FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks April 1, 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 31, 2004 Mar 24, 2004 Apr 2, 2003 Mar 31, 2004 Federal Reserve Banks Reserve Bank Credit 737,739 + 6,461 + 29,906 741,176 Securities held outright 674,037 + 519 + 32,726 674,084 U.S. Treasury (1) 674,037 + 519 + 32,736 674,084 Bills (2) 246,499 + 30 + 13,955 246,539 Notes and bonds, nominal (2) 411,388 + 471 + 16,767 411,388 Notes and bonds, inflation-indexed (2) 14,464 0 + 1,650 14,464 Inflation compensation (3) 1,686 + 18 + 364 1,692 Federal agency (2) 0 0 - 10 0 Repurchase agreements(4) 24,357 + 5,571 - 4,107 27,500 Loans to depository institutions 48 - 14 + 37 64 Primary credit 11 - 15 + 7 31 Secondary credit 0 0 0 0 Seasonal credit 36 0 + 29 33 Float -722 + 55 - 127 -586 Other Federal Reserve assets 40,019 + 329 + 1,377 40,114 Gold stock 11,045 0 + 2 11,045 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 35,657 + 14 + 859 35,657 Total factors supplying reserve funds 786,641 + 6,475 + 30,767 790,078 Currency in circulation(5) 714,287 + 226 + 28,403 716,052 Reverse repurchase agreements (6) 20,458 + 1,219 + 1,167 21,701 Foreign official and international accounts 20,458 + 1,219 + 1,167 21,701 Dealers 0 0 0 0 Treasury cash holdings 347 + 8 - 23 347 Deposits with F.R.Banks, other than reserve balances 15,983 - 275 - 1,282 16,611 U.S. Treasury, general account 5,246 - 125 - 408 5,884 Foreign official 84 + 4 - 39 83 Service-related 10,413 - 138 - 850 10,413 Required clearing balances 10,410 + 1 - 568 10,410 Adjustments to compensate for float 3 - 139 - 282 3 Other 241 - 15 + 16 231 Other liabilities and capital 20,903 - 61 + 940 20,880 Total factors, other than reserve balances, absorbing reserve funds 771,979 + 1,118 + 29,206 775,591 Reserve balances with Federal Reserve Banks 14,662 + 5,357 + 1,562 14,487 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 1,159,313 - 16,871 + 262,251 1,164,658 U.S. Treasury 925,386 - 11,265 + 207,800 934,269 Federal agency 233,927 - 5,606 + 54,451 230,388 Securities lent to dealers 895 - 846 - 972 1,939 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 31, 2004 Mar 24, 2004 Apr 2, 2003 Assets Gold certificate account 11,041 0 + 3 Special drawing rights certificate account 2,200 0 0 Coin 836 + 2 - 256 Securities, repurchase agreements, and loans 701,648 + 7,855 + 29,650 Securities held outright 674,084 + 89 + 32,602 U.S. Treasury (1) 674,084 + 89 + 32,612 Bills (2) 246,539 + 70 + 13,831 Notes and bonds, nominal (2) 411,388 0 + 16,767 Notes and bonds, inflation-indexed (2) 14,464 0 + 1,650 Inflation compensation (3) 1,692 + 18 + 363 Federal agency (2) 0 0 - 10 Repurchase agreements (4) 27,500 + 7,750 - 3,000 Loans 64 + 16 + 49 Items in process of collection (1,017) 5,713 + 1,086 - 2,663 Bank premises 1,663 + 8 + 106 Other assets (5) 38,506 + 263 + 1,360 Total assets (1,017) 761,606 + 9,213 + 28,199 Liabilities Federal Reserve notes net of FR Bank holdings 681,574 + 1,127 + 27,214 Reverse repurchase agreements (6) 21,701 + 1,714 + 1,972 Deposits (0) 31,153 + 5,706 + 570 Depository institutions 24,955 + 4,239 + 951 U.S. Treasury, general account 5,884 + 1,480 - 315 Foreign official 83 + 3 - 20 Other (0) 231 - 16 - 46 Deferred availability cash items (1,017) 6,298 + 493 - 2,716 Other liabilities and accrued dividends (7) 2,218 - 47 0 Total liabilities (1,017) 742,945 + 8,994 + 27,041 Capital Accounts Capital paid in 8,978 + 14 + 464 Surplus 8,847 0 + 467 Other capital accounts 836 + 205 + 227 Total capital 18,661 + 220 + 1,158 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 31, 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 60 43,703 - 7,273 0 0 27,500 21,701 16 days to 90 days 5 149,360 - 1,259 0 0 0 0 91 days to 1 year 0 169,796 + 8,481 0 0 ------ ------ Over 1 to 5 years ------ 183,791 + 130 0 0 ------ ------ Over 5 to 10 years ------ 50,002 + 4 0 0 ------ ------ Over 10 years ------ 77,432 + 6 0 0 ------ ------ All 64 674,084 + 89 0 0 27,500 21,701 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 31, 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 836 39 39 50 42 80 81 109 64 30 48 145 109 Securities, repurchase agreements, and loans 701,648 32,591 315,895 21,075 31,586 51,839 45,539 68,129 21,215 15,057 18,117 26,417 54,189 Securities held outright 674,084 32,589 288,395 21,075 31,586 51,839 45,538 68,116 21,208 15,047 18,116 26,417 54,159 U.S. Treasury (1) 674,084 32,589 288,395 21,075 31,586 51,839 45,538 68,116 21,208 15,047 18,116 26,417 54,159 Bills (2) 246,539 11,919 105,477 7,708 11,552 18,960 16,655 24,913 7,756 5,503 6,626 9,662 19,808 Notes and bonds(3) 427,544 20,670 182,917 13,367 20,034 32,879 28,883 43,204 13,451 9,543 11,490 16,755 34,351 Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements(4) 27,500 0 27,500 0 0 0 0 0 0 0 0 0 0 Loans 64 2 0 0 0 0 1 12 7 10 2 0 30 Items in process of collection 6,730 338 487 380 606 366 683 400 271 346 422 299 2,133 Bank premises 1,663 95 189 52 152 145 278 128 49 124 74 198 180 Other assets(5) 38,506 1,767 13,741 1,182 2,419 6,052 2,201 3,638 1,027 1,145 804 887 3,643 Interdistrict settlement account 0 + 2,673 -15,556 + 548 - 3,241 - 857 + 2,581 - 8,575 - 967 - 590 + 482 + 8,634 +14,867 Total Assets 762,624 38,114 320,376 23,750 32,144 58,579 52,392 65,023 22,060 16,365 20,316 37,185 76,318 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 31, 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 803,473 38,954 323,122 29,559 32,475 60,050 64,318 66,329 23,549 15,760 22,310 41,661 85,385 Less: notes held by F.R. Banks 121,900 4,973 32,610 8,365 5,161 10,626 17,555 8,478 3,558 1,433 4,189 6,973 17,980 Federal Reserve notes, net 681,574 33,982 290,512 21,194 27,314 49,424 46,763 57,851 19,992 14,327 18,121 34,688 67,405 Reverse repurchase agreements (1) 21,701 1,049 9,285 678 1,017 1,669 1,466 2,193 683 484 583 850 1,744 Deposits 31,153 1,434 14,683 790 1,644 2,518 2,074 2,359 616 450 813 894 2,878 Depository institutions 24,955 1,429 8,571 789 1,631 2,457 2,073 2,356 622 449 811 893 2,874 U.S. Treasury, general account 5,884 0 5,884 0 0 0 0 0 0 0 0 0 0 Foreign official 83 2 60 1 2 7 2 3 1 1 1 0 4 Other 231 3 168 0 10 54 0 0 -7 0 1 1 0 Deferred availability cash items 7,316 579 757 433 535 506 895 506 188 401 390 379 1,746 Other liabilities and accrued dividends (2) 2,218 124 689 90 120 246 181 216 103 77 84 119 170 Total liabilities 743,963 37,168 315,926 23,185 30,630 54,364 51,380 63,125 21,581 15,740 19,991 36,930 73,943 Capital Capital paid in 8,978 462 2,105 274 739 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 836 36 315 32 48 86 39 65 19 15 12 26 143 Total liabilities and capital 762,624 38,114 320,376 23,750 32,144 58,579 52,392 65,023 22,060 16,365 20,316 37,185 76,318 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 31, 2004 Federal Reserve notes outstanding 803,473 Less: Notes held by F.R. Banks not subject to collateralization 121,900 Federal Reserve Notes to be collateralized 681,574 Collateral held against Federal Reserve notes 681,574 Gold certificate account 11,041 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 668,333 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities (1) 701,584 Less:face value of securities under reverse repurchase agreements 21,707 U.S. Treasury and agency securities eligible to be pledged 679,876 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.