FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks January 8, 2004 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 Jan 7, 2004 Dec 31, 2003 Jan 8, 2003 Jan 7, 2004 Federal Reserve Banks Reserve Bank Credit 743,299 - 3,268 + 45,841 733,683 Securities held outright 666,704 + 302 + 37,288 666,720 U.S. Treasury (1) 666,704 + 302 + 37,298 666,720 Bills (2) 244,877 + 308 + 18,195 244,897 Notes and bonds, nominal (2) 406,173 0 + 16,954 406,173 Notes and bonds, inflation-indexed (2) 13,994 0 + 1,752 13,994 Inflation compensation (3) 1,659 - 7 + 396 1,655 Federal agency (2) 0 0 - 10 0 Repurchase agreements(4) 34,679 - 4,000 + 6,286 24,000 Loans to depository institutions 24 - 41 - 3 11 Primary credit 12 - 20 + 12 1 Secondary credit 0 0 0 0 Seasonal credit 11 - 22 - 6 10 Adjustment credit 0 0 - 10 0 Float 1,349 + 169 + 631 2,144 Other Federal Reserve assets 40,544 + 302 + 1,640 40,808 Gold stock 11,043 0 0 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 35,489 + 14 + 892 35,489 Total factors supplying reserve funds 792,031 - 3,255 + 46,733 782,415 Currency in circulation(5) 721,162 - 2,551 + 37,939 717,836 Reverse repurchase agreements (6) 22,477 + 842 + 3,944 19,587 Foreign official and international accounts 22,120 + 485 + 3,587 19,587 Dealers 357 + 357 + 357 0 Treasury cash holdings 321 + 2 - 49 323 Deposits with F.R.Banks, other than reserve balances 18,083 - 293 + 2,050 17,245 U.S. Treasury, general account 5,319 - 531 + 490 4,915 Foreign official 95 - 4 - 12 84 Service-related 12,021 - 88 + 1,135 12,021 Required clearing balances 11,830 - 1 + 1,295 11,830 Adjustments to compensate for float 192 - 86 - 159 192 Other 647 + 328 + 436 225 Other liabilities and capital 20,125 - 464 + 908 20,382 Total factors, other than reserve balances, absorbing reserve funds 782,168 - 2,465 + 44,792 775,374 Reserve balances with Federal Reserve Banks 9,863 - 790 + 1,941 7,041 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 1,072,660 + 5,918 + 211,575 1,074,509 U.S. Treasury 862,004 + 6,132 + 167,987 861,930 Federal agency 210,656 - 213 + 43,588 212,579 Securities lent to dealers 3,200 + 114 + 2,240 2,328 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 Jan 7, 2004 Dec 31, 2003 Jan 8, 2003 Assets Gold certificate account 11,039 0 0 Special drawing rights certificate account 2,200 0 0 Coin 725 + 3 - 271 Securities, repurchase agreements, and loans 690,731 - 19,746 + 27,547 Securities held outright 666,720 + 55 + 37,304 U.S. Treasury (1) 666,720 + 55 + 37,314 Bills (2) 244,897 + 64 + 18,215 Notes and bonds, nominal (2) 406,173 0 + 16,954 Notes and bonds, inflation-indexed (2) 13,994 0 + 1,752 Inflation compensation (3) 1,655 - 10 + 392 Federal agency (2) 0 0 - 10 Repurchase agreements (4) 24,000 - 19,750 - 9,750 Loans 11 - 51 - 7 Items in process of collection (1,002) 11,241 + 3,448 + 2,888 Bank premises 1,624 - 4 + 83 Other assets (5) 39,159 + 573 + 1,676 Total assets (1,002) 756,718 - 15,726 + 31,922 Liabilities Federal Reserve notes net of FR Bank holdings 683,391 - 6,366 + 36,321 Reverse repurchase agreements (6) 19,587 - 6,065 + 878 Deposits (0) 25,080 - 4,580 - 6,055 Depository institutions 19,856 - 3,202 - 5,340 U.S. Treasury, general account 4,915 - 808 - 575 Foreign official 84 - 78 - 15 Other (0) 225 - 492 - 125 Deferred availability cash items (1,002) 8,279 + 697 - 220 Other liabilities and accrued dividends (7) 2,102 + 2 - 120 Total liabilities (1,002) 738,438 - 16,312 + 30,803 Capital Accounts Capital paid in 8,851 + 4 + 465 Surplus 8,847 0 + 499 Other capital accounts 583 + 583 + 157 Total capital 18,281 + 587 + 1,120 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, January 7, 2004 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 1 48,447 + 714 0 0 24,000 19,587 16 days to 90 days 10 147,438 + 8,091 0 0 0 0 91 days to 1 year 0 162,313 - 1,758 0 0 ------ ------ Over 1 to 5 years ------ 180,071 - 6,985 0 0 ------ ------ Over 5 to 10 years ------ 51,309 - 3 0 0 ------ ------ Over 10 years ------ 77,142 - 4 0 0 ------ ------ All 11 666,720 + 55 0 0 24,000 19,587 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 January 7, 2004 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 725 25 29 37 32 83 81 92 53 24 42 140 86 Securities, repurchase agreements, and loans 690,731 32,233 309,244 20,844 31,241 51,273 45,043 67,380 20,976 14,882 17,919 26,129 53,568 Securities held outright 666,720 32,233 285,244 20,844 31,241 51,273 45,041 67,372 20,976 14,882 17,918 26,129 53,567 U.S. Treasury (1) 666,720 32,233 285,244 20,844 31,241 51,273 45,041 67,372 20,976 14,882 17,918 26,129 53,567 Bills (2) 244,897 11,840 104,775 7,656 11,475 18,833 16,544 24,747 7,705 5,466 6,581 9,597 19,676 Notes and bonds(3) 421,823 20,393 180,469 13,188 19,766 32,439 28,497 42,625 13,271 9,416 11,336 16,531 33,891 Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements(4) 24,000 0 24,000 0 0 0 0 0 0 0 0 0 0 Loans 11 0 0 0 0 0 2 7 0 0 1 0 0 Items in process of collection 12,243 680 1,035 612 459 559 988 1,347 562 708 680 722 3,892 Bank premises 1,624 93 189 53 151 145 278 125 49 125 57 182 178 Other assets(5) 39,159 1,821 13,806 1,156 2,485 6,358 2,271 3,655 999 1,189 929 1,098 3,392 Interdistrict settlement account 0 + 2,263 - 5,022 - 22 - 2,309 + 222 + 1,532 - 7,854 - 1,748 - 686 - 603 + 5,584 + 8,641 Total Assets 757,721 37,725 324,863 23,143 32,640 59,595 51,221 65,939 21,292 16,496 19,393 34,460 70,954 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 January 7, 2004 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 799,397 38,741 326,440 29,309 33,026 60,125 65,473 67,259 23,290 15,595 21,594 39,747 78,796 Less: notes held by F.R. Banks 116,006 5,070 24,809 8,833 4,900 9,939 19,369 8,608 4,127 1,519 4,278 7,585 16,968 Federal Reserve notes, net 683,391 33,671 301,631 20,476 28,126 50,186 46,104 58,652 19,163 14,075 17,317 32,162 61,828 Reverse repurchase agreements (1) 19,587 947 8,380 612 918 1,506 1,323 1,979 616 437 526 768 1,574 Deposits 25,080 1,398 8,644 1,066 1,505 2,822 1,654 2,397 671 691 594 697 2,941 Depository institutions 19,856 1,396 3,508 1,065 1,501 2,756 1,653 2,394 668 690 592 696 2,938 U.S. Treasury, general account 4,915 0 4,915 0 0 0 0 0 0 0 0 0 0 Foreign official 84 2 60 1 3 7 2 3 1 1 1 1 3 Other 225 1 161 0 1 58 0 0 1 0 1 1 0 Deferred availability cash items 9,281 666 1,221 368 498 662 953 790 273 511 537 490 2,312 Other liabilities and accrued dividends (2) 2,102 122 661 90 110 210 175 215 98 78 81 106 156 Total liabilities 739,440 36,804 320,537 22,612 31,156 55,386 50,209 64,033 20,821 15,793 19,054 34,223 68,811 Capital Capital paid in 8,851 448 2,031 259 727 2,074 490 931 227 345 160 111 1,048 Surplus 8,847 448 2,031 259 727 2,074 489 924 228 346 162 111 1,048 Other capital 583 24 264 14 30 61 33 50 16 13 15 16 47 Total liabilities and capital 757,721 37,725 324,863 23,143 32,640 59,595 51,221 65,939 21,292 16,496 19,393 34,460 70,954 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 Jan 7, 2004 Federal Reserve notes outstanding 799,397 Less: Notes held by F.R. Banks not subject to collateralization 116,006 Federal Reserve Notes to be collateralized 683,391 Collateral held against Federal Reserve notes 683,391 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 670,152 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities (1) 690,720 Less:face value of securities under reverse repurchase agreements 19,592 U.S. Treasury and agency securities eligible to be pledged 671,128 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.