FEDERAL RESERVE These data are scheduled for release each Thursday. The exact time of each release will be announced, when the information is available, on (202) 452-3206. H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks May 23, 2002 Millions of dollars Averages of daily figures Reserve balances of depository institutions at Week ended Change from week ended Wednesday F.R. Banks, Reserve Bank credit, and related items May 22, 2002 May 15, 2002 May 23, 2001 May 22, 2002 Reserve Bank Credit 643,814 - 2,085 + 61,752 644,372 U.S. government securities (1) Bought outright-system account (2,3) 585,122 + 1,150 + 59,023 584,602 Held under repurchase agreements 0 0 0 0 Federal agency obligations (1) Bought outright 10 0 0 10 Held under repurchase agreements 0 0 0 0 Repurchase agreements -- triparty (4) 22,893 + 106 + 1,978 23,500 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 12 + 6 + 9 24 Seasonal credit 105 + 10 + 22 111 Extended credit 0 0 0 0 Float -748 - 654 - 878 -683 Other F.R. assets 36,421 - 2,703 + 1,598 36,808 Gold stock 11,044 0 - 2 11,044 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding 33,703 + 14 + 1,199 33,703 Total factors supplying reserve funds 690,761 - 2,070 + 62,949 691,318 Currency in circulation* 648,751 + 1,056 + 57,770 651,172 Reverse repurchase agreements -- triparty (4) 0 0 0 0 Treasury cash holdings* 411 + 3 - 100 411 Deposits,other than reserve balances,with F.R.Banks Treasury 4,914 - 220 - 79 4,024 Foreign 76 - 23 0 72 Service-related balances and adjustments (5) 10,159 + 117 + 3,072 10,159 Other 217 + 3 - 125 217 Other F.R. liabilities and capital 19,460 + 361 + 1,516 19,406 Total factors, other than reserve balances, absorbing reserve funds 683,986 + 1,294 + 62,051 685,461 Reserve balances with F.R. Banks (6) 6,774 - 3,365 + 897 5,857 On May 22, 2002, the face amount of marketable U.S. government and federal agency securities held in custody by the Federal Reserve Banks for foreign official and international accounts was $ 747,170 million, a change of $ - 646 million for the week. The total includes $ 603,657 million of U.S. government securities and $ 143,513 million of federal agency securities. The total includes the face value of U.S. Treasury strips and other zero coupon bonds. 1 Face value of the securities. 2 Net of $ 21,919 million (daily average over statement week) and $ 23,291 million (outstanding on Wednesday statement date) matched sale-purchase transactions, of which $ 21,704 million (daily average) and $ 21,791 million (outstanding on Wednesday statement date) were with foreign official and international accounts. Includes securities loans of $ 1,184 million (daily average) and $ 110 million (outstanding on Wednesday statement date) that are fully collateralized by other U.S. government securities. 3 Includes $ 11,602 million of inflation-indexed securities valued at the original face amount and $ 1,122 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Cash value of agreements arranged through third-party custodial banks. These agreements are collateralized by U.S. government and federal agency securities. 5 Consists of required clearing balances of $ 9,768 million and adjustments of $ 390 million to compensate for float. 6 Excludes required clearing balances and adjustments to compensate for float. * Estimated (Treasury's figures). Components may not add to totals due to rounding. Worksheet for H.4.1 (a) CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS Millions of Dollars Change Since * Wednesday Wednesday Wednesday May 22, 2002 May 15, 2002 May 23, 2001 ASSETS Gold certificate account 11,044 0 - 2 Special drawing rights certificate account 2,200 0 0 Coin 937 - 25 - 159 Loans 135 + 31 + 50 Acceptances 0 0 0 Repurchase agreements -- triparty (1) 23,500 - 4,751 - 205 Federal agency obligations (2) Bought outright 10 0 0 Held under repurchase agreements 0 0 0 U.S. government securities (2) Bought outright--Bills 193,218 - 2,158 + 18,192 Notes (3) 286,010 + 941 + 33,656 Bonds (4) 105,374 + 52 + 7,146 Total bought outright (5) 584,602 - 1,165 + 58,994 Held under repurchase agreements 0 0 0 Total U.S. government securities 584,602 - 1,165 + 58,994 Total loans and securities 608,247 - 5,885 + 58,839 Items in process of collection (1,058) 6,470 - 113 - 1,163 Bank premises 1,515 + 1 + 16 Other assets (6) 35,043 + 839 + 1,670 TOTAL ASSETS (1,058) 665,456 - 5,183 + 59,200 LIABILITIES Federal Reserve notes 618,818 + 2,052 + 56,405 Reverse repurchase agreements -- triparty (1) 0 0 0 Deposits Depository institutions 15,897 - 6,357 + 2,491 U.S. Treasury--general account 4,024 - 944 - 764 Foreign--official accounts 72 - 36 - 12 Other (0) 217 + 1 - 111 Total deposits (0) 20,211 - 7,335 + 1,606 Deferred availability cash items (1,058) 7,022 - 326 - 531 Other liabilities and accrued dividends (7) 2,469 + 22 - 929 TOTAL LIABILITIES (1,058) 648,519 - 5,589 + 56,550 CAPITAL ACCOUNTS Capital paid in 8,096 + 16 + 1,036 Surplus 7,312 + 2 + 770 Other capital accounts 1,530 + 390 + 845 *Figures in parentheses are the eliminations made in the consolidation process. 1 Cash value of agreements arranged through third-party custodial banks. 2 Face value of the securities. 3 Includes $ 6,591 million of inflation-indexed securities valued at the original face amount and $ 661 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Includes $ 5,011 million of inflation-indexed securities valued at the original face amount and $ 460 million of compensation that adjusts for the effects of inflation on the principal of such securities. 5 Net of $ 23,291 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes securities loans of $ 110 million that are fully collateralized by other U.S. government securities. 6 Includes assets denominated in foreign currencies, revalued daily at market exchange rates. 7 Includes exchange-translation account reflecting the daily revaluation at market exchange rates of foreign exchange commitments. Components may not add to totals due to rounding. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, May 22, 2002 Millions of dollars U.S. government Federal agency Reverse Loans securities (1,2) obligations(2) Repurchase Repurchase Weekly Weekly Agreements Agreements Holdings changes Holdings changes Triparty(3) Triparty(3) Within 15 days 130 26,794 + 3,356 0 0 19,500 0 16 days to 90 days 6 126,403 - 934 0 0 4,000 0 91 days to 1 year 0 131,761 - 4,580 0 0 ------ ------ Over 1 to 5 years 166,467 + 979 10 0 ------ ------ Over 5 to 10 years 51,654 + 6 0 0 ------ ------ Over 10 years 81,522 + 7 0 0 ------ ------ Total 135 584,602 - 1,165 10 0 23,500 0 1 Includes $ 11,602 million of inflation-indexed securities valued at the original face amount and $ 1,122 million of compensation that adjusts for the effects of inflation on the principal of such securities. 2 Includes face value of securities held under repurchase agreements classified by the remaining maturity of the agreements. 3 Cash value of agreements arranged through third-party custodial banks classified by remaining maturity of the agreements. Components may not add to totals due to rounding. H.4.1 (b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON May 22, 2002 Millions of dollars Kansas San Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco ASSETS Gold certificate account 11,044 533 4,369 430 522 819 926 1,080 346 179 309 485 1,046 Special drawing rights certif. acct. 2,200 115 874 83 104 147 166 212 71 30 66 98 234 Coin 937 50 46 47 46 127 92 118 54 36 67 124 127 Loans 135 6 0 0 0 0 2 34 19 37 11 2 23 Acceptances 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase Agreements -- triparty(1) 23,500 0 23,500 0 0 0 0 0 0 0 0 0 0 Federal agency obligations(2) Bought outright 10 1 4 0 1 1 1 1 0 0 0 0 1 Held under repurchase agreements 0 0 0 0 0 0 0 0 0 0 0 0 0 U.S. government securities(2) Bought outright--Bills 193,218 11,070 76,024 7,430 10,661 15,070 13,758 22,738 6,870 3,020 5,712 4,288 16,577 Notes (3) 286,010 16,387 112,534 10,998 15,781 22,307 20,365 33,658 10,170 4,471 8,454 6,348 24,539 Bonds (4) 105,374 6,037 41,460 4,052 5,814 8,218 7,503 12,400 3,747 1,647 3,115 2,339 9,041 Total bought outright(5) 584,602 33,495 230,018 22,480 32,255 45,595 41,626 68,796 20,787 9,139 17,281 12,974 50,156 Held under repurchase agreements 0 0 0 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 584,602 33,495 230,018 22,480 32,255 45,595 41,626 68,796 20,787 9,139 17,281 12,974 50,156 Total loans and securities 608,247 33,501 253,522 22,480 32,256 45,595 41,629 68,831 20,806 9,176 17,292 12,977 50,180 Items in process of collection 7,528 552 669 359 274 501 499 606 330 538 520 335 2,344 Bank premises 1,515 92 181 49 151 131 280 107 43 123 49 137 172 Other assets(6) 35,043 1,829 12,275 1,152 2,354 5,139 2,351 3,595 926 601 920 773 3,128 Interdistrict settlement account 0 - 3,500 + 942 - 2,305 - 3,445 + 2,956 + 2,035 - 4,289 - 1,628 + 4,550 - 365 + 8,195 - 3,147 TOTAL ASSETS 666,514 33,174 272,877 22,295 32,263 55,417 47,979 70,261 20,948 15,233 18,858 23,125 54,084 1 Cash value of agreements arranged through third-party custodial banks. These agreements are collateralized by U.S. government and federal agency securities. 2 Face value of the securities. 3 Includes $ 6,591 million of inflation-indexed securities valued at the original face amount and $ 661 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Includes $ 5,011 million of inflation-indexed securities valued at the original face amount and $ 460 million of compensation that adjusts for the effects of inflation on the principal of such securities. 5 Net of $ 23,291 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes securities loans of $ 110 million that are fully collateralized by other U.S. government securities. 6 Includes assets denominated in foreign currencies, revalued monthly at market exchange rates. Components may not add to totals due to rounding. H.4.1 (c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON May 22, 2002 Millions of dollars Kansas San Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco LIABILITIES Federal Reserve notes 618,818 30,628 260,702 20,730 28,772 47,209 44,801 65,389 19,631 13,800 17,390 21,599 48,165 Reverse repurchase agreements--triparty(1) 0 0 0 0 0 0 0 0 0 0 0 0 0 Deposits Depository institutions 15,897 908 2,713 510 1,534 2,952 1,105 2,298 545 415 607 734 1,576 U.S. Treasury--general account 4,024 0 4,024 0 0 0 0 0 0 0 0 0 0 Foreign--official accounts 72 2 49 1 3 7 2 3 1 1 1 1 3 Other 217 13 142 0 1 54 0 1 2 0 1 0 0 Total deposits 20,211 924 6,928 511 1,537 3,014 1,107 2,302 548 416 610 735 1,580 Deferred credit items 8,080 560 850 470 383 572 821 599 223 502 356 336 2,408 Other liabilities and accrued dividends (2) 2,469 151 756 109 145 263 203 263 108 80 97 95 200 TOTAL LIABILITIES 649,577 32,263 269,237 21,820 30,837 51,058 46,931 68,553 20,510 14,798 18,452 22,766 52,353 CAPITAL ACCOUNTS Capital paid in 8,096 430 1,683 223 684 2,115 452 810 208 304 192 169 825 Surplus 7,312 418 1,504 221 665 1,757 535 793 149 118 191 164 796 Other capital accounts 1,530 62 453 30 77 486 62 105 82 13 24 26 111 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 666,514 33,174 272,877 22,295 32,263 55,417 47,979 70,261 20,948 15,233 18,858 23,125 54,084 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 751,975 35,163 303,541 27,381 33,525 57,243 61,633 72,050 23,685 15,908 21,139 34,140 66,567 Less--Held by F.R. Banks 133,157 4,535 42,838 6,650 4,752 10,034 16,832 6,661 4,054 2,108 3,749 12,540 18,402 F.R. notes, net 618,818 30,628 260,702 20,730 28,772 47,209 44,801 65,389 19,631 13,800 17,390 21,599 48,165 Collateral held against F.R. notes Gold certificate account 11,044 Special drawing rights certificate account 2,200 Other eligible assets 0 U.S. govt. and agency securities(3) 605,574 Total collateral 618,818 1 Cash value of agreements arranged through third-party custodial banks. These agreements are collateralized by U.S. government and federal agency securities. 2 Includes exchange translation account reflecting the monthly revaluation at market exchange rates of foreign exchange commitments. 3 U.S. government and agency securities bought outright or held under repurchase agreement are valued at face amount. Includes cash value of repurchase agreements under triparty arrangements and excludes the par value of securities pledged under reverse repurchase agreements. Components may not add to totals due to rounding.