FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks November 20, 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 Nov 19, 2003 Nov 12, 2003 Nov 20, 2002 Nov 19, 2003 Federal Reserve Banks Reserve Bank Credit 727,983 + 5,744 + 61,911 723,987 Securities held outright 661,963 + 1,750 + 53,900 662,713 U.S. Treasury (1) 661,953 + 1,750 + 53,900 662,703 Bills (2) 242,886 + 166 + 36,871 242,958 Notes and bonds, nominal (2) 403,995 + 1,573 + 15,429 404,669 Notes and bonds, inflation-indexed (2) 13,454 0 + 1,212 13,454 Inflation compensation (3) 1,617 + 11 + 388 1,621 Federal agency (2) 10 0 0 10 Repurchase agreements(4) 24,071 + 3,607 + 3,142 22,000 Loans to depository institutions 65 + 13 - 306 47 Primary credit 22 + 19 + 22 3 Secondary credit 0 0 0 0 Seasonal credit 43 - 5 - 17 44 Adjustment credit 0 0 - 310 0 Float 1,834 + 1,372 + 2,144 1,265 Other Federal Reserve assets 40,049 - 998 + 3,029 37,962 Gold stock 11,043 0 + 1 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 35,391 + 14 + 963 35,391 Total factors supplying reserve funds 776,618 + 5,759 + 62,875 772,622 Currency in circulation(5) 706,844 + 479 + 39,031 707,714 Reverse repurchase agreements (6) 19,227 + 1,673 + 19,227 17,902 Foreign official and international accounts 19,227 + 1,673 + 19,227 17,902 Dealers 0 0 0 0 Treasury cash holdings 342 - 33 - 45 305 Deposits with F.R.Banks, other than reserve balances 17,270 + 415 + 1,543 17,759 U.S. Treasury, general account 4,651 - 225 - 217 5,175 Foreign official 80 - 11 - 67 76 Service-related 12,200 + 621 + 1,739 12,200 Required clearing balances 11,849 + 424 + 1,566 11,849 Adjustments to compensate for float 351 + 197 + 173 351 Other 339 + 30 + 89 308 Other liabilities and capital 20,746 + 503 + 955 20,474 Total factors, other than reserve balances, absorbing reserve funds 764,429 + 3,037 + 60,711 764,155 Reserve balances with Federal Reserve Banks 12,189 + 2,721 + 2,164 8,467 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 1,014,143 + 11,890 ------ 1,021,962 U.S. Treasury 804,680 + 5,226 ------ 811,119 Federal agency 209,462 + 6,663 ------ 210,843 Securities lent to dealers 1,946 + 444 - 271 3,565 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 Nov 19, 2003 Nov 12, 2003 Nov 20, 2002 Assets Gold certificate account 11,039 0 + 1 Special drawing rights certificate account 2,200 0 0 Coin 810 - 9 - 266 Securities, repurchase agreements, and loans 684,760 + 420 + 59,048 Securities held outright 662,713 + 2,424 + 56,307 U.S. Treasury (1) 662,703 + 2,424 + 56,307 Bills (2) 242,958 + 166 + 38,603 Notes and bonds, nominal (2) 404,669 + 2,247 + 16,103 Notes and bonds, inflation-indexed (2) 13,454 0 + 1,212 Inflation compensation (3) 1,621 + 11 + 389 Federal agency (2) 10 0 0 Repurchase agreements (4) 22,000 - 2,000 + 2,750 Loans 47 - 4 - 10 Items in process of collection (1,079) 8,698 + 1,911 + 462 Bank premises 1,602 + 2 + 69 Other assets (5) 36,324 - 3,392 + 1,330 Total assets (1,079) 745,433 - 1,068 + 60,645 Liabilities Federal Reserve notes net of FR Bank holdings 673,434 - 935 + 37,536 Reverse repurchase agreements (6) 17,902 + 516 + 17,902 Deposits (0) 25,924 - 1,800 + 4,160 Depository institutions 20,365 - 2,285 + 3,422 U.S. Treasury, general account 5,175 + 561 + 656 Foreign official 76 - 71 + 4 Other (0) 308 - 6 + 77 Deferred availability cash items (1,079) 7,699 + 1,123 - 121 Other liabilities and accrued dividends (7) 2,309 - 5 - 112 Total liabilities (1,079) 727,268 - 1,101 + 59,365 Capital Accounts Capital paid in 8,786 + 2 + 482 Surplus 8,380 0 + 1,068 Other capital accounts 999 + 31 - 271 Total capital 18,165 + 33 + 1,280 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, November 19, 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 45 50,010 + 15,415 0 0 18,000 17,902 16 days to 90 days 2 142,633 - 16,688 10 0 4,000 0 91 days to 1 year 0 164,942 + 6,967 0 0 ------ ------ Over 1 to 5 years ------ 177,811 - 1,492 0 0 ------ ------ Over 5 to 10 years ------ 50,183 - 1,783 0 0 ------ ------ Over 10 years ------ 77,123 + 4 0 0 ------ ------ All 47 662,703 + 2,424 10 0 22,000 17,902 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 November 19, 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 810 25 33 45 37 93 98 96 55 25 48 150 104 Securities, repurchase agreements, and loans 684,760 32,039 305,530 20,722 31,053 50,965 44,770 66,976 20,851 14,812 17,823 25,971 53,246 Securities held outright 662,713 32,039 283,530 20,719 31,053 50,965 44,770 66,967 20,850 14,793 17,810 25,971 53,245 U.S. Treasury (1) 662,703 32,039 283,526 20,719 31,053 50,964 44,770 66,966 20,849 14,792 17,810 25,971 53,244 Bills (2) 242,958 11,746 103,945 7,596 11,384 18,684 16,413 24,551 7,644 5,423 6,529 9,521 19,520 Notes and bonds(3) 419,745 20,293 179,580 13,123 19,668 32,280 28,356 42,415 13,206 9,369 11,280 16,450 33,724 Federal agency (2) 10 0 4 0 0 1 1 1 0 0 0 0 1 Repurchase agreements(4) 22,000 0 22,000 0 0 0 0 0 0 0 0 0 0 Loans 47 0 0 3 0 0 0 8 2 19 13 0 1 Items in process of collection 9,777 455 771 539 1,152 540 814 821 419 475 573 536 2,681 Bank premises 1,602 92 190 52 150 144 278 121 43 125 55 174 177 Other assets(5) 36,324 1,678 12,847 998 2,321 5,998 2,078 3,364 925 1,107 856 1,011 3,141 Interdistrict settlement account 0 + 187 - 2,553 - 389 - 3,664 + 3,666 + 1,907 - 8,240 - 1,861 - 242 - 732 + 4,297 + 7,623 Total Assets 746,511 35,087 322,399 22,430 31,630 62,361 50,974 64,333 20,835 16,557 18,992 32,745 68,169 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 November 19, 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 793,540 37,373 326,172 28,541 33,002 59,403 66,116 66,695 23,259 15,643 21,457 38,021 77,858 Less: notes held by F.R. Banks 120,107 5,548 24,766 8,625 5,530 10,124 19,856 9,640 4,459 1,405 4,590 7,709 17,854 Federal Reserve notes, net 673,434 31,825 301,406 19,915 27,472 49,279 46,260 57,055 18,800 14,238 16,867 30,312 60,004 Reverse repurchase agreements (1) 17,902 865 7,659 560 839 1,377 1,209 1,809 563 400 481 702 1,438 Deposits 25,924 809 7,347 803 1,141 6,681 1,466 2,601 614 606 756 780 2,320 Depository institutions 20,365 800 1,963 802 1,138 6,538 1,464 2,598 610 604 754 778 2,316 U.S. Treasury, general account 5,175 0 5,175 0 0 0 0 0 0 0 0 0 0 Foreign official 76 2 52 1 3 7 2 3 1 1 1 1 3 Other 308 8 157 0 1 135 1 0 3 0 1 1 0 Deferred availability cash items 8,778 533 1,047 520 567 562 848 739 272 519 389 447 2,334 Other liabilities and accrued dividends (2) 2,309 129 709 96 128 253 185 236 104 84 87 116 183 Total liabilities 728,347 34,162 318,169 21,893 30,147 58,151 49,969 62,440 20,353 15,846 18,579 32,356 66,280 Capital Capital paid in 8,786 448 2,003 259 725 2,067 485 919 231 348 197 184 920 Surplus 8,380 436 1,809 233 702 2,073 475 858 199 340 201 186 868 Other capital 999 41 418 44 56 69 44 116 52 23 15 18 101 Total liabilities and capital 746,511 35,087 322,399 22,430 31,630 62,361 50,974 64,333 20,835 16,557 18,992 32,745 68,169 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 Nov 19, 2003 Federal Reserve notes outstanding 793,540 Less: Notes held by F.R. Banks not subject to collateralization 120,107 Federal Reserve Notes to be collateralized 673,434 Collateral held against Federal Reserve notes 673,434 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 660,195 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities (1) 684,713 Less:face value of securities under reverse repurchase agreements 17,923 U.S. Treasury and agency securities eligible to be pledged 666,790 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.