For Release at 4:30 P.M. Eastern time January 16, 2003 The H.4.1 Statistical Release ("Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks") has been reformatted to show the new types of discount window credit extended by the Federal Reserve Banks. (For more information on the new credit programs, see http://www.federalreserve.gov/boarddocs/press/bcreg/2002/200210312/default.htm). The Federal Reserve Banks began offering primary credit and secondary credit on January 9, 2003. The adjustment credit and extended credit programs were discontinued. The seasonal credit facility continues unchanged. Table 1 of the release now shows amounts for each of the three types of credit currently available (primary, secondary, and seasonal credit). The table still shows amounts for adjustment credit, even though this category is no longer offered, to provide a complete disaggregation of changes in total borrowing from the corresponding week one year ago. FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks January 16, 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 Jan 15, 2003 Jan 8, 2003 Jan 16, 2002 Jan 15, 2003 Federal Reserve Banks Reserve Bank Credit 693,039 - 4,416 + 63,937 698,326 Securities held outright 629,416 0 + 70,943 629,416 U.S. Treasury (1) 629,406 0 + 70,943 629,406 Bills (2) 226,682 0 + 39,777 226,682 Notes and bonds, nominal (2) 389,219 0 + 28,800 389,219 Notes and bonds, inflation-indexed (2) 12,242 0 + 2,056 12,242 Inflation compensation (3) 1,263 0 + 310 1,263 Federal agency (2) 10 0 0 10 Repurchase agreements(4) 24,428 - 3,965 - 8,543 30,000 Loans to depository institutions 16 - 11 - 2 15 Primary credit 6 + 6 + 6 5 Secondary credit 0 0 0 0 Seasonal credit 11 - 6 + 1 10 Adjustment credit 0 - 10 - 8 0 Float -250 - 970 - 167 -466 Other Federal Reserve assets 39,428 + 529 + 1,705 39,361 Gold stock 11,043 0 - 2 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 34,525 + 14 + 1,327 34,525 Total factors supplying reserve funds 740,806 - 4,403 + 65,261 746,094 Currency in circulation(5) 676,353 - 6,783 + 43,634 676,004 Reverse repurchase agreements (6) 18,152 - 381 + 18,152 17,813 Foreign official and international accounts 18,152 - 381 + 18,152 17,813 Dealers 0 0 0 0 Treasury cash holdings 369 - 1 - 63 369 Deposits with F.R.Banks, other than reserve balances 16,755 + 722 + 1,648 16,785 U.S. Treasury, general account 5,244 + 415 - 468 5,192 Foreign official 173 + 66 - 98 253 Service-related 11,127 + 241 + 2,235 11,127 Required clearing balances 10,537 + 2 + 2,134 10,537 Adjustments to compensate for float 590 + 239 + 101 590 Other 210 - 1 - 22 213 Other liabilities and capital 19,738 + 521 + 2,045 19,631 Total factors, other than reserve balances, absorbing reserve funds 731,367 - 5,923 + 65,416 730,601 Reserve balances with Federal Reserve Banks 9,439 + 1,520 - 155 15,492 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 859,013 - 2,072 ------ 859,411 U.S. Treasury 694,097 + 80 ------ 692,999 Federal agency 164,916 - 2,152 ------ 166,412 Securities lent to dealers 579 - 381 - 2,045 922 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 Jan 15, 2003 Jan 8, 2003 Jan 16, 2002 Assets Gold certificate account 11,039 0 - 6 Special drawing rights certificate account 2,200 0 0 Coin 1,043 + 47 - 51 Securities, repurchase agreements, and loans 659,431 - 3,753 + 68,777 Securities held outright 629,416 0 + 69,676 U.S. Treasury (1) 629,406 0 + 69,676 Bills (2) 226,682 0 + 38,923 Notes and bonds, nominal (2) 389,219 0 + 28,384 Notes and bonds, inflation-indexed (2) 12,242 0 + 2,056 Inflation compensation (3) 1,263 0 + 312 Federal agency (2) 10 0 0 Repurchase agreements (4) 30,000 - 3,750 - 900 Loans 15 - 3 + 1 Items in process of collection (1,251) 8,155 - 198 - 502 Bank premises 1,542 + 1 + 30 Other assets (5) 37,688 + 205 + 1,565 Total assets (1,251) 721,098 - 3,698 + 69,813 Liabilities Federal Reserve notes, net of F.R. Bank holdings 642,887 - 4,183 + 42,359 Reverse repurchase agreements (6) 17,813 - 896 + 17,813 Deposits (0) 32,648 + 1,513 + 7,733 Depository institutions 26,991 + 1,795 + 9,122 U.S. Treasury, general account 5,192 - 298 - 1,527 Foreign official 253 + 154 + 165 Other (0) 213 - 137 - 25 Deferred availability cash items (1,251) 8,119 - 380 - 259 Other liabilities and accrued dividends (7) 2,235 + 13 - 118 Total liabilities (1,251) 703,702 - 3,933 + 67,528 Capital Accounts Capital paid in 8,389 + 3 + 970 Surplus 8,478 + 130 + 1,201 Other capital accounts 528 + 102 + 114 Total capital 17,395 + 234 + 2,284 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, January 15, 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 6 43,631 + 1,192 0 0 27,000 17,813 16 days to 90 days 9 136,918 - 1,595 0 0 3,000 0 91 days to 1 year 0 142,959 + 402 10 0 ------ ------ Over 1 to 5 years ------ 174,818 + 2,060 0 0 ------ ------ Over 5 to 10 years ------ 51,240 - 2,060 0 0 ------ ------ Over 10 years ------ 79,840 0 0 0 ------ ------ All 15 629,406 0 10 0 30,000 17,813 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 15, 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 11,039 533 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 1,043 47 37 60 46 155 108 141 64 37 70 168 111 Securities, repurchase agreements, and loans 659,431 36,062 277,651 24,203 34,728 49,090 44,817 74,076 22,382 9,842 18,606 13,969 54,005 Securities held outright 629,416 36,062 247,651 24,203 34,728 49,090 44,817 74,070 22,381 9,839 18,606 13,969 54,001 U.S. Treasury (1) 629,406 36,062 247,647 24,202 34,727 49,089 44,816 74,069 22,380 9,839 18,605 13,969 54,001 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) 402,724 23,074 158,456 15,486 22,220 31,410 28,676 47,393 14,320 6,296 11,904 8,938 34,552 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 15 0 1 0 0 0 0 7 1 2 0 0 4 Items in process of collection 9,406 487 678 435 387 636 727 859 535 764 719 419 2,760 Bank premises 1,542 92 185 50 152 129 279 116 44 127 50 141 176 Other assets(5) 37,688 1,975 13,001 1,239 2,565 5,662 2,540 3,883 990 646 981 826 3,380 Interdistrict settlement account 0 - 7,497 +34,354 - 5,303 - 6,378 - 2,092 - 4,873 -15,372 - 4,080 + 3,684 - 2,449 +13,559 - 3,552 Total Assets 722,349 31,814 331,144 21,196 32,125 54,546 44,691 64,995 20,353 15,308 18,351 29,664 58,160 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 15, 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 758,031 32,894 330,237 25,383 32,432 54,209 58,467 63,710 21,858 15,020 20,319 36,590 66,912 Less: notes held by F.R. Banks 115,143 4,826 25,355 7,976 4,899 9,684 18,627 8,333 3,556 1,895 4,318 9,096 16,579 Federal Reserve notes, net 642,887 28,068 304,883 17,408 27,533 44,525 39,840 55,377 18,301 13,125 16,001 27,494 50,333 Reverse repurchase agreements (1) 17,813 1,021 7,009 685 983 1,389 1,268 2,096 633 278 527 395 1,528 Deposits 32,648 1,059 13,741 1,931 1,537 3,552 1,517 4,726 506 457 876 849 1,898 Depository institutions 26,991 1,056 8,183 1,930 1,532 3,479 1,514 4,722 504 456 874 847 1,894 U.S. Treasury, general account 5,192 0 5,192 0 0 0 0 0 0 0 0 0 0 Foreign official 253 2 229 1 3 7 2 3 1 1 1 1 3 Other 213 1 138 0 3 66 1 0 1 0 1 1 1 Deferred availability cash items 9,370 624 1,006 584 494 596 891 779 394 683 441 456 2,421 Other liabilities and accrued dividends (2) 2,235 139 678 100 121 239 180 233 100 76 93 88 187 Total liabilities 704,953 30,911 327,317 20,707 30,668 50,301 43,697 63,210 19,934 14,620 17,938 29,283 56,368 Capital Capital paid in 8,389 436 1,809 234 707 2,073 475 859 200 340 201 186 868 Surplus 8,478 436 1,809 233 702 2,171 475 858 199 340 201 186 868 Other capital 528 31 210 22 48 0 44 69 19 9 12 9 56 Total liabilities and capital 722,349 31,814 331,144 21,196 32,125 54,546 44,691 64,995 20,353 15,308 18,351 29,664 58,160 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 15, 2003 Federal Reserve notes, net of F.R. Bank holdings 642,887 Collateral held against Federal Reserve notes 642,887 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 629,649 Other eligible assets 0 Memo: Total U.S. Treasury and agency securities (1) 659,416 Less:face value of securities under reverse repurchase agreements 17,818 U.S. Treasury and agency securities eligible to be pledged 641,598 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.