FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks July 15, 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 Jul 14, 2004 Jul 7, 2004 Jul 16, 2003 Jul 14, 2004 Federal Reserve Banks Reserve Bank Credit 755,496 + 542 + 40,027 756,575 Securities held outright 689,774 + 2,106 + 37,236 690,309 U.S. Treasury (1) 689,774 + 2,106 + 37,246 690,309 Bills (2) 255,024 + 466 + 15,639 255,178 Notes and bonds, nominal (2) 418,251 + 1,557 + 19,398 418,251 Notes and bonds, inflation-indexed (2) 14,521 + 57 + 1,707 14,862 Inflation compensation (3) 1,977 + 26 + 502 2,017 Federal agency (2) 0 0 - 10 0 Repurchase agreements(4) 25,250 - 1,929 + 2,357 25,500 Loans to depository institutions 243 + 19 + 129 260 Primary credit 53 - 6 + 47 51 Secondary credit 0 0 - 1 0 Seasonal credit 191 + 26 + 84 209 Float -202 - 184 - 654 -104 Other Federal Reserve assets 40,431 + 530 + 959 40,611 Gold stock 11,045 0 + 1 11,045 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 36,008 + 14 + 911 36,008 Total factors supplying reserve funds 804,749 + 557 + 40,939 805,827 Currency in circulation(5) 736,199 - 38 + 41,673 736,127 Reverse repurchase agreements (6) 19,767 - 191 - 300 19,835 Foreign official and international accounts 19,767 - 191 - 300 19,835 Dealers 0 0 0 0 Treasury cash holdings 302 - 1 - 25 302 Deposits with F.R.Banks, other than reserve balances 15,626 - 193 - 2,331 16,223 U.S. Treasury, general account 4,834 + 293 - 1,645 5,369 Foreign official 80 - 75 - 29 81 Service-related 10,424 - 439 - 638 10,424 Required clearing balances 10,424 - 439 - 439 10,424 Adjustments to compensate for float 0 0 - 199 0 Other 288 + 27 - 19 349 Other liabilities and capital 21,713 + 84 + 1,835 21,318 Total factors, other than reserve balances, absorbing reserve funds 793,608 - 338 + 40,853 793,804 Reserve balances with Federal Reserve Banks 11,141 + 895 + 87 12,023 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 1,234,008 - 1,545 + 292,555 1,236,684 U.S. Treasury 997,048 - 2,241 + 239,429 999,349 Federal agency 236,960 + 697 + 53,126 237,335 Securities lent to dealers 575 - 1,724 - 293 269 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 Jul 14, 2004 Jul 7, 2004 Jul 16, 2003 Assets Gold certificate account 11,040 0 + 1 Special drawing rights certificate account 2,200 0 0 Coin 710 - 2 - 162 Securities, repurchase agreements, and loans 716,069 - 48 + 39,247 Securities held outright 690,309 + 2,416 + 37,609 U.S. Treasury (1) 690,309 + 2,416 + 37,619 Bills (2) 255,178 + 402 + 15,628 Notes and bonds, nominal (2) 418,251 + 1,557 + 19,398 Notes and bonds, inflation-indexed (2) 14,862 + 398 + 2,048 Inflation compensation (3) 2,017 + 59 + 544 Federal agency (2) 0 0 - 10 Repurchase agreements (4) 25,500 - 2,500 + 1,500 Loans 260 + 35 + 139 Items in process of collection (726) 6,004 - 3,062 - 2,530 Bank premises 1,697 0 + 112 Other assets (5) 38,898 + 503 + 1,291 Total assets (726) 776,618 - 2,609 + 37,960 Liabilities Federal Reserve notes net of FR Bank holdings 701,127 - 2,032 + 40,276 Reverse repurchase agreements (6) 19,835 + 7 - 511 Deposits (0) 28,231 + 1,492 - 1,369 Depository institutions 22,431 - 1,045 - 998 U.S. Treasury, general account 5,369 + 2,454 - 355 Foreign official 81 - 3 - 47 Other (0) 349 + 85 + 31 Deferred availability cash items (726) 6,108 - 1,883 - 2,103 Other liabilities and accrued dividends (7) 2,386 + 61 + 306 Total liabilities (726) 757,687 - 2,355 + 36,598 Capital Accounts Capital paid in 9,251 0 + 589 Surplus 8,847 0 + 469 Other capital accounts 833 - 254 + 304 Total capital 18,931 - 254 + 1,362 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, July 14, 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 68 47,148 + 320 0 0 25,500 19,835 16 days to 90 days 192 163,185 - 545 0 0 0 0 91 days to 1 year 0 161,815 + 628 0 0 ------ ------ Over 1 to 5 years ------ 189,520 + 1,709 0 0 ------ ------ Over 5 to 10 years ------ 51,854 + 263 0 0 ------ ------ Over 10 years ------ 76,786 + 41 0 0 ------ ------ All 260 690,309 + 2,416 0 0 25,500 19,835 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 July 14, 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 710 24 29 35 35 62 80 87 56 20 43 138 100 Securities, repurchase agreements, and loans 716,069 32,415 324,827 20,533 29,497 52,516 46,562 62,250 20,310 15,127 18,166 31,477 62,388 Securities held outright 690,309 32,415 299,327 20,531 29,497 52,466 46,553 62,182 20,281 15,057 18,140 31,475 62,385 U.S. Treasury (1) 690,309 32,415 299,327 20,531 29,497 52,466 46,553 62,182 20,281 15,057 18,140 31,475 62,385 Bills (2) 255,178 11,983 110,649 7,590 10,904 19,395 17,209 22,986 7,497 5,566 6,706 11,635 23,061 Notes and bonds(3) 435,131 20,433 188,678 12,942 18,593 33,072 29,344 39,196 12,784 9,491 11,434 19,840 39,324 Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements(4) 25,500 0 25,500 0 0 0 0 0 0 0 0 0 0 Loans 260 0 0 2 0 50 9 68 30 70 26 3 3 Items in process of collection 6,730 388 475 546 398 354 579 470 298 415 437 307 2,064 Bank premises 1,697 96 191 51 154 145 279 135 53 124 75 213 181 Other assets(5) 38,898 1,762 14,017 1,162 2,368 6,054 2,230 3,510 1,011 1,146 809 1,011 3,817 Interdistrict settlement account 0 + 2,380 -28,075 + 2,945 + 5 - 1,201 + 8,416 - 119 + 1,401 - 430 + 1,283 + 3,293 +10,102 Total Assets 777,344 37,674 316,989 25,738 33,013 58,896 59,206 67,469 23,525 16,649 21,182 37,062 79,941 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 July 14, 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 817,731 37,935 317,210 31,593 34,429 61,548 71,408 68,090 24,771 15,695 23,642 42,034 89,376 Less: notes held by F.R. Banks 116,604 3,833 29,600 8,416 5,523 10,918 17,063 7,376 3,216 1,183 4,422 7,218 17,837 Federal Reserve notes, net 701,127 34,102 287,610 23,178 28,905 50,630 54,345 60,714 21,555 14,511 19,220 34,816 71,539 Reverse repurchase agreements (1) 19,835 931 8,601 590 848 1,508 1,338 1,787 583 433 521 904 1,793 Deposits 28,231 1,002 14,947 891 1,102 1,855 1,542 2,125 623 438 672 748 2,285 Depository institutions 22,431 1,000 9,289 889 1,098 1,737 1,540 2,122 620 437 670 747 2,282 U.S. Treasury, general account 5,369 0 5,369 0 0 0 0 0 0 0 0 0 0 Foreign official 81 2 58 1 2 7 2 3 1 1 1 0 4 Other 349 1 231 0 1 112 0 0 2 0 1 1 0 Deferred availability cash items 6,834 480 660 421 515 488 745 531 185 568 357 186 1,698 Other liabilities and accrued dividends (2) 2,386 128 777 93 118 238 195 231 107 84 89 134 193 Total liabilities 758,413 36,643 312,595 25,172 31,488 54,719 58,165 65,388 23,053 16,035 20,859 36,789 77,507 Capital Capital paid in 9,251 506 2,116 278 758 2,077 510 1,028 232 264 150 130 1,202 Surplus 8,847 448 2,031 259 727 2,074 489 924 228 346 162 111 1,048 Other capital 833 76 247 30 40 26 42 129 13 5 10 33 183 Total liabilities and capital 777,344 37,674 316,989 25,738 33,013 58,896 59,206 67,469 23,525 16,649 21,182 37,062 79,941 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 Jul 14, 2004 Federal Reserve notes outstanding 817,731 Less: Notes held by F.R. Banks not subject to collateralization 116,604 Federal Reserve Notes to be collateralized 701,127 Collateral held against Federal Reserve notes 701,127 Gold certificate account 11,040 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 687,886 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities (1) 715,809 Less:face value of securities under reverse repurchase agreements 19,841 U.S. Treasury and agency securities eligible to be pledged 695,968 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.