FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks April 8, 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 Apr 7, 2004 Mar 31, 2004 Apr 9, 2003 Apr 7, 2004 Federal Reserve Banks Reserve Bank Credit 733,554 - 4,184 + 29,147 734,127 Securities held outright 674,201 + 164 + 30,261 674,294 U.S. Treasury (1) 674,201 + 164 + 30,271 674,294 Bills (2) 246,644 + 145 + 11,599 246,729 Notes and bonds, nominal (2) 411,388 0 + 16,663 411,388 Notes and bonds, inflation-indexed (2) 14,464 0 + 1,650 14,464 Inflation compensation (3) 1,705 + 19 + 360 1,713 Federal agency (2) 0 0 - 10 0 Repurchase agreements(4) 19,571 - 4,786 - 2,322 19,750 Loans to depository institutions 73 + 25 + 44 79 Primary credit 36 + 25 + 23 33 Secondary credit 0 0 0 0 Seasonal credit 37 + 1 + 21 47 Float -497 + 226 - 439 -340 Other Federal Reserve assets 40,205 + 186 + 1,602 40,344 Gold stock 11,045 0 + 2 11,045 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 35,671 + 14 + 850 35,671 Total factors supplying reserve funds 782,471 - 4,169 + 30,000 783,043 Currency in circulation(5) 716,143 + 1,859 + 29,169 718,264 Reverse repurchase agreements (6) 19,399 - 1,059 - 1,254 19,072 Foreign official and international accounts 19,399 - 1,059 - 932 19,072 Dealers 0 0 - 321 0 Treasury cash holdings 363 + 13 + 10 346 Deposits with F.R.Banks, other than reserve balances 16,019 + 36 - 2,651 15,563 U.S. Treasury, general account 5,010 - 236 - 1,518 4,561 Foreign official 93 + 9 - 25 96 Service-related 10,568 + 155 - 1,176 10,568 Required clearing balances 10,562 + 152 - 258 10,562 Adjustments to compensate for float 5 + 2 - 918 5 Other 348 + 107 + 67 338 Other liabilities and capital 20,831 - 72 + 971 20,527 Total factors, other than reserve balances, absorbing reserve funds 772,755 + 776 + 26,245 773,773 Reserve balances with Federal Reserve Banks 9,715 - 4,946 + 3,755 9,270 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 1,176,054 + 16,741 + 277,488 1,179,325 U.S. Treasury 941,640 + 16,254 + 221,058 946,587 Federal agency 234,415 + 488 + 56,431 232,738 Securities lent to dealers 1,944 + 1,049 + 1,628 2,109 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 Apr 7, 2004 Mar 31, 2004 Apr 9, 2003 Assets Gold certificate account 11,041 0 + 3 Special drawing rights certificate account 2,200 0 0 Coin 844 + 8 - 234 Securities, repurchase agreements, and loans 694,123 - 7,525 + 27,756 Securities held outright 674,294 + 210 + 29,210 U.S. Treasury (1) 674,294 + 210 + 29,220 Bills (2) 246,729 + 190 + 11,179 Notes and bonds, nominal (2) 411,388 0 + 16,034 Notes and bonds, inflation-indexed (2) 14,464 0 + 1,650 Inflation compensation (3) 1,713 + 21 + 358 Federal agency (2) 0 0 - 10 Repurchase agreements (4) 19,750 - 7,750 - 1,500 Loans 79 + 15 + 46 Items in process of collection (786) 6,360 + 647 - 2,683 Bank premises 1,658 - 5 + 100 Other assets (5) 38,734 + 228 + 1,238 Total assets (786) 754,960 - 6,646 + 26,180 Liabilities Federal Reserve notes net of FR Bank holdings 683,778 + 2,204 + 28,674 Reverse repurchase agreements (6) 19,072 - 2,629 - 1,219 Deposits (0) 24,882 - 6,271 - 427 Depository institutions 19,886 - 5,069 + 1,828 U.S. Treasury, general account 4,561 - 1,323 - 2,311 Foreign official 96 + 13 - 6 Other (0) 338 + 107 + 61 Deferred availability cash items (786) 6,700 + 402 - 1,760 Other liabilities and accrued dividends (7) 2,233 + 15 - 31 Total liabilities (786) 736,665 - 6,280 + 25,238 Capital Accounts Capital paid in 8,982 + 4 + 461 Surplus 8,847 0 + 467 Other capital accounts 466 - 370 + 14 Total capital 18,295 - 366 + 943 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, April 7, 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 35 44,834 + 1,131 0 0 19,750 19,072 16 days to 90 days 44 156,195 + 6,835 0 0 0 0 91 days to 1 year 0 162,020 - 7,776 0 0 ------ ------ Over 1 to 5 years ------ 183,799 + 8 0 0 ------ ------ Over 5 to 10 years ------ 50,007 + 5 0 0 ------ ------ Over 10 years ------ 77,440 + 8 0 0 ------ ------ All 79 674,294 + 210 0 0 19,750 19,072 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 April 7, 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 11,041 494 4,651 382 452 819 894 924 325 218 302 525 1,055 Special drawing rights certificate acct. 2,200 115 874 83 104 147 166 212 71 30 66 98 234 Coin 844 41 36 51 40 78 85 111 66 30 48 149 108 Securities, repurchase agreements, and loans 694,123 31,665 312,133 20,055 28,813 51,249 45,474 60,758 19,820 14,720 17,724 30,745 60,968 Securities held outright 674,294 31,663 292,383 20,055 28,813 51,249 45,473 60,739 19,810 14,707 17,719 30,745 60,938 U.S. Treasury (1) 674,294 31,663 292,383 20,055 28,813 51,249 45,473 60,739 19,810 14,707 17,719 30,745 60,938 Bills (2) 246,729 11,586 106,985 7,338 10,543 18,752 16,639 22,225 7,249 5,381 6,484 11,250 22,298 Notes and bonds(3) 427,565 20,077 185,398 12,717 18,270 32,497 28,834 38,514 12,561 9,326 11,236 19,495 38,640 Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements(4) 19,750 0 19,750 0 0 0 0 0 0 0 0 0 0 Loans 79 2 0 0 0 0 1 19 10 13 5 0 30 Items in process of collection 7,145 440 498 489 208 400 835 351 415 358 453 332 2,365 Bank premises 1,658 95 189 52 152 144 278 128 49 124 74 193 180 Other assets(5) 38,734 1,757 13,945 1,165 2,365 6,026 2,221 3,494 1,013 1,143 803 997 3,807 Interdistrict settlement account 0 + 3,186 -17,019 + 1,452 - 1,236 + 689 + 1,516 - 1,891 + 116 - 467 + 674 + 4,024 + 8,954 Total Assets 755,745 37,794 315,308 23,730 30,897 59,554 51,469 64,087 21,875 16,156 20,143 37,062 77,671 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 April 7, 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 804,607 38,897 323,270 29,509 32,427 59,986 64,039 66,317 23,511 15,764 22,320 41,544 87,024 Less: notes held by F.R. Banks 120,828 4,837 31,933 8,352 5,195 10,732 17,374 8,369 3,603 1,484 4,173 6,938 17,837 Federal Reserve notes, net 683,778 34,060 291,337 21,157 27,231 49,254 46,665 57,948 19,908 14,280 18,147 34,605 69,187 Reverse repurchase agreements (1) 19,072 896 8,270 567 815 1,450 1,286 1,718 560 416 501 870 1,724 Deposits 24,882 1,166 10,009 884 901 3,902 1,420 1,802 636 422 686 803 2,251 Depository institutions 19,886 1,162 5,207 883 899 3,732 1,418 1,798 633 421 684 802 2,247 U.S. Treasury, general account 4,561 0 4,561 0 0 0 0 0 0 0 0 0 0 Foreign official 96 2 73 1 2 7 2 3 1 1 1 0 4 Other 338 2 168 0 0 163 0 0 3 0 1 1 0 Deferred availability cash items 7,485 620 668 479 352 555 928 557 200 340 407 417 1,960 Other liabilities and accrued dividends (2) 2,233 126 702 91 118 234 185 211 102 81 83 118 184 Total liabilities 737,451 36,867 310,986 23,178 29,418 55,394 50,483 62,235 21,407 15,539 19,824 36,814 75,306 Capital Capital paid in 8,982 462 2,105 275 739 2,057 485 909 232 265 151 120 1,183 Surplus 8,847 448 2,031 259 727 2,074 489 924 228 346 162 111 1,048 Other capital 466 17 186 18 13 29 12 19 8 6 6 17 134 Total liabilities and capital 755,745 37,794 315,308 23,730 30,897 59,554 51,469 64,087 21,875 16,156 20,143 37,062 77,671 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 Apr 7, 2004 Federal Reserve notes outstanding 804,607 Less: Notes held by F.R. Banks not subject to collateralization 120,828 Federal Reserve Notes to be collateralized 683,778 Collateral held against Federal Reserve notes 683,778 Gold certificate account 11,041 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 670,538 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities (1) 694,044 Less:face value of securities under reverse repurchase agreements 19,077 U.S. Treasury and agency securities eligible to be pledged 674,966 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.