FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks December 4, 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 Dec 3, 2003 Nov 26, 2003 Dec 4, 2002 Dec 3, 2003 Federal Reserve Banks Reserve Bank Credit 734,979 + 5,786 + 62,357 728,736 Securities held outright 664,699 + 1,200 + 55,103 665,242 U.S. Treasury (1) 664,689 + 1,200 + 55,103 665,232 Bills (2) 243,340 + 146 + 35,896 243,385 Notes and bonds, nominal (2) 406,173 + 962 + 17,514 406,173 Notes and bonds, inflation-indexed (2) 13,532 + 78 + 1,290 13,994 Inflation compensation (3) 1,644 + 15 + 404 1,680 Federal agency (2) 10 0 0 10 Repurchase agreements(4) 30,679 + 3,286 + 4,822 23,500 Loans to depository institutions 35 - 11 - 21 23 Primary credit 9 + 4 + 9 0 Secondary credit 0 0 0 0 Seasonal credit 26 - 16 - 28 23 Adjustment credit 0 0 - 2 0 Float 1,003 + 940 + 737 1,269 Other Federal Reserve assets 38,565 + 373 + 1,718 38,701 Gold stock 11,043 0 + 1 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 35,419 + 14 + 947 35,419 Total factors supplying reserve funds 783,642 + 5,800 + 63,306 777,398 Currency in circulation(5) 713,252 + 4,426 + 38,708 713,706 Reverse repurchase agreements (6) 18,669 + 441 + 18,669 18,731 Foreign official and international accounts 18,669 + 441 + 18,669 18,731 Dealers 0 0 0 0 Treasury cash holdings 324 + 17 - 53 326 Deposits with F.R.Banks, other than reserve balances 18,162 + 424 + 2,458 17,133 U.S. Treasury, general account 5,437 + 214 + 773 4,374 Foreign official 86 + 1 - 41 116 Service-related 12,361 + 194 + 1,677 12,361 Required clearing balances 11,852 + 1 + 1,572 11,852 Adjustments to compensate for float 509 + 193 + 105 509 Other 279 + 16 + 51 282 Other liabilities and capital 20,576 - 96 + 1,005 20,500 Total factors, other than reserve balances, absorbing reserve funds 770,984 + 5,212 + 60,787 770,395 Reserve balances with Federal Reserve Banks 12,658 + 588 + 2,519 7,003 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 1,036,948 + 8,444 ------ 1,045,093 U.S. Treasury 826,756 + 7,998 ------ 835,140 Federal agency 210,192 + 446 ------ 209,954 Securities lent to dealers 2,027 + 358 + 1,453 4,884 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 Dec 3, 2003 Nov 26, 2003 Dec 4, 2002 Assets Gold certificate account 11,039 0 0 Special drawing rights certificate account 2,200 0 0 Coin 744 - 33 - 284 Securities, repurchase agreements, and loans 688,766 - 9,302 + 59,828 Securities held outright 665,242 + 717 + 54,356 U.S. Treasury (1) 665,232 + 717 + 54,356 Bills (2) 243,385 + 132 + 35,213 Notes and bonds, nominal (2) 406,173 0 + 16,954 Notes and bonds, inflation-indexed (2) 13,994 + 540 + 1,752 Inflation compensation (3) 1,680 + 46 + 438 Federal agency (2) 10 0 0 Repurchase agreements (4) 23,500 - 10,000 + 5,500 Loans 23 - 20 - 29 Items in process of collection (1,073) 9,447 + 2,140 - 142 Bank premises 1,606 + 1 + 76 Other assets (5) 37,077 + 213 + 1,755 Total assets (1,073) 750,878 - 6,981 + 61,233 Liabilities Federal Reserve notes net of FR Bank holdings 679,352 + 326 + 37,024 Reverse repurchase agreements (6) 18,731 + 776 + 18,731 Deposits (0) 24,433 - 8,521 + 4,898 Depository institutions 19,660 - 7,579 + 3,990 U.S. Treasury, general account 4,374 - 1,003 + 870 Foreign official 116 + 34 - 37 Other (0) 282 + 27 + 75 Deferred availability cash items (1,073) 7,863 + 343 - 466 Other liabilities and accrued dividends (7) 2,327 - 9 - 98 Total liabilities (1,073) 732,705 - 7,086 + 60,087 Capital Accounts Capital paid in 8,832 + 4 + 479 Surplus 8,380 0 + 1,068 Other capital accounts 961 + 101 - 401 Total capital 18,173 + 105 + 1,146 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, December 3, 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 0 44,439 - 5,597 10 0 19,500 18,731 16 days to 90 days 23 149,930 + 7,311 0 0 4,000 0 91 days to 1 year 0 163,322 - 1,903 0 0 ------ ------ Over 1 to 5 years ------ 179,073 + 541 0 0 ------ ------ Over 5 to 10 years ------ 51,318 + 343 0 0 ------ ------ Over 10 years ------ 77,151 + 23 0 0 ------ ------ All 23 665,232 + 717 10 0 23,500 18,731 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 3, 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 11,039 495 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 744 25 32 38 32 86 87 88 52 23 44 145 93 Securities, repurchase agreements, and loans 688,766 32,162 308,112 20,798 31,172 51,159 44,946 67,229 20,930 14,855 17,883 26,071 53,448 Securities held outright 665,242 32,162 284,612 20,798 31,172 51,159 44,941 67,223 20,929 14,849 17,878 26,071 53,448 U.S. Treasury (1) 665,232 32,161 284,608 20,798 31,171 51,158 44,940 67,222 20,929 14,849 17,878 26,070 53,448 Bills (2) 243,385 11,767 104,128 7,609 11,404 18,717 16,442 24,594 7,657 5,433 6,541 9,538 19,555 Notes and bonds(3) 421,848 20,394 180,480 13,189 19,767 32,441 28,498 42,628 13,272 9,416 11,337 16,532 33,893 Federal agency (2) 10 0 4 0 0 1 1 1 0 0 0 0 1 Repurchase agreements(4) 23,500 0 23,500 0 0 0 0 0 0 0 0 0 0 Loans 23 0 0 0 0 0 5 6 1 6 5 0 0 Items in process of collection 10,519 818 856 553 613 643 851 800 368 463 606 639 3,308 Bank premises 1,606 92 189 52 150 144 277 123 44 125 55 178 177 Other assets(5) 37,077 1,708 13,105 1,092 2,359 6,076 2,124 3,446 933 1,124 875 1,037 3,197 Interdistrict settlement account 0 + 573 - 3,861 + 229 - 2,552 + 1,265 + 1,589 - 7,303 - 1,920 - 380 - 522 + 4,619 + 8,263 Total Assets 751,950 35,987 324,012 23,225 32,355 60,329 50,904 65,576 20,809 16,464 19,311 33,294 69,684 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 December 3, 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 796,773 37,337 327,739 29,095 33,181 59,568 65,854 66,910 23,165 15,626 21,517 38,535 78,246 Less: notes held by F.R. Banks 117,421 5,244 24,542 8,499 5,051 9,935 19,663 9,195 4,453 1,374 4,398 7,662 17,405 Federal Reserve notes, net 679,352 32,093 303,197 20,596 28,130 49,633 46,191 57,716 18,713 14,252 17,119 30,873 60,841 Reverse repurchase agreements (1) 18,731 906 8,014 586 878 1,440 1,265 1,893 589 418 503 734 1,505 Deposits 24,433 1,375 6,830 991 1,328 4,163 1,391 3,203 649 470 717 834 2,482 Depository institutions 19,660 1,371 2,208 989 1,326 4,039 1,389 3,199 645 469 715 833 2,478 U.S. Treasury, general account 4,374 0 4,374 0 0 0 0 0 0 0 0 0 0 Foreign official 116 2 93 1 3 7 2 3 1 1 1 1 3 Other 282 2 155 1 0 116 1 1 3 0 1 1 1 Deferred availability cash items 8,935 568 1,036 430 402 619 866 636 274 536 510 427 2,633 Other liabilities and accrued dividends (2) 2,327 128 713 94 137 260 185 238 104 84 85 115 184 Total liabilities 733,778 35,069 319,789 22,696 30,875 56,114 49,898 63,685 20,328 15,761 18,934 32,982 67,645 Capital Capital paid in 8,832 448 2,026 259 725 2,067 490 920 232 345 163 111 1,047 Surplus 8,380 436 1,809 233 702 2,073 475 858 199 340 201 186 868 Other capital 961 34 389 37 53 74 41 113 50 17 13 14 124 Total liabilities and capital 751,950 35,987 324,012 23,225 32,355 60,329 50,904 65,576 20,809 16,464 19,311 33,294 69,684 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 3, 2003 Federal Reserve notes outstanding 796,773 Less: Notes held by F.R. Banks not subject to collateralization 117,421 Federal Reserve Notes to be collateralized 679,352 Collateral held against Federal Reserve notes 679,352 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 666,113 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities (1) 688,742 Less:face value of securities under reverse repurchase agreements 18,746 U.S. Treasury and agency securities eligible to be pledged 669,997 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.