FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks July 22, 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 Jul 21, 2004 Jul 14, 2004 Jul 23, 2003 Jul 21, 2004 Federal Reserve Banks Reserve Bank Credit 756,215 + 719 + 39,509 758,049 Securities held outright 692,281 + 2,507 + 39,517 692,299 U.S. Treasury (1) 692,281 + 2,507 + 39,527 692,299 Bills (2) 255,238 + 214 + 15,622 255,248 Notes and bonds, nominal (2) 420,150 + 1,899 + 21,297 420,150 Notes and bonds, inflation-indexed (2) 14,862 + 341 + 2,048 14,862 Inflation compensation (3) 2,031 + 54 + 561 2,039 Federal agency (2) 0 0 - 10 0 Repurchase agreements(4) 23,536 - 1,714 - 714 25,500 Loans to depository institutions 240 - 3 + 121 233 Primary credit 26 - 27 + 22 7 Secondary credit 0 0 0 0 Seasonal credit 214 + 23 + 99 226 Float -260 - 58 - 302 -305 Other Federal Reserve assets 40,418 - 13 + 887 40,322 Gold stock 11,045 0 + 1 11,045 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 36,022 + 14 + 909 36,022 Total factors supplying reserve funds 805,481 + 733 + 40,419 807,315 Currency in circulation(5) 733,684 - 2,515 + 40,965 734,178 Reverse repurchase agreements (6) 19,884 + 117 + 207 19,906 Foreign official and international accounts 19,884 + 117 + 207 19,906 Dealers 0 0 0 0 Treasury cash holdings 300 - 2 - 30 290 Deposits with F.R.Banks, other than reserve balances 16,305 + 679 - 1,793 15,687 U.S. Treasury, general account 5,509 + 675 - 558 4,879 Foreign official 84 + 4 - 40 99 Service-related 10,421 - 3 - 980 10,421 Required clearing balances 10,421 - 3 - 442 10,421 Adjustments to compensate for float 0 0 - 538 0 Other 290 + 2 - 216 287 Other liabilities and capital 21,539 - 174 + 1,539 21,151 Total factors, other than reserve balances, absorbing reserve funds 791,713 - 1,895 + 40,888 791,213 Reserve balances with Federal Reserve Banks 13,768 + 2,628 - 470 16,102 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 1,238,739 + 4,731 + 301,746 1,235,793 U.S. Treasury 1,001,870 + 4,822 + 248,126 1,002,873 Federal agency 236,869 - 91 + 53,620 232,920 Securities lent to dealers 432 - 143 - 869 1,418 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 Jul 21, 2004 Jul 14, 2004 Jul 23, 2003 Assets Gold certificate account 11,040 0 + 1 Special drawing rights certificate account 2,200 0 0 Coin 725 + 15 - 147 Securities, repurchase agreements, and loans 718,032 + 1,963 + 33,076 Securities held outright 692,299 + 1,990 + 39,462 U.S. Treasury (1) 692,299 + 1,990 + 39,472 Bills (2) 255,248 + 70 + 15,556 Notes and bonds, nominal (2) 420,150 + 1,899 + 21,297 Notes and bonds, inflation-indexed (2) 14,862 0 + 2,048 Inflation compensation (3) 2,039 + 22 + 571 Federal agency (2) 0 0 - 10 Repurchase agreements (4) 25,500 0 - 6,500 Loans 233 - 27 + 115 Items in process of collection (827) 5,558 - 446 - 2,122 Bank premises 1,700 + 3 + 112 Other assets (5) 38,606 - 292 + 390 Total assets (827) 777,861 + 1,243 + 31,311 Liabilities Federal Reserve notes net of FR Bank holdings 699,168 - 1,959 + 39,443 Reverse repurchase agreements (6) 19,906 + 71 + 234 Deposits (0) 31,774 + 3,543 - 7,678 Depository institutions 26,508 + 4,077 - 6,329 U.S. Treasury, general account 4,879 - 490 - 1,179 Foreign official 99 + 18 - 35 Other (0) 287 - 62 - 136 Deferred availability cash items (827) 5,862 - 246 - 1,755 Other liabilities and accrued dividends (7) 2,375 - 11 + 237 Total liabilities (827) 759,085 + 1,398 + 30,482 Capital Accounts Capital paid in 9,245 - 6 + 531 Surplus 8,827 - 20 + 447 Other capital accounts 705 - 128 - 147 Total capital 18,777 - 154 + 830 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, July 21, 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 230 55,036 + 7,888 0 0 25,500 19,906 16 days to 90 days 3 154,431 - 8,754 0 0 0 0 91 days to 1 year 0 164,648 + 2,833 0 0 ------ ------ Over 1 to 5 years ------ 189,529 + 9 0 0 ------ ------ Over 5 to 10 years ------ 51,859 + 5 0 0 ------ ------ Over 10 years ------ 76,794 + 8 0 0 ------ ------ All 233 692,299 + 1,990 0 0 25,500 19,906 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 July 21, 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 11,040 494 4,650 382 452 819 894 924 325 218 302 525 1,055 Special drawing rights certificate acct. 2,200 115 874 83 104 147 166 212 71 30 66 98 234 Coin 725 22 30 37 35 66 88 88 55 21 44 136 105 Securities, repurchase agreements, and loans 718,032 32,509 325,693 20,595 29,586 52,618 46,698 62,433 20,369 15,177 18,221 31,568 62,567 Securities held outright 692,299 32,509 300,190 20,591 29,582 52,618 46,687 62,361 20,339 15,100 18,192 31,565 62,565 U.S. Treasury (1) 692,299 32,509 300,190 20,591 29,582 52,618 46,687 62,361 20,339 15,100 18,192 31,565 62,565 Bills (2) 255,248 11,986 110,679 7,592 10,907 19,400 17,213 22,992 7,499 5,567 6,707 11,638 23,067 Notes and bonds(3) 437,051 20,523 189,511 12,999 18,675 33,218 29,474 39,369 12,840 9,533 11,485 19,927 39,498 Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements(4) 25,500 0 25,500 0 0 0 0 0 0 0 0 0 0 Loans 233 0 3 4 4 0 11 72 30 77 29 3 2 Items in process of collection 6,384 332 374 325 393 321 664 426 230 417 443 300 2,159 Bank premises 1,700 96 191 51 154 145 279 135 55 124 76 213 180 Other assets(5) 38,606 1,763 13,949 1,153 2,345 5,979 2,205 3,478 1,008 1,134 802 1,011 3,779 Interdistrict settlement account 0 + 3,539 -31,047 + 3,445 + 449 - 900 + 9,710 - 639 + 1,460 - 634 + 1,333 + 3,327 + 9,959 Total Assets 778,688 38,870 314,715 26,070 33,518 59,194 60,703 67,057 23,572 16,486 21,286 37,180 80,037 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 July 21, 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 819,229 38,315 316,043 32,037 34,584 61,337 72,542 67,756 24,931 15,617 23,790 42,313 89,965 Less: notes held by F.R. Banks 120,061 4,046 30,477 8,613 5,673 11,222 17,446 7,716 3,305 1,115 4,652 7,489 18,307 Federal Reserve notes, net 699,168 34,269 285,565 23,424 28,911 50,115 55,096 60,039 21,626 14,502 19,138 34,824 71,658 Reverse repurchase agreements (1) 19,906 935 8,631 592 851 1,513 1,342 1,793 585 434 523 908 1,799 Deposits 31,774 2,085 14,758 968 1,647 2,660 2,302 2,401 616 412 820 771 2,336 Depository institutions 26,508 2,082 9,634 967 1,643 2,541 2,299 2,397 614 410 818 770 2,333 U.S. Treasury, general account 4,879 0 4,879 0 0 0 0 0 0 0 0 0 0 Foreign official 99 2 76 1 2 7 2 3 1 1 1 0 4 Other 287 1 169 0 1 112 1 1 1 0 1 0 0 Deferred availability cash items 6,689 432 621 434 475 541 741 528 165 449 396 268 1,639 Other liabilities and accrued dividends (2) 2,375 130 776 93 119 233 193 227 105 83 91 131 192 Total liabilities 759,911 37,851 310,352 25,510 32,003 55,063 59,675 64,988 23,096 15,880 20,968 36,901 77,624 Capital Capital paid in 9,245 506 2,116 278 758 2,077 506 1,026 232 262 151 130 1,202 Surplus 8,827 448 2,031 259 727 2,054 489 924 228 345 162 111 1,048 Other capital 705 64 216 23 29 0 33 119 15 0 5 38 162 Total liabilities and capital 778,688 38,870 314,715 26,070 33,518 59,194 60,703 67,057 23,572 16,486 21,286 37,180 80,037 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 Jul 21, 2004 Federal Reserve notes outstanding 819,229 Less: Notes held by F.R. Banks not subject to collateralization 120,061 Federal Reserve Notes to be collateralized 699,168 Collateral held against Federal Reserve notes 699,168 Gold certificate account 11,040 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 685,928 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities (1) 717,799 Less:face value of securities under reverse repurchase agreements 19,912 U.S. Treasury and agency securities eligible to be pledged 697,887 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.