FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks March 25, 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 24, 2004 Mar 17, 2004 Mar 26, 2003 Mar 24, 2004 Federal Reserve Banks Reserve Bank Credit 731,279 - 5,713 + 32,298 732,458 Securities held outright 673,518 + 432 + 33,389 673,995 U.S. Treasury (1) 673,518 + 432 + 33,399 673,995 Bills (2) 246,469 + 61 + 14,577 246,469 Notes and bonds, nominal (2) 410,917 + 354 + 16,296 411,388 Notes and bonds, inflation-indexed (2) 14,464 0 + 2,140 14,464 Inflation compensation (3) 1,668 + 18 + 386 1,674 Federal agency (2) 0 0 - 10 0 Repurchase agreements(4) 18,786 - 6,393 - 500 19,750 Loans to depository institutions 62 - 13 + 52 48 Primary credit 26 - 22 + 24 6 Secondary credit 0 0 0 0 Seasonal credit 36 + 9 + 28 42 Float -776 - 88 - 2,185 -1,179 Other Federal Reserve assets 39,690 + 349 + 1,543 39,844 Gold stock 11,045 0 + 2 11,045 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 35,643 + 14 + 867 35,643 Total factors supplying reserve funds 780,167 - 5,700 + 33,167 781,347 Currency in circulation(5) 714,061 + 193 + 29,542 714,914 Reverse repurchase agreements (6) 19,239 + 144 + 919 19,987 Foreign official and international accounts 19,239 + 144 + 919 19,987 Dealers 0 0 0 0 Treasury cash holdings 339 + 16 - 55 347 Deposits with F.R.Banks, other than reserve balances 16,258 - 1,041 - 1,525 15,282 U.S. Treasury, general account 5,371 - 366 - 545 4,404 Foreign official 80 - 6 - 160 80 Service-related 10,551 - 578 - 861 10,551 Required clearing balances 10,409 - 477 - 568 10,409 Adjustments to compensate for float 142 - 101 - 293 142 Other 256 - 91 + 41 247 Other liabilities and capital 20,964 + 428 + 1,552 20,707 Total factors, other than reserve balances, absorbing reserve funds 770,861 - 260 + 30,433 771,236 Reserve balances with Federal Reserve Banks 9,306 - 5,440 + 2,735 10,111 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 1,176,184 + 7,914 + 281,076 1,170,893 U.S. Treasury 936,651 + 3,517 + 221,081 932,809 Federal agency 239,533 + 4,397 + 59,995 238,084 Securities lent to dealers 1,741 - 998 - 1,017 1,667 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 24, 2004 Mar 17, 2004 Mar 26, 2003 Assets Gold certificate account 11,041 0 + 2 Special drawing rights certificate account 2,200 0 0 Coin 834 - 12 - 247 Securities, repurchase agreements, and loans 693,793 - 8,457 + 27,385 Securities held outright 673,995 + 842 + 33,094 U.S. Treasury (1) 673,995 + 842 + 33,104 Bills (2) 246,469 0 + 14,326 Notes and bonds, nominal (2) 411,388 + 825 + 16,767 Notes and bonds, inflation-indexed (2) 14,464 0 + 1,650 Inflation compensation (3) 1,674 + 17 + 362 Federal agency (2) 0 0 - 10 Repurchase agreements (4) 19,750 - 9,000 - 5,750 Loans 48 - 299 + 41 Items in process of collection (961) 4,627 - 1,288 - 1,938 Bank premises 1,655 + 2 + 97 Other assets (5) 38,243 + 619 + 1,122 Total assets (961) 752,393 - 9,136 + 26,422 Liabilities Federal Reserve notes net of FR Bank holdings 680,447 - 563 + 27,517 Reverse repurchase agreements (6) 19,987 + 1,217 + 1,756 Deposits (0) 25,447 - 9,042 - 2,632 Depository institutions 20,716 - 6,919 - 1,099 U.S. Treasury, general account 4,404 - 2,011 - 1,523 Foreign official 80 - 32 - 82 Other (0) 247 - 79 + 72 Deferred availability cash items (961) 5,805 - 878 - 1,325 Other liabilities and accrued dividends (7) 2,265 + 39 + 17 Total liabilities (961) 733,951 - 9,228 + 25,333 Capital Accounts Capital paid in 8,964 - 33 + 471 Surplus 8,847 + 55 + 467 Other capital accounts 631 + 71 + 151 Total capital 18,441 + 91 + 1,089 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 24, 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 42 50,976 + 595 0 0 19,750 19,987 16 days to 90 days 6 150,619 - 793 0 0 0 0 91 days to 1 year 0 161,315 + 197 0 0 ------ ------ Over 1 to 5 years ------ 183,661 + 582 0 0 ------ ------ Over 5 to 10 years ------ 49,998 + 254 0 0 ------ ------ Over 10 years ------ 77,426 + 7 0 0 ------ ------ All 48 673,995 + 842 0 0 19,750 19,987 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 24, 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 834 39 39 49 43 85 78 107 60 30 49 145 111 Securities, repurchase agreements, and loans 693,793 32,592 308,107 21,076 31,582 51,832 45,534 68,123 21,214 15,053 18,115 26,414 54,152 Securities held outright 673,995 32,585 288,357 21,072 31,582 51,832 45,532 68,107 21,205 15,045 18,113 26,414 54,152 U.S. Treasury (1) 673,995 32,585 288,357 21,072 31,582 51,832 45,532 68,107 21,205 15,045 18,113 26,414 54,152 Bills (2) 246,469 11,916 105,447 7,706 11,549 18,954 16,650 24,906 7,754 5,502 6,624 9,659 19,802 Notes and bonds(3) 427,527 20,669 182,910 13,366 20,033 32,878 28,882 43,202 13,451 9,543 11,490 16,755 34,349 Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements(4) 19,750 0 19,750 0 0 0 0 0 0 0 0 0 0 Loans 48 7 0 4 0 0 1 15 9 8 2 0 0 Items in process of collection 5,588 314 536 267 295 285 432 417 216 357 417 281 1,773 Bank premises 1,655 96 189 52 151 144 278 127 49 125 74 189 180 Other assets(5) 38,243 1,754 13,681 1,177 2,396 5,985 2,183 3,614 1,020 1,135 801 883 3,615 Interdistrict settlement account 0 + 2,321 -13,329 + 1,410 - 4,035 - 42 + 2,086 - 9,192 - 1,102 - 647 + 376 + 8,508 +13,646 Total Assets 753,354 37,724 314,804 24,493 31,013 59,245 51,620 64,391 21,859 16,306 20,201 37,025 74,674 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 24, 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 803,674 38,988 323,134 29,581 32,542 60,162 64,470 66,429 23,573 15,771 22,353 41,742 84,928 Less: notes held by F.R. Banks 123,226 5,058 32,444 8,320 5,306 11,035 17,538 8,674 3,682 1,495 4,282 7,045 18,349 Federal Reserve notes, net 680,447 33,930 290,690 21,261 27,237 49,128 46,933 57,755 19,890 14,277 18,071 34,697 66,578 Reverse repurchase agreements (1) 19,987 966 8,551 625 937 1,537 1,350 2,020 629 446 537 783 1,606 Deposits 25,447 1,270 9,749 1,403 838 3,756 1,381 1,993 570 432 790 838 2,427 Depository institutions 20,716 1,264 5,123 1,402 834 3,681 1,379 1,989 565 431 789 837 2,423 U.S. Treasury, general account 4,404 0 4,404 0 0 0 0 0 0 0 0 0 0 Foreign official 80 2 57 1 2 7 2 3 1 1 1 0 4 Other 247 5 165 0 1 68 0 0 4 0 1 1 0 Deferred availability cash items 6,766 505 672 549 383 428 769 510 196 449 391 343 1,571 Other liabilities and accrued dividends (2) 2,265 131 715 93 120 246 183 222 104 77 86 112 176 Total liabilities 734,913 36,803 310,377 23,930 29,515 55,095 50,615 62,500 21,389 15,681 19,876 36,773 72,358 Capital Capital paid in 8,964 449 2,105 273 739 2,056 484 908 231 265 151 119 1,183 Surplus 8,847 448 2,031 259 727 2,074 489 924 228 346 162 111 1,048 Other capital 631 24 291 31 32 19 32 58 11 15 12 22 84 Total liabilities and capital 753,354 37,724 314,804 24,493 31,013 59,245 51,620 64,391 21,859 16,306 20,201 37,025 74,674 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 24, 2004 Federal Reserve notes outstanding 803,674 Less: Notes held by F.R. Banks not subject to collateralization 123,226 Federal Reserve Notes to be collateralized 680,447 Collateral held against Federal Reserve notes 680,447 Gold certificate account 11,041 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 667,207 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities (1) 693,745 Less:face value of securities under reverse repurchase agreements 19,992 U.S. Treasury and agency securities eligible to be pledged 673,753 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.