FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks December 11, 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 Dec 10, 2003 Dec 3, 2003 Dec 11, 2002 Dec 10, 2003 Federal Reserve Banks Reserve Bank Credit 731,209 - 3,770 + 60,462 735,693 Securities held outright 665,488 + 789 + 55,573 665,610 U.S. Treasury (1) 665,479 + 790 + 55,574 665,610 Bills (2) 243,634 + 294 + 36,435 243,767 Notes and bonds, nominal (2) 406,173 0 + 16,954 406,173 Notes and bonds, inflation-indexed (2) 13,994 + 462 + 1,752 13,994 Inflation compensation (3) 1,678 + 34 + 433 1,676 Federal agency (2) 9 - 1 - 1 0 Repurchase agreements(4) 25,893 - 4,786 + 3,893 29,250 Loans to depository institutions 37 + 2 - 172 32 Primary credit 13 + 4 + 13 5 Secondary credit 0 0 0 0 Seasonal credit 24 - 2 - 22 26 Adjustment credit 0 0 - 164 0 Float 754 - 249 - 718 1,658 Other Federal Reserve assets 39,037 + 472 + 1,887 39,144 Gold stock 11,043 0 0 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 35,433 + 14 + 930 35,433 Total factors supplying reserve funds 779,885 - 3,757 + 61,392 784,370 Currency in circulation(5) 711,787 - 1,465 + 37,448 712,883 Reverse repurchase agreements (6) 19,464 + 795 + 19,464 18,964 Foreign official and international accounts 19,464 + 795 + 19,464 18,964 Dealers 0 0 0 0 Treasury cash holdings 326 + 2 - 50 324 Deposits with F.R.Banks, other than reserve balances 17,337 - 825 + 2,331 17,486 U.S. Treasury, general account 4,974 - 463 + 867 5,162 Foreign official 80 - 6 - 58 83 Service-related 12,000 - 361 + 1,446 12,000 Required clearing balances 11,850 - 2 + 1,569 11,850 Adjustments to compensate for float 150 - 359 - 123 150 Other 284 + 5 + 76 241 Other liabilities and capital 20,798 + 222 + 999 20,517 Total factors, other than reserve balances, absorbing reserve funds 769,711 - 1,273 + 60,191 770,174 Reserve balances with Federal Reserve Banks 10,174 - 2,484 + 1,201 14,196 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 1,044,955 + 8,007 + 209,486 1,045,195 U.S. Treasury 834,289 + 7,533 + 154,303 833,637 Federal agency 210,665 + 473 + 55,182 211,559 Securities lent to dealers 1,982 - 45 + 1,929 2,015 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 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 Dec 10, 2003 Dec 3, 2003 Dec 11, 2002 Assets Gold certificate account 11,039 0 0 Special drawing rights certificate account 2,200 0 0 Coin 754 + 10 - 278 Securities, repurchase agreements, and loans 694,892 + 6,126 + 54,064 Securities held outright 665,610 + 368 + 56,653 U.S. Treasury (1) 665,610 + 378 + 56,663 Bills (2) 243,767 + 382 + 37,529 Notes and bonds, nominal (2) 406,173 0 + 16,954 Notes and bonds, inflation-indexed (2) 13,994 0 + 1,752 Inflation compensation (3) 1,676 - 4 + 429 Federal agency (2) 0 - 10 - 10 Repurchase agreements (4) 29,250 + 5,750 - 1,500 Loans 32 + 9 - 1,089 Items in process of collection (1,005) 9,457 + 10 - 659 Bank premises 1,608 + 2 + 76 Other assets (5) 37,530 + 453 + 1,651 Total assets (1,005) 757,481 + 6,603 + 54,856 Liabilities Federal Reserve notes net of FR Bank holdings 678,524 - 828 + 36,080 Reverse repurchase agreements (6) 18,964 + 233 + 18,964 Deposits (0) 31,823 + 7,390 - 48 Depository institutions 26,336 + 6,676 + 311 U.S. Treasury, general account 5,162 + 788 - 344 Foreign official 83 - 33 - 56 Other (0) 241 - 41 + 40 Deferred availability cash items (1,005) 7,654 - 209 - 869 Other liabilities and accrued dividends (7) 2,356 + 29 - 95 Total liabilities (1,005) 739,320 + 6,615 + 54,030 Capital Accounts Capital paid in 8,824 - 8 + 465 Surplus 8,380 0 + 1,068 Other capital accounts 957 - 4 - 707 Total capital 18,161 - 12 + 826 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 collateralized 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, December 10, 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 11 29,607 - 14,832 0 - 10 25,250 18,964 16 days to 90 days 21 164,933 + 15,003 0 0 4,000 0 91 days to 1 year 0 163,532 + 210 0 0 ------ ------ Over 1 to 5 years ------ 179,072 - 1 0 0 ------ ------ Over 5 to 10 years ------ 51,316 - 2 0 0 ------ ------ Over 10 years ------ 77,150 - 1 0 0 ------ ------ All 32 665,610 + 378 0 - 10 29,250 18,964 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 December 10, 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 754 25 35 37 34 84 87 91 53 24 47 146 91 Securities, repurchase agreements, and loans 694,892 32,182 314,020 20,813 31,189 51,188 44,973 67,266 20,942 14,865 17,891 26,085 53,480 Securities held outright 665,610 32,179 284,770 20,810 31,189 51,188 44,966 67,260 20,941 14,857 17,888 26,085 53,478 U.S. Treasury (1) 665,610 32,179 284,770 20,810 31,189 51,188 44,966 67,260 20,941 14,857 17,888 26,085 53,478 Bills (2) 243,767 11,785 104,291 7,621 11,422 18,746 16,468 24,633 7,669 5,441 6,551 9,553 19,585 Notes and bonds(3) 421,844 20,394 180,478 13,189 19,767 32,441 28,498 42,627 13,272 9,416 11,337 16,532 33,893 Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements(4) 29,250 0 29,250 0 0 0 0 0 0 0 0 0 0 Loans 32 2 0 3 0 0 7 6 1 7 4 0 2 Items in process of collection 10,462 591 1,075 520 637 653 921 1,051 376 417 868 572 2,782 Bank premises 1,608 92 189 52 150 144 277 123 44 125 55 178 178 Other assets(5) 37,530 1,731 13,281 1,101 2,379 6,128 2,155 3,481 948 1,139 885 1,062 3,240 Interdistrict settlement account 0 + 3,604 - 6,315 + 313 - 2,329 + 456 + 1,520 - 8,271 - 1,957 + 130 - 813 + 5,267 + 8,395 Total Assets 758,486 38,834 327,864 23,299 32,641 59,608 50,962 64,936 20,807 16,953 19,304 33,915 69,362 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 December 10, 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 799,205 38,041 328,094 29,272 33,271 59,874 65,631 67,220 23,201 15,600 21,475 39,112 78,414 Less: notes held by F.R. Banks 120,682 5,278 25,481 8,567 5,247 10,686 19,721 9,575 4,451 1,483 4,444 7,821 17,927 Federal Reserve notes, net 678,524 32,764 302,613 20,704 28,024 49,188 45,910 57,645 18,749 14,117 17,030 31,291 60,488 Reverse repurchase agreements (1) 18,964 917 8,113 593 889 1,458 1,281 1,916 597 423 510 743 1,524 Deposits 31,823 3,558 11,203 971 1,733 3,857 1,659 2,635 608 1,127 773 962 2,736 Depository institutions 26,336 3,555 5,822 970 1,729 3,778 1,657 2,631 604 1,126 772 961 2,732 U.S. Treasury, general account 5,162 0 5,162 0 0 0 0 0 0 0 0 0 0 Foreign official 83 2 60 1 3 7 2 3 1 1 1 1 3 Other 241 1 160 0 1 71 0 1 3 0 1 1 1 Deferred availability cash items 8,659 548 978 405 388 652 917 629 272 496 532 492 2,351 Other liabilities and accrued dividends (2) 2,356 131 723 96 135 262 187 233 105 89 89 117 188 Total liabilities 740,325 37,917 323,630 22,769 31,168 55,417 49,955 63,059 20,331 16,252 18,933 33,606 67,287 Capital Capital paid in 8,824 448 2,027 258 723 2,067 490 914 232 345 163 111 1,046 Surplus 8,380 436 1,809 233 702 2,073 475 858 199 340 201 186 868 Other capital 957 32 398 39 47 50 42 105 45 16 7 12 161 Total liabilities and capital 758,486 38,834 327,864 23,299 32,641 59,608 50,962 64,936 20,807 16,953 19,304 33,915 69,362 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 Dec 10, 2003 Federal Reserve notes outstanding 799,205 Less: Notes held by F.R. Banks not subject to collateralization 120,682 Federal Reserve Notes to be collateralized 678,524 Collateral held against Federal Reserve notes 678,524 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 665,285 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities (1) 694,860 Less:face value of securities under reverse repurchase agreements 18,976 U.S. Treasury and agency securities eligible to be pledged 675,885 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.