H.4.1 Factors Affecting Reserve Balances of Depository Institutions

FEDERAL RESERVE These data are scheduled for release each Thursday. The exact time of each release will be announced, when the information is available, on (202) 452-3206. July 18, 2002 H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks Millions of dollars Averages of daily figures Reserve balances of depository institutions at Week ended Change from week ended Wednesday F.R. Banks, Reserve Bank credit, and related items Jul 17, 2002 Jul 10, 2002 Jul 18, 2001 Jul 17, 2002 Reserve Bank Credit 656,753 - 1,406 + 64,885 653,900 U.S. government securities (1) Bought outright-system account (2,3) 592,513 - 113 + 58,273 594,411 Held under repurchase agreements 0 0 0 0 Federal agency obligations (1) Bought outright 10 0 0 10 Held under repurchase agreements 0 0 0 0 Repurchase agreements — triparty (4) 24,571 - 1,286 + 4,842 19,750 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 2 - 40 - 162 3 Seasonal credit 177 + 10 + 1 184 Extended credit 0 0 0 0 Float -310 - 811 - 678 -266 Other F.R. assets 39,789 + 835 + 2,607 39,808 Gold stock 11,044 0 0 11,044 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding 33,955 + 14 + 1,257 33,955 Total factors supplying reserve funds 703,952 - 1,392 + 66,143 701,099 Currency in circulation* 661,400 - 2,644 + 60,311 661,286 Reverse repurchase agreements — triparty (4) 0 0 0 0 Treasury cash holdings* 392 + 4 - 20 377 Deposits, other than reserve balances, with F.R. Banks Treasury 5,495 + 510 + 558 5,000 Foreign 98 - 1 + 23 156 Service-related balances and adjustments (5) 10,118 - 5 + 3,042 10,118 Other 244 + 16 - 81 230 Other F.R. liabilities and capital 19,910 + 335 + 1,983 19,578 Total factors, other than reserve balances, absorbing reserve funds 697,657 - 1,786 + 65,815 696,746 Reserve balances with F.R. Banks (6) 6,295 + 394 + 328 4,353 On July 17, 2002, the face amount of marketable U.S. government and federal agency securities held in custody by the Federal Reserve Banks for foreign official and international accounts was $ 792,037 million, a change of $ + 1,462 million for the week. The total includes $ 638,404 million of U.S. government securities and $ 153,633 million of federal agency securities. The total includes the face value of U.S. Treasury strips and other zero coupon bonds. 1 Face value of the securities. 2 Net of $ 24,755 million (daily average over statement week) and $ 22,977 million (outstanding on Wednesday statement date) matched sale-purchase transactions, of which $ 24,755 million (daily average) and $ 22,977 million (outstanding on Wednesday statement date) were with foreign official and international accounts. Includes securities loans of $ 889 million (daily average) and $ 2,109 million (outstanding on Wednesday statement date) that are fully collateralized by other U.S. government securities. 3 Includes $ 11,712 million of inflation-indexed securities valued at the original face amount and $ 1,105 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Cash value of agreements arranged through third-party custodial banks. These agreements are collateralized by U.S. government and federal agency securities. 5 Consists of required clearing balances of $ 9,902 million and adjustments of $ 217 million to compensate for float. 6 Excludes required clearing balances and adjustments to compensate for float. * Estimated (Treasury’s figures). Components may not add to totals due to rounding.

H.4.1(a) Consolidated Statement of Condition of all Federal Reserve Banks Millions of dollars Change Since Eliminations from Consolidation Wednesday Wednesday Wednesday Jul 17, 2002 Jul 10, 2002 Jul 18, 2001 ASSETS Gold certificate account 11,039 0 - 5 Special drawing rights certificate account 2,200 0 0 Coin 897 + 12 - 182 Loans 187 - 11 - 274 Acceptances 0 0 0 Repurchase agreements — triparty (1) 19,750 - 7,250 + 2,900 Federal agency obligations (2) Bought outright 10 0 0 Held under repurchase agreements 0 0 0 U.S. government securities (2) Bought outright—Bills 198,604 - 120 + 18,605 Notes (3) 290,167 0 + 34,812 Bonds (4) 105,640 0 + 4,892 Total bought outright (5) 594,411 - 120 + 58,309 Held under repurchase agreements 0 0 0 Total U.S. government securities 594,411 - 120 + 58,309 Total loans and securities 614,358 - 7,381 + 60,935 Items in process of collection (1,111) 7,207 - 595 - 2,268 Bank premises 1,520 + 1 + 7 Other assets (6) 38,286 + 347 + 2,585 TOTAL ASSETS (1,111) 675,508 - 7,616 + 61,072 LIABILITIES Federal Reserve notes 628,601 - 2,772 + 57,980 Reverse repurchase agreements — triparty (1) 0 0 0 Deposits Depository institutions 14,257 - 4,904 + 1,799 U.S. Treasury—general account 5,000 - 194 - 619 Foreign—official accounts 156 + 72 + 86 Other (0) 230 + 9 - 91 Total deposits (0) 19,643 - 5,017 + 1,176 Deferred availability cash items (1,111) 7,685 + 153 + 27 Other liabilities and accrued dividends (7) 2,365 - 17 - 665 TOTAL LIABILITIES (1,111) 658,295 - 7,652 + 58,519 CAPITAL ACCOUNTS Capital paid in 8,261 - 7 + 1,108 Surplus 7,312 0 + 591 Other capital accounts 1,641 + 43 + 855 1 Cash value of agreements arranged through third-party custodial banks. 2 Face value of the securities. 3 Includes $ 6,701 million of inflation-indexed securities valued at the original face amount and $ 605 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Includes $ 5,011 million of inflation-indexed securities valued at the original face amount and $ 501 million of compensation that adjusts for the effects of inflation on the principal of such securities. 5 Net of $ 22,977 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes securities loans of $ 2,109 million that are fully collateralized by other U.S. government securities. 6 Includes assets denominated in foreign currencies, revalued daily at market exchange rates. 7 Includes exchange-translation account reflecting the daily revaluation at market exchange rates of foreign exchange commitments. Maturity Distribution of Loans and Securities, July 17, 2002 Millions of dollars U.S. government Federal agency Reverse Repurchase securities (1,2) obligations(2) Repurchase Loans Agreements— Weekly Weekly Agreements— Holdings changes Holdings changes Triparty (3) Triparty (3) Within 15 days 170 20,434 + 4,365 0 0 15,750 0 16 days to 90 days 17 131,640 - 7,000 0 0 4,000 0 91 days to 1 year 0 137,332 + 1,506 0 0 ——— ——— Over 1 year to 5 years ——— 169,944 0 10 0 ——— ——— Over 5 years to 10 years ——— 53,499 + 1,010 0 0 ——— ——— Over 10 years ——— 81,563 0 0 0 ——— ——— Total 187 594,411 - 120 10 0 19,750 0 1 Includes $ 11,712 million of inflation-indexed securities valued at the original face amount and $ 1,105 million of compensation that adjusts for the effects of inflation on the principal of such securities. 2 Includes face value of securities held under repurchase agreements classified by the remaining maturity of the agreements. 3 Cash value of agreements arranged through third-party custodial banks classified by remaining maturity of the agreements. Components may not add to totals due to rounding.

H.4.1 (b) Statement of Condition of Each Federal Reserve Bank on July 17, 2002 Millions of dollars Kansas San Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Dallas City Francisco ASSETS Gold certificate account 11,03 9 53 3 4,36 4 43 0 52 2 81 9 92 6 1,08 0 34 6 17 9 30 9 48 5 1,046 Special drawing rights certif. acct. 2,20 0 11 5 87 4 8 3 10 4 14 7 16 6 21 2 7 1 3 0 6 6 9 8 234 Coin 89 7 4 1 3 9 3 9 4 3 11 9 10 8 11 4 5 5 3 3 6 3 13 1 113 Loans 18 7 2 0 0 0 0 5 4 8 3 3 6 0 2 0 8 11 Acceptances 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements — triparty (1) 19,75 0 0 19,75 0 0 0 0 0 0 0 0 0 0 0 Federal agency obligations (2) Bought outright 1 0 1 4 0 1 1 1 1 0 0 0 0 1 Held under repurchase agreements 0 0 0 0 0 0 0 0 0 0 0 0 0 U.S. government securities (2) Bought outright— Bills 198,60 4 11,37 9 78,14 3 7,63 7 10,95 8 15,49 0 14,14 1 23,37 2 7,06 2 3,10 5 5,87 1 4,40 8 17,039 Notes (3) 290,16 7 16,62 5 114,16 9 11,15 8 16,01 0 22,63 1 20,66 1 34,14 7 10,31 8 4,53 6 8,57 7 6,44 0 24,895 Bonds (4) 105,64 0 6,05 3 41,56 5 4,06 2 5,82 9 8,23 9 7,52 2 12,43 2 3,75 6 1,65 1 3,12 3 2,34 5 9,064 Total bought outright (5) 594,41 1 34,05 7 233,87 8 22,85 7 32,79 7 46,36 0 42,32 4 69,95 0 21,13 6 9,29 2 17,57 1 13,19 2 50,998 Held under repurchase agreements 0 0 0 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 594,41 1 34,05 7 233,87 8 22,85 7 32,79 7 46,36 0 42,32 4 69,95 0 21,13 6 9,29 2 17,57 1 13,19 2 50,998 Total loans and securities 614,35 8 34,05 9 253,63 2 22,85 7 32,79 7 46,36 1 42,33 0 70,00 0 21,16 9 9,35 2 17,59 1 13,20 0 51,009 Items in process of collection 8,31 8 49 3 90 5 35 4 31 5 52 9 62 8 75 1 37 1 63 7 61 8 30 9 2,407 Bank premises 1,52 0 9 2 18 3 4 9 15 2 13 0 28 0 10 9 4 3 12 4 4 9 13 8 172 Other assets (6) 38,28 6 2,00 7 13,34 9 1,29 6 2,57 4 5,58 4 2,57 5 3,95 6 1,02 2 65 3 1,00 7 84 1 3,423 Interdistrict settlement account 0 - 4,68 3 +12,94 3 - 3,33 5 - 5,58 8 + 11 1 + 1,02 8 - 8,05 5 - 2,04 3 + 4,55 8 - 1,45 2 +10,66 4 - 4,149 TOTAL ASSETS 676,61 9 32,65 6 286,28 9 21,77 3 30,91 9 53,79 9 48,04 1 68,16 8 21,03 4 15,56 6 18,25 2 25,86 5 54,255 1 Cash value of agreements arranged through third-party custodial banks. These agreements are collateralized by U.S. government and federal agency securities. 2 Face value of the securities. 3 Includes $ 6,701 million of inflation-indexed securities valued at the original face amount and $ 605 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Includes $ 5,011 million of inflation-indexed securities valued at the original face amount and $ 501 million of compensation that adjusts for the effects of inflation on the principal of such securities. 5 Net of $ 22,977 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes securities loans of $ 2,109 million that are fully collateralized by other U.S. government securities. 6 Includes assets denominated in foreign currencies, revalued monthly at market exchange rates. Components may not add to totals due to rounding.

H.4.1 (c) Statement of Condition of Each Federal Reserve Bank on July 17, 2002 Millions of dollars Kansas San Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Dallas City Francisco LIABILITIES Federal Reserve notes 628,60 1 30,37 7 272,73 3 20,04 4 27,95 1 46,34 8 44,57 2 63,77 3 19,74 5 13,89 5 16,69 2 24,30 4 48,167 Reverse repurchase agreements—triparty (1 ) 0 0 0 0 0 0 0 0 0 0 0 0 0 Deposits Depository institutions 14,25 7 69 6 2,68 1 65 5 96 3 2,29 4 1,29 6 1,73 2 48 2 38 9 62 9 76 8 1,672 U.S. Treasury—general account 5,00 0 0 5,00 0 0 0 0 0 0 0 0 0 0 0 Foreign—official accounts 15 6 2 13 2 1 3 7 2 3 1 1 1 1 3 Other 23 0 1 5 14 4 0 1 6 4 - 2 1 2 0 3 0 1 Total deposits 19,64 3 71 2 7,95 8 65 6 96 7 2,36 4 1,29 7 1,73 6 48 5 39 0 63 3 76 9 1,676 Deferred credit items 8,79 6 52 2 90 1 46 9 44 6 66 6 91 6 68 8 26 5 69 8 41 6 34 7 2,463 Other liabilities and accrued dividends (2) 2,36 5 14 2 74 4 10 5 13 2 21 6 19 7 25 3 10 4 7 6 9 4 9 2 210 TOTAL LIABILITIES 659,40 6 31,75 2 282,33 6 21,27 4 29,49 6 49,59 5 46,98 2 66,45 1 20,60 0 15,05 8 17,83 4 25,51 1 52,516 CAPITAL ACCOUNTS Capital paid in 8,26 1 43 2 1,85 2 23 6 68 6 2,05 5 47 3 81 8 20 1 30 5 19 8 16 9 836 Surplus 7,31 2 41 8 1,50 4 22 1 66 5 1,75 7 53 5 79 3 14 9 11 8 19 1 16 4 796 Other capital accounts 1,64 1 5 4 59 7 4 2 7 2 39 2 5 1 10 6 8 4 8 5 2 9 2 1 107 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 676,61 9 32,65 6 286,28 9 21,77 3 30,91 9 53,79 9 48,04 1 68,16 8 21,03 4 15,56 6 18,25 2 25,86 5 54,255 FEDERAL RESERVE AGENTS’ ACCOUNTS F.R. notes outstanding 750,14 2 34,91 8 309,30 0 26,76 6 32,75 1 56,33 0 60,38 7 70,06 8 23,38 2 15,68 0 20,93 0 33,90 9 65,720 Less—Held by F.R. Banks 121,54 0 4,54 1 36,56 7 6,72 2 4,80 1 9,98 2 15,81 5 6,29 4 3,63 7 1,78 5 4,23 8 9,60 5 17,552 F.R. notes, net 628,60 1 30,37 7 272,73 3 20,04 4 27,95 1 46,34 8 44,57 2 63,77 3 19,74 5 13,89 5 16,69 2 24,30 4 48,167 Collateral held against F.R. notes Gold certificate account 11,039 Special drawing rights certificate account 2,200 Other eligible assets 1,191 U.S. govt. and agency securities (3) 614,171 Total collateral 628,601 1 Cash value of agreements arranged through third-party custodial banks. These agreements are collateralized by U.S. government and agency securities. 2 Includes exchange-translation account reflecting the monthly revaluation at market exchange rates of foreign exchange commitments. 3 U.S. government and agency securities bought outright or held under repurchase agreement are valued at face amount. Includes cash value of repurchase agreements under triparty arrangements and excludes the par value of securities pledged under reverse repurchase agreements. Components may not add to totals due to rounding.