FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks April 22, 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 Apr 21, 2004 Apr 14, 2004 Apr 23, 2003 Apr 21, 2004 Federal Reserve Banks Reserve Bank Credit 739,030 - 1,186 + 29,315 738,002 Securities held outright 674,786 + 266 + 27,934 674,937 U.S. Treasury (1) 674,786 + 266 + 27,944 674,937 Bills (2) 247,188 + 246 + 11,333 247,332 Notes and bonds, nominal (2) 411,388 0 + 14,612 411,388 Notes and bonds, inflation-indexed (2) 14,464 0 + 1,650 14,464 Inflation compensation (3) 1,746 + 21 + 350 1,753 Federal agency (2) 0 0 - 10 0 Repurchase agreements(4) 24,529 - 1,200 + 636 22,750 Loans to depository institutions 95 + 10 + 67 83 Primary credit 34 + 1 + 30 18 Secondary credit 0 0 0 0 Seasonal credit 61 + 9 + 37 65 Float -688 - 223 - 283 -22 Other Federal Reserve assets 40,308 - 39 + 961 40,253 Gold stock 11,045 0 + 2 11,045 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 35,699 + 14 + 832 35,699 Total factors supplying reserve funds 787,974 - 1,172 + 30,149 786,946 Currency in circulation(5) 716,814 - 685 + 29,273 717,070 Reverse repurchase agreements (6) 19,420 - 716 - 1,132 19,260 Foreign official and international accounts 19,420 - 716 - 1,132 19,260 Dealers 0 0 0 0 Treasury cash holdings 338 - 7 - 22 328 Deposits with F.R.Banks, other than reserve balances 17,010 + 864 - 3,669 16,318 U.S. Treasury, general account 6,630 + 1,472 - 2,297 5,886 Foreign official 96 + 13 - 10 165 Service-related 9,970 - 598 - 1,343 9,970 Required clearing balances 9,970 - 597 - 859 9,970 Adjustments to compensate for float 0 - 2 - 484 0 Other 313 - 25 - 20 297 Other liabilities and capital 20,562 + 6 + 417 20,462 Total factors, other than reserve balances, absorbing reserve funds 774,144 - 539 + 24,867 773,438 Reserve balances with Federal Reserve Banks 13,830 - 633 + 5,282 13,508 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 1,186,135 + 5,757 + 293,051 1,186,773 U.S. Treasury 956,043 + 6,468 + 238,811 957,442 Federal agency 230,093 - 710 + 54,241 229,331 Securities lent to dealers 2,671 + 1,712 + 2,571 2,235 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 Apr 21, 2004 Apr 14, 2004 Apr 23, 2003 Assets Gold certificate account 11,041 0 + 3 Special drawing rights certificate account 2,200 0 0 Coin 831 - 3 - 212 Securities, repurchase agreements, and loans 697,770 - 6,733 + 26,339 Securities held outright 674,937 + 220 + 28,036 U.S. Treasury (1) 674,937 + 220 + 28,046 Bills (2) 247,332 + 200 + 11,437 Notes and bonds, nominal (2) 411,388 0 + 14,612 Notes and bonds, inflation-indexed (2) 14,464 0 + 1,650 Inflation compensation (3) 1,753 + 20 + 347 Federal agency (2) 0 0 - 10 Repurchase agreements (4) 22,750 - 6,950 - 1,750 Loans 83 - 3 + 53 Items in process of collection (1,028) 6,844 + 1,123 - 745 Bank premises 1,663 + 1 + 103 Other assets (5) 38,500 - 144 + 204 Total assets (1,028) 758,849 - 5,756 + 25,692 Liabilities Federal Reserve notes net of FR Bank holdings 682,526 - 1,738 + 27,501 Reverse repurchase agreements (6) 19,260 - 210 - 731 Deposits (0) 29,736 - 4,322 - 633 Depository institutions 23,388 - 5,334 + 2,643 U.S. Treasury, general account 5,886 + 984 - 3,399 Foreign official 165 + 80 + 60 Other (0) 297 - 53 + 63 Deferred availability cash items (1,028) 6,865 + 368 - 1,103 Other liabilities and accrued dividends (7) 2,242 - 27 - 33 Total liabilities (1,028) 740,629 - 5,930 + 25,001 Capital Accounts Capital paid in 9,023 + 40 + 497 Surplus 8,768 + 1 + 388 Other capital accounts 429 + 133 - 194 Total capital 18,220 + 174 + 691 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, April 21, 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 83 55,679 + 9,394 0 0 22,750 19,260 16 days to 90 days 0 147,434 - 8,272 0 0 0 0 91 days to 1 year 0 160,538 - 922 0 0 ------ ------ Over 1 to 5 years ------ 183,815 + 8 0 0 ------ ------ Over 5 to 10 years ------ 50,017 + 5 0 0 ------ ------ Over 10 years ------ 77,455 + 8 0 0 ------ ------ All 83 674,937 + 220 0 0 22,750 19,260 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 April 21, 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 11,041 494 4,651 382 452 819 894 924 325 218 302 525 1,055 Special drawing rights certificate acct. 2,200 115 874 83 104 147 166 212 71 30 66 98 234 Coin 831 38 37 53 42 83 77 113 59 31 51 146 102 Securities, repurchase agreements, and loans 697,770 31,702 315,412 20,074 28,840 51,298 45,516 60,818 19,843 14,737 17,743 30,774 61,014 Securities held outright 674,937 31,693 292,662 20,074 28,840 51,298 45,516 60,797 19,829 14,721 17,736 30,774 60,996 U.S. Treasury (1) 674,937 31,693 292,662 20,074 28,840 51,298 45,516 60,797 19,829 14,721 17,736 30,774 60,996 Bills (2) 247,332 11,614 107,246 7,356 10,569 18,798 16,679 22,279 7,266 5,395 6,499 11,277 22,352 Notes and bonds(3) 427,605 20,079 185,415 12,718 18,272 32,500 28,837 38,518 12,563 9,327 11,237 19,497 38,644 Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements(4) 22,750 0 22,750 0 0 0 0 0 0 0 0 0 0 Loans 83 8 0 0 0 0 0 20 14 16 7 0 18 Items in process of collection 7,872 794 399 326 462 836 658 442 335 400 461 436 2,323 Bank premises 1,663 96 191 52 152 144 279 128 49 124 74 194 180 Other assets(5) 38,500 1,745 13,972 1,159 2,330 5,918 2,204 3,462 1,009 1,124 802 1,007 3,769 Interdistrict settlement account 0 + 2,793 -19,003 + 1,518 - 1,639 + 1,579 + 316 + 184 + 237 - 378 + 693 + 3,772 + 9,928 Total Assets 759,877 37,776 316,531 23,648 30,743 60,825 50,109 66,282 21,928 16,286 20,192 36,952 78,605 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 April 21, 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 806,847 38,798 323,155 29,453 32,297 59,820 63,964 67,868 23,430 15,740 22,287 41,414 88,621 Less: notes held by F.R. Banks 124,321 4,839 32,008 8,491 5,435 11,291 19,244 7,898 3,516 1,430 4,219 7,001 18,949 Federal Reserve notes, net 682,526 33,959 291,147 20,962 26,862 48,529 44,720 59,970 19,914 14,310 18,068 34,413 69,672 Reverse repurchase agreements (1) 19,260 904 8,351 573 823 1,464 1,299 1,735 566 420 506 878 1,741 Deposits 29,736 1,248 11,356 1,002 984 6,038 1,985 1,928 603 433 822 734 2,603 Depository institutions 23,388 1,232 5,165 1,001 980 5,920 1,983 1,924 600 432 820 732 2,599 U.S. Treasury, general account 5,886 0 5,886 0 0 0 0 0 0 0 0 0 0 Foreign official 165 2 141 1 2 7 2 3 1 1 1 0 4 Other 297 15 164 0 2 111 0 0 2 0 1 1 0 Deferred availability cash items 7,894 574 635 468 494 493 939 592 265 437 393 557 2,047 Other liabilities and accrued dividends (2) 2,242 129 694 91 121 234 185 215 102 81 85 116 188 Total liabilities 741,657 36,815 312,184 23,095 29,285 56,758 49,128 64,440 21,450 15,680 19,874 36,697 76,250 Capital Capital paid in 9,023 499 2,106 275 739 2,058 486 909 232 265 151 120 1,184 Surplus 8,768 448 2,031 259 719 2,009 489 924 228 340 162 111 1,048 Other capital 429 14 212 20 0 0 7 8 18 0 4 24 123 Total liabilities and capital 759,877 37,776 316,531 23,648 30,743 60,825 50,109 66,282 21,928 16,286 20,192 36,952 78,605 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 Apr 21, 2004 Federal Reserve notes outstanding 806,847 Less: Notes held by F.R. Banks not subject to collateralization 124,321 Federal Reserve Notes to be collateralized 682,526 Collateral held against Federal Reserve notes 682,526 Gold certificate account 11,041 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 669,285 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities (1) 697,687 Less:face value of securities under reverse repurchase agreements 19,265 U.S. Treasury and agency securities eligible to be pledged 678,423 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.