FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks February 5, 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 Feb 4, 2004 Jan 28, 2004 Feb 5, 2003 Feb 4, 2004 Federal Reserve Banks Reserve Bank Credit 732,240 + 4,057 + 37,766 732,359 Securities held outright 667,262 + 233 + 37,847 667,292 U.S. Treasury (1) 667,262 + 233 + 37,857 667,292 Bills (2) 245,473 + 242 + 18,791 245,505 Notes and bonds, nominal (2) 406,173 0 + 16,954 406,173 Notes and bonds, inflation-indexed (2) 13,994 0 + 1,752 13,994 Inflation compensation (3) 1,622 - 8 + 361 1,620 Federal agency (2) 0 0 - 10 0 Repurchase agreements(4) 23,214 + 4,071 - 1,179 23,250 Loans to depository institutions 23 - 174 + 8 23 Primary credit 10 - 174 - 1 13 Secondary credit 0 0 0 0 Seasonal credit 13 - 1 + 9 10 Float 335 - 190 - 242 298 Other Federal Reserve assets 41,406 + 117 + 1,332 41,496 Gold stock 11,043 0 0 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 35,545 + 14 + 948 35,545 Total factors supplying reserve funds 781,028 + 4,071 + 38,714 781,147 Currency in circulation(5) 710,138 + 661 + 34,360 712,636 Reverse repurchase agreements (6) 20,581 + 356 + 2,098 20,426 Foreign official and international accounts 20,581 + 356 + 2,098 20,426 Dealers 0 0 0 0 Treasury cash holdings 356 + 11 - 4 355 Deposits with F.R.Banks, other than reserve balances 16,348 - 330 - 108 17,169 U.S. Treasury, general account 4,901 - 252 - 491 5,728 Foreign official 83 + 1 - 25 80 Service-related 10,944 - 102 + 220 10,944 Required clearing balances 10,614 - 5 + 259 10,614 Adjustments to compensate for float 330 - 97 - 38 330 Other 421 + 25 + 189 418 Other liabilities and capital 20,385 - 205 + 872 20,226 Total factors, other than reserve balances, absorbing reserve funds 767,808 + 494 + 37,218 770,812 Reserve balances with Federal Reserve Banks 13,220 + 3,577 + 1,496 10,335 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 1,116,950 + 4,434 + 251,584 1,121,982 U.S. Treasury 889,468 + 5,104 + 193,468 894,193 Federal agency 227,481 - 671 + 58,114 227,789 Securities lent to dealers 349 - 234 - 59 581 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 Feb 4, 2004 Jan 28, 2004 Feb 5, 2003 Assets Gold certificate account 11,038 - 1 - 1 Special drawing rights certificate account 2,200 0 0 Coin 858 + 45 - 276 Securities, repurchase agreements, and loans 690,565 + 480 + 33,388 Securities held outright 667,292 + 232 + 37,881 U.S. Treasury (1) 667,292 + 232 + 37,891 Bills (2) 245,505 + 239 + 18,823 Notes and bonds, nominal (2) 406,173 0 + 16,954 Notes and bonds, inflation-indexed (2) 13,994 0 + 1,752 Inflation compensation (3) 1,620 - 6 + 363 Federal agency (2) 0 0 - 10 Repurchase agreements (4) 23,250 + 250 - 4,500 Loans 23 - 2 + 8 Items in process of collection (1,292) 8,881 - 1,691 - 78 Bank premises 1,644 0 + 105 Other assets (5) 39,855 + 46 + 1,244 Total assets (1,292) 755,041 - 1,120 + 34,382 Liabilities Federal Reserve notes net of FR Bank holdings 678,300 + 2,035 + 33,420 Reverse repurchase agreements (6) 20,426 - 268 + 2,440 Deposits (0) 27,507 - 3,528 - 2,307 Depository institutions 21,282 - 4,047 - 2,474 U.S. Treasury, general account 5,728 + 481 + 64 Foreign official 80 - 2 - 68 Other (0) 418 + 40 + 172 Deferred availability cash items (1,292) 8,582 + 935 - 122 Other liabilities and accrued dividends (7) 2,210 - 76 - 21 Total liabilities (1,292) 737,025 - 902 + 33,409 Capital Accounts Capital paid in 8,889 + 3 + 485 Surplus 8,847 0 + 467 Other capital accounts 280 - 222 + 20 Total capital 18,016 - 219 + 973 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, February 4, 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 11 50,388 - 3,128 0 0 23,250 20,426 16 days to 90 days 11 148,245 + 5,119 0 0 0 0 91 days to 1 year 0 162,763 - 567 0 0 ------ ------ Over 1 to 5 years ------ 181,106 - 1,189 0 0 ------ ------ Over 5 to 10 years ------ 47,660 - 1 0 0 ------ ------ Over 10 years ------ 77,129 - 2 0 0 ------ ------ All 23 667,292 + 232 0 0 23,250 20,426 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 February 4, 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 11,038 495 4,705 380 477 808 863 982 331 224 303 507 963 Special drawing rights certificate acct. 2,200 115 874 83 104 147 166 212 71 30 66 98 234 Coin 858 31 34 44 44 87 100 118 65 28 49 154 103 Securities, repurchase agreements, and loans 690,565 32,261 308,739 20,862 31,268 51,317 45,080 67,437 20,994 14,900 17,933 26,151 53,624 Securities held outright 667,292 32,261 285,489 20,862 31,268 51,317 45,080 67,430 20,994 14,895 17,933 26,151 53,613 U.S. Treasury (1) 667,292 32,261 285,489 20,862 31,268 51,317 45,080 67,430 20,994 14,895 17,933 26,151 53,613 Bills (2) 245,505 11,869 105,035 7,675 11,504 18,880 16,585 24,808 7,724 5,480 6,598 9,621 19,725 Notes and bonds(3) 421,788 20,392 180,454 13,187 19,764 32,437 28,494 42,622 13,270 9,415 11,335 16,530 33,888 Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements(4) 23,250 0 23,250 0 0 0 0 0 0 0 0 0 0 Loans 23 0 0 0 0 0 0 7 0 5 0 0 11 Items in process of collection 10,173 538 902 472 726 671 1,037 719 436 438 696 648 2,889 Bank premises 1,644 94 189 52 151 145 278 125 48 125 74 185 179 Other assets(5) 39,855 1,835 14,312 1,177 2,492 6,175 2,298 3,779 1,076 1,180 842 936 3,755 Interdistrict settlement account 0 + 2,355 - 8,438 + 139 - 2,498 + 545 + 1,236 - 6,787 - 1,202 - 454 - 399 + 6,944 + 8,559 Total Assets 756,333 37,723 321,317 23,210 32,763 59,896 51,057 66,585 21,819 16,470 19,565 35,621 70,307 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 February 4, 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 798,664 39,139 324,691 29,249 32,874 60,050 64,947 67,123 23,444 15,687 21,974 40,141 79,344 Less: notes held by F.R. Banks 120,364 5,465 28,848 8,718 4,920 9,710 19,303 8,280 3,806 1,604 4,530 7,147 18,033 Federal Reserve notes, net 678,300 33,674 295,843 20,531 27,954 50,341 45,644 58,842 19,638 14,083 17,443 32,995 61,311 Reverse repurchase agreements (1) 20,426 987 8,739 639 957 1,571 1,380 2,064 643 456 549 800 1,641 Deposits 27,507 1,323 10,558 905 1,799 2,857 1,768 2,723 667 716 680 924 2,588 Depository institutions 21,282 1,312 4,608 904 1,796 2,613 1,767 2,718 665 714 678 923 2,584 U.S. Treasury, general account 5,728 0 5,728 0 0 0 0 0 0 0 0 0 0 Foreign official 80 2 57 1 2 7 2 3 1 1 1 0 4 Other 418 10 165 0 1 236 0 2 1 0 1 1 0 Deferred availability cash items 9,874 708 1,226 494 480 731 1,093 851 309 443 483 561 2,496 Other liabilities and accrued dividends (2) 2,210 122 738 89 115 226 176 215 101 77 84 109 158 Total liabilities 738,317 36,815 317,104 22,658 31,306 55,725 50,061 64,695 21,357 15,775 19,239 35,389 68,193 Capital Capital paid in 8,889 448 2,041 272 721 2,083 490 932 227 346 160 111 1,057 Surplus 8,847 448 2,031 259 727 2,074 489 924 228 346 162 111 1,048 Other capital 280 11 141 22 9 13 17 33 7 4 3 11 9 Total liabilities and capital 756,333 37,723 321,317 23,210 32,763 59,896 51,057 66,585 21,819 16,470 19,565 35,621 70,307 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 Feb 4, 2004 Federal Reserve notes outstanding 798,664 Less: Notes held by F.R. Banks not subject to collateralization 120,364 Federal Reserve Notes to be collateralized 678,300 Collateral held against Federal Reserve notes 678,300 Gold certificate account 11,038 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 665,061 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities (1) 690,542 Less:face value of securities under reverse repurchase agreements 20,430 U.S. Treasury and agency securities eligible to be pledged 670,112 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.