FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks July 1, 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 Jun 30, 2004 Jun 23, 2004 Jul 2, 2003 Jun 30, 2004 Federal Reserve Banks Reserve Bank Credit 752,257 + 3,822 + 32,780 760,868 Securities held outright 687,099 + 2,056 + 34,937 687,391 U.S. Treasury (1) 687,099 + 2,056 + 34,947 687,391 Bills (2) 254,008 + 2,044 + 15,010 254,295 Notes and bonds, nominal (2) 416,694 0 + 17,841 416,694 Notes and bonds, inflation-indexed (2) 14,464 0 + 1,650 14,464 Inflation compensation (3) 1,932 + 12 + 446 1,936 Federal agency (2) 0 0 - 10 0 Repurchase agreements(4) 25,250 + 1,000 - 3,464 33,500 Loans to depository institutions 222 + 25 + 34 323 Primary credit 58 + 4 - 41 154 Secondary credit 0 0 0 0 Seasonal credit 164 + 21 + 75 169 Float -6 + 257 + 621 165 Other Federal Reserve assets 39,693 + 485 + 653 39,490 Gold stock 11,045 0 + 1 11,045 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 35,954 + 14 + 889 35,954 Total factors supplying reserve funds 801,456 + 3,836 + 33,670 810,066 Currency in circulation(5) 729,324 + 4,450 + 35,712 733,098 Reverse repurchase agreements (6) 18,494 - 228 - 4,635 19,228 Foreign official and international accounts 18,494 - 228 - 4,635 19,228 Dealers 0 0 0 0 Treasury cash holdings 307 - 8 - 53 303 Deposits with F.R.Banks, other than reserve balances 17,176 - 479 - 706 17,400 U.S. Treasury, general account 5,961 - 1,073 - 126 6,032 Foreign official 118 + 15 - 294 280 Service-related 10,862 + 569 - 274 10,862 Required clearing balances 10,862 + 569 + 24 10,862 Adjustments to compensate for float 0 0 - 297 0 Other 235 + 10 - 13 226 Other liabilities and capital 21,925 + 218 + 1,880 21,198 Total factors, other than reserve balances, absorbing reserve funds 787,226 + 3,954 + 32,198 791,228 Reserve balances with Federal Reserve Banks 14,230 - 118 + 1,472 18,839 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 1,225,459 + 1,519 + 282,181 1,240,217 U.S. Treasury 991,534 + 1,431 + 234,473 1,005,658 Federal agency 233,925 + 88 + 47,708 234,559 Securities lent to dealers 2,296 + 1,316 - 2,279 5,503 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 Jun 30, 2004 Jun 23, 2004 Jul 2, 2003 Assets Gold certificate account 11,040 - 1 + 1 Special drawing rights certificate account 2,200 0 0 Coin 744 - 10 - 160 Securities, repurchase agreements, and loans 721,213 + 3,871 + 42,759 Securities held outright 687,391 + 2,214 + 35,028 U.S. Treasury (1) 687,391 + 2,214 + 35,038 Bills (2) 254,295 + 2,201 + 15,094 Notes and bonds, nominal (2) 416,694 0 + 17,841 Notes and bonds, inflation-indexed (2) 14,464 0 + 1,650 Inflation compensation (3) 1,936 + 12 + 452 Federal agency (2) 0 0 - 10 Repurchase agreements (4) 33,500 + 1,500 + 7,500 Loans 323 + 158 + 231 Items in process of collection (783) 5,961 + 401 - 3,496 Bank premises 1,702 + 11 + 121 Other assets (5) 37,764 + 69 + 364 Total assets (783) 780,624 + 4,341 + 39,589 Liabilities Federal Reserve notes net of FR Bank holdings 698,186 + 5,179 + 33,711 Reverse repurchase agreements (6) 19,228 + 1,763 - 1,817 Deposits (0) 36,166 - 2,003 + 9,744 Depository institutions 29,628 - 1,029 + 9,609 U.S. Treasury, general account 6,032 - 1,170 + 325 Foreign official 280 + 198 - 196 Other (0) 226 - 1 + 6 Deferred availability cash items (783) 5,845 - 157 - 3,612 Other liabilities and accrued dividends (7) 2,266 - 285 + 165 Total liabilities (783) 761,692 + 4,498 + 38,192 Capital Accounts Capital paid in 9,226 + 2 + 567 Surplus 8,847 0 + 467 Other capital accounts 859 - 159 + 363 Total capital 18,932 - 157 + 1,397 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, June 30, 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 276 47,329 - 7,359 0 0 33,500 19,228 16 days to 90 days 47 155,351 + 1,927 0 0 0 0 91 days to 1 year 0 168,585 + 7,050 0 0 ------ ------ Over 1 to 5 years ------ 187,803 + 588 0 0 ------ ------ Over 5 to 10 years ------ 51,586 + 3 0 0 ------ ------ Over 10 years ------ 76,737 + 5 0 0 ------ ------ All 323 687,391 + 2,214 0 0 33,500 19,228 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 June 30, 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 11,040 494 4,650 382 452 819 894 924 325 218 302 525 1,055 Special drawing rights certificate acct. 2,200 115 874 83 104 147 166 212 71 30 66 98 234 Coin 744 27 31 40 36 66 79 86 57 22 46 143 110 Securities, repurchase agreements, and loans 721,213 32,278 331,562 20,445 29,373 52,245 46,363 62,088 20,219 15,044 18,100 31,344 62,153 Securities held outright 687,391 32,278 298,062 20,445 29,372 52,245 46,356 61,919 20,195 14,993 18,063 31,342 62,122 U.S. Treasury (1) 687,391 32,278 298,062 20,445 29,372 52,245 46,356 61,919 20,195 14,993 18,063 31,342 62,122 Bills (2) 254,295 11,941 110,266 7,563 10,866 19,328 17,149 22,907 7,471 5,547 6,682 11,595 22,981 Notes and bonds(3) 433,095 20,337 187,796 12,881 18,506 32,917 29,207 39,013 12,724 9,446 11,381 19,747 39,140 Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements(4) 33,500 0 33,500 0 0 0 0 0 0 0 0 0 0 Loans 323 0 0 0 1 0 7 169 24 52 36 3 31 Items in process of collection 6,744 449 341 386 348 374 783 489 361 424 403 291 2,094 Bank premises 1,702 96 191 52 154 145 279 134 53 124 75 219 181 Other assets(5) 37,764 1,708 13,606 1,130 2,309 5,911 2,151 3,408 978 1,114 779 969 3,701 Interdistrict settlement account 0 + 2,943 -32,042 + 3,706 - 116 + 110 + 7,425 + 692 + 1,139 - 475 + 1,959 + 3,855 +10,804 Total Assets 781,407 38,110 319,214 26,224 32,660 59,817 58,140 68,034 23,203 16,500 21,730 37,444 80,331 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 June 30, 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 815,194 37,572 317,788 31,520 33,774 61,152 70,544 67,757 24,328 15,486 23,597 41,987 89,690 Less: notes held by F.R. Banks 117,008 3,910 29,536 8,358 5,547 10,762 18,048 7,416 3,128 1,128 4,377 7,067 17,731 Federal Reserve notes, net 698,186 33,662 288,251 23,162 28,227 50,390 52,496 60,341 21,200 14,358 19,221 34,920 71,959 Reverse repurchase agreements (1) 19,228 903 8,338 572 822 1,461 1,297 1,732 565 419 505 877 1,738 Deposits 36,166 1,993 16,869 1,366 1,568 3,021 2,370 3,088 718 490 1,338 926 2,421 Depository institutions 29,628 1,981 10,427 1,365 1,565 2,957 2,368 3,084 714 489 1,336 925 2,417 U.S. Treasury, general account 6,032 0 6,032 0 0 0 0 0 0 0 0 0 0 Foreign official 280 2 257 1 2 7 2 3 1 1 1 0 4 Other 226 10 153 0 0 57 0 1 3 0 1 1 0 Deferred availability cash items 6,628 398 587 468 452 536 753 570 151 539 262 313 1,599 Other liabilities and accrued dividends (2) 2,266 124 745 90 112 223 183 213 103 77 86 133 177 Total liabilities 762,475 37,079 314,791 25,658 31,180 55,632 57,098 65,944 22,736 15,883 21,411 37,169 77,893 Capital Capital paid in 9,226 506 2,118 278 733 2,077 510 1,028 232 264 150 130 1,201 Surplus 8,847 448 2,031 259 727 2,074 489 924 228 346 162 111 1,048 Other capital 859 77 275 29 20 34 43 138 7 7 6 34 188 Total liabilities and capital 781,407 38,110 319,214 26,224 32,660 59,817 58,140 68,034 23,203 16,500 21,730 37,444 80,331 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 Jun 30, 2004 Federal Reserve notes outstanding 815,194 Less: Notes held by F.R. Banks not subject to collateralization 117,008 Federal Reserve Notes to be collateralized 698,186 Collateral held against Federal Reserve notes 698,186 Gold certificate account 11,040 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 684,946 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities (1) 720,891 Less:face value of securities under reverse repurchase agreements 19,234 U.S. Treasury and agency securities eligible to be pledged 701,657 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.