FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks January 22, 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 21, 2004 Jan 14, 2004 Jan 22, 2003 Jan 21, 2004 Federal Reserve Banks Reserve Bank Credit 738,254 + 8,765 + 41,261 751,276 Securities held outright 666,827 + 29 + 37,411 666,832 U.S. Treasury (1) 666,827 + 29 + 37,421 666,832 Bills (2) 245,020 + 39 + 18,338 245,028 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) 1,639 - 10 + 376 1,636 Federal agency (2) 0 0 - 10 0 Repurchase agreements(4) 30,607 + 9,464 + 3,571 42,000 Loans to depository institutions 223 + 178 + 204 132 Primary credit 212 + 173 + 200 120 Secondary credit 0 0 0 0 Seasonal credit 11 + 5 + 4 12 Float -173 - 504 - 987 1,318 Other Federal Reserve assets 40,771 - 401 + 1,063 40,994 Gold stock 11,043 0 0 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 35,517 + 14 + 920 35,517 Total factors supplying reserve funds 787,015 + 8,780 + 42,182 800,036 Currency in circulation(5) 711,194 - 1,952 + 35,253 711,024 Reverse repurchase agreements (6) 19,997 - 446 + 1,430 19,735 Foreign official and international accounts 19,997 + 518 + 1,430 19,735 Dealers 0 - 964 0 0 Treasury cash holdings 334 + 10 - 34 343 Deposits with F.R.Banks, other than reserve balances 18,606 + 2,799 + 969 19,004 U.S. Treasury, general account 7,374 + 2,488 + 1,241 7,740 Foreign official 86 - 1 - 27 116 Service-related 10,732 + 196 - 434 10,732 Required clearing balances 10,184 0 - 355 10,184 Adjustments to compensate for float 548 + 196 - 79 548 Other 414 + 116 + 189 416 Other liabilities and capital 20,120 - 562 + 204 20,134 Total factors, other than reserve balances, absorbing reserve funds 770,251 - 152 + 37,823 770,240 Reserve balances with Federal Reserve Banks 16,763 + 8,931 + 4,358 29,796 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 1,105,102 + 22,171 + 247,337 1,108,391 U.S. Treasury 884,968 + 19,338 + 193,823 884,037 Federal agency 220,134 + 2,832 + 53,514 224,355 Securities lent to dealers 1,193 - 1,263 + 773 1,752 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 21, 2004 Jan 14, 2004 Jan 22, 2003 Assets Gold certificate account 11,039 0 0 Special drawing rights certificate account 2,200 0 0 Coin 779 + 27 - 306 Securities, repurchase agreements, and loans 708,964 + 18,152 + 42,785 Securities held outright 666,832 + 34 + 37,416 U.S. Treasury (1) 666,832 + 34 + 37,426 Bills (2) 245,028 + 43 + 18,346 Notes and bonds, nominal (2) 406,173 0 + 16,954 Notes and bonds, inflation-indexed (2) 13,994 0 + 1,752 Inflation compensation (3) 1,636 - 10 + 373 Federal agency (2) 0 0 - 10 Repurchase agreements (4) 42,000 + 18,000 + 5,250 Loans 132 + 118 + 119 Items in process of collection (1,226) 12,751 + 5,184 - 3,901 Bank premises 1,644 + 19 + 103 Other assets (5) 39,341 - 363 + 1,068 Total assets (1,226) 776,717 + 23,018 + 39,748 Liabilities Federal Reserve notes net of FR Bank holdings 676,625 - 815 + 33,344 Reverse repurchase agreements (6) 19,735 - 986 + 1,212 Deposits (85) 48,816 + 21,506 + 4,718 Depository institutions 40,544 + 19,041 + 2,915 U.S. Treasury, general account 7,740 + 2,342 + 1,621 Foreign official 116 + 35 - 6 Other (85) 416 + 88 + 188 Deferred availability cash items (1,141) 11,408 + 3,501 - 111 Other liabilities and accrued dividends (7) 2,242 + 62 + 29 Total liabilities (1,226) 758,825 + 23,266 + 39,191 Capital Accounts Capital paid in 8,875 0 + 485 Surplus 8,847 0 + 467 Other capital accounts 170 - 249 - 395 Total capital 17,892 - 249 + 557 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 21, 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 132 54,597 + 5,501 0 0 42,000 19,735 16 days to 90 days 0 141,753 - 5,234 0 0 0 0 91 days to 1 year 0 163,385 + 1,182 0 0 ------ ------ Over 1 to 5 years ------ 182,299 + 2,230 0 0 ------ ------ Over 5 to 10 years ------ 47,663 - 3,642 0 0 ------ ------ Over 10 years ------ 77,135 - 4 0 0 ------ ------ All 132 666,832 + 34 0 0 42,000 19,735 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 21, 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 779 27 32 39 36 87 87 102 56 26 44 147 95 Securities, repurchase agreements, and loans 708,964 32,312 327,292 20,848 31,246 51,315 45,051 67,390 20,980 14,887 17,928 26,133 53,581 Securities held outright 666,832 32,238 285,292 20,848 31,246 51,281 45,049 67,384 20,979 14,885 17,921 26,133 53,576 U.S. Treasury (1) 666,832 32,238 285,292 20,848 31,246 51,281 45,049 67,384 20,979 14,885 17,921 26,133 53,576 Bills (2) 245,028 11,846 104,831 7,661 11,481 18,843 16,553 24,760 7,709 5,469 6,585 9,603 19,687 Notes and bonds(3) 421,804 20,392 180,461 13,187 19,765 32,438 28,495 42,623 13,270 9,415 11,336 16,530 33,889 Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements(4) 42,000 0 42,000 0 0 0 0 0 0 0 0 0 0 Loans 132 74 0 0 0 34 2 7 0 3 7 0 5 Items in process of collection 13,977 1,029 1,178 729 830 1,000 1,357 1,027 673 645 1,060 763 3,685 Bank premises 1,644 94 189 53 151 145 278 125 49 125 73 182 179 Other assets(5) 39,341 1,838 13,824 1,163 2,500 6,379 2,286 3,679 1,015 1,194 938 1,109 3,417 Interdistrict settlement account 0 + 4,259 -17,088 - 434 - 1,993 + 6,764 + 2,630 - 7,083 - 1,603 - 301 - 466 + 5,886 + 9,428 Total Assets 777,943 40,170 331,007 22,861 33,352 66,645 52,718 66,435 21,572 16,830 19,946 34,826 71,583 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 21, 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 800,000 39,045 324,856 29,523 32,942 60,096 65,836 67,192 23,552 15,725 21,840 40,013 79,379 Less: notes held by F.R. Banks 123,375 5,443 27,936 9,105 5,260 10,234 19,999 8,874 4,347 1,577 4,537 7,703 18,359 Federal Reserve notes, net 676,625 33,602 296,920 20,418 27,682 49,863 45,837 58,318 19,205 14,148 17,304 32,310 61,020 Reverse repurchase agreements (1) 19,735 954 8,443 617 925 1,518 1,333 1,994 621 441 530 773 1,586 Deposits 48,901 3,545 19,353 720 2,436 9,924 3,119 3,003 710 924 980 783 3,403 Depository institutions 40,544 3,501 11,281 718 2,433 9,704 3,079 3,000 709 922 978 781 3,437 U.S. Treasury, general account 7,740 0 7,740 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 501 42 239 1 1 213 39 0 1 0 1 1 -38 Deferred availability cash items 12,549 1,039 1,427 470 731 960 1,258 1,023 467 545 722 621 3,286 Other liabilities and accrued dividends (2) 2,242 124 777 90 115 215 174 217 100 81 82 108 158 Total liabilities 760,051 39,264 326,920 22,315 31,888 62,480 51,722 64,555 21,103 16,139 19,619 34,596 69,452 Capital Capital paid in 8,875 448 2,032 271 727 2,075 490 931 227 345 160 111 1,057 Surplus 8,847 448 2,031 259 727 2,074 489 924 228 346 162 111 1,048 Other capital 170 9 25 17 9 16 16 24 14 0 4 9 25 Total liabilities and capital 777,943 40,170 331,007 22,861 33,352 66,645 52,718 66,435 21,572 16,830 19,946 34,826 71,583 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 21, 2004 Federal Reserve notes outstanding 800,000 Less: Notes held by F.R. Banks not subject to collateralization 123,375 Federal Reserve Notes to be collateralized 676,625 Collateral held against Federal Reserve notes 676,625 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 663,386 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities (1) 708,832 Less:face value of securities under reverse repurchase agreements 19,739 U.S. Treasury and agency securities eligible to be pledged 689,093 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.