FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks December 26, 2002 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 25, 2002 Dec 18, 2002 Dec 26, 2001 Dec 25, 2002 Federal Reserve Banks Reserve Bank Credit 703,676 + 11,023 + 69,903 708,472 Securities held outright 629,410 + 2,931 + 73,535 629,412 U.S. Treasury (1) 629,400 + 2,931 + 73,535 629,402 Bills (2) 226,682 + 2,925 + 40,429 226,682 Notes and bonds, nominal (2) 389,219 0 + 30,765 389,219 Notes and bonds, inflation-indexed (2) 12,242 0 + 2,056 12,242 Inflation compensation (3) 1,256 + 6 + 284 1,258 Federal agency (2) 10 0 0 10 Repurchase agreements(4) 34,321 + 6,142 - 7,422 37,250 Loans to depository institutions 59 + 4 - 13 59 Adjustment credit 13 + 7 - 23 9 Seasonal credit 46 - 3 + 10 50 Extended credit 0 0 0 0 Float 1,177 + 1,238 + 1,008 2,793 Other Federal Reserve assets 38,708 + 705 + 2,793 38,958 Gold stock 11,043 0 - 2 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 34,483 + 14 + 1,476 34,483 Total factors supplying reserve funds 751,401 + 11,036 + 71,376 756,197 Currency in circulation(5) 681,441 + 6,025 + 42,945 685,007 Reverse repurchase agreements (6) 20,908 + 2,706 + 20,908 20,396 Foreign official and international accounts 20,908 + 2,706 + 20,908 20,396 Dealers 0 0 0 0 Treasury cash holdings 360 - 10 - 65 360 Deposits with F.R.Banks, other than reserve balances 16,186 - 1,031 + 2,018 16,184 U.S. Treasury, general account 4,678 - 1,281 + 33 4,662 Foreign official 114 - 34 - 230 139 Service-related 11,181 + 281 + 2,209 11,181 Required clearing balances 10,452 + 2 + 1,870 10,452 Adjustments to compensate for float 729 + 279 + 339 729 Other 212 + 2 + 5 203 Other liabilities and capital 20,441 + 238 + 2,685 20,670 Total factors, other than reserve balances, absorbing reserve funds 739,334 + 7,925 + 68,489 742,617 Reserve balances with Federal Reserve Banks 12,067 + 3,111 + 2,887 13,580 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 848,867 + 2,568 ------ 848,468 U.S. Treasury 685,997 + 704 ------ 685,042 Federal agency 162,870 + 1,865 ------ 163,426 Securities lent to dealers 304 + 153 - 4,151 111 Note: Components may not sum to totals because of rounding. --- Not available. 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 effects 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 25, 2002 Dec 18, 2002 Dec 26, 2001 Assets Gold certificate account 11,039 0 - 6 Special drawing rights certificate account 2,200 0 0 Coin 1,011 - 24 - 55 Securities, repurchase agreements, and loans 666,721 + 7,269 + 60,420 Securities held outright 629,412 + 5 + 73,405 U.S. Treasury (1) 629,402 + 5 + 73,405 Bills (2) 226,682 0 + 40,293 Notes and bonds, nominal (2) 389,219 0 + 30,765 Notes and bonds, inflation-indexed (2) 12,242 0 + 2,056 Inflation compensation (3) 1,258 + 5 + 291 Federal agency (2) 10 0 0 Repurchase agreements (4) 37,250 + 7,250 - 13,000 Loans 59 + 14 + 14 Items in process of collection (1,076) 13,239 + 4,439 + 8,017 Bank premises 1,540 + 6 + 21 Other assets (5) 37,357 + 817 + 1,764 Total assets (1,076) 733,107 + 12,506 + 70,162 Liabilities Federal Reserve notes, net of F.R. Bank holdings 651,891 + 6,292 + 41,390 Reverse repurchase agreements (6) 20,396 - 1,509 + 20,396 Deposits (0) 29,704 + 4,781 - 1,380 Depository institutions 24,701 + 6,758 - 1,070 U.S. Treasury, general account 4,662 - 1,933 - 194 Foreign official 139 - 33 - 94 Other (0) 203 - 10 - 20 Deferred availability cash items (1,076) 10,447 + 2,181 + 6,515 Other liabilities and accrued dividends (7) 2,461 + 43 - 133 Total liabilities (1,076) 714,898 + 11,787 + 66,787 Capital Accounts Capital paid in 8,382 + 6 + 1,025 Surplus 7,312 0 + 600 Other capital accounts 2,516 + 714 + 1,751 Total capital 18,209 + 720 + 3,374 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 effects of inflation on the original face value of inflation-indexed securities. 4 Cash value of agreements, which are collatealized 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 25, 2002 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 57 33,670 - 13,583 0 0 21,250 20,396 16 days to 90 days 2 146,846 + 12,584 0 0 16,000 0 91 days to 1 year 0 141,815 + 999 10 0 ------ ------ Over 1 to 5 years ------ 173,936 + 1 0 0 ------ ------ Over 5 to 10 years ------ 53,298 + 3 0 0 ------ ------ Over 10 years ------ 79,838 + 2 0 0 ------ ------ All 59 629,402 + 5 10 0 37,250 20,396 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 effects 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 25, 2002 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 11,039 533 4,364 430 522 819 926 1,080 346 179 309 485 1,046 Special drawing rights certificate acct. 2,200 115 874 83 104 147 166 212 71 30 66 98 234 Coin 1,011 48 34 62 45 144 107 127 60 36 67 164 117 Securities, repurchase agreements, and loans 666,721 36,062 284,899 24,203 34,728 49,090 44,827 74,079 22,395 9,850 18,615 13,972 54,001 Securities held outright 629,412 36,062 247,649 24,203 34,728 49,090 44,817 74,069 22,381 9,839 18,605 13,969 54,001 U.S. Treasury (1) 629,402 36,061 247,645 24,202 34,727 49,089 44,816 74,068 22,380 9,839 18,605 13,969 54,000 Bills (2) 226,682 12,988 89,191 8,717 12,507 17,680 16,141 26,676 8,060 3,544 6,701 5,031 19,448 Notes and bonds(3) 402,720 23,074 158,455 15,486 22,220 31,409 28,675 47,392 14,320 6,296 11,904 8,938 34,552 Federal agency (2) 10 1 4 0 1 1 1 1 0 0 0 0 1 Repurchase agreements(4) 37,250 0 37,250 0 0 0 0 0 0 0 0 0 0 Loans 59 0 0 0 0 0 11 10 15 10 10 3 0 Items in process of collection 14,316 889 1,600 681 943 1,031 1,374 1,328 895 783 1,063 603 3,126 Bank premises 1,540 91 186 49 153 130 279 116 44 127 51 140 174 Other assets(5) 37,357 1,935 13,128 1,253 2,504 5,524 2,491 3,800 980 634 965 836 3,306 Interdistrict settlement account 0 - 5,893 +24,425 - 5,434 - 5,290 - 1,535 - 3,152 -13,699 - 3,378 + 4,076 - 2,445 +14,131 - 1,807 Total Assets 734,183 33,780 329,510 21,328 33,709 55,350 47,019 67,044 21,414 15,714 18,691 30,431 60,197 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 effects 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 25, 2002 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 760,778 33,229 330,493 25,532 32,818 54,699 58,419 64,747 22,136 15,114 20,032 36,600 66,957 Less: notes held by F.R. Banks 108,887 4,271 25,843 7,030 4,479 9,465 17,063 7,896 3,261 1,862 3,937 8,535 15,245 Federal Reserve notes, net 651,891 28,958 304,650 18,502 28,339 45,234 41,357 56,851 18,875 13,252 16,095 28,066 51,711 Reverse repurchase agreements (1) 20,396 1,169 8,025 784 1,125 1,591 1,452 2,400 725 319 603 453 1,750 Deposits 29,704 1,625 10,717 732 1,832 2,926 1,930 4,700 888 704 932 832 1,885 Depository institutions 24,701 1,622 5,799 730 1,828 2,871 1,927 4,696 887 703 930 828 1,880 U.S. Treasury, general account 4,662 0 4,662 0 0 0 0 0 0 0 0 0 0 Foreign official 139 2 115 1 3 7 2 3 1 1 1 1 3 Other 203 2 142 1 1 49 1 1 0 0 1 4 1 Deferred availability cash items 11,523 940 1,139 686 783 1,007 984 982 385 688 532 589 2,809 Other liabilities and accrued dividends (2) 2,461 147 745 105 143 287 196 258 105 83 95 94 203 Total liabilities 715,974 32,838 325,276 20,809 32,223 51,044 45,918 65,192 20,978 15,046 18,257 30,034 58,358 Capital Capital paid in 8,382 436 1,809 233 702 2,073 475 858 199 340 201 186 870 Surplus 7,312 418 1,504 221 665 1,757 535 793 149 118 191 164 796 Other capital 2,516 87 921 65 119 475 90 201 87 210 43 47 172 Total liabilities and capital 734,183 33,780 329,510 21,328 33,709 55,350 47,019 67,044 21,414 15,714 18,691 30,431 60,197 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 25, 2002 Federal Reserve notes, net of F.R. Bank holdings 651,891 Collateral held against Federal Reserve notes 651,891 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 638,652 Other eligible assets 0 Memo: Total U.S. Treasury and agency securities (1) 666,662 Less:face value of securities under reverse repurchase agreements 20,403 U.S. Treasury and agency securities eligible to be pledged 646,259 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 effects of inflation on the original face value of inflation-indexed securities, and cash value of repurchase agreements.