FEDERAL RESERVE These data are scheduled for release each Thursday. H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks December 12, 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 Dec 11, 2002 Dec 4, 2002 Dec 12, 2001 Dec 11, 2002 Reserve Bank Credit 670,752 - 1,875 + 51,008 679,725 U.S. government securities (1) Bought outright-system account (2,3) 609,905 + 319 + 58,392 608,947 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) 22,000 - 3,857 - 9,500 30,750 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 164 + 162 + 121 1,076 Seasonal credit 46 - 8 + 12 45 Extended credit 0 0 0 0 Float 1,478 + 1,206 + 1,095 1,504 Other F.R. assets 37,149 + 303 + 888 37,393 Gold stock 11,043 + 1 - 2 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding 34,455 + 14 + 1,466 34,455 Total factors supplying reserve funds 718,450 - 1,861 + 52,472 727,423 Currency in circulation* 674,290 - 224 + 47,417 675,500 Reverse repurchase agreements -- triparty (4) 0 0 0 0 Treasury cash holdings* 376 - 1 - 65 372 Deposits,other than reserve balances,with F.R.Banks Treasury 4,107 - 557 - 901 5,506 Foreign 138 + 11 - 16 139 Service-related balances and adjustments (5) 10,554 - 131 + 1,804 10,554 Other 208 - 20 - 32 201 Other F.R. liabilities and capital 19,799 + 228 + 1,914 19,786 Total factors, other than reserve balances, absorbing reserve funds 709,472 - 694 + 50,121 712,058 Reserve balances with F.R. Banks (6) 8,978 - 1,166 + 2,351 15,365 On December 11, 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 $ 839,532 million, a change of $ + 6,256 million for the week. The total includes $ 683,657 million of U.S. government securities and $ 155,874 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 $ 19,483 million (daily average over statement week) and $ 20,445 million (outstanding on Wednesday statement date) matched sale-purchase transactions, of which $ 19,198 million (daily average) and $ 20,445 million (outstanding on Wednesday statement date) were with foreign official and international accounts. Includes securities loans of $ 53 million (daily average) and $ 0 million (outstanding on Wednesday statement date) that are fully collateralized by other U.S. government securities. 3 Includes $ 12,242 million of inflation-indexed securities valued at the original face amount and $ 1,247 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 $ 10,282 million and adjustments of $ 273 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 Dec 11, 2002 Dec 4, 2002 Dec 12, 2001 ASSETS Gold certificate account 11,039 0 - 6 Special drawing rights certificate account 2,200 0 0 Coin 1,032 + 4 - 38 Loans 1,121 + 1,069 + 1,003 Acceptances 0 0 0 Repurchase agreements -- triparty (1) 30,750 + 12,750 - 11,750 Federal agency obligations (2) Bought outright 10 0 0 Held under repurchase agreements 0 0 0 U.S. government securities (2) Bought outright--Bills 206,238 - 1,934 + 19,647 Notes (3) 297,884 + 3 + 34,038 Bonds (4) 104,825 + 2 + 1,738 Total bought outright (5) 608,947 - 1,929 + 55,423 Held under repurchase agreements 0 0 0 Total U.S. government securities 608,947 - 1,929 + 55,423 Total loans and securities 640,828 + 11,890 + 44,676 Items in process of collection (1,312) 10,116 + 527 + 47 Bank premises 1,532 + 2 + 14 Other assets (6) 35,879 + 557 + 943 TOTAL ASSETS (1,312) 702,625 + 12,980 + 45,636 LIABILITIES Federal Reserve notes 642,444 + 116 + 44,263 Reverse repurchase agreements -- triparty (1) 0 0 0 Deposits Depository institutions 26,025 + 10,355 - 1,706 U.S. Treasury--general account 5,506 + 2,002 + 914 Foreign--official accounts 139 - 14 - 155 Other (0) 201 - 6 - 15 Total deposits (0) 31,871 + 12,336 - 963 Deferred availability cash items (1,312) 8,523 + 194 + 313 Other liabilities and accrued dividends (7) 2,451 + 26 - 213 TOTAL LIABILITIES (1,312) 685,290 + 12,672 + 43,401 CAPITAL ACCOUNTS Capital paid in 8,359 + 6 + 994 Surplus 7,312 0 + 584 Other capital accounts 1,664 + 302 + 657 *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 $ 7,168 million of inflation-indexed securities valued at the original face amount and $ 700 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Includes $ 5,074 million of inflation-indexed securities valued at the original face amount and $ 547 million of compensation that adjusts for the effects of inflation on the principal of such securities. 5 Net of $ 20,445 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes securities loans of $ 0 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, December 11, 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 1,089 19,955 - 1,305 0 0 25,750 0 16 days to 90 days 32 141,835 - 790 0 0 5,000 0 91 days to 1 year 0 140,097 + 161 0 0 ------ ------ Over 1 to 5 years 173,935 + 1 10 0 ------ ------ Over 5 to 10 years 53,293 + 3 0 0 ------ ------ Over 10 years 79,833 + 2 0 0 ------ ------ Total 1,121 608,947 - 1,929 10 0 30,750 0 1 Includes $ 12,242 million of inflation-indexed securities valued at the original face amount and $ 1,247 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 December 11, 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 11,039 533 4,364 430 522 819 926 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 1,032 47 36 62 47 144 114 132 60 36 70 163 120 Loans 1,121 280 625 0 0 0 177 0 14 12 10 3 0 Acceptances 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase Agreements -- triparty(1) 30,750 0 30,750 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 206,238 11,816 81,146 7,930 11,379 16,085 14,685 24,270 7,333 3,224 6,096 4,577 17,694 Notes (3) 297,884 17,067 117,206 11,454 16,436 23,233 21,211 35,055 10,592 4,657 8,805 6,611 25,557 Bonds (4) 104,825 6,006 41,245 4,031 5,784 8,176 7,464 12,336 3,727 1,639 3,099 2,326 8,994 Total bought outright(5) 608,947 34,889 239,597 23,416 33,599 47,493 43,359 71,661 21,653 9,519 18,000 13,515 52,245 Held under repurchase agreements 0 0 0 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 608,947 34,889 239,597 23,416 33,599 47,493 43,359 71,661 21,653 9,519 18,000 13,515 52,245 Total loans and securities 640,828 35,170 270,976 23,416 33,599 47,494 43,537 71,663 21,667 9,531 18,011 13,518 52,246 Items in process of collection 11,427 580 899 810 681 909 1,257 727 396 685 679 658 3,147 Bank premises 1,532 91 184 49 152 129 279 116 43 126 50 140 172 Other assets(6) 35,879 1,866 12,557 1,136 2,425 5,345 2,397 3,682 938 616 934 786 3,197 Interdistrict settlement account 0 - 6,362 +31,444 - 6,255 - 5,292 - 1,762 - 5,496 -15,185 - 3,250 + 3,791 - 2,370 +13,157 - 2,421 TOTAL ASSETS 703,937 32,039 321,334 19,731 32,239 53,225 43,180 62,427 20,271 14,994 17,749 29,004 57,743 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 $ 7,168 million of inflation-indexed securities valued at the original face amount and $ 700 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Includes $ 5,074 million of inflation-indexed securities valued at the original face amount and $ 547 million of compensation that adjusts for the effects of inflation on the principal of such securities. 5 Net of $ 20,445 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes securities loans of $ 0 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 December 11, 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 642,444 28,696 301,333 17,888 28,396 44,530 39,556 56,660 18,723 13,107 15,784 27,262 50,507 Reverse repurchase agreements--triparty(1) 0 0 0 0 0 0 0 0 0 0 0 0 0 Deposits Depository institutions 26,025 1,590 8,723 532 1,628 3,424 1,510 3,002 755 569 1,076 743 2,473 U.S. Treasury--general account 5,506 0 5,506 0 0 0 0 0 0 0 0 0 0 Foreign--official accounts 139 2 115 1 3 7 2 3 1 1 1 1 3 Other 201 4 134 0 1 56 1 0 1 0 1 3 1 Total deposits 31,871 1,596 14,478 534 1,632 3,486 1,513 3,006 756 570 1,078 747 2,477 Deferred credit items 9,835 697 961 695 624 725 864 734 270 585 374 520 2,787 Other liabilities and accrued dividends (2) 2,451 146 746 108 144 267 198 258 106 85 96 93 204 TOTAL LIABILITIES 686,602 31,135 317,518 19,225 30,797 49,009 42,131 60,657 19,854 14,346 17,333 28,621 55,975 CAPITAL ACCOUNTS Capital paid in 8,359 436 1,801 242 702 2,073 475 851 199 340 201 186 854 Surplus 7,312 418 1,504 221 665 1,757 535 793 149 118 191 164 796 Other capital accounts 1,664 49 511 43 75 386 39 125 68 191 24 33 118 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 703,937 32,039 321,334 19,731 32,239 53,225 43,180 62,427 20,271 14,994 17,749 29,004 57,743 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 762,428 33,531 330,776 25,568 32,992 54,889 58,289 65,606 22,316 15,184 20,169 36,457 66,650 Less--Held by F.R. Banks 119,984 4,835 29,442 7,680 4,596 10,359 18,732 8,947 3,593 2,077 4,385 9,195 16,143 F.R. notes, net 642,444 28,696 301,333 17,888 28,396 44,530 39,556 56,660 18,723 13,107 15,784 27,262 50,507 Collateral held against F.R. notes Gold certificate account 11,039 Special drawing rights certificate account 2,200 Other eligible assets 0 U.S. govt. and agency securities(3) 629,205 Total collateral 642,444 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.