FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks November 28, 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 Nov 26, 2003 Nov 19, 2003 Nov 27, 2002 Nov 26, 2003 Federal Reserve Banks Reserve Bank Credit 729,194 + 1,210 + 60,171 736,524 Securities held outright 663,499 + 1,536 + 54,254 664,525 U.S. Treasury (1) 663,489 + 1,536 + 54,254 664,515 Bills (2) 243,194 + 308 + 36,002 243,253 Notes and bonds, nominal (2) 405,211 + 1,216 + 16,645 406,173 Notes and bonds, inflation-indexed (2) 13,454 0 + 1,212 13,454 Inflation compensation (3) 1,629 + 12 + 394 1,634 Federal agency (2) 10 0 0 10 Repurchase agreements(4) 27,393 + 3,322 + 4,357 33,500 Loans to depository institutions 46 - 19 - 11 43 Primary credit 5 - 17 + 5 8 Secondary credit 0 0 0 0 Seasonal credit 42 - 1 - 12 36 Adjustment credit 0 0 - 3 0 Float 64 - 1,770 + 49 -60 Other Federal Reserve assets 38,192 - 1,857 + 1,521 38,516 Gold stock 11,043 0 + 1 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 35,405 + 14 + 955 35,405 Total factors supplying reserve funds 777,842 + 1,224 + 61,126 785,173 Currency in circulation(5) 708,826 + 1,982 + 38,891 713,335 Reverse repurchase agreements (6) 18,228 - 999 + 18,228 17,955 Foreign official and international accounts 18,228 - 999 + 18,228 17,955 Dealers 0 0 0 0 Treasury cash holdings 307 - 35 - 77 324 Deposits with F.R.Banks, other than reserve balances 17,738 + 468 + 1,792 17,882 U.S. Treasury, general account 5,223 + 572 + 207 5,377 Foreign official 85 + 5 - 40 82 Service-related 12,167 - 33 + 1,542 12,167 Required clearing balances 11,851 + 2 + 1,570 11,851 Adjustments to compensate for float 316 - 35 - 27 316 Other 263 - 76 + 83 255 Other liabilities and capital 20,672 - 74 + 1,189 20,405 Total factors, other than reserve balances, absorbing reserve funds 765,772 + 1,343 + 60,024 769,900 Reserve balances with Federal Reserve Banks 12,071 - 118 + 1,103 15,273 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 1,028,504 + 14,361 ------ 1,033,191 U.S. Treasury 818,758 + 14,078 ------ 822,102 Federal agency 209,746 + 284 ------ 211,089 Securities lent to dealers 1,669 - 277 + 40 856 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 Nov 26, 2003 Nov 19, 2003 Nov 27, 2002 Assets Gold certificate account 11,039 0 + 1 Special drawing rights certificate account 2,200 0 0 Coin 777 - 33 - 272 Securities, repurchase agreements, and loans 698,068 + 13,308 + 59,384 Securities held outright 664,525 + 1,812 + 54,901 U.S. Treasury (1) 664,515 + 1,812 + 54,901 Bills (2) 243,253 + 295 + 35,685 Notes and bonds, nominal (2) 406,173 + 1,504 + 17,607 Notes and bonds, inflation-indexed (2) 13,454 0 + 1,212 Inflation compensation (3) 1,634 + 13 + 397 Federal agency (2) 10 0 0 Repurchase agreements (4) 33,500 + 11,500 + 4,500 Loans 43 - 4 - 17 Items in process of collection (1,119) 7,307 - 1,391 - 811 Bank premises 1,605 + 3 + 75 Other assets (5) 36,864 + 540 + 1,542 Total assets (1,119) 757,859 + 12,426 + 59,918 Liabilities Federal Reserve notes net of FR Bank holdings 679,026 + 5,592 + 37,740 Reverse repurchase agreements (6) 17,955 + 53 + 17,955 Deposits (0) 32,954 + 7,030 + 3,491 Depository institutions 27,239 + 6,874 + 3,267 U.S. Treasury, general account 5,377 + 202 + 295 Foreign official 82 + 6 - 142 Other (0) 255 - 53 + 71 Deferred availability cash items (1,119) 7,520 - 179 - 237 Other liabilities and accrued dividends (7) 2,336 + 27 - 91 Total liabilities (1,119) 739,791 + 12,523 + 58,858 Capital Accounts Capital paid in 8,828 + 42 + 479 Surplus 8,380 0 + 1,068 Other capital accounts 860 - 139 - 488 Total capital 18,068 - 97 + 1,060 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, November 26, 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 38 50,036 + 26 10 10 29,500 17,955 16 days to 90 days 6 142,619 - 14 0 - 10 4,000 0 91 days to 1 year 0 165,225 + 283 0 0 ------ ------ Over 1 to 5 years ------ 178,532 + 721 0 0 ------ ------ Over 5 to 10 years ------ 50,975 + 792 0 0 ------ ------ Over 10 years ------ 77,128 + 5 0 0 ------ ------ All 43 664,515 + 1,812 10 0 33,500 17,955 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 November 26, 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 777 27 32 43 34 90 92 93 54 24 45 147 97 Securities, repurchase agreements, and loans 698,068 32,127 317,805 20,776 31,138 51,104 44,899 67,160 20,909 14,841 17,870 26,042 53,396 Securities held outright 664,525 32,127 284,305 20,776 31,138 51,104 44,893 67,150 20,907 14,833 17,859 26,042 53,391 U.S. Treasury (1) 664,515 32,126 284,301 20,775 31,138 51,103 44,892 67,149 20,906 14,833 17,858 26,042 53,390 Bills (2) 243,253 11,760 104,071 7,605 11,398 18,707 16,433 24,581 7,653 5,430 6,537 9,533 19,544 Notes and bonds(3) 421,262 20,366 180,229 13,170 19,739 32,396 28,459 42,569 13,253 9,403 11,321 16,509 33,846 Federal agency (2) 10 0 4 0 0 1 1 1 0 0 0 0 1 Repurchase agreements(4) 33,500 0 33,500 0 0 0 0 0 0 0 0 0 0 Loans 43 0 0 0 0 0 6 10 2 8 12 0 5 Items in process of collection 8,425 521 706 414 642 690 538 723 330 391 566 359 2,544 Bank premises 1,605 92 189 52 150 144 277 122 44 125 55 178 176 Other assets(5) 36,864 1,702 13,117 1,012 2,338 6,034 2,112 3,417 940 1,119 868 1,031 3,174 Interdistrict settlement account 0 + 1,415 - 6,682 + 619 - 2,282 - 210 + 2,272 - 6,705 - 1,660 - 202 - 605 + 4,963 + 9,075 Total Assets 758,978 36,494 330,748 23,378 32,602 58,807 51,220 66,006 21,020 16,552 19,168 33,325 69,659 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 November 26, 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 795,715 37,348 327,133 29,170 33,205 59,546 66,102 66,683 23,194 15,627 21,461 38,266 77,980 Less: notes held by F.R. Banks 116,689 5,318 24,217 8,397 5,169 10,049 19,927 9,218 4,277 1,370 4,417 7,379 16,950 Federal Reserve notes, net 679,026 32,029 302,915 20,773 28,036 49,497 46,176 57,465 18,917 14,257 17,043 30,886 61,030 Reverse repurchase agreements (1) 17,955 868 7,682 561 841 1,381 1,213 1,814 565 401 483 704 1,443 Deposits 32,954 1,985 14,166 1,026 1,669 2,736 1,748 3,909 697 621 727 884 2,786 Depository institutions 27,239 1,980 8,568 1,025 1,666 2,648 1,745 3,905 693 620 725 883 2,782 U.S. Treasury, general account 5,377 0 5,377 0 0 0 0 0 0 0 0 0 0 Foreign official 82 2 59 1 3 7 2 3 1 1 1 1 3 Other 255 4 161 1 1 81 1 1 3 0 1 1 0 Deferred availability cash items 8,639 568 1,043 392 460 736 899 695 264 487 457 421 2,217 Other liabilities and accrued dividends (2) 2,336 130 708 94 129 268 188 239 108 84 86 116 186 Total liabilities 740,910 35,581 326,514 22,847 31,136 54,617 50,223 64,122 20,551 15,850 18,796 33,011 67,662 Capital Capital paid in 8,828 448 2,026 259 725 2,067 487 920 232 345 163 111 1,046 Surplus 8,380 436 1,809 233 702 2,073 475 858 199 340 201 186 868 Other capital 860 29 399 39 39 49 35 106 38 17 9 16 83 Total liabilities and capital 758,978 36,494 330,748 23,378 32,602 58,807 51,220 66,006 21,020 16,552 19,168 33,325 69,659 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 Nov 26, 2003 Federal Reserve notes outstanding 795,715 Less: Notes held by F.R. Banks not subject to collateralization 116,689 Federal Reserve Notes to be collateralized 679,026 Collateral held against Federal Reserve notes 679,026 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 665,787 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities (1) 698,025 Less:face value of securities under reverse repurchase agreements 17,959 U.S. Treasury and agency securities eligible to be pledged 680,066 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.