FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks June 3, 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 Jun 2, 2004 May 26, 2004 Jun 4, 2003 Jun 2, 2004 Federal Reserve Banks Reserve Bank Credit 749,607 + 5,939 + 32,711 742,972 Securities held outright 681,468 + 1,441 + 30,266 681,483 U.S. Treasury (1) 681,468 + 1,441 + 30,276 681,483 Bills (2) 250,462 + 62 + 12,452 250,472 Notes and bonds, nominal (2) 414,659 + 1,355 + 15,806 414,659 Notes and bonds, inflation-indexed (2) 14,464 0 + 1,650 14,464 Inflation compensation (3) 1,883 + 24 + 369 1,888 Federal agency (2) 0 0 - 10 0 Repurchase agreements(4) 29,750 + 3,643 + 1,937 22,500 Loans to depository institutions 127 + 9 + 51 162 Primary credit 8 + 4 - 4 35 Secondary credit 0 0 0 0 Seasonal credit 119 + 5 + 55 127 Float -71 + 150 + 271 554 Other Federal Reserve assets 38,333 + 696 + 186 38,274 Gold stock 11,045 0 + 1 11,045 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 35,783 + 14 + 807 35,783 Total factors supplying reserve funds 798,635 + 5,952 + 33,520 792,001 Currency in circulation(5) 726,421 + 5,693 + 33,483 728,097 Reverse repurchase agreements (6) 20,398 + 1,207 - 1,589 20,292 Foreign official and international accounts 20,398 + 1,207 - 1,410 20,292 Dealers 0 0 - 179 0 Treasury cash holdings 320 - 10 - 56 323 Deposits with F.R.Banks, other than reserve balances 14,622 - 714 - 3,220 12,122 U.S. Treasury, general account 4,092 - 1,120 - 2,395 1,592 Foreign official 103 + 20 - 20 82 Service-related 10,150 + 363 - 853 10,150 Required clearing balances 10,150 + 363 - 682 10,150 Adjustments to compensate for float 0 0 - 170 0 Other 277 + 23 + 48 298 Other liabilities and capital 21,660 + 376 + 1,670 21,396 Total factors, other than reserve balances, absorbing reserve funds 783,421 + 6,552 + 30,289 782,231 Reserve balances with Federal Reserve Banks 15,213 - 600 + 3,230 9,769 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 1,220,724 + 10,107 + 287,355 1,224,925 U.S. Treasury 984,852 + 6,392 + 241,333 989,107 Federal agency 235,872 + 3,715 + 46,022 235,818 Securities lent to dealers 2,751 - 653 + 1,937 2,625 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 Jun 2, 2004 May 26, 2004 Jun 4, 2003 Assets Gold certificate account 11,041 0 + 1 Special drawing rights certificate account 2,200 0 0 Coin 718 - 23 - 191 Securities, repurchase agreements, and loans 704,145 - 10,366 + 33,668 Securities held outright 681,483 + 850 + 30,070 U.S. Treasury (1) 681,483 + 850 + 30,080 Bills (2) 250,472 + 33 + 12,249 Notes and bonds, nominal (2) 414,659 + 796 + 15,806 Notes and bonds, inflation-indexed (2) 14,464 0 + 1,650 Inflation compensation (3) 1,888 + 21 + 376 Federal agency (2) 0 0 - 10 Repurchase agreements (4) 22,500 - 11,250 + 3,500 Loans 162 + 34 + 97 Items in process of collection (803) 8,714 + 3,002 - 1,169 Bank premises 1,683 + 5 + 104 Other assets (5) 36,541 + 390 + 36 Total assets (803) 765,042 - 6,991 + 32,448 Liabilities Federal Reserve notes net of FR Bank holdings 693,351 + 4,307 + 33,273 Reverse repurchase agreements (6) 20,292 + 961 - 1,381 Deposits (0) 21,842 - 14,631 - 350 Depository institutions 19,870 - 11,412 + 4,123 U.S. Treasury, general account 1,592 - 3,252 - 4,534 Foreign official 82 - 3 + 5 Other (0) 298 + 35 + 55 Deferred availability cash items (803) 8,160 + 2,168 - 655 Other liabilities and accrued dividends (7) 2,404 + 15 + 99 Total liabilities (803) 746,049 - 7,181 + 30,986 Capital Accounts Capital paid in 9,204 + 109 + 620 Surplus 8,847 0 + 467 Other capital accounts 942 + 80 + 376 Total capital 18,992 + 188 + 1,462 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, June 2, 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 50 47,941 - 7,319 0 0 22,500 20,292 16 days to 90 days 112 158,769 + 9,367 0 0 0 0 91 days to 1 year 0 161,315 - 2,268 0 0 ------ ------ Over 1 to 5 years ------ 185,440 + 261 0 0 ------ ------ Over 5 to 10 years ------ 51,299 + 717 0 0 ------ ------ Over 10 years ------ 76,719 + 92 0 0 ------ ------ All 162 681,483 + 850 0 0 22,500 20,292 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 2, 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 11,041 494 4,651 382 452 819 894 924 325 218 302 525 1,055 Special drawing rights certificate acct. 2,200 115 874 83 104 147 166 212 71 30 66 98 234 Coin 718 33 27 43 34 64 74 83 48 28 41 144 98 Securities, repurchase agreements, and loans 704,145 32,003 318,000 20,270 29,120 51,796 45,961 61,443 20,036 14,902 17,923 31,073 61,618 Securities held outright 681,483 32,001 295,500 20,269 29,120 51,796 45,957 61,387 20,021 14,864 17,908 31,072 61,588 U.S. Treasury (1) 681,483 32,001 295,500 20,269 29,120 51,796 45,957 61,387 20,021 14,864 17,908 31,072 61,588 Bills (2) 250,472 11,761 108,608 7,450 10,703 19,037 16,891 22,562 7,359 5,463 6,582 11,420 22,636 Notes and bonds(3) 431,012 20,239 186,892 12,819 18,417 32,759 29,066 38,825 12,663 9,401 11,326 19,652 38,952 Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements(4) 22,500 0 22,500 0 0 0 0 0 0 0 0 0 0 Loans 162 2 0 1 0 0 4 56 15 38 15 1 31 Items in process of collection 9,517 785 443 496 468 536 1,193 604 450 538 725 527 2,752 Bank premises 1,683 96 191 52 153 144 279 132 51 124 74 206 181 Other assets(5) 36,541 1,659 13,083 1,018 2,263 5,824 2,079 3,308 957 1,093 749 911 3,598 Interdistrict settlement account 0 + 3,008 -24,175 + 3,048 - 1,590 - 1,917 + 2,421 + 1,739 + 589 - 426 + 1,498 + 4,121 +11,684 Total Assets 765,845 38,192 313,093 25,392 31,004 57,413 53,067 68,444 22,528 16,507 21,379 37,606 81,220 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 2, 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 807,661 37,991 319,760 30,849 31,943 58,978 66,434 67,931 23,549 15,575 23,211 41,809 89,631 Less: notes held by F.R. Banks 114,310 3,932 28,321 8,265 5,314 10,070 18,806 7,266 3,028 1,238 4,029 6,682 17,360 Federal Reserve notes, net 693,351 34,059 291,439 22,584 26,629 48,908 47,628 60,665 20,521 14,337 19,182 35,127 72,271 Reverse repurchase agreements (1) 20,292 953 8,799 604 867 1,542 1,368 1,828 596 443 533 925 1,834 Deposits 21,842 1,203 6,908 924 1,167 1,871 1,874 3,028 575 445 783 733 2,333 Depository institutions 19,870 1,195 5,089 923 1,165 1,744 1,872 3,024 572 444 781 732 2,330 U.S. Treasury, general account 1,592 0 1,592 0 0 0 0 0 0 0 0 0 0 Foreign official 82 2 59 1 2 7 2 3 1 1 1 0 4 Other 298 6 167 0 0 120 0 0 2 0 1 0 0 Deferred availability cash items 8,963 804 743 616 704 598 960 698 251 574 465 426 2,125 Other liabilities and accrued dividends (2) 2,404 133 754 95 127 276 190 228 106 81 86 126 203 Total liabilities 746,852 37,151 308,643 24,822 29,495 53,195 52,020 66,446 22,048 15,880 21,050 37,337 78,766 Capital Capital paid in 9,204 506 2,114 278 738 2,064 506 1,021 232 264 153 128 1,200 Surplus 8,847 448 2,031 259 727 2,074 489 924 228 346 162 111 1,048 Other capital 942 86 306 34 44 80 52 53 20 17 14 31 205 Total liabilities and capital 765,845 38,192 313,093 25,392 31,004 57,413 53,067 68,444 22,528 16,507 21,379 37,606 81,220 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 2, 2004 Federal Reserve notes outstanding 807,661 Less: Notes held by F.R. Banks not subject to collateralization 114,310 Federal Reserve Notes to be collateralized 693,351 Collateral held against Federal Reserve notes 693,351 Gold certificate account 11,041 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 680,110 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities (1) 703,983 Less:face value of securities under reverse repurchase agreements 20,297 U.S. Treasury and agency securities eligible to be pledged 683,686 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.