FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks September 18, 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 Sep 17, 2003 Sep 10, 2003 Sep 18, 2002 Sep 17, 2003 Federal Reserve Banks Reserve Bank Credit 721,688 + 6,374 + 63,778 722,582 Securities held outright 655,767 + 1,242 + 50,643 655,953 U.S. Treasury (1) 655,757 + 1,242 + 50,643 655,943 Bills (2) 241,183 + 214 + 37,088 241,367 Notes and bonds, nominal (2) 399,595 + 636 + 11,984 399,595 Notes and bonds, inflation-indexed (2) 13,454 + 365 + 1,212 13,454 Inflation compensation (3) 1,525 + 26 + 360 1,526 Federal agency (2) 10 0 0 10 Repurchase agreements(4) 27,893 + 5,072 + 12,393 29,250 Loans to depository institutions 162 + 4 - 6 165 Primary credit 4 + 1 + 4 2 Secondary credit 0 0 0 0 Seasonal credit 158 + 3 - 4 162 Adjustment credit 0 0 - 7 0 Float -220 - 541 + 542 -1,035 Other Federal Reserve assets 38,087 + 598 + 207 38,249 Gold stock 11,043 0 + 1 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 35,219 + 14 + 938 35,219 Total factors supplying reserve funds 770,150 + 6,388 + 64,717 771,044 Currency in circulation(5) 696,189 - 2,267 + 35,036 696,969 Reverse repurchase agreements (6) 20,445 + 1,100 + 20,445 18,972 Foreign official and international accounts 20,445 + 1,100 + 20,445 18,972 Dealers 0 0 0 0 Treasury cash holdings 333 - 4 - 31 333 Deposits with F.R.Banks, other than reserve balances 18,064 + 1,387 + 1,850 19,270 U.S. Treasury, general account 6,084 + 1,339 + 311 7,247 Foreign official 229 - 32 + 123 270 Service-related 11,481 + 89 + 1,364 11,481 Required clearing balances 11,219 - 1 + 1,278 11,219 Adjustments to compensate for float 262 + 89 + 86 262 Other 269 - 10 + 51 272 Other liabilities and capital 20,588 + 137 + 1,414 20,225 Total factors, other than reserve balances, absorbing reserve funds 755,618 + 352 + 58,714 755,768 Reserve balances with Federal Reserve Banks 14,532 + 6,036 + 6,003 15,276 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 964,468 + 3,181 ------ 959,339 U.S. Treasury 774,817 + 1,361 ------ 772,230 Federal agency 189,651 + 1,820 ------ 187,110 Securities lent to dealers 1,557 - 310 + 1,162 586 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 Sep 17, 2003 Sep 10, 2003 Sep 18, 2002 Assets Gold certificate account 11,039 0 + 1 Special drawing rights certificate account 2,200 0 0 Coin 848 - 2 - 204 Securities, repurchase agreements, and loans 685,367 + 7,111 + 62,167 Securities held outright 655,953 + 351 + 49,671 U.S. Treasury (1) 655,943 + 351 + 49,671 Bills (2) 241,367 + 347 + 37,070 Notes and bonds, nominal (2) 399,595 0 + 11,029 Notes and bonds, inflation-indexed (2) 13,454 0 + 1,212 Inflation compensation (3) 1,526 + 3 + 359 Federal agency (2) 10 0 0 Repurchase agreements (4) 29,250 + 6,750 + 12,500 Loans 165 + 10 - 3 Items in process of collection (1,271) 7,157 - 856 - 194 Bank premises 1,591 + 1 + 68 Other assets (5) 36,633 + 447 - 43 Total assets (1,271) 744,835 + 6,701 + 61,795 Liabilities Federal Reserve notes net of FR Bank holdings 662,927 - 1,131 + 34,182 Reverse repurchase agreements (6) 18,972 - 747 + 18,972 Deposits (0) 34,823 + 8,662 + 7,245 Depository institutions 27,034 + 6,279 + 6,985 U.S. Treasury, general account 7,247 + 2,208 + 72 Foreign official 270 + 190 + 131 Other (0) 272 - 15 + 57 Deferred availability cash items (1,271) 7,889 + 40 + 433 Other liabilities and accrued dividends (7) 2,204 - 11 - 188 Total liabilities (1,271) 726,815 + 6,812 + 60,643 Capital Accounts Capital paid in 8,755 0 + 503 Surplus 8,380 0 + 1,068 Other capital accounts 885 - 111 - 419 Total capital 18,021 - 110 + 1,153 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, September 17, 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 163 52,664 + 6,753 0 0 24,250 18,972 16 days to 90 days 2 135,948 - 5,526 10 + 10 5,000 0 91 days to 1 year 0 160,569 - 880 0 - 10 ------ ------ Over 1 to 5 years ------ 178,019 + 1 0 0 ------ ------ Over 5 to 10 years ------ 51,656 + 1 0 0 ------ ------ Over 10 years ------ 77,086 + 1 0 0 ------ ------ All 165 655,943 + 351 10 0 29,250 18,972 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 September 17, 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 848 27 33 43 36 103 110 105 58 28 52 157 96 Securities, repurchase agreements, and loans 685,367 31,712 309,888 20,511 30,736 50,445 44,324 66,326 20,664 14,698 17,648 25,708 52,707 Securities held outright 655,953 31,712 280,638 20,508 30,736 50,445 44,314 66,284 20,637 14,642 17,628 25,707 52,702 U.S. Treasury (1) 655,943 31,712 280,633 20,507 30,736 50,444 44,313 66,283 20,637 14,642 17,628 25,706 52,701 Bills (2) 241,367 11,669 103,265 7,546 11,310 18,562 16,306 24,390 7,594 5,388 6,487 9,459 19,392 Notes and bonds(3) 414,576 20,043 177,369 12,961 19,426 31,882 28,007 41,893 13,043 9,254 11,141 16,247 33,309 Federal agency (2) 10 0 4 0 0 1 1 1 0 0 0 0 1 Repurchase agreements(4) 29,250 0 29,250 0 0 0 0 0 0 0 0 0 0 Loans 165 0 0 3 0 0 10 42 27 56 20 2 5 Items in process of collection 8,428 576 603 387 446 579 666 727 494 425 574 402 2,548 Bank premises 1,591 91 187 52 152 143 278 120 43 126 54 170 176 Other assets(5) 36,633 1,686 13,186 1,079 2,280 5,825 2,113 3,394 936 1,092 873 1,038 3,130 Interdistrict settlement account 0 - 691 + 1,314 - 487 - 2,123 - 753 + 1,418 - 7,385 - 1,414 + 168 - 473 + 2,513 + 7,911 Total Assets 746,106 34,012 330,791 22,049 32,108 57,296 49,937 64,481 21,184 16,791 19,098 30,593 67,765 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 September 17, 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 785,485 32,239 330,263 27,919 32,540 58,492 65,003 66,869 23,708 15,862 21,693 35,616 75,281 Less: notes held by F.R. Banks 122,559 5,361 26,462 8,743 5,654 9,970 20,526 9,783 4,888 1,791 5,022 7,772 16,586 Federal Reserve notes, net 662,927 26,878 303,801 19,176 26,886 48,522 44,477 57,085 18,820 14,071 16,671 27,844 58,695 Reverse repurchase agreements (1) 18,972 917 8,117 593 889 1,459 1,282 1,917 597 423 510 743 1,524 Deposits 34,823 4,646 12,945 1,149 2,266 2,267 2,077 2,676 823 998 955 991 3,030 Depository institutions 27,034 4,637 5,292 1,148 2,262 2,160 2,075 2,673 821 997 953 989 3,026 U.S. Treasury, general account 7,247 0 7,247 0 0 0 0 0 0 0 0 0 0 Foreign official 270 2 247 1 3 7 2 3 1 1 1 1 3 Other 272 8 159 0 1 100 0 1 1 0 1 0 0 Deferred availability cash items 9,160 529 1,061 517 516 609 932 696 368 503 464 518 2,446 Other liabilities and accrued dividends (2) 2,204 127 678 90 118 234 181 223 99 87 89 111 168 Total liabilities 728,085 33,096 326,602 21,526 30,675 53,091 48,948 62,598 20,706 16,083 18,690 30,208 65,863 Capital Capital paid in 8,755 446 1,997 254 705 2,073 478 917 228 348 196 183 931 Surplus 8,380 436 1,809 233 702 2,073 475 858 199 340 201 186 868 Other capital 885 33 383 37 26 59 35 108 51 20 12 16 103 Total liabilities and capital 746,106 34,012 330,791 22,049 32,108 57,296 49,937 64,481 21,184 16,791 19,098 30,593 67,765 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 Sep 17, 2003 Federal Reserve notes outstanding 785,485 Less: Notes held by F.R. Banks not subject to collateralization 117,643 Federal Reserve Notes to be collateralized 667,842 Collateral held against Federal Reserve notes 667,842 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 654,603 Other eligible assets 0 Memo: Total U.S. Treasury and agency securities (1) 685,203 Less:face value of securities under reverse repurchase agreements 18,976 U.S. Treasury and agency securities eligible to be pledged 666,226 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.