Federal Reserve Statistical Release, H.4.1, Factors Affecting Reserve Balances; title with eagle logo links to Statistical Release home page
Release Date:  December 19, 2002
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For Release at 
4:30 P.M. Eastern time 
December 19, 2002



The H.4.1 Statistical Release ("Factors Affecting Reserve Balances of Depository 
Institutions and Condition Statement of Federal Reserve Banks") has been reformatted to 
accommodate the Federal Reserve's switch from arranging matched sale-purchase 
transactions to arranging reverse repurchase agreements.

The Federal Reserve began using reverse repurchase agreements, instead of matched 
sale-purchase transactions, on December 13.  Reverse repurchase agreements°sales of 
securities under agreements to repurchase°are fundamentally equivalent to matched 
sale-purchase transactions, and they are commonly used in financial markets.  Like 
matched sale-purchase transactions, reverse repurchase agreements will be arranged with 
foreign official and international accounts and with primary dealers. 

The accounting treatment of reverse repurchase agreements differs from that of matched 
sale-purchase transactions.  Matched sale-purchase transactions were accounted for as an 
outright sale, and the securities sold under these agreements were removed from 
securities held outright.  In contrast, reverse repurchase agreements are accounted for as 
financing transactions in which the securities pledged remain in total outright holdings of 
securities by the Federal Reserve Banks, and a liability is recognized until the transaction 
matures.

For the week ended December 18, the weekly average data for Treasury bills held 
outright incorporate the depressing effect of the matched sale-purchase transaction 
arranged on December 12 and the shift to reverse repurchase agreements for the 
remaining days in the statement week.  One-week and one-year changes shown in table 1 
and in table 2 for Treasury bills held outright and other measures that include these 
holdings are quite large relative to typical movements because of the accounting changes.
 

 

 

FEDERAL RESERVE Statistical Release
H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
December 19, 2002
1. Factors Affecting Reserve Balances of Depository Institutions
Millions of dollars
Reserve Bank credit, related items, and
reserve balances of depository institutions at
Federal Reserve Banks
Averages of daily figures Wednesday
Dec 18, 2002
Week ended
Dec 18, 2002
Change from week ended
Dec 11, 2002 Dec 19, 2001
                                                              
Reserve Bank Credit                                         692,654     +  21,905     +  65,300       698,649 
 Securities held outright                                   626,479     +  16,564     +  72,238       629,407 
    U.S. Treasury (1)                                       626,469     +  16,564     +  72,238       629,397 
       Bills (2)                                            223,757     +  16,558     +  37,582       226,682 
       Notes and bonds, nominal (2)                         389,219             0     +  31,813       389,219 
       Notes and bonds, inflation-indexed (2)                12,242             0     +   2,531        12,242 
       Inflation compensation (3)                             1,250     +       5     +     311         1,253 
    Federal agency (2)                                           10             0             0            10 
 Repurchase agreements(4)                                    28,179     +   6,179     -   8,414        30,000 
 Loans to depository institutions                                55     -     154     +       8            45 
    Adjustment credit                                             6     -     158     -       6             2 
    Seasonal credit                                              49     +       3     +      14            43 
    Extended credit                                               0             0             0             0 
 Float                                                          -61     -   1,535     -     791           994 
 Other Federal Reserve assets                               38,003    +     853    +   2,261       38,202 
Gold stock                                                   11,043             0     -       2        11,043 
Special drawing rights certificate account                    2,200             0             0         2,200 
Treasury currency outstanding (5)                            34,469     +      14     +   1,471        34,469 
                                                              
Total factors supplying reserve funds                       740,365     +  21,918     +  66,768       746,360 
                                                                          
Currency in circulation(5)                                  675,416     +   1,126     +  44,989       678,678 
Reverse repurchase agreements (6)                            18,202     +  18,202     +  18,202        21,905 
   Foreign official and international accounts               18,202     +  18,202     +  18,202        21,905 
   Dealers                                                        0             0             0             0 
Treasury cash holdings                                          370     -       6     -      70           360 
Deposits with F.R.Banks, other than reserve balances         17,217     +   2,210     +   1,707        17,880 
  U.S. Treasury, general account                              5,959     +   1,852     +      95         6,595 
  Foreign official                                              148     +      10     -     142           172 
  Service-related                                            10,900     +     346     +   1,766        10,900 
     Required clearing balances                              10,450     +     168     +   1,869        10,450 
     Adjustments to compensate for float                        450     +     177     -     103           450 
  Other                                                         210     +       2     -      11           213 
Other liabilities and capital                                20,203     +     404     +   2,237        19,907 
                                                              
Total factors, other than reserve balances,                                                       
   absorbing reserve funds                                  731,409     +  21,937     +  67,066       738,729 
                                                              
Reserve balances with Federal Reserve Banks                   8,957     -      18     -     297         7,631 
                                                                          
                                                              
Memo (off-balance-sheet items):                               
  Marketable securities held in custody for foreign           
         official and international accounts(2,7)           846,299     +  10,830     ------          847,705 
     U.S. Treasury                                          685,293     +   5,307     ------          685,673 
     Federal agency                                         161,005     +   5,522     ------          162,032 
  Securities lent to dealers                                    151     +      98     -   2,775           675 
Note: Components may not sum to totals because of rounding.
--- Not available.
 

1 Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities. Daily average data for U.S. Treasury bills
held outright were net of $ 2,926 million in matched sale-purchase transactions, all of which were with foreign official and international
accounts. No matched sale-purchase transactions were outstanding on the Wednesday statement date.
2 Face value of the securities.
3 Compensation that adjusts for the effects 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
Assets, liabilities, and capital Eliminations
from
consolidation
  Change Since
Wednesday
Dec 18, 2002
Wednesday
Dec 11, 2002
Wednesday
Dec 19, 2001
Assets                                               
Gold certificate account                                         11,039                 0         -       6 
Special drawing rights certificate account                        2,200                 0                 0 
Coin                                                              1,035         +       3         -      44 
Securities, repurchase agreements, and loans                    659,452         +  18,624         +  66,114 
   Securities held outright                                     629,407         +  20,450         +  73,813 
      U.S. Treasury (1)                                         629,397         +  20,450         +  73,813 
         Bills (2)                                              226,682         +  20,444         +  40,198 
         Notes and bonds, nominal (2)                           389,219                 0         +  30,765 
         Notes and bonds, inflation-indexed (2)                     12,242                 0         +   2,531 
         Inflation compensation (3)                               1,253         +       6         +     318 
      Federal agency (2)                                             10                 0                 0 
   Repurchase agreements (4)                                     30,000         -     750         -   7,700 
   Loans                                                             45         -   1,076         +       1 
Items in process of collection                    (1,219)         8,800         -   1,316         -     301 
Bank premises                                                     1,534         +       2         +      16 
Other assets (5)                                                 36,540         +     661         +   1,013 
      Total assets                                (1,219)       720,601         +  17,976         +  66,794 
                                                     
Liabilities                                          
Federal Reserve notes, net of F.R. Bank holdi                   645,599         +   3,155         +  42,663 
Reverse repurchase agreements (6)                                21,905         +  21,905         +  21,905 
Deposits                                              (0)        24,923         -   6,948         +     148 
  Depository institutions                                        17,943         -   8,082         +   1,171 
  U.S. Treasury, general account                                  6,595         +   1,089         -     579 
  Foreign official                                                  172         +      33         -     450 
  Other                                               (0)           213         +      12         +       5 
Deferred availability cash items                  (1,219)         8,266         -     257         -     132 
Other liabilities and accrued dividends (7)                       2,418         -      33         -     187 
      Total liabilities                           (1,219)       703,111         +  17,821         +  64,397 
                                                     
Capital Accounts                                     
Capital paid in                                                   8,376         +      17         +   1,021 
Surplus                                                           7,312                 0         +     587 
Other capital accounts                                            1,802         +     138         +     790 
      Total capital                                              17,489         +     154         +   2,396 
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 effects of inflation on the original face value of inflation-indexed securities.
4 Cash value of agreements, which are collatealized 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, December 18, 2002
Millions of dollars
Maturity Loans U.S. Treasury
securities (1)
Federal agency
securities
Repurchase
agreements(2)
Reverse
repurchase
agreements(2)
Holding Weekly
changes
Holdings Week
change
Within 15 days              43        47,253    +  27,298             0            0        23,000        21,905
16 days to 90 days           3       134,262    -   7,573             0            0         7,000             0
91 days to 1 year            0       140,816    +     719            10    +      10      ------       ------   
Over 1 to 5 years     ------         173,935            0             0    -      10      ------       ------   
Over 5 to 10 years    ------          53,295    +       2             0            0      ------       ------   
Over 10 years         ------          79,836    +       3             0            0      ------       ------   
           
All                         45       629,397    +  20,450            10            0        30,000       21,905 
 
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 December 18, 2002
Millions of dollars
Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas
City
Dallas San
Francisco
Assets                                                             
Gold certificate account                      11,039         533       4,364         430         522         819         926       1,080         346         179         309         485       1,046 
Special drawing rights certificate acct.       2,200         115         874          83         104         147         166         212          71          30          66          98         234 
Coin                                           1,035          48          34          63          47         147         111         131          61          37          69         168         119 
Securities, repurchase agreements,                                 
      and loans                              659,452      36,062     277,647      24,202      34,727      49,089      44,822      74,071      22,393       9,848      18,615      13,973      54,001 
   Securities held outright                  629,407      36,062     247,647      24,202      34,727      49,089      44,816      74,069      22,380       9,839      18,605      13,969      54,001 
      U.S. Treasury (1)                      629,397      36,061     247,643      24,202      34,727      49,088      44,816      74,068      22,380       9,839      18,605      13,968      54,000 
         Bills (2)                           226,682      12,988      89,191       8,717      12,507      17,680      16,141      26,676       8,060       3,544       6,701       5,031      19,448 
         Notes and bonds(3)                  402,715      23,073     158,453      15,486      22,220      31,409      28,675      47,392      14,320       6,295      11,904       8,938      34,551 
         Federal agency (2)                       10           1           4           0           1           1           1           1           0           0           0           0           1 
      Repurchase agreements(4)                30,000           0      30,000           0           0           0           0           0           0           0           0           0           0 
      Loans                                       45           0           0           0           0           0           6           2          13           9          10           5           1 
Items in process of collection                10,019         541       1,071         520         585         934         950         489         631         486         647         332       2,833 
Bank premises                                  1,534          91         185          49         152         130         279         116          43         126          50         140         173 
Other assets(5)                               36,540       1,907      12,776       1,162       2,473       5,443       2,444       3,738         960         626         951         800       3,261 
Interdistrict settlement account                   0     - 6,192     +29,305     - 5,243     - 5,555     - 1,991     - 4,059     -16,025     - 3,540     + 4,004     - 2,765     +13,829     - 1,768 
          Total Assets                       721,820      33,105     326,255      21,266      33,056      54,718      45,640      63,812      20,965      15,335      17,942      29,824      59,900 
 
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 effects 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 December 18, 2002
Millions of dollars
Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas
City
Dallas San
Francisco
Liabilities                                                         
Federal Reserve notes outstanding             762,435      33,280     330,896      25,599      32,861      54,768      58,851      64,873      22,181      15,157      20,091      36,703      67,177 
  Less: notes held by F.R. Banks              116,836       4,674      28,286       7,451       4,772       9,889      18,189       8,654       3,490       1,998       4,249       9,028      16,156 
    Federal Reserve notes, net                645,599      28,605     302,609      18,149      28,089      44,879      40,662      56,219      18,691      13,159      15,842      27,674      51,021 
Reverse repurchase agreements (1)              21,905       1,255       8,619         842       1,209       1,708       1,560       2,578         779         342         648         486       1,879 
Deposits                                       24,923       1,513       9,439       1,190       1,590       2,930       1,301       2,177         625         412         514         707       2,525 
  Depository institutions                      17,943       1,509       2,546       1,188       1,586       2,871       1,298       2,173         623         411         512         704       2,521 
  U.S. Treasury, general account                6,595           0       6,595           0           0           0           0           0           0           0           0           0           0 
  Foreign official                                172           2         148           1           3           7           2           3           1           1           1           1           3 
  Other                                           213           2         149           1           2          51           1           1           1           0           1           3           1 
Deferred availability cash items                9,485         672       1,005         471         571         693         864         798         347         678         424         479       2,483 
Other liabilities and accrued                                                 
  dividends (2)                                 2,418         146         738         105         143         263         193         255         104          83          96          91         200 
                                                                    
    Total liabilities                         704,330      32,191     322,410      20,757      31,601      50,473      44,579      62,028      20,545      14,675      17,524      29,438      58,109 
                                                                    
Capital                                                             
Capital paid in                                 8,376         436       1,801         242         702       2,073         475         851         199         340         201         186         870 
Surplus                                         7,312         418       1,504         221         665       1,757         535         793         149         118         191         164         796 
Other capital                                   1,802          59         541          46          88         415          51         140          72         202          26          37         126 
     Total liabilities and capital            721,820      33,105     326,255      21,266      33,056      54,718      45,640      63,812      20,965      15,335      17,942      29,824      59,900 
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
Dec 18, 2002
Federal Reserve notes, net of F.R.        
 Bank holdings                             645,599  
Collateral held against Federal Reserve             
   notes                                   645,599  
   Gold certificate account                 11,039  
   Special drawing rights                 
     certificate account                     2,200  
   U.S. Treasury and agency securities    
     pledged (1)                           632,361  
   Other eligible assets                         0  
                                          
Memo:                                     
Total U.S. Treasury and agency            
       securities (1)                      659,407  
   Less:face value of securities under    
         reverse repurchase agreements      21,913  
      U.S. Treasury and agency securitie  
             eligible to be pledged        637,494  
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 effects of inflation on the original face
value of inflation-indexed securities, and cash value of repurchase agreements.


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