FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks July 29, 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 28, 2004 Jul 21, 2004 Jul 30, 2003 Jul 28, 2004 Federal Reserve Banks Reserve Bank Credit 752,230 - 3,980 + 38,848 755,216 Securities held outright 693,510 + 1,229 + 40,667 693,717 U.S. Treasury (1) 693,510 + 1,229 + 40,677 693,717 Bills (2) 255,248 + 10 + 15,547 255,248 Notes and bonds, nominal (2) 421,346 + 1,196 + 22,493 421,546 Notes and bonds, inflation-indexed (2) 14,862 0 + 2,048 14,862 Inflation compensation (3) 2,053 + 22 + 588 2,061 Federal agency (2) 0 0 - 10 0 Repurchase agreements(4) 18,607 - 4,929 - 2,250 21,500 Loans to depository institutions 263 + 23 + 137 432 Primary credit 37 + 11 + 36 193 Secondary credit 0 0 0 0 Seasonal credit 226 + 12 + 101 239 Float -513 - 247 - 36 -781 Other Federal Reserve assets 40,363 - 57 + 330 40,349 Gold stock 11,045 0 + 1 11,045 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 36,036 + 14 + 907 36,036 Total factors supplying reserve funds 801,510 - 3,966 + 39,756 804,497 Currency in circulation(5) 732,994 - 690 + 40,428 734,335 Reverse repurchase agreements (6) 19,959 + 75 + 43 19,363 Foreign official and international accounts 19,959 + 75 + 43 19,363 Dealers 0 0 0 0 Treasury cash holdings 289 - 11 - 54 283 Deposits with F.R.Banks, other than reserve balances 15,136 - 1,169 - 2,869 14,617 U.S. Treasury, general account 4,956 - 553 - 1,249 4,447 Foreign official 77 - 7 - 182 81 Service-related 9,802 - 619 - 1,488 9,802 Required clearing balances 9,802 - 619 - 1,094 9,802 Adjustments to compensate for float 0 0 - 394 0 Other 300 + 10 + 49 286 Other liabilities and capital 21,326 - 213 + 1,098 21,117 Total factors, other than reserve balances, absorbing reserve funds 789,705 - 2,008 + 38,647 789,714 Reserve balances with Federal Reserve Banks 11,805 - 1,959 + 1,109 14,783 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 1,239,426 + 687 + 307,672 1,239,479 U.S. Treasury 1,005,071 + 3,201 + 256,961 1,006,486 Federal agency 234,356 - 2,513 + 50,712 232,994 Securities lent to dealers 1,063 + 631 - 993 1,525 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 28, 2004 Jul 21, 2004 Jul 30, 2003 Assets Gold certificate account 11,040 0 + 1 Special drawing rights certificate account 2,200 0 0 Coin 735 + 10 - 134 Securities, repurchase agreements, and loans 715,649 - 2,383 + 36,392 Securities held outright 693,717 + 1,418 + 40,851 U.S. Treasury (1) 693,717 + 1,418 + 40,861 Bills (2) 255,248 0 + 15,522 Notes and bonds, nominal (2) 421,546 + 1,396 + 22,693 Notes and bonds, inflation-indexed (2) 14,862 0 + 2,048 Inflation compensation (3) 2,061 + 22 + 598 Federal agency (2) 0 0 - 10 Repurchase agreements (4) 21,500 - 4,000 - 4,750 Loans 432 + 199 + 291 Items in process of collection (645) 4,983 - 575 - 2,860 Bank premises 1,707 + 7 + 121 Other assets (5) 38,711 + 105 + 334 Total assets (645) 775,026 - 2,835 + 33,854 Liabilities Federal Reserve notes net of FR Bank holdings 699,312 + 144 + 38,626 Reverse repurchase agreements (6) 19,363 - 543 + 47 Deposits (0) 29,469 - 2,305 - 3,682 Depository institutions 24,655 - 1,853 - 1,224 U.S. Treasury, general account 4,447 - 432 - 1,727 Foreign official 81 - 18 - 771 Other (0) 286 - 1 + 40 Deferred availability cash items (645) 5,764 - 98 - 2,511 Other liabilities and accrued dividends (7) 2,465 + 90 + 314 Total liabilities (645) 756,374 - 2,711 + 32,796 Capital Accounts Capital paid in 9,246 + 1 + 527 Surplus 8,779 - 48 + 416 Other capital accounts 627 - 78 + 114 Total capital 18,652 - 125 + 1,058 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 28, 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 420 55,955 + 919 0 0 21,500 19,363 16 days to 90 days 11 153,010 - 1,421 0 0 0 0 91 days to 1 year 0 165,151 + 503 0 0 ------ ------ Over 1 to 5 years ------ 190,934 + 1,405 0 0 ------ ------ Over 5 to 10 years ------ 51,865 + 6 0 0 ------ ------ Over 10 years ------ 76,802 + 8 0 0 ------ ------ All 432 693,717 + 1,418 0 0 21,500 19,363 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 28, 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 735 21 32 37 39 66 92 90 52 20 45 135 105 Securities, repurchase agreements, and loans 715,649 32,575 322,468 20,640 29,643 52,729 46,794 62,563 20,418 15,215 18,259 31,632 62,714 Securities held outright 693,717 32,575 300,805 20,633 29,643 52,726 46,783 62,489 20,381 15,131 18,230 31,630 62,693 U.S. Treasury (1) 693,717 32,575 300,805 20,633 29,643 52,726 46,783 62,489 20,381 15,131 18,230 31,630 62,693 Bills (2) 255,248 11,986 110,679 7,592 10,907 19,400 17,213 22,992 7,499 5,567 6,707 11,638 23,067 Notes and bonds(3) 438,470 20,589 190,126 13,041 18,736 33,326 29,569 39,497 12,882 9,564 11,522 19,992 39,626 Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements(4) 21,500 0 21,500 0 0 0 0 0 0 0 0 0 0 Loans 432 0 163 7 0 3 11 74 37 84 29 2 21 Items in process of collection 5,628 299 130 358 364 304 511 412 299 401 370 186 1,995 Bank premises 1,707 96 192 51 154 145 279 135 55 124 76 220 180 Other assets(5) 38,711 1,752 14,067 1,126 2,344 5,950 2,219 3,491 1,015 1,133 808 1,022 3,784 Interdistrict settlement account 0 + 2,944 -30,250 + 4,239 + 316 - 158 + 8,974 - 981 + 1,113 - 474 + 1,232 + 3,303 + 9,741 Total Assets 775,671 38,297 312,163 26,917 33,416 60,002 59,927 66,845 23,349 16,668 21,157 37,121 79,808 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 28, 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 819,935 38,532 315,791 32,426 34,911 61,418 72,475 67,832 24,917 15,781 23,867 42,248 89,737 Less: notes held by F.R. Banks 120,623 3,960 30,788 8,568 5,648 11,235 17,377 8,132 3,553 1,077 4,651 7,425 18,208 Federal Reserve notes, net 699,312 34,572 285,003 23,858 29,263 50,182 55,098 59,700 21,363 14,704 19,216 34,823 71,529 Reverse repurchase agreements (1) 19,363 909 8,396 576 827 1,472 1,306 1,744 569 422 509 883 1,750 Deposits 29,469 1,210 13,038 1,370 1,203 3,525 1,572 2,612 718 435 748 755 2,285 Depository institutions 24,655 1,207 8,356 1,369 1,199 3,415 1,570 2,608 716 434 747 754 2,281 U.S. Treasury, general account 4,447 0 4,447 0 0 0 0 0 0 0 0 0 0 Foreign official 81 2 58 1 2 7 2 3 1 1 1 0 4 Other 286 1 177 0 2 103 0 1 1 0 1 0 0 Deferred availability cash items 6,409 462 582 460 493 467 734 499 128 419 276 250 1,639 Other liabilities and accrued dividends (2) 2,465 135 791 94 122 269 195 232 109 84 93 142 199 Total liabilities 757,019 37,287 307,810 26,358 31,909 55,915 58,905 64,788 22,887 16,065 20,842 36,852 77,402 Capital Capital paid in 9,246 506 2,116 278 758 2,077 506 1,026 232 262 151 130 1,203 Surplus 8,779 448 2,031 259 727 2,010 489 924 228 341 162 111 1,048 Other capital 627 55 206 23 22 0 27 108 2 0 2 28 154 Total liabilities and capital 775,671 38,297 312,163 26,917 33,416 60,002 59,927 66,845 23,349 16,668 21,157 37,121 79,808 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 28, 2004 Federal Reserve notes outstanding 819,935 Less: Notes held by F.R. Banks not subject to collateralization 120,623 Federal Reserve Notes to be collateralized 699,312 Collateral held against Federal Reserve notes 699,312 Gold certificate account 11,040 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 686,072 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities (1) 715,217 Less:face value of securities under reverse repurchase agreements 19,369 U.S. Treasury and agency securities eligible to be pledged 695,848 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.