FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks June 17, 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 Jun 16, 2004 Jun 9, 2004 Jun 18, 2003 Jun 16, 2004 Federal Reserve Banks Reserve Bank Credit 746,382 - 27 + 32,531 742,480 Securities held outright 684,980 + 1,914 + 33,197 684,993 U.S. Treasury (1) 684,980 + 1,914 + 33,207 684,993 Bills (2) 251,913 + 9 + 13,308 251,922 Notes and bonds, nominal (2) 416,694 + 1,892 + 17,841 416,694 Notes and bonds, inflation-indexed (2) 14,464 0 + 1,650 14,464 Inflation compensation (3) 1,908 + 13 + 407 1,912 Federal agency (2) 0 0 - 10 0 Repurchase agreements(4) 22,821 - 2,000 - 358 19,000 Loans to depository institutions 169 + 11 + 95 174 Primary credit 34 + 2 + 31 35 Secondary credit 0 0 0 0 Seasonal credit 135 + 9 + 64 139 Float -355 - 249 - 359 -480 Other Federal Reserve assets 38,767 + 297 - 44 38,793 Gold stock 11,045 0 + 1 11,045 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 35,811 + 14 + 791 35,811 Total factors supplying reserve funds 795,439 - 12 + 33,323 791,536 Currency in circulation(5) 724,747 - 1,451 + 33,207 725,369 Reverse repurchase agreements (6) 20,056 - 248 - 1,408 17,971 Foreign official and international accounts 20,056 - 248 - 1,086 17,971 Dealers 0 0 - 321 0 Treasury cash holdings 324 + 1 - 55 316 Deposits with F.R.Banks, other than reserve balances 16,876 + 1,655 - 1,679 17,735 U.S. Treasury, general account 6,195 + 1,497 - 952 7,067 Foreign official 132 + 40 + 44 132 Service-related 10,297 + 148 - 791 10,297 Required clearing balances 10,297 + 148 - 533 10,297 Adjustments to compensate for float 0 0 - 258 0 Other 252 - 30 + 20 238 Other liabilities and capital 21,411 - 174 + 1,089 21,245 Total factors, other than reserve balances, absorbing reserve funds 783,415 - 216 + 31,155 782,636 Reserve balances with Federal Reserve Banks 12,024 + 204 + 2,169 8,900 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 1,227,312 - 836 + 291,412 1,224,845 U.S. Treasury 993,485 - 6 + 243,347 991,966 Federal agency 233,827 - 829 + 48,065 232,879 Securities lent to dealers 926 - 613 + 301 1,945 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 Jun 16, 2004 Jun 9, 2004 Jun 18, 2003 Assets Gold certificate account 11,041 0 + 1 Special drawing rights certificate account 2,200 0 0 Coin 744 + 18 - 193 Securities, repurchase agreements, and loans 704,167 - 10,172 + 29,150 Securities held outright 684,993 + 1,061 + 33,061 U.S. Treasury (1) 684,993 + 1,061 + 33,071 Bills (2) 251,922 + 14 + 13,166 Notes and bonds, nominal (2) 416,694 + 1,035 + 17,841 Notes and bonds, inflation-indexed (2) 14,464 0 + 1,650 Inflation compensation (3) 1,912 + 12 + 414 Federal agency (2) 0 0 - 10 Repurchase agreements (4) 19,000 - 11,250 - 4,000 Loans 174 + 17 + 88 Items in process of collection (921) 5,877 - 472 - 2,955 Bank premises 1,688 + 3 + 108 Other assets (5) 37,116 + 285 - 127 Total assets (921) 762,834 - 10,337 + 25,984 Liabilities Federal Reserve notes net of FR Bank holdings 690,614 - 1,318 + 31,809 Reverse repurchase agreements (6) 17,971 - 1,971 - 4,930 Deposits (0) 26,646 - 6,952 - 565 Depository institutions 19,208 - 8,843 + 408 U.S. Treasury, general account 7,067 + 1,852 - 1,019 Foreign official 132 + 47 + 36 Other (0) 238 - 9 + 9 Deferred availability cash items (921) 6,358 - 123 - 1,638 Other liabilities and accrued dividends (7) 2,477 + 2 + 151 Total liabilities (921) 744,065 - 10,363 + 24,826 Capital Accounts Capital paid in 9,219 + 18 + 562 Surplus 8,847 0 + 467 Other capital accounts 702 + 7 + 128 Total capital 18,768 + 25 + 1,157 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, June 16, 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 162 54,571 + 7,479 0 0 19,000 17,971 16 days to 90 days 11 153,376 - 13,180 0 0 0 0 91 days to 1 year 0 161,528 + 5,715 0 0 ------ ------ Over 1 to 5 years ------ 187,210 + 1,040 0 0 ------ ------ Over 5 to 10 years ------ 51,580 + 3 0 0 ------ ------ Over 10 years ------ 76,728 + 5 0 0 ------ ------ All 174 684,993 + 1,061 0 0 19,000 17,971 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 June 16, 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 11,041 494 4,651 382 452 819 894 924 325 218 302 525 1,055 Special drawing rights certificate acct. 2,200 115 874 83 104 147 166 212 71 30 66 98 234 Coin 744 30 26 37 37 68 77 92 57 25 46 148 101 Securities, repurchase agreements, and loans 704,167 32,165 316,022 20,374 29,270 52,065 46,198 61,764 20,139 14,984 18,016 31,234 61,935 Securities held outright 684,993 32,165 297,022 20,373 29,270 52,062 46,194 61,703 20,124 14,941 18,000 31,232 61,905 U.S. Treasury (1) 684,993 32,165 297,022 20,373 29,270 52,062 46,194 61,703 20,124 14,941 18,000 31,232 61,905 Bills (2) 251,922 11,830 109,237 7,493 10,765 19,147 16,989 22,693 7,401 5,495 6,620 11,486 22,767 Notes and bonds(3) 433,071 20,336 187,785 12,881 18,505 32,915 29,205 39,010 12,723 9,446 11,380 19,746 39,138 Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements(4) 19,000 0 19,000 0 0 0 0 0 0 0 0 0 0 Loans 174 0 0 1 0 3 4 61 14 43 16 1 31 Items in process of collection 6,798 450 341 336 363 386 644 493 301 416 555 260 2,253 Bank premises 1,688 96 192 52 154 145 279 133 53 123 75 207 181 Other assets(5) 37,116 1,674 13,364 1,115 2,272 5,839 2,107 3,342 960 1,094 763 944 3,641 Interdistrict settlement account 0 + 2,540 -20,156 + 4,197 - 2,054 - 3,068 + 2,907 - 63 + 344 - 504 + 1,338 + 3,674 +10,844 Total Assets 763,755 37,565 315,314 26,576 30,597 56,402 53,272 66,898 22,249 16,385 21,162 37,090 80,244 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 June 16, 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 809,308 37,895 319,100 31,260 32,264 59,416 67,527 68,074 23,529 15,589 23,390 41,886 89,378 Less: notes held by F.R. Banks 118,694 4,088 28,762 8,605 5,433 11,034 19,039 7,666 3,191 1,229 4,255 7,155 18,236 Federal Reserve notes, net 690,614 33,807 290,338 22,655 26,830 48,382 48,487 60,408 20,339 14,360 19,135 34,731 71,142 Reverse repurchase agreements (1) 17,971 844 7,792 534 768 1,366 1,212 1,619 528 392 472 819 1,624 Deposits 26,646 1,113 11,421 2,249 969 1,679 1,529 1,975 582 447 714 839 3,128 Depository institutions 19,208 1,108 4,086 2,248 1,004 1,564 1,527 1,972 578 446 712 838 3,124 U.S. Treasury, general account 7,067 0 7,067 0 0 0 0 0 0 0 0 0 0 Foreign official 132 2 109 1 2 7 2 3 1 1 1 0 4 Other 238 3 158 0 -37 108 0 0 3 0 1 1 0 Deferred availability cash items 7,279 642 605 477 429 541 813 614 216 491 429 301 1,721 Other liabilities and accrued dividends (2) 2,477 136 783 97 130 286 195 235 107 83 88 128 211 Total liabilities 744,986 36,541 310,939 26,012 29,127 52,254 52,236 64,851 21,772 15,774 20,838 36,819 77,825 Capital Capital paid in 9,219 506 2,116 278 732 2,073 509 1,028 232 264 154 128 1,200 Surplus 8,847 448 2,031 259 727 2,074 489 924 228 346 162 111 1,048 Other capital 702 69 229 27 11 1 38 95 18 2 8 32 171 Total liabilities and capital 763,755 37,565 315,314 26,576 30,597 56,402 53,272 66,898 22,249 16,385 21,162 37,090 80,244 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 Jun 16, 2004 Federal Reserve notes outstanding 809,308 Less: Notes held by F.R. Banks not subject to collateralization 118,694 Federal Reserve Notes to be collateralized 690,614 Collateral held against Federal Reserve notes 690,614 Gold certificate account 11,041 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 677,373 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities (1) 703,993 Less:face value of securities under reverse repurchase agreements 17,975 U.S. Treasury and agency securities eligible to be pledged 686,018 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.