FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks May 8, 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 May 7, 2003 Apr 30, 2003 May 8, 2002 May 7, 2003 Federal Reserve Banks Reserve Bank Credit 708,240 - 7,632 + 66,691 710,520 Securities held outright 647,419 + 362 + 65,242 647,580 U.S. Treasury (1) 647,409 + 362 + 65,242 647,570 Bills (2) 236,375 + 340 + 43,060 236,529 Notes and bonds, nominal (2) 396,776 0 + 20,608 396,776 Notes and bonds, inflation-indexed (2) 12,814 0 + 1,212 12,814 Inflation compensation (3) 1,443 + 21 + 361 1,450 Federal agency (2) 10 0 0 10 Repurchase agreements(4) 20,537 - 8,214 + 608 22,251 Loans to depository institutions 50 + 20 - 49 59 Primary credit 4 + 4 + 4 6 Secondary credit 0 0 0 0 Seasonal credit 46 + 17 - 48 53 Adjustment credit 0 0 - 5 0 Float 97 - 125 + 17 138 Other Federal Reserve assets 40,136 + 325 + 871 40,492 Gold stock 11,043 0 - 1 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 34,836 + 14 + 1,094 34,836 Total factors supplying reserve funds 756,319 - 7,618 + 67,784 758,599 Currency in circulation(5) 688,743 + 1,567 + 42,251 690,712 Reverse repurchase agreements (6) 21,325 + 376 + 21,325 20,667 Foreign official and international accounts 21,325 + 376 + 21,325 20,667 Dealers 0 0 0 0 Treasury cash holdings 341 - 9 - 55 342 Deposits with F.R.Banks, other than reserve balances 18,592 - 1,537 + 2,971 17,564 U.S. Treasury, general account 7,113 - 1,650 + 1,968 6,050 Foreign official 102 - 30 + 15 145 Service-related 11,109 + 100 + 981 11,109 Required clearing balances 10,882 + 52 + 1,021 10,882 Adjustments to compensate for float 227 + 48 - 41 227 Other 269 + 44 + 9 259 Other liabilities and capital 20,331 + 166 + 1,208 20,109 Total factors, other than reserve balances, absorbing reserve funds 749,332 + 562 + 67,700 749,394 Reserve balances with Federal Reserve Banks 6,987 - 8,180 + 84 9,205 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 893,876 + 6,854 ------ 895,358 U.S. Treasury 712,140 + 2,290 ------ 713,153 Federal agency 181,736 + 4,565 ------ 182,205 Securities lent to dealers 460 - 50 - 125 1,926 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 May 7, 2003 Apr 30, 2003 May 8, 2002 Assets Gold certificate account 11,039 0 - 5 Special drawing rights certificate account 2,200 0 0 Coin 1,003 - 18 + 30 Securities, repurchase agreements, and loans 669,890 - 14,927 + 67,116 Securities held outright 647,580 + 299 + 63,898 U.S. Treasury (1) 647,570 + 299 + 63,898 Bills (2) 236,529 + 280 + 41,717 Notes and bonds, nominal (2) 396,776 0 + 20,608 Notes and bonds, inflation-indexed (2) 12,814 0 + 1,212 Inflation compensation (3) 1,450 + 19 + 361 Federal agency (2) 10 0 0 Repurchase agreements (4) 22,251 - 15,250 + 3,251 Loans 59 + 24 - 33 Items in process of collection (924) 9,556 + 1,383 + 1,029 Bank premises 1,578 + 1 + 64 Other assets (5) 39,141 + 729 + 1,497 Total assets (924) 734,407 - 12,832 + 69,733 Liabilities Federal Reserve notes net of FR Bank holdings 657,217 + 1,991 + 40,938 Reverse repurchase agreements (6) 20,667 - 147 + 20,667 Deposits (0) 27,872 - 15,135 + 5,917 Depository institutions 21,417 - 10,463 + 5,248 U.S. Treasury, general account 6,050 - 4,533 + 598 Foreign official 145 - 168 + 63 Other (0) 259 + 28 + 8 Deferred availability cash items (923) 8,542 + 400 + 856 Other liabilities and accrued dividends (7) 2,294 + 24 - 121 Total liabilities (924) 716,592 - 12,868 + 68,257 Capital Accounts Capital paid in 8,564 + 19 + 463 Surplus 8,380 0 + 1,077 Other capital accounts 871 + 17 - 65 Total capital 17,816 + 37 + 1,476 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, May 7, 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 20 46,850 + 100 0 0 18,251 20,667 16 days to 90 days 39 131,587 + 5,303 0 0 4,000 0 91 days to 1 year 0 157,125 + 3,209 10 0 ------ ------ Over 1 to 5 years ------ 180,504 - 8,328 0 0 ------ ------ Over 5 to 10 years ------ 51,544 + 6 0 0 ------ ------ Over 10 years ------ 79,960 + 8 0 0 ------ ------ All 59 647,570 + 299 10 0 22,251 20,667 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 7, 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 1,003 50 37 75 40 133 95 125 57 40 68 159 125 Securities, repurchase agreements, and loans 669,890 31,311 299,306 20,246 30,344 49,801 43,750 65,454 20,386 14,475 17,408 25,378 52,030 Securities held outright 647,580 31,308 277,055 20,246 30,344 49,801 43,748 65,438 20,374 14,455 17,403 25,378 52,029 U.S. Treasury (1) 647,570 31,307 277,051 20,246 30,344 49,800 43,747 65,437 20,373 14,455 17,403 25,378 52,029 Bills (2) 236,529 11,435 101,195 7,395 11,083 18,190 15,979 23,901 7,442 5,280 6,357 9,269 19,004 Notes and bonds(3) 411,041 19,872 175,856 12,851 19,260 31,610 27,768 41,536 12,932 9,175 11,046 16,109 33,025 Federal agency (2) 10 0 4 0 0 1 1 1 0 0 0 0 1 Repurchase agreements(4) 22,251 0 22,251 0 0 0 0 0 0 0 0 0 0 Loans 59 3 0 0 0 0 2 16 12 20 5 0 1 Items in process of collection 10,480 473 979 535 452 1,351 940 685 688 497 620 542 2,717 Bank premises 1,578 91 186 51 151 143 278 117 43 126 51 164 176 Other assets(5) 39,141 1,814 14,222 1,127 2,406 6,025 2,299 3,654 1,020 1,154 941 1,141 3,339 Interdistrict settlement account 0 - 2,365 +14,653 - 3,326 - 1,906 - 1,351 - 3,741 - 6,985 - 1,419 - 649 + 2 + 2,876 + 4,212 Total Assets 735,331 31,983 334,962 19,170 32,069 57,057 44,650 64,245 21,177 15,897 19,460 30,865 63,796 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 7, 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 761,449 31,920 335,826 24,293 31,301 53,888 59,571 62,867 22,293 15,242 21,182 35,173 67,893 Less: notes held by F.R. Banks 104,233 4,546 25,061 7,453 4,136 7,891 19,921 6,655 3,449 1,428 4,077 6,886 12,729 Federal Reserve notes, net 657,217 27,374 310,765 16,839 27,165 45,998 39,650 56,212 18,844 13,814 17,105 28,287 55,163 Reverse repurchase agreements (1) 20,667 999 8,842 646 968 1,589 1,396 2,088 650 461 555 810 1,661 Deposits 27,873 1,968 9,560 603 1,830 4,166 1,395 3,244 813 458 793 812 2,232 Depository institutions 21,417 1,967 3,226 602 1,827 4,065 1,393 3,240 811 456 792 811 2,228 U.S. Treasury, general account 6,050 0 6,050 0 0 0 0 0 0 0 0 0 0 Foreign official 145 2 122 1 3 7 2 3 1 1 1 1 3 Other 260 0 162 0 0 94 0 1 1 0 1 0 0 Deferred availability cash items 9,465 585 1,075 466 533 792 1,032 659 303 366 493 451 2,710 Other liabilities and accrued dividends (2) 2,294 131 713 94 126 260 184 225 98 88 88 106 180 Total liabilities 717,516 31,058 330,955 18,649 30,622 52,805 43,658 62,428 20,708 15,187 19,034 30,467 61,945 Capital Capital paid in 8,564 446 1,878 251 700 2,070 475 875 233 345 204 190 897 Surplus 8,380 436 1,809 233 702 2,073 475 858 199 340 201 186 868 Other capital 871 43 321 37 44 108 42 85 37 25 21 23 85 Total liabilities and capital 735,331 31,983 334,962 19,170 32,069 57,057 44,650 64,245 21,177 15,897 19,460 30,865 63,796 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 7, 2003 Federal Reserve notes outstanding 761,449 Less: Notes held by F.R. Banks not subject to collateralization 100,261 Federal Reserve Notes to be collateralized 661,189 Collateral held against Federal Reserve notes 661,189 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 647,950 Other eligible assets 0 Memo: Total U.S. Treasury and agency securities (1) 669,831 Less:face value of securities under reverse repurchase agreements 20,674 U.S. Treasury and agency securities eligible to be pledged 649,157 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.