For Release at 4:30 P.M. Eastern time December 5, 2002 The H.4.1 Statistical Release ("Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks") for November 29, 2002 contained an error on page 4. In the section titled "Federal Reserve Agents' Accounts," the total amount of collateral pledged against Federal Reserve notes, as well as amounts provided by U.S. government and federal agency securities and other eligible assets, were incorrect and erroneously indicated insufficient collateral. In fact, an adequate volume of securities was available as collateral against Federal Reserve notes. All other data items on the original release were correct. A corrected version of the November 29 release is posted on this website. FEDERAL RESERVE These data are scheduled for release each Thursday. H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks December 5, 2002 Millions of dollars Averages of daily figures Reserve balances of depository institutions at Week ended Change from week ended Wednesday F.R. Banks, Reserve Bank credit, and related items Dec 4, 2002 Nov 27, 2002 Dec 5, 2001 Dec 4, 2002 Reserve Bank Credit 672,629 + 3,602 + 49,896 666,894 U.S. government securities (1) Bought outright-system account (2,3) 609,586 + 351 + 59,146 610,876 Held under repurchase agreements 0 0 0 0 Federal agency obligations (1) Bought outright 10 0 0 10 Held under repurchase agreements 0 0 0 0 Repurchase agreements -- triparty (4) 25,857 + 2,821 - 8,714 18,000 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 2 - 1 - 6 2 Seasonal credit 54 0 + 20 49 Extended credit 0 0 0 0 Float 274 + 255 - 1,389 1,090 Other F.R. assets 36,846 + 175 + 840 36,866 Gold stock 11,042 0 - 3 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding 34,441 + 14 + 1,468 34,441 Total factors supplying reserve funds 720,312 + 3,616 + 51,361 714,578 Currency in circulation* 674,514 + 4,602 + 49,207 675,369 Reverse repurchase agreements -- triparty (4) 0 0 0 0 Treasury cash holdings* 377 - 7 - 58 377 Deposits,other than reserve balances,with F.R.Banks Treasury 4,664 - 352 - 836 3,504 Foreign 127 + 2 - 267 153 Service-related balances and adjustments (5) 10,685 + 60 + 2,160 10,685 Other 228 + 48 - 17 207 Other F.R. liabilities and capital 19,571 + 88 + 1,523 19,452 Total factors, other than reserve balances, absorbing reserve funds 710,166 + 4,441 + 51,712 709,748 Reserve balances with F.R. Banks (6) 10,146 - 826 - 351 4,830 On December 4, 2002, the face amount of marketable U.S. government and federal agency securities held in custody by the Federal Reserve Banks for foreign official and international accounts was $ 833,276 million, a change of $ + 1,987 million for the week. The total includes $ 681,438 million of U.S. government securities and $ 151,837 million of federal agency securities. The total includes the face value of U.S. Treasury strips and other zero coupon bonds. 1 Face value of the securities. 2 Net of $ 19,238 million (daily average over statement week) and $ 18,510 million (outstanding on Wednesday statement date) matched sale-purchase transactions, of which $ 19,238 million (daily average) and $ 18,510 million (outstanding on Wednesday statement date) were with foreign official and international accounts. Includes securities loans of $ 574 million (daily average) and $ 0 million (outstanding on Wednesday statement date) that are fully collateralized by other U.S. government securities. 3 Includes $ 12,242 million of inflation-indexed securities valued at the original face amount and $ 1,242 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Cash value of agreements arranged through third-party custodial banks. These agreements are collateralized by U.S. government and federal agency securities. 5 Consists of required clearing balances of $ 10,281 million and adjustments of $ 404 million to compensate for float. 6 Excludes required clearing balances and adjustments to compensate for float. * Estimated (Treasury's figures). Components may not add to totals due to rounding. Worksheet for H.4.1 (a) CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS Millions of Dollars Change Since * Wednesday Wednesday Wednesday Dec 4, 2002 Nov 27, 2002 Dec 5, 2001 ASSETS Gold certificate account 11,039 + 1 - 6 Special drawing rights certificate account 2,200 0 0 Coin 1,028 - 21 - 21 Loans 52 - 8 + 13 Acceptances 0 0 0 Repurchase agreements -- triparty (1) 18,000 - 11,000 - 10,000 Federal agency obligations (2) Bought outright 10 0 0 Held under repurchase agreements 0 0 0 U.S. government securities (2) Bought outright--Bills 208,172 + 604 + 22,355 Notes (3) 297,881 + 542 + 34,030 Bonds (4) 104,823 + 116 + 1,733 Total bought outright (5) 610,876 + 1,262 + 58,118 Held under repurchase agreements 0 0 0 Total U.S. government securities 610,876 + 1,262 + 58,118 Total loans and securities 628,938 - 9,746 + 48,131 Items in process of collection (1,098) 9,589 + 1,471 - 1,188 Bank premises 1,530 0 + 10 Other assets (6) 35,322 0 + 614 TOTAL ASSETS (1,098) 689,645 - 8,296 + 47,540 LIABILITIES Federal Reserve notes 642,328 + 1,042 + 47,134 Reverse repurchase agreements -- triparty (1) 0 0 0 Deposits Depository institutions 15,670 - 8,302 + 817 U.S. Treasury--general account 3,504 - 1,578 - 1,284 Foreign--official accounts 153 - 71 + 67 Other (38) 207 + 23 - 36 Total deposits (38) 19,535 - 9,928 - 435 Deferred availability cash items (1,059) 8,329 + 572 - 896 Other liabilities and accrued dividends (7) 2,425 - 2 - 256 TOTAL LIABILITIES (1,098) 672,618 - 8,315 + 45,548 CAPITAL ACCOUNTS Capital paid in 8,353 + 4 + 996 Surplus 7,312 0 + 582 Other capital accounts 1,362 + 14 + 413 *Figures in parentheses are the eliminations made in the consolidation process. 1 Cash value of agreements arranged through third-party custodial banks. 2 Face value of the securities. 3 Includes $ 7,168 million of inflation-indexed securities valued at the original face amount and $ 698 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Includes $ 5,074 million of inflation-indexed securities valued at the original face amount and $ 545 million of compensation that adjusts for the effects of inflation on the principal of such securities. 5 Net of $ 18,510 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes securities loans of $ 0 million that are fully collateralized by other U.S. government securities. 6 Includes assets denominated in foreign currencies, revalued daily at market exchange rates. 7 Includes exchange-translation account reflecting the daily revaluation at market exchange rates of foreign exchange commitments. Components may not add to totals due to rounding. MATURITY DISTRIBUTION OF LOANS AND SECURITIES, December 4, 2002 Millions of dollars U.S. government Federal agency Reverse Loans securities (1,2) obligations(2) Repurchase Repurchase Weekly Weekly Agreements Agreements Holdings changes Holdings changes Triparty(3) Triparty(3) Within 15 days 30 21,260 - 4,386 0 0 13,000 0 16 days to 90 days 22 142,625 + 7,380 0 0 5,000 0 91 days to 1 year 0 139,936 - 2,179 0 0 ------ ------ Over 1 to 5 years 173,934 + 129 10 0 ------ ------ Over 5 to 10 years 53,290 + 316 0 0 ------ ------ Over 10 years 79,831 + 2 0 0 ------ ------ Total 52 610,876 + 1,262 10 0 18,000 0 1 Includes $ 12,242 million of inflation-indexed securities valued at the original face amount and $ 1,242 million of compensation that adjusts for the effects of inflation on the principal of such securities. 2 Includes face value of securities held under repurchase agreements classified by the remaining maturity of the agreements. 3 Cash value of agreements arranged through third-party custodial banks classified by remaining maturity of the agreements. Components may not add to totals due to rounding. H.4.1 (b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON December 4, 2002 Millions of dollars Kansas San Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco ASSETS Gold certificate account 11,039 533 4,364 430 522 819 926 1,080 346 179 309 485 1,046 Special drawing rights certif. acct. 2,200 115 874 83 104 147 166 212 71 30 66 98 234 Coin 1,028 47 38 62 46 143 115 129 59 36 69 160 124 Loans 52 0 0 1 0 0 8 2 13 8 10 4 6 Acceptances 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase Agreements -- triparty(1) 18,000 0 18,000 0 0 0 0 0 0 0 0 0 0 Federal agency obligations(2) Bought outright 10 1 4 0 1 1 1 1 0 0 0 0 1 Held under repurchase agreements 0 0 0 0 0 0 0 0 0 0 0 0 0 U.S. government securities(2) Bought outright--Bills 208,172 11,927 81,908 8,005 11,486 16,236 14,823 24,498 7,402 3,254 6,154 4,620 17,860 Notes (3) 297,881 17,067 117,204 11,454 16,436 23,233 21,210 35,055 10,592 4,657 8,805 6,611 25,557 Bonds (4) 104,823 6,006 41,244 4,031 5,784 8,175 7,464 12,336 3,727 1,639 3,099 2,326 8,993 Total bought outright(5) 610,876 35,000 240,356 23,490 33,705 47,644 43,497 71,888 21,721 9,550 18,057 13,557 52,411 Held under repurchase agreements 0 0 0 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 610,876 35,000 240,356 23,490 33,705 47,644 43,497 71,888 21,721 9,550 18,057 13,557 52,411 Total loans and securities 628,938 35,000 276,360 23,492 33,706 47,645 43,506 71,891 21,735 9,558 18,068 13,561 52,418 Items in process of collection 10,686 459 1,158 558 495 879 919 793 712 641 667 369 3,037 Bank premises 1,530 91 184 49 152 129 279 116 43 125 50 140 172 Other assets(6) 35,322 1,833 12,363 1,114 2,386 5,275 2,357 3,598 920 604 917 811 3,145 Interdistrict settlement account 0 - 6,712 +33,694 - 5,751 - 5,581 - 3,197 - 5,319 -14,987 - 3,690 + 3,923 - 2,783 +12,927 - 2,526 TOTAL ASSETS 690,742 31,367 329,035 20,036 31,830 51,839 42,948 62,833 20,196 15,095 17,361 28,550 57,651 1 Cash value of agreements arranged through third-party custodial banks. These agreements are collateralized by U.S. government and federal agency securities. 2 Face value of the securities. 3 Includes $ 7,168 million of inflation-indexed securities valued at the original face amount and $ 698 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Includes $ 5,074 million of inflation-indexed securities valued at the original face amount and $ 545 million of compensation that adjusts for the effects of inflation on the principal of such securities. 5 Net of $ 18,510 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes securities loans of $ 0 million that are fully collateralized by other U.S. government securities. 6 Includes assets denominated in foreign currencies, revalued monthly at market exchange rates. Components may not add to totals due to rounding. H.4.1 (c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON December 4, 2002 Millions of dollars Kansas San Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco LIABILITIES Federal Reserve notes 642,328 28,668 299,947 18,011 28,459 44,943 39,356 57,192 18,832 13,305 15,728 26,926 50,963 Reverse repurchase agreements--triparty(1) 0 0 0 0 0 0 0 0 0 0 0 0 0 Deposits Depository institutions 15,670 1,056 1,844 917 1,355 1,773 1,369 2,849 553 403 680 685 2,186 U.S. Treasury--general account 3,504 0 3,504 0 0 0 0 0 0 0 0 0 0 Foreign--official accounts 153 2 129 1 3 7 2 3 1 1 1 1 3 Other 246 4 136 0 0 59 39 1 1 0 1 3 1 Total deposits 19,574 1,062 5,614 919 1,358 1,839 1,411 2,853 554 404 682 689 2,190 Deferred credit items 9,388 602 978 504 456 639 957 793 292 667 449 472 2,579 Other liabilities and accrued dividends (2) 2,425 144 741 106 143 264 194 257 105 81 93 91 204 TOTAL LIABILITIES 673,715 30,476 307,280 19,540 30,416 47,686 41,918 61,095 19,783 14,457 16,952 28,178 55,935 CAPITAL ACCOUNTS Capital paid in 8,353 436 1,801 242 700 2,073 474 851 199 338 200 185 854 Surplus 7,312 418 1,504 221 665 1,757 535 793 149 118 191 164 796 Other capital accounts 1,362 36 450 32 49 323 22 94 65 182 18 24 66 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 690,742 31,367 311,035 20,036 31,830 51,839 42,948 62,833 20,196 15,095 17,361 28,550 57,651 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 759,934 33,531 329,317 25,659 33,026 54,938 57,676 65,703 22,356 15,217 20,167 36,099 66,245 Less--Held by F.R. Banks 117,606 4,863 29,371 7,648 4,567 9,994 18,320 8,511 3,524 1,913 4,439 9,173 15,282 F.R. notes, net 642,328 28,668 299,947 18,011 28,459 44,943 39,356 57,192 18,832 13,305 15,728 26,926 50,963 Collateral held against F.R. notes Gold certificate account 11,039 Special drawing rights certificate account 2,200 Other eligible assets 204 U.S. govt. and agency securities(3) 628,886 Total collateral 642,328 1 Cash value of agreements arranged through third-party custodial banks. These agreements are collateralized by U.S. government and federal agency securities. 2 Includes exchange translation account reflecting the monthly revaluation at market exchange rates of foreign exchange commitments. 3 U.S. government and agency securities bought outright or held under repurchase agreement are valued at face amount. Includes cash value of repurchase agreements under triparty arrangements and excludes the par value of securities pledged under reverse repurchase agreements. Components may not add to totals due to rounding.