FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks June 19, 2003 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 Jun 18, 2003 Jun 11, 2003 Jun 19, 2002 Jun 18, 2003 Federal Reserve Banks Reserve Bank Credit 713,850 + 641 + 63,071 714,954 Securities held outright 651,783 + 198 + 60,419 651,932 U.S. Treasury (1) 651,773 + 198 + 60,419 651,922 Bills (2) 238,605 + 205 + 41,266 238,756 Notes and bonds, nominal (2) 398,853 0 + 17,619 398,853 Notes and bonds, inflation-indexed (2) 12,814 0 + 1,212 12,814 Inflation compensation (3) 1,501 - 7 + 322 1,498 Federal agency (2) 10 0 0 10 Repurchase agreements(4) 23,179 - 107 + 1,143 23,000 Loans to depository institutions 74 + 12 - 60 86 Primary credit 3 + 1 + 3 3 Secondary credit 0 0 0 0 Seasonal credit 71 + 10 - 60 83 Adjustment credit 0 0 - 3 0 Float 0 + 99 + 505 1,127 Other Federal Reserve assets 38,815 + 440 + 1,065 38,809 Gold stock 11,044 0 0 11,044 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 34,952 + 14 + 1,019 34,952 Total factors supplying reserve funds 762,046 + 655 + 64,090 763,150 Currency in circulation(5) 691,472 - 658 + 36,652 692,457 Reverse repurchase agreements (6) 21,464 + 648 + 21,464 22,901 Foreign official and international accounts 21,142 + 326 + 21,142 20,651 Dealers 321 + 321 + 321 2,250 Treasury cash holdings 379 - 6 - 28 368 Deposits with F.R.Banks, other than reserve balances 18,555 + 782 + 2,034 19,499 U.S. Treasury, general account 7,147 + 632 + 1,253 8,086 Foreign official 88 - 51 - 36 96 Service-related 11,088 + 210 + 840 11,088 Required clearing balances 10,830 - 3 + 915 10,830 Adjustments to compensate for float 258 + 213 - 76 258 Other 232 - 9 - 23 229 Other liabilities and capital 20,322 + 132 + 503 19,937 Total factors, other than reserve balances, absorbing reserve funds 752,192 + 898 + 60,625 755,161 Reserve balances with Federal Reserve Banks 9,855 - 242 + 3,466 7,989 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 935,900 + 434 ------ 934,711 U.S. Treasury 750,138 + 3,547 ------ 751,560 Federal agency 185,762 - 3,113 ------ 183,151 Securities lent to dealers 625 - 142 - 305 792 Note: Components may not sum to totals because of rounding. --- Not available. 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 Jun 18, 2003 Jun 11, 2003 Jun 19, 2002 Assets Gold certificate account 11,040 0 - 4 Special drawing rights certificate account 2,200 0 0 Coin 937 + 11 - 8 Securities, repurchase agreements, and loans 675,017 - 9,160 + 61,920 Securities held outright 651,932 + 319 + 59,735 U.S. Treasury (1) 651,922 + 319 + 59,735 Bills (2) 238,756 + 326 + 40,593 Notes and bonds, nominal (2) 398,853 0 + 17,619 Notes and bonds, inflation-indexed (2) 12,814 0 + 1,212 Inflation compensation (3) 1,498 - 7 + 311 Federal agency (2) 10 0 0 Repurchase agreements (4) 23,000 - 9,500 + 2,250 Loans 86 + 21 - 64 Items in process of collection (1,167) 8,832 + 1,601 + 1,716 Bank premises 1,580 + 1 + 63 Other assets (5) 37,243 + 233 + 775 Total assets (1,167) 736,850 - 7,314 + 64,463 Liabilities Federal Reserve notes net of FR Bank holdings 658,805 - 581 + 35,282 Reverse repurchase agreements (6) 22,901 + 1,690 + 22,901 Deposits (0) 27,211 - 8,482 + 5,607 Depository institutions 18,800 - 10,549 + 4,459 U.S. Treasury, general account 8,086 + 2,055 + 1,187 Foreign official 96 + 16 - 17 Other (0) 229 - 4 - 22 Deferred availability cash items (1,167) 7,996 + 241 + 444 Other liabilities and accrued dividends (7) 2,326 - 29 - 228 Total liabilities (1,167) 719,239 - 7,161 + 64,006 Capital Accounts Capital paid in 8,657 + 1 + 337 Surplus 8,380 0 + 1,068 Other capital accounts 574 - 154 - 949 Total capital 17,611 - 153 + 457 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 collatealized 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, June 18, 2003 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 72 51,004 + 5,443 0 0 17,000 22,901 16 days to 90 days 13 137,572 - 5,710 0 0 6,000 0 91 days to 1 year 0 156,513 + 595 10 0 ------ ------ Over 1 to 5 years ------ 180,189 - 2 0 0 ------ ------ Over 5 to 10 years ------ 46,665 - 3 0 0 ------ ------ Over 10 years ------ 79,979 - 3 0 0 ------ ------ All 86 651,922 + 319 10 0 23,000 22,901 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 June 18, 2003 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 11,040 495 4,707 380 477 808 863 982 331 224 303 507 963 Special drawing rights certificate acct. 2,200 115 874 83 104 147 166 212 71 30 66 98 234 Coin 937 43 36 61 39 119 104 116 56 36 67 151 109 Securities, repurchase agreements, and loans 675,017 31,521 301,917 20,382 30,548 50,136 44,047 65,891 20,530 14,580 17,528 25,552 52,385 Securities held outright 651,932 31,518 278,917 20,382 30,548 50,136 44,042 65,878 20,511 14,552 17,520 25,549 52,379 U.S. Treasury (1) 651,922 31,518 278,913 20,382 30,547 50,135 44,041 65,877 20,510 14,552 17,520 25,549 52,378 Bills (2) 238,756 11,543 102,148 7,465 11,188 18,361 16,129 24,126 7,512 5,329 6,416 9,357 19,183 Notes and bonds(3) 413,165 19,975 176,765 12,917 19,360 31,774 27,912 41,750 12,999 9,222 11,104 16,192 33,195 Federal agency (2) 10 0 4 0 0 1 1 1 0 0 0 0 1 Repurchase agreements(4) 23,000 0 23,000 0 0 0 0 0 0 0 0 0 0 Loans 86 3 0 0 0 0 5 13 19 28 8 3 6 Items in process of collection 9,999 868 848 442 441 826 1,009 840 555 336 693 571 2,571 Bank premises 1,580 91 185 52 152 143 279 117 43 126 52 164 176 Other assets(5) 37,243 1,724 13,399 1,035 2,328 5,914 2,161 3,459 965 1,116 890 1,061 3,192 Interdistrict settlement account 0 - 3,565 +12,806 - 2,964 - 3,050 + 243 - 1,320 - 7,674 - 1,183 - 369 - 159 + 3,079 + 4,157 Total Assets 738,017 31,292 334,772 19,470 31,039 58,335 47,308 63,942 21,368 16,079 19,440 31,184 63,787 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 June 18, 2003 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 763,602 31,719 331,797 24,379 30,886 55,753 61,701 63,552 22,913 15,237 21,322 35,106 69,238 Less: notes held by F.R. Banks 104,797 4,255 23,630 7,479 4,159 8,430 19,616 7,211 3,848 1,438 4,096 6,736 13,900 Federal Reserve notes, net 658,805 27,464 308,167 16,900 26,727 47,323 42,085 56,341 19,064 13,799 17,226 28,370 55,338 Reverse repurchase agreements (1) 22,901 1,107 9,798 716 1,073 1,761 1,547 2,314 720 511 615 897 1,840 Deposits 27,211 1,149 11,168 803 1,088 4,148 1,609 2,405 679 549 608 934 2,070 Depository institutions 18,800 1,146 2,851 802 1,085 4,079 1,607 2,401 676 548 606 933 2,067 U.S. Treasury, general account 8,086 0 8,086 0 0 0 0 0 0 0 0 0 0 Foreign official 96 2 72 1 3 7 2 3 1 1 1 1 3 Other 229 2 159 0 1 62 0 1 2 0 1 0 0 Deferred availability cash items 9,163 533 976 444 605 662 913 837 334 431 504 481 2,444 Other liabilities and accrued dividends (2) 2,326 134 720 95 129 266 182 230 99 92 86 109 185 Total liabilities 720,406 30,387 330,829 18,957 29,623 54,160 46,336 62,128 20,898 15,382 19,039 30,792 61,876 Capital Capital paid in 8,657 446 1,894 252 704 2,090 477 884 228 347 191 189 956 Surplus 8,380 436 1,809 233 702 2,073 475 858 199 340 201 186 868 Other capital 574 22 241 28 10 12 20 73 43 10 9 17 88 Total liabilities and capital 738,017 31,292 334,772 19,470 31,039 58,335 47,308 63,942 21,368 16,079 19,440 31,184 63,787 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 Jun 18, 2003 Federal Reserve notes outstanding 763,602 Less: Notes held by F.R. Banks not subject to collateralization 100,588 Federal Reserve Notes to be collateralized 663,014 Collateral held against Federal Reserve notes 663,014 Gold certificate account 11,040 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 649,774 Other eligible assets 0 Memo: Total U.S. Treasury and agency securities (1) 674,932 Less:face value of securities under reverse repurchase agreements 22,908 U.S. Treasury and agency securities eligible to be pledged 652,023 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.