H.4.1 Factors Affecting Reserve Balances of Depository Institutions

FEDERAL RESERVE These data are scheduled for release each Thursday. H.4.1 December 12, 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 11, 2002 Dec 4, 2002 Dec 12, 2001 Dec 11, 2002 Reserve Bank Credit 670,752 - 1,875 + 51,008 679,725 U.S. government securities (1) Bought outright-system account (2,3) 609,905 + 319 + 58,392 608,947 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) 22,000 - 3,857 - 9,500 30,750 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 164 + 162 + 121 1,076 Seasonal credit 46 - 8 + 12 45 Extended credit 0 0 0 0 Float 1,478 + 1,206 + 1,095 1,504 Other F.R. assets 37,149 + 303 + 888 37,393 Gold stock 11,043 + 1 - 2 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding 34,455 + 14 + 1,466 34,455 Total factors supplying reserve funds 718,450 - 1,861 + 52,472 727,423 Currency in circulation* 674,290 - 224 + 47,417 675,500 Reverse repurchase agreements — triparty (4) 0 0 0 0 Treasury cash holdings* 376 - 1 - 65 372 Deposits, other than reserve balances, with F.R. Banks Treasury 4,107 - 557 - 901 5,506 Foreign 138 + 11 - 16 139 Service-related balances and adjustments (5) 10,554 - 131 + 1,804 10,554 Other 208 - 20 - 32 201 Other F.R. liabilities and capital 19,799 + 228 + 1,914 19,786 Total factors, other than reserve balances, absorbing reserve funds 709,472 - 694 + 50,121 712,058 Reserve balances with F.R. Banks (6) 8,978 - 1,166 + 2,351 15,365 On December 11, 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 $ 839,532 million, a change of $ + 6,256 million for the week. The total includes $ 683,657 million of U.S. government securities and $ 155,874 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 $ 19,483 million (daily average over statement week) and $ 20,445 million (outstanding on Wednesday statement date) matched sale-purchase transactions, of which $ 19,198 million (daily average) and $ 20,445 million (outstanding on Wednesday statement date) were with foreign official and international accounts. Includes securities loans of $ 53 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 $ 1,247 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 $ 273 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 11, 2002 Dec 4, 2002 Dec 12, 2001 ASSETS Gold certificate account 11,039 0 - 6 Special drawing rights certificate account 2,200 0 0 Coin 1,032 + 4 - 38 Loans 1,121 + 1,069 + 1,003 Acceptances 0 0 0 Repurchase agreements — triparty (1) 30,750 + 12,750 - 11,750 Federal agency obligations (2) Bought outright 10 0 0 Held under repurchase agreements 0 0 0 U.S. government securities (2) Bought outright—Bills 206,238 - 1,934 + 19,647 Notes (3) 297,884 + 3 + 34,038 Bonds (4) 104,825 + 2 + 1,738 Total bought outright (5) 608,947 - 1,929 + 55,423 Held under repurchase agreements 0 0 0 Total U.S. government securities 608,947 - 1,929 + 55,423 Total loans and securities 640,828 + 11,890 + 44,676 Items in process of collection (1,312) 10,116 + 527 + 47 Bank premises 1,532 + 2 + 14 Other assets (6) 35,879 + 557 + 943 TOTAL ASSETS (1,312) 702,625 + 12,980 + 45,636 LIABILITIES Federal Reserve notes 642,444 + 116 + 44,263 Reverse repurchase agreements — triparty (1) 0 0 0 Deposits Depository institutions 26,025 + 10,355 - 1,706 U.S. Treasury—general account 5,506 + 2,002 + 914 Foreign—official accounts 139 - 14 - 155 Other (0) 201 - 6 - 15 Total deposits (0) 31,871 + 12,336 - 963 Deferred availability cash items (1,312) 8,523 + 194 + 313 Other liabilities and accrued dividends (7) 2,451 + 26 - 213 TOTAL LIABILITIES (1,312) 685,290 + 12,672 + 43,401 CAPITAL ACCOUNTS Capital paid in 8,359 + 6 + 994 Surplus 7,312 0 + 584 Other capital accounts 1,664 + 302 + 657 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 $ 700 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 $ 547 million of compensation that adjusts for the effects of inflation on the principal of such securities. 5 Net of $ 20,445 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 11, 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 1,089 19,955 - 1,305 0 0 25,750 0 16 days to 90 days 32 141,835 - 790 0 0 5,000 0 91 days to 1 year 0 140,097 + 161 0 0 ——— ——— Over 1 year to 5 years ——— 173,935 + 1 10 0 ——— ——— Over 5 years to 10 years ——— 53,293 + 3 0 0 ——— ——— Over 10 years ——— 79,833 + 2 0 0 ——— ——— Total 1,121 608,947 - 1,929 10 0 30,750 0 1 Includes $ 12,242 million of inflation-indexed securities valued at the original face amount and $ 1,247 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 11, 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 1,03 2 4 7 3 6 6 2 4 7 14 4 11 4 13 2 6 0 3 6 7 0 16 3 120 Loans 1,12 1 28 0 62 5 0 0 0 17 7 0 1 4 1 2 1 0 3 0 Acceptances 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements — triparty (1) 30,75 0 0 30,75 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 206,23 8 11,81 6 81,14 6 7,93 0 11,37 9 16,08 5 14,68 5 24,27 0 7,33 3 3,22 4 6,09 6 4,57 7 17,694 Notes (3) 297,88 4 17,06 7 117,20 6 11,45 4 16,43 6 23,23 3 21,21 1 35,05 5 10,59 2 4,65 7 8,80 5 6,61 1 25,557 Bonds (4) 104,82 5 6,00 6 41,24 5 4,03 1 5,78 4 8,17 6 7,46 4 12,33 6 3,72 7 1,63 9 3,09 9 2,32 6 8,994 Total bought outright (5) 608,94 7 34,88 9 239,59 7 23,41 6 33,59 9 47,49 3 43,35 9 71,66 1 21,65 3 9,51 9 18,00 0 13,51 5 52,245 Held under repurchase agreements 0 0 0 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 608,94 7 34,88 9 239,59 7 23,41 6 33,59 9 47,49 3 43,35 9 71,66 1 21,65 3 9,51 9 18,00 0 13,51 5 52,245 Total loans and securities 640,82 8 35,17 0 270,97 6 23,41 6 33,59 9 47,49 4 43,53 7 71,66 3 21,66 7 9,53 1 18,01 1 13,51 8 52,246 Items in process of collection 11,42 7 58 0 89 9 81 0 68 1 90 9 1,25 7 72 7 39 6 68 5 67 9 65 8 3,147 Bank premises 1,53 2 9 1 18 4 4 9 15 2 12 9 27 9 11 6 4 3 12 6 5 0 14 0 172 Other assets (6) 35,87 9 1,86 6 12,55 7 1,13 6 2,42 5 5,34 5 2,39 7 3,68 2 93 8 61 6 93 4 78 6 3,197 Interdistrict settlement account 0 - 6,36 2 +31,44 4 - 6,25 5 - 5,29 2 - 1,76 2 - 5,49 6 -15,18 5 - 3,25 0 + 3,79 1 - 2,37 0 +13,15 7 - 2,421 TOTAL ASSETS 703,93 7 32,03 9 321,33 4 19,73 1 32,23 9 53,22 5 43,18 0 62,42 7 20,27 1 14,99 4 17,74 9 29,00 4 57,743 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 $ 700 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 $ 547 million of compensation that adjusts for the effects of inflation on the principal of such securities. 5 Net of $ 20,445 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 11, 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 642,44 4 28,69 6 301,33 3 17,88 8 28,39 6 44,53 0 39,55 6 56,66 0 18,72 3 13,10 7 15,78 4 27,26 2 50,507 Reverse repurchase agreements—triparty (1) 0 0 0 0 0 0 0 0 0 0 0 0 0 Deposits Depository institutions 26,02 5 1,59 0 8,72 3 53 2 1,62 8 3,42 4 1,51 0 3,00 2 75 5 56 9 1,07 6 74 3 2,473 U.S. Treasury—general account 5,50 6 0 5,50 6 0 0 0 0 0 0 0 0 0 0 Foreign—official accounts 13 9 2 11 5 1 3 7 2 3 1 1 1 1 3 Other 20 1 4 13 4 0 1 5 6 1 0 1 0 1 3 1 Total deposits 31,87 1 1,59 6 14,47 8 53 4 1,63 2 3,48 6 1,51 3 3,00 6 75 6 57 0 1,07 8 74 7 2,477 Deferred credit items 9,83 5 69 7 96 1 69 5 62 4 72 5 86 4 73 4 27 0 58 5 37 4 52 0 2,787 Other liabilities and accrued dividends (2) 2,45 1 14 6 74 6 10 8 14 4 26 7 19 8 25 8 10 6 8 5 9 6 9 3 204 TOTAL LIABILITIES 686,60 2 31,13 5 317,51 8 19,22 5 30,79 7 49,00 9 42,13 1 60,65 7 19,85 4 14,34 6 17,33 3 28,62 1 55,975 CAPITAL ACCOUNTS Capital paid in 8,35 9 43 6 1,80 1 24 2 70 2 2,07 3 47 5 85 1 19 9 34 0 20 1 18 6 854 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 1,66 4 4 9 51 1 4 3 7 5 38 6 3 9 12 5 6 8 19 1 2 4 3 3 118 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 703,93 7 32,03 9 321,33 4 19,73 1 32,23 9 53,22 5 43,18 0 62,42 7 20,27 1 14,99 4 17,74 9 29,00 4 57,743 FEDERAL RESERVE AGENTS’ ACCOUNTS F.R. notes outstanding 762,42 8 33,53 1 330,77 6 25,56 8 32,99 2 54,88 9 58,28 9 65,60 6 22,31 6 15,18 4 20,16 9 36,45 7 66,650 Less—Held by F.R. Banks 119,98 4 4,83 5 29,44 2 7,68 0 4,59 6 10,35 9 18,73 2 8,94 7 3,59 3 2,07 7 4,38 5 9,19 5 16,143 F.R. notes, net 642,44 4 28,69 6 301,33 3 17,88 8 28,39 6 44,53 0 39,55 6 56,66 0 18,72 3 13,10 7 15,78 4 27,26 2 50,507 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) 629,205 Total collateral 642,444 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.