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 23, 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 22, 2003 Jan 15, 2003 Jan 23, 2002 Jan 22, 2003 Reserve Bank credit 697,026 + 3,987 + 65,111 711,477 Securities held outright 629,416 0 + 71,477 629,416 U.S. Treasury1 629,406 0 + 71,477 629,406 Bills2 226,682 0 + 41,642 226,682 Notes and bonds, nominal2 389,219 0 + 27,465 389,219 Notes and bonds, inflation-indexed2 12,242 0 + 2,056 12,242 Inflation compensation3 1,263 0 + 314 1,263 Federal agency2 10 0 0 10 Repurchase agreements4 27,036 + 2,608 - 8,893 36,750 Loans to depository institutions 19 + 3 - 19 13 Primary credit 12 + 6 + 12 6 Secondary credit 0 0 0 0 Seasonal credit 7 - 4 - 10 7 Adjustment credit 0 0 - 21 0 Float 827 + 1,077 + 731 5,412 Other Federal Reserve assets 39,728 + 300 + 1,815 39,886 Gold stock 11,043 0 - 2 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 34,539 + 14 + 1,250 34,539 Total factors supplying reserve funds 744,808 + 4,001 + 66,359 759,259 Currency in circulation5 675,882 - 471 + 43,865 676,379 Reverse repurchase agreements6 18,567 + 415 + 18,567 18,523 Foreign official and international accounts 18,567 + 415 + 18,567 18,523 Dealers 0 0 0 0 Treasury cash holdings 368 - 1 - 49 360 Deposits with F.R. Banks, other than reserve balances 17,638 + 883 + 975 17,636 U.S. Treasury, general account 6,133 + 889 - 966 6,119 Foreign official 113 - 60 - 22 122 Service-related 11,167 + 40 + 1,961 11,167 Required clearing balances 10,540 + 3 + 2,144 10,540 Adjustments to compensate for float 627 + 37 - 183 627 Other 225 + 15 + 2 228 Other liabilities and capital 19,916 + 178 + 2,322 19,549 Total factors, other than reserve balances, absorbing reserve funds 732,371 + 1,004 + 65,680 732,446 Reserve balances with Federal Reserve Banks 12,437 + 2,998 + 679 26,813 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 857,765 - 1,248 . . . 859,073 U.S. Treasury 691,145 - 2,952 . . . 691,275 Federal agency 166,620 + 1,704 . . . 167,798 Securities lent to dealers 420 - 159 - 2,053 400 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 22, 2003 Jan 15, 2003 Jan 23, 2002 Assets Gold certificate account 11,039 0 - 6 Special drawing rights certificate account 2,200 0 0 Coin 1,085 + 42 - 35 Securities, repurchase agreements, and loans 666,179 + 6,748 + 49,413 Securities held outright 629,416 0 + 69,211 U.S. Treasury1 629,406 0 + 69,211 Bills2 226,682 0 + 39,528 Notes and bonds, nominal2 389,219 0 + 27,311 Notes and bonds, inflation-indexed2 12,242 0 + 2,056 Inflation compensation3 1,263 0 + 316 Federal agency2 10 0 0 Repurchase agreements4 36,750 + 6,750 - 19,750 Loans 13 - 2 - 49 Items in process of collection (1,116) 16,652 + 8,497 + 1,919 Bank premises 1,541 - 1 + 28 Other assets5 38,273 + 585 + 1,756 Total assets (1,116) 736,969 + 15,871 + 53,075 Liabilities Federal Reserve notes, net of F.R. Bank holdings 643,281 + 394 + 42,630 Reverse repurchase agreements6 18,523 + 710 + 18,523 Deposits (69) 44,098 + 11,450 - 10,713 Depository institutions 37,629 + 10,638 - 6,827 U.S. Treasury, general account 6,119 + 927 - 3,731 Foreign official 122 - 131 - 162 Other (69) 228 + 15 + 8 Deferred availability cash items (1,047) 11,519 + 3,400 + 489 Other liabilities and accrued dividends7 2,213 - 22 - 96 Total liabilities (1,116) 719,634 + 15,932 + 50,833 Capital accounts Capital paid in 8,390 + 1 + 970 Surplus 8,380 - 98 + 1,108 Other capital accounts 565 + 37 + 164 Total capital 17,335 - 60 + 2,241 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 22, 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 13 50,618 + 6,987 0 0 32,750 18,523 16 days to 90 days 0 129,676 - 7,242 0 0 4,000 0 91 days to 1 year 0 143,215 + 256 10 0 . . . . . . Over 1 year to 5 years . . . 174,818 0 0 0 . . . . . . Over 5 years to 10 years . . . 51,240 0 0 0 . . . . . . Over 10 years . . . 79,840 0 0 0 . . . . . . All 13 629,406 0 10 0 36,750 18,523 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 22, 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 8 5 4 8 3 9 6 2 4 8 1 6 1 1 1 4 1 4 6 6 4 3 9 7 5 1 7 3 117 Securities, repurchase agreements, and loans 666,1 7 9 36,0 6 2 284,4 0 2 24,2 0 3 34,7 2 8 49,0 9 0 44,8 1 7 74,0 7 3 22,3 8 2 9,8 4 2 18,6 0 9 13,9 6 9 54,002 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 36,7 5 0 0 36,7 5 0 0 0 0 0 0 0 0 0 0 0 Loans 1 3 0 1 1 0 0 0 4 1 2 3 0 1 Items in process of collection 17,7 6 8 1,2 1 7 1,3 7 1 6 4 0 9 6 3 1,6 3 7 2,1 5 0 1,7 3 1 8 9 3 9 6 0 1,1 1 9 1,1 7 7 3,911 Bank premises 1,5 4 1 9 2 1 8 5 5 0 1 5 2 1 2 9 2 7 9 1 1 5 4 4 1 2 7 5 0 1 4 1 176 Other assets5 38,2 7 3 2,0 0 8 13,1 7 8 1,2 5 6 2,5 9 4 5,7 2 4 2,5 7 9 3,9 4 5 1,0 0 8 6 5 6 9 9 9 8 9 5 3,432 Interdistrict settlement account 0 - 6 4 8 +31,2 5 4 - 6,9 8 4 - 6,5 9 8 - 2,5 7 9 - 5,2 9 2 -17,0 4 4 - 3,9 9 0 + 3,6 2 3 - 2,9 1 1 +13,0 2 0 - 1,851 Total assets 738,0 8 5 39,4 2 7 335,6 6 6 19,7 4 1 32,5 1 2 55,1 2 8 45,7 4 0 64,2 5 9 20,8 1 9 15,4 5 6 18,3 1 6 29,9 5 7 61,066 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 22, 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 758,97 9 32,8 5 6 331,2 7 8 25,2 6 6 32,3 9 0 54,1 3 5 58,3 7 8 63,6 4 9 21,8 3 3 15,0 0 4 20,4 8 5 36,4 8 2 67,222 Less: notes held by F.R. Banks 115,69 8 4,9 2 1 26,0 7 6 8,0 0 5 5,0 4 5 9,5 2 2 18,6 1 9 8,2 9 5 3,5 8 3 1,8 6 8 4,4 2 4 8,8 8 8 16,453 Federal Reserve notes, net 643,28 1 27,9 3 5 305,2 0 2 17,2 6 1 27,3 4 5 44,6 1 4 39,7 6 0 55,3 5 4 18,2 5 0 13,1 3 6 16,0 6 2 27,5 9 3 50,769 Reverse repurchase agreements1 18,52 3 1,0 6 1 7,2 8 8 7 1 2 1,0 2 2 1,4 4 5 1,3 1 9 2,1 8 0 6 5 9 2 9 0 5 4 8 4 1 1 1,589 Deposits 44,16 7 8,4 5 3 17,2 4 1 6 5 9 1,7 1 9 3,6 8 0 2,2 0 8 3,6 6 8 9 5 2 5 5 8 7 0 0 8 5 0 3,480 Depository institutions 37,62 9 8,4 5 1 10,8 8 1 6 5 8 1,7 1 5 3,5 9 6 2,1 3 6 3,6 6 4 9 5 0 5 5 7 6 9 8 8 4 9 3,475 U.S. Treasury, general account 6,11 9 0 6,1 1 9 0 0 0 0 0 0 0 0 0 0 Foreign official 12 2 2 9 8 1 3 7 2 3 1 1 1 1 3 Other 29 7 1 1 4 3 0 1 7 7 7 0 1 1 0 1 0 1 Deferred availability cash items 12,56 6 9 3 0 1,4 4 1 5 2 0 8 6 0 9 4 2 1,2 8 3 1,0 4 6 4 3 9 7 0 7 4 9 7 6 3 1 3,270 Other liabilities and accrued dividends2 2,21 3 1 4 1 6 7 8 1 0 1 1 2 2 2 4 1 1 7 8 2 3 2 9 8 7 9 8 6 8 5 172 Total liabilities 720,75 0 38,5 2 0 331,8 5 0 19,2 5 4 31,0 6 7 50,9 2 2 44,7 4 8 62,4 8 0 20,3 9 8 14,7 6 8 17,8 9 3 29,5 7 0 59,279 Capital Capital paid in 8,39 0 4 3 7 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 8,38 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 56 5 3 3 1 9 8 2 0 3 5 6 0 4 2 6 2 2 2 8 2 1 1 4 51 Total liabilities and capital 738,08 5 39,4 2 7 335,6 6 6 19,7 4 1 32,5 1 2 55,1 2 8 45,7 4 0 64,2 5 9 20,8 1 9 15,4 5 6 18,3 1 6 29,9 5 7 61,066 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 22, 2003 Federal Reserve notes, net of F.R. Bank holdings 643,281 Collateral held against Federal Reserve notes 643,281 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 630,042 Other eligible assets 0 Memo: Total U.S. Treasury and agency securities1 666,166 Less: face value of securities under reverse repurchase agreements 18,528 U.S. Treasury and agency securities eligible to be pledged 647,638 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.