FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks May 6, 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 May 5, 2004 Apr 28, 2004 May 7, 2003 May 5, 2004 Federal Reserve Banks Reserve Bank Credit 742,139 - 2,616 + 33,899 738,594 Securities held outright 677,738 + 2,199 + 30,319 677,811 U.S. Treasury (1) 677,738 + 2,199 + 30,329 677,811 Bills (2) 250,101 + 2,180 + 13,726 250,163 Notes and bonds, nominal (2) 411,388 0 + 14,612 411,388 Notes and bonds, inflation-indexed (2) 14,464 0 + 1,650 14,464 Inflation compensation (3) 1,785 + 19 + 342 1,796 Federal agency (2) 0 0 - 10 0 Repurchase agreements(4) 24,464 - 4,965 + 3,927 20,000 Loans to depository institutions 88 + 1 + 38 97 Primary credit 6 - 10 + 2 8 Secondary credit 0 0 0 0 Seasonal credit 82 + 11 + 36 89 Float -744 + 11 - 857 -295 Other Federal Reserve assets 40,591 + 136 + 471 40,980 Gold stock 11,045 0 + 2 11,045 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 35,727 + 14 + 820 35,727 Total factors supplying reserve funds 791,111 - 2,603 + 34,721 787,566 Currency in circulation(5) 718,390 + 2,172 + 29,575 720,248 Reverse repurchase agreements (6) 21,477 + 1,073 + 152 20,653 Foreign official and international accounts 21,477 + 1,073 + 152 20,653 Dealers 0 0 0 0 Treasury cash holdings 319 - 8 - 22 308 Deposits with F.R.Banks, other than reserve balances 17,051 - 778 - 1,542 16,886 U.S. Treasury, general account 6,025 - 1,419 - 1,088 5,960 Foreign official 130 + 27 + 28 87 Service-related 10,563 + 593 - 546 10,563 Required clearing balances 10,563 + 593 - 319 10,563 Adjustments to compensate for float 0 0 - 227 0 Other 332 + 20 + 63 275 Other liabilities and capital 20,922 + 202 + 591 21,120 Total factors, other than reserve balances, absorbing reserve funds 778,159 + 2,661 + 28,755 779,216 Reserve balances with Federal Reserve Banks 12,952 - 5,264 + 5,965 8,350 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 1,194,358 + 10,085 + 300,482 1,196,633 U.S. Treasury 964,735 + 7,739 + 252,595 966,464 Federal agency 229,623 + 2,346 + 47,887 230,169 Securities lent to dealers 3,713 + 930 + 3,253 1,827 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 May 5, 2004 Apr 28, 2004 May 7, 2003 Assets Gold certificate account 11,041 0 + 2 Special drawing rights certificate account 2,200 0 0 Coin 799 - 17 - 204 Securities, repurchase agreements, and loans 697,908 - 16,057 + 28,018 Securities held outright 677,811 + 1,428 + 30,231 U.S. Treasury (1) 677,811 + 1,428 + 30,241 Bills (2) 250,163 + 1,406 + 13,634 Notes and bonds, nominal (2) 411,388 0 + 14,612 Notes and bonds, inflation-indexed (2) 14,464 0 + 1,650 Inflation compensation (3) 1,796 + 22 + 346 Federal agency (2) 0 0 - 10 Repurchase agreements (4) 20,000 - 17,500 - 2,251 Loans 97 + 16 + 38 Items in process of collection (1,112) 6,843 + 1,536 - 2,713 Bank premises 1,672 + 8 + 94 Other assets (5) 39,247 + 447 + 106 Total assets (1,112) 759,711 - 14,081 + 25,304 Liabilities Federal Reserve notes net of FR Bank holdings 685,624 + 1,630 + 28,407 Reverse repurchase agreements (6) 20,653 + 964 - 14 Deposits (0) 25,174 - 18,100 - 2,698 Depository institutions 18,852 - 17,489 - 2,565 U.S. Treasury, general account 5,960 - 580 - 90 Foreign official 87 - 13 - 58 Other (0) 275 - 18 + 16 Deferred availability cash items (1,112) 7,140 + 965 - 1,402 Other liabilities and accrued dividends (7) 2,271 - 23 - 23 Total liabilities (1,112) 740,863 - 14,563 + 24,271 Capital Accounts Capital paid in 9,039 + 9 + 475 Surplus 8,847 + 53 + 467 Other capital accounts 963 + 422 + 92 Total capital 18,849 + 484 + 1,033 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, May 5, 2004 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 12 58,392 + 1,688 0 0 20,000 20,653 16 days to 90 days 85 146,267 - 2,401 0 0 0 0 91 days to 1 year 0 160,782 + 1,077 0 0 ------ ------ Over 1 to 5 years ------ 184,872 + 1,049 0 0 ------ ------ Over 5 to 10 years ------ 50,027 + 5 0 0 ------ ------ Over 10 years ------ 77,470 + 8 0 0 ------ ------ All 97 677,811 + 1,428 0 0 20,000 20,653 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 May 5, 2004 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 11,041 494 4,651 382 452 819 894 924 325 218 302 525 1,055 Special drawing rights certificate acct. 2,200 115 874 83 104 147 166 212 71 30 66 98 234 Coin 799 39 33 51 39 78 73 106 55 30 48 144 105 Securities, repurchase agreements, and loans 697,908 31,833 313,908 20,160 28,963 51,517 45,713 61,089 19,928 14,812 17,819 30,905 61,264 Securities held outright 677,811 31,828 293,908 20,160 28,963 51,517 45,710 61,056 19,913 14,784 17,812 30,905 61,256 U.S. Treasury (1) 677,811 31,828 293,908 20,160 28,963 51,517 45,710 61,056 19,913 14,784 17,812 30,905 61,256 Bills (2) 250,163 11,747 108,474 7,440 10,689 19,013 16,870 22,534 7,350 5,456 6,574 11,406 22,608 Notes and bonds(3) 427,648 20,081 185,434 12,719 18,273 32,503 28,840 38,522 12,564 9,328 11,238 19,499 38,648 Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements(4) 20,000 0 20,000 0 0 0 0 0 0 0 0 0 0 Loans 97 4 0 0 0 0 3 33 14 28 7 0 8 Items in process of collection 7,955 489 406 436 455 612 807 426 436 432 606 447 2,405 Bank premises 1,672 96 191 52 153 145 278 130 50 124 74 199 180 Other assets(5) 39,247 1,784 14,226 1,145 2,379 6,039 2,260 3,540 1,031 1,150 817 1,031 3,844 Interdistrict settlement account 0 + 2,875 -18,429 + 2,661 - 1,813 - 1,998 + 892 + 618 + 475 - 501 + 849 + 3,939 +10,433 Total Assets 760,823 37,725 315,860 24,970 30,732 57,358 51,083 67,045 22,370 16,294 20,580 37,288 79,519 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 May 5, 2004 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 806,972 38,420 321,884 29,883 32,123 59,524 64,487 67,980 23,460 15,639 22,599 41,743 89,229 Less: notes held by F.R. Banks 121,348 4,607 30,808 8,509 5,452 10,664 19,208 7,764 3,256 1,396 4,101 7,009 18,573 Federal Reserve notes, net 685,624 33,814 291,075 21,374 26,671 48,859 45,279 60,216 20,204 14,243 18,498 34,734 70,657 Reverse repurchase agreements (1) 20,653 970 8,956 614 883 1,570 1,393 1,860 607 450 543 942 1,867 Deposits 25,174 1,124 9,896 1,728 1,092 1,858 2,195 2,259 691 429 678 772 2,451 Depository institutions 18,852 1,118 3,709 1,727 1,090 1,752 2,193 2,255 689 424 677 772 2,448 U.S. Treasury, general account 5,960 0 5,960 0 0 0 0 0 0 0 0 0 0 Foreign official 87 2 64 1 2 7 2 3 1 1 1 0 4 Other 275 5 162 0 0 99 0 1 1 4 1 0 0 Deferred availability cash items 8,251 677 759 588 450 622 1,011 584 281 461 450 457 1,911 Other liabilities and accrued dividends (2) 2,271 130 706 91 119 253 183 215 103 78 85 119 188 Total liabilities 741,974 36,714 311,392 24,396 29,216 53,162 50,061 65,134 21,886 15,661 20,254 37,024 77,074 Capital Capital paid in 9,039 499 2,106 277 739 2,056 486 912 232 265 152 127 1,187 Surplus 8,847 448 2,031 259 727 2,074 489 924 228 346 162 111 1,048 Other capital 963 63 332 38 49 66 46 74 23 23 13 26 210 Total liabilities and capital 760,823 37,725 315,860 24,970 30,732 57,358 51,083 67,045 22,370 16,294 20,580 37,288 79,519 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 May 5, 2004 Federal Reserve notes outstanding 806,972 Less: Notes held by F.R. Banks not subject to collateralization 121,348 Federal Reserve Notes to be collateralized 685,624 Collateral held against Federal Reserve notes 685,624 Gold certificate account 11,041 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 672,383 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities (1) 697,811 Less:face value of securities under reverse repurchase agreements 20,658 U.S. Treasury and agency securities eligible to be pledged 677,153 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.