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 9, 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 8, 2003 Jan 1, 2003 Jan 9, 2002 Jan 8, 2003 Reserve Bank credit 697,473 - 9,280 + 65,884 701,288 Securities held outright 629,416 + 1 + 73,056 629,416 U.S. Treasury1 629,406 + 1 + 73,056 629,406 Bills2 226,682 0 + 40,954 226,682 Notes and bonds, nominal2 389,219 0 + 29,740 389,219 Notes and bonds, inflation-indexed2 12,242 0 + 2,056 12,242 Inflation compensation3 1,263 + 2 + 306 1,263 Federal agency2 10 0 0 10 Repurchase agreements4 28,393 - 9,714 - 8,536 33,750 Loans to depository institutions 27 - 18 - 140 18 Adjustment credit 10 + 5 - 145 0 Seasonal credit 17 - 23 + 5 18 Extended credit 0 0 0 0 Float 738 + 625 - 183 -1,013 Other Federal Reserve assets 38,899 - 174 + 1,686 39,117 Gold stock 11,043 0 - 2 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 34,511 + 14 + 1,403 34,511 Total factors supplying reserve funds 745,227 - 9,266 + 67,286 749,042 Currency in circulation5 683,136 - 3,448 + 44,180 680,221 Reverse repurchase agreements6 18,533 - 2,332 + 18,533 18,709 Foreign official and international accounts 18,533 - 2,332 + 18,533 18,709 Dealers 0 0 0 0 Treasury cash holdings 370 + 2 - 58 369 Deposits with F.R. Banks, other than reserve balances 16,033 - 246 + 1,822 16,825 U.S. Treasury, general account 4,829 - 187 - 224 5,490 Foreign official 107 - 30 + 3 99 Service-related 10,886 + 237 + 2,019 10,886 Required clearing balances 10,535 0 + 1,985 10,535 Adjustments to compensate for float 351 + 237 + 34 351 Other 211 - 265 + 24 350 Other liabilities and capital 19,217 - 701 + 1,771 19,383 Total factors, other than reserve balances, absorbing reserve funds 737,290 - 6,723 + 66,248 735,506 Reserve balances with Federal Reserve Banks 7,937 - 2,542 + 1,037 13,535 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 861,085 + 10,398 . . . 859,867 U.S. Treasury 694,017 + 7,272 . . . 695,437 Federal agency 167,068 + 3,125 . . . 164,430 Securities lent to dealers 960 - 99 - 3,644 474 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 8, 2003 Jan 1, 2003 Jan 9, 2002 Assets Gold certificate account 11,039 0 - 6 Special drawing rights certificate account 2,200 0 0 Coin 996 + 8 - 57 Securities, repurchase agreements, and loans 663,184 - 5,772 + 67,046 Securities held outright 629,416 0 + 71,792 U.S. Treasury1 629,406 0 + 71,792 Bills2 226,682 0 + 40,461 Notes and bonds, nominal2 389,219 0 + 28,967 Notes and bonds, inflation-indexed2 12,242 0 + 2,056 Inflation compensation3 1,263 0 + 308 Federal agency2 10 0 0 Repurchase agreements4 33,750 - 5,750 - 3,750 Loans 18 - 22 - 995 Items in process of collection (1,140) 8,353 - 1,938 - 727 Bank premises 1,541 - 2 + 30 Other assets5 37,483 + 452 + 1,510 Total assets (1,140) 724,796 - 7,252 + 67,796 Liabilities Federal Reserve notes, net of F.R. Bank holdings 647,070 - 7,202 + 42,397 Reverse repurchase agreements6 18,709 - 2,382 + 18,709 Deposits (0) 31,135 + 2,886 + 4,192 Depository institutions 25,196 + 2,655 + 3,624 U.S. Treasury, general account 5,490 + 1,070 + 383 Foreign official 99 - 37 + 18 Other (0) 350 - 802 + 166 Deferred availability cash items (1,140) 8,499 - 960 + 524 Other liabilities and accrued dividends7 2,222 + 5 - 140 Total liabilities (1,140) 707,635 - 7,653 + 65,682 Capital accounts Capital paid in 8,386 + 6 + 967 Surplus 8,348 - 32 + 1,076 Other capital accounts 426 + 426 + 70 Total capital 17,161 + 401 + 2,114 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 8, 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 8 42,439 + 14,995 0 0 30,750 18,709 16 days to 90 days 10 138,513 - 15,712 0 0 3,000 0 91 days to 1 year 0 142,557 + 717 10 0 . . . . . . Over 1 year to 5 years . . . 172,758 0 0 0 . . . . . . Over 5 years to 10 years . . . 53,300 0 0 0 . . . . . . Over 10 years . . . 79,840 0 0 0 . . . . . . All 18 629,406 0 10 0 33,750 18,709 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 8, 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 9 6 4 4 3 2 5 9 4 2 1 4 9 1 0 0 1 3 5 6 0 3 5 6 6 1 6 4 109 Securities, repurchase agreements, and loans 663,1 8 4 36,0 6 2 281,4 0 1 24,2 0 3 34,7 2 8 49,0 9 0 44,8 1 7 74,0 7 4 22,3 9 1 9,8 4 2 18,6 0 7 13,9 6 9 54,001 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 33,7 5 0 0 33,7 5 0 0 0 0 0 0 0 0 0 0 0 Loans 1 8 0 0 0 0 0 0 4 1 0 2 1 0 0 Items in process of collection 9,4 9 3 5 0 6 8 5 6 4 5 6 4 9 8 7 4 3 9 4 7 6 1 0 4 2 6 4 3 3 5 6 7 4 6 4 2,988 Bank premises 1,5 4 1 9 1 1 8 5 5 0 1 5 2 1 2 9 2 7 9 1 1 6 4 4 1 2 7 5 0 1 4 1 176 Other assets5 37,4 8 3 1,9 5 8 12,9 6 3 1,2 6 6 2,5 3 8 5,6 0 7 2,5 2 3 3,8 5 6 9 8 2 6 4 0 9 7 8 8 2 2 3,349 Interdistrict settlement account 0 - 5,5 0 6 +32,4 0 5 - 6,0 8 6 - 6,1 2 1 - 2,2 6 3 - 4,6 0 6 -16,6 7 7 - 3,4 7 2 + 3,9 8 0 - 2,5 2 4 +13,5 1 2 - 2,644 Total assets 725,9 3 6 33,8 0 4 333,0 8 0 20,4 6 0 32,4 6 4 54,4 2 2 45,1 5 2 63,4 0 6 20,8 4 8 15,2 6 6 18,1 1 9 29,6 5 4 59,260 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 8, 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 757,96 9 33,1 4 8 330,2 6 8 25,4 0 0 32,6 8 3 54,5 2 5 57,5 4 1 64,4 6 1 21,9 9 8 15,0 3 3 20,0 8 6 36,3 3 6 66,489 Less: notes held by F.R. Banks 110,89 8 4,4 7 8 25,1 9 7 7,5 8 8 4,7 5 1 9,3 3 7 17,5 4 6 8,0 3 9 3,3 6 2 1,8 6 2 4,1 3 3 8,8 8 0 15,726 Federal Reserve notes, net 647,07 0 28,6 7 0 305,0 7 1 17,8 1 2 27,9 3 3 45,1 8 8 39,9 9 6 56,4 2 2 18,6 3 5 13,1 7 1 15,9 5 3 27,4 5 6 50,763 Reverse repurchase agreements1 18,70 9 1,0 7 2 7,3 6 1 7 1 9 1,0 3 2 1,4 5 9 1,3 3 2 2,2 0 2 6 6 5 2 9 2 5 5 3 4 1 5 1,605 Deposits 31,13 5 2,3 7 5 15,1 4 5 8 3 5 1,3 6 9 2,7 6 6 1,6 7 8 2,0 6 2 7 3 6 3 9 8 6 4 7 8 2 8 2,296 Depository institutions 25,19 6 2,3 7 2 9,2 4 3 8 3 4 1,3 6 5 2,7 5 4 1,6 7 4 2,0 5 8 7 3 5 3 9 8 6 4 5 8 2 6 2,293 U.S. Treasury, general account 5,49 0 0 5,4 9 0 0 0 0 0 0 0 0 0 0 0 Foreign official 9 9 2 7 5 1 3 7 2 3 1 1 1 1 3 Other 35 0 1 3 3 7 0 1 5 1 0 0 0 1 1 0 Deferred availability cash items 9,63 8 6 5 5 1,0 4 0 5 1 1 5 7 6 6 0 2 9 8 4 7 2 0 2 9 9 6 4 8 4 6 6 4 8 8 2,650 Other liabilities and accrued dividends2 2,22 2 1 3 7 6 8 5 1 0 2 1 2 4 2 4 0 1 8 2 2 3 4 9 9 7 5 8 9 8 5 171 Total liabilities 708,77 5 32,9 0 8 329,3 0 3 19,9 7 9 31,0 3 4 50,2 5 6 44,1 7 1 61,6 4 0 20,4 3 4 14,5 8 6 17,7 0 7 29,2 7 3 57,486 Capital Capital paid in 8,38 6 4 3 6 1,8 0 9 2 3 3 7 0 7 2,0 7 3 4 7 5 8 5 8 1 9 9 3 4 0 2 0 1 1 8 6 868 Surplus 8,34 8 4 3 6 1,8 0 9 2 3 3 7 0 2 2,0 4 1 4 7 5 8 5 8 1 9 9 3 4 0 2 0 1 1 8 6 868 Other capital 42 6 2 4 1 6 0 1 6 2 1 5 2 3 1 5 0 1 6 0 1 2 8 38 Total liabilities and capital 725,93 6 33,8 0 4 333,0 8 0 20,4 6 0 32,4 6 4 54,4 2 2 45,1 5 2 63,4 0 6 20,8 4 8 15,2 6 6 18,1 1 9 29,6 5 4 59,260 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 8, 2003 Federal Reserve notes, net of F.R. Bank holdings 647,070 Collateral held against Federal Reserve notes 647,070 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 633,832 Other eligible assets 0 Memo: Total U.S. Treasury and agency securities1 663,166 Less: face value of securities under reverse repurchase agreements 18,715 U.S. Treasury and agency securities eligible to be pledged 644,451 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.