H.4.1 Factors Affecting Reserve Balances of Depository Institutions

For Release at 4:30 P.M. Eastern time December 5, 2002 The H.4.1 Statistical Release (“Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks”) for November 29, 2002 contained an error on page 4. In the section titled “Federal Reserve Agents’ Accounts,” the total amount of collateral pledged against Federal Reserve notes, as well as amounts provided by U.S. government and federal agency securities and other eligible assets, were incorrect and erroneously indicated insufficient collateral. In fact, an adequate volume of securities was available as collateral against Federal Reserve notes. All other data items on the original release were correct. A corrected version of the November 29 release is posted on this website.

FEDERAL RESERVE These data are scheduled for release each Thursday. H.4.1 December 5, 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 Dec 4, 2002 Nov 27, 2002 Dec 5, 2001 Dec 4, 2002 Reserve Bank Credit 672,629 + 3,602 + 49,896 666,894 U.S. government securities (1) Bought outright-system account (2,3) 609,586 + 351 + 59,146 610,876 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) 25,857 + 2,821 - 8,714 18,000 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 2 - 1 - 6 2 Seasonal credit 54 0 + 20 49 Extended credit 0 0 0 0 Float 274 + 255 - 1,389 1,090 Other F.R. assets 36,846 + 175 + 840 36,866 Gold stock 11,042 0 - 3 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding 34,441 + 14 + 1,468 34,441 Total factors supplying reserve funds 720,312 + 3,616 + 51,361 714,578 Currency in circulation* 674,514 + 4,602 + 49,207 675,369 Reverse repurchase agreements — triparty (4) 0 0 0 0 Treasury cash holdings* 377 - 7 - 58 377 Deposits, other than reserve balances, with F.R. Banks Treasury 4,664 - 352 - 836 3,504 Foreign 127 + 2 - 267 153 Service-related balances and adjustments (5) 10,685 + 60 + 2,160 10,685 Other 228 + 48 - 17 207 Other F.R. liabilities and capital 19,571 + 88 + 1,523 19,452 Total factors, other than reserve balances, absorbing reserve funds 710,166 + 4,441 + 51,712 709,748 Reserve balances with F.R. Banks (6) 10,146 - 826 - 351 4,830 On December 4, 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 $ 833,276 million, a change of $ + 1,987 million for the week. The total includes $ 681,438 million of U.S. government securities and $ 151,837 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 $ 19,238 million (daily average over statement week) and $ 18,510 million (outstanding on Wednesday statement date) matched sale-purchase transactions, of which $ 19,238 million (daily average) and $ 18,510 million (outstanding on Wednesday statement date) were with foreign official and international accounts. Includes securities loans of $ 574 million (daily average) and $ 0 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 $ 1,242 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 $ 10,281 million and adjustments of $ 404 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 Dec 4, 2002 Nov 27, 2002 Dec 5, 2001 ASSETS Gold certificate account 11,039 + 1 - 6 Special drawing rights certificate account 2,200 0 0 Coin 1,028 - 21 - 21 Loans 52 - 8 + 13 Acceptances 0 0 0 Repurchase agreements — triparty (1) 18,000 - 11,000 - 10,000 Federal agency obligations (2) Bought outright 10 0 0 Held under repurchase agreements 0 0 0 U.S. government securities (2) Bought outright—Bills 208,172 + 604 + 22,355 Notes (3) 297,881 + 542 + 34,030 Bonds (4) 104,823 + 116 + 1,733 Total bought outright (5) 610,876 + 1,262 + 58,118 Held under repurchase agreements 0 0 0 Total U.S. government securities 610,876 + 1,262 + 58,118 Total loans and securities 628,938 - 9,746 + 48,131 Items in process of collection (1,098) 9,589 + 1,471 - 1,188 Bank premises 1,530 0 + 10 Other assets (6) 35,322 0 + 614 TOTAL ASSETS (1,098) 689,645 - 8,296 + 47,540 LIABILITIES Federal Reserve notes 642,328 + 1,042 + 47,134 Reverse repurchase agreements — triparty (1) 0 0 0 Deposits Depository institutions 15,670 - 8,302 + 817 U.S. Treasury—general account 3,504 - 1,578 - 1,284 Foreign—official accounts 153 - 71 + 67 Other (38) 207 + 23 - 36 Total deposits (38) 19,535 - 9,928 - 435 Deferred availability cash items (1,059) 8,329 + 572 - 896 Other liabilities and accrued dividends (7) 2,425 - 2 - 256 TOTAL LIABILITIES (1,098) 672,618 - 8,315 + 45,548 CAPITAL ACCOUNTS Capital paid in 8,353 + 4 + 996 Surplus 7,312 0 + 582 Other capital accounts 1,362 + 14 + 413 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 $ 698 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 $ 545 million of compensation that adjusts for the effects of inflation on the principal of such securities. 5 Net of $ 18,510 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes securities loans of $ 0 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, December 4, 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 30 21,260 - 4,386 0 0 13,000 0 16 days to 90 days 22 142,625 + 7,380 0 0 5,000 0 91 days to 1 year 0 139,936 - 2,179 0 0 ——— ——— Over 1 year to 5 years ——— 173,934 + 129 10 0 ——— ——— Over 5 years to 10 years ——— 53,290 + 316 0 0 ——— ——— Over 10 years ——— 79,831 + 2 0 0 ——— ——— Total 52 610,876 + 1,262 10 0 18,000 0 1 Includes $ 12,242 million of inflation-indexed securities valued at the original face amount and $ 1,242 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 December 4, 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 1,02 8 4 7 3 8 6 2 4 6 14 3 11 5 12 9 5 9 3 6 6 9 16 0 124 Loans 5 2 0 0 1 0 0 8 2 1 3 8 1 0 4 6 Acceptances 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements — triparty (1) 18,00 0 0 18,00 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 208,17 2 11,92 7 81,90 8 8,00 5 11,48 6 16,23 6 14,82 3 24,49 8 7,40 2 3,25 4 6,15 4 4,62 0 17,860 Notes (3) 297,88 1 17,06 7 117,20 4 11,45 4 16,43 6 23,23 3 21,21 0 35,05 5 10,59 2 4,65 7 8,80 5 6,61 1 25,557 Bonds (4) 104,82 3 6,00 6 41,24 4 4,03 1 5,78 4 8,17 5 7,46 4 12,33 6 3,72 7 1,63 9 3,09 9 2,32 6 8,993 Total bought outright (5) 610,87 6 35,00 0 240,35 6 23,49 0 33,70 5 47,64 4 43,49 7 71,88 8 21,72 1 9,55 0 18,05 7 13,55 7 52,411 Held under repurchase agreements 0 0 0 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 610,87 6 35,00 0 240,35 6 23,49 0 33,70 5 47,64 4 43,49 7 71,88 8 21,72 1 9,55 0 18,05 7 13,55 7 52,411 Total loans and securities 628,93 8 35,00 0 276,36 0 23,49 2 33,70 6 47,64 5 43,50 6 71,89 1 21,73 5 9,55 8 18,06 8 13,56 1 52,418 Items in process of collection 10,68 6 45 9 1,15 8 55 8 49 5 87 9 91 9 79 3 71 2 64 1 66 7 36 9 3,037 Bank premises 1,53 0 9 1 18 4 4 9 15 2 12 9 27 9 11 6 4 3 12 5 5 0 14 0 172 Other assets (6) 35,32 2 1,83 3 12,36 3 1,11 4 2,38 6 5,27 5 2,35 7 3,59 8 92 0 60 4 91 7 81 1 3,145 Interdistrict settlement account 0 - 6,71 2 +33,69 4 - 5,75 1 - 5,58 1 - 3,19 7 - 5,31 9 -14,98 7 - 3,69 0 + 3,92 3 - 2,78 3 +12,92 7 - 2,526 TOTAL ASSETS 690,74 2 31,36 7 329,03 5 20,03 6 31,83 0 51,83 9 42,94 8 62,83 3 20,19 6 15,09 5 17,36 1 28,55 0 57,651 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 $ 698 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 $ 545 million of compensation that adjusts for the effects of inflation on the principal of such securities. 5 Net of $ 18,510 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes securities loans of $ 0 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 December 4, 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 642,32 8 28,66 8 299,94 7 18,01 1 28,45 9 44,94 3 39,35 6 57,19 2 18,83 2 13,30 5 15,72 8 26,92 6 50,963 Reverse repurchase agreements—triparty (1) 0 0 0 0 0 0 0 0 0 0 0 0 0 Deposits Depository institutions 15,67 0 1,05 6 1,84 4 91 7 1,35 5 1,77 3 1,36 9 2,84 9 55 3 40 3 68 0 68 5 2,186 U.S. Treasury—general account 3,50 4 0 3,50 4 0 0 0 0 0 0 0 0 0 0 Foreign—official accounts 15 3 2 12 9 1 3 7 2 3 1 1 1 1 3 Other 24 6 4 13 6 0 0 5 9 3 9 1 1 0 1 3 1 Total deposits 19,57 4 1,06 2 5,61 4 91 9 1,35 8 1,83 9 1,41 1 2,85 3 55 4 40 4 68 2 68 9 2,190 Deferred credit items 9,38 8 60 2 97 8 50 4 45 6 63 9 95 7 79 3 29 2 66 7 44 9 47 2 2,579 Other liabilities and accrued dividends (2) 2,42 5 14 4 74 1 10 6 14 3 26 4 19 4 25 7 10 5 8 1 9 3 9 1 204 TOTAL LIABILITIES 673,71 5 30,47 6 307,28 0 19,54 0 30,41 6 47,68 6 41,91 8 61,09 5 19,78 3 14,45 7 16,95 2 28,17 8 55,935 CAPITAL ACCOUNTS Capital paid in 8,35 3 43 6 1,80 1 24 2 70 0 2,07 3 47 4 85 1 19 9 33 8 20 0 18 5 854 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 1,36 2 3 6 45 0 3 2 4 9 32 3 2 2 9 4 6 5 18 2 1 8 2 4 66 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 690,74 2 31,36 7 311,03 5 20,03 6 31,83 0 51,83 9 42,94 8 62,83 3 20,19 6 15,09 5 17,36 1 28,55 0 57,651 FEDERAL RESERVE AGENTS’ ACCOUNTS F.R. notes outstanding 759,93 4 33,53 1 329,31 7 25,65 9 33,02 6 54,93 8 57,67 6 65,70 3 22,35 6 15,21 7 20,16 7 36,09 9 66,245 Less—Held by F.R. Banks 117,60 6 4,86 3 29,37 1 7,64 8 4,56 7 9,99 4 18,32 0 8,51 1 3,52 4 1,91 3 4,43 9 9,17 3 15,282 F.R. notes, net 642,32 8 28,66 8 299,94 7 18,01 1 28,45 9 44,94 3 39,35 6 57,19 2 18,83 2 13,30 5 15,72 8 26,92 6 50,963 Collateral held against F.R. notes Gold certificate account 11,039 Special drawing rights certificate account 2,200 Other eligible assets 204 U.S. govt. and agency securities (3) 628,886 Total collateral 642,328 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.