FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks July 3, 2003 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 Jul 2, 2003 Jun 25, 2003 Jul 3, 2002 Jul 2, 2003 Federal Reserve Banks Reserve Bank Credit 719,541 + 1,852 + 59,762 717,405 Securities held outright 652,162 + 202 + 61,298 652,363 U.S. Treasury (1) 652,152 + 202 + 61,298 652,353 Bills (2) 238,998 + 208 + 42,342 239,201 Notes and bonds, nominal (2) 398,853 0 + 17,470 398,853 Notes and bonds, inflation-indexed (2) 12,814 0 + 1,212 12,814 Inflation compensation (3) 1,486 - 7 + 275 1,484 Federal agency (2) 10 0 0 10 Repurchase agreements(4) 28,714 + 2,393 - 1,286 26,000 Loans to depository institutions 188 - 219 + 10 92 Primary credit 99 - 223 + 99 1 Secondary credit 0 0 0 0 Seasonal credit 89 + 5 - 79 91 Adjustment credit 0 0 - 9 0 Float -566 - 584 - 335 -82 Other Federal Reserve assets 39,043 + 60 + 75 39,033 Gold stock 11,044 0 0 11,044 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 34,980 + 14 + 985 34,980 Total factors supplying reserve funds 767,765 + 1,866 + 60,747 765,628 Currency in circulation(5) 693,527 + 2,457 + 33,543 698,229 Reverse repurchase agreements (6) 23,129 + 415 + 23,129 21,045 Foreign official and international accounts 23,129 + 2,093 + 23,129 21,045 Dealers 0 - 1,679 0 0 Treasury cash holdings 360 - 8 - 34 327 Deposits with F.R.Banks, other than reserve balances 17,882 - 755 + 1,285 17,539 U.S. Treasury, general account 6,087 - 1,112 - 61 5,707 Foreign official 412 + 250 + 329 476 Service-related 11,136 + 79 + 1,001 11,136 Required clearing balances 10,839 + 9 + 936 10,839 Adjustments to compensate for float 297 + 71 + 64 297 Other 248 + 28 + 17 220 Other liabilities and capital 20,045 - 61 - 61 19,635 Total factors, other than reserve balances, absorbing reserve funds 754,943 + 2,048 + 57,862 756,775 Reserve balances with Federal Reserve Banks 12,822 - 183 + 2,886 8,854 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 943,278 + 10,099 ------ 951,017 U.S. Treasury 757,061 + 7,331 ------ 763,039 Federal agency 186,217 + 2,767 ------ 187,977 Securities lent to dealers 4,575 + 3,218 + 3,146 2,461 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. 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 Jul 2, 2003 Jun 25, 2003 Jul 3, 2002 Assets Gold certificate account 11,039 - 1 - 5 Special drawing rights certificate account 2,200 0 0 Coin 904 - 37 - 1 Securities, repurchase agreements, and loans 678,454 - 5,645 + 60,524 Securities held outright 652,363 + 360 + 61,097 U.S. Treasury (1) 652,353 + 360 + 61,097 Bills (2) 239,201 + 366 + 43,037 Notes and bonds, nominal (2) 398,853 0 + 16,579 Notes and bonds, inflation-indexed (2) 12,814 0 + 1,212 Inflation compensation (3) 1,484 - 7 + 268 Federal agency (2) 10 0 0 Repurchase agreements (4) 26,000 - 6,000 - 500 Loans 92 - 3 - 72 Items in process of collection (1,244) 9,457 + 1,996 + 504 Bank premises 1,581 - 1 + 63 Other assets (5) 37,400 - 207 + 171 Total assets (1,244) 741,035 - 3,896 + 61,256 Liabilities Federal Reserve notes net of FR Bank holdings 664,475 + 5,506 + 32,804 Reverse repurchase agreements (6) 21,045 - 547 + 21,045 Deposits (0) 26,422 - 10,564 + 6,314 Depository institutions 20,019 - 11,036 + 5,406 U.S. Treasury, general account 5,707 + 401 + 533 Foreign official 476 + 72 + 397 Other (0) 220 0 - 23 Deferred availability cash items (1,244) 9,457 + 2,094 + 811 Other liabilities and accrued dividends (7) 2,101 - 281 - 216 Total liabilities (1,244) 723,500 - 3,792 + 60,758 Capital Accounts Capital paid in 8,659 + 2 + 325 Surplus 8,380 0 + 1,068 Other capital accounts 496 - 105 - 895 Total capital 17,535 - 104 + 498 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 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, July 2, 2003 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 13 41,102 - 7,922 0 0 21,000 21,045 16 days to 90 days 79 146,726 + 7,331 0 0 5,000 0 91 days to 1 year 0 158,535 + 1,787 10 0 ------ ------ Over 1 to 5 years ------ 179,355 - 832 0 0 ------ ------ Over 5 to 10 years ------ 46,661 - 2 0 0 ------ ------ Over 10 years ------ 79,973 - 3 0 0 ------ ------ All 92 652,353 + 360 10 0 26,000 21,045 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 July 2, 2003 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 11,039 495 4,706 380 477 808 863 982 331 224 303 507 963 Special drawing rights certificate acct. 2,200 115 874 83 104 147 166 212 71 30 66 98 234 Coin 904 41 31 59 38 112 105 112 54 36 61 149 104 Securities, repurchase agreements, and loans 678,454 31,539 305,102 20,396 30,568 50,169 44,080 65,940 20,529 14,604 17,541 25,568 52,419 Securities held outright 652,363 31,539 279,102 20,396 30,568 50,169 44,071 65,921 20,524 14,562 17,532 25,566 52,414 U.S. Treasury (1) 652,353 31,538 279,097 20,395 30,568 50,168 44,070 65,920 20,524 14,561 17,532 25,565 52,413 Bills (2) 239,201 11,564 102,338 7,478 11,208 18,395 16,160 24,171 7,526 5,339 6,428 9,374 19,218 Notes and bonds(3) 413,151 19,974 176,759 12,917 19,359 31,773 27,911 41,749 12,998 9,222 11,103 16,191 33,194 Federal agency (2) 10 0 4 0 0 1 1 1 0 0 0 0 1 Repurchase agreements(4) 26,000 0 26,000 0 0 0 0 0 0 0 0 0 0 Loans 92 0 0 0 0 0 9 18 4 43 9 3 6 Items in process of collection 10,701 568 617 404 517 905 958 849 595 519 801 521 3,446 Bank premises 1,581 91 185 52 152 143 278 118 43 126 52 165 176 Other assets(5) 37,400 1,724 13,493 1,103 2,320 5,886 2,173 3,474 963 1,113 891 1,067 3,193 Interdistrict settlement account 0 - 3,595 +10,590 - 2,733 - 3,063 + 331 - 490 - 6,930 - 1,127 - 644 - 237 + 3,104 + 4,795 Total Assets 742,279 30,978 335,598 19,745 31,114 58,499 48,134 64,757 21,459 16,008 19,478 31,180 65,330 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 July 2, 2003 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 767,466 31,625 332,520 24,084 31,000 57,783 62,284 64,087 22,954 15,202 21,311 35,211 69,404 Less: notes held by F.R. Banks 102,991 4,344 23,312 7,114 4,213 8,545 19,364 7,133 3,716 1,432 4,164 6,704 12,948 Federal Reserve notes, net 664,475 27,281 309,208 16,971 26,787 49,238 42,919 56,953 19,238 13,770 17,146 28,506 56,456 Reverse repurchase agreements (1) 21,045 1,017 9,004 658 986 1,618 1,422 2,127 662 470 566 825 1,691 Deposits 26,422 899 11,753 1,021 1,147 2,553 1,556 2,728 575 422 667 755 2,346 Depository institutions 20,019 890 5,446 1,020 1,144 2,486 1,554 2,724 574 421 665 754 2,343 U.S. Treasury, general account 5,707 0 5,707 0 0 0 0 0 0 0 0 0 0 Foreign official 476 2 453 1 3 7 2 3 1 1 1 1 3 Other 220 7 149 0 0 60 0 1 1 0 1 1 0 Deferred availability cash items 10,701 762 1,029 500 648 713 1,092 929 429 570 622 613 2,794 Other liabilities and accrued dividends (2) 2,101 119 664 87 134 210 171 204 94 81 81 102 153 Total liabilities 724,744 30,079 331,659 19,237 29,702 54,333 47,160 62,940 20,998 15,313 19,083 30,801 63,440 Capital Capital paid in 8,659 446 1,899 252 705 2,090 477 911 228 347 191 182 931 Surplus 8,380 436 1,809 233 702 2,073 475 858 199 340 201 186 868 Other capital 496 17 232 23 4 3 22 47 34 8 3 11 91 Total liabilities and capital 742,279 30,978 335,598 19,745 31,114 58,499 48,134 64,757 21,459 16,008 19,478 31,180 65,330 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 Jul 2, 2003 Federal Reserve notes outstanding 767,466 Less: Notes held by F.R. Banks not subject to collateralization 98,395 Federal Reserve Notes to be collateralized 669,071 Collateral held against Federal Reserve notes 669,071 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 655,832 Other eligible assets 0 Memo: Total U.S. Treasury and agency securities (1) 678,363 Less:face value of securities under reverse repurchase agreements 21,050 U.S. Treasury and agency securities eligible to be pledged 657,313 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.