FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks January 29, 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 Jan 28, 2004 Jan 21, 2004 Jan 29, 2003 Jan 28, 2004 Federal Reserve Banks Reserve Bank Credit 728,183 - 10,071 + 37,609 734,460 Securities held outright 667,029 + 202 + 37,613 667,060 U.S. Treasury (1) 667,029 + 202 + 37,623 667,060 Bills (2) 245,231 + 211 + 18,549 245,266 Notes and bonds, nominal (2) 406,173 0 + 16,954 406,173 Notes and bonds, inflation-indexed (2) 13,994 0 + 1,752 13,994 Inflation compensation (3) 1,630 - 9 + 367 1,626 Federal agency (2) 0 0 - 10 0 Repurchase agreements(4) 19,143 - 11,464 - 1,000 23,000 Loans to depository institutions 197 - 26 + 145 25 Primary credit 184 - 28 + 139 11 Secondary credit 0 0 0 0 Seasonal credit 14 + 3 + 7 14 Float 525 + 698 - 219 2,925 Other Federal Reserve assets 41,289 + 518 + 1,069 41,451 Gold stock 11,043 0 0 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 35,531 + 14 + 934 35,531 Total factors supplying reserve funds 776,957 - 10,058 + 38,543 783,234 Currency in circulation(5) 709,477 - 1,717 + 34,695 710,631 Reverse repurchase agreements (6) 20,225 + 228 + 1,828 20,694 Foreign official and international accounts 20,225 + 228 + 1,828 20,694 Dealers 0 0 0 0 Treasury cash holdings 345 + 11 - 15 356 Deposits with F.R.Banks, other than reserve balances 16,678 - 1,928 - 1,356 16,753 U.S. Treasury, general account 5,153 - 2,221 - 2,009 5,247 Foreign official 82 - 4 - 32 82 Service-related 11,046 + 314 + 508 11,046 Required clearing balances 10,619 + 435 + 264 10,619 Adjustments to compensate for float 427 - 121 + 244 427 Other 396 - 18 + 175 378 Other liabilities and capital 20,590 + 470 + 717 20,521 Total factors, other than reserve balances, absorbing reserve funds 767,314 - 2,937 + 35,868 768,954 Reserve balances with Federal Reserve Banks 9,643 - 7,120 + 2,675 14,280 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 1,112,516 + 7,414 + 254,689 1,114,004 U.S. Treasury 884,364 - 604 + 195,651 884,578 Federal agency 228,152 + 8,018 + 59,038 229,427 Securities lent to dealers 583 - 610 + 226 783 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 Jan 28, 2004 Jan 21, 2004 Jan 29, 2003 Assets Gold certificate account 11,039 0 0 Special drawing rights certificate account 2,200 0 0 Coin 813 + 34 - 298 Securities, repurchase agreements, and loans 690,085 - 18,879 + 40,158 Securities held outright 667,060 + 228 + 37,644 U.S. Treasury (1) 667,060 + 228 + 37,654 Bills (2) 245,266 + 238 + 18,584 Notes and bonds, nominal (2) 406,173 0 + 16,954 Notes and bonds, inflation-indexed (2) 13,994 0 + 1,752 Inflation compensation (3) 1,626 - 10 + 363 Federal agency (2) 0 0 - 10 Repurchase agreements (4) 23,000 - 19,000 + 2,500 Loans 25 - 107 + 14 Items in process of collection (1,562) 10,572 - 2,179 + 1,322 Bank premises 1,644 0 + 101 Other assets (5) 39,809 + 468 + 1,062 Total assets (1,562) 756,161 - 20,556 + 42,343 Liabilities Federal Reserve notes net of FR Bank holdings 676,265 - 360 + 33,661 Reverse repurchase agreements (6) 20,694 + 959 + 2,228 Deposits (0) 31,035 - 17,781 + 5,364 Depository institutions 25,329 - 15,215 + 7,002 U.S. Treasury, general account 5,247 - 2,493 - 1,783 Foreign official 82 - 34 - 18 Other (0) 378 - 38 + 164 Deferred availability cash items (1,562) 7,647 - 3,761 + 144 Other liabilities and accrued dividends (7) 2,286 + 44 + 44 Total liabilities (1,562) 737,927 - 20,898 + 41,441 Capital Accounts Capital paid in 8,886 + 11 + 487 Surplus 8,847 0 + 467 Other capital accounts 502 + 332 - 50 Total capital 18,235 + 343 + 903 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, January 28, 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 25 53,516 - 1,081 0 0 23,000 20,694 16 days to 90 days 0 143,126 + 1,373 0 0 0 0 91 days to 1 year 0 163,330 - 55 0 0 ------ ------ Over 1 to 5 years ------ 182,295 - 4 0 0 ------ ------ Over 5 to 10 years ------ 47,661 - 2 0 0 ------ ------ Over 10 years ------ 77,131 - 4 0 0 ------ ------ All 25 667,060 + 228 0 0 23,000 20,694 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 January 28, 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 11,039 495 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 813 27 32 43 38 89 94 111 58 26 46 151 99 Securities, repurchase agreements, and loans 690,085 32,250 308,390 20,855 31,257 51,299 45,064 67,423 20,987 14,896 17,929 26,142 53,594 Securities held outright 667,060 32,249 285,390 20,855 31,257 51,299 45,064 67,407 20,987 14,890 17,927 26,142 53,594 U.S. Treasury (1) 667,060 32,249 285,390 20,855 31,257 51,299 45,064 67,407 20,987 14,890 17,927 26,142 53,594 Bills (2) 245,266 11,858 104,933 7,668 11,493 18,862 16,569 24,784 7,716 5,475 6,591 9,612 19,706 Notes and bonds(3) 421,794 20,392 180,457 13,187 19,764 32,437 28,495 42,622 13,270 9,415 11,335 16,530 33,889 Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements(4) 23,000 0 23,000 0 0 0 0 0 0 0 0 0 0 Loans 25 1 0 0 0 0 0 16 0 6 2 0 0 Items in process of collection 12,134 1,042 1,947 1,239 696 840 1,164 696 483 439 496 510 2,582 Bank premises 1,644 94 189 52 151 145 278 126 49 125 73 183 179 Other assets(5) 39,809 1,833 14,277 1,174 2,497 6,189 2,288 3,774 1,071 1,179 839 932 3,756 Interdistrict settlement account 0 + 2,235 - 6,213 + 1,809 - 2,908 - 1,177 + 765 - 6,955 - 1,556 - 473 - 261 + 6,646 + 8,087 Total Assets 757,724 38,092 324,201 25,636 32,311 58,340 50,682 66,367 21,494 16,446 19,490 35,168 69,496 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 January 28, 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 799,230 39,085 324,701 29,420 32,958 60,077 65,430 67,144 23,500 15,711 21,878 40,120 79,206 Less: notes held by F.R. Banks 122,965 5,507 28,378 8,960 5,133 10,074 19,785 8,681 4,139 1,642 4,672 7,537 18,457 Federal Reserve notes, net 676,265 33,578 296,323 20,460 27,825 50,002 45,645 58,464 19,361 14,069 17,206 32,584 60,749 Reverse repurchase agreements (1) 20,694 1,000 8,853 647 970 1,591 1,398 2,091 651 462 556 811 1,663 Deposits 31,035 1,632 12,917 2,990 1,512 1,869 1,563 2,981 650 687 907 838 2,490 Depository institutions 25,329 1,616 7,461 2,988 1,509 1,656 1,561 2,978 648 685 905 835 2,486 U.S. Treasury, general account 5,247 0 5,247 0 0 0 0 0 0 0 0 0 0 Foreign official 82 2 59 1 2 7 2 3 1 1 1 0 4 Other 378 14 151 0 1 205 0 0 1 0 1 3 0 Deferred availability cash items 9,209 838 1,065 892 411 440 890 698 262 443 405 590 2,277 Other liabilities and accrued dividends (2) 2,286 126 797 91 114 226 177 221 102 82 84 111 154 Total liabilities 739,489 37,174 319,955 25,080 30,832 54,130 49,672 64,455 21,026 15,743 19,157 34,933 67,332 Capital Capital paid in 8,886 448 2,032 272 727 2,083 490 932 227 346 160 111 1,057 Surplus 8,847 448 2,031 259 727 2,074 489 924 228 346 162 111 1,048 Other capital 502 21 184 26 25 54 31 56 12 11 10 13 58 Total liabilities and capital 757,724 38,092 324,201 25,636 32,311 58,340 50,682 66,367 21,494 16,446 19,490 35,168 69,496 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 Jan 28, 2004 Federal Reserve notes outstanding 799,230 Less: Notes held by F.R. Banks not subject to collateralization 122,965 Federal Reserve Notes to be collateralized 676,265 Collateral held against Federal Reserve notes 676,265 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 663,026 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities (1) 690,060 Less:face value of securities under reverse repurchase agreements 20,698 U.S. Treasury and agency securities eligible to be pledged 669,362 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.