FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks February 19, 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 Feb 18, 2004 Feb 11, 2004 Feb 19, 2003 Feb 18, 2004 Federal Reserve Banks Reserve Bank Credit 739,691 + 10,151 + 37,925 734,406 Securities held outright 670,117 + 1,415 + 39,108 670,786 U.S. Treasury (1) 670,117 + 1,415 + 39,118 670,786 Bills (2) 245,906 + 274 + 18,612 246,055 Notes and bonds, nominal (2) 408,603 + 1,145 + 18,386 409,124 Notes and bonds, inflation-indexed (2) 13,994 0 + 1,752 13,994 Inflation compensation (3) 1,613 - 4 + 368 1,612 Federal agency (2) 0 0 - 10 0 Repurchase agreements(4) 28,429 + 11,143 - 1,638 23,500 Loans to depository institutions 23 - 5 + 4 20 Primary credit 11 - 8 - 3 6 Secondary credit 0 0 0 0 Seasonal credit 11 + 2 + 6 14 Float -271 - 1,815 - 1,102 1,365 Other Federal Reserve assets 41,394 - 587 + 1,554 38,735 Gold stock 11,043 0 0 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 35,573 + 14 + 916 35,573 Total factors supplying reserve funds 788,507 + 10,165 + 38,841 783,222 Currency in circulation(5) 716,082 + 3,596 + 33,252 716,616 Reverse repurchase agreements (6) 22,837 + 2,386 + 4,912 19,951 Foreign official and international accounts 22,837 + 2,386 + 4,912 19,951 Dealers 0 0 0 0 Treasury cash holdings 334 - 18 - 24 323 Deposits with F.R.Banks, other than reserve balances 16,706 - 374 + 549 16,717 U.S. Treasury, general account 4,984 - 368 - 64 5,004 Foreign official 80 0 - 52 82 Service-related 11,324 + 84 + 594 11,324 Required clearing balances 10,937 0 + 622 10,937 Adjustments to compensate for float 386 + 83 - 29 386 Other 319 - 89 + 72 308 Other liabilities and capital 20,738 + 188 + 1,079 20,321 Total factors, other than reserve balances, absorbing reserve funds 776,696 + 5,777 + 39,768 773,927 Reserve balances with Federal Reserve Banks 11,810 + 4,387 - 928 9,295 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 1,134,523 + 8,975 + 259,928 1,142,538 U.S. Treasury 900,770 + 4,163 + 200,449 907,903 Federal agency 233,753 + 4,812 + 59,479 234,634 Securities lent to dealers 1,753 + 661 + 1,429 1,480 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 Feb 18, 2004 Feb 11, 2004 Feb 19, 2003 Assets Gold certificate account 11,038 0 - 1 Special drawing rights certificate account 2,200 0 0 Coin 881 + 6 - 242 Securities, repurchase agreements, and loans 694,306 + 5,687 + 28,520 Securities held outright 670,786 + 935 + 39,513 U.S. Treasury (1) 670,786 + 935 + 39,523 Bills (2) 246,055 + 208 + 18,494 Notes and bonds, nominal (2) 409,124 + 730 + 18,907 Notes and bonds, inflation-indexed (2) 13,994 0 + 1,752 Inflation compensation (3) 1,612 - 4 + 370 Federal agency (2) 0 0 - 10 Repurchase agreements (4) 23,500 + 4,750 - 10,996 Loans 20 + 2 + 3 Items in process of collection (925) 12,496 + 5,622 - 1,671 Bank premises 1,646 + 1 + 89 Other assets (5) 37,084 - 3,547 + 1,536 Total assets (925) 759,651 + 7,768 + 28,231 Liabilities Federal Reserve notes net of FR Bank holdings 682,243 + 1,973 + 31,207 Reverse repurchase agreements (6) 19,951 - 108 + 2,101 Deposits (0) 26,331 + 2,923 - 6,497 Depository institutions 20,938 + 3,250 - 7,068 U.S. Treasury, general account 5,004 - 243 + 597 Foreign official 82 0 - 52 Other (0) 308 - 82 + 27 Deferred availability cash items (925) 10,806 + 3,297 + 766 Other liabilities and accrued dividends (7) 2,244 - 13 - 5 Total liabilities (925) 741,575 + 8,072 + 27,571 Capital Accounts Capital paid in 8,898 + 4 + 464 Surplus 8,847 0 + 467 Other capital accounts 332 - 307 - 271 Total capital 18,076 - 304 + 660 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, February 18, 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 20 53,103 + 3,068 0 0 23,500 19,951 16 days to 90 days 0 150,375 + 1,482 0 0 0 0 91 days to 1 year 0 158,686 - 5,436 0 0 ------ ------ Over 1 to 5 years ------ 182,680 + 750 0 0 ------ ------ Over 5 to 10 years ------ 48,816 + 1,072 0 0 ------ ------ Over 10 years ------ 77,126 - 1 0 0 ------ ------ All 20 670,786 + 935 0 0 23,500 19,951 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 February 18, 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 11,038 495 4,705 380 477 808 863 982 331 224 303 507 963 Special drawing rights certificate acct. 2,200 115 874 83 104 147 166 212 71 30 66 98 234 Coin 881 35 39 48 45 93 96 114 62 28 54 157 110 Securities, repurchase agreements, and loans 694,306 32,433 310,484 20,972 31,431 51,586 45,316 67,792 21,104 14,977 18,030 26,288 53,895 Securities held outright 670,786 32,430 286,984 20,972 31,431 51,586 45,316 67,783 21,104 14,973 18,027 26,288 53,894 U.S. Treasury (1) 670,786 32,430 286,984 20,972 31,431 51,586 45,316 67,783 21,104 14,973 18,027 26,288 53,894 Bills (2) 246,055 11,896 105,270 7,693 11,530 18,922 16,623 24,864 7,741 5,492 6,613 9,643 19,769 Notes and bonds(3) 424,730 20,534 181,713 13,279 19,902 32,663 28,693 42,919 13,363 9,481 11,414 16,645 34,125 Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements(4) 23,500 0 23,500 0 0 0 0 0 0 0 0 0 0 Loans 20 3 0 0 0 0 0 8 0 4 3 0 1 Items in process of collection 13,421 834 1,154 677 1,001 1,041 1,514 1,037 662 629 792 833 3,246 Bank premises 1,646 94 190 52 151 145 278 125 48 125 74 185 179 Other assets(5) 37,084 1,699 13,118 1,091 2,367 5,990 2,098 3,488 994 1,118 763 820 3,538 Interdistrict settlement account 0 + 2,329 - 8,492 + 209 - 3,084 + 665 + 798 - 7,630 - 955 - 598 + 2 + 7,209 + 9,547 Total Assets 760,576 38,033 322,071 23,512 32,492 60,475 51,128 66,119 22,319 16,533 20,085 36,097 71,712 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 February 18, 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 801,092 39,390 324,977 29,344 32,985 60,328 64,272 67,363 23,662 15,959 22,135 40,228 80,449 Less: notes held by F.R. Banks 118,849 5,382 30,118 8,368 4,843 9,494 18,473 8,237 3,608 1,595 4,340 6,741 17,649 Federal Reserve notes, net 682,243 34,008 294,859 20,976 28,142 50,834 45,799 59,126 20,054 14,364 17,795 33,487 62,800 Reverse repurchase agreements (1) 19,951 965 8,535 624 935 1,534 1,348 2,016 628 445 536 782 1,603 Deposits 26,331 1,072 12,369 796 1,255 2,761 1,573 1,860 674 391 772 823 1,986 Depository institutions 20,938 1,053 7,149 794 1,251 2,630 1,571 1,856 668 390 770 822 1,982 U.S. Treasury, general account 5,004 0 5,004 0 0 0 0 0 0 0 0 0 0 Foreign official 82 2 59 1 2 7 2 3 1 1 1 0 4 Other 308 17 158 0 1 124 0 0 5 0 1 1 0 Deferred availability cash items 11,731 956 1,329 473 585 951 1,231 1,007 392 556 566 662 3,024 Other liabilities and accrued dividends (2) 2,244 124 753 90 116 224 178 219 102 80 85 108 165 Total liabilities 742,500 37,124 317,846 22,959 31,033 56,303 50,129 64,228 21,849 15,837 19,754 35,862 69,578 Capital Capital paid in 8,898 448 2,041 272 722 2,083 491 934 227 347 161 112 1,060 Surplus 8,847 448 2,031 259 727 2,074 489 924 228 346 162 111 1,048 Other capital 332 12 154 23 10 15 20 33 14 4 7 13 26 Total liabilities and capital 760,576 38,033 322,071 23,512 32,492 60,475 51,128 66,119 22,319 16,533 20,085 36,097 71,712 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 Feb 18, 2004 Federal Reserve notes outstanding 801,092 Less: Notes held by F.R. Banks not subject to collateralization 118,849 Federal Reserve Notes to be collateralized 682,243 Collateral held against Federal Reserve notes 682,243 Gold certificate account 11,038 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 669,004 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities (1) 694,286 Less:face value of securities under reverse repurchase agreements 19,955 U.S. Treasury and agency securities eligible to be pledged 674,331 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.