FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks March 27, 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 Mar 26, 2003 Mar 19, 2003 Mar 27, 2002 Mar 26, 2003 Federal Reserve Banks Reserve Bank Credit 698,983 - 5,885 + 63,782 704,129 Securities held outright 640,129 + 612 + 64,379 640,901 U.S. Treasury (1) 640,119 + 612 + 64,379 640,891 Bills (2) 231,892 + 411 + 38,806 232,143 Notes and bonds, nominal (2) 394,621 + 102 + 23,571 394,621 Notes and bonds, inflation-indexed (2) 12,324 + 82 + 1,666 12,814 Inflation compensation (3) 1,282 + 18 + 336 1,312 Federal agency (2) 10 0 0 10 Repurchase agreements(4) 19,286 - 7,214 - 2,928 25,500 Loans to depository institutions 10 - 8 - 24 7 Primary credit 2 - 7 + 2 1 Secondary credit 0 0 0 0 Seasonal credit 8 0 - 12 6 Adjustment credit 0 0 - 14 0 Float 1,412 + 604 + 1,583 -729 Other Federal Reserve assets 38,146 + 121 + 772 38,450 Gold stock 11,043 0 - 1 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 34,695 + 14 + 1,085 34,695 Total factors supplying reserve funds 746,921 - 5,871 + 64,866 752,067 Currency in circulation(5) 684,438 + 794 + 43,830 686,176 Reverse repurchase agreements (6) 18,320 - 1,482 + 18,320 18,231 Foreign official and international accounts 18,320 - 1,303 + 18,320 18,231 Dealers 0 - 179 0 0 Treasury cash holdings 394 + 22 - 28 373 Deposits with F.R.Banks, other than reserve balances 17,778 + 1,649 + 2,107 17,670 U.S. Treasury, general account 5,916 + 937 + 718 5,927 Foreign official 240 + 81 + 154 162 Service-related 11,407 + 648 + 1,226 11,406 Required clearing balances 10,972 + 599 + 1,342 10,972 Adjustments to compensate for float 435 + 48 - 116 435 Other 215 - 16 + 10 175 Other liabilities and capital 19,412 - 126 + 1,316 19,601 Total factors, other than reserve balances, absorbing reserve funds 740,342 + 858 + 65,545 742,050 Reserve balances with Federal Reserve Banks 6,579 - 6,729 - 679 10,016 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 895,108 - 5,617 ------ 894,732 U.S. Treasury 715,570 - 6,971 ------ 715,261 Federal agency 179,538 + 1,354 ------ 179,471 Securities lent to dealers 2,758 + 1,425 + 274 2,850 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 Mar 26, 2003 Mar 19, 2003 Mar 27, 2002 Assets Gold certificate account 11,039 0 - 5 Special drawing rights certificate account 2,200 0 0 Coin 1,081 + 10 + 3 Securities, repurchase agreements, and loans 666,408 - 507 + 66,283 Securities held outright 640,901 + 1,002 + 64,798 U.S. Treasury (1) 640,891 + 1,002 + 64,798 Bills (2) 232,143 + 387 + 39,039 Notes and bonds, nominal (2) 394,621 0 + 23,239 Notes and bonds, inflation-indexed (2) 12,814 + 572 + 2,156 Inflation compensation (3) 1,312 + 43 + 363 Federal agency (2) 10 0 0 Repurchase agreements (4) 25,500 - 1,500 + 1,500 Loans 7 - 10 - 15 Items in process of collection (1,231) 6,565 - 4,967 - 727 Bank premises 1,558 + 1 + 47 Other assets (5) 37,121 + 542 + 1,279 Total assets (1,231) 725,971 - 4,923 + 66,879 Liabilities Federal Reserve notes net of FR Bank holdings 652,930 + 981 + 42,391 Reverse repurchase agreements (6) 18,231 - 199 + 18,231 Deposits (0) 28,079 - 5,881 + 4,697 Depository institutions 21,815 - 8,127 + 3,716 U.S. Treasury, general account 5,927 + 2,320 + 918 Foreign official 162 + 12 + 91 Other (0) 175 - 86 - 28 Deferred availability cash items (1,231) 7,130 - 279 - 129 Other liabilities and accrued dividends (7) 2,248 + 24 - 192 Total liabilities (1,231) 708,618 - 5,354 + 64,999 Capital Accounts Capital paid in 8,493 - 1 + 843 Surplus 8,380 + 83 + 1,110 Other capital accounts 480 + 348 - 72 Total capital 17,352 + 429 + 1,879 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, March 26, 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 7 44,763 + 713 0 0 20,500 18,231 16 days to 90 days 0 133,717 + 298 0 0 5,000 0 91 days to 1 year 0 149,322 - 624 10 0 ------ ------ Over 1 to 5 years ------ 180,897 + 4 0 0 ------ ------ Over 5 to 10 years ------ 52,287 + 549 0 0 ------ ------ Over 10 years ------ 79,904 + 62 0 0 ------ ------ All 7 640,891 + 1,002 10 0 25,500 18,231 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 March 26, 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 11,039 533 4,364 430 522 819 926 1,080 346 179 309 485 1,046 Special drawing rights certificate acct. 2,200 115 874 83 104 147 166 212 71 30 66 98 234 Coin 1,081 51 41 77 47 150 106 139 59 41 70 169 132 Securities, repurchase agreements, and loans 666,408 36,720 277,669 24,644 35,362 49,986 45,635 75,423 22,789 10,023 18,945 14,224 54,988 Securities held outright 640,901 36,720 252,169 24,644 35,362 49,986 45,635 75,421 22,789 10,019 18,945 14,224 54,987 U.S. Treasury (1) 640,891 36,720 252,165 24,644 35,361 49,985 45,634 75,420 22,789 10,019 18,945 14,224 54,986 Bills (2) 232,143 13,301 91,339 8,927 12,808 18,106 16,530 27,319 8,255 3,629 6,862 5,152 19,917 Notes and bonds(3) 408,747 23,419 160,826 15,717 22,553 31,879 29,104 48,101 14,534 6,390 12,083 9,072 35,069 Federal agency (2) 10 1 4 0 1 1 1 1 0 0 0 0 1 Repurchase agreements(4) 25,500 0 25,500 0 0 0 0 0 0 0 0 0 0 Loans 7 0 0 0 0 0 0 2 0 4 0 0 1 Items in process of collection 7,796 371 545 366 549 500 722 570 382 448 653 344 2,345 Bank premises 1,558 91 186 50 152 144 278 117 44 127 51 144 176 Other assets(5) 37,121 1,856 12,973 1,224 2,405 5,723 2,226 3,716 1,023 981 931 815 3,248 Interdistrict settlement account 0 - 8,115 +36,373 - 7,136 - 7,338 - 3,049 - 5,651 -16,276 - 4,260 + 3,594 - 1,927 +13,942 - 157 Total Assets 727,202 31,622 333,025 19,738 31,803 54,420 44,408 64,980 20,455 15,422 19,097 30,220 62,012 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 March 26, 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 766,153 32,277 338,137 24,955 31,660 53,899 59,919 63,033 22,008 15,031 21,367 35,591 68,276 Less: notes held by F.R. Banks 113,223 4,945 28,014 7,560 4,701 8,943 20,234 7,828 3,552 1,469 4,420 7,326 14,233 Federal Reserve notes, net 652,930 27,332 310,123 17,395 26,959 44,956 39,685 55,205 18,456 13,562 16,947 28,266 54,043 Reverse repurchase agreements (1) 18,231 1,045 7,173 701 1,006 1,422 1,298 2,145 648 285 539 405 1,564 Deposits 28,079 1,656 10,219 546 1,815 3,095 1,356 4,943 547 489 628 600 2,186 Depository institutions 21,815 1,650 4,041 545 1,811 3,037 1,354 4,939 544 488 626 598 2,183 U.S. Treasury, general account 5,927 0 5,927 0 0 0 0 0 0 0 0 0 0 Foreign official 162 2 138 1 3 7 2 3 1 1 1 1 3 Other 175 4 113 0 1 51 0 1 3 0 1 1 0 Deferred availability cash items 8,361 557 932 478 471 530 900 655 288 322 477 479 2,273 Other liabilities and accrued dividends (2) 2,248 141 678 99 128 245 184 236 101 78 91 88 180 Total liabilities 709,849 30,731 329,126 19,219 30,378 50,248 43,422 63,186 20,040 14,736 18,682 29,836 60,245 Capital Capital paid in 8,493 435 1,854 250 700 2,092 475 873 200 345 204 188 875 Surplus 8,380 436 1,809 233 702 2,073 475 858 199 340 201 186 868 Other capital 480 20 236 36 22 6 35 64 15 1 11 10 24 Total liabilities and capital 727,202 31,622 333,025 19,738 31,803 54,420 44,408 64,980 20,455 15,422 19,097 30,220 62,012 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 Mar 26, 2003 Federal Reserve notes, net of F.R. Bank holdings 652,930 Collateral held against Federal Reserve notes 652,930 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 639,691 Other eligible assets 0 Memo: Total U.S. Treasury and agency securities (1) 666,401 Less:face value of securities under reverse repurchase agreements 18,237 U.S. Treasury and agency securities eligible to be pledged 648,163 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.