FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks March 11, 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 Mar 10, 2004 Mar 3, 2004 Mar 12, 2003 Mar 10, 2004 Federal Reserve Banks Reserve Bank Credit 729,556 - 7,040 + 33,220 730,248 Securities held outright 672,592 + 1,006 + 34,006 673,039 U.S. Treasury (1) 672,592 + 1,006 + 34,016 673,039 Bills (2) 246,342 + 142 + 15,170 246,372 Notes and bonds, nominal (2) 410,563 + 779 + 16,652 410,563 Notes and bonds, inflation-indexed (2) 14,062 + 68 + 1,820 14,464 Inflation compensation (3) 1,625 + 17 + 374 1,639 Federal agency (2) 0 0 - 10 0 Repurchase agreements(4) 18,000 - 8,286 - 1,214 18,750 Loans to depository institutions 26 + 2 - 19 19 Primary credit 7 + 4 - 29 0 Secondary credit 0 0 0 0 Seasonal credit 19 - 2 + 10 19 Float -39 - 190 - 511 -629 Other Federal Reserve assets 38,977 + 428 + 958 39,069 Gold stock 11,045 0 + 2 11,045 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 35,615 + 14 + 883 35,615 Total factors supplying reserve funds 778,417 - 7,025 + 34,106 779,108 Currency in circulation(5) 713,676 + 335 + 30,647 714,915 Reverse repurchase agreements (6) 18,320 - 2,289 - 12 19,191 Foreign official and international accounts 18,320 - 2,289 - 12 19,191 Dealers 0 0 0 0 Treasury cash holdings 315 - 2 - 41 320 Deposits with F.R.Banks, other than reserve balances 16,951 + 719 + 54 15,881 U.S. Treasury, general account 5,527 - 91 + 331 4,415 Foreign official 94 + 3 - 11 138 Service-related 11,004 + 797 - 359 11,004 Required clearing balances 10,885 + 806 + 513 10,885 Adjustments to compensate for float 119 - 9 - 872 119 Other 327 + 11 + 94 324 Other liabilities and capital 20,207 + 240 + 192 20,242 Total factors, other than reserve balances, absorbing reserve funds 769,469 - 997 + 30,840 770,548 Reserve balances with Federal Reserve Banks 8,948 - 6,029 + 3,266 8,560 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 1,159,797 + 8,117 + 258,032 1,165,209 U.S. Treasury 925,674 + 9,176 + 202,502 931,866 Federal agency 234,123 - 1,059 + 55,530 233,342 Securities lent to dealers 2,510 + 1,106 + 2,064 3,026 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 Mar 10, 2004 Mar 3, 2004 Mar 12, 2003 Assets Gold certificate account 11,041 0 + 2 Special drawing rights certificate account 2,200 0 0 Coin 857 - 10 - 213 Securities, repurchase agreements, and loans 691,808 - 3,600 + 34,325 Securities held outright 673,039 + 1,407 + 34,315 U.S. Treasury (1) 673,039 + 1,407 + 34,325 Bills (2) 246,372 + 132 + 15,067 Notes and bonds, nominal (2) 410,563 + 779 + 16,652 Notes and bonds, inflation-indexed (2) 14,464 + 470 + 2,222 Inflation compensation (3) 1,639 + 26 + 383 Federal agency (2) 0 0 - 10 Repurchase agreements (4) 18,750 - 5,000 0 Loans 19 - 7 + 10 Items in process of collection (881) 6,157 - 1,897 - 1,733 Bank premises 1,651 + 2 + 94 Other assets (5) 37,132 + 587 + 370 Total assets (881) 750,845 - 4,918 + 32,844 Liabilities Federal Reserve notes net of FR Bank holdings 680,472 + 242 + 29,348 Reverse repurchase agreements (6) 19,191 + 305 + 1,279 Deposits (0) 24,155 - 4,046 + 2,812 Depository institutions 19,278 - 3,809 + 3,059 U.S. Treasury, general account 4,415 - 283 - 360 Foreign official 138 + 56 + 22 Other (0) 324 - 11 + 91 Deferred availability cash items (881) 6,785 - 1,895 - 1,112 Other liabilities and accrued dividends (7) 2,256 + 36 - 9 Total liabilities (881) 732,859 - 5,358 + 32,318 Capital Accounts Capital paid in 8,971 + 5 + 480 Surplus 8,681 + 173 + 301 Other capital accounts 334 + 262 - 255 Total capital 17,986 + 439 + 526 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, March 10, 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 3 41,734 - 564 0 0 18,750 19,191 16 days to 90 days 16 159,765 + 533 0 0 0 0 91 days to 1 year 0 161,316 + 164 0 0 ------ ------ Over 1 to 5 years ------ 183,073 + 726 0 0 ------ ------ Over 5 to 10 years ------ 49,740 + 499 0 0 ------ ------ Over 10 years ------ 77,413 + 52 0 0 ------ ------ All 19 673,039 + 1,407 0 0 18,750 19,191 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 10, 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 11,041 495 4,708 380 477 808 863 982 331 224 303 507 963 Special drawing rights certificate acct. 2,200 115 874 83 104 147 166 212 71 30 66 98 234 Coin 857 39 39 46 45 89 85 111 60 29 50 150 115 Securities, repurchase agreements, and loans 691,808 32,541 306,698 21,042 31,537 51,759 45,468 68,021 21,178 15,027 18,088 26,376 54,075 Securities held outright 673,039 32,538 287,948 21,042 31,537 51,759 45,468 68,011 21,175 15,023 18,088 26,376 54,075 U.S. Treasury (1) 673,039 32,538 287,948 21,042 31,537 51,759 45,468 68,011 21,175 15,023 18,088 26,376 54,075 Bills (2) 246,372 11,911 105,406 7,703 11,544 18,947 16,644 24,896 7,751 5,499 6,621 9,655 19,795 Notes and bonds(3) 426,667 20,627 182,542 13,339 19,993 32,812 28,824 43,115 13,423 9,524 11,466 16,721 34,280 Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements(4) 18,750 0 18,750 0 0 0 0 0 0 0 0 0 0 Loans 19 2 0 0 0 0 0 10 3 4 0 0 0 Items in process of collection 7,038 366 386 557 378 376 828 472 426 395 433 302 2,118 Bank premises 1,651 95 189 52 151 145 277 126 48 125 74 189 180 Other assets(5) 37,132 1,697 13,275 1,144 2,330 5,850 2,117 3,500 981 1,105 775 848 3,510 Interdistrict settlement account 0 + 1,937 - 9,712 + 986 - 3,257 - 1,403 + 579 - 8,032 - 1,424 - 800 + 13 + 7,455 +13,659 Total Assets 751,726 37,285 316,456 24,289 31,765 57,770 50,384 65,391 21,671 16,135 19,801 35,924 74,853 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 10, 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 803,019 39,204 324,147 29,547 32,793 60,287 63,991 67,002 23,558 15,859 22,139 40,397 84,096 Less: notes held by F.R. Banks 122,547 5,186 32,421 8,184 5,111 10,358 18,343 8,528 3,778 1,604 4,329 6,725 17,978 Federal Reserve notes, net 680,472 34,017 291,726 21,363 27,681 49,929 45,647 58,474 19,780 14,254 17,809 33,672 66,118 Reverse repurchase agreements (1) 19,191 928 8,210 600 899 1,476 1,296 1,939 604 428 516 752 1,542 Deposits 24,155 749 10,688 799 1,233 1,605 1,398 2,384 535 402 684 770 2,908 Depository institutions 19,278 746 5,999 798 1,229 1,443 1,396 2,380 530 401 682 769 2,904 U.S. Treasury, general account 4,415 0 4,415 0 0 0 0 0 0 0 0 0 0 Foreign official 138 2 114 1 2 7 2 3 1 1 1 0 4 Other 324 2 160 0 1 155 0 1 4 0 1 0 0 Deferred availability cash items 7,666 566 734 887 402 481 861 514 194 368 383 377 1,899 Other liabilities and accrued dividends (2) 2,256 128 722 92 119 236 182 224 104 78 87 110 173 Total liabilities 733,740 36,388 312,082 23,741 30,335 53,727 49,385 63,536 21,216 15,530 19,479 35,681 72,639 Capital Capital paid in 8,971 449 2,100 273 723 2,089 492 908 223 265 150 116 1,183 Surplus 8,681 448 2,031 259 707 1,955 489 924 228 340 159 111 1,030 Other capital 334 0 244 16 0 0 19 23 3 0 13 16 0 Total liabilities and capital 751,726 37,285 316,456 24,289 31,765 57,770 50,384 65,391 21,671 16,135 19,801 35,924 74,853 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 10, 2004 Federal Reserve notes outstanding 803,019 Less: Notes held by F.R. Banks not subject to collateralization 122,547 Federal Reserve Notes to be collateralized 680,472 Collateral held against Federal Reserve notes 680,472 Gold certificate account 11,041 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 667,232 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities (1) 691,789 Less:face value of securities under reverse repurchase agreements 19,196 U.S. Treasury and agency securities eligible to be pledged 672,593 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.