FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks May 29, 2003 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 28, 2003 May 21, 2003 May 29, 2002 May 28, 2003 Federal Reserve Banks Reserve Bank Credit 720,486 + 8,670 + 64,640 722,221 Securities held outright 650,852 + 449 + 63,173 650,869 U.S. Treasury (1) 650,842 + 449 + 63,173 650,859 Bills (2) 237,672 + 282 + 42,731 237,683 Notes and bonds, nominal (2) 398,853 + 146 + 18,856 398,853 Notes and bonds, inflation-indexed (2) 12,814 0 + 1,212 12,814 Inflation compensation (3) 1,502 + 20 + 373 1,508 Federal agency (2) 10 0 0 10 Repurchase agreements(4) 31,857 + 7,249 + 653 32,000 Loans to depository institutions 59 + 3 - 77 62 Primary credit 2 0 + 2 0 Secondary credit 0 0 0 0 Seasonal credit 57 + 3 - 72 62 Adjustment credit 0 0 - 7 0 Float -398 + 456 - 213 1,187 Other Federal Reserve assets 38,116 + 513 + 1,104 38,103 Gold stock 11,043 0 - 1 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 34,878 + 14 + 1,039 34,878 Total factors supplying reserve funds 768,607 + 8,684 + 65,679 770,342 Currency in circulation(5) 693,531 + 3,672 + 39,460 694,755 Reverse repurchase agreements (6) 21,598 + 1,183 + 21,598 21,857 Foreign official and international accounts 21,598 + 1,183 + 21,598 21,857 Dealers 0 0 0 0 Treasury cash holdings 359 + 9 - 53 375 Deposits with F.R.Banks, other than reserve balances 17,050 - 1,514 + 1,563 16,303 U.S. Treasury, general account 5,543 - 1,356 + 531 4,825 Foreign official 160 + 44 + 51 129 Service-related 11,105 - 176 + 946 11,105 Required clearing balances 10,820 0 + 1,050 10,820 Adjustments to compensate for float 285 - 176 - 105 285 Other 242 - 24 + 35 243 Other liabilities and capital 20,281 + 1 + 580 19,818 Total factors, other than reserve balances, absorbing reserve funds 752,820 + 3,353 + 63,150 753,107 Reserve balances with Federal Reserve Banks 15,787 + 5,331 + 2,529 17,235 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 927,747 + 10,934 ------ 928,892 U.S. Treasury 740,939 + 7,956 ------ 741,441 Federal agency 186,808 + 2,979 ------ 187,451 Securities lent to dealers 918 - 110 + 835 1,661 Note: Components may not sum to totals because of rounding. --- Not available. 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 28, 2003 May 21, 2003 May 29, 2002 Assets Gold certificate account 11,039 0 - 5 Special drawing rights certificate account 2,200 0 0 Coin 920 - 30 - 8 Securities, repurchase agreements, and loans 682,931 + 5,890 + 47,791 Securities held outright 650,869 + 134 + 63,300 U.S. Treasury (1) 650,859 + 134 + 63,300 Bills (2) 237,683 + 115 + 42,861 Notes and bonds, nominal (2) 398,853 0 + 18,856 Notes and bonds, inflation-indexed (2) 12,814 0 + 1,212 Inflation compensation (3) 1,508 + 19 + 370 Federal agency (2) 10 0 0 Repurchase agreements (4) 32,000 + 5,749 - 15,425 Loans 62 + 7 - 84 Items in process of collection (1,052) 10,632 + 4,023 - 218 Bank premises 1,581 0 + 65 Other assets (5) 36,514 + 306 + 967 Total assets (1,052) 745,817 + 10,189 + 48,592 Liabilities Federal Reserve notes net of FR Bank holdings 661,167 + 2,858 + 37,320 Reverse repurchase agreements (6) 21,857 + 1,148 + 21,857 Deposits (6) 33,558 + 4,414 - 10,821 Depository institutions 28,360 + 7,198 - 11,654 U.S. Treasury, general account 4,825 - 2,783 + 878 Foreign official 129 + 3 - 79 Other (6) 243 - 4 + 33 Deferred availability cash items (1,046) 9,417 + 1,919 - 276 Other liabilities and accrued dividends (7) 2,326 + 22 - 196 Total liabilities (1,052) 728,326 + 10,362 + 47,885 Capital Accounts Capital paid in 8,574 + 12 + 307 Surplus 8,380 0 + 1,068 Other capital accounts 537 - 185 - 669 Total capital 17,491 - 173 + 707 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 collatealized 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 28, 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 49 51,749 + 2 0 0 29,000 21,857 16 days to 90 days 14 138,094 + 708 0 0 3,000 0 91 days to 1 year 0 153,894 - 595 10 0 ------ ------ Over 1 to 5 years ------ 180,470 + 5 0 0 ------ ------ Over 5 to 10 years ------ 46,669 + 6 0 0 ------ ------ Over 10 years ------ 79,983 + 8 0 0 ------ ------ All 62 650,859 + 134 10 0 32,000 21,857 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 28, 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 920 42 32 66 37 120 96 112 52 37 61 150 115 Securities, repurchase agreements, and loans 682,931 31,470 310,463 20,349 30,498 50,054 43,973 65,781 20,491 14,551 17,497 25,508 52,296 Securities held outright 650,869 31,467 278,463 20,349 30,498 50,054 43,970 65,771 20,477 14,528 17,492 25,507 52,294 U.S. Treasury (1) 650,859 31,466 278,458 20,349 30,498 50,053 43,969 65,770 20,477 14,528 17,491 25,507 52,293 Bills (2) 237,683 11,491 101,689 7,431 11,137 18,279 16,057 24,018 7,478 5,305 6,388 9,315 19,096 Notes and bonds(3) 413,176 19,975 176,770 12,918 19,360 31,774 27,913 41,752 12,999 9,223 11,104 16,192 33,196 Federal agency (2) 10 0 4 0 0 1 1 1 0 0 0 0 1 Repurchase agreements(4) 32,000 0 32,000 0 0 0 0 0 0 0 0 0 0 Loans 62 3 0 0 0 0 3 11 14 23 5 1 2 Items in process of collection 11,684 631 853 566 605 965 1,362 904 547 549 817 546 3,337 Bank premises 1,581 91 186 52 152 143 278 117 44 126 51 164 177 Other assets(5) 36,514 1,690 13,085 1,012 2,292 5,847 2,117 3,392 937 1,100 870 1,032 3,139 Interdistrict settlement account 0 - 262 + 8,019 - 2,881 - 1,849 - 2,202 - 1,636 - 6,908 - 931 - 207 + 225 + 3,258 + 5,374 Total Assets 746,869 34,272 338,217 19,626 32,315 55,883 47,220 64,592 21,542 16,410 19,891 31,265 65,635 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 28, 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 760,695 31,787 333,769 24,326 30,968 53,980 60,390 62,997 22,355 15,230 21,305 34,997 68,590 Less: notes held by F.R. Banks 99,528 4,278 23,630 7,253 3,851 7,201 19,678 6,320 3,298 1,302 3,914 6,493 12,311 Federal Reserve notes, net 661,167 27,510 310,139 17,073 27,117 46,779 40,712 56,678 19,058 13,928 17,391 28,504 56,280 Reverse repurchase agreements (1) 21,857 1,057 9,351 683 1,024 1,681 1,477 2,209 688 488 587 857 1,756 Deposits 33,564 3,875 12,980 803 1,975 2,155 2,743 2,778 906 772 895 882 2,800 Depository institutions 28,360 3,871 7,898 802 1,971 2,063 2,735 2,774 904 771 893 881 2,797 U.S. Treasury, general account 4,825 0 4,825 0 0 0 0 0 0 0 0 0 0 Foreign official 129 2 106 1 3 7 2 3 1 1 1 1 3 Other 249 2 151 0 2 85 6 0 1 0 1 0 0 Deferred availability cash items 10,463 791 1,084 458 672 840 1,131 873 331 435 532 520 2,795 Other liabilities and accrued dividends (2) 2,326 133 716 95 127 269 186 228 100 91 87 109 186 Total liabilities 729,378 33,365 334,270 19,113 30,915 51,725 46,249 62,766 21,082 15,714 19,492 30,871 63,817 Capital Capital paid in 8,574 446 1,893 251 688 2,075 475 896 227 346 191 190 895 Surplus 8,380 436 1,809 233 702 2,073 475 858 199 340 201 186 868 Other capital 537 25 245 29 10 10 21 73 34 11 7 17 55 Total liabilities and capital 746,869 34,272 338,217 19,626 32,315 55,883 47,220 64,592 21,542 16,410 19,891 31,265 65,635 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 28, 2003 Federal Reserve notes outstanding 760,695 Less: Notes held by F.R. Banks not subject to collateralization 95,376 Federal Reserve Notes to be collateralized 665,319 Collateral held against Federal Reserve notes 665,319 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 652,080 Other eligible assets 0 Memo: Total U.S. Treasury and agency securities (1) 682,869 Less:face value of securities under reverse repurchase agreements 21,863 U.S. Treasury and agency securities eligible to be pledged 661,006 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.