FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks May 20, 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 May 19, 2004 May 12, 2004 May 21, 2003 May 19, 2004 Federal Reserve Banks Reserve Bank Credit 740,495 - 816 + 28,693 737,621 Securities held outright 679,574 + 1,748 + 29,171 679,618 U.S. Treasury (1) 679,574 + 1,748 + 29,181 679,618 Bills (2) 250,195 + 32 + 12,805 250,230 Notes and bonds, nominal (2) 413,080 + 1,692 + 14,373 413,080 Notes and bonds, inflation-indexed (2) 14,464 0 + 1,650 14,464 Inflation compensation (3) 1,835 + 24 + 353 1,844 Federal agency (2) 0 0 - 10 0 Repurchase agreements(4) 22,000 - 1,071 - 2,608 21,250 Loans to depository institutions 105 - 5 + 49 111 Primary credit 2 - 14 0 1 Secondary credit 0 0 0 0 Seasonal credit 104 + 11 + 50 110 Float -483 - 100 + 386 -729 Other Federal Reserve assets 39,299 - 1,388 + 1,696 37,370 Gold stock 11,045 0 + 2 11,045 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 35,755 + 14 + 813 35,755 Total factors supplying reserve funds 789,496 - 801 + 29,510 786,621 Currency in circulation(5) 719,671 + 241 + 29,735 721,297 Reverse repurchase agreements (6) 18,884 - 921 - 1,531 18,273 Foreign official and international accounts 18,884 - 921 - 1,531 18,273 Dealers 0 0 0 0 Treasury cash holdings 324 + 14 - 26 332 Deposits with F.R.Banks, other than reserve balances 15,688 - 682 - 2,875 14,583 U.S. Treasury, general account 5,333 - 102 - 1,566 4,451 Foreign official 282 + 179 + 166 80 Service-related 9,786 - 776 - 1,494 9,786 Required clearing balances 9,786 - 776 - 1,033 9,786 Adjustments to compensate for float 0 0 - 461 0 Other 287 + 17 + 21 266 Other liabilities and capital 20,742 - 89 + 462 21,006 Total factors, other than reserve balances, absorbing reserve funds 775,310 - 1,436 + 25,767 775,491 Reserve balances with Federal Reserve Banks 14,185 + 634 + 3,742 11,130 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 1,199,756 + 7,023 + 282,943 1,209,385 U.S. Treasury 967,313 + 3,878 + 234,330 975,668 Federal agency 232,443 + 3,145 + 48,614 233,717 Securities lent to dealers 2,422 + 1,360 + 1,394 4,914 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 May 19, 2004 May 12, 2004 May 21, 2003 Assets Gold certificate account 11,041 0 + 2 Special drawing rights certificate account 2,200 0 0 Coin 757 - 20 - 193 Securities, repurchase agreements, and loans 700,979 - 4,282 + 23,938 Securities held outright 679,618 + 1,783 + 28,883 U.S. Treasury (1) 679,618 + 1,783 + 28,893 Bills (2) 250,230 + 67 + 12,662 Notes and bonds, nominal (2) 413,080 + 1,692 + 14,227 Notes and bonds, inflation-indexed (2) 14,464 0 + 1,650 Inflation compensation (3) 1,844 + 24 + 355 Federal agency (2) 0 0 - 10 Repurchase agreements (4) 21,250 - 6,000 - 5,001 Loans 111 - 65 + 56 Items in process of collection (1,105) 5,504 - 224 - 1,105 Bank premises 1,676 + 4 + 95 Other assets (5) 35,634 - 3,398 - 574 Total assets (1,105) 757,791 - 7,920 + 22,163 Liabilities Federal Reserve notes net of FR Bank holdings 686,626 + 565 + 28,317 Reverse repurchase agreements (6) 18,273 - 438 - 2,436 Deposits (0) 25,658 - 8,153 - 3,486 Depository institutions 20,861 - 7,660 - 301 U.S. Treasury, general account 4,451 - 498 - 3,157 Foreign official 80 - 3 - 46 Other (0) 266 + 7 + 19 Deferred availability cash items (1,105) 6,228 - 351 - 1,270 Other liabilities and accrued dividends (7) 2,341 + 24 + 37 Total liabilities (1,105) 739,127 - 8,354 + 21,163 Capital Accounts Capital paid in 9,080 + 8 + 518 Surplus 8,847 + 39 + 467 Other capital accounts 738 + 388 + 16 Total capital 18,665 + 435 + 1,001 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, May 19, 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 99 56,046 - 2,901 0 0 21,250 18,273 16 days to 90 days 12 147,682 + 1,374 0 0 0 0 91 days to 1 year 0 164,308 + 4,121 0 0 ------ ------ Over 1 to 5 years ------ 184,387 - 494 0 0 ------ ------ Over 5 to 10 years ------ 50,576 + 543 0 0 ------ ------ Over 10 years ------ 76,618 - 861 0 0 ------ ------ All 111 679,618 + 1,783 0 0 21,250 18,273 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 19, 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 757 34 35 46 38 68 75 97 52 27 44 140 103 Securities, repurchase agreements, and loans 700,979 31,918 315,941 20,214 29,040 51,654 45,835 61,265 19,981 14,857 17,867 30,988 61,420 Securities held outright 679,618 31,913 294,691 20,214 29,040 51,654 45,832 61,219 19,967 14,823 17,859 30,987 61,419 U.S. Treasury (1) 679,618 31,913 294,691 20,214 29,040 51,654 45,832 61,219 19,967 14,823 17,859 30,987 61,419 Bills (2) 250,230 11,750 108,503 7,442 10,692 19,019 16,875 22,540 7,352 5,458 6,576 11,409 22,614 Notes and bonds(3) 429,388 20,163 186,188 12,771 18,348 32,635 28,957 38,679 12,615 9,366 11,284 19,578 38,805 Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements(4) 21,250 0 21,250 0 0 0 0 0 0 0 0 0 0 Loans 111 5 0 0 0 0 3 46 15 33 7 1 1 Items in process of collection 6,609 318 388 509 403 326 649 462 262 404 388 353 2,146 Bank premises 1,676 96 191 52 153 145 278 131 51 124 74 200 180 Other assets(5) 35,634 1,611 12,759 1,040 2,207 5,693 2,018 3,202 931 1,063 728 882 3,502 Interdistrict settlement account 0 + 2,821 -22,878 + 2,743 - 1,642 + 184 + 2,353 + 151 + 454 - 428 + 1,517 + 3,898 +10,828 Total Assets 758,896 37,407 311,961 25,068 30,756 59,036 52,268 66,443 22,127 16,294 20,986 37,084 79,468 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 19, 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 808,058 38,068 320,405 30,560 32,000 59,155 66,175 68,053 23,482 15,533 23,021 41,898 89,709 Less: notes held by F.R. Banks 121,431 4,383 29,417 8,460 5,678 10,795 20,213 7,887 3,323 1,287 4,139 7,133 18,715 Federal Reserve notes, net 686,626 33,685 290,988 22,099 26,321 48,360 45,962 60,166 20,158 14,247 18,883 34,764 70,994 Reverse repurchase agreements (1) 18,273 858 7,923 543 781 1,389 1,232 1,646 537 399 480 833 1,651 Deposits 25,658 1,154 7,223 1,241 1,611 4,395 2,981 1,938 645 433 763 746 2,529 Depository institutions 20,861 1,137 2,561 1,240 1,606 4,300 2,979 1,934 641 432 761 745 2,525 U.S. Treasury, general account 4,451 0 4,451 0 0 0 0 0 0 0 0 0 0 Foreign official 80 2 57 1 2 7 2 3 1 1 1 0 4 Other 266 16 154 0 2 88 0 0 3 0 1 0 0 Deferred availability cash items 7,332 560 674 525 419 482 876 588 199 506 450 346 1,707 Other liabilities and accrued dividends (2) 2,341 134 733 94 123 260 188 222 105 82 84 122 193 Total liabilities 740,231 36,392 307,541 24,503 29,255 54,886 51,239 64,560 21,644 15,666 20,660 36,811 77,074 Capital Capital paid in 9,080 506 2,109 278 738 2,063 502 914 232 266 152 127 1,193 Surplus 8,847 448 2,031 259 727 2,074 489 924 228 346 162 111 1,048 Other capital 738 60 280 28 36 13 38 45 22 17 11 36 152 Total liabilities and capital 758,896 37,407 311,961 25,068 30,756 59,036 52,268 66,443 22,127 16,294 20,986 37,084 79,468 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 19, 2004 Federal Reserve notes outstanding 808,058 Less: Notes held by F.R. Banks not subject to collateralization 121,431 Federal Reserve Notes to be collateralized 686,626 Collateral held against Federal Reserve notes 686,626 Gold certificate account 11,041 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 673,386 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities (1) 700,868 Less:face value of securities under reverse repurchase agreements 18,277 U.S. Treasury and agency securities eligible to be pledged 682,591 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.