FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks March 18, 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 Mar 17, 2004 Mar 10, 2004 Mar 19, 2003 Mar 17, 2004 Federal Reserve Banks Reserve Bank Credit 736,994 + 7,438 + 32,129 741,038 Securities held outright 673,086 + 494 + 33,569 673,153 U.S. Treasury (1) 673,086 + 494 + 33,579 673,153 Bills (2) 246,408 + 66 + 14,927 246,469 Notes and bonds, nominal (2) 410,563 0 + 16,044 410,563 Notes and bonds, inflation-indexed (2) 14,464 + 402 + 2,222 14,464 Inflation compensation (3) 1,650 + 25 + 386 1,657 Federal agency (2) 0 0 - 10 0 Repurchase agreements(4) 25,179 + 7,179 - 1,321 28,750 Loans to depository institutions 75 + 49 + 57 347 Primary credit 48 + 41 + 39 311 Secondary credit 0 0 0 0 Seasonal credit 27 + 8 + 19 36 Float -686 - 647 - 1,491 -768 Other Federal Reserve assets 39,342 + 365 + 1,317 39,556 Gold stock 11,045 0 + 2 11,045 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 35,629 + 14 + 875 35,629 Total factors supplying reserve funds 785,869 + 7,452 + 33,007 789,912 Currency in circulation(5) 713,868 + 192 + 30,151 715,460 Reverse repurchase agreements (6) 19,095 + 775 - 707 18,770 Foreign official and international accounts 19,095 + 775 - 528 18,770 Dealers 0 0 - 179 0 Treasury cash holdings 323 + 8 - 49 338 Deposits with F.R.Banks, other than reserve balances 17,299 + 348 + 1,169 17,982 U.S. Treasury, general account 5,737 + 210 + 758 6,415 Foreign official 86 - 8 - 73 112 Service-related 11,129 + 125 + 369 11,129 Required clearing balances 10,886 + 1 + 513 10,886 Adjustments to compensate for float 243 + 124 - 144 243 Other 347 + 20 + 116 326 Other liabilities and capital 20,536 + 329 + 998 20,576 Total factors, other than reserve balances, absorbing reserve funds 771,121 + 1,652 + 31,563 773,126 Reserve balances with Federal Reserve Banks 14,748 + 5,800 + 1,444 16,786 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 1,168,270 + 8,473 + 267,545 1,172,461 U.S. Treasury 933,134 + 7,460 + 210,593 933,991 Federal agency 235,136 + 1,013 + 56,952 238,470 Securities lent to dealers 2,739 + 229 + 1,406 685 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 Mar 17, 2004 Mar 10, 2004 Mar 19, 2003 Assets Gold certificate account 11,041 0 + 2 Special drawing rights certificate account 2,200 0 0 Coin 846 - 11 - 225 Securities, repurchase agreements, and loans 702,250 + 10,442 + 35,335 Securities held outright 673,153 + 114 + 33,254 U.S. Treasury (1) 673,153 + 114 + 33,264 Bills (2) 246,469 + 97 + 14,713 Notes and bonds, nominal (2) 410,563 0 + 15,942 Notes and bonds, inflation-indexed (2) 14,464 0 + 2,222 Inflation compensation (3) 1,657 + 18 + 388 Federal agency (2) 0 0 - 10 Repurchase agreements (4) 28,750 + 10,000 + 1,750 Loans 347 + 328 + 330 Items in process of collection (886) 5,915 - 242 - 5,617 Bank premises 1,653 + 2 + 96 Other assets (5) 37,624 + 492 + 1,045 Total assets (886) 761,529 + 10,684 + 30,635 Liabilities Federal Reserve notes net of FR Bank holdings 681,010 + 538 + 29,061 Reverse repurchase agreements (6) 18,770 - 421 + 340 Deposits (10) 34,489 + 10,334 + 529 Depository institutions 27,635 + 8,357 - 2,307 U.S. Treasury, general account 6,415 + 2,000 + 2,808 Foreign official 112 - 26 - 38 Other (10) 326 + 2 + 65 Deferred availability cash items (876) 6,683 - 102 - 726 Other liabilities and accrued dividends (7) 2,226 - 30 + 2 Total liabilities (886) 743,179 + 10,320 + 29,207 Capital Accounts Capital paid in 8,997 + 26 + 503 Surplus 8,792 + 111 + 495 Other capital accounts 560 + 226 + 428 Total capital 18,350 + 364 + 1,427 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, March 17, 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 343 50,381 + 8,647 0 0 28,750 18,770 16 days to 90 days 5 151,412 - 8,353 0 0 0 0 91 days to 1 year 0 161,118 - 198 0 0 ------ ------ Over 1 to 5 years ------ 183,079 + 6 0 0 ------ ------ Over 5 to 10 years ------ 49,744 + 4 0 0 ------ ------ Over 10 years ------ 77,419 + 6 0 0 ------ ------ All 347 673,153 + 114 0 0 28,750 18,770 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 March 17, 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 11,041 495 4,708 380 477 808 863 982 331 224 303 507 963 Special drawing rights certificate acct. 2,200 115 874 83 104 147 166 212 71 30 66 98 234 Coin 846 37 39 48 44 86 83 111 61 29 51 147 111 Securities, repurchase agreements, and loans 702,250 32,550 317,056 21,046 31,542 51,768 45,476 68,038 21,186 15,032 18,092 26,381 54,084 Securities held outright 673,153 32,544 287,996 21,046 31,542 51,768 45,476 68,022 21,178 15,026 18,091 26,381 54,084 U.S. Treasury (1) 673,153 32,544 287,996 21,046 31,542 51,768 45,476 68,022 21,178 15,026 18,091 26,381 54,084 Bills (2) 246,469 11,916 105,447 7,706 11,549 18,954 16,650 24,906 7,754 5,502 6,624 9,659 19,802 Notes and bonds(3) 426,684 20,628 182,549 13,340 19,993 32,813 28,825 43,117 13,424 9,524 11,467 16,722 34,282 Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements(4) 28,750 0 28,750 0 0 0 0 0 0 0 0 0 0 Loans 347 6 310 0 0 0 0 16 8 6 1 0 0 Items in process of collection 6,801 449 584 317 388 329 754 460 370 358 414 304 2,072 Bank premises 1,653 95 189 52 151 144 278 127 49 125 74 189 180 Other assets(5) 37,624 1,723 13,460 1,157 2,359 5,906 2,143 3,554 1,002 1,117 784 862 3,558 Interdistrict settlement account 0 + 2,737 -15,977 + 1,079 - 2,969 + 413 + 1,352 - 8,134 - 1,250 - 691 + 279 + 7,791 +15,369 Total Assets 762,415 38,201 320,934 24,162 32,097 59,601 51,115 65,349 21,820 16,223 20,063 36,278 76,571 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 March 17, 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 803,416 39,286 324,121 29,418 32,728 60,186 63,739 66,883 23,573 15,838 22,337 41,026 84,280 Less: notes held by F.R. Banks 122,406 5,109 32,260 8,233 5,121 10,633 17,812 8,530 3,746 1,555 4,278 6,990 18,140 Federal Reserve notes, net 681,010 34,176 291,862 21,186 27,607 49,553 45,927 58,353 19,828 14,283 18,060 34,037 66,140 Reverse repurchase agreements (1) 18,770 907 8,031 587 880 1,443 1,268 1,897 591 419 504 736 1,508 Deposits 34,499 1,439 15,084 1,134 1,586 3,827 1,811 2,401 601 425 717 765 4,709 Depository institutions 27,635 1,426 8,424 1,133 1,582 3,669 1,799 2,397 596 424 716 764 4,705 U.S. Treasury, general account 6,415 0 6,415 0 0 0 0 0 0 0 0 0 0 Foreign official 112 2 89 1 2 7 2 3 1 1 1 0 4 Other 336 12 156 0 1 150 10 0 4 0 1 1 0 Deferred availability cash items 7,559 626 812 599 445 433 916 586 215 400 371 380 1,775 Other liabilities and accrued dividends (2) 2,226 128 716 91 117 227 180 222 103 76 85 108 173 Total liabilities 744,065 37,276 316,505 23,596 30,635 55,483 50,102 63,459 21,337 15,604 19,737 36,026 74,305 Capital Capital paid in 8,997 449 2,112 273 723 2,100 484 908 231 265 150 119 1,183 Surplus 8,792 448 2,031 259 727 2,019 489 924 228 346 162 111 1,048 Other capital 560 28 286 34 11 0 40 58 24 9 13 23 34 Total liabilities and capital 762,415 38,201 320,934 24,162 32,097 59,601 51,115 65,349 21,820 16,223 20,063 36,278 76,571 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 Mar 17, 2004 Federal Reserve notes outstanding 803,416 Less: Notes held by F.R. Banks not subject to collateralization 122,406 Federal Reserve Notes to be collateralized 681,010 Collateral held against Federal Reserve notes 681,010 Gold certificate account 11,041 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 667,770 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities (1) 701,903 Less:face value of securities under reverse repurchase agreements 18,755 U.S. Treasury and agency securities eligible to be pledged 683,148 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.