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 February 27, 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 Feb 26, 2003 Feb 19, 2003 Feb 27, 2002 Feb 26, 2003 Reserve Bank credit 697,030 - 4,727 + 65,031 700,792 Securities held outright 634,932 + 3,923 + 67,590 636,006 U.S. Treasury1 634,922 + 3,923 + 67,590 635,996 Bills2 230,030 + 2,736 + 40,337 230,606 Notes and bonds, nominal2 391,412 + 1,195 + 25,009 391,913 Notes and bonds, inflation-indexed2 12,242 0 + 1,921 12,242 Inflation compensation3 1,238 - 7 + 324 1,235 Federal agency2 10 0 0 10 Repurchase agreements4 23,321 - 6,746 - 5,535 25,750 Loans to depository institutions 13 - 6 - 4 6 Primary credit 10 - 4 + 10 1 Secondary credit 0 0 0 0 Seasonal credit 4 - 1 - 8 5 Adjustment credit 0 0 - 5 0 Float 1,307 + 483 + 1,274 1,293 Other Federal Reserve assets 37,456 - 2,382 + 1,704 37,738 Gold stock 11,043 0 - 1 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 34,709 + 14 + 1,180 34,709 Total factors supplying reserve funds 744,982 - 4,714 + 66,209 748,744 Currency in circulation5 682,287 - 581 + 44,451 682,941 Reverse repurchase agreements6 17,738 - 187 + 17,738 17,421 Foreign official and international accounts 17,738 - 187 + 17,738 17,421 Dealers 0 0 0 0 Treasury cash holdings 347 - 11 - 63 343 Deposits with F.R. Banks, other than reserve balances 16,509 + 352 + 2,407 16,245 U.S. Treasury, general account 5,249 + 201 + 553 4,950 Foreign official 111 - 21 - 16 154 Service-related 10,904 + 174 + 1,843 10,904 Required clearing balances 10,336 + 21 + 1,465 10,336 Adjustments to compensate for float 567 + 152 + 377 567 Other 245 - 2 + 27 238 Other liabilities and capital 19,964 + 305 + 2,077 19,699 Total factors, other than reserve balances, absorbing reserve funds 736,846 - 121 + 66,611 736,650 Reserve balances with Federal Reserve Banks 8,136 - 4,593 - 401 12,094 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 881,384 + 6,789 . . . 880,187 U.S. Treasury 704,715 + 4,394 . . . 702,807 Federal agency 176,670 + 2,396 . . . 177,380 Securities lent to dealers 326 + 2 - 1,158 282 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 Feb 26, 2003 Feb 19, 2003 Feb 27, 2002 Assets Gold certificate account 11,039 0 - 5 Special drawing rights certificate account 2,200 0 0 Coin 1,100 - 23 - 25 Securities, repurchase agreements, and loans 661,761 - 4,025 + 61,028 Securities held outright 636,006 + 4,733 + 67,294 U.S. Treasury1 635,996 + 4,733 + 67,294 Bills2 230,606 + 3,045 + 40,311 Notes and bonds, nominal2 391,913 + 1,696 + 25,094 Notes and bonds, inflation-indexed2 12,242 0 + 1,584 Inflation compensation3 1,235 - 7 + 305 Federal agency2 10 0 0 Repurchase agreements4 25,750 - 8,746 - 6,249 Loans 6 - 11 - 16 Items in process of collection (1,241) 9,197 - 4,970 + 2,160 Bank premises 1,557 0 + 48 Other assets5 36,130 + 582 + 1,675 Total assets (1,241) 722,984 - 8,436 + 64,881 Liabilities Federal Reserve notes, net of F.R. Bank holdings 649,670 - 1,366 + 42,766 Reverse repurchase agreements6 17,421 - 429 + 17,421 Deposits (0) 28,898 - 3,930 + 2,884 Depository institutions 23,556 - 4,450 + 2,741 U.S. Treasury, general account 4,950 + 543 + 42 Foreign official 154 + 20 + 75 Other (0) 238 - 43 + 26 Deferred availability cash items (1,241) 7,296 - 2,744 - 235 Other liabilities and accrued dividends7 2,276 + 27 - 85 Total liabilities (1,241) 705,561 - 8,443 + 62,751 Capital accounts Capital paid in 8,440 + 6 + 805 Surplus 8,380 0 + 1,114 Other capital accounts 603 0 + 211 Total capital 17,423 + 7 + 2,130 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, February 26, 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 45,075 - 1,242 0 0 20,750 17,421 16 days to 90 days 0 133,699 + 2,545 0 0 5,000 0 91 days to 1 year 0 146,752 + 1,742 10 0 . . . . . . Over 1 year to 5 years . . . 178,982 + 992 0 0 . . . . . . Over 5 years to 10 years . . . 51,659 + 698 0 0 . . . . . . Over 10 years . . . 79,828 - 3 0 0 . . . . . . All 6 635,996 + 4,733 10 0 25,750 17,421 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 February 26, 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 1,1 0 0 5 4 3 7 7 0 4 9 1 5 4 1 1 4 1 4 5 6 2 4 0 7 3 1 7 6 126 Securities, repurchase agreements, and loans 661,7 6 1 36,4 4 0 275,9 9 4 24,4 5 6 35,0 9 2 49,6 0 4 45,2 8 6 74,8 4 5 22,6 1 5 9,9 4 7 18,8 0 1 14,1 1 5 54,567 Securities held outright 636,0 0 6 36,4 4 0 250,2 4 4 24,4 5 6 35,0 9 2 49,6 0 4 45,2 8 6 74,8 4 5 22,6 1 5 9,9 4 2 18,8 0 0 14,1 1 5 54,567 U.S. Treasury1 635,9 9 6 36,4 3 9 250,2 4 0 24,4 5 6 35,0 9 1 49,6 0 3 45,2 8 5 74,8 4 4 22,6 1 5 9,9 4 2 18,8 0 0 14,1 1 5 54,566 Bills2 230,6 0 6 13,2 1 2 90,7 3 4 8,8 6 7 12,7 2 4 17,9 8 6 16,4 2 0 27,1 3 8 8,2 0 0 3,6 0 5 6,8 1 7 5,1 1 8 19,785 Notes and bonds3 405,3 9 0 23,2 2 7 159,5 0 5 15,5 8 8 22,3 6 7 31,6 1 8 28,8 6 5 47,7 0 6 14,4 1 5 6,3 3 7 11,9 8 3 8,9 9 7 34,781 Federal agency2 1 0 1 4 0 1 1 1 1 0 0 0 0 1 Repurchase agreements4 25,7 5 0 0 25,7 5 0 0 0 0 0 0 0 0 0 0 0 Loans 6 0 0 0 0 0 0 0 0 4 0 0 0 Items in process of collection 10,4 3 8 5 0 5 6 6 6 4 8 1 4 2 2 6 0 0 1,2 4 1 1,0 4 2 6 7 6 7 4 7 6 3 4 8 2 9 2,597 Bank premises 1,5 5 7 9 2 1 8 6 5 0 1 5 2 1 4 3 2 7 8 1 1 6 4 4 1 2 7 5 0 1 4 2 176 Other assets5 36,1 3 0 1,8 0 7 12,5 3 7 1,1 0 7 2,3 6 6 5,7 1 0 2,1 5 1 3,5 9 9 9 9 5 9 7 7 9 0 5 8 0 1 3,176 Interdistrict settlement account 0 - 7,9 9 5 +35,4 5 6 - 6,5 2 7 - 6,5 6 0 - 5 6 9 - 4,9 2 2 -18,5 9 2 - 4,2 2 2 + 3,5 4 3 - 1,5 1 7 +13,4 9 6 - 1,591 Total assets 724,2 2 6 31,5 5 0 330,1 1 3 20,1 5 0 32,1 4 8 56,6 0 8 45,2 4 0 62,4 4 7 20,5 8 6 15,5 9 0 19,3 2 1 30,1 4 3 60,329 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 February 26, 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 763,01 7 32,6 4 4 335,0 9 4 25,0 6 6 32,1 1 1 53,6 4 0 59,0 0 0 62,9 9 6 21,9 0 0 15,0 7 0 21,4 6 0 35,9 7 2 68,063 Less: notes held by F.R. Banks 113,34 6 4,8 7 9 28,1 5 1 7,6 4 8 4,6 9 9 8,6 2 9 18,6 8 6 7,9 9 1 3,3 2 5 1,7 1 1 4,2 9 7 7,7 9 8 15,533 Federal Reserve notes, net 649,67 0 27,7 6 6 306,9 4 3 17,4 1 8 27,4 1 2 45,0 1 0 40,3 1 4 55,0 0 5 18,5 7 5 13,3 5 9 17,1 6 3 28,1 7 4 52,530 Reverse repurchase agreements1 17,42 1 9 9 8 6,8 5 4 6 7 0 9 6 1 1,3 5 9 1,2 4 0 2,0 5 0 6 1 9 2 7 2 5 1 5 3 8 7 1,495 Deposits 28,89 8 1,0 6 3 10,8 2 0 9 8 1 1,8 1 9 5,2 3 8 1,5 7 1 2,6 6 0 6 1 2 5 1 5 6 9 0 7 7 1 2,158 Depository institutions 23,55 6 1,0 5 8 5,5 9 0 9 8 0 1,8 1 5 5,1 6 0 1,5 6 9 2,6 6 2 6 0 5 5 1 4 6 8 8 7 7 0 2,145 U.S. Treasury, general account 4,95 0 0 4,9 5 0 0 0 0 0 0 0 0 0 0 0 Foreign official 15 4 2 1 3 0 1 3 7 2 3 1 1 1 1 3 Other 23 8 3 1 4 9 0 1 7 0 0 - 5 6 0 1 0 11 Deferred availability cash items 8,53 8 6 8 1 9 0 7 4 9 2 4 0 1 5 2 9 9 4 4 7 0 5 2 5 7 6 6 9 4 4 2 3 3 7 2,174 Other liabilities and accrued dividends2 2,27 6 1 3 9 6 8 2 1 0 1 1 2 9 2 5 2 1 8 5 2 4 0 1 0 2 7 9 9 2 8 9 186 Total liabilities 706,80 3 30,6 4 7 326,2 0 6 19,6 6 3 30,7 2 2 52,3 8 7 44,2 5 4 60,6 6 0 20,1 6 6 14,8 9 6 18,9 0 1 29,7 5 6 58,544 Capital Capital paid in 8,44 0 4 3 7 1,8 5 4 2 3 5 6 9 2 2,0 8 0 4 7 5 8 6 3 2 0 0 3 4 3 2 0 4 1 8 8 869 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 60 3 2 9 2 4 5 2 0 3 1 6 7 3 6 6 7 2 0 1 2 1 6 1 2 48 Total liabilities and capital 724,22 6 31,5 5 0 330,1 1 3 20,1 5 0 32,1 4 8 56,6 0 8 45,2 4 0 62,4 4 7 20,5 8 6 15,5 9 0 19,3 2 1 30,1 4 3 60,329 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 Feb 26, 2003 Federal Reserve notes, net of F.R. Bank holdings 649,670 Collateral held against Federal Reserve notes 649,670 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 636,432 Other eligible assets 0 Memo: Total U.S. Treasury and agency securities1 661,756 Less: face value of securities under reverse repurchase agreements 17,427 U.S. Treasury and agency securities eligible to be pledged 644,329 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.