FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks September 4, 2003 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 Sep 3, 2003 Aug 27, 2003 Sep 4, 2002 Sep 3, 2003 Federal Reserve Banks Reserve Bank Credit 725,331 + 9,905 + 60,220 726,579 Securities held outright 653,881 + 237 + 50,788 653,941 U.S. Treasury (1) 653,871 + 237 + 50,788 653,931 Bills (2) 240,726 + 234 + 38,273 240,785 Notes and bonds, nominal (2) 398,853 0 + 11,624 398,853 Notes and bonds, inflation-indexed (2) 12,814 0 + 572 12,814 Inflation compensation (3) 1,478 + 4 + 320 1,479 Federal agency (2) 10 0 0 10 Repurchase agreements(4) 34,429 + 9,822 + 10,608 33,250 Loans to depository institutions 166 + 9 - 104 180 Primary credit 9 + 8 + 9 27 Secondary credit 0 0 0 0 Seasonal credit 157 + 1 - 20 153 Adjustment credit 0 0 - 93 0 Float -467 - 650 - 578 2,018 Other Federal Reserve assets 37,323 + 489 - 493 37,189 Gold stock 11,043 0 + 1 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 35,191 + 14 + 944 35,191 Total factors supplying reserve funds 773,765 + 9,919 + 61,164 775,013 Currency in circulation(5) 700,065 + 5,337 + 35,736 701,211 Reverse repurchase agreements (6) 20,022 + 799 + 20,022 18,757 Foreign official and international accounts 20,022 + 799 + 20,022 18,757 Dealers 0 0 0 0 Treasury cash holdings 335 - 3 - 26 338 Deposits with F.R.Banks, other than reserve balances 16,788 - 825 + 1,511 16,905 U.S. Treasury, general account 4,843 - 1,131 + 48 4,525 Foreign official 248 + 162 + 154 686 Service-related 11,453 + 207 + 1,269 11,453 Required clearing balances 10,910 0 + 989 10,910 Adjustments to compensate for float 543 + 206 + 280 543 Other 244 - 62 + 39 240 Other liabilities and capital 20,194 + 197 + 637 20,080 Total factors, other than reserve balances, absorbing reserve funds 757,405 + 5,506 + 57,881 757,290 Reserve balances with Federal Reserve Banks 16,361 + 4,414 + 3,285 17,722 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 953,188 + 4,438 ------ 961,027 U.S. Treasury 766,604 + 4,836 ------ 772,567 Federal agency 186,584 - 398 ------ 188,460 Securities lent to dealers 2,500 + 871 + 2,354 2,201 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 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 Sep 3, 2003 Aug 27, 2003 Sep 4, 2002 Assets Gold certificate account 11,039 0 + 1 Special drawing rights certificate account 2,200 0 0 Coin 858 - 29 - 162 Securities, repurchase agreements, and loans 687,371 + 4,529 + 58,463 Securities held outright 653,941 + 260 + 50,244 U.S. Treasury (1) 653,931 + 260 + 50,244 Bills (2) 240,785 + 257 + 37,730 Notes and bonds, nominal (2) 398,853 0 + 11,624 Notes and bonds, inflation-indexed (2) 12,814 0 + 572 Inflation compensation (3) 1,479 + 3 + 319 Federal agency (2) 10 0 0 Repurchase agreements (4) 33,250 + 4,250 + 8,250 Loans 180 + 19 - 31 Items in process of collection (892) 12,854 + 5,268 - 359 Bank premises 1,589 - 1 + 69 Other assets (5) 35,449 + 60 - 681 Total assets (892) 751,360 + 9,826 + 57,331 Liabilities Federal Reserve notes net of FR Bank holdings 667,212 + 3,794 + 34,224 Reverse repurchase agreements (6) 18,757 - 362 + 18,757 Deposits (0) 34,317 + 2,586 + 3,695 Depository institutions 28,866 + 2,939 + 3,198 U.S. Treasury, general account 4,525 - 916 - 76 Foreign official 686 + 605 + 558 Other (0) 240 - 42 + 17 Deferred availability cash items (892) 10,994 + 3,639 - 48 Other liabilities and accrued dividends (7) 2,195 - 9 - 210 Total liabilities (892) 733,475 + 9,650 + 56,418 Capital Accounts Capital paid in 8,752 + 4 + 504 Surplus 8,380 0 + 1,068 Other capital accounts 752 + 172 - 661 Total capital 17,885 + 177 + 913 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 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, September 3, 2003 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 35 45,481 - 4,710 0 0 29,250 18,757 16 days to 90 days 145 140,939 + 5,635 0 0 4,000 0 91 days to 1 year 0 162,179 + 1,349 10 0 ------ ------ Over 1 to 5 years ------ 178,017 - 2,016 0 0 ------ ------ Over 5 to 10 years ------ 50,385 + 1 0 0 ------ ------ Over 10 years ------ 76,931 + 2 0 0 ------ ------ All 180 653,931 + 260 10 0 33,250 18,757 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 September 3, 2003 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 11,039 495 4,706 380 477 808 863 982 331 224 303 507 963 Special drawing rights certificate acct. 2,200 115 874 83 104 147 166 212 71 30 66 98 234 Coin 858 30 31 47 36 106 109 105 58 29 52 154 101 Securities, repurchase agreements, and loans 687,371 31,616 313,027 20,450 30,642 50,305 44,190 66,117 20,601 14,645 17,594 25,630 52,553 Securities held outright 653,941 31,615 279,777 20,445 30,642 50,290 44,178 66,081 20,574 14,597 17,574 25,628 52,540 U.S. Treasury (1) 653,931 31,615 279,773 20,445 30,642 50,289 44,177 66,080 20,574 14,597 17,574 25,627 52,540 Bills (2) 240,785 11,641 103,015 7,528 11,283 18,517 16,266 24,331 7,575 5,375 6,471 9,436 19,346 Notes and bonds(3) 413,147 19,974 176,757 12,917 19,359 31,772 27,911 41,749 12,998 9,222 11,103 16,191 33,194 Federal agency (2) 10 0 4 0 0 1 1 1 0 0 0 0 1 Repurchase agreements(4) 33,250 0 33,250 0 0 0 0 0 0 0 0 0 0 Loans 180 1 0 6 0 15 12 36 27 48 20 3 13 Items in process of collection 13,746 1,227 871 656 723 1,091 1,058 1,506 680 575 902 677 3,780 Bank premises 1,589 91 187 52 151 142 278 119 43 126 54 170 176 Other assets(5) 35,449 1,626 12,750 1,050 2,223 5,665 2,044 3,275 895 1,058 840 998 3,025 Interdistrict settlement account 0 - 58 - 451 - 78 - 2,220 - 74 + 1,227 - 5,374 - 1,277 + 61 - 638 + 2,758 + 6,125 Total Assets 752,252 35,142 331,994 22,639 32,136 58,191 49,935 66,942 21,402 16,748 19,173 30,992 66,957 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 September 3, 2003 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 781,724 31,522 332,008 27,233 32,070 58,653 64,257 67,164 23,650 15,876 21,439 35,433 72,418 Less: notes held by F.R. Banks 114,512 4,925 23,890 8,017 5,287 10,151 20,138 9,140 4,569 1,528 4,756 7,205 14,906 Federal Reserve notes, net 667,212 26,597 308,119 19,216 26,783 48,503 44,118 58,025 19,080 14,347 16,683 28,228 57,512 Reverse repurchase agreements (1) 18,757 907 8,025 586 879 1,443 1,267 1,895 590 419 504 735 1,507 Deposits 34,317 5,763 9,854 1,544 2,184 2,903 2,141 3,968 777 711 954 941 2,578 Depository institutions 28,866 5,752 4,553 1,543 2,181 2,786 2,139 3,962 773 710 952 940 2,575 U.S. Treasury, general account 4,525 0 4,525 0 0 0 0 0 0 0 0 0 0 Foreign official 686 2 662 1 3 7 2 3 1 1 1 1 3 Other 240 9 114 0 0 109 0 3 3 0 1 0 0 Deferred availability cash items 11,886 842 1,150 687 738 935 1,248 967 393 481 543 598 3,304 Other liabilities and accrued dividends (2) 2,195 125 677 92 125 230 180 219 99 85 87 109 167 Total liabilities 734,367 34,234 327,825 22,125 30,709 54,013 48,954 65,075 20,940 16,044 18,771 30,611 65,067 Capital Capital paid in 8,752 446 1,998 253 704 2,072 478 917 228 348 193 183 931 Surplus 8,380 436 1,809 233 702 2,073 475 858 199 340 201 186 868 Other capital 752 26 361 28 21 34 28 93 35 17 8 11 91 Total liabilities and capital 752,252 35,142 331,994 22,639 32,136 58,191 49,935 66,942 21,402 16,748 19,173 30,992 66,957 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 Sep 3, 2003 Federal Reserve notes outstanding 781,724 Less: Notes held by F.R. Banks not subject to collateralization 109,755 Federal Reserve Notes to be collateralized 671,969 Collateral held against Federal Reserve notes 671,969 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 658,730 Other eligible assets 0 Memo: Total U.S. Treasury and agency securities (1) 687,191 Less:face value of securities under reverse repurchase agreements 18,762 U.S. Treasury and agency securities eligible to be pledged 668,429 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.