FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks July 17, 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 Jul 16, 2003 Jul 9, 2003 Jul 17, 2002 Jul 16, 2003 Federal Reserve Banks Reserve Bank Credit 715,493 - 2,907 + 58,741 716,172 Securities held outright 652,538 + 95 + 60,015 652,700 U.S. Treasury (1) 652,528 + 95 + 60,015 652,690 Bills (2) 239,385 + 100 + 42,679 239,550 Notes and bonds, nominal (2) 398,853 0 + 15,864 398,853 Notes and bonds, inflation-indexed (2) 12,814 0 + 1,165 12,814 Inflation compensation (3) 1,475 - 5 + 306 1,473 Federal agency (2) 10 0 0 10 Repurchase agreements(4) 22,893 - 3,107 - 1,678 24,000 Loans to depository institutions 114 + 15 - 65 121 Primary credit 6 - 2 + 6 8 Secondary credit 1 + 1 + 1 0 Seasonal credit 107 + 16 - 70 113 Adjustment credit 0 0 - 2 0 Float 462 - 164 + 772 107 Other Federal Reserve assets 39,486 + 253 - 303 39,244 Gold stock 11,044 0 0 11,044 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 35,008 + 14 + 1,012 35,008 Total factors supplying reserve funds 763,744 - 2,894 + 59,752 764,424 Currency in circulation(5) 694,437 - 3,338 + 32,996 694,663 Reverse repurchase agreements (6) 20,067 - 777 + 20,067 20,346 Foreign official and international accounts 20,067 - 777 + 20,067 20,346 Dealers 0 0 0 0 Treasury cash holdings 327 0 - 65 329 Deposits with F.R.Banks, other than reserve balances 17,955 + 209 + 1,997 17,230 U.S. Treasury, general account 6,479 + 261 + 984 5,724 Foreign official 109 - 170 + 11 128 Service-related 11,059 + 39 + 939 11,059 Required clearing balances 10,860 + 21 + 956 10,860 Adjustments to compensate for float 199 + 18 - 18 199 Other 307 + 78 + 63 318 Other liabilities and capital 19,878 + 61 - 32 19,649 Total factors, other than reserve balances, absorbing reserve funds 752,664 - 3,844 + 54,965 752,218 Reserve balances with Federal Reserve Banks 11,080 + 950 + 4,788 12,206 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 941,453 - 4,167 ------ 939,558 U.S. Treasury 757,619 - 3,274 ------ 756,862 Federal agency 183,834 - 892 ------ 182,696 Securities lent to dealers 868 - 727 - 21 661 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 Jul 16, 2003 Jul 9, 2003 Jul 17, 2002 Assets Gold certificate account 11,039 0 0 Special drawing rights certificate account 2,200 0 0 Coin 872 - 2 - 25 Securities, repurchase agreements, and loans 676,822 - 4,993 + 62,464 Securities held outright 652,700 + 239 + 58,279 U.S. Treasury (1) 652,690 + 239 + 58,279 Bills (2) 239,550 + 245 + 40,946 Notes and bonds, nominal (2) 398,853 0 + 15,864 Notes and bonds, inflation-indexed (2) 12,814 0 + 1,102 Inflation compensation (3) 1,473 - 6 + 368 Federal agency (2) 10 0 0 Repurchase agreements (4) 24,000 - 5,250 + 4,250 Loans 121 + 17 - 66 Items in process of collection (1,189) 8,534 - 1,576 + 1,327 Bank premises 1,585 + 3 + 65 Other assets (5) 37,607 - 105 - 679 Total assets (1,189) 738,658 - 6,674 + 63,150 Liabilities Federal Reserve notes net of FR Bank holdings 660,851 - 2,678 + 32,250 Reverse repurchase agreements (6) 20,346 + 92 + 20,346 Deposits (0) 29,600 - 3,879 + 9,957 Depository institutions 23,429 - 3,142 + 9,172 U.S. Treasury, general account 5,724 - 632 + 724 Foreign official 128 - 199 - 28 Other (0) 318 + 93 + 88 Deferred availability cash items (1,189) 8,211 - 184 + 526 Other liabilities and accrued dividends (7) 2,080 - 27 - 285 Total liabilities (1,189) 721,089 - 6,675 + 62,794 Capital Accounts Capital paid in 8,662 + 2 + 401 Surplus 8,378 0 + 1,066 Other capital accounts 529 0 - 1,112 Total capital 17,569 + 2 + 356 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, July 16, 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 64 46,121 + 5,453 0 0 19,000 20,346 16 days to 90 days 57 141,599 - 5,715 0 0 5,000 0 91 days to 1 year 0 158,993 + 508 10 0 ------ ------ Over 1 to 5 years ------ 179,352 - 1 0 0 ------ ------ Over 5 to 10 years ------ 46,657 - 2 0 0 ------ ------ Over 10 years ------ 79,969 - 2 0 0 ------ ------ All 121 652,690 + 239 10 0 24,000 20,346 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 16, 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 11,039 495 4,706 380 477 808 863 982 331 224 303 507 963 Special drawing rights certificate acct. 2,200 115 874 83 104 147 166 212 71 30 66 98 234 Coin 872 37 32 49 35 109 112 109 53 33 61 147 94 Securities, repurchase agreements, and loans 676,822 31,555 303,251 20,406 30,584 50,195 44,104 65,982 20,542 14,616 17,552 25,582 52,452 Securities held outright 652,700 31,555 279,246 20,406 30,584 50,195 44,094 65,956 20,535 14,569 17,541 25,579 52,441 U.S. Treasury (1) 652,690 31,555 279,242 20,406 30,584 50,194 44,093 65,955 20,534 14,569 17,541 25,579 52,440 Bills (2) 239,550 11,581 102,487 7,489 11,225 18,422 16,183 24,207 7,537 5,347 6,438 9,388 19,246 Notes and bonds(3) 413,141 19,974 176,755 12,916 19,359 31,772 27,910 41,748 12,998 9,222 11,103 16,191 33,193 Federal agency (2) 10 0 4 0 0 1 1 1 0 0 0 0 1 Repurchase agreements(4) 24,000 0 24,000 0 0 0 0 0 0 0 0 0 0 Loans 121 0 5 0 0 0 10 27 7 47 11 3 12 Items in process of collection 9,723 494 601 409 544 921 1,132 770 458 551 695 404 2,744 Bank premises 1,585 91 186 52 152 143 279 118 43 126 54 166 176 Other assets(5) 37,607 1,734 13,624 1,108 2,326 5,876 2,183 3,491 970 1,117 900 1,079 3,199 Interdistrict settlement account 0 - 4,117 +11,694 - 2,184 - 3,251 + 2,223 - 1,764 - 6,911 - 998 - 769 - 536 + 2,817 + 3,797 Total Assets 739,847 30,404 334,968 20,303 30,971 60,422 47,074 64,755 21,470 15,929 19,093 30,799 63,659 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 16, 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 770,017 31,784 332,556 24,226 31,091 58,317 62,163 65,403 23,276 15,150 21,278 35,171 69,603 Less: notes held by F.R. Banks 109,165 4,962 23,378 7,591 4,586 9,136 20,063 8,004 4,021 1,397 4,387 6,910 14,729 Federal Reserve notes, net 660,851 26,822 309,178 16,634 26,506 49,181 42,099 57,399 19,255 13,753 16,890 28,261 54,873 Reverse repurchase agreements (1) 20,346 984 8,705 636 953 1,565 1,375 2,056 640 454 547 797 1,635 Deposits 29,600 952 11,594 2,008 1,408 4,619 1,501 2,450 664 459 607 759 2,581 Depository institutions 23,429 945 5,601 2,007 1,404 4,468 1,499 2,446 662 458 605 758 2,577 U.S. Treasury, general account 5,724 0 5,724 0 0 0 0 0 0 0 0 0 0 Foreign official 128 2 105 1 3 7 2 3 1 1 1 1 3 Other 318 6 164 0 1 144 0 1 0 0 1 0 0 Deferred availability cash items 9,400 626 888 425 575 685 958 798 351 482 568 499 2,545 Other liabilities and accrued dividends (2) 2,080 120 660 86 111 211 172 205 93 84 85 103 151 Total liabilities 722,278 29,502 331,024 19,790 29,552 56,261 46,105 62,909 21,002 15,233 18,696 30,419 61,784 Capital Capital paid in 8,662 446 1,900 252 706 2,090 477 912 228 347 192 182 931 Surplus 8,378 436 1,809 233 702 2,071 475 858 199 340 201 186 868 Other capital 529 19 234 28 11 0 17 77 41 9 5 11 75 Total liabilities and capital 739,847 30,404 334,968 20,303 30,971 60,422 47,074 64,755 21,470 15,929 19,093 30,799 63,659 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 16, 2003 Federal Reserve notes outstanding 770,017 Less: Notes held by F.R. Banks not subject to collateralization 104,446 Federal Reserve Notes to be collateralized 665,571 Collateral held against Federal Reserve notes 665,571 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 652,331 Other eligible assets 0 Memo: Total U.S. Treasury and agency securities (1) 676,700 Less:face value of securities under reverse repurchase agreements 20,351 U.S. Treasury and agency securities eligible to be pledged 656,349 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.