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Release Date: December 19, 2002
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For Release at
4:30 P.M. Eastern time
December 19, 2002
The H.4.1 Statistical Release ("Factors Affecting Reserve Balances of Depository
Institutions and Condition Statement of Federal Reserve Banks") has been reformatted to
accommodate the Federal Reserve's switch from arranging matched sale-purchase
transactions to arranging reverse repurchase agreements.
The Federal Reserve began using reverse repurchase agreements, instead of matched
sale-purchase transactions, on December 13. Reverse repurchase agreements�sales of
securities under agreements to repurchase�are fundamentally equivalent to matched
sale-purchase transactions, and they are commonly used in financial markets. Like
matched sale-purchase transactions, reverse repurchase agreements will be arranged with
foreign official and international accounts and with primary dealers.
The accounting treatment of reverse repurchase agreements differs from that of matched
sale-purchase transactions. Matched sale-purchase transactions were accounted for as an
outright sale, and the securities sold under these agreements were removed from
securities held outright. In contrast, reverse repurchase agreements are accounted for as
financing transactions in which the securities pledged remain in total outright holdings of
securities by the Federal Reserve Banks, and a liability is recognized until the transaction
matures.
For the week ended December 18, the weekly average data for Treasury bills held
outright incorporate the depressing effect of the matched sale-purchase transaction
arranged on December 12 and the shift to reverse repurchase agreements for the
remaining days in the statement week. One-week and one-year changes shown in table 1
and in table 2 for Treasury bills held outright and other measures that include these
holdings are quite large relative to typical movements because of the accounting changes.
FEDERAL RESERVE Statistical Release
H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
December 19, 2002
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 Dec 18, 2002 Dec 11, 2002 Dec 19, 2001 Dec 18, 2002
Federal Reserve Banks
Reserve Bank Credit 692,654 + 21,905 + 65,300 698,649
Securities held outright 626,479 + 16,564 + 72,238 629,407
U.S. Treasury (1) 626,469 + 16,564 + 72,238 629,397
Bills (2) 223,757 + 16,558 + 37,582 226,682
Notes and bonds, nominal (2) 389,219 0 + 31,813 389,219
Notes and bonds, inflation-indexed (2) 12,242 0 + 2,531 12,242
Inflation compensation (3) 1,250 + 5 + 311 1,253
Federal agency (2) 10 0 0 10
Repurchase agreements(4) 28,179 + 6,179 - 8,414 30,000
Loans to depository institutions 55 - 154 + 8 45
Adjustment credit 6 - 158 - 6 2
Seasonal credit 49 + 3 + 14 43
Extended credit 0 0 0 0
Float -61 - 1,535 - 791 994
Other Federal Reserve assets 38,003 + 853 + 2,261 38,202
Gold stock 11,043 0 - 2 11,043
Special drawing rights certificate account 2,200 0 0 2,200
Treasury currency outstanding (5) 34,469 + 14 + 1,471 34,469
Total factors supplying reserve funds 740,365 + 21,918 + 66,768 746,360
Currency in circulation(5) 675,416 + 1,126 + 44,989 678,678
Reverse repurchase agreements (6) 18,202 + 18,202 + 18,202 21,905
Foreign official and international accounts 18,202 + 18,202 + 18,202 21,905
Dealers 0 0 0 0
Treasury cash holdings 370 - 6 - 70 360
Deposits with F.R.Banks, other than reserve balances 17,217 + 2,210 + 1,707 17,880
U.S. Treasury, general account 5,959 + 1,852 + 95 6,595
Foreign official 148 + 10 - 142 172
Service-related 10,900 + 346 + 1,766 10,900
Required clearing balances 10,450 + 168 + 1,869 10,450
Adjustments to compensate for float 450 + 177 - 103 450
Other 210 + 2 - 11 213
Other liabilities and capital 20,203 + 404 + 2,237 19,907
Total factors, other than reserve balances,
absorbing reserve funds 731,409 + 21,937 + 67,066 738,729
Reserve balances with Federal Reserve Banks 8,957 - 18 - 297 7,631
Memo (off-balance-sheet items):
Marketable securities held in custody for foreign
official and international accounts(2,7) 846,299 + 10,830 ------ 847,705
U.S. Treasury 685,293 + 5,307 ------ 685,673
Federal agency 161,005 + 5,522 ------ 162,032
Securities lent to dealers 151 + 98 - 2,775 675
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. Daily average data for U.S. Treasury bills
held outright were net of $ 2,926 million in matched sale-purchase transactions, all of which were with foreign official and international
accounts. No matched sale-purchase transactions were outstanding on the Wednesday statement date.
2 Face value of the securities.
3 Compensation that adjusts for the effects 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 Dec 18, 2002 Dec 11, 2002 Dec 19, 2001
Assets
Gold certificate account 11,039 0 - 6
Special drawing rights certificate account 2,200 0 0
Coin 1,035 + 3 - 44
Securities, repurchase agreements, and loans 659,452 + 18,624 + 66,114
Securities held outright 629,407 + 20,450 + 73,813
U.S. Treasury (1) 629,397 + 20,450 + 73,813
Bills (2) 226,682 + 20,444 + 40,198
Notes and bonds, nominal (2) 389,219 0 + 30,765
Notes and bonds, inflation-indexed (2) 12,242 0 + 2,531
Inflation compensation (3) 1,253 + 6 + 318
Federal agency (2) 10 0 0
Repurchase agreements (4) 30,000 - 750 - 7,700
Loans 45 - 1,076 + 1
Items in process of collection (1,219) 8,800 - 1,316 - 301
Bank premises 1,534 + 2 + 16
Other assets (5) 36,540 + 661 + 1,013
Total assets (1,219) 720,601 + 17,976 + 66,794
Liabilities
Federal Reserve notes, net of F.R. Bank holdings 645,599 + 3,155 + 42,663
Reverse repurchase agreements (6) 21,905 + 21,905 + 21,905
Deposits (0) 24,923 - 6,948 + 148
Depository institutions 17,943 - 8,082 + 1,171
U.S. Treasury, general account 6,595 + 1,089 - 579
Foreign official 172 + 33 - 450
Other (0) 213 + 12 + 5
Deferred availability cash items (1,219) 8,266 - 257 - 132
Other liabilities and accrued dividends (7) 2,418 - 33 - 187
Total liabilities (1,219) 703,111 + 17,821 + 64,397
Capital Accounts
Capital paid in 8,376 + 17 + 1,021
Surplus 7,312 0 + 587
Other capital accounts 1,802 + 138 + 790
Total capital 17,489 + 154 + 2,396
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 effects 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, December 18, 2002
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 43 47,253 + 27,298 0 0 23,000 21,905
16 days to 90 days 3 134,262 - 7,573 0 0 7,000 0
91 days to 1 year 0 140,816 + 719 10 + 10 ------ ------
Over 1 to 5 years ------ 173,935 0 0 - 10 ------ ------
Over 5 to 10 years ------ 53,295 + 2 0 0 ------ ------
Over 10 years ------ 79,836 + 3 0 0 ------ ------
All 45 629,397 + 20,450 10 0 30,000 21,905
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 December 18, 2002
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 11,039 533 4,364 430 522 819 926 1,080 346 179 309 485 1,046
Special drawing rights certificate acct. 2,200 115 874 83 104 147 166 212 71 30 66 98 234
Coin 1,035 48 34 63 47 147 111 131 61 37 69 168 119
Securities, repurchase agreements,
and loans 659,452 36,062 277,647 24,202 34,727 49,089 44,822 74,071 22,393 9,848 18,615 13,973 54,001
Securities held outright 629,407 36,062 247,647 24,202 34,727 49,089 44,816 74,069 22,380 9,839 18,605 13,969 54,001
U.S. Treasury (1) 629,397 36,061 247,643 24,202 34,727 49,088 44,816 74,068 22,380 9,839 18,605 13,968 54,000
Bills (2) 226,682 12,988 89,191 8,717 12,507 17,680 16,141 26,676 8,060 3,544 6,701 5,031 19,448
Notes and bonds(3) 402,715 23,073 158,453 15,486 22,220 31,409 28,675 47,392 14,320 6,295 11,904 8,938 34,551
Federal agency (2) 10 1 4 0 1 1 1 1 0 0 0 0 1
Repurchase agreements(4) 30,000 0 30,000 0 0 0 0 0 0 0 0 0 0
Loans 45 0 0 0 0 0 6 2 13 9 10 5 1
Items in process of collection 10,019 541 1,071 520 585 934 950 489 631 486 647 332 2,833
Bank premises 1,534 91 185 49 152 130 279 116 43 126 50 140 173
Other assets(5) 36,540 1,907 12,776 1,162 2,473 5,443 2,444 3,738 960 626 951 800 3,261
Interdistrict settlement account 0 - 6,192 +29,305 - 5,243 - 5,555 - 1,991 - 4,059 -16,025 - 3,540 + 4,004 - 2,765 +13,829 - 1,768
Total Assets 721,820 33,105 326,255 21,266 33,056 54,718 45,640 63,812 20,965 15,335 17,942 29,824 59,900
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 effects 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 December 18, 2002
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 762,435 33,280 330,896 25,599 32,861 54,768 58,851 64,873 22,181 15,157 20,091 36,703 67,177
Less: notes held by F.R. Banks 116,836 4,674 28,286 7,451 4,772 9,889 18,189 8,654 3,490 1,998 4,249 9,028 16,156
Federal Reserve notes, net 645,599 28,605 302,609 18,149 28,089 44,879 40,662 56,219 18,691 13,159 15,842 27,674 51,021
Reverse repurchase agreements (1) 21,905 1,255 8,619 842 1,209 1,708 1,560 2,578 779 342 648 486 1,879
Deposits 24,923 1,513 9,439 1,190 1,590 2,930 1,301 2,177 625 412 514 707 2,525
Depository institutions 17,943 1,509 2,546 1,188 1,586 2,871 1,298 2,173 623 411 512 704 2,521
U.S. Treasury, general account 6,595 0 6,595 0 0 0 0 0 0 0 0 0 0
Foreign official 172 2 148 1 3 7 2 3 1 1 1 1 3
Other 213 2 149 1 2 51 1 1 1 0 1 3 1
Deferred availability cash items 9,485 672 1,005 471 571 693 864 798 347 678 424 479 2,483
Other liabilities and accrued
dividends (2) 2,418 146 738 105 143 263 193 255 104 83 96 91 200
Total liabilities 704,330 32,191 322,410 20,757 31,601 50,473 44,579 62,028 20,545 14,675 17,524 29,438 58,109
Capital
Capital paid in 8,376 436 1,801 242 702 2,073 475 851 199 340 201 186 870
Surplus 7,312 418 1,504 221 665 1,757 535 793 149 118 191 164 796
Other capital 1,802 59 541 46 88 415 51 140 72 202 26 37 126
Total liabilities and capital 721,820 33,105 326,255 21,266 33,056 54,718 45,640 63,812 20,965 15,335 17,942 29,824 59,900
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
Dec 18, 2002
Federal Reserve notes, net of F.R.
Bank holdings 645,599
Collateral held against Federal Reserve
notes 645,599
Gold certificate account 11,039
Special drawing rights
certificate account 2,200
U.S. Treasury and agency securities
pledged (1) 632,361
Other eligible assets 0
Memo:
Total U.S. Treasury and agency
securities (1) 659,407
Less:face value of securities under
reverse repurchase agreements 21,913
U.S. Treasury and agency securities
eligible to be pledged 637,494
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 effects of inflation on the original face
value of inflation-indexed securities, and cash value of repurchase agreements.
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