FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks September 2, 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 Sep 1, 2004 Aug 25, 2004 Sep 3, 2003 Sep 1, 2004 Federal Reserve Banks Reserve Bank Credit 764,044 + 8,838 + 38,736 765,783 Securities held outright 694,851 + 57 + 40,970 694,858 U.S. Treasury (1) 694,851 + 57 + 40,980 694,858 Bills (2) 255,326 + 45 + 14,600 255,330 Notes and bonds, nominal (2) 422,541 0 + 23,688 422,541 Notes and bonds, inflation-indexed (2) 14,862 0 + 2,048 14,862 Inflation compensation (3) 2,121 + 11 + 643 2,124 Federal agency (2) 0 0 - 10 0 Repurchase agreements(4) 31,000 + 8,214 - 3,429 32,500 Loans to depository institutions 273 + 32 + 107 239 Primary credit 31 + 25 + 22 0 Secondary credit 0 0 0 0 Seasonal credit 242 + 8 + 85 239 Float -52 + 409 + 438 201 Other Federal Reserve assets 37,971 + 125 + 648 37,986 Gold stock 11,043 - 1 0 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 36,143 + 14 + 906 36,143 Total factors supplying reserve funds 813,430 + 8,851 + 39,642 815,170 Currency in circulation(5) 734,922 + 532 + 34,811 738,126 Reverse repurchase agreements (6) 22,442 + 1,475 + 2,420 23,203 Foreign official and international accounts 22,442 + 1,475 + 2,420 23,203 Dealers 0 0 0 0 Treasury cash holdings 328 + 7 - 7 320 Deposits with F.R.Banks, other than reserve balances 15,882 + 448 - 908 16,978 U.S. Treasury, general account 5,297 + 508 + 454 6,374 Foreign official 91 - 11 - 157 81 Service-related 10,207 - 1 - 1,248 10,207 Required clearing balances 10,206 - 1 - 706 10,206 Adjustments to compensate for float 0 0 - 543 0 Other 287 - 49 + 43 317 Other liabilities and capital 22,875 + 435 + 2,681 22,893 Total factors, other than reserve balances, absorbing reserve funds 796,449 + 2,896 + 38,996 801,521 Reserve balances with Federal Reserve Banks 16,981 + 5,955 + 645 13,649 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 1,282,616 + 4,947 + 329,428 1,288,410 U.S. Treasury 1,039,487 + 3,544 + 272,883 1,044,789 Federal agency 243,130 + 1,403 + 56,546 243,621 Securities lent to dealers 539 - 228 - 1,961 1,336 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 Sep 1, 2004 Aug 25, 2004 Sep 3, 2003 Assets Gold certificate account 11,039 - 1 0 Special drawing rights certificate account 2,200 0 0 Coin 777 + 13 - 81 Securities, repurchase agreements, and loans 727,597 + 8,021 + 40,226 Securities held outright 694,858 + 18 + 40,917 U.S. Treasury (1) 694,858 + 18 + 40,927 Bills (2) 255,330 + 8 + 14,545 Notes and bonds, nominal (2) 422,541 0 + 23,688 Notes and bonds, inflation-indexed (2) 14,862 0 + 2,048 Inflation compensation (3) 2,124 + 10 + 645 Federal agency (2) 0 0 - 10 Repurchase agreements (4) 32,500 + 8,000 - 750 Loans 239 + 3 + 59 Items in process of collection (822) 6,842 + 1,627 - 6,012 Bank premises 1,718 0 + 129 Other assets (5) 36,330 + 208 + 881 Total assets (822) 786,503 + 9,869 + 35,143 Liabilities Federal Reserve notes net of FR Bank holdings 703,077 + 2,655 + 35,865 Reverse repurchase agreements (6) 23,203 + 2,281 + 4,446 Deposits (0) 30,690 + 3,482 - 3,627 Depository institutions 23,918 + 890 - 4,948 U.S. Treasury, general account 6,374 + 2,706 + 1,849 Foreign official 81 - 148 - 605 Other (0) 317 + 34 + 77 Deferred availability cash items (822) 6,641 + 1,116 - 4,353 Other liabilities and accrued dividends (7) 2,600 + 8 + 405 Total liabilities (822) 766,210 + 9,541 + 32,735 Capital Accounts Capital paid in 10,453 + 1 + 1,701 Surplus 8,847 + 13 + 467 Other capital accounts 993 + 315 + 241 Total capital 20,293 + 328 + 2,408 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, September 1, 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 30 49,340 - 8,649 0 0 32,500 23,203 16 days to 90 days 209 156,878 + 6,259 0 0 0 0 91 days to 1 year 0 164,194 + 1,320 0 0 ------ ------ Over 1 to 5 years ------ 198,719 + 1,083 0 0 ------ ------ Over 5 to 10 years ------ 49,808 + 2 0 0 ------ ------ Over 10 years ------ 75,919 + 3 0 0 ------ ------ All 239 694,858 + 18 0 0 32,500 23,203 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 September 1, 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 11,039 494 4,649 382 452 819 894 924 325 218 302 525 1,055 Special drawing rights certificate acct. 2,200 115 874 83 104 147 166 212 71 30 66 98 234 Coin 777 18 40 40 45 77 99 100 52 22 51 127 107 Securities, repurchase agreements, and loans 727,597 32,629 333,800 20,675 29,691 52,812 46,874 62,651 20,445 15,242 18,291 31,687 62,799 Securities held outright 694,858 32,629 301,300 20,667 29,691 52,812 46,859 62,592 20,414 15,156 18,260 31,682 62,796 U.S. Treasury (1) 694,858 32,629 301,300 20,667 29,691 52,812 46,859 62,592 20,414 15,156 18,260 31,682 62,796 Bills (2) 255,330 11,990 110,715 7,594 10,910 19,406 17,219 23,000 7,501 5,569 6,710 11,642 23,075 Notes and bonds(3) 439,528 20,639 190,585 13,073 18,781 33,406 29,641 39,592 12,913 9,587 11,550 20,040 39,721 Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements(4) 32,500 0 32,500 0 0 0 0 0 0 0 0 0 0 Loans 239 0 0 9 0 0 15 59 31 87 31 5 3 Items in process of collection 7,663 407 532 371 690 288 849 556 398 458 535 272 2,308 Bank premises 1,718 97 190 51 154 145 279 141 56 124 76 225 180 Other assets(5) 36,330 1,649 12,981 1,008 2,262 5,813 2,074 3,274 951 1,087 745 907 3,580 Interdistrict settlement account 0 + 4,933 -39,431 + 4,286 + 1,124 + 1,809 +10,804 - 1,217 + 1,663 - 587 + 1,929 + 3,515 +11,171 Total Assets 787,325 40,342 313,635 26,897 34,522 61,910 62,038 66,641 23,962 16,593 21,995 37,357 81,434 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 September 1, 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 827,010 38,657 317,869 33,012 35,138 63,047 73,222 67,747 25,324 15,940 24,274 42,875 89,905 Less: notes held by F.R. Banks 123,933 4,226 33,219 8,658 5,755 11,409 17,056 7,851 3,373 1,490 4,736 8,123 18,039 Federal Reserve notes, net 703,077 34,430 284,650 24,354 29,384 51,638 56,165 59,897 21,951 14,450 19,538 34,752 71,866 Reverse repurchase agreements (1) 23,203 1,090 10,061 690 991 1,764 1,565 2,090 682 506 610 1,058 2,097 Deposits 30,690 2,039 12,918 722 1,835 3,578 2,140 1,703 580 429 957 833 2,955 Depository institutions 23,918 2,018 6,321 721 1,832 3,449 2,133 1,699 578 428 955 833 2,951 U.S. Treasury, general account 6,374 0 6,374 0 0 0 0 0 0 0 0 0 0 Foreign official 81 2 58 1 2 7 2 3 1 1 1 0 4 Other 317 19 165 0 0 123 5 0 1 0 1 0 0 Deferred availability cash items 7,462 485 684 449 644 438 896 621 168 503 474 294 1,806 Other liabilities and accrued dividends (2) 2,600 148 839 99 129 283 210 240 111 86 98 139 217 Total liabilities 767,032 38,192 309,152 26,315 32,983 57,701 60,976 64,550 23,492 15,975 21,677 37,077 78,942 Capital Capital paid in 10,453 1,618 2,144 284 762 2,088 517 1,025 232 262 148 130 1,241 Surplus 8,847 448 2,031 259 727 2,074 489 924 228 346 162 111 1,048 Other capital 993 84 309 39 49 46 56 141 9 10 8 39 202 Total liabilities and capital 787,325 40,342 313,635 26,897 34,522 61,910 62,038 66,641 23,962 16,593 21,995 37,357 81,434 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 Sep 1, 2004 Federal Reserve notes outstanding 827,010 Less: Notes held by F.R. Banks not subject to collateralization 123,933 Federal Reserve Notes to be collateralized 703,077 Collateral held against Federal Reserve notes 703,077 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 689,838 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities (1) 727,358 Less:face value of securities under reverse repurchase agreements 23,212 U.S. Treasury and agency securities eligible to be pledged 704,146 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.