FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks July 8, 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 Jul 7, 2004 Jun 30, 2004 Jul 9, 2003 Jul 7, 2004 Federal Reserve Banks Reserve Bank Credit 754,955 + 2,698 + 36,560 757,305 Securities held outright 687,668 + 569 + 35,225 687,893 U.S. Treasury (1) 687,668 + 569 + 35,235 687,893 Bills (2) 254,558 + 550 + 15,273 254,776 Notes and bonds, nominal (2) 416,694 0 + 17,841 416,694 Notes and bonds, inflation-indexed (2) 14,464 0 + 1,650 14,464 Inflation compensation (3) 1,951 + 19 + 471 1,958 Federal agency (2) 0 0 - 10 0 Repurchase agreements(4) 27,179 + 1,929 + 1,179 28,000 Loans to depository institutions 224 + 2 + 125 225 Primary credit 59 + 1 + 51 53 Secondary credit 0 0 0 0 Seasonal credit 165 + 1 + 74 172 Float -17 - 10 - 637 1,075 Other Federal Reserve assets 39,901 + 208 + 668 40,113 Gold stock 11,045 0 + 1 11,045 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 35,968 + 14 + 887 35,968 Total factors supplying reserve funds 804,167 + 2,711 + 37,448 806,517 Currency in circulation(5) 736,212 + 6,888 + 38,350 738,117 Reverse repurchase agreements (6) 19,958 + 1,464 - 886 19,828 Foreign official and international accounts 19,958 + 1,464 - 886 19,828 Dealers 0 0 0 0 Treasury cash holdings 303 - 4 - 24 302 Deposits with F.R.Banks, other than reserve balances 15,819 - 1,357 - 1,923 14,126 U.S. Treasury, general account 4,541 - 1,420 - 1,677 2,915 Foreign official 155 + 37 - 124 84 Service-related 10,863 + 1 - 153 10,863 Required clearing balances 10,863 + 1 + 25 10,863 Adjustments to compensate for float 0 0 - 178 0 Other 261 + 26 + 32 264 Other liabilities and capital 21,629 - 296 + 1,812 21,510 Total factors, other than reserve balances, absorbing reserve funds 793,920 + 6,694 + 37,329 793,884 Reserve balances with Federal Reserve Banks 10,247 - 3,983 + 119 12,634 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 1,235,553 + 10,094 + 289,933 1,235,128 U.S. Treasury 999,289 + 7,755 + 238,396 998,603 Federal agency 236,263 + 2,338 + 51,537 236,525 Securities lent to dealers 2,299 + 3 + 704 999 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 Jul 7, 2004 Jun 30, 2004 Jul 9, 2003 Assets Gold certificate account 11,040 0 + 1 Special drawing rights certificate account 2,200 0 0 Coin 712 - 32 - 162 Securities, repurchase agreements, and loans 716,117 - 5,096 + 34,302 Securities held outright 687,893 + 502 + 35,432 U.S. Treasury (1) 687,893 + 502 + 35,442 Bills (2) 254,776 + 481 + 15,471 Notes and bonds, nominal (2) 416,694 0 + 17,841 Notes and bonds, inflation-indexed (2) 14,464 0 + 1,650 Inflation compensation (3) 1,958 + 22 + 479 Federal agency (2) 0 0 - 10 Repurchase agreements (4) 28,000 - 5,500 - 1,250 Loans 225 - 98 + 121 Items in process of collection (521) 9,066 + 3,105 - 1,044 Bank premises 1,697 - 5 + 115 Other assets (5) 38,395 + 631 + 683 Total assets (521) 779,227 - 1,397 + 33,895 Liabilities Federal Reserve notes net of FR Bank holdings 703,159 + 4,973 + 39,630 Reverse repurchase agreements (6) 19,828 + 600 - 426 Deposits (0) 26,739 - 9,427 - 6,740 Depository institutions 23,476 - 6,152 - 3,095 U.S. Treasury, general account 2,915 - 3,117 - 3,441 Foreign official 84 - 196 - 243 Other (0) 264 + 38 + 39 Deferred availability cash items (521) 7,991 + 2,146 - 404 Other liabilities and accrued dividends (7) 2,325 + 59 + 218 Total liabilities (521) 760,042 - 1,650 + 32,278 Capital Accounts Capital paid in 9,251 + 25 + 591 Surplus 8,847 0 + 469 Other capital accounts 1,087 + 228 + 558 Total capital 19,185 + 253 + 1,618 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, July 7, 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 59 46,828 - 501 0 0 28,000 19,828 16 days to 90 days 166 163,730 + 8,379 0 0 0 0 91 days to 1 year 0 161,187 - 7,398 0 0 ------ ------ Over 1 to 5 years ------ 187,811 + 8 0 0 ------ ------ Over 5 to 10 years ------ 51,591 + 5 0 0 ------ ------ Over 10 years ------ 76,745 + 8 0 0 ------ ------ All 225 687,893 + 502 0 0 28,000 19,828 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 7, 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 11,040 494 4,650 382 452 819 894 924 325 218 302 525 1,055 Special drawing rights certificate acct. 2,200 115 874 83 104 147 166 212 71 30 66 98 234 Coin 712 25 29 38 33 64 77 82 57 21 44 140 101 Securities, repurchase agreements, and loans 716,117 32,302 326,279 20,460 29,394 52,333 46,399 62,027 20,234 15,057 18,100 31,366 62,168 Securities held outright 687,893 32,302 298,279 20,460 29,394 52,283 46,390 61,964 20,210 15,004 18,077 31,365 62,167 U.S. Treasury (1) 687,893 32,302 298,279 20,460 29,394 52,283 46,390 61,964 20,210 15,004 18,077 31,365 62,167 Bills (2) 254,776 11,964 110,474 7,578 10,887 19,364 17,181 22,950 7,485 5,557 6,695 11,617 23,025 Notes and bonds(3) 433,117 20,338 187,805 12,882 18,507 32,919 29,208 39,015 12,725 9,447 11,382 19,748 39,142 Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements(4) 28,000 0 28,000 0 0 0 0 0 0 0 0 0 0 Loans 225 0 0 0 0 50 9 62 24 53 23 2 1 Items in process of collection 9,586 762 440 492 1,016 574 850 595 425 496 842 451 2,644 Bank premises 1,697 96 191 52 154 145 279 135 53 124 75 213 181 Other assets(5) 38,395 1,739 13,818 1,148 2,347 5,999 2,195 3,468 999 1,133 795 990 3,765 Interdistrict settlement account 0 + 2,753 -32,342 + 3,647 + 286 + 341 + 8,275 + 557 + 1,265 - 532 + 1,182 + 3,783 +10,786 Total Assets 779,748 38,286 313,941 26,302 33,786 60,421 59,133 67,999 23,428 16,547 21,405 37,565 80,934 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 7, 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 815,593 37,518 317,556 31,418 34,153 61,305 70,896 67,717 24,459 15,489 23,577 41,889 89,615 Less: notes held by F.R. Banks 112,434 3,689 28,772 8,134 5,381 10,487 17,029 6,897 3,082 1,052 4,152 6,756 17,003 Federal Reserve notes, net 703,159 33,829 288,784 23,284 28,773 50,818 53,867 60,820 21,377 14,437 19,425 35,134 72,612 Reverse repurchase agreements (1) 19,828 931 8,598 590 847 1,507 1,337 1,786 583 432 521 904 1,792 Deposits 26,739 1,654 10,576 1,204 1,783 3,081 1,792 2,376 633 448 678 704 1,809 Depository institutions 23,476 1,650 7,440 1,202 1,781 2,979 1,790 2,372 630 446 677 703 1,806 U.S. Treasury, general account 2,915 0 2,915 0 0 0 0 0 0 0 0 0 0 Foreign official 84 2 61 1 2 7 2 3 1 1 1 0 4 Other 264 3 161 1 0 95 0 1 2 0 1 1 0 Deferred availability cash items 8,512 702 758 559 740 547 891 683 250 524 368 416 2,074 Other liabilities and accrued dividends (2) 2,325 128 757 92 116 233 189 224 104 79 88 128 186 Total liabilities 760,563 37,244 309,473 25,729 32,259 56,185 58,078 65,889 22,946 15,920 21,080 37,286 78,473 Capital Capital paid in 9,251 506 2,116 278 758 2,077 510 1,028 232 264 150 130 1,202 Surplus 8,847 448 2,031 259 727 2,074 489 924 228 346 162 111 1,048 Other capital 1,087 87 321 36 42 85 57 158 21 17 13 39 210 Total liabilities and capital 779,748 38,286 313,941 26,302 33,786 60,421 59,133 67,999 23,428 16,547 21,405 37,565 80,934 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 7, 2004 Federal Reserve notes outstanding 815,593 Less: Notes held by F.R. Banks not subject to collateralization 112,434 Federal Reserve Notes to be collateralized 703,159 Collateral held against Federal Reserve notes 703,159 Gold certificate account 11,040 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 689,919 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities (1) 715,893 Less:face value of securities under reverse repurchase agreements 19,834 U.S. Treasury and agency securities eligible to be pledged 696,059 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.