FEDERAL RESERVE These data are scheduled for release each Thursday. The exact time of each release will be announced, when the information is available, on (202) 452-3206. H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks May 16, 2002 Millions of dollars Averages of daily figures Reserve balances of depository institutions at Week ended Change from week ended Wednesday F.R. Banks, Reserve Bank credit, and related items May 15, 2002 May 8, 2002 May 16, 2001 May 15, 2002 Reserve Bank Credit 645,879 + 4,344 + 61,037 649,250 U.S. government securities (1) Bought outright-system account (2,3) 583,972 + 1,805 + 56,714 585,767 Held under repurchase agreements 0 0 0 0 Federal agency obligations (1) Bought outright 10 0 0 10 Held under repurchase agreements 0 0 0 0 Repurchase agreements -- triparty (4) 22,787 + 2,858 + 2,734 28,251 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 6 + 1 - 519 9 Seasonal credit 95 + 1 + 7 95 Extended credit 0 0 0 0 Float -114 - 179 + 39 -830 Other F.R. assets 39,124 - 141 + 2,063 35,948 Gold stock 11,044 0 - 2 11,044 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding 33,689 + 14 + 1,214 33,689 Total factors supplying reserve funds 692,811 + 4,358 + 62,247 696,182 Currency in circulation* 647,695 + 1,271 + 57,366 649,083 Reverse repurchase agreements -- triparty (4) 0 0 0 0 Treasury cash holdings* 408 + 12 - 109 410 Deposits,other than reserve balances,with F.R.Banks Treasury 5,134 - 11 - 35 4,968 Foreign 99 + 12 - 5 108 Service-related balances and adjustments (5) 10,042 - 87 + 3,199 10,042 Other 214 - 46 - 181 216 Other F.R. liabilities and capital 19,099 - 24 + 1,153 18,978 Total factors, other than reserve balances, absorbing reserve funds 682,692 + 1,127 + 61,389 683,806 Reserve balances with F.R. Banks (6) 10,120 + 3,232 + 859 12,377 On May 15, 2002, the face amount of marketable U.S. government and federal agency securities held in custody by the Federal Reserve Banks for foreign official and international accounts was $ 747,816 million, a change of $ + 5,339 million for the week. The total includes $ 603,722 million of U.S. government securities and $ 144,093 million of federal agency securities. The total includes the face value of U.S. Treasury strips and other zero coupon bonds. 1 Face value of the securities. 2 Net of $ 21,437 million (daily average over statement week) and $ 21,120 million (outstanding on Wednesday statement date) matched sale-purchase transactions, of which $ 21,437 million (daily average) and $ 21,120 million (outstanding on Wednesday statement date) were with foreign official and international accounts. Includes securities loans of $ 769 million (daily average) and $ 2,215 million (outstanding on Wednesday statement date) that are fully collateralized by other U.S. government securities. 3 Includes $ 11,602 million of inflation-indexed securities valued at the original face amount and $ 1,106 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Cash value of agreements arranged through third-party custodial banks. These agreements are collateralized by U.S. government and federal agency securities. 5 Consists of required clearing balances of $ 9,864 million and adjustments of $ 179 million to compensate for float. 6 Excludes required clearing balances and adjustments to compensate for float. * Estimated (Treasury's figures). Components may not add to totals due to rounding. Worksheet for H.4.1 (a) CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS Millions of Dollars Change Since * Wednesday Wednesday Wednesday May 15, 2002 May 8, 2002 May 16, 2001 ASSETS Gold certificate account 11,044 0 - 2 Special drawing rights certificate account 2,200 0 0 Coin 962 - 11 - 141 Loans 104 + 12 - 6 Acceptances 0 0 0 Repurchase agreements -- triparty (1) 28,251 + 9,251 - 3,496 Federal agency obligations (2) Bought outright 10 0 0 Held under repurchase agreements 0 0 0 U.S. government securities (2) Bought outright--Bills 195,376 + 564 + 16,668 Notes (3) 285,069 + 1,524 + 33,535 Bonds (4) 105,322 + 7 + 7,183 Total bought outright (5) 585,767 + 2,095 + 57,387 Held under repurchase agreements 0 0 0 Total U.S. government securities 585,767 + 2,095 + 57,387 Total loans and securities 614,132 + 11,358 + 53,885 Items in process of collection (1,156) 6,583 - 1,944 - 1,286 Bank premises 1,514 0 + 15 Other assets (6) 34,204 - 3,440 + 1,291 TOTAL ASSETS (1,156) 670,639 + 5,965 + 53,764 LIABILITIES Federal Reserve notes 616,766 + 487 + 55,980 Reverse repurchase agreements -- triparty (1) 0 0 0 Deposits Depository institutions 22,254 + 6,085 - 2,346 U.S. Treasury--general account 4,968 - 484 - 341 Foreign--official accounts 108 + 26 + 32 Other (0) 216 - 35 - 139 Total deposits (0) 27,546 + 5,591 - 2,794 Deferred availability cash items (1,156) 7,348 - 338 - 747 Other liabilities and accrued dividends (7) 2,447 + 32 - 971 TOTAL LIABILITIES (1,156) 654,108 + 5,773 + 51,469 CAPITAL ACCOUNTS Capital paid in 8,080 - 21 + 1,053 Surplus 7,310 + 7 + 802 Other capital accounts 1,140 + 204 + 439 *Figures in parentheses are the eliminations made in the consolidation process. 1 Cash value of agreements arranged through third-party custodial banks. 2 Face value of the securities. 3 Includes $ 6,591 million of inflation-indexed securities valued at the original face amount and $ 652 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Includes $ 5,011 million of inflation-indexed securities valued at the original face amount and $ 453 million of compensation that adjusts for the effects of inflation on the principal of such securities. 5 Net of $ 21,120 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes securities loans of $ 2,215 million that are fully collateralized by other U.S. government securities. 6 Includes assets denominated in foreign currencies, revalued daily at market exchange rates. 7 Includes exchange-translation account reflecting the daily revaluation at market exchange rates of foreign exchange commitments. Components may not add to totals due to rounding. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, May 15, 2002 Millions of dollars U.S. government Federal agency Reverse Loans securities (1,2) obligations(2) Repurchase Repurchase Weekly Weekly Agreements Agreements Holdings changes Holdings changes Triparty(3) Triparty(3) Within 15 days 19 23,438 - 4,225 0 0 23,251 0 16 days to 90 days 85 127,337 + 1,389 0 0 5,000 0 91 days to 1 year 0 136,341 + 3,148 0 0 ------ ------ Over 1 to 5 years 165,488 + 4,133 10 0 ------ ------ Over 5 to 10 years 51,648 - 2,357 0 0 ------ ------ Over 10 years 81,515 + 6 0 0 ------ ------ Total 104 585,767 + 2,095 10 0 28,251 0 1 Includes $ 11,602 million of inflation-indexed securities valued at the original face amount and $ 1,106 million of compensation that adjusts for the effects of inflation on the principal of such securities. 2 Includes face value of securities held under repurchase agreements classified by the remaining maturity of the agreements. 3 Cash value of agreements arranged through third-party custodial banks classified by remaining maturity of the agreements. Components may not add to totals due to rounding. H.4.1 (b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON May 15, 2002 Millions of dollars Kansas San Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco ASSETS Gold certificate account 11,044 533 4,369 430 522 819 926 1,080 346 179 309 485 1,046 Special drawing rights certif. acct. 2,200 115 874 83 104 147 166 212 71 30 66 98 234 Coin 962 53 49 50 49 131 92 123 52 38 67 125 133 Loans 104 4 0 0 0 0 1 37 12 37 8 0 5 Acceptances 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase Agreements -- triparty(1) 28,251 0 28,251 0 0 0 0 0 0 0 0 0 0 Federal agency obligations(2) Bought outright 10 1 4 0 1 1 1 1 0 0 0 0 1 Held under repurchase agreements 0 0 0 0 0 0 0 0 0 0 0 0 0 U.S. government securities(2) Bought outright--Bills 195,376 11,194 76,873 7,513 10,780 15,238 13,912 22,992 6,947 3,054 5,775 4,336 16,762 Notes (3) 285,069 16,333 112,164 10,962 15,729 22,233 20,298 33,547 10,136 4,456 8,427 6,327 24,458 Bonds (4) 105,322 6,034 41,440 4,050 5,811 8,214 7,499 12,394 3,745 1,646 3,113 2,337 9,036 Total bought outright(5) 585,767 33,561 230,476 22,524 32,320 45,686 41,709 68,933 20,829 9,157 17,315 13,000 50,256 Held under repurchase agreements 0 0 0 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 585,767 33,561 230,476 22,524 32,320 45,686 41,709 68,933 20,829 9,157 17,315 13,000 50,256 Total loans and securities 614,132 33,566 258,731 22,525 32,320 45,686 41,710 68,971 20,841 9,194 17,324 13,000 50,263 Items in process of collection 7,739 525 732 354 289 495 698 682 455 542 473 204 2,289 Bank premises 1,514 92 181 49 152 131 280 108 43 123 49 136 171 Other assets(6) 34,204 1,780 12,025 1,123 2,297 5,012 2,289 3,500 899 585 894 752 3,046 Interdistrict settlement account 0 - 3,195 - 1,181 - 2,348 - 3,036 + 2,730 + 1,217 - 3,281 - 1,339 + 5,080 + 21 + 8,175 - 2,841 TOTAL ASSETS 671,795 33,470 275,780 22,264 32,697 55,150 47,378 71,395 21,368 15,771 19,202 22,975 54,342 1 Cash value of agreements arranged through third-party custodial banks. These agreements are collateralized by U.S. government and federal agency securities. 2 Face value of the securities. 3 Includes $ 6,591 million of inflation-indexed securities valued at the original face amount and $ 652 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Includes $ 5,011 million of inflation-indexed securities valued at the original face amount and $ 453 million of compensation that adjusts for the effects of inflation on the principal of such securities. 5 Net of $ 21,120 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes securities loans of $ 2,215 million that are fully collateralized by other U.S. government securities. 6 Includes assets denominated in foreign currencies, revalued monthly at market exchange rates. Components may not add to totals due to rounding. H.4.1 (c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON May 15, 2002 Millions of dollars Kansas San Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco LIABILITIES Federal Reserve notes 616,766 30,665 259,717 20,555 28,949 47,039 43,705 65,981 19,891 13,784 17,353 21,414 47,712 Reverse repurchase agreements--triparty(1) 0 0 0 0 0 0 0 0 0 0 0 0 0 Deposits Depository institutions 22,254 1,170 5,709 554 1,782 2,935 1,585 2,857 703 907 1,000 794 2,257 U.S. Treasury--general account 4,968 0 4,968 0 0 0 0 0 0 0 0 0 0 Foreign--official accounts 108 2 84 1 3 7 2 3 1 1 1 1 3 Other 216 13 135 0 1 111 0 1 2 0 -50 0 1 Total deposits 27,546 1,185 10,897 556 1,786 3,054 1,588 2,861 706 908 951 795 2,261 Deferred credit items 8,504 582 831 578 405 580 864 627 239 576 404 328 2,491 Other liabilities and accrued dividends (2) 2,447 150 752 108 142 254 200 262 109 82 96 94 196 TOTAL LIABILITIES 655,264 32,582 272,197 21,797 31,282 50,928 46,357 69,732 20,944 15,350 18,804 22,631 52,660 CAPITAL ACCOUNTS Capital paid in 8,080 430 1,682 223 684 2,115 451 801 205 304 191 169 825 Surplus 7,310 418 1,504 221 665 1,757 535 793 149 117 191 164 796 Other capital accounts 1,140 39 397 23 66 350 36 70 70 0 17 11 62 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 671,795 33,470 275,780 22,264 32,697 55,150 47,378 71,395 21,368 15,771 19,202 22,975 54,342 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 750,911 35,270 302,273 27,370 33,750 57,353 61,248 72,697 23,731 15,946 21,166 33,857 66,248 Less--Held by F.R. Banks 134,145 4,605 42,557 6,815 4,801 10,314 17,543 6,716 3,840 2,162 3,814 12,443 18,536 F.R. notes, net 616,766 30,665 259,717 20,555 28,949 47,039 43,705 65,981 19,891 13,784 17,353 21,414 47,712 Collateral held against F.R. notes Gold certificate account 11,044 Special drawing rights certificate account 2,200 Other eligible assets 0 U.S. govt. and agency securities(3) 603,523 Total collateral 616,766 1 Cash value of agreements arranged through third-party custodial banks. These agreements are collateralized by U.S. government and federal agency securities. 2 Includes exchange translation account reflecting the monthly revaluation at market exchange rates of foreign exchange commitments. 3 U.S. government and agency securities bought outright or held under repurchase agreement are valued at face amount. Includes cash value of repurchase agreements under triparty arrangements and excludes the par value of securities pledged under reverse repurchase agreements. Components may not add to totals due to rounding.