FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks May 27, 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 May 26, 2004 May 19, 2004 May 28, 2003 May 26, 2004 Federal Reserve Banks Reserve Bank Credit 743,669 + 3,174 + 23,197 752,122 Securities held outright 680,027 + 453 + 29,175 680,633 U.S. Treasury (1) 680,027 + 453 + 29,185 680,633 Bills (2) 250,400 + 205 + 12,728 250,439 Notes and bonds, nominal (2) 413,304 + 224 + 14,451 413,863 Notes and bonds, inflation-indexed (2) 14,464 0 + 1,650 14,464 Inflation compensation (3) 1,859 + 24 + 357 1,867 Federal agency (2) 0 0 - 10 0 Repurchase agreements(4) 26,107 + 4,107 - 5,750 33,750 Loans to depository institutions 118 + 13 + 59 128 Primary credit 4 + 2 + 2 10 Secondary credit 0 0 0 0 Seasonal credit 114 + 10 + 57 117 Float -220 + 263 + 193 -280 Other Federal Reserve assets 37,637 - 1,662 - 479 37,892 Gold stock 11,045 0 + 2 11,045 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 35,769 + 14 + 810 35,769 Total factors supplying reserve funds 792,684 + 3,188 + 24,011 801,136 Currency in circulation(5) 720,728 + 1,057 + 27,116 723,757 Reverse repurchase agreements (6) 19,191 + 307 - 2,407 19,331 Foreign official and international accounts 19,191 + 307 - 2,407 19,331 Dealers 0 0 0 0 Treasury cash holdings 330 + 6 - 29 320 Deposits with F.R.Banks, other than reserve balances 15,336 - 352 - 1,713 14,978 U.S. Treasury, general account 5,212 - 121 - 331 4,844 Foreign official 83 - 199 - 77 85 Service-related 9,787 + 1 - 1,317 9,787 Required clearing balances 9,787 + 1 - 1,032 9,787 Adjustments to compensate for float 0 0 - 285 0 Other 254 - 33 + 12 263 Other liabilities and capital 21,284 + 542 + 1,003 21,193 Total factors, other than reserve balances, absorbing reserve funds 776,869 + 1,559 + 23,970 779,579 Reserve balances with Federal Reserve Banks 15,814 + 1,629 + 40 21,558 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 1,210,617 + 10,861 + 282,870 1,214,232 U.S. Treasury 978,460 + 11,147 + 237,521 980,378 Federal agency 232,157 - 286 + 45,349 233,854 Securities lent to dealers 3,404 + 982 + 2,486 2,291 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 May 26, 2004 May 19, 2004 May 28, 2003 Assets Gold certificate account 11,041 0 + 2 Special drawing rights certificate account 2,200 0 0 Coin 741 - 16 - 179 Securities, repurchase agreements, and loans 714,511 + 13,532 + 31,580 Securities held outright 680,633 + 1,015 + 29,764 U.S. Treasury (1) 680,633 + 1,015 + 29,774 Bills (2) 250,439 + 209 + 12,756 Notes and bonds, nominal (2) 413,863 + 783 + 15,010 Notes and bonds, inflation-indexed (2) 14,464 0 + 1,650 Inflation compensation (3) 1,867 + 23 + 359 Federal agency (2) 0 0 - 10 Repurchase agreements (4) 33,750 + 12,500 + 1,750 Loans 128 + 17 + 66 Items in process of collection (784) 5,712 + 208 - 4,920 Bank premises 1,678 + 2 + 97 Other assets (5) 36,151 + 517 - 363 Total assets (784) 772,033 + 14,242 + 26,216 Liabilities Federal Reserve notes net of FR Bank holdings 689,044 + 2,418 + 27,877 Reverse repurchase agreements (6) 19,331 + 1,058 - 2,526 Deposits (0) 36,473 + 10,815 + 2,915 Depository institutions 31,282 + 10,421 + 2,922 U.S. Treasury, general account 4,844 + 393 + 19 Foreign official 85 + 5 - 44 Other (0) 263 - 3 + 20 Deferred availability cash items (784) 5,992 - 236 - 3,425 Other liabilities and accrued dividends (7) 2,389 + 48 + 63 Total liabilities (784) 753,230 + 14,103 + 24,904 Capital Accounts Capital paid in 9,095 + 15 + 521 Surplus 8,847 0 + 467 Other capital accounts 862 + 124 + 325 Total capital 18,804 + 139 + 1,313 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, May 26, 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 125 55,260 - 786 0 0 33,750 19,331 16 days to 90 days 3 149,402 + 1,720 0 0 0 0 91 days to 1 year 0 163,583 - 725 0 0 ------ ------ Over 1 to 5 years ------ 185,179 + 792 0 0 ------ ------ Over 5 to 10 years ------ 50,582 + 6 0 0 ------ ------ Over 10 years ------ 76,627 + 9 0 0 ------ ------ All 128 680,633 + 1,015 0 0 33,750 19,331 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 May 26, 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 741 34 30 45 38 68 75 88 50 29 42 142 100 Securities, repurchase agreements, and loans 714,511 31,964 328,882 20,244 29,084 51,731 45,904 61,363 20,016 14,879 17,895 31,037 61,512 Securities held outright 680,633 31,961 295,132 20,244 29,084 51,731 45,900 61,310 19,996 14,845 17,886 31,034 61,511 U.S. Treasury (1) 680,633 31,961 295,132 20,244 29,084 51,731 45,900 61,310 19,996 14,845 17,886 31,034 61,511 Bills (2) 250,439 11,760 108,593 7,449 10,701 19,034 16,889 22,559 7,358 5,462 6,581 11,419 22,633 Notes and bonds(3) 430,195 20,201 186,538 12,795 18,382 32,697 29,011 38,751 12,639 9,383 11,305 19,615 38,878 Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements(4) 33,750 0 33,750 0 0 0 0 0 0 0 0 0 0 Loans 128 4 0 0 0 0 4 53 20 34 10 4 1 Items in process of collection 6,496 330 471 282 404 317 702 443 287 408 414 324 2,113 Bank premises 1,678 96 192 52 154 144 278 132 51 124 74 200 181 Other assets(5) 36,151 1,639 12,978 1,007 2,236 5,749 2,049 3,266 947 1,078 740 902 3,560 Interdistrict settlement account 0 + 3,419 -22,395 + 3,122 - 1,901 - 1,639 + 2,560 + 358 + 542 - 408 + 1,409 + 3,973 +10,960 Total Assets 772,818 38,092 325,681 25,216 30,571 57,336 52,628 66,786 22,288 16,360 20,942 37,201 79,715 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 May 26, 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 807,653 38,033 320,034 30,687 31,937 59,042 66,162 67,989 23,505 15,587 23,037 41,876 89,764 Less: notes held by F.R. Banks 118,608 4,189 28,789 8,356 5,545 10,563 19,328 7,651 3,291 1,319 4,008 7,040 18,529 Federal Reserve notes, net 689,044 33,844 291,245 22,331 26,392 48,479 46,833 60,338 20,214 14,268 19,029 34,836 71,235 Reverse repurchase agreements (1) 19,331 908 8,382 575 826 1,469 1,304 1,741 568 422 508 881 1,747 Deposits 36,473 1,689 20,231 1,198 1,304 2,476 2,437 2,081 795 451 813 702 2,296 Depository institutions 31,282 1,682 15,158 1,197 1,300 2,385 2,436 2,078 793 450 811 701 2,292 U.S. Treasury, general account 4,844 0 4,844 0 0 0 0 0 0 0 0 0 0 Foreign official 85 2 62 1 2 7 2 3 1 1 1 0 4 Other 263 5 168 0 1 84 0 1 2 0 1 0 0 Deferred availability cash items 6,777 480 645 447 422 439 825 506 133 514 182 391 1,791 Other liabilities and accrued dividends (2) 2,389 134 745 93 127 276 190 224 107 82 88 123 200 Total liabilities 754,014 37,055 321,248 24,645 29,070 53,139 51,589 64,891 21,818 15,737 20,619 36,932 77,270 Capital Capital paid in 9,095 506 2,113 278 738 2,064 505 914 232 264 153 127 1,200 Surplus 8,847 448 2,031 259 727 2,074 489 924 228 346 162 111 1,048 Other capital 862 82 289 35 36 60 45 57 11 14 7 31 196 Total liabilities and capital 772,818 38,092 325,681 25,216 30,571 57,336 52,628 66,786 22,288 16,360 20,942 37,201 79,715 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 May 26, 2004 Federal Reserve notes outstanding 807,653 Less: Notes held by F.R. Banks not subject to collateralization 118,608 Federal Reserve Notes to be collateralized 689,044 Collateral held against Federal Reserve notes 689,044 Gold certificate account 11,041 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 675,804 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities (1) 714,383 Less:face value of securities under reverse repurchase agreements 19,335 U.S. Treasury and agency securities eligible to be pledged 695,048 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.