FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks July 10, 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 Jul 9, 2003 Jul 2, 2003 Jul 10, 2002 Jul 9, 2003 Federal Reserve Banks Reserve Bank Credit 718,451 - 1,082 + 60,310 722,505 Securities held outright 652,443 + 281 + 59,807 652,461 U.S. Treasury (1) 652,433 + 281 + 59,807 652,451 Bills (2) 239,285 + 287 + 41,955 239,305 Notes and bonds, nominal (2) 398,853 0 + 16,375 398,853 Notes and bonds, inflation-indexed (2) 12,814 0 + 1,212 12,814 Inflation compensation (3) 1,480 - 6 + 264 1,479 Federal agency (2) 10 0 0 10 Repurchase agreements(4) 26,000 - 2,714 + 143 29,250 Loans to depository institutions 99 - 89 - 111 104 Primary credit 8 - 91 + 8 1 Secondary credit 0 0 0 2 Seasonal credit 91 + 2 - 76 102 Adjustment credit 0 0 - 42 0 Float 674 + 1,247 + 190 1,389 Other Federal Reserve assets 39,236 + 193 + 282 39,301 Gold stock 11,044 0 0 11,044 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 34,994 + 14 + 998 34,994 Total factors supplying reserve funds 766,689 - 1,068 + 61,308 770,742 Currency in circulation(5) 697,775 + 4,248 + 33,676 697,326 Reverse repurchase agreements (6) 20,844 - 2,285 + 20,844 20,254 Foreign official and international accounts 20,844 - 2,285 + 20,844 20,254 Dealers 0 0 0 0 Treasury cash holdings 327 - 33 - 61 327 Deposits with F.R.Banks, other than reserve balances 17,746 - 136 + 2,310 17,929 U.S. Treasury, general account 6,218 + 131 + 1,233 6,356 Foreign official 279 - 133 + 180 327 Service-related 11,020 - 116 + 897 11,020 Required clearing balances 10,839 0 + 936 10,839 Adjustments to compensate for float 181 - 116 - 40 181 Other 229 - 19 + 1 225 Other liabilities and capital 19,817 - 228 + 242 19,675 Total factors, other than reserve balances, absorbing reserve funds 756,508 + 1,565 + 57,010 755,510 Reserve balances with Federal Reserve Banks 10,181 - 2,634 + 4,298 15,232 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 945,620 + 2,342 ------ 938,109 U.S. Treasury 760,893 + 3,832 ------ 755,623 Federal agency 184,726 - 1,491 ------ 182,486 Securities lent to dealers 1,595 - 2,980 + 1,036 609 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 Jul 9, 2003 Jul 2, 2003 Jul 10, 2002 Assets Gold certificate account 11,039 0 0 Special drawing rights certificate account 2,200 0 0 Coin 874 - 30 - 11 Securities, repurchase agreements, and loans 681,815 + 3,361 + 60,076 Securities held outright 652,461 + 98 + 57,920 U.S. Treasury (1) 652,451 + 98 + 57,920 Bills (2) 239,305 + 104 + 40,581 Notes and bonds, nominal (2) 398,853 0 + 15,864 Notes and bonds, inflation-indexed (2) 12,814 0 + 1,212 Inflation compensation (3) 1,479 - 5 + 263 Federal agency (2) 10 0 0 Repurchase agreements (4) 29,250 + 3,250 + 2,250 Loans 104 + 12 - 94 Items in process of collection (1,172) 10,110 + 653 + 2,308 Bank premises 1,582 + 1 + 63 Other assets (5) 37,712 + 312 - 227 Total assets (1,172) 745,332 + 4,297 + 62,208 Liabilities Federal Reserve notes net of FR Bank holdings 663,529 - 946 + 32,156 Reverse repurchase agreements (6) 20,254 - 791 + 20,254 Deposits (0) 33,479 + 7,057 + 8,819 Depository institutions 26,571 + 6,552 + 7,410 U.S. Treasury, general account 6,356 + 649 + 1,162 Foreign official 327 - 149 + 243 Other (0) 225 + 5 + 4 Deferred availability cash items (1,172) 8,395 - 1,062 + 863 Other liabilities and accrued dividends (7) 2,107 + 6 - 275 Total liabilities (1,172) 727,764 + 4,264 + 61,817 Capital Accounts Capital paid in 8,660 + 1 + 392 Surplus 8,378 - 2 + 1,066 Other capital accounts 529 + 33 - 1,069 Total capital 17,567 + 32 + 390 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, July 9, 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 44 40,668 - 434 0 0 24,250 20,254 16 days to 90 days 60 147,314 + 588 0 0 5,000 0 91 days to 1 year 0 158,485 - 50 10 0 ------ ------ Over 1 to 5 years ------ 179,353 - 2 0 0 ------ ------ Over 5 to 10 years ------ 46,659 - 2 0 0 ------ ------ Over 10 years ------ 79,971 - 2 0 0 ------ ------ All 104 652,451 + 98 10 0 29,250 20,254 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 9, 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 874 39 32 52 35 109 108 108 54 35 60 145 98 Securities, repurchase agreements, and loans 681,815 31,544 308,394 20,399 30,573 50,176 44,089 65,952 20,533 14,610 17,543 25,574 52,428 Securities held outright 652,461 31,544 279,144 20,399 30,573 50,176 44,078 65,931 20,527 14,564 17,535 25,570 52,421 U.S. Treasury (1) 652,451 31,543 279,139 20,398 30,572 50,176 44,077 65,930 20,527 14,564 17,534 25,569 52,421 Bills (2) 239,305 11,569 102,382 7,482 11,213 18,403 16,167 24,182 7,529 5,342 6,431 9,378 19,227 Notes and bonds(3) 413,146 19,974 176,757 12,917 19,359 31,772 27,911 41,749 12,998 9,222 11,103 16,191 33,194 Federal agency (2) 10 0 4 0 0 1 1 1 0 0 0 0 1 Repurchase agreements(4) 29,250 0 29,250 0 0 0 0 0 0 0 0 0 0 Loans 104 0 0 1 0 0 12 21 6 46 9 4 6 Items in process of collection 11,282 652 758 497 522 818 1,101 1,298 507 742 714 450 3,224 Bank premises 1,582 91 185 52 152 143 279 118 43 126 52 166 176 Other assets(5) 37,712 1,736 13,632 1,110 2,329 5,885 2,195 3,545 969 1,119 899 1,081 3,212 Interdistrict settlement account 0 - 3,029 +11,675 - 3,152 - 3,223 + 1,135 - 788 - 7,667 - 1,013 - 899 - 175 + 3,431 + 3,706 Total Assets 746,503 31,644 340,255 19,421 30,968 59,221 48,013 64,547 21,495 15,987 19,461 31,451 64,040 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 9, 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 768,847 31,695 332,357 24,280 31,074 58,231 62,026 64,916 23,152 15,189 21,271 35,193 69,463 Less: notes held by F.R. Banks 105,319 4,589 23,299 7,262 4,358 8,713 19,590 7,563 3,893 1,403 4,260 6,743 13,646 Federal Reserve notes, net 663,529 27,106 309,058 17,018 26,716 49,518 42,437 57,353 19,259 13,786 17,011 28,451 55,817 Reverse repurchase agreements (1) 20,254 979 8,665 633 949 1,558 1,368 2,047 637 452 544 794 1,627 Deposits 33,479 1,852 16,986 783 1,316 3,056 1,944 2,289 743 513 865 1,162 1,972 Depository institutions 26,571 1,849 10,160 782 1,313 2,994 1,942 2,286 742 511 863 1,161 1,969 U.S. Treasury, general account 6,356 0 6,356 0 0 0 0 0 0 0 0 0 0 Foreign official 327 2 304 1 3 7 2 3 1 1 1 1 3 Other 225 0 167 0 0 55 0 0 0 0 1 0 0 Deferred availability cash items 9,567 682 932 387 460 715 1,118 809 298 455 560 560 2,591 Other liabilities and accrued dividends (2) 2,107 121 668 89 111 213 175 208 94 85 82 104 157 Total liabilities 728,936 30,740 336,309 18,909 29,552 55,059 47,041 62,707 21,031 15,290 19,061 31,071 62,164 Capital Capital paid in 8,660 446 1,900 252 705 2,090 477 911 228 347 192 182 931 Surplus 8,378 436 1,809 233 702 2,072 475 858 199 340 201 186 868 Other capital 529 21 238 26 10 0 19 72 37 10 8 12 77 Total liabilities and capital 746,503 31,644 340,255 19,421 30,968 59,221 48,013 64,547 21,495 15,987 19,461 31,451 64,040 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 9, 2003 Federal Reserve notes outstanding 768,847 Less: Notes held by F.R. Banks not subject to collateralization 100,612 Federal Reserve Notes to be collateralized 668,236 Collateral held against Federal Reserve notes 668,236 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 654,996 Other eligible assets 0 Memo: Total U.S. Treasury and agency securities (1) 681,711 Less:face value of securities under reverse repurchase agreements 20,258 U.S. Treasury and agency securities eligible to be pledged 661,453 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.