FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks June 26, 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 Jun 25, 2003 Jun 18, 2003 Jun 26, 2002 Jun 25, 2003 Federal Reserve Banks Reserve Bank Credit 717,692 + 3,842 + 61,637 723,423 Securities held outright 651,960 + 177 + 60,262 652,003 U.S. Treasury (1) 651,950 + 177 + 60,262 651,993 Bills (2) 238,790 + 185 + 41,134 238,835 Notes and bonds, nominal (2) 398,853 0 + 17,619 398,853 Notes and bonds, inflation-indexed (2) 12,814 0 + 1,212 12,814 Inflation compensation (3) 1,493 - 8 + 297 1,491 Federal agency (2) 10 0 0 10 Repurchase agreements(4) 26,321 + 3,142 + 500 32,000 Loans to depository institutions 407 + 333 + 240 95 Primary credit 322 + 319 + 322 3 Secondary credit 0 0 0 0 Seasonal credit 84 + 13 - 78 92 Adjustment credit 0 0 - 5 0 Float 18 + 18 + 168 319 Other Federal Reserve assets 38,986 + 171 + 468 39,006 Gold stock 11,044 0 0 11,044 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 34,966 + 14 + 1,002 34,966 Total factors supplying reserve funds 765,902 + 3,856 + 62,640 771,633 Currency in circulation(5) 691,070 - 402 + 35,634 692,633 Reverse repurchase agreements (6) 22,714 + 1,250 + 22,714 21,592 Foreign official and international accounts 21,036 - 106 + 21,036 21,592 Dealers 1,679 + 1,358 + 1,679 0 Treasury cash holdings 368 - 11 - 29 365 Deposits with F.R.Banks, other than reserve balances 18,637 + 82 + 1,031 16,988 U.S. Treasury, general account 7,199 + 52 + 236 5,306 Foreign official 162 + 74 + 58 404 Service-related 11,057 - 31 + 754 11,057 Required clearing balances 10,830 0 + 913 10,830 Adjustments to compensate for float 226 - 32 - 160 226 Other 220 - 12 - 17 220 Other liabilities and capital 20,106 - 216 - 147 20,021 Total factors, other than reserve balances, absorbing reserve funds 752,895 + 703 + 59,203 751,598 Reserve balances with Federal Reserve Banks 13,008 + 3,153 + 3,437 20,035 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 933,179 - 2,721 ------ 931,901 U.S. Treasury 749,730 - 408 ------ 748,986 Federal agency 183,450 - 2,312 ------ 182,915 Securities lent to dealers 1,357 + 732 - 138 1,497 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 Jun 25, 2003 Jun 18, 2003 Jun 26, 2002 Assets Gold certificate account 11,040 0 - 4 Special drawing rights certificate account 2,200 0 0 Coin 941 + 4 + 10 Securities, repurchase agreements, and loans 684,099 + 9,082 + 57,269 Securities held outright 652,003 + 71 + 59,603 U.S. Treasury (1) 651,993 + 71 + 59,603 Bills (2) 238,835 + 79 + 40,485 Notes and bonds, nominal (2) 398,853 0 + 17,619 Notes and bonds, inflation-indexed (2) 12,814 0 + 1,212 Inflation compensation (3) 1,491 - 7 + 287 Federal agency (2) 10 0 0 Repurchase agreements (4) 32,000 + 9,000 - 2,250 Loans 95 + 9 - 85 Items in process of collection (1,248) 7,461 - 1,371 + 223 Bank premises 1,582 + 2 + 64 Other assets (5) 37,607 + 364 + 208 Total assets (1,248) 744,931 + 8,081 + 57,771 Liabilities Federal Reserve notes net of FR Bank holdings 658,969 + 164 + 33,574 Reverse repurchase agreements (6) 21,592 - 1,309 + 21,592 Deposits (0) 36,986 + 9,775 + 2,450 Depository institutions 31,055 + 12,255 + 4,452 U.S. Treasury, general account 5,306 - 2,780 - 2,314 Foreign official 404 + 308 + 330 Other (0) 220 - 9 - 19 Deferred availability cash items (1,248) 7,363 - 633 + 264 Other liabilities and accrued dividends (7) 2,382 + 56 - 201 Total liabilities (1,248) 727,292 + 8,053 + 57,678 Capital Accounts Capital paid in 8,657 0 + 327 Surplus 8,380 0 + 1,068 Other capital accounts 601 + 27 - 1,304 Total capital 17,639 + 28 + 93 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, June 25, 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 85 49,024 - 1,980 0 0 29,000 21,592 16 days to 90 days 10 139,395 + 1,823 0 0 3,000 0 91 days to 1 year 0 156,748 + 235 10 0 ------ ------ Over 1 to 5 years ------ 180,187 - 2 0 0 ------ ------ Over 5 to 10 years ------ 46,663 - 2 0 0 ------ ------ Over 10 years ------ 79,976 - 3 0 0 ------ ------ All 95 651,993 + 71 10 0 32,000 21,592 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 June 25, 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 11,040 495 4,707 380 477 808 863 982 331 224 303 507 963 Special drawing rights certificate acct. 2,200 115 874 83 104 147 166 212 71 30 66 98 234 Coin 941 44 32 60 42 119 107 115 56 37 66 152 111 Securities, repurchase agreements, and loans 684,099 31,523 310,948 20,385 30,551 50,142 44,054 65,901 20,526 14,593 17,532 25,554 52,390 Securities held outright 652,003 31,521 278,948 20,384 30,551 50,141 44,047 65,885 20,513 14,554 17,522 25,552 52,385 U.S. Treasury (1) 651,993 31,521 278,944 20,384 30,551 50,140 44,046 65,884 20,513 14,553 17,522 25,551 52,384 Bills (2) 238,835 11,547 102,181 7,467 11,191 18,367 16,135 24,134 7,514 5,331 6,419 9,360 19,189 Notes and bonds(3) 413,158 19,974 176,762 12,917 19,360 31,773 27,911 41,750 12,998 9,222 11,103 16,192 33,195 Federal agency (2) 10 0 4 0 0 1 1 1 0 0 0 0 1 Repurchase agreements(4) 32,000 0 32,000 0 0 0 0 0 0 0 0 0 0 Loans 95 2 0 0 0 1 8 16 13 40 9 3 5 Items in process of collection 8,709 423 690 355 478 616 674 825 354 858 619 336 2,482 Bank premises 1,582 91 185 52 152 143 279 118 43 126 52 165 176 Other assets(5) 37,607 1,734 13,542 1,115 2,341 5,930 2,184 3,493 965 1,119 895 1,073 3,216 Interdistrict settlement account 0 - 2,059 + 9,932 - 2,117 - 2,411 - 1,051 - 541 - 7,668 - 958 - 185 - 69 + 3,111 + 4,016 Total Assets 746,178 32,366 340,910 20,312 31,734 56,854 47,786 63,977 21,387 16,802 19,464 30,997 63,588 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 June 25, 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 765,633 31,651 332,011 24,205 30,949 57,066 62,073 63,844 23,009 15,231 21,366 35,123 69,105 Less: notes held by F.R. Banks 106,664 4,406 23,753 7,397 4,324 8,830 19,685 7,457 3,983 1,517 4,386 6,883 14,041 Federal Reserve notes, net 658,969 27,246 308,258 16,808 26,625 48,235 42,387 56,387 19,026 13,714 16,979 28,240 55,064 Reverse repurchase agreements (1) 21,592 1,044 9,238 675 1,012 1,660 1,459 2,182 679 482 580 846 1,735 Deposits 36,986 2,514 17,862 1,674 1,933 1,897 1,880 2,608 826 1,361 925 1,005 2,502 Depository institutions 31,055 2,512 12,022 1,673 1,929 1,829 1,878 2,604 823 1,359 923 1,004 2,499 U.S. Treasury, general account 5,306 0 5,306 0 0 0 0 0 0 0 0 0 0 Foreign official 404 2 380 1 3 7 2 3 1 1 1 1 3 Other 220 0 153 0 1 60 0 1 2 0 1 0 0 Deferred availability cash items 8,611 521 872 547 609 581 900 765 293 453 494 405 2,170 Other liabilities and accrued dividends (2) 2,382 134 721 95 137 287 195 232 101 92 89 110 188 Total liabilities 728,540 31,459 336,950 19,799 30,315 52,661 46,821 62,174 20,926 16,102 19,068 30,606 61,659 Capital Capital paid in 8,657 446 1,899 252 704 2,090 477 884 228 347 191 190 950 Surplus 8,380 436 1,809 233 702 2,073 475 858 199 340 201 186 868 Other capital 601 25 252 29 12 30 13 62 35 13 5 15 111 Total liabilities and capital 746,178 32,366 340,910 20,312 31,734 56,854 47,786 63,977 21,387 16,802 19,464 30,997 63,588 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 Jun 25, 2003 Federal Reserve notes outstanding 765,633 Less: Notes held by F.R. Banks not subject to collateralization 102,310 Federal Reserve Notes to be collateralized 663,323 Collateral held against Federal Reserve notes 663,323 Gold certificate account 11,040 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 650,083 Other eligible assets 0 Memo: Total U.S. Treasury and agency securities (1) 684,003 Less:face value of securities under reverse repurchase agreements 21,597 U.S. Treasury and agency securities eligible to be pledged 662,406 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.