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Release Date: January 2, 2004
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FEDERAL RESERVE Statistical Release
H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
January 2, 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 Dec 31, 2003 Dec 24, 2003 Jan 1, 2003 Dec 31, 2003
Federal Reserve Banks
Reserve Bank Credit 746,570 + 7,055 + 39,836 750,176
Securities held outright 666,402 + 368 + 36,987 666,665
U.S. Treasury (1) 666,402 + 368 + 36,997 666,665
Bills (2) 244,569 + 372 + 17,887 244,833
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) 1,666 - 4 + 405 1,665
Federal agency (2) 0 0 - 10 0
Repurchase agreements(4) 38,679 + 5,500 + 572 43,750
Loans to depository institutions 65 - 5 + 20 62
Primary credit 32 - 1 + 32 41
Secondary credit 0 0 0 0
Seasonal credit 33 - 4 - 7 22
Adjustment credit 0 0 - 5 0
Float 1,183 + 761 + 1,090 -315
Other Federal Reserve assets 40,242 + 432 + 1,169 40,014
Gold stock 11,043 0 0 11,043
Special drawing rights certificate account 2,200 0 0 2,200
Treasury currency outstanding (5) 35,475 + 14 + 878 35,475
Total factors supplying reserve funds 795,289 + 7,070 + 40,715 798,894
Currency in circulation(5) 723,714 + 5,068 + 37,029 724,196
Reverse repurchase agreements (6) 21,635 + 2,205 + 770 25,652
Foreign official and international accounts 21,635 + 2,205 + 770 25,652
Dealers 0 0 0 0
Treasury cash holdings 319 0 - 49 319
Deposits with F.R.Banks, other than reserve balances 18,380 + 1,183 + 2,102 18,715
U.S. Treasury, general account 5,850 + 1,149 + 834 5,723
Foreign official 99 + 3 - 38 162
Service-related 12,112 - 42 + 1,464 12,112
Required clearing balances 11,834 - 12 + 1,300 11,834
Adjustments to compensate for float 278 - 30 + 164 278
Other 319 + 72 - 157 717
Other liabilities and capital 20,589 - 170 + 671 19,793
Total factors, other than reserve balances,
absorbing reserve funds 784,636 + 8,284 + 40,523 788,674
Reserve balances with Federal Reserve Banks 10,653 - 1,214 + 192 10,220
Memo (off-balance-sheet items):
Marketable securities held in custody for foreign
official and international accounts(2,7) 1,066,742 + 6,221 + 216,055 1,072,420
U.S. Treasury 855,872 + 8,152 + 169,127 862,355
Federal agency 210,869 - 1,932 + 46,926 210,065
Securities lent to dealers 3,086 + 1,023 + 2,027 4,426
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 Dec 31, 2003 Dec 24, 2003 Jan 1, 2003
Assets
Gold certificate account 11,039 0 0
Special drawing rights certificate account 2,200 0 0
Coin 722 - 25 - 266
Securities, repurchase agreements, and loans 710,477 + 7,586 + 41,521
Securities held outright 666,665 + 449 + 37,249
U.S. Treasury (1) 666,665 + 449 + 37,259
Bills (2) 244,833 + 452 + 18,151
Notes and bonds, nominal (2) 406,173 0 + 16,954
Notes and bonds, inflation-indexed (2) 13,994 0 + 1,752
Inflation compensation (3) 1,665 - 3 + 402
Federal agency (2) 0 0 - 10
Repurchase agreements (4) 43,750 + 7,250 + 4,250
Loans 62 - 113 + 22
Items in process of collection (1,444) 7,793 - 3,103 - 2,498
Bank premises 1,628 + 5 + 85
Other assets (5) 38,586 + 89 + 1,555
Total assets (1,444) 772,444 + 4,552 + 40,396
Liabilities
Federal Reserve notes net of FR Bank holdings 689,757 + 1,007 + 35,485
Reverse repurchase agreements (6) 25,652 + 5,888 + 4,561
Deposits (0) 29,660 - 633 + 1,411
Depository institutions 23,058 - 2,184 + 517
U.S. Treasury, general account 5,723 + 1,053 + 1,303
Foreign official 162 + 34 + 26
Other (0) 717 + 464 - 435
Deferred availability cash items (1,444) 7,582 - 980 - 1,877
Other liabilities and accrued dividends (7) 2,100 - 267 - 117
Total liabilities (1,444) 754,750 + 5,013 + 39,462
Capital Accounts
Capital paid in 8,847 + 4 + 467
Surplus 8,847 + 467 + 467
Other capital accounts 0 - 931 0
Total capital 17,694 - 460 + 934
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, December 31, 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 60 47,733 - 6,715 0 0 43,750 25,652
16 days to 90 days 3 139,347 - 775 0 0 0 0
91 days to 1 year 0 164,071 - 45 0 0 ------ ------
Over 1 to 5 years ------ 187,056 + 7,986 0 0 ------ ------
Over 5 to 10 years ------ 51,312 - 1 0 0 ------ ------
Over 10 years ------ 77,146 - 1 0 0 ------ ------
All 62 666,665 + 449 0 0 43,750 25,652
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 31, 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 722 23 30 37 33 83 82 90 53 23 42 141 84
Securities, repurchase agreements,
and loans 710,477 32,230 328,986 20,843 31,238 51,269 45,043 67,384 20,974 14,883 17,919 26,126 53,583
Securities held outright 666,665 32,230 285,221 20,843 31,238 51,269 45,037 67,367 20,974 14,881 17,916 26,126 53,563
U.S. Treasury (1) 666,665 32,230 285,221 20,843 31,238 51,269 45,037 67,367 20,974 14,881 17,916 26,126 53,563
Bills (2) 244,833 11,837 104,747 7,654 11,472 18,828 16,540 24,740 7,703 5,465 6,580 9,595 19,671
Notes and bonds(3) 421,832 20,394 180,473 13,188 19,766 32,440 28,497 42,626 13,271 9,416 11,337 16,531 33,892
Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0
Repurchase agreements(4) 43,750 0 43,750 0 0 0 0 0 0 0 0 0 0
Loans 62 0 15 0 0 0 5 17 0 2 2 0 20
Items in process of collection 9,237 531 803 493 595 714 723 942 341 426 596 383 2,689
Bank premises 1,628 93 189 53 151 145 278 124 49 125 56 187 178
Other assets(5) 38,586 1,795 13,556 1,140 2,457 6,299 2,234 3,605 983 1,173 919 1,080 3,345
Interdistrict settlement account 0 + 3,231 -17,732 + 570 - 2,079 + 2,981 + 3,291 - 6,499 - 1,326 - 136 - 26 + 6,962 +10,764
Total Assets 773,888 38,514 331,411 23,599 32,976 62,446 52,680 66,840 21,475 16,749 19,874 35,484 71,840
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 December 31, 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 799,932 38,778 326,690 29,301 33,139 60,135 65,728 67,167 23,248 15,521 21,549 39,749 78,926
Less: notes held by F.R. Banks 110,176 4,750 23,793 8,288 4,740 9,855 18,415 8,141 3,961 1,335 4,083 7,129 15,685
Federal Reserve notes, net 689,757 34,028 302,897 21,012 28,399 50,280 47,314 59,026 19,287 14,186 17,466 32,620 63,241
Reverse repurchase agreements (1) 25,652 1,240 10,975 802 1,202 1,973 1,733 2,592 807 573 689 1,005 2,061
Deposits 29,660 1,653 11,792 729 1,287 5,203 1,630 2,381 518 575 859 1,041 1,990
Depository institutions 23,058 1,633 5,607 719 1,259 5,087 1,608 2,349 509 564 813 953 1,957
U.S. Treasury, general account 5,723 0 5,723 0 0 0 0 0 0 0 0 0 0
Foreign official 162 2 139 1 3 7 2 3 1 1 1 1 3
Other 717 19 324 10 25 108 20 29 9 11 46 88 29
Deferred availability cash items 9,026 576 1,025 451 521 628 855 781 308 650 450 487 2,296
Other liabilities and accrued
dividends (2) 2,100 119 661 87 112 214 171 212 99 74 85 109 156
Total liabilities 756,194 37,617 327,350 23,082 31,522 58,298 51,702 64,992 21,019 16,058 19,550 35,262 69,743
Capital
Capital paid in 8,847 448 2,031 259 727 2,074 489 924 228 346 162 111 1,048
Surplus 8,847 448 2,031 259 727 2,074 489 924 228 346 162 111 1,048
Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0
Total liabilities and capital 773,888 38,514 331,411 23,599 32,976 62,446 52,680 66,840 21,475 16,749 19,874 35,484 71,840
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 31, 2003
Federal Reserve notes outstanding 799,932
Less: Notes held by F.R. Banks
not subject to collateralization 110,176
Federal Reserve Notes to be
collateralized 689,757
Collateral held against Federal Reserve
notes 689,757
Gold certificate account 11,039
Special drawing rights
certificate account 2,200
U.S. Treasury and agency securities
pledged (1) 676,518
Other assets pledged 0
Memo:
Total U.S. Treasury and agency
securities (1) 710,415
Less:face value of securities under
reverse repurchase agreements 25,658
U.S. Treasury and agency securities
eligible to be pledged 684,757
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.
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Statistical releases