FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks May 15, 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 May 14, 2003 May 7, 2003 May 15, 2002 May 14, 2003 Federal Reserve Banks Reserve Bank Credit 714,343 + 6,104 + 68,449 720,070 Securities held outright 647,817 + 398 + 63,835 647,947 U.S. Treasury (1) 647,807 + 398 + 63,835 647,937 Bills (2) 236,754 + 379 + 42,083 236,877 Notes and bonds, nominal (2) 396,776 0 + 20,175 396,776 Notes and bonds, inflation-indexed (2) 12,814 0 + 1,212 12,814 Inflation compensation (3) 1,463 + 20 + 365 1,470 Federal agency (2) 10 0 0 10 Repurchase agreements(4) 25,644 + 5,107 + 2,857 30,752 Loans to depository institutions 51 + 1 - 50 60 Primary credit 2 - 2 + 2 4 Secondary credit 0 0 0 0 Seasonal credit 49 + 3 - 46 56 Adjustment credit 0 0 - 6 0 Float -25 - 121 + 74 284 Other Federal Reserve assets 40,855 + 719 + 1,731 41,027 Gold stock 11,043 0 - 1 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 34,850 + 14 + 1,075 34,850 Total factors supplying reserve funds 762,436 + 6,118 + 69,524 768,163 Currency in circulation(5) 689,648 + 905 + 41,867 690,918 Reverse repurchase agreements (6) 20,641 - 684 + 20,641 21,073 Foreign official and international accounts 20,641 - 684 + 20,641 21,073 Dealers 0 0 0 0 Treasury cash holdings 343 + 2 - 65 349 Deposits with F.R.Banks, other than reserve balances 18,775 + 183 + 3,285 18,876 U.S. Treasury, general account 7,139 + 26 + 2,005 7,199 Foreign official 86 - 16 - 13 122 Service-related 11,291 + 182 + 1,249 11,291 Required clearing balances 10,882 0 + 1,019 10,882 Adjustments to compensate for float 409 + 182 + 230 409 Other 259 - 10 + 45 264 Other liabilities and capital 20,438 + 107 + 1,339 20,053 Total factors, other than reserve balances, absorbing reserve funds 749,846 + 514 + 67,069 751,270 Reserve balances with Federal Reserve Banks 12,590 + 5,604 + 2,455 16,893 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 896,791 + 2,915 ------ 901,212 U.S. Treasury 714,349 + 2,209 ------ 718,995 Federal agency 182,442 + 706 ------ 182,217 Securities lent to dealers 523 + 63 - 246 558 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 May 14, 2003 May 7, 2003 May 15, 2002 Assets Gold certificate account 11,039 0 - 5 Special drawing rights certificate account 2,200 0 0 Coin 983 - 20 + 21 Securities, repurchase agreements, and loans 678,759 + 8,869 + 64,627 Securities held outright 647,947 + 367 + 62,170 U.S. Treasury (1) 647,937 + 367 + 62,170 Bills (2) 236,877 + 348 + 41,501 Notes and bonds, nominal (2) 396,776 0 + 19,093 Notes and bonds, inflation-indexed (2) 12,814 0 + 1,212 Inflation compensation (3) 1,470 + 20 + 364 Federal agency (2) 10 0 0 Repurchase agreements (4) 30,752 + 8,501 + 2,501 Loans 60 + 1 - 44 Items in process of collection (1,042) 7,078 - 2,478 + 495 Bank premises 1,580 + 2 + 66 Other assets (5) 39,670 + 529 + 5,466 Total assets (1,042) 741,309 + 6,902 + 70,670 Liabilities Federal Reserve notes net of FR Bank holdings 657,396 + 179 + 40,630 Reverse repurchase agreements (6) 21,073 + 406 + 21,073 Deposits (0) 35,188 + 7,316 + 7,642 Depository institutions 27,603 + 6,186 + 5,349 U.S. Treasury, general account 7,199 + 1,149 + 2,231 Foreign official 122 - 23 + 14 Other (0) 264 + 5 + 48 Deferred availability cash items (1,042) 7,599 - 943 + 251 Other liabilities and accrued dividends (7) 2,333 + 39 - 114 Total liabilities (1,042) 723,589 + 6,997 + 69,481 Capital Accounts Capital paid in 8,568 + 4 + 488 Surplus 8,380 0 + 1,070 Other capital accounts 772 - 99 - 368 Total capital 17,720 - 96 + 1,189 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, May 14, 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 15 46,792 - 58 0 0 25,752 21,073 16 days to 90 days 45 132,509 + 922 0 0 5,000 0 91 days to 1 year 0 156,610 - 515 10 0 ------ ------ Over 1 to 5 years ------ 180,509 + 5 0 0 ------ ------ Over 5 to 10 years ------ 51,550 + 6 0 0 ------ ------ Over 10 years ------ 79,968 + 8 0 0 ------ ------ All 60 647,937 + 367 10 0 30,752 21,073 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 May 14, 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 11,039 495 4,706 380 477 808 863 982 331 224 303 507 963 Special drawing rights certificate acct. 2,200 115 874 83 104 147 166 212 71 30 66 98 234 Coin 983 48 34 71 39 129 98 123 55 39 67 158 121 Securities, repurchase agreements, and loans 678,759 31,329 307,965 20,258 30,361 49,829 43,775 65,487 20,397 14,484 17,418 25,393 52,064 Securities held outright 647,947 31,325 277,213 20,257 30,361 49,829 43,773 65,475 20,385 14,463 17,413 25,393 52,059 U.S. Treasury (1) 647,937 31,325 277,208 20,257 30,361 49,828 43,772 65,474 20,385 14,463 17,413 25,392 52,058 Bills (2) 236,877 11,452 101,344 7,406 11,099 18,217 16,002 23,936 7,452 5,287 6,366 9,283 19,032 Notes and bonds(3) 411,060 19,873 175,865 12,851 19,261 31,612 27,770 41,538 12,932 9,175 11,047 16,109 33,026 Federal agency (2) 10 0 4 0 0 1 1 1 0 0 0 0 1 Repurchase agreements(4) 30,752 0 30,752 0 0 0 0 0 0 0 0 0 0 Loans 60 3 0 1 0 0 2 11 12 21 5 0 5 Items in process of collection 8,120 462 591 384 210 676 804 676 436 409 692 350 2,430 Bank premises 1,580 91 186 51 151 143 279 117 43 126 51 164 176 Other assets(5) 39,670 1,841 14,421 1,110 2,441 6,097 2,335 3,711 1,037 1,171 960 1,156 3,390 Interdistrict settlement account 0 - 3,148 +15,899 - 3,085 - 2,327 - 1,528 - 3,414 - 7,994 - 1,205 - 175 + 25 + 2,911 + 4,041 Total Assets 742,351 31,233 344,675 19,252 31,457 56,301 44,904 63,315 21,166 16,309 19,583 30,736 63,419 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 May 14, 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 760,942 31,889 335,692 24,144 31,240 53,972 59,564 62,955 22,215 15,215 21,218 35,033 67,805 Less: notes held by F.R. Banks 103,546 4,428 24,780 7,419 4,073 7,773 20,020 6,654 3,388 1,353 4,062 6,821 12,777 Federal Reserve notes, net 657,396 27,461 310,912 16,725 27,167 46,199 39,544 56,301 18,828 13,862 17,156 28,212 55,028 Reverse repurchase agreements (1) 21,073 1,019 9,016 659 987 1,621 1,424 2,129 663 470 566 826 1,693 Deposits 35,188 1,110 19,113 763 1,290 3,370 1,746 2,221 799 785 900 778 2,313 Depository institutions 27,603 1,098 11,658 762 1,286 3,271 1,744 2,221 798 783 894 777 2,310 U.S. Treasury, general account 7,199 0 7,199 0 0 0 0 0 0 0 0 0 0 Foreign official 122 2 99 1 3 7 2 3 1 1 1 1 3 Other 264 10 158 0 1 91 0 -3 1 0 5 1 0 Deferred availability cash items 8,641 590 934 489 452 630 1,017 625 294 395 446 413 2,356 Other liabilities and accrued dividends (2) 2,333 134 721 97 128 263 187 230 100 92 88 109 185 Total liabilities 724,631 30,314 340,697 18,732 30,024 52,082 43,918 61,507 20,684 15,604 19,156 30,338 61,575 Capital Capital paid in 8,568 446 1,878 251 696 2,075 475 875 233 346 204 190 899 Surplus 8,380 436 1,809 233 702 2,073 475 858 199 340 201 186 868 Other capital 772 38 292 35 33 71 36 75 50 20 21 22 77 Total liabilities and capital 742,351 31,233 344,675 19,252 31,457 56,301 44,904 63,315 21,166 16,309 19,583 30,736 63,419 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 May 14, 2003 Federal Reserve notes outstanding 760,942 Less: Notes held by F.R. Banks not subject to collateralization 99,587 Federal Reserve Notes to be collateralized 661,356 Collateral held against Federal Reserve notes 661,356 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 648,117 Other eligible assets 0 Memo: Total U.S. Treasury and agency securities (1) 678,699 Less:face value of securities under reverse repurchase agreements 21,079 U.S. Treasury and agency securities eligible to be pledged 657,620 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.