FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks July 31, 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 30, 2003 Jul 23, 2003 Jul 31, 2002 Jul 30, 2003 Federal Reserve Banks Reserve Bank Credit 713,408 - 3,314 + 57,913 718,092 Securities held outright 652,843 + 79 + 52,691 652,866 U.S. Treasury (1) 652,833 + 79 + 52,691 652,856 Bills (2) 239,701 + 85 + 37,045 239,726 Notes and bonds, nominal (2) 398,853 0 + 14,760 398,853 Notes and bonds, inflation-indexed (2) 12,814 0 + 572 12,814 Inflation compensation (3) 1,465 - 5 + 314 1,463 Federal agency (2) 10 0 0 10 Repurchase agreements(4) 20,857 - 3,393 + 5,428 26,250 Loans to depository institutions 126 + 7 - 77 141 Primary credit 1 - 3 + 1 5 Secondary credit 0 0 0 0 Seasonal credit 125 + 10 - 55 137 Adjustment credit 0 0 - 23 0 Float -450 - 495 + 39 -1,160 Other Federal Reserve assets 40,032 + 487 - 168 39,995 Gold stock 11,044 0 0 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 35,088 + 14 + 1,093 35,088 Total factors supplying reserve funds 761,739 - 3,301 + 59,005 766,423 Currency in circulation(5) 692,525 - 155 + 32,935 694,545 Reverse repurchase agreements (6) 19,916 + 239 + 19,916 19,316 Foreign official and international accounts 19,916 + 239 + 19,916 19,316 Dealers 0 0 0 0 Treasury cash holdings 343 + 13 - 38 364 Deposits with F.R.Banks, other than reserve balances 18,006 - 90 + 1,696 18,563 U.S. Treasury, general account 6,205 + 138 + 426 6,174 Foreign official 259 + 135 + 165 852 Service-related 11,291 - 108 + 1,071 11,291 Required clearing balances 10,897 + 35 + 936 10,898 Adjustments to compensate for float 394 - 144 + 135 394 Other 251 - 255 + 35 246 Other liabilities and capital 20,228 + 228 + 1,027 19,745 Total factors, other than reserve balances, absorbing reserve funds 751,018 + 234 + 55,537 752,533 Reserve balances with Federal Reserve Banks 10,722 - 3,534 + 3,469 13,891 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 931,754 - 5,239 ------ 930,019 U.S. Treasury 748,110 - 5,634 ------ 746,813 Federal agency 183,644 + 395 ------ 183,207 Securities lent to dealers 2,056 + 755 - 147 2,534 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 30, 2003 Jul 23, 2003 Jul 31, 2002 Assets Gold certificate account 11,039 0 + 1 Special drawing rights certificate account 2,200 0 0 Coin 869 - 3 - 78 Securities, repurchase agreements, and loans 679,257 - 5,699 + 59,106 Securities held outright 652,866 + 29 + 52,401 U.S. Treasury (1) 652,856 + 29 + 52,401 Bills (2) 239,726 + 34 + 36,757 Notes and bonds, nominal (2) 398,853 0 + 14,760 Notes and bonds, inflation-indexed (2) 12,814 0 + 572 Inflation compensation (3) 1,463 - 5 + 312 Federal agency (2) 10 0 0 Repurchase agreements (4) 26,250 - 5,750 + 6,750 Loans 141 + 23 - 45 Items in process of collection (1,264) 7,843 + 163 + 1,345 Bank premises 1,586 - 2 + 67 Other assets (5) 38,377 + 161 + 184 Total assets (1,264) 741,172 - 5,378 + 60,626 Liabilities Federal Reserve notes net of FR Bank holdings 660,686 + 961 + 32,218 Reverse repurchase agreements (6) 19,316 - 356 + 19,316 Deposits (0) 33,151 - 6,301 + 7,326 Depository institutions 25,879 - 6,958 + 6,696 U.S. Treasury, general account 6,174 + 116 - 68 Foreign official 852 + 718 + 688 Other (0) 246 - 177 + 10 Deferred availability cash items (1,264) 8,275 + 658 + 962 Other liabilities and accrued dividends (7) 2,151 + 13 - 212 Total liabilities (1,264) 723,578 - 5,025 + 59,609 Capital Accounts Capital paid in 8,719 + 5 + 453 Surplus 8,363 - 17 + 1,051 Other capital accounts 513 - 339 - 486 Total capital 17,594 - 353 + 1,017 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 30, 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 116 46,048 - 112 0 0 24,250 19,316 16 days to 90 days 25 141,180 + 258 0 0 2,000 0 91 days to 1 year 0 159,660 - 113 10 0 ------ ------ Over 1 to 5 years ------ 179,349 - 1 0 0 ------ ------ Over 5 to 10 years ------ 46,654 - 2 0 0 ------ ------ Over 10 years ------ 79,965 - 2 0 0 ------ ------ All 141 652,856 + 29 10 0 26,250 19,316 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 30, 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 869 35 30 46 38 109 115 108 53 32 56 150 98 Securities, repurchase agreements, and loans 679,257 31,563 305,568 20,411 30,592 50,207 44,120 65,999 20,565 14,623 17,562 25,589 52,458 Securities held outright 652,866 31,563 279,317 20,411 30,592 50,207 44,105 65,972 20,540 14,573 17,545 25,586 52,454 U.S. Treasury (1) 652,856 31,563 279,313 20,411 30,591 50,207 44,104 65,971 20,540 14,573 17,545 25,585 52,453 Bills (2) 239,726 11,590 102,562 7,495 11,233 18,436 16,195 24,224 7,542 5,351 6,442 9,395 19,261 Notes and bonds(3) 413,130 19,973 176,750 12,916 19,358 31,771 27,909 41,747 12,998 9,222 11,103 16,190 33,193 Federal agency (2) 10 0 4 0 0 1 1 1 0 0 0 0 1 Repurchase agreements(4) 26,250 0 26,250 0 0 0 0 0 0 0 0 0 0 Loans 141 0 1 0 0 0 15 26 25 50 17 3 4 Items in process of collection 9,107 694 687 391 425 699 770 626 413 591 636 433 2,740 Bank premises 1,586 91 186 52 152 142 279 119 43 126 54 168 176 Other assets(5) 38,377 1,775 13,944 1,132 2,361 5,933 2,240 3,568 994 1,132 921 1,110 3,268 Interdistrict settlement account 0 - 4,549 +13,674 - 875 - 3,738 - 232 - 557 - 6,461 - 1,299 - 758 - 809 + 2,713 + 2,890 Total Assets 742,436 30,219 339,669 21,622 30,410 57,813 47,995 65,152 21,171 16,000 18,789 30,767 62,828 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 30, 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 774,095 31,577 332,601 25,402 31,159 58,324 63,604 66,433 23,460 15,086 21,311 35,387 69,753 Less: notes held by F.R. Banks 113,409 5,094 22,721 7,933 4,971 9,894 20,866 9,070 4,403 1,377 4,714 7,228 15,138 Federal Reserve notes, net 660,686 26,482 309,880 17,469 26,187 48,430 42,738 57,364 19,057 13,708 16,597 28,159 54,615 Reverse repurchase agreements (1) 19,316 934 8,264 604 905 1,485 1,305 1,952 608 431 519 757 1,552 Deposits 33,151 1,014 15,980 2,376 1,159 2,909 1,833 3,051 686 520 639 809 2,173 Depository institutions 25,879 1,012 8,824 2,375 1,156 2,817 1,831 3,048 684 519 637 808 2,170 U.S. Treasury, general account 6,174 0 6,174 0 0 0 0 0 0 0 0 0 0 Foreign official 852 2 829 1 3 7 2 3 1 1 1 1 3 Other 246 1 153 0 1 85 0 1 1 0 1 1 0 Deferred availability cash items 9,539 766 846 571 636 614 976 733 265 563 553 557 2,460 Other liabilities and accrued dividends (2) 2,151 124 672 90 115 227 178 209 99 84 87 106 161 Total liabilities 724,842 29,321 335,641 21,110 29,003 53,665 47,030 63,309 20,714 15,306 18,394 30,387 60,961 Capital Capital paid in 8,719 446 1,952 252 707 2,091 477 914 228 348 191 183 931 Surplus 8,363 436 1,809 233 701 2,057 475 858 199 340 201 186 868 Other capital 513 16 268 26 0 0 13 71 30 6 3 11 68 Total liabilities and capital 742,436 30,219 339,669 21,622 30,410 57,813 47,995 65,152 21,171 16,000 18,789 30,767 62,828 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 30, 2003 Federal Reserve notes outstanding 774,095 Less: Notes held by F.R. Banks not subject to collateralization 108,713 Federal Reserve Notes to be collateralized 665,381 Collateral held against Federal Reserve notes 665,381 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 652,142 Other eligible assets 0 Memo: Total U.S. Treasury and agency securities (1) 679,116 Less:face value of securities under reverse repurchase agreements 19,321 U.S. Treasury and agency securities eligible to be pledged 659,795 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.