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 January 2, 2003 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 Jan 1, 2003 Dec 25, 2002 Jan 2, 2002 Jan 1, 2003 Reserve Bank credit 706,754 + 3,087 + 63,960 708,491 Securities held outright 629,415 + 5 + 75,561 629,416 U.S. Treasury1 629,405 + 5 + 75,561 629,406 Bills2 226,682 0 + 42,441 226,682 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 1,261 + 5 + 298 1,263 Federal agency2 10 0 0 10 Repurchase agreements4 38,107 + 3,786 - 12,607 39,500 Loans to depository institutions 45 - 14 + 3 40 Adjustment credit 5 - 8 - 5 9 Seasonal credit 40 - 6 + 9 31 Extended credit 0 0 0 0 Float 114 - 1,054 - 1,005 832 Other Federal Reserve assets 39,073 + 365 + 2,008 38,702 Gold stock 11,043 0 - 2 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 34,497 + 14 + 1,480 34,497 Total factors supplying reserve funds 754,494 + 3,102 + 65,438 756,230 Currency in circulation5 686,592 + 5,151 + 43,548 687,425 Reverse repurchase agreements6 20,865 - 43 + 20,865 21,091 Foreign official and international accounts 20,865 - 43 + 20,865 21,091 Dealers 0 0 0 0 Treasury cash holdings 360 0 - 66 360 Deposits with F.R. Banks, other than reserve balances 16,279 + 93 + 704 16,357 U.S. Treasury, general account 5,016 + 338 - 966 4,420 Foreign official 137 + 23 + 7 136 Service-related 10,649 - 532 + 1,588 10,649 Required clearing balances 10,535 + 83 + 2,010 10,535 Adjustments to compensate for float 114 - 615 - 422 114 Other 476 + 264 + 74 1,152 Other liabilities and capital 19,918 - 523 + 2,508 18,977 Total factors, other than reserve balances, absorbing reserve funds 744,014 + 4,680 + 67,559 744,210 Reserve balances with Federal Reserve Banks 10,480 - 1,578 - 2,121 12,020 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 850,687 + 1,820 . . . 855,053 U.S. Treasury 686,745 + 748 . . . 690,003 Federal agency 163,943 + 1,073 . . . 165,050 Securities lent to dealers 1,059 + 755 - 6,187 1,841 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 Jan 1, 2003 Dec 25, 2002 Jan 2, 2002 Assets Gold certificate account 11,039 0 - 6 Special drawing rights certificate account 2,200 0 0 Coin 988 - 23 - 48 Securities, repurchase agreements, and loans 668,956 + 2,235 + 64,569 Securities held outright 629,416 + 4 + 74,561 U.S. Treasury1 629,406 + 4 + 74,561 Bills2 226,682 0 + 41,436 Notes and bonds, nominal2 389,219 0 + 30,765 Notes and bonds, inflation-indexed2 12,242 0 + 2,056 Inflation compensation3 1,263 + 5 + 303 Federal agency2 10 0 0 Repurchase agreements4 39,500 + 2,250 - 10,000 Loans 40 - 19 + 8 Items in process of collection (1,207) 10,291 - 2,948 + 2,828 Bank premises 1,543 + 3 + 32 Other assets5 37,031 - 326 + 1,531 Total assets (1,207) 732,048 - 1,059 + 68,907 Liabilities Federal Reserve notes, net of F.R. Bank holdings 654,272 + 2,381 + 42,393 Reverse repurchase agreements6 21,091 + 695 + 21,091 Deposits (0) 28,249 - 1,455 + 127 Depository institutions 22,541 - 2,160 + 2,141 U.S. Treasury, general account 4,420 - 242 - 2,980 Foreign official 136 - 3 + 40 Other (0) 1,152 + 949 + 927 Deferred availability cash items (1,207) 9,459 - 988 + 3,538 Other liabilities and accrued dividends7 2,217 - 244 - 159 Total liabilities (1,207) 715,288 + 390 + 66,990 Capital accounts Capital paid in 8,380 - 2 + 1,006 Surplus 8,380 + 1,068 + 1,097 Other capital accounts 0 - 2,516 - 186 Total capital 16,760 - 1,449 + 1,917 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, January 1, 2003 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 35 27,444 - 6,226 0 0 25,500 21,091 16 days to 90 days 5 154,225 + 7,379 0 0 14,000 0 91 days to 1 year 0 141,840 + 25 10 0 . . . . . . Over 1 year to 5 years . . . 172,758 - 1,178 0 0 . . . . . . Over 5 years to 10 years . . . 53,300 + 2 0 0 . . . . . . Over 10 years . . . 79,840 + 2 0 0 . . . . . . All 40 629,406 + 4 10 0 39,500 21,091 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 January 1, 2003 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 9 8 8 4 5 3 3 6 1 4 3 1 4 4 1 0 3 1 2 6 5 9 3 5 6 6 1 6 3 111 Securities, repurchase agreements, and loans 668,9 5 6 36,0 6 2 287,1 5 1 24,2 0 3 34,7 2 8 49,0 9 0 44,8 2 5 74,0 7 6 22,3 9 2 9,8 4 6 18,6 0 8 13,9 6 9 54,006 Securities held outright 629,4 1 6 36,0 6 2 247,6 5 1 24,2 0 3 34,7 2 8 49,0 9 0 44,8 1 7 74,0 7 0 22,3 8 1 9,8 3 9 18,6 0 6 13,9 6 9 54,001 U.S. Treasury1 629,4 0 6 36,0 6 2 247,6 4 7 24,2 0 2 34,7 2 7 49,0 8 9 44,8 1 6 74,0 6 9 22,3 8 0 9,8 3 9 18,6 0 5 13,9 6 9 54,001 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 4 23,0 7 4 158,4 5 6 15,4 8 6 22,2 2 0 31,4 1 0 28,6 7 6 47,3 9 3 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 39,5 0 0 0 39,5 0 0 0 0 0 0 0 0 0 0 0 0 Loans 4 0 0 0 0 0 0 8 6 1 1 7 2 0 5 Items in process of collection 11,4 9 8 1,0 0 2 9 9 2 4 9 4 7 6 4 9 1 7 7 4 8 1,1 7 0 6 9 5 6 1 2 8 7 0 6 2 4 2,608 Bank premises 1,5 4 3 9 1 1 8 5 5 0 1 5 3 1 2 9 2 7 9 1 1 6 4 4 1 2 7 5 1 1 4 2 176 Other assets5 37,0 3 1 1,9 3 6 12,7 5 7 1,2 5 2 2,5 1 9 5,5 7 5 2,4 9 0 3,8 0 6 9 6 6 6 3 8 9 6 5 8 1 2 3,316 Interdistrict settlement account 0 - 6,3 3 9 +25,0 2 1 - 5,4 4 7 - 5,6 5 1 - 2,8 0 6 - 2,7 7 2 -13,8 7 1 - 3,4 8 1 + 4,0 5 1 - 2,2 2 9 +13,9 6 1 - 437 Total assets 733,2 5 5 33,4 4 5 331,3 7 7 21,1 2 6 33,1 8 1 54,0 1 5 46,7 6 5 66,7 1 6 21,0 9 3 15,5 1 8 18,7 0 6 30,2 5 3 61,061 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 January 1, 2003 (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 759,25 5 33,1 8 8 330,1 9 5 25,4 6 1 32,7 5 4 54,6 1 6 58,0 4 6 64,6 1 7 22,0 7 6 15,0 7 8 19,9 9 4 36,4 9 4 66,738 Less: notes held by F.R. Banks 104,98 3 4,0 6 5 24,9 2 2 6,8 9 3 4,4 1 7 9,0 2 3 16,7 5 7 7,3 9 7 3,0 8 8 1,7 8 5 3,8 5 4 8,4 2 4 14,359 Federal Reserve notes, net 654,27 2 29,1 2 3 305,2 7 3 18,5 6 9 28,3 3 6 45,5 9 3 41,2 8 9 57,2 2 0 18,9 8 8 13,2 9 3 16,1 4 0 28,0 7 0 52,379 Reverse repurchase agreements1 21,09 1 1,2 0 8 8,2 9 9 8 1 1 1,1 6 4 1,6 4 5 1,5 0 2 2,4 8 2 7 5 0 3 3 0 6 2 3 4 6 8 1,810 Deposits 28,24 9 1,2 7 3 12,4 3 3 6 2 6 1,4 6 7 1,5 7 9 1,8 7 0 4,0 6 9 5 1 3 4 3 2 8 5 5 7 5 2 2,380 Depository institutions 22,54 1 1,2 1 2 7,5 7 1 5 7 7 1,3 9 3 1,3 8 1 1,7 3 5 3,9 4 3 4 8 0 4 3 0 8 2 2 7 2 7 2,273 U.S. Treasury, general account 4,42 0 0 4,4 2 0 0 0 0 0 0 0 0 0 0 0 Foreign official 13 6 2 1 1 2 1 3 7 2 3 1 1 1 1 3 Other 1,15 2 6 0 3 3 0 4 9 7 2 1 9 1 1 3 3 1 2 3 3 3 1 3 2 2 4 104 Deferred availability cash items 10,66 6 8 3 2 1,0 6 9 5 5 6 6 8 5 8 0 8 9 7 2 9 9 7 3 4 6 7 1 3 5 9 8 5 0 5 2,584 Other liabilities and accrued dividends2 2,21 7 1 3 5 6 8 6 9 9 1 2 4 2 4 3 1 8 2 2 3 2 9 8 7 2 8 8 8 5 172 Total liabilities 716,49 5 32,5 7 2 327,7 5 9 20,6 6 1 31,7 7 6 49,8 6 8 45,8 1 4 65,0 0 0 20,6 9 5 14,8 3 9 18,3 0 4 29,8 8 1 59,325 Capital Capital paid in 8,38 0 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 6 868 Surplus 8,38 0 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 6 868 Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0 Total liabilities and capital 733,25 5 33,4 4 5 331,3 7 7 21,1 2 6 33,1 8 1 54,0 1 5 46,7 6 5 66,7 1 6 21,0 9 3 15,5 1 8 18,7 0 6 30,2 5 3 61,061 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 Jan 1, 2003 Federal Reserve notes, net of F.R. Bank holdings 654,272 Collateral held against Federal Reserve notes 654,272 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 641,034 Other eligible assets 0 Memo: Total U.S. Treasury and agency securities1 668,916 Less: face value of securities under reverse repurchase agreements 21,098 U.S. Treasury and agency securities eligible to be pledged 647,818 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.