FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks September 25, 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 24, 2003 Sep 17, 2003 Sep 25, 2002 Sep 24, 2003 Federal Reserve Banks Reserve Bank Credit 717,608 - 4,068 + 61,686 720,501 Securities held outright 655,990 + 223 + 50,738 656,003 U.S. Treasury (1) 655,980 + 223 + 50,738 655,993 Bills (2) 241,402 + 219 + 38,137 241,414 Notes and bonds, nominal (2) 399,595 0 + 11,029 399,595 Notes and bonds, inflation-indexed (2) 13,454 0 + 1,212 13,454 Inflation compensation (3) 1,529 + 4 + 361 1,530 Federal agency (2) 10 0 0 10 Repurchase agreements(4) 22,286 - 5,607 + 10,072 26,000 Loans to depository institutions 236 + 74 + 67 341 Primary credit 73 + 69 + 73 172 Secondary credit 0 0 0 0 Seasonal credit 163 + 5 - 5 170 Adjustment credit 0 0 - 1 0 Float 288 + 521 + 241 -971 Other Federal Reserve assets 38,809 + 722 + 570 39,128 Gold stock 11,043 0 + 1 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 35,233 + 14 + 935 35,233 Total factors supplying reserve funds 766,084 - 4,054 + 62,622 768,977 Currency in circulation(5) 695,933 - 255 + 36,220 697,361 Reverse repurchase agreements (6) 20,545 + 100 + 20,545 18,801 Foreign official and international accounts 20,545 + 100 + 20,545 18,801 Dealers 0 0 0 0 Treasury cash holdings 336 + 3 - 36 341 Deposits with F.R.Banks, other than reserve balances 19,406 + 1,342 + 2,014 18,674 U.S. Treasury, general account 7,540 + 1,456 + 708 6,837 Foreign official 102 - 127 + 22 82 Service-related 11,494 + 13 + 1,249 11,494 Required clearing balances 11,226 + 7 + 1,287 11,226 Adjustments to compensate for float 268 + 6 - 38 268 Other 270 + 1 + 36 262 Other liabilities and capital 20,755 + 167 + 1,332 20,648 Total factors, other than reserve balances, absorbing reserve funds 756,975 + 1,357 + 60,076 755,826 Reserve balances with Federal Reserve Banks 9,109 - 5,410 + 2,546 13,151 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 963,357 - 1,111 ------ 968,067 U.S. Treasury 774,795 - 22 ------ 775,698 Federal agency 188,561 - 1,090 ------ 192,369 Securities lent to dealers 615 - 942 + 147 809 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 24, 2003 Sep 17, 2003 Sep 25, 2002 Assets Gold certificate account 11,039 0 + 1 Special drawing rights certificate account 2,200 0 0 Coin 849 + 1 - 217 Securities, repurchase agreements, and loans 682,345 - 3,022 + 60,412 Securities held outright 656,003 + 50 + 49,745 U.S. Treasury (1) 655,993 + 50 + 49,745 Bills (2) 241,414 + 47 + 37,145 Notes and bonds, nominal (2) 399,595 0 + 11,029 Notes and bonds, inflation-indexed (2) 13,454 0 + 1,212 Inflation compensation (3) 1,530 + 4 + 360 Federal agency (2) 10 0 0 Repurchase agreements (4) 26,000 - 3,250 + 10,500 Loans 341 + 176 + 166 Items in process of collection (1,121) 6,535 - 622 - 323 Bank premises 1,595 + 4 + 73 Other assets (5) 37,521 + 888 + 559 Total assets (1,121) 742,084 - 2,751 + 60,506 Liabilities Federal Reserve notes net of FR Bank holdings 663,314 + 387 + 35,411 Reverse repurchase agreements (6) 18,801 - 171 + 18,801 Deposits (0) 32,208 - 2,615 + 4,737 Depository institutions 25,027 - 2,007 + 5,072 U.S. Treasury, general account 6,837 - 410 - 372 Foreign official 82 - 188 + 7 Other (0) 262 - 10 + 30 Deferred availability cash items (1,121) 7,112 - 777 + 185 Other liabilities and accrued dividends (7) 2,245 + 41 - 187 Total liabilities (1,121) 723,681 - 3,134 + 58,946 Capital Accounts Capital paid in 8,758 + 3 + 504 Surplus 8,380 0 + 1,068 Other capital accounts 1,265 + 380 - 13 Total capital 18,403 + 382 + 1,559 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 24, 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 311 52,428 - 236 0 0 26,000 18,801 16 days to 90 days 30 137,309 + 1,361 10 0 0 0 91 days to 1 year 0 159,492 - 1,077 0 0 ------ ------ Over 1 to 5 years ------ 178,020 + 1 0 0 ------ ------ Over 5 to 10 years ------ 51,658 + 2 0 0 ------ ------ Over 10 years ------ 77,088 + 2 0 0 ------ ------ All 341 655,993 + 50 10 0 26,000 18,801 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 24, 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 849 28 34 41 34 102 112 106 58 27 50 157 99 Securities, repurchase agreements, and loans 682,345 31,715 306,659 20,512 30,739 50,449 44,477 66,331 20,669 14,704 17,652 25,710 52,728 Securities held outright 656,003 31,715 280,659 20,509 30,739 50,449 44,317 66,289 20,639 14,643 17,630 25,709 52,706 U.S. Treasury (1) 655,993 31,714 280,655 20,509 30,738 50,448 44,316 66,288 20,638 14,643 17,629 25,708 52,705 Bills (2) 241,414 11,671 103,285 7,548 11,312 18,565 16,309 24,395 7,595 5,389 6,488 9,461 19,396 Notes and bonds(3) 414,579 20,043 177,370 12,961 19,426 31,882 28,007 41,893 13,043 9,254 11,142 16,247 33,309 Federal agency (2) 10 0 4 0 0 1 1 1 0 0 0 0 1 Repurchase agreements(4) 26,000 0 26,000 0 0 0 0 0 0 0 0 0 0 Loans 341 0 0 3 0 0 160 42 31 61 22 1 22 Items in process of collection 7,656 438 564 347 416 599 616 603 356 400 502 508 2,307 Bank premises 1,595 91 190 52 152 143 278 120 43 126 54 170 176 Other assets(5) 37,521 1,731 13,451 1,106 2,342 5,981 2,167 3,487 960 1,121 892 1,065 3,218 Interdistrict settlement account 0 - 1,888 + 2,349 - 1,189 - 2,530 - 1,129 + 842 - 3,308 - 1,496 - 406 - 549 + 1,879 + 7,426 Total Assets 743,205 32,726 328,827 21,333 31,734 57,100 49,521 68,533 20,992 16,226 18,969 30,093 67,151 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 24, 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 787,589 34,308 329,912 27,758 33,063 58,810 64,602 66,775 23,646 15,828 21,641 35,743 75,502 Less: notes held by F.R. Banks 124,274 5,465 26,431 8,993 5,825 10,328 20,083 9,934 4,807 1,754 4,960 8,048 17,647 Federal Reserve notes, net 663,314 28,843 303,481 18,765 27,238 48,482 44,519 56,841 18,839 14,074 16,681 27,696 57,855 Reverse repurchase agreements (1) 18,801 909 8,044 588 881 1,446 1,270 1,900 592 420 505 737 1,511 Deposits 32,208 1,440 11,426 884 1,489 1,973 1,718 7,013 742 466 851 762 3,443 Depository institutions 25,027 1,435 4,371 883 1,486 1,872 1,716 7,010 741 465 849 761 3,439 U.S. Treasury, general account 6,837 0 6,837 0 0 0 0 0 0 0 0 0 0 Foreign official 82 2 58 1 3 7 2 3 1 1 1 1 3 Other 262 4 160 0 1 93 0 1 1 0 1 0 0 Deferred availability cash items 8,233 470 915 470 536 644 820 629 243 456 430 392 2,228 Other liabilities and accrued dividends (2) 2,245 130 686 92 120 253 184 224 101 85 85 114 170 Total liabilities 724,802 31,792 324,552 20,799 30,264 52,798 48,511 66,607 20,516 15,502 18,552 29,701 65,207 Capital Capital paid in 8,758 446 1,997 255 705 2,073 479 917 228 348 196 183 931 Surplus 8,380 436 1,809 233 702 2,073 475 858 199 340 201 186 868 Other capital 1,265 51 468 46 63 156 56 151 48 36 21 23 145 Total liabilities and capital 743,205 32,726 328,827 21,333 31,734 57,100 49,521 68,533 20,992 16,226 18,969 30,093 67,151 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 24, 2003 Federal Reserve notes outstanding 787,589 Less: Notes held by F.R. Banks not subject to collateralization 119,527 Federal Reserve Notes to be collateralized 668,062 Collateral held against Federal Reserve notes 668,062 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 654,823 Other eligible assets 0 Memo: Total U.S. Treasury and agency securities (1) 682,003 Less:face value of securities under reverse repurchase agreements 18,805 U.S. Treasury and agency securities eligible to be pledged 663,198 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.