H.4.1 Factors Affecting Reserve Balances of Depository Institutions

FEDERAL RESERVE These data are scheduled for release each Thursday. H.4.1 November 29, 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 27, 2002 Nov 20, 2002 Nov 28, 2001 Nov 27, 2002 Reserve Bank Credit 669,038 + 2,951 + 47,930 676,131 U.S. government securities (1) Bought outright-system account (2,3) 609,235 + 1,182 + 59,741 609,614 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) 23,036 + 2,107 - 12,207 29,000 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 3 - 307 - 6 6 Seasonal credit 54 - 6 + 21 54 Extended credit 0 0 0 0 Float 29 + 325 - 650 613 Other F.R. assets 36,672 - 349 + 1,033 36,834 Gold stock 11,042 0 - 3 11,042 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding 34,427 + 14 + 1,453 34,427 Total factors supplying reserve funds 716,708 + 2,965 + 49,382 723,800 Currency in circulation* 669,912 + 2,114 + 43,820 674,291 Reverse repurchase agreements — triparty (4) 0 0 0 0 Treasury cash holdings* 384 - 3 - 45 377 Deposits, other than reserve balances, with F.R. Banks Treasury 5,016 + 148 - 58 5,082 Foreign 125 - 22 - 202 224 Service-related balances and adjustments (5) 10,625 + 164 + 2,474 10,625 Other 180 - 70 - 83 184 Other F.R. liabilities and capital 19,483 - 308 + 1,668 19,435 Total factors, other than reserve balances, absorbing reserve funds 705,725 + 2,022 + 47,574 710,219 Reserve balances with F.R. Banks (6) 10,983 + 944 + 1,808 13,581 On November 27, 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 $ 831,289 million, a change of $ + 8,370 million for the week. The total includes $ 676,372 million of U.S. government securities and $ 154,917 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 $ 19,295 million (daily average over statement week) and $ 19,114 million (outstanding on Wednesday statement date) matched sale-purchase transactions, of which $ 19,295 million (daily average) and $ 19,114 million (outstanding on Wednesday statement date) were with foreign official and international accounts. Includes securities loans of $ 1,629 million (daily average) and $ 2,200 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 $ 1,237 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 $ 10,282 million and adjustments of $ 343 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 27, 2002 Nov 20, 2002 Nov 28, 2001 ASSETS Gold certificate account 11,038 0 - 7 Special drawing rights certificate account 2,200 0 0 Coin 1,049 - 27 + 3 Loans 60 + 3 + 25 Acceptances 0 0 0 Repurchase agreements — triparty (1) 29,000 + 9,750 - 10,350 Federal agency obligations (2) Bought outright 10 0 0 Held under repurchase agreements 0 0 0 U.S. government securities (2) Bought outright—Bills 207,568 + 3,213 + 22,269 Notes (3) 297,339 + 3 + 34,963 Bonds (4) 104,707 + 2 + 1,617 Total bought outright (5) 609,614 + 3,218 + 58,849 Held under repurchase agreements 0 0 0 Total U.S. government securities 609,614 + 3,218 + 58,849 Total loans and securities 638,684 + 12,972 + 48,523 Items in process of collection (1,748) 8,118 - 118 + 81 Bank premises 1,530 - 3 + 11 Other assets (6) 35,322 + 328 + 543 TOTAL ASSETS (1,748) 697,941 + 13,153 + 49,154 LIABILITIES Federal Reserve notes 641,286 + 5,388 + 46,066 Reverse repurchase agreements — triparty (1) 0 0 0 Deposits Depository institutions 23,972 + 7,029 + 689 U.S. Treasury—general account 5,082 + 563 + 769 Foreign—official accounts 224 + 152 - 127 Other (0) 184 - 47 - 88 Total deposits (0) 29,463 + 7,699 + 1,244 Deferred availability cash items (1,748) 7,757 - 63 + 267 Other liabilities and accrued dividends (7) 2,427 + 6 - 260 TOTAL LIABILITIES (1,748) 680,933 + 13,030 + 47,317 CAPITAL ACCOUNTS Capital paid in 8,349 + 45 + 979 Surplus 7,312 0 + 579 Other capital accounts 1,348 + 78 + 279 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 $ 695 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 $ 543 million of compensation that adjusts for the effects of inflation on the principal of such securities. 5 Net of $ 19,114 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes securities loans of $ 2,200 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 27, 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 56 25,646 + 3,217 0 0 21,000 0 16 days to 90 days 4 135,245 + 59 0 0 8,000 0 91 days to 1 year 0 142,115 - 63 0 0 ——— ——— Over 1 year to 5 years ——— 173,805 + 1 10 0 ——— ——— Over 5 years to 10 years ——— 52,974 + 2 0 0 ——— ——— Over 10 years ——— 79,829 + 2 0 0 ——— ——— Total 60 609,614 + 3,218 10 0 29,000 0 1 Includes $ 12,242 million of inflation-indexed securities valued at the original face amount and $ 1,237 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 27, 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 1,04 9 4 9 4 2 6 2 4 9 14 2 11 6 13 1 6 0 3 5 7 2 16 2 128 Loans 6 0 0 0 0 0 0 8 7 1 4 1 0 1 2 4 5 Acceptances 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements — triparty (1) 29,00 0 0 29,00 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 207,56 8 11,89 3 81,67 0 7,98 2 11,45 3 16,18 9 14,78 0 24,42 7 7,38 1 3,24 5 6,13 6 4,60 7 17,808 Notes (3) 297,33 9 17,03 6 116,99 1 11,43 4 16,40 6 23,19 0 21,17 2 34,99 1 10,57 3 4,64 8 8,78 9 6,59 9 25,510 Bonds (4) 104,70 7 5,99 9 41,19 8 4,02 6 5,77 7 8,16 6 7,45 6 12,32 2 3,72 3 1,63 7 3,09 5 2,32 4 8,983 Total bought outright (5) 609,61 4 34,92 8 239,85 9 23,44 1 33,63 5 47,54 6 43,40 7 71,73 9 21,67 7 9,53 0 18,02 0 13,52 9 52,302 Held under repurchase agreements 0 0 0 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 609,61 4 34,92 8 239,85 9 23,44 1 33,63 5 47,54 6 43,40 7 71,73 9 21,67 7 9,53 0 18,02 0 13,52 9 52,302 Total loans and securities 638,68 4 34,92 8 268,86 3 23,44 2 33,63 6 47,54 6 43,41 6 71,74 8 21,69 0 9,54 0 18,03 2 13,53 4 52,308 Items in process of collection 9,86 6 52 6 82 2 48 3 52 6 89 2 92 1 74 5 53 0 61 6 63 1 36 6 2,807 Bank premises 1,53 0 9 1 18 4 4 9 15 2 12 9 27 8 11 5 4 3 12 5 5 0 14 0 172 Other assets (6) 35,32 2 1,83 8 12,35 7 1,11 5 2,40 4 5,27 9 2,36 2 3,60 5 92 1 60 4 91 8 77 4 3,146 Interdistrict settlement account 0 - 5,97 1 +29,92 4 - 5,50 7 - 5,05 5 - 2,59 1 - 4,39 4 -14,86 4 - 3,32 2 + 4,04 6 - 2,37 0 +12,40 8 - 2,306 TOTAL ASSETS 699,68 9 32,11 0 317,43 0 20,15 6 32,33 8 52,36 4 43,79 2 62,77 2 20,34 0 15,17 5 17,70 9 27,96 8 57,535 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 $ 695 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 $ 543 million of compensation that adjusts for the effects of inflation on the principal of such securities. 5 Net of $ 19,114 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes securities loans of $ 2,200 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 27, 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 641,286 28,61 8 298,87 2 17,89 2 28,35 8 45,07 9 39,94 4 57,54 2 18,84 4 13,25 6 15,76 0 26,33 9 50,782 Reverse repurchase agreements—triparty (1) 0 0 0 0 0 0 0 0 0 0 0 0 0 Deposits Depository institutions 23,972 1,91 4 7,74 8 1,12 1 1,41 8 2,13 7 1,75 8 2,50 9 66 4 53 1 1,02 2 78 1 2,367 U.S. Treasury—general account 5,082 0 5,08 2 0 0 0 0 0 0 0 0 0 0 Foreign—official accounts 224 2 20 0 1 3 7 2 3 1 1 1 1 3 Other 184 1 14 5 0 1 2 9 1 1 2 0 1 3 1 Total deposits 29,463 1,91 7 13,17 6 1,12 3 1,42 2 2,17 3 1,76 1 2,51 3 66 6 53 2 1,02 4 78 5 2,371 Deferred credit items 9,504 53 9 90 4 54 2 1,00 5 70 4 86 1 71 9 31 5 66 9 42 0 37 8 2,447 Other liabilities and accrued dividends (2) 2,427 14 7 73 8 10 6 14 3 26 6 19 7 25 8 10 9 8 3 9 6 9 2 193 TOTAL LIABILITIES 682,680 31,22 0 313,69 0 19,66 3 30,92 8 48,22 3 42,76 2 61,03 2 19,93 5 14,54 0 17,30 0 27,59 5 55,793 CAPITAL ACCOUNTS Capital paid in 8,349 43 6 1,80 1 24 2 69 9 2,07 3 47 3 85 0 19 9 33 8 20 0 18 3 854 Surplus 7,312 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 1,348 3 5 43 6 3 0 4 6 31 1 2 2 9 7 5 7 17 8 1 7 2 6 93 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 699,689 32,11 0 317,43 0 20,15 6 32,33 8 52,36 4 43,79 2 62,77 2 20,34 0 15,17 5 17,70 9 27,96 8 57,535 FEDERAL RESERVE AGENTS’ ACCOUNTS F.R. notes outstanding 757,885 33,53 5 327,98 4 25,72 3 32,99 1 55,01 3 57,55 8 65,75 1 22,34 6 15,23 4 20,20 8 35,85 3 65,691 Less—Held by F.R. Banks 116,599 4,91 7 29,11 1 7,83 1 4,63 3 9,93 3 17,61 4 8,20 9 3,50 2 1,97 8 4,44 8 9,51 3 14,910 F.R. notes, net 641,286 28,61 8 298,87 2 17,89 2 28,35 8 45,07 9 39,94 4 57,54 2 18,84 4 13,25 6 15,76 0 26,33 9 50,782 Collateral held against F.R. notes Gold certificate account 11,038 Special drawing rights certificate account 2,200 Other eligible assets 0r U.S. govt. and agency securities (3) 628,048r Total collateral 641,286r 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. r revised. The incorrect values reported on the original release showed insufficient collateral. In fact, an adequate volume of securities was available to collateralize Federal Reserve notes. Components may not add to totals due to rounding.