H.4.1 Factors Affecting Reserve Balances of Depository Institutions

For Release at 4:30 P.M. Eastern time January 16, 2003 The H.4.1 Statistical Release (“Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks”) has been reformatted to show the new types of discount window credit extended by the Federal Reserve Banks. (For more information on the new credit programs, see http://www.federalreserve.gov/boarddocs/press/bcreg/2002/200210312/default.htm). The Federal Reserve Banks began offering primary credit and secondary credit on January 9, 2003. The adjustment credit and extended credit programs were discontinued. The seasonal credit facility continues unchanged. Table 1 of the release now shows amounts for each of the three types of credit currently available (primary, secondary, and seasonal credit). The table still shows amounts for adjustment credit, even though this category is no longer offered, to provide a complete disaggregation of changes in total borrowing from the corresponding week one year ago.

FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks January 16, 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 15, 2003 Jan 8, 2003 Jan 16, 2002 Jan 15, 2003 Reserve Bank credit 693,039 - 4,416 + 63,937 698,326 Securities held outright 629,416 0 + 70,943 629,416 U.S. Treasury1 629,406 0 + 70,943 629,406 Bills2 226,682 0 + 39,777 226,682 Notes and bonds, nominal2 389,219 0 + 28,800 389,219 Notes and bonds, inflation-indexed2 12,242 0 + 2,056 12,242 Inflation compensation3 1,263 0 + 310 1,263 Federal agency2 10 0 0 10 Repurchase agreements4 24,428 - 3,965 - 8,543 30,000 Loans to depository institutions 16 - 11 - 2 15 Primary credit 6 + 6 + 6 5 Secondary credit 0 0 0 0 Seasonal credit 11 - 6 + 1 10 Adjustment credit 0 - 10 - 8 0 Float -250 - 970 - 167 -466 Other Federal Reserve assets 39,428 + 529 + 1,705 39,361 Gold stock 11,043 0 - 2 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 34,525 + 14 + 1,327 34,525 Total factors supplying reserve funds 740,806 - 4,403 + 65,261 746,094 Currency in circulation5 676,353 - 6,783 + 43,634 676,004 Reverse repurchase agreements6 18,152 - 381 + 18,152 17,813 Foreign official and international accounts 18,152 - 381 + 18,152 17,813 Dealers 0 0 0 0 Treasury cash holdings 369 - 1 - 63 369 Deposits with F.R. Banks, other than reserve balances 16,755 + 722 + 1,648 16,785 U.S. Treasury, general account 5,244 + 415 - 468 5,192 Foreign official 173 + 66 - 98 253 Service-related 11,127 + 241 + 2,235 11,127 Required clearing balances 10,537 + 2 + 2,134 10,537 Adjustments to compensate for float 590 + 239 + 101 590 Other 210 - 1 - 22 213 Other liabilities and capital 19,738 + 521 + 2,045 19,631 Total factors, other than reserve balances, absorbing reserve funds 731,367 - 5,923 + 65,416 730,601 Reserve balances with Federal Reserve Banks 9,439 + 1,520 - 155 15,492 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 859,013 - 2,072 . . . 859,411 U.S. Treasury 694,097 + 80 . . . 692,999 Federal agency 164,916 - 2,152 . . . 166,412 Securities lent to dealers 579 - 381 - 2,045 922 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 effect 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 15, 2003 Jan 8, 2003 Jan 16, 2002 Assets Gold certificate account 11,039 0 - 6 Special drawing rights certificate account 2,200 0 0 Coin 1,043 + 47 - 51 Securities, repurchase agreements, and loans 659,431 - 3,753 + 68,777 Securities held outright 629,416 0 + 69,676 U.S. Treasury1 629,406 0 + 69,676 Bills2 226,682 0 + 38,923 Notes and bonds, nominal2 389,219 0 + 28,384 Notes and bonds, inflation-indexed2 12,242 0 + 2,056 Inflation compensation3 1,263 0 + 312 Federal agency2 10 0 0 Repurchase agreements4 30,000 - 3,750 - 900 Loans 15 - 3 + 1 Items in process of collection (1,251) 8,155 - 198 - 502 Bank premises 1,542 + 1 + 30 Other assets5 37,688 + 205 + 1,565 Total assets (1,251) 721,098 - 3,698 + 69,813 Liabilities Federal Reserve notes, net of F.R. Bank holdings 642,887 - 4,183 + 42,359 Reverse repurchase agreements6 17,813 - 896 + 17,813 Deposits (0) 32,648 + 1,513 + 7,733 Depository institutions 26,991 + 1,795 + 9,122 U.S. Treasury, general account 5,192 - 298 - 1,527 Foreign official 253 + 154 + 165 Other (0) 213 - 137 - 25 Deferred availability cash items (1,251) 8,119 - 380 - 259 Other liabilities and accrued dividends7 2,235 + 13 - 118 Total liabilities (1,251) 703,702 - 3,933 + 67,528 Capital accounts Capital paid in 8,389 + 3 + 970 Surplus 8,478 + 130 + 1,201 Other capital accounts 528 + 102 + 114 Total capital 17,395 + 234 + 2,284 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 effect 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 15, 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 6 43,631 + 1,192 0 0 27,000 17,813 16 days to 90 days 9 136,918 - 1,595 0 0 3,000 0 91 days to 1 year 0 142,959 + 402 10 0 . . . . . . Over 1 year to 5 years . . . 174,818 + 2,060 0 0 . . . . . . Over 5 years to 10 years . . . 51,240 - 2,060 0 0 . . . . . . Over 10 years . . . 79,840 0 0 0 . . . . . . All 15 629,406 0 10 0 30,000 17,813 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 effect 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 15, 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 1,0 4 3 4 7 3 7 6 0 4 6 1 5 5 1 0 8 1 4 1 6 4 3 7 7 0 1 6 8 111 Securities, repurchase agreements, and loans 659,4 3 1 36,0 6 2 277,6 5 1 24,2 0 3 34,7 2 8 49,0 9 0 44,8 1 7 74,0 7 6 22,3 8 2 9,8 4 2 18,6 0 6 13,9 6 9 54,005 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 30,0 0 0 0 30,0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 1 5 0 1 0 0 0 0 7 1 2 0 0 4 Items in process of collection 9,4 0 6 4 8 7 6 7 8 4 3 5 3 8 7 6 3 6 7 2 7 8 5 9 5 3 5 7 6 4 7 1 9 4 1 9 2,760 Bank premises 1,5 4 2 9 2 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 37,6 8 8 1,9 7 5 13,0 0 1 1,2 3 9 2,5 6 5 5,6 6 2 2,5 4 0 3,8 8 3 9 9 0 6 4 6 9 8 1 8 2 6 3,380 Interdistrict settlement account 0 - 7,4 9 7 +34,3 5 4 - 5,3 0 3 - 6,3 7 8 - 2,0 9 2 - 4,8 7 3 -15,3 7 2 - 4,0 8 0 + 3,6 8 4 - 2,4 4 9 +13,5 5 9 - 3,552 Total assets 722,3 4 9 31,8 1 4 331,1 4 4 21,1 9 6 32,1 2 5 54,5 4 6 44,6 9 1 64,9 9 5 20,3 5 3 15,3 0 8 18,3 5 1 29,6 6 4 58,160 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 effect 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 15, 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 758,03 1 32,8 9 4 330,2 3 7 25,3 8 3 32,4 3 2 54,2 0 9 58,4 6 7 63,7 1 0 21,8 5 8 15,0 2 0 20,3 1 9 36,5 9 0 66,912 Less: notes held by F.R. Banks 115,14 3 4,8 2 6 25,3 5 5 7,9 7 6 4,8 9 9 9,6 8 4 18,6 2 7 8,3 3 3 3,5 5 6 1,8 9 5 4,3 1 8 9,0 9 6 16,579 Federal Reserve notes, net 642,88 7 28,0 6 8 304,8 8 3 17,4 0 8 27,5 3 3 44,5 2 5 39,8 4 0 55,3 7 7 18,3 0 1 13,1 2 5 16,0 0 1 27,4 9 4 50,333 Reverse repurchase agreements1 17,81 3 1,0 2 1 7,0 0 9 6 8 5 9 8 3 1,3 8 9 1,2 6 8 2,0 9 6 6 3 3 2 7 8 5 2 7 3 9 5 1,528 Deposits 32,64 8 1,0 5 9 13,7 4 1 1,9 3 1 1,5 3 7 3,5 5 2 1,5 1 7 4,7 2 6 5 0 6 4 5 7 8 7 6 8 4 9 1,898 Depository institutions 26,99 1 1,0 5 6 8,1 8 3 1,9 3 0 1,5 3 2 3,4 7 9 1,5 1 4 4,7 2 2 5 0 4 4 5 6 8 7 4 8 4 7 1,894 U.S. Treasury, general account 5,19 2 0 5,1 9 2 0 0 0 0 0 0 0 0 0 0 Foreign official 25 3 2 2 2 9 1 3 7 2 3 1 1 1 1 3 Other 21 3 1 1 3 8 0 3 6 6 1 0 1 0 1 1 1 Deferred availability cash items 9,37 0 6 2 4 1,0 0 6 5 8 4 4 9 4 5 9 6 8 9 1 7 7 9 3 9 4 6 8 3 4 4 1 4 5 6 2,421 Other liabilities and accrued dividends2 2,23 5 1 3 9 6 7 8 1 0 0 1 2 1 2 3 9 1 8 0 2 3 3 1 0 0 7 6 9 3 8 8 187 Total liabilities 704,95 3 30,9 1 1 327,3 1 7 20,7 0 7 30,6 6 8 50,3 0 1 43,6 9 7 63,2 1 0 19,9 3 4 14,6 2 0 17,9 3 8 29,2 8 3 56,368 Capital Capital paid in 8,38 9 4 3 6 1,8 0 9 2 3 4 7 0 7 2,0 7 3 4 7 5 8 5 9 2 0 0 3 4 0 2 0 1 1 8 6 868 Surplus 8,47 8 4 3 6 1,8 0 9 2 3 3 7 0 2 2,1 7 1 4 7 5 8 5 8 1 9 9 3 4 0 2 0 1 1 8 6 868 Other capital 52 8 3 1 2 1 0 2 2 4 8 0 4 4 6 9 1 9 9 1 2 9 56 Total liabilities and capital 722,34 9 31,8 1 4 331,1 4 4 21,1 9 6 32,1 2 5 54,5 4 6 44,6 9 1 64,9 9 5 20,3 5 3 15,3 0 8 18,3 5 1 29,6 6 4 58,160 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 15, 2003 Federal Reserve notes, net of F.R. Bank holdings 642,887 Collateral held against Federal Reserve notes 642,887 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 629,649 Other eligible assets 0 Memo: Total U.S. Treasury and agency securities1 659,416 Less: face value of securities under reverse repurchase agreements 17,818 U.S. Treasury and agency securities eligible to be pledged 641,598 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 effect of inflation on the original face value of inflation-indexed securities, and cash value of repurchase agreements.