FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks July 24, 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 23, 2003 Jul 16, 2003 Jul 24, 2002 Jul 23, 2003 Federal Reserve Banks Reserve Bank Credit 716,729 + 1,237 + 58,066 724,788 Securities held outright 652,764 + 226 + 55,138 652,837 U.S. Treasury (1) 652,754 + 226 + 55,138 652,827 Bills (2) 239,616 + 231 + 38,836 239,692 Notes and bonds, nominal (2) 398,853 0 + 14,918 398,853 Notes and bonds, inflation-indexed (2) 12,814 0 + 1,026 12,814 Inflation compensation (3) 1,470 - 5 + 358 1,468 Federal agency (2) 10 0 0 10 Repurchase agreements(4) 24,250 + 1,357 + 3,143 32,000 Loans to depository institutions 119 + 5 - 79 118 Primary credit 4 - 2 + 4 1 Secondary credit 0 - 1 0 0 Seasonal credit 115 + 8 - 68 118 Adjustment credit 0 0 - 15 0 Float 52 - 410 + 459 -23 Other Federal Reserve assets 39,545 + 59 - 593 39,855 Gold stock 11,044 0 0 11,044 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 35,022 + 14 + 1,026 35,022 Total factors supplying reserve funds 764,995 + 1,251 + 59,093 773,053 Currency in circulation(5) 692,628 - 1,809 + 32,943 693,541 Reverse repurchase agreements (6) 19,677 - 390 + 19,677 19,672 Foreign official and international accounts 19,677 - 390 + 19,677 19,672 Dealers 0 0 0 0 Treasury cash holdings 330 + 3 - 48 339 Deposits with F.R.Banks, other than reserve balances 18,096 + 141 + 2,252 18,014 U.S. Treasury, general account 6,067 - 412 + 756 6,058 Foreign official 124 + 15 + 47 134 Service-related 11,399 + 340 + 1,162 11,399 Required clearing balances 10,862 + 2 + 956 10,862 Adjustments to compensate for float 538 + 339 + 207 538 Other 506 + 199 + 288 423 Other liabilities and capital 20,000 + 122 + 235 20,085 Total factors, other than reserve balances, absorbing reserve funds 750,732 - 1,932 + 55,061 751,650 Reserve balances with Federal Reserve Banks 14,262 + 3,182 + 4,032 21,403 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 936,993 - 4,460 ------ 931,836 U.S. Treasury 753,744 - 3,875 ------ 749,564 Federal agency 183,249 - 585 ------ 182,272 Securities lent to dealers 1,301 + 433 - 776 1,688 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 23, 2003 Jul 16, 2003 Jul 24, 2002 Assets Gold certificate account 11,039 0 0 Special drawing rights certificate account 2,200 0 0 Coin 872 0 - 50 Securities, repurchase agreements, and loans 684,956 + 8,134 + 57,397 Securities held outright 652,837 + 137 + 52,317 U.S. Treasury (1) 652,827 + 137 + 52,317 Bills (2) 239,692 + 142 + 36,668 Notes and bonds, nominal (2) 398,853 0 + 14,760 Notes and bonds, inflation-indexed (2) 12,814 0 + 572 Inflation compensation (3) 1,468 - 5 + 317 Federal agency (2) 10 0 0 Repurchase agreements (4) 32,000 + 8,000 + 5,250 Loans 118 - 3 - 170 Items in process of collection (1,228) 7,680 - 854 + 789 Bank premises 1,588 + 3 + 66 Other assets (5) 38,216 + 609 - 503 Total assets (1,228) 746,550 + 7,892 + 57,698 Liabilities Federal Reserve notes net of FR Bank holdings 659,725 - 1,126 + 31,791 Reverse repurchase agreements (6) 19,672 - 674 + 19,672 Deposits (0) 39,452 + 9,852 + 4,713 Depository institutions 32,837 + 9,408 + 3,488 U.S. Treasury, general account 6,058 + 334 + 973 Foreign official 134 + 6 + 56 Other (0) 423 + 105 + 196 Deferred availability cash items (1,228) 7,617 - 594 + 665 Other liabilities and accrued dividends (7) 2,138 + 58 - 253 Total liabilities (1,228) 728,603 + 7,514 + 56,586 Capital Accounts Capital paid in 8,714 + 52 + 449 Surplus 8,380 + 2 + 1,068 Other capital accounts 852 + 323 - 406 Total capital 17,947 + 378 + 1,113 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 23, 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 102 46,160 + 39 0 0 29,000 19,672 16 days to 90 days 16 140,922 - 677 0 0 3,000 0 91 days to 1 year 0 159,773 + 780 10 0 ------ ------ Over 1 to 5 years ------ 179,350 - 2 0 0 ------ ------ Over 5 to 10 years ------ 46,656 - 1 0 0 ------ ------ Over 10 years ------ 79,967 - 2 0 0 ------ ------ All 118 652,827 + 137 10 0 32,000 19,672 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 23, 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 872 37 30 47 37 108 113 107 53 33 60 148 97 Securities, repurchase agreements, and loans 684,956 31,562 311,305 20,410 30,590 50,205 44,115 65,994 20,547 14,623 17,560 25,587 52,456 Securities held outright 652,837 31,562 279,305 20,410 30,590 50,205 44,103 65,969 20,539 14,572 17,545 25,584 52,452 U.S. Treasury (1) 652,827 31,561 279,301 20,410 30,590 50,204 44,102 65,968 20,539 14,572 17,544 25,584 52,451 Bills (2) 239,692 11,588 102,548 7,494 11,231 18,433 16,193 24,221 7,541 5,350 6,442 9,393 19,258 Notes and bonds(3) 413,136 19,973 176,753 12,916 19,359 31,771 27,910 41,747 12,998 9,222 11,103 16,191 33,193 Federal agency (2) 10 0 4 0 0 1 1 1 0 0 0 0 1 Repurchase agreements(4) 32,000 0 32,000 0 0 0 0 0 0 0 0 0 0 Loans 118 0 0 0 0 0 12 25 8 50 16 3 4 Items in process of collection 8,907 545 618 583 501 593 915 381 394 443 590 551 2,793 Bank premises 1,588 91 186 52 151 143 279 118 43 126 54 168 176 Other assets(5) 38,216 1,765 13,832 1,125 2,361 5,962 2,224 3,553 988 1,132 915 1,099 3,260 Interdistrict settlement account 0 - 160 + 6,767 - 3,046 - 1,663 - 508 - 155 - 6,059 - 572 - 411 - 212 + 2,875 + 3,142 Total Assets 747,777 34,450 338,318 19,636 32,560 57,458 48,520 65,287 21,854 16,200 19,337 31,034 63,122 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 23, 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 772,010 31,659 332,006 24,854 30,927 58,199 63,583 65,712 23,511 15,075 21,371 35,224 69,890 Less: notes held by F.R. Banks 112,285 5,035 23,297 7,828 4,813 9,814 20,775 8,538 4,269 1,363 4,588 6,995 14,969 Federal Reserve notes, net 659,725 26,624 308,709 17,025 26,114 48,385 42,808 57,174 19,242 13,712 16,783 28,229 54,921 Reverse repurchase agreements (1) 19,672 951 8,416 615 922 1,513 1,329 1,988 619 439 529 771 1,581 Deposits 39,452 5,213 15,597 831 3,463 2,517 2,306 3,317 1,164 773 994 963 2,314 Depository institutions 32,837 5,211 9,139 829 3,459 2,383 2,304 3,313 1,162 772 992 962 2,310 U.S. Treasury, general account 6,058 0 6,058 0 0 0 0 0 0 0 0 0 0 Foreign official 134 2 110 1 3 7 2 3 1 1 1 1 3 Other 423 0 290 0 1 127 0 1 1 0 1 0 0 Deferred availability cash items 8,844 619 862 556 504 573 912 719 267 480 540 580 2,233 Other liabilities and accrued dividends (2) 2,138 124 670 89 112 231 175 209 94 85 85 105 159 Total liabilities 729,831 33,532 334,254 19,116 31,115 53,219 47,530 63,406 21,385 15,489 18,930 30,649 61,207 Capital Capital paid in 8,714 446 1,951 252 706 2,090 477 912 228 348 192 182 931 Surplus 8,380 436 1,809 233 702 2,073 475 858 199 340 201 186 868 Other capital 852 36 304 35 37 76 38 112 42 23 15 17 116 Total liabilities and capital 747,777 34,450 338,318 19,636 32,560 57,458 48,520 65,287 21,854 16,200 19,337 31,034 63,122 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 23, 2003 Federal Reserve notes outstanding 772,010 Less: Notes held by F.R. Banks not subject to collateralization 107,559 Federal Reserve Notes to be collateralized 664,451 Collateral held against Federal Reserve notes 664,451 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 651,211 Other eligible assets 0 Memo: Total U.S. Treasury and agency securities (1) 684,837 Less:face value of securities under reverse repurchase agreements 19,677 U.S. Treasury and agency securities eligible to be pledged 665,161 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.