FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks February 26, 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 25, 2004 Feb 18, 2004 Feb 26, 2003 Feb 25, 2004 Federal Reserve Banks Reserve Bank Credit 732,057 - 7,633 + 35,134 730,268 Securities held outright 670,909 + 792 + 35,977 671,527 U.S. Treasury (1) 670,909 + 792 + 35,987 671,527 Bills (2) 246,087 + 181 + 16,057 246,141 Notes and bonds, nominal (2) 409,218 + 615 + 17,806 409,784 Notes and bonds, inflation-indexed (2) 13,994 0 + 1,752 13,994 Inflation compensation (3) 1,609 - 4 + 371 1,608 Federal agency (2) 0 0 - 10 0 Repurchase agreements(4) 23,000 - 5,429 - 321 20,000 Loans to depository institutions 52 + 29 + 39 270 Primary credit 37 + 26 + 27 251 Secondary credit 0 0 0 0 Seasonal credit 16 + 5 + 12 19 Float -538 - 267 - 1,860 -174 Other Federal Reserve assets 38,634 - 2,760 + 1,299 38,644 Gold stock 11,043 0 0 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 35,587 + 14 + 903 35,587 Total factors supplying reserve funds 780,887 - 7,619 + 36,038 779,097 Currency in circulation(5) 714,167 - 1,915 + 31,905 714,546 Reverse repurchase agreements (6) 20,426 - 2,411 + 2,688 18,872 Foreign official and international accounts 20,426 - 2,411 + 2,688 18,872 Dealers 0 0 0 0 Treasury cash holdings 322 - 12 - 25 318 Deposits with F.R.Banks, other than reserve balances 16,264 - 442 - 246 16,336 U.S. Treasury, general account 5,147 + 163 - 102 5,209 Foreign official 85 + 5 - 26 80 Service-related 10,717 - 607 - 187 10,717 Required clearing balances 10,080 - 857 - 257 10,080 Adjustments to compensate for float 637 + 251 + 70 637 Other 315 - 4 + 70 330 Other liabilities and capital 20,225 - 513 + 261 19,928 Total factors, other than reserve balances, absorbing reserve funds 771,404 - 5,292 + 34,584 770,000 Reserve balances with Federal Reserve Banks 9,482 - 2,328 + 1,453 9,097 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 1,142,863 + 8,340 + 261,479 1,144,740 U.S. Treasury 909,440 + 8,670 + 204,725 908,548 Federal agency 233,423 - 330 + 56,753 236,192 Securities lent to dealers 679 - 1,074 + 353 1,081 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 25, 2004 Feb 18, 2004 Feb 26, 2003 Assets Gold certificate account 11,038 0 - 1 Special drawing rights certificate account 2,200 0 0 Coin 878 - 3 - 222 Securities, repurchase agreements, and loans 691,798 - 2,508 + 30,037 Securities held outright 671,527 + 741 + 35,521 U.S. Treasury (1) 671,527 + 741 + 35,531 Bills (2) 246,141 + 86 + 15,535 Notes and bonds, nominal (2) 409,784 + 660 + 17,871 Notes and bonds, inflation-indexed (2) 13,994 0 + 1,752 Inflation compensation (3) 1,608 - 4 + 373 Federal agency (2) 0 0 - 10 Repurchase agreements (4) 20,000 - 3,500 - 5,750 Loans 270 + 250 + 264 Items in process of collection (1,337) 6,996 - 5,500 - 2,201 Bank premises 1,650 + 4 + 93 Other assets (5) 36,995 - 89 + 865 Total assets (1,337) 751,555 - 8,096 + 28,571 Liabilities Federal Reserve notes net of FR Bank holdings 680,151 - 2,092 + 30,481 Reverse repurchase agreements (6) 18,872 - 1,079 + 1,451 Deposits (0) 25,434 - 897 - 3,464 Depository institutions 19,815 - 1,123 - 3,741 U.S. Treasury, general account 5,209 + 205 + 259 Foreign official 80 - 2 - 74 Other (0) 330 + 22 + 92 Deferred availability cash items (1,337) 7,170 - 3,636 - 126 Other liabilities and accrued dividends (7) 2,239 - 5 - 37 Total liabilities (1,337) 733,866 - 7,709 + 28,305 Capital Accounts Capital paid in 8,905 + 7 + 465 Surplus 8,700 - 147 + 320 Other capital accounts 84 - 248 - 519 Total capital 17,689 - 387 + 266 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 25, 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 267 51,729 - 1,374 0 0 20,000 18,872 16 days to 90 days 3 151,629 + 1,254 0 0 0 0 91 days to 1 year 0 158,892 + 206 0 0 ------ ------ Over 1 to 5 years ------ 182,678 - 2 0 0 ------ ------ Over 5 to 10 years ------ 49,240 + 424 0 0 ------ ------ Over 10 years ------ 77,359 + 233 0 0 ------ ------ All 270 671,527 + 741 0 0 20,000 18,872 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 25, 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 878 35 39 47 45 92 98 111 59 28 53 153 118 Securities, repurchase agreements, and loans 691,798 32,468 307,301 20,995 31,466 51,643 45,366 67,866 21,130 14,995 18,047 26,317 54,204 Securities held outright 671,527 32,465 287,301 20,995 31,466 51,643 45,366 67,858 21,127 14,989 18,047 26,317 53,953 U.S. Treasury (1) 671,527 32,465 287,301 20,995 31,466 51,643 45,366 67,858 21,127 14,989 18,047 26,317 53,953 Bills (2) 246,141 11,900 105,307 7,695 11,534 18,929 16,628 24,873 7,744 5,494 6,615 9,646 19,776 Notes and bonds(3) 425,386 20,566 181,994 13,299 19,933 32,714 28,737 42,985 13,383 9,495 11,432 16,671 34,177 Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements(4) 20,000 0 20,000 0 0 0 0 0 0 0 0 0 0 Loans 270 3 0 0 0 0 0 8 3 6 0 0 250 Items in process of collection 8,333 466 617 530 445 525 697 622 497 347 494 409 2,683 Bank premises 1,650 94 190 52 151 145 278 126 48 125 74 189 180 Other assets(5) 36,995 1,701 13,150 1,091 2,348 5,899 2,101 3,486 993 1,110 767 833 3,518 Interdistrict settlement account 0 + 2,291 -10,997 + 662 - 2,153 - 444 + 1,348 - 7,550 - 1,268 - 442 + 129 + 7,217 +11,208 Total Assets 752,892 37,665 315,879 23,840 32,883 58,814 50,916 65,855 21,862 16,416 19,932 35,722 73,109 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 25, 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 801,978 39,158 323,815 29,725 32,954 60,325 64,633 67,109 23,630 15,880 22,194 40,219 82,337 Less: notes held by F.R. Banks 121,827 5,416 31,155 8,420 4,922 9,952 18,649 8,574 3,816 1,548 4,433 6,866 18,077 Federal Reserve notes, net 680,151 33,742 292,661 21,305 28,032 50,373 45,984 58,535 19,814 14,331 17,761 33,353 64,260 Reverse repurchase agreements (1) 18,872 912 8,074 590 884 1,451 1,275 1,907 594 421 507 740 1,516 Deposits 25,434 1,371 9,282 865 1,924 2,143 1,646 2,653 612 559 838 864 2,680 Depository institutions 19,815 1,362 3,855 864 1,920 1,983 1,644 2,649 606 558 836 863 2,676 U.S. Treasury, general account 5,209 0 5,209 0 0 0 0 0 0 0 0 0 0 Foreign official 80 2 56 1 2 7 2 3 1 1 1 0 4 Other 330 7 161 0 1 152 0 1 5 0 1 0 0 Deferred availability cash items 8,507 626 1,000 447 492 554 854 708 285 421 427 423 2,269 Other liabilities and accrued dividends (2) 2,239 128 726 91 118 219 179 223 104 81 87 109 172 Total liabilities 735,203 36,779 311,742 23,298 31,451 54,740 49,938 64,026 21,409 15,814 19,620 35,489 70,897 Capital Capital paid in 8,905 448 2,041 273 723 2,083 491 908 227 264 149 114 1,182 Surplus 8,700 438 2,031 259 710 1,991 487 921 225 338 162 111 1,029 Other capital 84 0 65 9 0 0 0 0 0 0 0 9 0 Total liabilities and capital 752,892 37,665 315,879 23,840 32,883 58,814 50,916 65,855 21,862 16,416 19,932 35,722 73,109 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 25, 2004 Federal Reserve notes outstanding 801,978 Less: Notes held by F.R. Banks not subject to collateralization 121,827 Federal Reserve Notes to be collateralized 680,151 Collateral held against Federal Reserve notes 680,151 Gold certificate account 11,038 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 666,912 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities (1) 691,527 Less:face value of securities under reverse repurchase agreements 18,877 U.S. Treasury and agency securities eligible to be pledged 672,651 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.