FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks March 4, 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 Mar 3, 2004 Feb 25, 2004 Mar 5, 2003 Mar 3, 2004 Federal Reserve Banks Reserve Bank Credit 736,597 + 4,540 + 34,628 732,974 Securities held outright 671,586 + 677 + 34,713 671,632 U.S. Treasury (1) 671,586 + 677 + 34,723 671,632 Bills (2) 246,200 + 113 + 15,311 246,240 Notes and bonds, nominal (2) 409,784 + 566 + 17,288 409,784 Notes and bonds, inflation-indexed (2) 13,994 0 + 1,752 13,994 Inflation compensation (3) 1,608 - 1 + 372 1,613 Federal agency (2) 0 0 - 10 0 Repurchase agreements(4) 26,286 + 3,286 - 850 23,750 Loans to depository institutions 24 - 28 - 5 26 Primary credit 3 - 34 - 21 5 Secondary credit 0 0 0 0 Seasonal credit 21 + 5 + 15 22 Float 153 + 691 - 331 -632 Other Federal Reserve assets 38,548 - 86 + 1,101 38,199 Gold stock 11,045 + 2 + 2 11,045 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 35,601 + 14 + 891 35,601 Total factors supplying reserve funds 785,442 + 4,555 + 35,520 781,820 Currency in circulation(5) 713,341 - 826 + 30,954 714,655 Reverse repurchase agreements (6) 20,609 + 183 + 2,531 18,886 Foreign official and international accounts 20,609 + 183 + 2,531 18,886 Dealers 0 0 0 0 Treasury cash holdings 317 - 5 - 28 314 Deposits with F.R.Banks, other than reserve balances 16,232 - 32 + 204 15,321 U.S. Treasury, general account 5,618 + 471 + 709 4,698 Foreign official 91 + 6 - 95 82 Service-related 10,207 - 510 - 514 10,207 Required clearing balances 10,079 - 1 - 257 10,079 Adjustments to compensate for float 128 - 509 - 257 128 Other 316 + 1 + 104 335 Other liabilities and capital 19,967 - 258 + 162 19,767 Total factors, other than reserve balances, absorbing reserve funds 770,466 - 938 + 33,823 768,943 Reserve balances with Federal Reserve Banks 14,977 + 5,495 + 1,698 12,877 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 1,151,680 + 8,817 + 261,002 1,158,993 U.S. Treasury 916,498 + 7,058 + 204,144 922,603 Federal agency 235,182 + 1,759 + 56,858 236,390 Securities lent to dealers 1,404 + 725 + 925 1,739 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 Mar 3, 2004 Feb 25, 2004 Mar 5, 2003 Assets Gold certificate account 11,041 + 3 + 2 Special drawing rights certificate account 2,200 0 0 Coin 867 - 11 - 213 Securities, repurchase agreements, and loans 695,408 + 3,610 + 34,999 Securities held outright 671,632 + 105 + 34,483 U.S. Treasury (1) 671,632 + 105 + 34,493 Bills (2) 246,240 + 99 + 15,179 Notes and bonds, nominal (2) 409,784 0 + 17,191 Notes and bonds, inflation-indexed (2) 13,994 0 + 1,752 Inflation compensation (3) 1,613 + 5 + 371 Federal agency (2) 0 0 - 10 Repurchase agreements (4) 23,750 + 3,750 + 500 Loans 26 - 244 + 15 Items in process of collection (1,332) 8,054 + 1,058 - 2,930 Bank premises 1,649 - 1 + 94 Other assets (5) 36,545 - 450 + 165 Total assets (1,332) 755,763 + 4,208 + 32,115 Liabilities Federal Reserve notes net of FR Bank holdings 680,230 + 79 + 29,832 Reverse repurchase agreements (6) 18,886 + 14 + 927 Deposits (0) 28,201 + 2,767 + 1,376 Depository institutions 23,087 + 3,272 + 2,107 U.S. Treasury, general account 4,698 - 511 - 803 Foreign official 82 + 2 - 23 Other (0) 335 + 5 + 97 Deferred availability cash items (1,332) 8,680 + 1,510 - 93 Other liabilities and accrued dividends (7) 2,220 - 19 - 30 Total liabilities (1,332) 738,217 + 4,351 + 32,012 Capital Accounts Capital paid in 8,966 + 61 + 488 Surplus 8,508 - 192 + 128 Other capital accounts 72 - 12 - 512 Total capital 17,547 - 142 + 105 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, March 3, 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 5 42,298 - 9,431 0 0 23,750 18,886 16 days to 90 days 21 159,232 + 7,603 0 0 0 0 91 days to 1 year 0 161,152 + 2,260 0 0 ------ ------ Over 1 to 5 years ------ 182,347 - 331 0 0 ------ ------ Over 5 to 10 years ------ 49,241 + 1 0 0 ------ ------ Over 10 years ------ 77,361 + 2 0 0 ------ ------ All 26 671,632 + 105 0 0 23,750 18,886 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 March 3, 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 11,041 495 4,708 380 477 808 863 982 331 224 303 507 963 Special drawing rights certificate acct. 2,200 115 874 83 104 147 166 212 71 30 66 98 234 Coin 867 37 39 47 45 92 92 110 59 29 51 151 116 Securities, repurchase agreements, and loans 695,408 32,473 311,099 20,998 31,471 51,651 45,373 67,881 21,133 14,995 18,050 26,321 53,963 Securities held outright 671,632 32,470 287,346 20,998 31,471 51,651 45,373 67,869 21,130 14,992 18,050 26,321 53,962 U.S. Treasury (1) 671,632 32,470 287,346 20,998 31,471 51,651 45,373 67,869 21,130 14,992 18,050 26,321 53,962 Bills (2) 246,240 11,905 105,349 7,698 11,538 18,937 16,635 24,883 7,747 5,496 6,618 9,650 19,784 Notes and bonds(3) 425,391 20,566 181,996 13,299 19,933 32,714 28,738 42,986 13,383 9,495 11,432 16,671 34,178 Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements(4) 23,750 0 23,750 0 0 0 0 0 0 0 0 0 0 Loans 26 3 4 0 0 0 0 12 3 3 0 0 1 Items in process of collection 9,386 530 581 513 628 694 758 714 491 393 574 445 3,064 Bank premises 1,649 94 189 52 151 145 278 126 48 125 74 189 180 Other assets(5) 36,545 1,675 13,055 1,039 2,311 5,804 2,083 3,440 985 1,094 761 833 3,465 Interdistrict settlement account 0 + 3,686 -15,242 + 1,310 - 2,599 + 1,409 + 1,276 - 7,971 - 1,181 - 669 + 49 + 7,167 +12,765 Total Assets 757,095 39,105 315,303 24,422 32,587 60,750 50,888 65,494 21,937 16,220 19,928 35,712 74,750 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 March 3, 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 802,369 39,183 324,067 29,623 32,868 60,265 64,289 66,967 23,597 15,870 22,173 40,110 83,357 Less: notes held by F.R. Banks 122,140 5,346 31,823 8,322 5,026 10,114 18,579 8,599 3,753 1,589 4,459 6,740 17,790 Federal Reserve notes, net 680,230 33,837 292,244 21,302 27,842 50,151 45,710 58,368 19,844 14,281 17,714 33,370 65,566 Reverse repurchase agreements (1) 18,886 913 8,080 590 885 1,452 1,276 1,908 594 422 508 740 1,517 Deposits 28,201 2,638 8,858 1,500 1,794 4,165 1,619 2,377 636 386 821 766 2,641 Depository institutions 23,087 2,633 3,940 1,499 1,791 4,002 1,618 2,374 623 385 820 765 2,638 U.S. Treasury, general account 4,698 0 4,698 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 335 3 161 0 0 156 0 0 12 0 1 0 0 Deferred availability cash items 10,012 716 1,220 404 541 747 1,131 809 319 463 491 493 2,679 Other liabilities and accrued dividends (2) 2,220 124 712 90 118 233 179 220 103 76 86 109 170 Total liabilities 739,549 38,228 311,114 23,886 31,179 56,748 49,916 63,682 21,496 15,627 19,620 35,478 72,573 Capital Capital paid in 8,966 449 2,098 273 723 2,089 491 908 223 264 149 114 1,183 Surplus 8,508 428 2,031 259 685 1,912 481 903 219 328 159 111 993 Other capital 72 0 60 4 0 0 0 0 0 0 0 9 0 Total liabilities and capital 757,095 39,105 315,303 24,422 32,587 60,750 50,888 65,494 21,937 16,220 19,928 35,712 74,750 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 Mar 3, 2004 Federal Reserve notes outstanding 802,369 Less: Notes held by F.R. Banks not subject to collateralization 122,140 Federal Reserve Notes to be collateralized 680,230 Collateral held against Federal Reserve notes 680,230 Gold certificate account 11,041 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 666,989 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities (1) 695,382 Less:face value of securities under reverse repurchase agreements 18,891 U.S. Treasury and agency securities eligible to be pledged 676,490 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.