FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks January 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 Jan 14, 2004 Jan 7, 2004 Jan 15, 2003 Jan 14, 2004 Federal Reserve Banks Reserve Bank Credit 729,489 - 13,812 + 36,493 731,822 Securities held outright 666,798 + 94 + 37,382 666,798 U.S. Treasury (1) 666,798 + 94 + 37,392 666,798 Bills (2) 244,981 + 104 + 18,299 244,985 Notes and bonds, nominal (2) 406,173 0 + 16,954 406,173 Notes and bonds, inflation-indexed (2) 13,994 0 + 1,752 13,994 Inflation compensation (3) 1,649 - 10 + 386 1,646 Federal agency (2) 0 0 - 10 0 Repurchase agreements(4) 21,143 - 13,536 - 3,285 24,000 Loans to depository institutions 45 + 21 + 29 14 Primary credit 39 + 27 + 33 7 Secondary credit 0 0 0 0 Seasonal credit 6 - 5 - 5 7 Float 331 - 1,018 + 622 -328 Other Federal Reserve assets 41,172 + 626 + 1,746 41,337 Gold stock 11,043 0 0 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 35,503 + 14 + 906 35,503 Total factors supplying reserve funds 778,235 - 13,798 + 37,399 780,568 Currency in circulation(5) 713,146 - 8,016 + 36,720 711,863 Reverse repurchase agreements (6) 20,443 - 2,034 + 2,291 20,721 Foreign official and international accounts 19,479 - 2,641 + 1,327 20,721 Dealers 964 + 607 + 964 0 Treasury cash holdings 324 + 3 - 45 332 Deposits with F.R.Banks, other than reserve balances 15,807 - 2,276 - 948 16,343 U.S. Treasury, general account 4,886 - 433 - 358 5,398 Foreign official 87 - 8 - 86 81 Service-related 10,536 - 1,485 - 592 10,536 Required clearing balances 10,184 - 1,646 - 354 10,184 Adjustments to compensate for float 352 + 160 - 238 352 Other 298 - 349 + 88 328 Other liabilities and capital 20,682 + 557 + 944 20,321 Total factors, other than reserve balances, absorbing reserve funds 770,403 - 11,765 + 38,963 769,581 Reserve balances with Federal Reserve Banks 7,832 - 2,033 - 1,563 10,987 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 1,082,931 + 10,271 + 223,918 1,094,529 U.S. Treasury 865,630 + 3,626 + 171,533 876,794 Federal agency 217,302 + 6,646 + 52,386 217,735 Securities lent to dealers 2,456 - 744 + 1,877 497 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 Jan 14, 2004 Jan 7, 2004 Jan 15, 2003 Assets Gold certificate account 11,039 0 0 Special drawing rights certificate account 2,200 0 0 Coin 752 + 27 - 291 Securities, repurchase agreements, and loans 690,812 + 81 + 31,381 Securities held outright 666,798 + 78 + 37,382 U.S. Treasury (1) 666,798 + 78 + 37,392 Bills (2) 244,985 + 88 + 18,303 Notes and bonds, nominal (2) 406,173 0 + 16,954 Notes and bonds, inflation-indexed (2) 13,994 0 + 1,752 Inflation compensation (3) 1,646 - 9 + 383 Federal agency (2) 0 0 - 10 Repurchase agreements (4) 24,000 0 - 6,000 Loans 14 + 3 - 1 Items in process of collection (1,307) 7,567 - 3,674 - 588 Bank premises 1,625 + 1 + 83 Other assets (5) 39,704 + 545 + 2,016 Total assets (1,307) 753,699 - 3,019 + 32,601 Liabilities Federal Reserve notes net of FR Bank holdings 677,440 - 5,951 + 34,553 Reverse repurchase agreements (6) 20,721 + 1,134 + 2,908 Deposits (0) 27,310 + 2,230 - 5,338 Depository institutions 21,503 + 1,647 - 5,488 U.S. Treasury, general account 5,398 + 483 + 206 Foreign official 81 - 3 - 172 Other (0) 328 + 103 + 115 Deferred availability cash items (1,307) 7,907 - 372 - 212 Other liabilities and accrued dividends (7) 2,180 + 78 - 55 Total liabilities (1,307) 735,559 - 2,879 + 31,857 Capital Accounts Capital paid in 8,875 + 24 + 486 Surplus 8,847 0 + 369 Other capital accounts 419 - 164 - 109 Total capital 18,141 - 140 + 746 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, January 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 9 49,096 + 649 0 0 24,000 20,721 16 days to 90 days 5 146,987 - 451 0 0 0 0 91 days to 1 year 0 162,203 - 110 0 0 ------ ------ Over 1 to 5 years ------ 180,069 - 2 0 0 ------ ------ Over 5 to 10 years ------ 51,305 - 4 0 0 ------ ------ Over 10 years ------ 77,139 - 3 0 0 ------ ------ All 14 666,798 + 78 0 0 24,000 20,721 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 January 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 11,039 495 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 752 24 31 37 33 87 83 98 54 25 43 146 90 Securities, repurchase agreements, and loans 690,812 32,237 309,278 20,850 31,245 51,279 45,048 67,385 20,978 14,884 17,923 26,132 53,573 Securities held outright 666,798 32,237 285,278 20,847 31,245 51,279 45,046 67,380 20,978 14,884 17,920 26,132 53,573 U.S. Treasury (1) 666,798 32,237 285,278 20,847 31,245 51,279 45,046 67,380 20,978 14,884 17,920 26,132 53,573 Bills (2) 244,985 11,844 104,812 7,659 11,479 18,840 16,550 24,756 7,708 5,468 6,584 9,601 19,683 Notes and bonds(3) 421,813 20,393 180,465 13,188 19,765 32,439 28,496 42,624 13,271 9,415 11,336 16,531 33,890 Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements(4) 24,000 0 24,000 0 0 0 0 0 0 0 0 0 0 Loans 14 0 0 4 0 0 2 5 0 0 3 0 0 Items in process of collection 8,874 544 764 543 460 714 541 628 426 428 610 505 2,710 Bank premises 1,625 93 189 53 151 145 278 125 49 125 57 182 179 Other assets(5) 39,704 1,847 13,985 1,171 2,519 6,448 2,308 3,710 1,015 1,205 946 1,116 3,432 Interdistrict settlement account 0 + 1,907 - 4,392 + 103 - 2,959 - 447 + 1,537 - 7,451 - 1,616 - 595 - 484 + 5,780 + 8,618 Total Assets 755,006 37,262 325,434 23,220 32,031 59,182 50,824 65,689 21,308 16,327 19,464 34,466 69,799 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 January 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 799,600 38,771 324,848 29,619 32,996 60,097 66,112 67,035 23,410 15,548 21,895 39,969 79,300 Less: notes held by F.R. Banks 122,160 5,320 26,398 9,156 5,212 10,344 20,259 8,909 4,318 1,597 4,623 7,873 18,150 Federal Reserve notes, net 677,440 33,451 298,450 20,463 27,784 49,753 45,852 58,126 19,092 13,951 17,272 32,096 61,150 Reverse repurchase agreements (1) 20,721 1,002 8,865 648 971 1,594 1,400 2,094 652 463 557 812 1,665 Deposits 27,310 1,131 12,063 967 1,241 2,799 1,497 2,643 685 535 743 823 2,182 Depository institutions 21,503 1,088 6,445 966 1,237 2,673 1,495 2,640 683 523 741 822 2,189 U.S. Treasury, general account 5,398 0 5,398 0 0 0 0 0 0 0 0 0 0 Foreign official 81 2 57 1 3 7 2 3 1 1 1 1 3 Other 328 41 163 1 2 118 0 0 1 10 1 1 -10 Deferred availability cash items 9,214 638 1,118 509 443 630 889 706 311 597 474 390 2,508 Other liabilities and accrued dividends (2) 2,180 124 706 92 114 215 179 219 101 82 84 107 158 Total liabilities 736,865 36,345 321,203 22,679 30,554 54,990 49,818 63,788 20,841 15,627 19,129 34,228 67,664 Capital Capital paid in 8,875 448 2,031 271 727 2,075 490 931 227 345 160 111 1,057 Surplus 8,847 448 2,031 259 727 2,074 489 924 228 346 162 111 1,048 Other capital 419 20 170 12 23 43 28 47 11 9 12 16 29 Total liabilities and capital 755,006 37,262 325,434 23,220 32,031 59,182 50,824 65,689 21,308 16,327 19,464 34,466 69,799 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 Jan 14, 2004 Federal Reserve notes outstanding 799,600 Less: Notes held by F.R. Banks not subject to collateralization 122,160 Federal Reserve Notes to be collateralized 677,440 Collateral held against Federal Reserve notes 677,440 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 664,201 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities (1) 690,798 Less:face value of securities under reverse repurchase agreements 20,726 U.S. Treasury and agency securities eligible to be pledged 670,072 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.