FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks December 26, 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 Dec 24, 2003 Dec 17, 2003 Dec 25, 2002 Dec 24, 2003 Federal Reserve Banks Reserve Bank Credit 739,526 + 7,672 + 35,949 745,003 Securities held outright 666,034 + 141 + 36,624 666,216 U.S. Treasury (1) 666,034 + 141 + 36,634 666,216 Bills (2) 244,197 + 145 + 17,515 244,381 Notes and bonds, nominal (2) 406,173 0 + 16,954 406,173 Notes and bonds, inflation-indexed (2) 13,994 0 + 1,752 13,994 Inflation compensation (3) 1,670 - 4 + 414 1,668 Federal agency (2) 0 0 - 10 0 Repurchase agreements(4) 33,179 + 7,608 - 1,142 36,500 Loans to depository institutions 70 + 33 + 11 175 Primary credit 33 + 28 + 33 135 Secondary credit 0 0 0 0 Seasonal credit 37 + 5 - 9 39 Adjustment credit 0 0 - 13 0 Float 434 - 471 - 644 2,061 Other Federal Reserve assets 39,810 + 362 + 1,102 40,051 Gold stock 11,043 0 0 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 35,461 + 14 + 895 35,461 Total factors supplying reserve funds 788,230 + 7,686 + 36,844 793,707 Currency in circulation(5) 718,646 + 5,110 + 37,123 723,150 Reverse repurchase agreements (6) 19,430 + 1,214 - 1,478 19,764 Foreign official and international accounts 19,430 + 1,464 - 1,478 19,764 Dealers 0 - 250 0 0 Treasury cash holdings 319 - 4 - 42 319 Deposits with F.R.Banks, other than reserve balances 17,197 - 722 + 1,012 17,205 U.S. Treasury, general account 4,701 - 921 + 23 4,670 Foreign official 96 + 7 - 18 128 Service-related 12,154 + 187 + 973 12,154 Required clearing balances 11,846 0 + 1,394 11,846 Adjustments to compensate for float 308 + 186 - 421 308 Other 247 + 6 + 35 253 Other liabilities and capital 20,759 - 74 + 318 20,521 Total factors, other than reserve balances, absorbing reserve funds 776,352 + 5,525 + 36,935 780,960 Reserve balances with Federal Reserve Banks 11,878 + 2,161 - 91 12,747 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 1,060,521 + 6,502 + 211,654 1,061,848 U.S. Treasury 847,720 + 6,688 + 161,723 851,119 Federal agency 212,801 - 187 + 49,931 210,729 Securities lent to dealers 2,063 + 432 + 1,759 2,884 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 Dec 24, 2003 Dec 17, 2003 Dec 25, 2002 Assets Gold certificate account 11,039 0 0 Special drawing rights certificate account 2,200 0 0 Coin 747 - 15 - 264 Securities, repurchase agreements, and loans 702,891 + 11,887 + 36,170 Securities held outright 666,216 + 263 + 36,804 U.S. Treasury (1) 666,216 + 263 + 36,814 Bills (2) 244,381 + 268 + 17,699 Notes and bonds, nominal (2) 406,173 0 + 16,954 Notes and bonds, inflation-indexed (2) 13,994 0 + 1,752 Inflation compensation (3) 1,668 - 4 + 410 Federal agency (2) 0 0 - 10 Repurchase agreements (4) 36,500 + 11,500 - 750 Loans 175 + 125 + 116 Items in process of collection (967) 10,896 + 785 - 2,343 Bank premises 1,623 + 13 + 83 Other assets (5) 38,497 + 409 + 1,140 Total assets (967) 767,892 + 13,080 + 34,785 Liabilities Federal Reserve notes net of FR Bank holdings 688,750 + 7,102 + 36,859 Reverse repurchase agreements (6) 19,764 + 2,107 - 632 Deposits (0) 30,293 + 3,783 + 589 Depository institutions 25,242 + 6,507 + 541 U.S. Treasury, general account 4,670 - 2,785 + 8 Foreign official 128 + 45 - 11 Other (0) 253 + 17 + 50 Deferred availability cash items (967) 8,562 + 230 - 1,885 Other liabilities and accrued dividends (7) 2,367 + 37 - 94 Total liabilities (967) 749,737 + 13,260 + 34,839 Capital Accounts Capital paid in 8,843 + 4 + 461 Surplus 8,380 0 + 1,068 Other capital accounts 931 - 186 - 1,585 Total capital 18,154 - 182 - 55 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, December 24, 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 175 54,448 + 16,180 0 0 36,500 19,764 16 days to 90 days 0 140,122 - 15,822 0 0 0 0 91 days to 1 year 0 164,116 - 92 0 0 ------ ------ Over 1 to 5 years ------ 179,070 - 1 0 0 ------ ------ Over 5 to 10 years ------ 51,313 - 2 0 0 ------ ------ Over 10 years ------ 77,147 - 2 0 0 ------ ------ All 175 666,216 + 263 0 0 36,500 19,764 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 December 24, 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 747 25 33 39 36 84 86 92 53 24 43 143 89 Securities, repurchase agreements, and loans 702,891 32,209 321,529 20,829 31,217 51,234 45,012 67,344 20,960 14,882 17,911 26,109 53,657 Securities held outright 666,216 32,209 285,029 20,829 31,217 51,234 45,007 67,321 20,960 14,871 17,904 26,109 53,527 U.S. Treasury (1) 666,216 32,209 285,029 20,829 31,217 51,234 45,007 67,321 20,960 14,871 17,904 26,109 53,527 Bills (2) 244,381 11,815 104,554 7,640 11,451 18,794 16,509 24,695 7,689 5,455 6,568 9,577 19,635 Notes and bonds(3) 421,836 20,394 180,475 13,188 19,766 32,440 28,498 42,627 13,271 9,416 11,337 16,532 33,892 Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements(4) 36,500 0 36,500 0 0 0 0 0 0 0 0 0 0 Loans 175 0 0 0 0 0 5 22 0 11 6 0 130 Items in process of collection 11,863 1,034 1,281 684 1,078 662 1,212 849 639 433 647 438 2,905 Bank premises 1,623 92 190 53 150 144 277 124 51 125 56 181 178 Other assets(5) 38,497 1,790 13,536 1,138 2,439 6,256 2,226 3,588 987 1,182 924 1,093 3,338 Interdistrict settlement account 0 + 2,952 -11,592 + 901 - 2,318 - 264 + 3,221 - 6,897 - 1,693 - 453 - 213 + 6,570 + 9,787 Total Assets 768,859 38,712 330,556 24,106 33,184 59,070 53,063 66,294 21,400 16,446 19,738 35,139 71,151 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 December 24, 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 801,244 38,808 326,915 29,391 33,214 60,221 65,999 67,283 23,289 15,538 21,601 39,830 79,156 Less: notes held by F.R. Banks 112,494 4,823 24,006 8,293 4,900 10,260 18,415 8,550 4,085 1,400 4,126 7,179 16,456 Federal Reserve notes, net 688,750 33,985 302,908 21,098 28,314 49,961 47,583 58,733 19,204 14,138 17,475 32,651 62,700 Reverse repurchase agreements (1) 19,764 956 8,456 618 926 1,520 1,335 1,997 622 441 531 775 1,588 Deposits 30,293 2,054 13,184 1,385 1,678 2,462 1,923 2,606 670 711 827 764 2,030 Depository institutions 25,242 2,051 8,253 1,383 1,673 2,368 1,921 2,601 667 710 825 763 2,027 U.S. Treasury, general account 4,670 0 4,670 0 0 0 0 0 0 0 0 0 0 Foreign official 128 2 105 1 3 7 2 3 1 1 1 1 3 Other 253 1 155 1 3 86 0 1 2 0 1 1 0 Deferred availability cash items 9,529 666 1,162 378 654 652 1,022 836 327 366 441 518 2,508 Other liabilities and accrued dividends (2) 2,367 134 720 94 130 275 187 235 106 88 88 120 191 Total liabilities 750,704 37,794 326,429 23,573 31,703 54,869 52,051 64,407 20,928 15,744 19,362 34,827 69,017 Capital Capital paid in 8,843 448 2,028 259 729 2,074 490 917 232 345 162 111 1,048 Surplus 8,380 436 1,809 233 702 2,073 475 858 199 340 201 186 868 Other capital 931 33 290 42 50 54 46 113 40 18 13 15 218 Total liabilities and capital 768,859 38,712 330,556 24,106 33,184 59,070 53,063 66,294 21,400 16,446 19,738 35,139 71,151 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 Dec 24, 2003 Federal Reserve notes outstanding 801,244 Less: Notes held by F.R. Banks not subject to collateralization 112,494 Federal Reserve Notes to be collateralized 688,750 Collateral held against Federal Reserve notes 688,750 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 675,512 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities (1) 702,716 Less:face value of securities under reverse repurchase agreements 19,769 U.S. Treasury and agency securities eligible to be pledged 682,947 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.