FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks September 11, 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 Sep 10, 2003 Sep 3, 2003 Sep 11, 2002 Sep 10, 2003 Federal Reserve Banks Reserve Bank Credit 715,316 - 10,008 + 57,119 716,213 Securities held outright 654,525 + 644 + 50,423 655,602 U.S. Treasury (1) 654,515 + 644 + 50,423 655,592 Bills (2) 240,969 + 243 + 37,510 241,020 Notes and bonds, nominal (2) 398,959 + 106 + 11,730 399,595 Notes and bonds, inflation-indexed (2) 13,089 + 275 + 847 13,454 Inflation compensation (3) 1,499 + 21 + 337 1,523 Federal agency (2) 10 0 0 10 Repurchase agreements(4) 22,821 - 11,608 + 5,964 22,500 Loans to depository institutions 158 - 8 - 7 155 Primary credit 3 - 6 + 3 0 Secondary credit 0 0 0 0 Seasonal credit 155 - 2 - 9 154 Adjustment credit 0 0 - 1 0 Float 322 + 796 + 965 148 Other Federal Reserve assets 37,489 + 166 - 228 37,808 Gold stock 11,043 0 + 1 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 35,205 + 14 + 941 35,205 Total factors supplying reserve funds 763,764 - 9,994 + 58,060 764,661 Currency in circulation(5) 698,456 - 1,609 + 34,896 698,084 Reverse repurchase agreements (6) 19,345 - 677 + 19,345 19,719 Foreign official and international accounts 19,345 - 677 + 19,345 19,719 Dealers 0 0 0 0 Treasury cash holdings 337 + 2 - 24 333 Deposits with F.R.Banks, other than reserve balances 16,675 - 113 + 1,135 16,797 U.S. Treasury, general account 4,745 - 98 - 264 5,039 Foreign official 261 + 13 + 131 80 Service-related 11,391 - 62 + 1,214 11,391 Required clearing balances 11,218 + 308 + 1,259 11,218 Adjustments to compensate for float 173 - 370 - 44 173 Other 279 + 35 + 56 287 Other liabilities and capital 20,451 + 257 + 1,014 20,347 Total factors, other than reserve balances, absorbing reserve funds 755,264 - 2,141 + 56,366 755,280 Reserve balances with Federal Reserve Banks 8,499 - 7,854 + 1,693 9,381 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 961,287 + 8,099 ------ 964,040 U.S. Treasury 773,456 + 6,852 ------ 777,059 Federal agency 187,831 + 1,247 ------ 186,981 Securities lent to dealers 1,867 - 633 + 843 1,395 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 Sep 10, 2003 Sep 3, 2003 Sep 11, 2002 Assets Gold certificate account 11,039 0 + 1 Special drawing rights certificate account 2,200 0 0 Coin 850 - 8 - 178 Securities, repurchase agreements, and loans 678,256 - 9,115 + 55,564 Securities held outright 655,602 + 1,661 + 51,072 U.S. Treasury (1) 655,592 + 1,661 + 51,072 Bills (2) 241,020 + 235 + 37,134 Notes and bonds, nominal (2) 399,595 + 742 + 12,366 Notes and bonds, inflation-indexed (2) 13,454 + 640 + 1,212 Inflation compensation (3) 1,523 + 44 + 360 Federal agency (2) 10 0 0 Repurchase agreements (4) 22,500 - 10,750 + 4,500 Loans 155 - 25 - 7 Items in process of collection (1,067) 8,013 - 4,841 + 755 Bank premises 1,590 + 1 + 70 Other assets (5) 36,186 + 737 - 18 Total assets (1,067) 738,134 - 13,226 + 56,194 Liabilities Federal Reserve notes net of FR Bank holdings 664,058 - 3,154 + 33,097 Reverse repurchase agreements (6) 19,719 + 962 + 19,719 Deposits (0) 26,161 - 8,156 + 1,742 Depository institutions 20,755 - 8,111 + 1,143 U.S. Treasury, general account 5,039 + 514 + 523 Foreign official 80 - 606 + 5 Other (0) 287 + 47 + 72 Deferred availability cash items (1,067) 7,849 - 3,145 + 308 Other liabilities and accrued dividends (7) 2,215 + 20 - 210 Total liabilities (1,067) 720,003 - 13,472 + 54,656 Capital Accounts Capital paid in 8,755 + 3 + 502 Surplus 8,380 0 + 1,068 Other capital accounts 996 + 244 - 32 Total capital 18,131 + 246 + 1,538 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, September 10, 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 30 45,911 + 430 0 0 18,500 19,719 16 days to 90 days 125 141,474 + 535 0 0 4,000 0 91 days to 1 year 0 161,449 - 730 10 0 ------ ------ Over 1 to 5 years ------ 178,018 + 1 0 0 ------ ------ Over 5 to 10 years ------ 51,655 + 1,270 0 0 ------ ------ Over 10 years ------ 77,085 + 154 0 0 ------ ------ All 155 655,592 + 1,661 10 0 22,500 19,719 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 10, 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 850 27 33 42 36 105 113 105 58 28 51 153 98 Securities, repurchase agreements, and loans 678,256 31,695 302,987 20,500 30,720 50,418 44,300 66,288 20,650 14,687 17,637 25,694 52,679 Securities held outright 655,602 31,695 280,487 20,497 30,720 50,418 44,290 66,249 20,626 14,634 17,619 25,693 52,674 U.S. Treasury (1) 655,592 31,695 280,483 20,496 30,719 50,417 44,289 66,248 20,626 14,634 17,619 25,692 52,673 Bills (2) 241,020 11,652 103,116 7,535 11,294 18,535 16,282 24,355 7,583 5,380 6,477 9,445 19,365 Notes and bonds(3) 414,572 20,043 177,367 12,961 19,426 31,882 28,007 41,893 13,043 9,254 11,141 16,247 33,308 Federal agency (2) 10 0 4 0 0 1 1 1 0 0 0 0 1 Repurchase agreements(4) 22,500 0 22,500 0 0 0 0 0 0 0 0 0 0 Loans 155 0 0 3 0 0 10 39 24 53 18 2 5 Items in process of collection 9,080 655 792 429 384 640 616 887 445 432 633 470 2,696 Bank premises 1,590 91 187 52 151 143 278 119 43 126 54 170 176 Other assets(5) 36,186 1,664 13,018 1,066 2,260 5,763 2,090 3,352 916 1,081 861 1,024 3,091 Interdistrict settlement account 0 - 3,256 + 8,685 - 540 - 2,569 - 1,245 + 375 - 7,244 - 1,239 - 244 - 775 + 2,449 + 5,604 Total Assets 739,200 31,486 331,283 22,011 31,563 56,777 48,800 64,701 21,275 16,365 18,830 30,566 65,541 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 10, 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 783,777 31,751 331,843 27,439 32,472 58,599 64,113 67,323 23,655 15,858 21,672 35,569 73,481 Less: notes held by F.R. Banks 119,720 5,211 25,327 8,478 5,365 10,144 20,622 9,708 4,617 1,694 4,984 7,559 16,012 Federal Reserve notes, net 664,058 26,541 306,516 18,961 27,108 48,455 43,491 57,616 19,039 14,164 16,689 28,010 57,469 Reverse repurchase agreements (1) 19,719 953 8,437 617 924 1,516 1,332 1,993 620 440 530 773 1,584 Deposits 26,161 2,333 10,406 1,285 1,444 1,762 1,885 2,318 750 529 643 808 1,999 Depository institutions 20,755 2,329 5,151 1,284 1,440 1,634 1,884 2,314 747 528 641 807 1,996 U.S. Treasury, general account 5,039 0 5,039 0 0 0 0 0 0 0 0 0 0 Foreign official 80 2 57 1 3 7 2 3 1 1 1 1 3 Other 287 2 159 0 1 121 0 1 2 0 1 0 0 Deferred availability cash items 8,916 611 1,020 533 523 578 919 656 293 434 468 475 2,405 Other liabilities and accrued dividends (2) 2,215 126 687 92 119 232 183 224 101 85 88 111 167 Total liabilities 721,069 30,564 327,065 21,487 30,117 52,544 47,811 62,806 20,804 15,652 18,417 30,178 63,624 Capital Capital paid in 8,755 446 1,998 253 704 2,072 478 917 228 348 196 183 931 Surplus 8,380 436 1,809 233 702 2,073 475 858 199 340 201 186 868 Other capital 996 40 411 38 39 88 36 120 45 25 17 19 118 Total liabilities and capital 739,200 31,486 331,283 22,011 31,563 56,777 48,800 64,701 21,275 16,365 18,830 30,566 65,541 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 10, 2003 Federal Reserve notes outstanding 783,777 Less: Notes held by F.R. Banks not subject to collateralization 115,128 Federal Reserve Notes to be collateralized 668,649 Collateral held against Federal Reserve notes 668,649 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 655,411 Other eligible assets 0 Memo: Total U.S. Treasury and agency securities (1) 678,102 Less:face value of securities under reverse repurchase agreements 19,724 U.S. Treasury and agency securities eligible to be pledged 658,377 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.