 5,921 Depository institutions 29,942 + 13,723 + 7,796 U.S. Treasury, general account 3,607 - 1,168 - 1,993 Foreign official 150 + 34 + 76 Other (0) 261 + 28 + 42 Deferred availability cash items (1,077) 7,409 - 488 - 188 Other liabilities and accrued dividends (7) 2,224 - 41 - 157 Total liabilities (1,077) 713,972 + 13,431 + 66,823 Capital Accounts Capital paid in 8,494 + 3 + 848 Surplus 8,297 - 83 + 1,024 Other capital accounts 132 - 457 - 517 Total capital 16,923 - 537 + 1,355 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 19, 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 17 44,050 + 8,743 0 0 23,000 18,430 16 days to 90 days 0 133,419 - 8,402 0 0 4,000 0 91 days to 1 year 0 149,946 + 109 10 0 ------ ------ Over 1 to 5 years ------ 180,893 + 714 0 0 ------ ------ Over 5 to 10 years ------ 51,738 + 4 0 0 ------ ------ Over 10 years ------ 79,842 + 5 0 0 ------ ------ All 17 639,889 + 1,175 10 0 27,000 18,430 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 19, 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 1,071 50 39 75 44 149 104 138 60 42 68 170 132 Securities, repurchase agreements, and loans 666,915 36,663 278,775 24,606 35,306 49,907 45,563 75,303 22,755 10,009 18,915 14,202 54,910 Securities held outright 639,899 36,663 251,775 24,606 35,306 49,907 45,563 75,303 22,753 10,003 18,915 14,202 54,901 U.S. Treasury (1) 639,889 36,662 251,771 24,606 35,306 49,907 45,563 75,302 22,753 10,003 18,915 14,201 54,900 Bills (2) 231,756 13,278 91,187 8,912 12,787 18,075 16,502 27,273 8,241 3,623 6,851 5,143 19,884 Notes and bonds(3) 408,132 23,384 160,584 15,694 22,519 31,831 29,061 48,029 14,512 6,380 12,064 9,058 35,016 Federal agency (2) 10 1 4 0 1 1 1 1 0 0 0 0 1 Repurchase agreements(4) 27,000 0 27,000 0 0 0 0 0 0 0 0 0 0 Loans 17 0 0 0 0 0 0 0 2 6 0 0 9 Items in process of collection 12,609 655 926 696 537 868 1,244 1,538 595 913 1,333 462 2,842 Bank premises 1,557 91 186 50 152 144 278 117 44 127 50 143 176 Other assets(5) 36,579 1,825 12,779 1,206 2,376 5,664 2,185 3,652 1,005 969 917 803 3,199 Interdistrict settlement account 0 - 6,366 +39,033 - 7,086 - 6,676 - 4,551 - 4,822 -19,546 - 4,115 + 3,273 - 2,393 +13,974 - 724 Total Assets 731,971 33,566 336,975 20,059 32,365 53,147 45,645 62,494 20,760 15,541 19,266 30,337 61,816 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 19, 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 765,780 32,321 337,229 25,081 31,727 53,795 60,063 63,007 21,939 15,040 21,389 35,712 68,477 Less: notes held by F.R. Banks 113,832 4,906 27,814 7,566 4,782 9,074 20,127 7,915 3,631 1,525 4,374 7,481 14,635 Federal Reserve notes, net 651,949 27,415 309,414 17,515 26,945 44,721 39,936 55,092 18,308 13,515 17,015 28,231 53,841 Reverse repurchase agreements (1) 18,430 1,056 7,251 709 1,017 1,437 1,312 2,169 655 288 545 409 1,581 Deposits 33,960 3,523 14,967 553 2,338 2,078 2,333 2,568 974 607 985 827 2,207 Depository institutions 29,942 3,520 11,041 551 2,334 2,011 2,331 2,565 972 606 984 825 2,203 U.S. Treasury, general account 3,607 0 3,607 0 0 0 0 0 0 0 0 0 0 Foreign official 150 2 127 1 3 7 2 3 1 1 1 1 3 Other 261 2 192 1 1 59 0 1 2 0 1 1 0 Deferred availability cash items 8,486 562 903 680 538 567 927 695 318 375 227 408 2,285 Other liabilities and accrued dividends (2) 2,224 142 677 99 129 227 185 234 99 80 89 86 178 Total liabilities 715,048 32,698 333,213 19,555 30,967 49,029 44,694 60,758 20,355 14,865 18,861 29,961 60,092 Capital Capital paid in 8,494 438 1,854 251 700 2,092 475 873 200 343 204 188 875 Surplus 8,297 431 1,809 233 699 2,026 475 858 199 332 201 186 849 Other capital 132 0 99 20 0 0 0 5 6 0 0 1 0 Total liabilities and capital 731,971 33,566 336,975 20,059 32,365 53,147 45,645 62,494 20,760 15,541 19,266 30,337 61,816 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 19, 2003 Federal Reserve notes, net of F.R. Bank holdings 651,949 Collateral held against Federal Reserve notes 651,949 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 638,710 Other eligible assets 0 Memo: Total U.S. Treasury and agency securities (1) 666,899 Less:face value of securities under reverse repurchase agreements 18,436 U.S. Treasury and agency securities eligible to be pledged 648,462 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.