H.4.1 Factors Affecting Reserve Balances of Depository Institutions

FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks December 26, 2002 1. Factors Affecting Reserve Balances of Depository Institutions Millions of dollars Reserve Bank credit, related items, and Averages of daily figures reserve balances of depository institutions Week ended Change from week ended Wednesday at Federal Reserve Banks Dec 25, 2002 Dec 18, 2002 Dec 26, 2001 Dec 25, 2002 Reserve Bank credit 703,676 + 11,023 + 69,903 708,472 Securities held outright 629,410 + 2,931 + 73,535 629,412 U.S. Treasury1 629,400 + 2,931 + 73,535 629,402 Bills2 226,682 + 2,925 + 40,429 226,682 Notes and bonds, nominal2 389,219 0 + 30,765 389,219 Notes and bonds, inflation-indexed2 12,242 0 + 2,056 12,242 Inflation compensation3 1,256 + 6 + 284 1,258 Federal agency2 10 0 0 10 Repurchase agreements4 34,321 + 6,142 - 7,422 37,250 Loans to depository institutions 59 + 4 - 13 59 Adjustment credit 13 + 7 - 23 9 Seasonal credit 46 - 3 + 10 50 Extended credit 0 0 0 0 Float 1,177 + 1,238 + 1,008 2,793 Other Federal Reserve assets 38,708 + 705 + 2,793 38,958 Gold stock 11,043 0 - 2 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 34,483 + 14 + 1,476 34,483 Total factors supplying reserve funds 751,401 + 11,036 + 71,376 756,197 Currency in circulation5 681,441 + 6,025 + 42,945 685,007 Reverse repurchase agreements6 20,908 + 2,706 + 20,908 20,396 Foreign official and international accounts 20,908 + 2,706 + 20,908 20,396 Dealers 0 0 0 0 Treasury cash holdings 360 - 10 - 65 360 Deposits with F.R. Banks, other than reserve balances 16,186 - 1,031 + 2,018 16,184 U.S. Treasury, general account 4,678 - 1,281 + 33 4,662 Foreign official 114 - 34 - 230 139 Service-related 11,181 + 281 + 2,209 11,181 Required clearing balances 10,452 + 2 + 1,870 10,452 Adjustments to compensate for float 729 + 279 + 339 729 Other 212 + 2 + 5 203 Other liabilities and capital 20,441 + 238 + 2,685 20,670 Total factors, other than reserve balances, absorbing reserve funds 739,334 + 7,925 + 68,489 742,617 Reserve balances with Federal Reserve Banks 12,067 + 3,111 + 2,887 13,580 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 848,867 + 2,568 . . . 848,468 U.S. Treasury 685,997 + 704 . . . 685,042 Federal agency 162,870 + 1,865 . . . 163,426 Securities lent to dealers 304 + 153 - 4,151 111 Note: Components may not sum to totals because of rounding. . . . not available. 1. Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities. 2. Face value of the securities. 3. Compensation that adjusts for the effects of inflation on the original face value of inflation-indexed securities. 4. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities. 5. Estimated. 6. Cash value of agreements, which are collateralized by U.S. Treasury securities. 7. Includes U.S. Treasury STRIPS and other zero coupon bonds at face value. Sources: Federal Reserve Banks and the U.S. Department of the Treasury.

H.4.1 2. Consolidated Statement of Condition of All Federal Reserve Banks Millions of dollars Change since Eliminations from Assets, liabilities, and capital consolidation Wednesday Wednesday Wednesday Dec 25, 2002 Dec 18, 2002 Dec 26, 2001 Assets Gold certificate account 11,039 0 - 6 Special drawing rights certificate account 2,200 0 0 Coin 1,011 - 24 - 55 Securities, repurchase agreements, and loans 666,721 + 7,269 + 60,420 Securities held outright 629,412 + 5 + 73,405 U.S. Treasury1 629,402 + 5 + 73,405 Bills2 226,682 0 + 40,293 Notes and bonds, nominal2 389,219 0 + 30,765 Notes and bonds, inflation-indexed2 12,242 0 + 2,056 Inflation compensation3 1,258 + 5 + 291 Federal agency2 10 0 0 Repurchase agreements4 37,250 + 7,250 - 13,000 Loans 59 + 14 + 14 Items in process of collection (1,076) 13,239 + 4,439 + 8,017 Bank premises 1,540 + 6 + 21 Other assets5 37,357 + 817 + 1,764 Total assets (1,076) 733,107 + 12,506 + 70,162 Liabilities Federal Reserve notes, net of F.R. Bank holdings 651,891 + 6,292 + 41,390 Reverse repurchase agreements6 20,396 - 1,509 + 20,396 Deposits (0) 29,704 + 4,781 - 1,380 Depository institutions 24,701 + 6,758 - 1,070 U.S. Treasury, general account 4,662 - 1,933 - 194 Foreign official 139 - 33 - 94 Other (0) 203 - 10 - 20 Deferred availability cash items (1,076) 10,447 + 2,181 + 6,515 Other liabilities and accrued dividends7 2,461 + 43 - 133 Total liabilities (1,076) 714,898 + 11,787 + 66,787 Capital accounts Capital paid in 8,382 + 6 + 1,025 Surplus 7,312 0 + 600 Other capital accounts 2,516 + 714 + 1,751 Total capital 18,209 + 720 + 3,374 Note: Components may not sum to totals because of rounding. 1. Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities. 2. Face value of the securities. 3. Compensation that adjusts for the effects of inflation on the original face value of inflation-indexed securities. 4. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities. 5. Includes assets denominated in foreign currencies, which are revalued daily at market exchange rates. 6. Cash value of agreements, which are collateralized by U.S. Treasury securities. 7. Includes exchange-translation account reflecting the daily revaluation at market exchange rates of foreign exchange commitments. 3. Maturity Distribution of Loans and Securities, December 25, 2002 Millions of dollars U.S. Treasury Federal agency Reverse securities1 securities Repurchase Maturity Loans repurchase Weekly Weekly agreements2 Holdings Holdings agreements2 changes changes Within 15 days 57 33,670 - 13,583 0 0 21,250 20,396 16 days to 90 days 2 146,846 + 12,584 0 0 16,000 0 91 days to 1 year 0 141,815 + 999 10 0 . . . . . . Over 1 year to 5 years . . . 173,936 + 1 0 0 . . . . . . Over 5 years to 10 years . . . 53,298 + 3 0 0 . . . . . . Over 10 years . . . 79,838 + 2 0 0 . . . . . . All 59 629,402 + 5 10 0 37,250 20,396 Note: Components may not sum to totals because of rounding. . . . Not applicable. 1. Includes the original face value of inflation-indexed securities and compensation that adjusts for the effects of inflation on the original face value of such securities. 2. Cash value of agreements classified by remaining maturity of the agreements.

H.4.1 4. Statement of Condition of Each Federal Reserve Bank on December 25, 2002 Millions of dollars Kansas San Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco Assets Gold certificate account 11,0 3 9 5 3 3 4,3 6 4 4 3 0 5 2 2 8 1 9 9 2 6 1,0 8 0 3 4 6 1 7 9 3 0 9 4 8 5 1,046 Special drawing rights certificate acct. 2,2 0 0 1 1 5 8 7 4 8 3 1 0 4 1 4 7 1 6 6 2 1 2 7 1 3 0 6 6 9 8 234 Coin 1,0 1 1 4 8 3 4 6 2 4 5 1 4 4 1 0 7 1 2 7 6 0 3 6 6 7 1 6 4 117 Securities, repurchase agreements, and loans 666,7 2 1 36,0 6 2 284,8 9 9 24,2 0 3 34,7 2 8 49,0 9 0 44,8 2 7 74,0 7 9 22,3 9 5 9,8 5 0 18,6 1 5 13,9 7 2 54,001 Securities held outright 629,4 1 2 36,0 6 2 247,6 4 9 24,2 0 3 34,7 2 8 49,0 9 0 44,8 1 7 74,0 6 9 22,3 8 1 9,8 3 9 18,6 0 5 13,9 6 9 54,001 U.S. Treasury1 629,4 0 2 36,0 6 1 247,6 4 5 24,2 0 2 34,7 2 7 49,0 8 9 44,8 1 6 74,0 6 8 22,3 8 0 9,8 3 9 18,6 0 5 13,9 6 9 54,000 Bills2 226,6 8 2 12,9 8 8 89,1 9 1 8,7 1 7 12,5 0 7 17,6 8 0 16,1 4 1 26,6 7 6 8,0 6 0 3,5 4 4 6,7 0 1 5,0 3 1 19,448 Notes and bonds3 402,7 2 0 23,0 7 4 158,4 5 5 15,4 8 6 22,2 2 0 31,4 0 9 28,6 7 5 47,3 9 2 14,3 2 0 6,2 9 6 11,9 0 4 8,9 3 8 34,552 Federal agency2 1 0 1 4 0 1 1 1 1 0 0 0 0 1 Repurchase agreements4 37,2 5 0 0 37,2 5 0 0 0 0 0 0 0 0 0 0 0 Loans 5 9 0 0 0 0 0 1 1 1 0 1 5 1 0 1 0 3 0 Items in process of collection 14,3 1 6 8 8 9 1,6 0 0 6 8 1 9 4 3 1,0 3 1 1,3 7 4 1,3 2 8 8 9 5 7 8 3 1,0 6 3 6 0 3 3,126 Bank premises 1,5 4 0 9 1 1 8 6 4 9 1 5 3 1 3 0 2 7 9 1 1 6 4 4 1 2 7 5 1 1 4 0 174 Other assets5 37,3 5 7 1,9 3 5 13,1 2 8 1,2 5 3 2,5 0 4 5,5 2 4 2,4 9 1 3,8 0 0 9 8 0 6 3 4 9 6 5 8 3 6 3,306 Interdistrict settlement account 0 - 5,8 9 3 +24,4 2 5 - 5,4 3 4 - 5,2 9 0 - 1,5 3 5 - 3,1 5 2 -13,6 9 9 - 3,3 7 8 + 4,0 7 6 - 2,4 4 5 +14,1 3 1 - 1,807 Total assets 734,1 8 3 33,7 8 0 329,5 1 0 21,3 2 8 33,7 0 9 55,3 5 0 47,0 1 9 67,0 4 4 21,4 1 4 15,7 1 4 18,6 9 1 30,4 3 1 60,197 Note: Components may not sum to totals because of rounding. 1. Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities. 2. Face value of the securities. 3. Includes the original face value of inflation-indexed securities and compensation that adjusts for the effects of inflation on the original face value of such securities. 4. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities. 5. Includes assets denominated in foreign currencies, which are revalued daily at market exchange rates.

H.4.1 4. Statement of Condition of Each Federal Reserve Bank on December 25, 2002 (continued) Millions of dollars Kansas San Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Dallas City Francisco Liabilities Federal Reserve notes outstanding 760,77 8 33,2 2 9 330,4 9 3 25,5 3 2 32,8 1 8 54,6 9 9 58,4 1 9 64,7 4 7 22,1 3 6 15,1 1 4 20,0 3 2 36,6 0 0 66,957 Less: notes held by F.R. Banks 108,88 7 4,2 7 1 25,8 4 3 7,0 3 0 4,4 7 9 9,4 6 5 17,0 6 3 7,8 9 6 3,2 6 1 1,8 6 2 3,9 3 7 8,5 3 5 15,245 Federal Reserve notes, net 651,89 1 28,9 5 8 304,6 5 0 18,5 0 2 28,3 3 9 45,2 3 4 41,3 5 7 56,8 5 1 18,8 7 5 13,2 5 2 16,0 9 5 28,0 6 6 51,711 Reverse repurchase agreements1 20,39 6 1,1 6 9 8,0 2 5 7 8 4 1,1 2 5 1,5 9 1 1,4 5 2 2,4 0 0 7 2 5 3 1 9 6 0 3 4 5 3 1,750 Deposits 29,70 4 1,6 2 5 10,7 1 7 7 3 2 1,8 3 2 2,9 2 6 1,9 3 0 4,7 0 0 8 8 8 7 0 4 9 3 2 8 3 2 1,885 Depository institutions 24,70 1 1,6 2 2 5,7 9 9 7 3 0 1,8 2 8 2,8 7 1 1,9 2 7 4,6 9 6 8 8 7 7 0 3 9 3 0 8 2 8 1,880 U.S. Treasury, general account 4,66 2 0 4,6 6 2 0 0 0 0 0 0 0 0 0 0 Foreign official 13 9 2 1 1 5 1 3 7 2 3 1 1 1 1 3 Other 20 3 2 1 4 2 1 1 4 9 1 1 0 0 1 4 1 Deferred availability cash items 11,52 3 9 4 0 1,1 3 9 6 8 6 7 8 3 1,0 0 7 9 8 4 9 8 2 3 8 5 6 8 8 5 3 2 5 8 9 2,809 Other liabilities and accrued dividends2 2,46 1 1 4 7 7 4 5 1 0 5 1 4 3 2 8 7 1 9 6 2 5 8 1 0 5 8 3 9 5 9 4 203 Total liabilities 715,97 4 32,8 3 8 325,2 7 6 20,8 0 9 32,2 2 3 51,0 4 4 45,9 1 8 65,1 9 2 20,9 7 8 15,0 4 6 18,2 5 7 30,0 3 4 58,358 Capital Capital paid in 8,38 2 4 3 6 1,8 0 9 2 3 3 7 0 2 2,0 7 3 4 7 5 8 5 8 1 9 9 3 4 0 2 0 1 1 8 6 870 Surplus 7,31 2 4 1 8 1,5 0 4 2 2 1 6 6 5 1,7 5 7 5 3 5 7 9 3 1 4 9 1 1 8 1 9 1 1 6 4 796 Other capital 2,51 6 8 7 9 2 1 6 5 1 1 9 4 7 5 9 0 2 0 1 8 7 2 1 0 4 3 4 7 172 Total liabilities and capital 734,18 3 33,7 8 0 329,5 1 0 21,3 2 8 33,7 0 9 55,3 5 0 47,0 1 9 67,0 4 4 21,4 1 4 15,7 1 4 18,6 9 1 30,4 3 1 60,197 Note: Components may not sum to totals because of rounding. 1. Cash value of agreements, which are collateralized by U.S. Treasury securities. 2. Includes exchange-translation account reflecting the daily revaluation at market exchange rates of foreign exchange commitments. 5. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts Millions of dollars Wednesday Federal Reserve notes and collateral Dec 25, 2002 Federal Reserve notes, net of F.R. Bank holdings 651,891 Collateral held against Federal Reserve notes 651,891 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 638,652 Other eligible assets 0 Memo: Total U.S. Treasury and agency securities1 666,662 Less: face value of securities under reverse repurchase agreements 20,403 U.S. Treasury and agency securities eligible to be pledged 646,259 Note: Components may not sum to totals because of rounding. 1. Includes face value of U.S. Treasury and agency securities held outright, compensation to adjust for the effects of inflation on the original face value of inflation-indexed securities, and cash value of repurchase agreements.