FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks June 24, 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 Jun 23, 2004 Jun 16, 2004 Jun 25, 2003 Jun 23, 2004 Federal Reserve Banks Reserve Bank Credit 748,436 + 2,055 + 30,743 756,252 Securities held outright 685,043 + 63 + 33,083 685,177 U.S. Treasury (1) 685,043 + 63 + 33,093 685,177 Bills (2) 251,964 + 51 + 13,174 252,094 Notes and bonds, nominal (2) 416,694 0 + 17,841 416,694 Notes and bonds, inflation-indexed (2) 14,464 0 + 1,650 14,464 Inflation compensation (3) 1,920 + 12 + 427 1,924 Federal agency (2) 0 0 - 10 0 Repurchase agreements(4) 24,250 + 1,429 - 2,071 32,000 Loans to depository institutions 197 + 28 - 210 165 Primary credit 54 + 20 - 268 8 Secondary credit 0 0 0 0 Seasonal credit 143 + 8 + 59 157 Float -262 + 95 - 284 -443 Other Federal Reserve assets 39,208 + 441 + 225 39,353 Gold stock 11,045 0 + 1 11,045 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 35,825 + 14 + 782 35,825 Total factors supplying reserve funds 797,506 + 2,069 + 31,526 805,322 Currency in circulation(5) 724,759 + 12 + 33,613 727,776 Reverse repurchase agreements (6) 18,722 - 1,334 - 3,992 17,465 Foreign official and international accounts 18,722 - 1,334 - 2,314 17,465 Dealers 0 0 - 1,679 0 Treasury cash holdings 315 - 9 - 53 307 Deposits with F.R.Banks, other than reserve balances 17,655 + 779 - 982 17,805 U.S. Treasury, general account 7,034 + 839 - 165 7,202 Foreign official 103 - 29 - 59 82 Service-related 10,293 - 4 - 763 10,293 Required clearing balances 10,293 - 4 - 537 10,293 Adjustments to compensate for float 0 0 - 226 0 Other 225 - 27 + 5 227 Other liabilities and capital 21,707 + 296 + 1,601 21,639 Total factors, other than reserve balances, absorbing reserve funds 783,157 - 258 + 30,186 784,993 Reserve balances with Federal Reserve Banks 14,348 + 2,325 + 1,339 20,330 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 1,223,940 - 3,372 + 290,761 1,218,013 U.S. Treasury 990,103 - 3,382 + 240,373 987,036 Federal agency 233,837 + 10 + 50,387 230,978 Securities lent to dealers 980 + 54 - 377 1,591 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 Jun 23, 2004 Jun 16, 2004 Jun 25, 2003 Assets Gold certificate account 11,041 0 + 1 Special drawing rights certificate account 2,200 0 0 Coin 754 + 10 - 187 Securities, repurchase agreements, and loans 717,342 + 13,175 + 33,243 Securities held outright 685,177 + 184 + 33,174 U.S. Treasury (1) 685,177 + 184 + 33,184 Bills (2) 252,094 + 172 + 13,259 Notes and bonds, nominal (2) 416,694 0 + 17,841 Notes and bonds, inflation-indexed (2) 14,464 0 + 1,650 Inflation compensation (3) 1,924 + 12 + 433 Federal agency (2) 0 0 - 10 Repurchase agreements (4) 32,000 + 13,000 0 Loans 165 - 9 + 70 Items in process of collection (889) 5,560 - 317 - 1,901 Bank premises 1,691 + 3 + 109 Other assets (5) 37,695 + 579 + 88 Total assets (889) 776,283 + 13,449 + 31,352 Liabilities Federal Reserve notes net of FR Bank holdings 693,007 + 2,393 + 34,038 Reverse repurchase agreements (6) 17,465 - 506 - 4,127 Deposits (0) 38,169 + 11,523 + 1,183 Depository institutions 30,657 + 11,449 - 398 U.S. Treasury, general account 7,202 + 135 + 1,896 Foreign official 82 - 50 - 322 Other (0) 227 - 11 + 7 Deferred availability cash items (889) 6,002 - 356 - 1,361 Other liabilities and accrued dividends (7) 2,551 + 74 + 169 Total liabilities (889) 757,194 + 13,129 + 29,902 Capital Accounts Capital paid in 9,224 + 5 + 567 Surplus 8,847 0 + 467 Other capital accounts 1,018 + 316 + 417 Total capital 19,089 + 321 + 1,450 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, June 23, 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 156 54,688 + 117 0 0 32,000 17,465 16 days to 90 days 9 153,424 + 48 0 0 0 0 91 days to 1 year 0 161,535 + 7 0 0 ------ ------ Over 1 to 5 years ------ 187,215 + 5 0 0 ------ ------ Over 5 to 10 years ------ 51,583 + 3 0 0 ------ ------ Over 10 years ------ 76,732 + 4 0 0 ------ ------ All 165 685,177 + 184 0 0 32,000 17,465 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 June 23, 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 11,041 494 4,651 382 452 819 894 924 325 218 302 525 1,055 Special drawing rights certificate acct. 2,200 115 874 83 104 147 166 212 71 30 66 98 234 Coin 754 26 30 40 36 70 80 89 58 24 47 144 111 Securities, repurchase agreements, and loans 717,342 32,174 329,102 20,379 29,278 52,076 46,214 61,784 20,152 14,993 18,024 31,243 61,923 Securities held outright 685,177 32,174 297,102 20,379 29,278 52,076 46,207 61,720 20,130 14,945 18,005 31,241 61,921 U.S. Treasury (1) 685,177 32,174 297,102 20,379 29,278 52,076 46,207 61,720 20,130 14,945 18,005 31,241 61,921 Bills (2) 252,094 11,838 109,311 7,498 10,772 19,160 17,001 22,708 7,406 5,498 6,625 11,494 22,782 Notes and bonds(3) 433,083 20,336 187,791 12,881 18,506 32,916 29,206 39,011 12,724 9,446 11,381 19,746 39,139 Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements(4) 32,000 0 32,000 0 0 0 0 0 0 0 0 0 0 Loans 165 0 0 0 0 0 7 64 22 49 18 3 2 Items in process of collection 6,449 369 332 309 324 375 894 405 403 363 329 257 2,090 Bank premises 1,691 96 192 52 154 145 278 135 53 124 75 207 181 Other assets(5) 37,695 1,703 13,588 1,128 2,303 5,914 2,142 3,395 976 1,110 776 965 3,696 Interdistrict settlement account 0 + 2,636 -28,908 + 3,081 - 224 + 1,610 + 6,267 + 599 + 353 - 578 + 1,700 + 3,394 +10,068 Total Assets 777,171 37,613 319,862 25,453 32,426 61,156 56,935 67,542 22,391 16,284 21,319 36,833 79,357 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 June 23, 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 812,668 37,625 318,136 31,383 33,529 60,315 69,761 67,691 23,615 15,510 23,400 41,961 89,742 Less: notes held by F.R. Banks 119,661 4,088 29,120 8,682 5,637 11,093 18,857 7,687 3,357 1,189 4,307 7,302 18,342 Federal Reserve notes, net 693,007 33,537 289,016 22,702 27,892 49,222 50,904 60,004 20,257 14,320 19,093 34,660 71,400 Reverse repurchase agreements (1) 17,465 820 7,573 519 746 1,327 1,178 1,573 513 381 459 796 1,578 Deposits 38,169 1,590 17,455 954 1,769 5,570 2,832 3,070 779 428 965 665 2,093 Depository institutions 30,657 1,587 10,038 953 1,765 5,498 2,831 3,067 776 426 963 664 2,089 U.S. Treasury, general account 7,202 0 7,202 0 0 0 0 0 0 0 0 0 0 Foreign official 82 2 59 1 2 7 2 3 1 1 1 0 4 Other 227 1 155 0 1 66 0 0 2 0 1 1 0 Deferred availability cash items 6,890 485 567 606 392 522 771 551 254 444 387 302 1,610 Other liabilities and accrued dividends (2) 2,551 142 806 99 133 291 196 244 109 86 91 135 218 Total liabilities 758,083 36,574 315,417 24,880 30,932 56,933 55,881 65,441 21,912 15,659 20,995 36,558 76,900 Capital Capital paid in 9,224 506 2,116 278 733 2,077 510 1,028 232 264 150 130 1,202 Surplus 8,847 448 2,031 259 727 2,074 489 924 228 346 162 111 1,048 Other capital 1,018 84 298 36 34 73 55 148 19 15 13 35 208 Total liabilities and capital 777,171 37,613 319,862 25,453 32,426 61,156 56,935 67,542 22,391 16,284 21,319 36,833 79,357 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 Jun 23, 2004 Federal Reserve notes outstanding 812,668 Less: Notes held by F.R. Banks not subject to collateralization 119,661 Federal Reserve Notes to be collateralized 693,007 Collateral held against Federal Reserve notes 693,007 Gold certificate account 11,041 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 679,767 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities (1) 717,177 Less:face value of securities under reverse repurchase agreements 17,470 U.S. Treasury and agency securities eligible to be pledged 699,707 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.