FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks January 2, 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 Dec 31, 2003 Dec 24, 2003 Jan 1, 2003 Dec 31, 2003 Federal Reserve Banks Reserve Bank Credit 746,570 + 7,055 + 39,836 750,176 Securities held outright 666,402 + 368 + 36,987 666,665 U.S. Treasury (1) 666,402 + 368 + 36,997 666,665 Bills (2) 244,569 + 372 + 17,887 244,833 Notes and bonds, nominal (2) 406,173 0 + 16,954 406,173 Notes and bonds, inflation-indexed (2) 13,994 0 + 1,752 13,994 Inflation compensation (3) 1,666 - 4 + 405 1,665 Federal agency (2) 0 0 - 10 0 Repurchase agreements(4) 38,679 + 5,500 + 572 43,750 Loans to depository institutions 65 - 5 + 20 62 Primary credit 32 - 1 + 32 41 Secondary credit 0 0 0 0 Seasonal credit 33 - 4 - 7 22 Adjustment credit 0 0 - 5 0 Float 1,183 + 761 + 1,090 -315 Other Federal Reserve assets 40,242 + 432 + 1,169 40,014 Gold stock 11,043 0 0 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 35,475 + 14 + 878 35,475 Total factors supplying reserve funds 795,289 + 7,070 + 40,715 798,894 Currency in circulation(5) 723,714 + 5,068 + 37,029 724,196 Reverse repurchase agreements (6) 21,635 + 2,205 + 770 25,652 Foreign official and international accounts 21,635 + 2,205 + 770 25,652 Dealers 0 0 0 0 Treasury cash holdings 319 0 - 49 319 Deposits with F.R.Banks, other than reserve balances 18,380 + 1,183 + 2,102 18,715 U.S. Treasury, general account 5,850 + 1,149 + 834 5,723 Foreign official 99 + 3 - 38 162 Service-related 12,112 - 42 + 1,464 12,112 Required clearing balances 11,834 - 12 + 1,300 11,834 Adjustments to compensate for float 278 - 30 + 164 278 Other 319 + 72 - 157 717 Other liabilities and capital 20,589 - 170 + 671 19,793 Total factors, other than reserve balances, absorbing reserve funds 784,636 + 8,284 + 40,523 788,674 Reserve balances with Federal Reserve Banks 10,653 - 1,214 + 192 10,220 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 1,066,742 + 6,221 + 216,055 1,072,420 U.S. Treasury 855,872 + 8,152 + 169,127 862,355 Federal agency 210,869 - 1,932 + 46,926 210,065 Securities lent to dealers 3,086 + 1,023 + 2,027 4,426 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 Dec 31, 2003 Dec 24, 2003 Jan 1, 2003 Assets Gold certificate account 11,039 0 0 Special drawing rights certificate account 2,200 0 0 Coin 722 - 25 - 266 Securities, repurchase agreements, and loans 710,477 + 7,586 + 41,521 Securities held outright 666,665 + 449 + 37,249 U.S. Treasury (1) 666,665 + 449 + 37,259 Bills (2) 244,833 + 452 + 18,151 Notes and bonds, nominal (2) 406,173 0 + 16,954 Notes and bonds, inflation-indexed (2) 13,994 0 + 1,752 Inflation compensation (3) 1,665 - 3 + 402 Federal agency (2) 0 0 - 10 Repurchase agreements (4) 43,750 + 7,250 + 4,250 Loans 62 - 113 + 22 Items in process of collection (1,444) 7,793 - 3,103 - 2,498 Bank premises 1,628 + 5 + 85 Other assets (5) 38,586 + 89 + 1,555 Total assets (1,444) 772,444 + 4,552 + 40,396 Liabilities Federal Reserve notes net of FR Bank holdings 689,757 + 1,007 + 35,485 Reverse repurchase agreements (6) 25,652 + 5,888 + 4,561 Deposits (0) 29,660 - 633 + 1,411 Depository institutions 23,058 - 2,184 + 517 U.S. Treasury, general account 5,723 + 1,053 + 1,303 Foreign official 162 + 34 + 26 Other (0) 717 + 464 - 435 Deferred availability cash items (1,444) 7,582 - 980 - 1,877 Other liabilities and accrued dividends (7) 2,100 - 267 - 117 Total liabilities (1,444) 754,750 + 5,013 + 39,462 Capital Accounts Capital paid in 8,847 + 4 + 467 Surplus 8,847 + 467 + 467 Other capital accounts 0 - 931 0 Total capital 17,694 - 460 + 934 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, December 31, 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 60 47,733 - 6,715 0 0 43,750 25,652 16 days to 90 days 3 139,347 - 775 0 0 0 0 91 days to 1 year 0 164,071 - 45 0 0 ------ ------ Over 1 to 5 years ------ 187,056 + 7,986 0 0 ------ ------ Over 5 to 10 years ------ 51,312 - 1 0 0 ------ ------ Over 10 years ------ 77,146 - 1 0 0 ------ ------ All 62 666,665 + 449 0 0 43,750 25,652 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 December 31, 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 722 23 30 37 33 83 82 90 53 23 42 141 84 Securities, repurchase agreements, and loans 710,477 32,230 328,986 20,843 31,238 51,269 45,043 67,384 20,974 14,883 17,919 26,126 53,583 Securities held outright 666,665 32,230 285,221 20,843 31,238 51,269 45,037 67,367 20,974 14,881 17,916 26,126 53,563 U.S. Treasury (1) 666,665 32,230 285,221 20,843 31,238 51,269 45,037 67,367 20,974 14,881 17,916 26,126 53,563 Bills (2) 244,833 11,837 104,747 7,654 11,472 18,828 16,540 24,740 7,703 5,465 6,580 9,595 19,671 Notes and bonds(3) 421,832 20,394 180,473 13,188 19,766 32,440 28,497 42,626 13,271 9,416 11,337 16,531 33,892 Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements(4) 43,750 0 43,750 0 0 0 0 0 0 0 0 0 0 Loans 62 0 15 0 0 0 5 17 0 2 2 0 20 Items in process of collection 9,237 531 803 493 595 714 723 942 341 426 596 383 2,689 Bank premises 1,628 93 189 53 151 145 278 124 49 125 56 187 178 Other assets(5) 38,586 1,795 13,556 1,140 2,457 6,299 2,234 3,605 983 1,173 919 1,080 3,345 Interdistrict settlement account 0 + 3,231 -17,732 + 570 - 2,079 + 2,981 + 3,291 - 6,499 - 1,326 - 136 - 26 + 6,962 +10,764 Total Assets 773,888 38,514 331,411 23,599 32,976 62,446 52,680 66,840 21,475 16,749 19,874 35,484 71,840 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 December 31, 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 799,932 38,778 326,690 29,301 33,139 60,135 65,728 67,167 23,248 15,521 21,549 39,749 78,926 Less: notes held by F.R. Banks 110,176 4,750 23,793 8,288 4,740 9,855 18,415 8,141 3,961 1,335 4,083 7,129 15,685 Federal Reserve notes, net 689,757 34,028 302,897 21,012 28,399 50,280 47,314 59,026 19,287 14,186 17,466 32,620 63,241 Reverse repurchase agreements (1) 25,652 1,240 10,975 802 1,202 1,973 1,733 2,592 807 573 689 1,005 2,061 Deposits 29,660 1,653 11,792 729 1,287 5,203 1,630 2,381 518 575 859 1,041 1,990 Depository institutions 23,058 1,633 5,607 719 1,259 5,087 1,608 2,349 509 564 813 953 1,957 U.S. Treasury, general account 5,723 0 5,723 0 0 0 0 0 0 0 0 0 0 Foreign official 162 2 139 1 3 7 2 3 1 1 1 1 3 Other 717 19 324 10 25 108 20 29 9 11 46 88 29 Deferred availability cash items 9,026 576 1,025 451 521 628 855 781 308 650 450 487 2,296 Other liabilities and accrued dividends (2) 2,100 119 661 87 112 214 171 212 99 74 85 109 156 Total liabilities 756,194 37,617 327,350 23,082 31,522 58,298 51,702 64,992 21,019 16,058 19,550 35,262 69,743 Capital Capital paid in 8,847 448 2,031 259 727 2,074 489 924 228 346 162 111 1,048 Surplus 8,847 448 2,031 259 727 2,074 489 924 228 346 162 111 1,048 Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0 Total liabilities and capital 773,888 38,514 331,411 23,599 32,976 62,446 52,680 66,840 21,475 16,749 19,874 35,484 71,840 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 31, 2003 Federal Reserve notes outstanding 799,932 Less: Notes held by F.R. Banks not subject to collateralization 110,176 Federal Reserve Notes to be collateralized 689,757 Collateral held against Federal Reserve notes 689,757 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 676,518 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities (1) 710,415 Less:face value of securities under reverse repurchase agreements 25,658 U.S. Treasury and agency securities eligible to be pledged 684,757 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.