FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks February 12, 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 Feb 11, 2004 Feb 4, 2004 Feb 12, 2003 Feb 11, 2004 Federal Reserve Banks Reserve Bank Credit 729,540 - 2,700 + 38,140 730,266 Securities held outright 668,702 + 1,440 + 38,751 669,851 U.S. Treasury (1) 668,702 + 1,440 + 38,761 669,851 Bills (2) 245,632 + 159 + 18,691 245,847 Notes and bonds, nominal (2) 407,458 + 1,285 + 17,954 408,394 Notes and bonds, inflation-indexed (2) 13,994 0 + 1,752 13,994 Inflation compensation (3) 1,617 - 5 + 364 1,616 Federal agency (2) 0 0 - 10 0 Repurchase agreements(4) 17,286 - 5,928 - 1,999 18,750 Loans to depository institutions 28 + 5 - 3 18 Primary credit 19 + 9 - 9 7 Secondary credit 0 0 0 0 Seasonal credit 9 - 4 + 6 10 Float 1,544 + 1,210 - 154 -634 Other Federal Reserve assets 41,981 + 574 + 1,545 42,281 Gold stock 11,043 0 0 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 35,559 + 14 + 929 35,559 Total factors supplying reserve funds 778,342 - 2,686 + 39,069 779,067 Currency in circulation(5) 712,486 + 2,348 + 34,027 714,623 Reverse repurchase agreements (6) 20,451 - 130 + 1,502 20,059 Foreign official and international accounts 20,451 - 130 + 2,573 20,059 Dealers 0 0 - 1,071 0 Treasury cash holdings 352 - 4 - 4 336 Deposits with F.R.Banks, other than reserve balances 17,080 + 732 + 1,126 16,959 U.S. Treasury, general account 5,352 + 451 + 671 5,247 Foreign official 80 - 3 - 35 82 Service-related 11,240 + 296 + 322 11,240 Required clearing balances 10,937 + 323 + 620 10,937 Adjustments to compensate for float 303 - 27 - 298 303 Other 408 - 13 + 169 390 Other liabilities and capital 20,550 + 165 + 1,100 20,637 Total factors, other than reserve balances, absorbing reserve funds 770,919 + 3,111 + 37,750 772,615 Reserve balances with Federal Reserve Banks 7,423 - 5,796 + 1,319 6,453 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 1,125,548 + 8,598 + 255,637 1,126,346 U.S. Treasury 896,607 + 7,139 + 198,788 893,961 Federal agency 228,941 + 1,460 + 56,849 232,385 Securities lent to dealers 1,092 + 743 + 105 2,936 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 Feb 11, 2004 Feb 4, 2004 Feb 12, 2003 Assets Gold certificate account 11,038 0 - 1 Special drawing rights certificate account 2,200 0 0 Coin 875 + 17 - 267 Securities, repurchase agreements, and loans 688,619 - 1,946 + 36,912 Securities held outright 669,851 + 2,559 + 38,894 U.S. Treasury (1) 669,851 + 2,559 + 38,904 Bills (2) 245,847 + 342 + 18,609 Notes and bonds, nominal (2) 408,394 + 2,221 + 18,177 Notes and bonds, inflation-indexed (2) 13,994 0 + 1,752 Inflation compensation (3) 1,616 - 4 + 366 Federal agency (2) 0 0 - 10 Repurchase agreements (4) 18,750 - 4,500 - 1,996 Loans 18 - 5 + 14 Items in process of collection (1,244) 6,874 - 2,007 - 955 Bank premises 1,645 + 1 + 104 Other assets (5) 40,631 + 776 + 1,798 Total assets (1,244) 751,883 - 3,158 + 37,591 Liabilities Federal Reserve notes net of FR Bank holdings 680,270 + 1,970 + 32,187 Reverse repurchase agreements (6) 20,059 - 367 + 2,455 Deposits (0) 23,408 - 4,099 + 1,843 Depository institutions 17,688 - 3,594 - 19 U.S. Treasury, general account 5,247 - 481 + 1,720 Foreign official 82 + 2 - 21 Other (0) 390 - 28 + 162 Deferred availability cash items (1,244) 7,509 - 1,073 - 266 Other liabilities and accrued dividends (7) 2,257 + 47 - 20 Total liabilities (1,244) 733,503 - 3,522 + 36,199 Capital Accounts Capital paid in 8,894 + 5 + 490 Surplus 8,847 0 + 490 Other capital accounts 639 + 359 + 412 Total capital 18,380 + 364 + 1,392 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, February 11, 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 7 50,035 - 353 0 0 18,750 20,059 16 days to 90 days 10 148,893 + 648 0 0 0 0 91 days to 1 year 0 164,122 + 1,359 0 0 ------ ------ Over 1 to 5 years ------ 181,930 + 824 0 0 ------ ------ Over 5 to 10 years ------ 47,744 + 84 0 0 ------ ------ Over 10 years ------ 77,127 - 2 0 0 ------ ------ All 18 669,851 + 2,559 0 0 18,750 20,059 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 February 11, 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 11,038 495 4,705 380 477 808 863 982 331 224 303 507 963 Special drawing rights certificate acct. 2,200 115 874 83 104 147 166 212 71 30 66 98 234 Coin 875 35 40 45 44 90 98 116 65 29 55 153 104 Securities, repurchase agreements, and loans 688,619 32,384 305,334 20,942 31,388 51,514 45,253 67,702 21,074 14,956 18,003 26,251 53,819 Securities held outright 669,851 32,384 286,584 20,942 31,388 51,514 45,253 67,689 21,074 14,952 18,002 26,251 53,819 U.S. Treasury (1) 669,851 32,384 286,584 20,942 31,388 51,514 45,253 67,689 21,074 14,952 18,002 26,251 53,819 Bills (2) 245,847 11,886 105,181 7,686 11,520 18,906 16,608 24,843 7,735 5,488 6,607 9,635 19,752 Notes and bonds(3) 424,004 20,499 181,403 13,256 19,868 32,607 28,644 42,846 13,340 9,464 11,395 16,617 34,066 Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements(4) 18,750 0 18,750 0 0 0 0 0 0 0 0 0 0 Loans 18 0 0 0 0 0 0 13 0 4 1 0 0 Items in process of collection 8,118 408 602 498 417 422 659 683 341 394 437 554 2,705 Bank premises 1,645 94 189 52 151 145 278 125 48 125 74 185 179 Other assets(5) 40,631 1,871 14,603 1,200 2,537 6,282 2,346 3,850 1,099 1,202 860 958 3,823 Interdistrict settlement account 0 + 2,384 - 7,892 + 1,217 - 3,113 - 349 + 1,324 - 7,230 - 1,013 - 434 - 104 + 6,887 + 8,325 Total Assets 753,127 37,786 318,455 24,417 32,003 59,060 50,986 66,440 22,016 16,526 19,694 35,593 70,151 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 February 11, 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 799,558 39,262 324,927 29,366 32,859 60,152 64,559 67,260 23,635 15,869 22,024 40,160 79,485 Less: notes held by F.R. Banks 119,289 5,358 29,848 8,498 4,974 9,459 18,433 8,354 3,598 1,620 4,433 6,943 17,769 Federal Reserve notes, net 680,270 33,904 295,078 20,868 27,884 50,693 46,126 58,906 20,037 14,249 17,590 33,217 61,716 Reverse repurchase agreements (1) 20,059 970 8,582 627 940 1,543 1,355 2,027 631 448 539 786 1,612 Deposits 23,408 1,231 8,703 1,792 1,186 1,726 1,392 2,648 480 564 691 776 2,218 Depository institutions 17,688 1,228 3,240 1,791 1,182 1,493 1,390 2,644 479 563 689 775 2,215 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 390 1 158 0 1 227 0 0 1 0 1 1 0 Deferred availability cash items 8,753 631 1,052 478 390 613 918 718 292 475 451 466 2,271 Other liabilities and accrued dividends (2) 2,257 125 746 91 116 235 179 219 103 81 86 109 166 Total liabilities 734,747 36,860 314,162 23,856 30,516 54,809 49,970 64,518 21,543 15,817 19,358 35,354 67,983 Capital Capital paid in 8,894 448 2,041 272 722 2,083 490 932 227 347 160 112 1,059 Surplus 8,847 448 2,031 259 727 2,074 489 924 228 346 162 111 1,048 Other capital 639 29 222 31 37 93 37 66 17 17 13 17 61 Total liabilities and capital 753,127 37,786 318,455 24,417 32,003 59,060 50,986 66,440 22,016 16,526 19,694 35,593 70,151 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 Feb 11, 2004 Federal Reserve notes outstanding 799,558 Less: Notes held by F.R. Banks not subject to collateralization 119,289 Federal Reserve Notes to be collateralized 680,270 Collateral held against Federal Reserve notes 680,270 Gold certificate account 11,038 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 667,031 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities (1) 688,601 Less:face value of securities under reverse repurchase agreements 20,064 U.S. Treasury and agency securities eligible to be pledged 668,538 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.