For Release at 4:30 P.M. Eastern time December 19, 2002 The H.4.1 Statistical Release ("Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks") has been reformatted to accommodate the Federal Reserve's switch from arranging matched sale-purchase transactions to arranging reverse repurchase agreements. The Federal Reserve began using reverse repurchase agreements, instead of matched sale-purchase transactions, on December 13. Reverse repurchase agreements�sales of securities under agreements to repurchase�are fundamentally equivalent to matched sale-purchase transactions, and they are commonly used in financial markets. Like matched sale-purchase transactions, reverse repurchase agreements will be arranged with foreign official and international accounts and with primary dealers. The accounting treatment of reverse repurchase agreements differs from that of matched sale-purchase transactions. Matched sale-purchase transactions were accounted for as an outright sale, and the securities sold under these agreements were removed from securities held outright. In contrast, reverse repurchase agreements are accounted for as financing transactions in which the securities pledged remain in total outright holdings of securities by the Federal Reserve Banks, and a liability is recognized until the transaction matures. For the week ended December 18, the weekly average data for Treasury bills held outright incorporate the depressing effect of the matched sale-purchase transaction arranged on December 12 and the shift to reverse repurchase agreements for the remaining days in the statement week. One-week and one-year changes shown in table 1 and in table 2 for Treasury bills held outright and other measures that include these holdings are quite large relative to typical movements because of the accounting changes.
FEDERAL RESERVE Statistical Release
H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
December 19, 2002
1. Factors Affecting Reserve Balances of Depository Institutions
Millions of dollars
Reserve Bank credit, related items, and reserve balances of depository institutions at Federal Reserve Banks |
Averages of daily figures | Wednesday Dec 18, 2002 |
||
---|---|---|---|---|
Week ended Dec 18, 2002 |
Change from week ended | |||
Dec 11, 2002 | Dec 19, 2001 | |||
Reserve Bank Credit | 692,654 | + 21,905 | + 65,300 | 698,649 |
Securities held outright | 626,479 | + 16,564 | + 72,238 | 629,407 |
U.S. Treasury (1) | 626,469 | + 16,564 | + 72,238 | 629,397 |
Bills (2) | 223,757 | + 16,558 | + 37,582 | 226,682 |
Notes and bonds, nominal (2) | 389,219 | 0 | + 31,813 | 389,219 |
Notes and bonds, inflation-indexed (2) | 12,242 | 0 | + 2,531 | 12,242 |
Inflation compensation (3) | 1,250 | + 5 | + 311 | 1,253 |
Federal agency (2) | 10 | 0 | 0 | 10 |
Repurchase agreements(4) | 28,179 | + 6,179 | - 8,414 | 30,000 |
Loans to depository institutions | 55 | - 154 | + 8 | 45 |
Adjustment credit | 6 | - 158 | - 6 | 2 |
Seasonal credit | 49 | + 3 | + 14 | 43 |
Extended credit | 0 | 0 | 0 | 0 |
Float | -61 | - 1,535 | - 791 | 994 |
Other Federal Reserve assets | 38,003 | + 853 | + 2,261 | 38,202 |
Gold stock | 11,043 | 0 | - 2 | 11,043 |
Special drawing rights certificate account | 2,200 | 0 | 0 | 2,200 |
Treasury currency outstanding (5) | 34,469 | + 14 | + 1,471 | 34,469 |
Total factors supplying reserve funds | 740,365 | + 21,918 | + 66,768 | 746,360 |
Currency in circulation(5) | 675,416 | + 1,126 | + 44,989 | 678,678 |
Reverse repurchase agreements (6) | 18,202 | + 18,202 | + 18,202 | 21,905 |
Foreign official and international accounts | 18,202 | + 18,202 | + 18,202 | 21,905 |
Dealers | 0 | 0 | 0 | 0 |
Treasury cash holdings | 370 | - 6 | - 70 | 360 |
Deposits with F.R.Banks, other than reserve balances | 17,217 | + 2,210 | + 1,707 | 17,880 |
U.S. Treasury, general account | 5,959 | + 1,852 | + 95 | 6,595 |
Foreign official | 148 | + 10 | - 142 | 172 |
Service-related | 10,900 | + 346 | + 1,766 | 10,900 |
Required clearing balances | 10,450 | + 168 | + 1,869 | 10,450 |
Adjustments to compensate for float | 450 | + 177 | - 103 | 450 |
Other | 210 | + 2 | - 11 | 213 |
Other liabilities and capital | 20,203 | + 404 | + 2,237 | 19,907 |
Total factors, other than reserve balances, | ||||
absorbing reserve funds | 731,409 | + 21,937 | + 67,066 | 738,729 |
Reserve balances with Federal Reserve Banks | 8,957 | - 18 | - 297 | 7,631 |
Memo (off-balance-sheet items): | ||||
Marketable securities held in custody for foreign | ||||
official and international accounts(2,7) | 846,299 | + 10,830 | ------ | 847,705 |
U.S. Treasury | 685,293 | + 5,307 | ------ | 685,673 |
Federal agency | 161,005 | + 5,522 | ------ | 162,032 |
Securities lent to dealers | 151 | + 98 | - 2,775 | 675 |
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. Daily average data for U.S. Treasury bills
held outright were net of $ 2,926 million in matched sale-purchase transactions, all of which were with foreign official and international
accounts. No matched sale-purchase transactions were outstanding on the Wednesday statement date.
2 Face value of the securities.
3 Compensation that adjusts for the effects 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
Assets, liabilities, and capital | Eliminations from consolidation |
Change Since | ||
---|---|---|---|---|
Wednesday Dec 18, 2002 |
Wednesday Dec 11, 2002 |
Wednesday Dec 19, 2001 |
||
Assets | ||||
Gold certificate account | 11,039 | 0 | - 6 | |
Special drawing rights certificate account | 2,200 | 0 | 0 | |
Coin | 1,035 | + 3 | - 44 | |
Securities, repurchase agreements, and loans | 659,452 | + 18,624 | + 66,114 | |
Securities held outright | 629,407 | + 20,450 | + 73,813 | |
U.S. Treasury (1) | 629,397 | + 20,450 | + 73,813 | |
Bills (2) | 226,682 | + 20,444 | + 40,198 | |
Notes and bonds, nominal (2) | 389,219 | 0 | + 30,765 | |
Notes and bonds, inflation-indexed (2) | 12,242 | 0 | + 2,531 | |
Inflation compensation (3) | 1,253 | + 6 | + 318 | |
Federal agency (2) | 10 | 0 | 0 | |
Repurchase agreements (4) | 30,000 | - 750 | - 7,700 | |
Loans | 45 | - 1,076 | + 1 | |
Items in process of collection | (1,219) | 8,800 | - 1,316 | - 301 |
Bank premises | 1,534 | + 2 | + 16 | |
Other assets (5) | 36,540 | + 661 | + 1,013 | |
Total assets | (1,219) | 720,601 | + 17,976 | + 66,794 |
Liabilities | ||||
Federal Reserve notes, net of F.R. Bank holdi | 645,599 | + 3,155 | + 42,663 | |
Reverse repurchase agreements (6) | 21,905 | + 21,905 | + 21,905 | |
Deposits | (0) | 24,923 | - 6,948 | + 148 |
Depository institutions | 17,943 | - 8,082 | + 1,171 | |
U.S. Treasury, general account | 6,595 | + 1,089 | - 579 | |
Foreign official | 172 | + 33 | - 450 | |
Other | (0) | 213 | + 12 | + 5 |
Deferred availability cash items | (1,219) | 8,266 | - 257 | - 132 |
Other liabilities and accrued dividends (7) | 2,418 | - 33 | - 187 | |
Total liabilities | (1,219) | 703,111 | + 17,821 | + 64,397 |
Capital Accounts | ||||
Capital paid in | 8,376 | + 17 | + 1,021 | |
Surplus | 7,312 | 0 | + 587 | |
Other capital accounts | 1,802 | + 138 | + 790 | |
Total capital | 17,489 | + 154 | + 2,396 |
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 effects 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, December 18, 2002
Millions of dollars
Maturity | Loans | U.S. Treasury securities (1) |
Federal agency securities |
Repurchase agreements(2) |
Reverse repurchase agreements(2) |
||
---|---|---|---|---|---|---|---|
Holding | Weekly changes |
Holdings | Week change |
||||
Within 15 days | 43 | 47,253 | + 27,298 | 0 | 0 | 23,000 | 21,905 |
16 days to 90 days | 3 | 134,262 | - 7,573 | 0 | 0 | 7,000 | 0 |
91 days to 1 year | 0 | 140,816 | + 719 | 10 | + 10 | ------ | ------ |
Over 1 to 5 years | ------ | 173,935 | 0 | 0 | - 10 | ------ | ------ |
Over 5 to 10 years | ------ | 53,295 | + 2 | 0 | 0 | ------ | ------ |
Over 10 years | ------ | 79,836 | + 3 | 0 | 0 | ------ | ------ |
All | 45 | 629,397 | + 20,450 | 10 | 0 | 30,000 | 21,905 |
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 December 18, 2002
Millions of dollars
Assets, liabilities, and capital | Total | Boston | New York | Philadelphia | Cleveland | Richmond | Atlanta | Chicago | St. Louis | Minneapolis | Kansas City |
Dallas | San Francisco |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Assets | |||||||||||||
Gold certificate account | 11,039 | 533 | 4,364 | 430 | 522 | 819 | 926 | 1,080 | 346 | 179 | 309 | 485 | 1,046 |
Special drawing rights certificate acct. | 2,200 | 115 | 874 | 83 | 104 | 147 | 166 | 212 | 71 | 30 | 66 | 98 | 234 |
Coin | 1,035 | 48 | 34 | 63 | 47 | 147 | 111 | 131 | 61 | 37 | 69 | 168 | 119 |
Securities, repurchase agreements, | |||||||||||||
and loans | 659,452 | 36,062 | 277,647 | 24,202 | 34,727 | 49,089 | 44,822 | 74,071 | 22,393 | 9,848 | 18,615 | 13,973 | 54,001 |
Securities held outright | 629,407 | 36,062 | 247,647 | 24,202 | 34,727 | 49,089 | 44,816 | 74,069 | 22,380 | 9,839 | 18,605 | 13,969 | 54,001 |
U.S. Treasury (1) | 629,397 | 36,061 | 247,643 | 24,202 | 34,727 | 49,088 | 44,816 | 74,068 | 22,380 | 9,839 | 18,605 | 13,968 | 54,000 |
Bills (2) | 226,682 | 12,988 | 89,191 | 8,717 | 12,507 | 17,680 | 16,141 | 26,676 | 8,060 | 3,544 | 6,701 | 5,031 | 19,448 |
Notes and bonds(3) | 402,715 | 23,073 | 158,453 | 15,486 | 22,220 | 31,409 | 28,675 | 47,392 | 14,320 | 6,295 | 11,904 | 8,938 | 34,551 |
Federal agency (2) | 10 | 1 | 4 | 0 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 1 |
Repurchase agreements(4) | 30,000 | 0 | 30,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Loans | 45 | 0 | 0 | 0 | 0 | 0 | 6 | 2 | 13 | 9 | 10 | 5 | 1 |
Items in process of collection | 10,019 | 541 | 1,071 | 520 | 585 | 934 | 950 | 489 | 631 | 486 | 647 | 332 | 2,833 |
Bank premises | 1,534 | 91 | 185 | 49 | 152 | 130 | 279 | 116 | 43 | 126 | 50 | 140 | 173 |
Other assets(5) | 36,540 | 1,907 | 12,776 | 1,162 | 2,473 | 5,443 | 2,444 | 3,738 | 960 | 626 | 951 | 800 | 3,261 |
Interdistrict settlement account | 0 | - 6,192 | +29,305 | - 5,243 | - 5,555 | - 1,991 | - 4,059 | -16,025 | - 3,540 | + 4,004 | - 2,765 | +13,829 | - 1,768 |
Total Assets | 721,820 | 33,105 | 326,255 | 21,266 | 33,056 | 54,718 | 45,640 | 63,812 | 20,965 | 15,335 | 17,942 | 29,824 | 59,900 |
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 effects 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 December 18, 2002
Millions of dollars
Assets, liabilities, and capital | Total | Boston | New York | Philadelphia | Cleveland | Richmond | Atlanta | Chicago | St. Louis | Minneapolis | Kansas City |
Dallas | San Francisco |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Liabilities | |||||||||||||
Federal Reserve notes outstanding | 762,435 | 33,280 | 330,896 | 25,599 | 32,861 | 54,768 | 58,851 | 64,873 | 22,181 | 15,157 | 20,091 | 36,703 | 67,177 |
Less: notes held by F.R. Banks | 116,836 | 4,674 | 28,286 | 7,451 | 4,772 | 9,889 | 18,189 | 8,654 | 3,490 | 1,998 | 4,249 | 9,028 | 16,156 |
Federal Reserve notes, net | 645,599 | 28,605 | 302,609 | 18,149 | 28,089 | 44,879 | 40,662 | 56,219 | 18,691 | 13,159 | 15,842 | 27,674 | 51,021 |
Reverse repurchase agreements (1) | 21,905 | 1,255 | 8,619 | 842 | 1,209 | 1,708 | 1,560 | 2,578 | 779 | 342 | 648 | 486 | 1,879 |
Deposits | 24,923 | 1,513 | 9,439 | 1,190 | 1,590 | 2,930 | 1,301 | 2,177 | 625 | 412 | 514 | 707 | 2,525 |
Depository institutions | 17,943 | 1,509 | 2,546 | 1,188 | 1,586 | 2,871 | 1,298 | 2,173 | 623 | 411 | 512 | 704 | 2,521 |
U.S. Treasury, general account | 6,595 | 0 | 6,595 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Foreign official | 172 | 2 | 148 | 1 | 3 | 7 | 2 | 3 | 1 | 1 | 1 | 1 | 3 |
Other | 213 | 2 | 149 | 1 | 2 | 51 | 1 | 1 | 1 | 0 | 1 | 3 | 1 |
Deferred availability cash items | 9,485 | 672 | 1,005 | 471 | 571 | 693 | 864 | 798 | 347 | 678 | 424 | 479 | 2,483 |
Other liabilities and accrued | |||||||||||||
dividends (2) | 2,418 | 146 | 738 | 105 | 143 | 263 | 193 | 255 | 104 | 83 | 96 | 91 | 200 |
Total liabilities | 704,330 | 32,191 | 322,410 | 20,757 | 31,601 | 50,473 | 44,579 | 62,028 | 20,545 | 14,675 | 17,524 | 29,438 | 58,109 |
Capital | |||||||||||||
Capital paid in | 8,376 | 436 | 1,801 | 242 | 702 | 2,073 | 475 | 851 | 199 | 340 | 201 | 186 | 870 |
Surplus | 7,312 | 418 | 1,504 | 221 | 665 | 1,757 | 535 | 793 | 149 | 118 | 191 | 164 | 796 |
Other capital | 1,802 | 59 | 541 | 46 | 88 | 415 | 51 | 140 | 72 | 202 | 26 | 37 | 126 |
Total liabilities and capital | 721,820 | 33,105 | 326,255 | 21,266 | 33,056 | 54,718 | 45,640 | 63,812 | 20,965 | 15,335 | 17,942 | 29,824 | 59,900 |
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 Dec 18, 2002 |
---|---|
Federal Reserve notes, net of F.R. | |
Bank holdings | 645,599 |
Collateral held against Federal Reserve | |
notes | 645,599 |
Gold certificate account | 11,039 |
Special drawing rights | |
certificate account | 2,200 |
U.S. Treasury and agency securities | |
pledged (1) | 632,361 |
Other eligible assets | 0 |
Memo: | |
Total U.S. Treasury and agency | |
securities (1) | 659,407 |
Less:face value of securities under | |
reverse repurchase agreements | 21,913 |
U.S. Treasury and agency securitie | |
eligible to be pledged | 637,494 |
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 effects of inflation on the original face
value of inflation-indexed securities, and cash value of repurchase agreements.