FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks May 13, 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 May 12, 2004 May 5, 2004 May 14, 2003 May 12, 2004 Federal Reserve Banks Reserve Bank Credit 741,313 - 816 + 26,969 745,174 Securities held outright 677,826 + 88 + 30,009 677,835 U.S. Treasury (1) 677,826 + 88 + 30,019 677,835 Bills (2) 250,163 + 62 + 13,409 250,163 Notes and bonds, nominal (2) 411,388 0 + 14,612 411,388 Notes and bonds, inflation-indexed (2) 14,464 0 + 1,650 14,464 Inflation compensation (3) 1,811 + 26 + 348 1,820 Federal agency (2) 0 0 - 10 0 Repurchase agreements(4) 23,071 - 1,393 - 2,573 27,250 Loans to depository institutions 110 + 22 + 59 176 Primary credit 16 + 10 + 14 80 Secondary credit 0 0 0 0 Seasonal credit 93 + 11 + 44 96 Float -381 + 363 - 374 -853 Other Federal Reserve assets 40,687 + 105 - 152 40,766 Gold stock 11,045 0 + 2 11,045 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 35,741 + 14 + 816 35,741 Total factors supplying reserve funds 790,299 - 803 + 27,788 794,160 Currency in circulation(5) 719,430 + 1,040 + 29,708 720,707 Reverse repurchase agreements (6) 19,805 - 1,672 - 836 18,711 Foreign official and international accounts 19,805 - 1,672 - 836 18,711 Dealers 0 0 0 0 Treasury cash holdings 310 - 9 - 33 323 Deposits with F.R.Banks, other than reserve balances 16,370 - 681 - 2,405 15,852 U.S. Treasury, general account 5,435 - 590 - 1,704 4,949 Foreign official 103 - 27 + 17 83 Service-related 10,562 - 1 - 729 10,562 Required clearing balances 10,562 - 1 - 320 10,562 Adjustments to compensate for float 0 0 - 409 0 Other 270 - 62 + 11 259 Other liabilities and capital 20,831 - 91 + 393 20,548 Total factors, other than reserve balances, absorbing reserve funds 776,746 - 1,413 + 26,826 776,141 Reserve balances with Federal Reserve Banks 13,553 + 610 + 961 18,019 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 1,192,733 - 1,625 + 295,942 1,191,675 U.S. Treasury 963,435 - 1,300 + 249,086 962,080 Federal agency 229,298 - 325 + 46,856 229,595 Securities lent to dealers 1,062 - 2,651 + 539 2,033 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 May 12, 2004 May 5, 2004 May 14, 2003 Assets Gold certificate account 11,041 0 + 2 Special drawing rights certificate account 2,200 0 0 Coin 777 - 22 - 206 Securities, repurchase agreements, and loans 705,261 + 7,353 + 26,502 Securities held outright 677,835 + 24 + 29,888 U.S. Treasury (1) 677,835 + 24 + 29,898 Bills (2) 250,163 0 + 13,286 Notes and bonds, nominal (2) 411,388 0 + 14,612 Notes and bonds, inflation-indexed (2) 14,464 0 + 1,650 Inflation compensation (3) 1,820 + 24 + 350 Federal agency (2) 0 0 - 10 Repurchase agreements (4) 27,250 + 7,250 - 3,502 Loans 176 + 79 + 116 Items in process of collection (975) 5,728 - 1,115 - 1,350 Bank premises 1,672 0 + 92 Other assets (5) 39,032 - 215 - 638 Total assets (975) 765,711 + 6,000 + 24,402 Liabilities Federal Reserve notes net of FR Bank holdings 686,061 + 437 + 28,665 Reverse repurchase agreements (6) 18,711 - 1,942 - 2,362 Deposits (0) 33,811 + 8,637 - 1,377 Depository institutions 28,521 + 9,669 + 918 U.S. Treasury, general account 4,949 - 1,011 - 2,250 Foreign official 83 - 4 - 39 Other (0) 259 - 16 - 5 Deferred availability cash items (975) 6,579 - 561 - 1,020 Other liabilities and accrued dividends (7) 2,317 + 46 - 16 Total liabilities (975) 747,481 + 6,618 + 23,892 Capital Accounts Capital paid in 9,072 + 33 + 504 Surplus 8,808 - 39 + 428 Other capital accounts 350 - 613 - 422 Total capital 18,230 - 619 + 510 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, May 12, 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 86 58,947 + 555 0 0 27,250 18,711 16 days to 90 days 90 146,308 + 41 0 0 0 0 91 days to 1 year 0 160,187 - 595 0 0 ------ ------ Over 1 to 5 years ------ 184,881 + 9 0 0 ------ ------ Over 5 to 10 years ------ 50,033 + 6 0 0 ------ ------ Over 10 years ------ 77,479 + 9 0 0 ------ ------ All 176 677,835 + 24 0 0 27,250 18,711 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 May 12, 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 777 37 33 49 37 73 76 103 52 29 46 141 101 Securities, repurchase agreements, and loans 705,261 31,832 321,168 20,161 29,041 51,518 45,714 61,096 19,929 14,817 17,818 30,906 61,260 Securities held outright 677,835 31,829 293,918 20,160 28,964 51,518 45,711 61,058 19,914 14,784 17,812 30,906 61,258 U.S. Treasury (1) 677,835 31,829 293,918 20,160 28,964 51,518 45,711 61,058 19,914 14,784 17,812 30,906 61,258 Bills (2) 250,163 11,747 108,474 7,440 10,689 19,013 16,870 22,534 7,350 5,456 6,574 11,406 22,608 Notes and bonds(3) 427,672 20,082 185,444 12,720 18,274 32,505 28,841 38,524 12,565 9,328 11,238 19,500 38,650 Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements(4) 27,250 0 27,250 0 0 0 0 0 0 0 0 0 0 Loans 176 3 0 1 77 0 3 38 14 33 6 0 2 Items in process of collection 6,703 328 376 462 390 362 646 285 373 436 422 370 2,252 Bank premises 1,672 96 191 52 153 145 278 129 50 124 74 199 180 Other assets(5) 39,032 1,770 14,245 1,142 2,347 5,940 2,252 3,508 1,027 1,138 819 1,041 3,805 Interdistrict settlement account 0 + 3,218 -18,797 + 2,111 - 649 - 1,808 + 313 + 297 + 435 - 397 + 1,438 + 3,775 +10,064 Total Assets 766,686 37,890 322,741 24,442 31,874 57,197 50,339 66,554 22,261 16,395 20,985 37,056 78,951 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 May 12, 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 807,594 38,365 321,524 30,247 32,067 59,438 64,907 68,147 23,478 15,617 22,904 41,632 89,269 Less: notes held by F.R. Banks 121,533 4,468 30,376 8,397 5,519 10,856 19,828 7,759 3,330 1,324 4,024 6,990 18,663 Federal Reserve notes, net 686,061 33,897 291,148 21,850 26,548 48,582 45,079 60,387 20,148 14,293 18,880 34,642 70,606 Reverse repurchase agreements (1) 18,711 879 8,114 557 800 1,422 1,262 1,686 550 408 492 853 1,691 Deposits 33,811 1,469 17,826 920 2,489 2,351 1,961 1,834 729 452 809 795 2,177 Depository institutions 28,521 1,465 12,661 919 2,486 2,251 1,959 1,830 727 450 807 794 2,173 U.S. Treasury, general account 4,949 0 4,949 0 0 0 0 0 0 0 0 0 0 Foreign official 83 2 60 1 2 7 2 3 1 1 1 0 4 Other 259 3 158 0 1 93 0 1 1 0 1 0 0 Deferred availability cash items 7,555 529 674 471 440 483 851 574 266 544 400 381 1,942 Other liabilities and accrued dividends (2) 2,317 133 719 94 121 260 188 218 105 82 86 121 191 Total liabilities 748,456 36,907 318,480 23,891 30,398 53,098 49,342 64,699 21,798 15,779 20,666 36,791 76,606 Capital Capital paid in 9,072 499 2,109 278 738 2,063 502 913 232 266 153 127 1,193 Surplus 8,808 448 2,031 259 727 2,035 489 924 228 346 162 111 1,048 Other capital 350 36 121 14 12 0 6 18 3 6 3 27 104 Total liabilities and capital 766,686 37,890 322,741 24,442 31,874 57,197 50,339 66,554 22,261 16,395 20,985 37,056 78,951 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 May 12, 2004 Federal Reserve notes outstanding 807,594 Less: Notes held by F.R. Banks not subject to collateralization 121,533 Federal Reserve Notes to be collateralized 686,061 Collateral held against Federal Reserve notes 686,061 Gold certificate account 11,041 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 672,820 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities (1) 705,085 Less:face value of securities under reverse repurchase agreements 18,715 U.S. Treasury and agency securities eligible to be pledged 686,369 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.