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 25, 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 24, 2002 Jul 17, 2002 Jul 25, 2001 Jul 24, 2002 Reserve Bank Credit 658,663 + 1,910 + 62,857 667,744 U.S. government securities (1) Bought outright-system account (2,3) 597,616 + 5,103 + 61,794 600,510 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) 21,107 - 3,464 - 736 26,750 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 15 + 13 - 141 104 Seasonal credit 183 + 6 - 10 184 Extended credit 0 0 0 0 Float -406 - 96 - 498 -150 Other F.R. assets 40,138 + 350 + 2,447 40,336 Gold stock 11,044 0 0 11,044 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding 33,969 + 14 + 1,257 33,969 Total factors supplying reserve funds 705,875 + 1,923 + 64,113 714,957 Currency in circulation* 659,659 - 1,741 + 59,074 660,604 Reverse repurchase agreements — triparty (4) 0 0 0 0 Treasury cash holdings* 378 - 14 - 29 381 Deposits, other than reserve balances, with F.R. Banks Treasury 5,311 - 184 + 388 5,085 Foreign 77 - 21 - 30 78 Service-related balances and adjustments (5) 10,239 + 121 + 2,741 10,239 Other 218 - 26 - 85 227 Other F.R. liabilities and capital 19,765 - 145 + 1,709 19,226 Total factors, other than reserve balances, absorbing reserve funds 695,647 - 2,010 + 63,769 695,841 Reserve balances with F.R. Banks (6) 10,228 + 3,933 + 344 19,117 On July 24, 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 $ 790,963 million, a change of $ - 1,074 million for the week. The total includes $ 635,472 million of U.S. government securities and $ 155,492 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 $ 22,445 million (daily average over statement week) and $ 22,129 million (outstanding on Wednesday statement date) matched sale-purchase transactions, of which $ 22,445 million (daily average) and $ 22,129 million (outstanding on Wednesday statement date) were with foreign official and international accounts. Includes securities loans of $ 2,077 million (daily average) and $ 1,723 million (outstanding on Wednesday statement date) that are fully collateralized by other U.S. government securities. 3 Includes $ 12,242 million of inflation-indexed securities valued at the original face amount and $ 1,151 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 $ 9,908 million and adjustments of $ 331 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 24, 2002 Jul 17, 2002 Jul 25, 2001 ASSETS Gold certificate account 11,039 0 - 5 Special drawing rights certificate account 2,200 0 0 Coin 922 + 25 - 170 Loans 288 + 101 + 76 Acceptances 0 0 0 Repurchase agreements — triparty (1) 26,750 + 7,000 - 8,300 Federal agency obligations (2) Bought outright 10 0 0 Held under repurchase agreements 0 0 0 U.S. government securities (2) Bought outright—Bills 203,024 + 4,420 + 22,746 Notes (3) 291,777 + 1,610 + 36,415 Bonds (4) 105,709 + 69 + 4,957 Total bought outright (5) 600,510 + 6,099 + 64,118 Held under repurchase agreements 0 0 0 Total U.S. government securities 600,510 + 6,099 + 64,118 Total loans and securities 627,559 + 13,201 + 55,895 Items in process of collection (966) 6,891 - 316 - 269 Bank premises 1,522 + 2 + 8 Other assets (6) 38,719 + 433 + 2,419 TOTAL ASSETS (966) 688,852 + 13,344 + 57,879 LIABILITIES Federal Reserve notes 627,934 - 667 + 57,126 Reverse repurchase agreements — triparty (1) 0 0 0 Deposits Depository institutions 29,349 + 15,092 - 769 U.S. Treasury—general account 5,085 + 85 + 368 Foreign—official accounts 78 - 78 - 1 Other (0) 227 - 3 - 64 Total deposits (0) 34,739 + 15,096 - 465 Deferred availability cash items (966) 6,952 - 733 - 154 Other liabilities and accrued dividends (7) 2,391 + 26 - 677 TOTAL LIABILITIES (966) 672,017 + 13,722 + 55,831 CAPITAL ACCOUNTS Capital paid in 8,265 + 4 + 1,112 Surplus 7,312 0 + 583 Other capital accounts 1,258 - 383 + 353 1 Cash value of agreements arranged through third-party custodial banks. 2 Face value of the securities. 3 Includes $ 7,168 million of inflation-indexed securities valued at the original face amount and $ 644 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Includes $ 5,074 million of inflation-indexed securities valued at the original face amount and $ 507 million of compensation that adjusts for the effects of inflation on the principal of such securities. 5 Net of $ 22,129 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes securities loans of $ 1,723 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 24, 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 272 22,480 + 2,046 0 0 22,750 0 16 days to 90 days 16 130,686 - 954 0 0 4,000 0 91 days to 1 year 0 141,763 + 4,431 0 0 ——— ——— Over 1 year to 5 years ——— 169,944 0 10 0 ——— ——— Over 5 years to 10 years ——— 54,005 + 506 0 0 ——— ——— Over 10 years ——— 81,632 + 69 0 0 ——— ——— Total 288 600,510 + 6,099 10 0 26,750 0 1 Includes $ 12,242 million of inflation-indexed securities valued at the original face amount and $ 1,151 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 24, 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 92 2 4 2 3 9 4 0 4 8 12 5 11 5 11 3 5 6 3 3 6 6 13 3 113 Loans 28 8 2 0 10 0 0 0 5 4 5 3 7 6 5 2 3 8 2 Acceptances 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements — triparty (1) 26,75 0 0 26,75 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 203,02 4 11,63 2 79,88 2 7,80 7 11,20 2 15,83 4 14,45 6 23,89 2 7,21 9 3,17 4 6,00 1 4,50 6 17,419 Notes (3) 291,77 7 16,71 7 114,80 3 11,22 0 16,09 9 22,75 7 20,77 6 34,33 6 10,37 5 4,56 1 8,62 5 6,47 6 25,033 Bonds (4) 105,70 9 6,05 7 41,59 2 4,06 5 5,83 2 8,24 5 7,52 7 12,44 0 3,75 9 1,65 3 3,12 5 2,34 6 9,069 Total bought outright (5) 600,51 0 34,40 6 236,27 7 23,09 1 33,13 3 46,83 5 42,75 9 70,66 8 21,35 3 9,38 8 17,75 1 13,32 7 51,521 Held under repurchase agreements 0 0 0 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 600,51 0 34,40 6 236,27 7 23,09 1 33,13 3 46,83 5 42,75 9 70,66 8 21,35 3 9,38 8 17,75 1 13,32 7 51,521 Total loans and securities 627,55 9 34,40 8 263,03 1 23,19 2 33,13 4 46,83 6 42,76 5 70,71 5 21,39 0 9,45 3 17,77 5 13,33 6 51,524 Items in process of collection 7,85 7 41 5 69 0 38 0 28 5 46 3 85 7 61 2 38 5 62 3 42 1 41 9 2,306 Bank premises 1,52 2 9 2 18 3 4 9 15 2 13 0 28 0 11 1 4 3 12 4 4 9 13 8 172 Other assets (6) 38,71 9 2,04 5 13,53 5 1,31 0 2,59 4 5,59 9 2,60 6 4,00 7 1,03 3 66 0 1,02 1 85 2 3,457 Interdistrict settlement account 0 - 2,47 3 +12,47 7 - 3,89 9 - 5,32 2 - 84 1 - 2 7 - 7,49 3 - 2,08 0 + 4,63 6 - 81 2 +10,84 4 - 5,009 TOTAL ASSETS 689,81 8 35,17 6 295,19 4 21,58 4 31,51 7 53,27 8 47,68 8 69,35 7 21,24 4 15,73 7 18,89 5 26,30 4 53,843 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 $ 7,168 million of inflation-indexed securities valued at the original face amount and $ 644 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Includes $ 5,074 million of inflation-indexed securities valued at the original face amount and $ 507 million of compensation that adjusts for the effects of inflation on the principal of such securities. 5 Net of $ 22,129 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes securities loans of $ 1,723 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 24, 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 627,93 4 30,00 8 274,19 4 19,82 4 27,80 2 45,92 3 44,24 3 63,57 7 19,68 3 13,84 6 16,48 8 24,61 2 47,734 Reverse repurchase agreements—triparty (1 ) 0 0 0 0 0 0 0 0 0 0 0 0 0 Deposits Depository institutions 29,34 9 3,63 6 10,28 9 68 2 1,84 4 2,31 4 1,45 7 3,14 3 80 8 68 7 1,60 4 95 2 1,934 U.S. Treasury—general account 5,08 5 0 5,08 5 0 0 0 0 0 0 0 0 0 0 Foreign—official accounts 7 8 2 5 4 1 3 7 2 3 1 1 1 1 3 Other 22 7 1 2 14 6 0 1 6 1 0 2 2 0 1 0 0 Total deposits 34,73 9 3,64 9 15,57 4 68 3 1,84 8 2,38 3 1,45 9 3,14 8 81 1 68 8 1,60 6 95 3 1,938 Deferred credit items 7,91 9 49 2 79 9 48 7 34 6 61 7 75 5 69 7 23 0 61 6 29 9 30 1 2,280 Other liabilities and accrued dividends (2) 2,39 1 14 6 75 2 10 7 13 4 22 8 20 1 25 8 10 6 7 6 9 6 9 3 194 TOTAL LIABILITIES 672,98 3 34,29 5 291,31 9 21,10 0 30,13 0 49,15 0 46,65 7 67,68 0 20,83 0 15,22 6 18,48 9 25,95 9 52,147 CAPITAL ACCOUNTS Capital paid in 8,26 5 43 2 1,85 2 23 5 68 7 2,05 9 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 1,25 8 3 1 51 9 2 8 3 6 31 1 2 3 6 6 6 4 8 9 1 6 1 1 64 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 689,81 8 35,17 6 295,19 4 21,58 4 31,51 7 53,27 8 47,68 8 69,35 7 21,24 4 15,73 7 18,89 5 26,30 4 53,843 FEDERAL RESERVE AGENTS’ ACCOUNTS F.R. notes outstanding 749,48 8 34,85 5 310,05 1 26,65 2 32,65 0 56,20 0 60,05 0 70,02 5 23,34 6 15,65 2 20,86 2 33,81 0 65,335 Less—Held by F.R. Banks 121,55 4 4,84 7 35,85 7 6,82 8 4,84 9 10,27 7 15,80 7 6,44 7 3,66 4 1,80 5 4,37 4 9,19 8 17,600 F.R. notes, net 627,93 4 30,00 8 274,19 4 19,82 4 27,80 2 45,92 3 44,24 3 63,57 7 19,68 3 13,84 6 16,48 8 24,61 2 47,734 Collateral held against F.R. notes Gold certificate account 11,039 Special drawing rights certificate account 2,200 Other eligible assets 0 U.S. govt. and agency securities (3) 614,695 Total collateral 627,934 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.