H.4.1 Factors Affecting Reserve Balances of Depository Institutions

FEDERAL RESERVE These data are scheduled for release each Thursday. H.4.1 November 21, 2002 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 Nov 20, 2002 Nov 13, 2002 Nov 21, 2001 Nov 20, 2002 Reserve Bank Credit 666,088 - 264 + 46,885 663,006 U.S. government securities (1) Bought outright-system account (2,3) 608,053 - 427 + 58,985 606,396 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) 20,929 + 4,108 - 13,328 19,250 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 310 + 68 + 277 1 Seasonal credit 60 - 6 + 30 56 Extended credit 0 0 0 0 Float -295 - 947 - 873 766 Other F.R. assets 37,021 - 3,059 + 1,794 36,528 Gold stock 11,042 0 - 3 11,042 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding 34,401 + 14 + 1,427 34,401 Total factors supplying reserve funds 713,731 - 250 + 48,309 710,650 Currency in circulation* 667,786 - 274 + 44,939 668,842 Reverse repurchase agreements — triparty (4) 0 0 0 0 Treasury cash holdings* 387 + 1 - 49 386 Deposits, other than reserve balances, with F.R. Banks Treasury 4,868 - 145 - 735 4,519 Foreign 147 + 70 - 25 72 Service-related balances and adjustments (5) 10,461 + 134 + 2,224 10,461 Other 250 + 14 - 24 231 Other F.R. liabilities and capital 19,791 - 221 + 2,025 19,307 Total factors, other than reserve balances, absorbing reserve funds 703,692 - 420 + 48,358 703,817 Reserve balances with F.R. Banks (6) 10,040 + 171 - 47 6,833 On November 20, 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 $ 822,919 million, a change of $ + 13,032 million for the week. The total includes $ 672,769 million of U.S. government securities and $ 150,150 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 $ 20,417 million (daily average over statement week) and $ 22,078 million (outstanding on Wednesday statement date) matched sale-purchase transactions, of which $ 19,882 million (daily average) and $ 19,578 million (outstanding on Wednesday statement date) were with foreign official and international accounts. Includes securities loans of $ 2,217 million (daily average) and $ 2,188 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 $ 1,232 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 $ 10,283 million and adjustments of $ 178 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 Nov 20, 2002 Nov 13, 2002 Nov 21, 2001 ASSETS Gold certificate account 11,038 0 - 7 Special drawing rights certificate account 2,200 0 0 Coin 1,076 - 4 + 2 Loans 57 - 10 + 22 Acceptances 0 0 0 Repurchase agreements — triparty (1) 19,250 - 1,750 - 17,000 Federal agency obligations (2) Bought outright 10 0 0 Held under repurchase agreements 0 0 0 U.S. government securities (2) Bought outright—Bills 204,355 - 2,594 + 19,700 Notes (3) 297,336 + 1,422 + 35,861 Bonds (4) 104,705 - 1,417 + 1,670 Total bought outright (5) 606,396 - 2,588 + 57,230 Held under repurchase agreements 0 0 0 Total U.S. government securities 606,396 - 2,588 + 57,230 Total loans and securities 625,712 - 4,349 + 40,252 Items in process of collection (1,280) 8,236 - 7,345 - 1,372 Bank premises 1,533 + 3 + 14 Other assets (6) 34,994 - 3,742 + 769 TOTAL ASSETS (1,280) 684,788 - 15,439 + 39,657 LIABILITIES Federal Reserve notes 635,898 - 603 + 41,225 Reverse repurchase agreements — triparty (1) 0 0 0 Deposits Depository institutions 16,943 - 10,302 - 2,684 U.S. Treasury—general account 4,519 - 73 - 108 Foreign—official accounts 72 - 4 - 91 Other (0) 231 - 7 - 26 Total deposits (0) 21,764 - 10,387 - 2,910 Deferred availability cash items (1,280) 7,820 - 4,062 - 358 Other liabilities and accrued dividends (7) 2,421 - 48 - 275 TOTAL LIABILITIES (1,280) 667,903 - 15,100 + 37,682 CAPITAL ACCOUNTS Capital paid in 8,304 + 19 + 1,023 Surplus 7,312 0 + 582 Other capital accounts 1,270 - 357 + 371 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 $ 692 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 $ 541 million of compensation that adjusts for the effects of inflation on the principal of such securities. 5 Net of $ 22,078 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes securities loans of $ 2,188 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, November 20, 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 45 22,429 + 7,606 0 0 14,250 0 16 days to 90 days 12 135,186 - 6,671 0 0 5,000 0 91 days to 1 year 0 142,178 - 1,259 0 0 ——— ——— Over 1 year to 5 years ——— 173,804 - 2,379 10 0 ——— ——— Over 5 years to 10 years ——— 52,972 + 2,032 0 0 ——— ——— Over 10 years ——— 79,827 - 1,916 0 0 ——— ——— Total 57 606,396 - 2,588 10 0 19,250 0 1 Includes $ 12,242 million of inflation-indexed securities valued at the original face amount and $ 1,232 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 November 20, 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 8 53 3 4,36 3 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 1,07 6 5 2 4 8 6 3 5 0 14 1 12 2 13 6 6 2 3 5 7 4 16 2 131 Loans 5 7 0 0 1 0 0 7 3 1 4 1 5 1 3 5 0 Acceptances 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements — triparty (1) 19,25 0 0 19,25 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 204,35 5 11,70 8 80,40 6 7,85 8 11,27 5 15,93 8 14,55 1 24,04 9 7,26 6 3,19 5 6,04 1 4,53 5 17,533 Notes (3) 297,33 6 17,03 6 116,99 0 11,43 3 16,40 5 23,19 0 21,17 1 34,99 1 10,57 3 4,64 8 8,78 9 6,59 9 25,510 Bonds (4) 104,70 5 5,99 9 41,19 7 4,02 6 5,77 7 8,16 6 7,45 5 12,32 2 3,72 3 1,63 7 3,09 5 2,32 4 8,983 Total bought outright (5) 606,39 6 34,74 3 238,59 3 23,31 8 33,45 8 47,29 4 43,17 8 71,36 1 21,56 2 9,48 0 17,92 5 13,45 8 52,026 Held under repurchase agreements 0 0 0 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 606,39 6 34,74 3 238,59 3 23,31 8 33,45 8 47,29 4 43,17 8 71,36 1 21,56 2 9,48 0 17,92 5 13,45 8 52,026 Total loans and securities 625,71 2 34,74 4 257,84 7 23,31 9 33,45 8 47,29 5 43,18 5 71,36 5 21,57 6 9,49 4 17,93 8 13,46 4 52,027 Items in process of collection 9,51 5 60 2 1,01 8 52 1 46 3 64 3 90 3 83 1 49 1 65 1 54 7 42 7 2,418 Bank premises 1,53 3 9 1 18 5 4 9 15 3 12 9 27 9 11 6 4 3 12 5 5 0 14 0 173 Other assets (6) 34,99 4 1,81 9 12,21 3 1,10 3 2,37 6 5,27 4 2,34 1 3,56 6 90 9 59 7 90 8 76 5 3,122 Interdistrict settlement account 0 - 6,97 6 +32,72 1 - 4,76 8 - 6,12 0 - 1,49 3 - 4,93 0 -14,84 9 - 3,30 1 + 4,01 1 - 2,94 1 +11,68 8 - 3,043 TOTAL ASSETS 686,06 8 30,97 9 309,27 0 20,79 9 31,00 7 52,95 5 42,99 2 62,45 7 20,19 7 15,12 3 16,95 0 27,22 9 56,108 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 $ 692 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 $ 541 million of compensation that adjusts for the effects of inflation on the principal of such securities. 5 Net of $ 22,078 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes securities loans of $ 2,188 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 November 20, 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 635,89 8 28,32 2 297,01 5 17,74 5 27,96 8 44,88 4 39,65 4 57,22 0 18,91 9 13,35 0 15,53 2 25,56 8 49,721 Reverse repurchase agreements—triparty (1) 0 0 0 0 0 0 0 0 0 0 0 0 0 Deposits Depository institutions 16,94 3 1,09 8 2,21 8 1,87 8 96 0 2,94 5 1,28 9 2,49 5 50 0 38 9 52 0 74 4 1,906 U.S. Treasury—general account 4,51 9 0 4,51 9 0 0 0 0 0 0 0 0 0 0 Foreign—official accounts 7 2 2 4 8 1 3 7 2 3 1 1 1 1 3 Other 23 1 3 14 3 0 1 7 4 1 4 1 0 1 3 1 Total deposits 21,76 4 1,10 3 6,92 7 1,87 9 96 4 3,02 6 1,29 2 2,50 2 50 2 39 0 52 2 74 7 1,910 Deferred credit items 9,09 9 52 4 89 5 58 0 53 4 66 4 82 6 75 0 25 5 67 1 39 2 45 3 2,556 Other liabilities and accrued dividends (2) 2,42 1 14 8 73 9 10 7 14 1 25 3 19 6 25 8 10 5 8 1 9 4 9 1 206 TOTAL LIABILITIES 669,18 3 30,09 7 305,57 6 20,31 1 29,60 7 48,82 7 41,96 9 60,73 0 19,78 1 14,49 2 16,54 1 26,85 8 54,393 CAPITAL ACCOUNTS Capital paid in 8,30 4 43 4 1,77 3 23 8 69 9 2,06 9 47 2 84 8 19 9 33 8 20 0 18 3 850 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 1,27 0 3 0 41 6 2 9 3 7 30 2 1 7 8 6 6 8 17 4 1 8 2 3 69 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 686,06 8 30,97 9 309,27 0 20,79 9 31,00 7 52,95 5 42,99 2 62,45 7 20,19 7 15,12 3 16,95 0 27,22 9 56,108 FEDERAL RESERVE AGENTS’ ACCOUNTS F.R. notes outstanding 757,43 9 33,53 5 327,51 8 25,84 8 32,88 7 55,12 8 57,71 5 65,86 7 22,38 8 15,26 7 20,25 0 35,43 9 65,597 Less—Held by F.R. Banks 121,54 1 5,21 3 30,50 3 8,10 2 4,92 0 10,24 4 18,06 1 8,64 8 3,46 9 1,91 7 4,71 8 9,87 1 15,876 F.R. notes, net 635,89 8 28,32 2 297,01 5 17,74 5 27,96 8 44,88 4 39,65 4 57,22 0 18,91 9 13,35 0 15,53 2 25,56 8 49,721 Collateral held against F.R. notes Gold certificate account 11,038 Special drawing rights certificate account 2,200 Other eligible assets 0 U.S. govt. and agency securities (3) 622,660 Total collateral 635,898 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.