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 March 20, 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 Mar 19, 2003 Mar 12, 2003 Mar 20, 2002 Mar 19, 2003 Reserve Bank credit 704,886 + 8,527 + 67,616 708,965 Securities held outright 639,517 + 931 + 65,409 639,899 U.S. Treasury1 639,507 + 931 + 65,409 639,889 Bills2 231,481 + 309 + 39,678 231,756 Notes and bonds, nominal2 394,519 + 608 + 23,822 394,621 Notes and bonds, inflation-indexed2 12,242 0 + 1,584 12,242 Inflation compensation3 1,264 + 13 + 324 1,269 Federal agency2 10 0 0 10 Repurchase agreements4 26,500 + 7,286 - 114 27,000 Loans to depository institutions 18 - 27 - 8 17 Primary credit 9 - 27 + 9 11 Secondary credit 0 0 0 0 Seasonal credit 8 - 1 - 12 6 Adjustment credit 0 0 - 6 0 Float 826 + 333 + 1,202 4,086 Other Federal Reserve assets 38,026 + 7 + 1,129 37,964 Gold stock 11,043 0 - 1 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 34,681 + 14 + 1,091 34,681 Total factors supplying reserve funds 752,810 + 8,542 + 68,706 756,889 Currency in circulation5 683,644 + 680 + 43,621 685,165 Reverse repurchase agreements6 19,802 + 1,470 + 19,802 18,430 Foreign official and international accounts 19,623 + 1,291 + 19,623 17,180 Dealers 179 + 179 + 179 1,250 Treasury cash holdings 372 + 16 - 57 398 Deposits with F.R. Banks, other than reserve balances 16,129 - 767 + 82 14,777 U.S. Treasury, general account 4,979 - 217 - 1,532 3,607 Foreign official 159 + 54 + 64 150 Service-related 10,759 - 604 + 1,525 10,759 Required clearing balances 10,373 + 2 + 1,438 10,373 Adjustments to compensate for float 387 - 604 + 88 387 Other 231 - 2 + 24 261 Other liabilities and capital 19,538 - 477 + 1,262 19,147 Total factors, other than reserve balances, absorbing reserve funds 739,484 + 920 + 64,709 737,917 Reserve balances with Federal Reserve Banks 13,327 + 7,622 + 3,997 18,973 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 900,725 - 1,040 . . . 894,699 U.S. Treasury 722,541 - 631 . . . 716,749 Federal agency 178,184 - 409 . . . 177,950 Securities lent to dealers 1,333 + 887 - 73 2,673 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 Mar 19, 2003 Mar 12, 2003 Mar 20, 2002 Assets Gold certificate account 11,039 0 - 5 Special drawing rights certificate account 2,200 0 0 Coin 1,071 + 1 - 14 Securities, repurchase agreements, and loans 666,915 + 9,432 + 64,486 Securities held outright 639,899 + 1,175 + 66,045 U.S. Treasury1 639,889 + 1,175 + 66,045 Bills2 231,756 + 451 + 40,313 Notes and bonds, nominal2 394,621 + 710 + 23,820 Notes and bonds, inflation-indexed2 12,242 0 + 1,584 Inflation compensation3 1,269 + 13 + 326 Federal agency2 10 0 0 Repurchase agreements4 27,000 + 8,250 - 1,550 Loans 17 + 8 - 7 Items in process of collection (1,077) 11,532 + 3,642 + 2,616 Bank premises 1,557 0 + 46 Other assets5 36,579 - 183 + 1,046 Total assets (1,077) 730,894 + 12,893 + 68,176 Liabilities Federal Reserve notes, net of F.R. Bank holdings 651,949 + 825 + 42,817 Reverse repurchase agreements6 18,430 + 518 + 18,430 Deposits (0) 33,960 + 12,617 + 5,921 Depository institutions 29,942 + 13,723 + 7,796 U.S. Treasury, general account 3,607 - 1,168 - 1,993 Foreign official 150 + 34 + 76 Other (0) 261 + 28 + 42 Deferred availability cash items (1,077) 7,409 - 488 - 188 Other liabilities and accrued dividends7 2,224 - 41 - 157 Total liabilities (1,077) 713,972 + 13,431 + 66,823 Capital accounts Capital paid in 8,494 + 3 + 848 Surplus 8,297 - 83 + 1,024 Other capital accounts 132 - 457 - 517 Total capital 16,923 - 537 + 1,355 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, March 19, 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 17 44,050 + 8,743 0 0 23,000 18,430 16 days to 90 days 0 133,419 - 8,402 0 0 4,000 0 91 days to 1 year 0 149,946 + 109 10 0 . . . . . . Over 1 year to 5 years . . . 180,893 + 714 0 0 . . . . . . Over 5 years to 10 years . . . 51,738 + 4 0 0 . . . . . . Over 10 years . . . 79,842 + 5 0 0 . . . . . . All 17 639,889 + 1,175 10 0 27,000 18,430 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 March 19, 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 7 1 5 0 3 9 7 5 4 4 1 4 9 1 0 4 1 3 8 6 0 4 2 6 8 1 7 0 132 Securities, repurchase agreements, and loans 666,9 1 5 36,6 6 3 278,7 7 5 24,6 0 6 35,3 0 6 49,9 0 7 45,5 6 3 75,3 0 3 22,7 5 5 10,0 0 9 18,9 1 5 14,2 0 2 54,910 Securities held outright 639,8 9 9 36,6 6 3 251,7 7 5 24,6 0 6 35,3 0 6 49,9 0 7 45,5 6 3 75,3 0 3 22,7 5 3 10,0 0 3 18,9 1 5 14,2 0 2 54,901 U.S. Treasury1 639,8 8 9 36,6 6 2 251,7 7 1 24,6 0 6 35,3 0 6 49,9 0 7 45,5 6 3 75,3 0 2 22,7 5 3 10,0 0 3 18,9 1 5 14,2 0 1 54,900 Bills2 231,7 5 6 13,2 7 8 91,1 8 7 8,9 1 2 12,7 8 7 18,0 7 5 16,5 0 2 27,2 7 3 8,2 4 1 3,6 2 3 6,8 5 1 5,1 4 3 19,884 Notes and bonds3 408,1 3 2 23,3 8 4 160,5 8 4 15,6 9 4 22,5 1 9 31,8 3 1 29,0 6 1 48,0 2 9 14,5 1 2 6,3 8 0 12,0 6 4 9,0 5 8 35,016 Federal agency2 1 0 1 4 0 1 1 1 1 0 0 0 0 1 Repurchase agreements4 27,0 0 0 0 27,0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 1 7 0 0 0 0 0 0 0 2 6 0 0 9 Items in process of collection 12,6 0 9 6 5 5 9 2 6 6 9 6 5 3 7 8 6 8 1,2 4 4 1,5 3 8 5 9 5 9 1 3 1,3 3 3 4 6 2 2,842 Bank premises 1,5 5 7 9 1 1 8 6 5 0 1 5 2 1 4 4 2 7 8 1 1 7 4 4 1 2 7 5 0 1 4 3 176 Other assets5 36,5 7 9 1,8 2 5 12,7 7 9 1,2 0 6 2,3 7 6 5,6 6 4 2,1 8 5 3,6 5 2 1,0 0 5 9 6 9 9 1 7 8 0 3 3,199 Interdistrict settlement account 0 - 6,3 6 6 +39,0 3 3 - 7,0 8 6 - 6,6 7 6 - 4,5 5 1 - 4,8 2 2 -19,5 4 6 - 4,1 1 5 + 3,2 7 3 - 2,3 9 3 +13,9 7 4 - 724 Total assets 731,9 7 1 33,5 6 6 336,9 7 5 20,0 5 9 32,3 6 5 53,1 4 7 45,6 4 5 62,4 9 4 20,7 6 0 15,5 4 1 19,2 6 6 30,3 3 7 61,816 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 March 19, 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 765,78 0 32,3 2 1 337,2 2 9 25,0 8 1 31,7 2 7 53,7 9 5 60,0 6 3 63,0 0 7 21,9 3 9 15,0 4 0 21,3 8 9 35,7 1 2 68,477 Less: notes held by F.R. Banks 113,83 2 4,9 0 6 27,8 1 4 7,5 6 6 4,7 8 2 9,0 7 4 20,1 2 7 7,9 1 5 3,6 3 1 1,5 2 5 4,3 7 4 7,4 8 1 14,635 Federal Reserve notes, net 651,94 9 27,4 1 5 309,4 1 4 17,5 1 5 26,9 4 5 44,7 2 1 39,9 3 6 55,0 9 2 18,3 0 8 13,5 1 5 17,0 1 5 28,2 3 1 53,841 Reverse repurchase agreements1 18,43 0 1,0 5 6 7,2 5 1 7 0 9 1,0 1 7 1,4 3 7 1,3 1 2 2,1 6 9 6 5 5 2 8 8 5 4 5 4 0 9 1,581 Deposits 33,96 0 3,5 2 3 14,9 6 7 5 5 3 2,3 3 8 2,0 7 8 2,3 3 3 2,5 6 8 9 7 4 6 0 7 9 8 5 8 2 7 2,207 Depository institutions 29,94 2 3,5 2 0 11,0 4 1 5 5 1 2,3 3 4 2,0 1 1 2,3 3 1 2,5 6 5 9 7 2 6 0 6 9 8 4 8 2 5 2,203 U.S. Treasury, general account 3,60 7 0 3,6 0 7 0 0 0 0 0 0 0 0 0 0 Foreign official 15 0 2 1 2 7 1 3 7 2 3 1 1 1 1 3 Other 26 1 2 1 9 2 1 1 5 9 0 1 2 0 1 1 0 Deferred availability cash items 8,48 6 5 6 2 9 0 3 6 8 0 5 3 8 5 6 7 9 2 7 6 9 5 3 1 8 3 7 5 2 2 7 4 0 8 2,285 Other liabilities and accrued dividends2 2,22 4 1 4 2 6 7 7 9 9 1 2 9 2 2 7 1 8 5 2 3 4 9 9 8 0 8 9 8 6 178 Total liabilities 715,04 8 32,6 9 8 333,2 1 3 19,5 5 5 30,9 6 7 49,0 2 9 44,6 9 4 60,7 5 8 20,3 5 5 14,8 6 5 18,8 6 1 29,9 6 1 60,092 Capital Capital paid in 8,49 4 4 3 8 1,8 5 4 2 5 1 7 0 0 2,0 9 2 4 7 5 8 7 3 2 0 0 3 4 3 2 0 4 1 8 8 875 Surplus 8,29 7 4 3 1 1,8 0 9 2 3 3 6 9 9 2,0 2 6 4 7 5 8 5 8 1 9 9 3 3 2 2 0 1 1 8 6 849 Other capital 13 2 0 9 9 2 0 0 0 0 5 6 0 0 1 0 Total liabilities and capital 731,97 1 33,5 6 6 336,9 7 5 20,0 5 9 32,3 6 5 53,1 4 7 45,6 4 5 62,4 9 4 20,7 6 0 15,5 4 1 19,2 6 6 30,3 3 7 61,816 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 Mar 19, 2003 Federal Reserve notes, net of F.R. Bank holdings 651,949 Collateral held against Federal Reserve notes 651,949 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 638,710 Other eligible assets 0 Memo: Total U.S. Treasury and agency securities1 666,899 Less: face value of securities under reverse repurchase agreements 18,436 U.S. Treasury and agency securities eligible to be pledged 648,462 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.