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 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 Mar 26, 2003 Mar 19, 2003 Mar 27, 2002 Mar 26, 2003 Reserve Bank credit 698,983 - 5,885 + 63,782 704,129 Securities held outright 640,129 + 612 + 64,379 640,901 U.S. Treasury1 640,119 + 612 + 64,379 640,891 Bills2 231,892 + 411 + 38,806 232,143 Notes and bonds, nominal2 394,621 + 102 + 23,571 394,621 Notes and bonds, inflation-indexed2 12,324 + 82 + 1,666 12,814 Inflation compensation3 1,282 + 18 + 336 1,312 Federal agency2 10 0 0 10 Repurchase agreements4 19,286 - 7,214 - 2,928 25,500 Loans to depository institutions 10 - 8 - 24 7 Primary credit 2 - 7 + 2 1 Secondary credit 0 0 0 0 Seasonal credit 8 0 - 12 6 Adjustment credit 0 0 - 14 0 Float 1,412 + 604 + 1,583 -729 Other Federal Reserve assets 38,146 + 121 + 772 38,450 Gold stock 11,043 0 - 1 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 34,695 + 14 + 1,085 34,695 Total factors supplying reserve funds 746,921 - 5,871 + 64,866 752,067 Currency in circulation5 684,438 + 794 + 43,830 686,176 Reverse repurchase agreements6 18,320 - 1,482 + 18,320 18,231 Foreign official and international accounts 18,320 - 1,303 + 18,320 18,231 Dealers 0 - 179 0 0 Treasury cash holdings 394 + 22 - 28 373 Deposits with F.R. Banks, other than reserve balances 17,778 + 1,649 + 2,107 17,670 U.S. Treasury, general account 5,916 + 937 + 718 5,927 Foreign official 240 + 81 + 154 162 Service-related 11,407 + 648 + 1,226 11,406 Required clearing balances 10,972 + 599 + 1,342 10,972 Adjustments to compensate for float 435 + 48 - 116 435 Other 215 - 16 + 10 175 Other liabilities and capital 19,412 - 126 + 1,316 19,601 Total factors, other than reserve balances, absorbing reserve funds 740,342 + 858 + 65,545 742,050 Reserve balances with Federal Reserve Banks 6,579 - 6,729 - 679 10,016 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 895,108 - 5,617 . . . 894,732 U.S. Treasury 715,570 - 6,971 . . . 715,261 Federal agency 179,538 + 1,354 . . . 179,471 Securities lent to dealers 2,758 + 1,425 + 274 2,850 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 26, 2003 Mar 19, 2003 Mar 27, 2002 Assets Gold certificate account 11,039 0 - 5 Special drawing rights certificate account 2,200 0 0 Coin 1,081 + 10 + 3 Securities, repurchase agreements, and loans 666,408 - 507 + 66,283 Securities held outright 640,901 + 1,002 + 64,798 U.S. Treasury1 640,891 + 1,002 + 64,798 Bills2 232,143 + 387 + 39,039 Notes and bonds, nominal2 394,621 0 + 23,239 Notes and bonds, inflation-indexed2 12,814 + 572 + 2,156 Inflation compensation3 1,312 + 43 + 363 Federal agency2 10 0 0 Repurchase agreements4 25,500 - 1,500 + 1,500 Loans 7 - 10 - 15 Items in process of collection (1,231) 6,565 - 4,967 - 727 Bank premises 1,558 + 1 + 47 Other assets5 37,121 + 542 + 1,279 Total assets (1,231) 725,971 - 4,923 + 66,879 Liabilities Federal Reserve notes, net of F.R. Bank holdings 652,930 + 981 + 42,391 Reverse repurchase agreements6 18,231 - 199 + 18,231 Deposits (0) 28,079 - 5,881 + 4,697 Depository institutions 21,815 - 8,127 + 3,716 U.S. Treasury, general account 5,927 + 2,320 + 918 Foreign official 162 + 12 + 91 Other (0) 175 - 86 - 28 Deferred availability cash items (1,231) 7,130 - 279 - 129 Other liabilities and accrued dividends7 2,248 + 24 - 192 Total liabilities (1,231) 708,618 - 5,354 + 64,999 Capital accounts Capital paid in 8,493 - 1 + 843 Surplus 8,380 + 83 + 1,110 Other capital accounts 480 + 348 - 72 Total capital 17,352 + 429 + 1,879 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 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 7 44,763 + 713 0 0 20,500 18,231 16 days to 90 days 0 133,717 + 298 0 0 5,000 0 91 days to 1 year 0 149,322 - 624 10 0 . . . . . . Over 1 year to 5 years . . . 180,897 + 4 0 0 . . . . . . Over 5 years to 10 years . . . 52,287 + 549 0 0 . . . . . . Over 10 years . . . 79,904 + 62 0 0 . . . . . . All 7 640,891 + 1,002 10 0 25,500 18,231 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 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 1,0 8 1 5 1 4 1 7 7 4 7 1 5 0 1 0 6 1 3 9 5 9 4 1 7 0 1 6 9 132 Securities, repurchase agreements, and loans 666,4 0 8 36,7 2 0 277,6 6 9 24,6 4 4 35,3 6 2 49,9 8 6 45,6 3 5 75,4 2 3 22,7 8 9 10,0 2 3 18,9 4 5 14,2 2 4 54,988 Securities held outright 640,9 0 1 36,7 2 0 252,1 6 9 24,6 4 4 35,3 6 2 49,9 8 6 45,6 3 5 75,4 2 1 22,7 8 9 10,0 1 9 18,9 4 5 14,2 2 4 54,987 U.S. Treasury1 640,8 9 1 36,7 2 0 252,1 6 5 24,6 4 4 35,3 6 1 49,9 8 5 45,6 3 4 75,4 2 0 22,7 8 9 10,0 1 9 18,9 4 5 14,2 2 4 54,986 Bills2 232,1 4 3 13,3 0 1 91,3 3 9 8,9 2 7 12,8 0 8 18,1 0 6 16,5 3 0 27,3 1 9 8,2 5 5 3,6 2 9 6,8 6 2 5,1 5 2 19,917 Notes and bonds3 408,7 4 7 23,4 1 9 160,8 2 6 15,7 1 7 22,5 5 3 31,8 7 9 29,1 0 4 48,1 0 1 14,5 3 4 6,3 9 0 12,0 8 3 9,0 7 2 35,069 Federal agency2 1 0 1 4 0 1 1 1 1 0 0 0 0 1 Repurchase agreements4 25,5 0 0 0 25,5 0 0 0 0 0 0 0 0 0 0 0 0 Loans 7 0 0 0 0 0 0 2 0 4 0 0 1 Items in process of collection 7,7 9 6 3 7 1 5 4 5 3 6 6 5 4 9 5 0 0 7 2 2 5 7 0 3 8 2 4 4 8 6 5 3 3 4 4 2,345 Bank premises 1,5 5 8 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 1 1 4 4 176 Other assets5 37,1 2 1 1,8 5 6 12,9 7 3 1,2 2 4 2,4 0 5 5,7 2 3 2,2 2 6 3,7 1 6 1,0 2 3 9 8 1 9 3 1 8 1 5 3,248 Interdistrict settlement account 0 - 8,1 1 5 +36,3 7 3 - 7,1 3 6 - 7,3 3 8 - 3,0 4 9 - 5,6 5 1 -16,2 7 6 - 4,2 6 0 + 3,5 9 4 - 1,9 2 7 +13,9 4 2 - 157 Total assets 727,2 0 2 31,6 2 2 333,0 2 5 19,7 3 8 31,8 0 3 54,4 2 0 44,4 0 8 64,9 8 0 20,4 5 5 15,4 2 2 19,0 9 7 30,2 2 0 62,012 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 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 766,15 3 32,2 7 7 338,1 3 7 24,9 5 5 31,6 6 0 53,8 9 9 59,9 1 9 63,0 3 3 22,0 0 8 15,0 3 1 21,3 6 7 35,5 9 1 68,276 Less: notes held by F.R. Banks 113,22 3 4,9 4 5 28,0 1 4 7,5 6 0 4,7 0 1 8,9 4 3 20,2 3 4 7,8 2 8 3,5 5 2 1,4 6 9 4,4 2 0 7,3 2 6 14,233 Federal Reserve notes, net 652,93 0 27,3 3 2 310,1 2 3 17,3 9 5 26,9 5 9 44,9 5 6 39,6 8 5 55,2 0 5 18,4 5 6 13,5 6 2 16,9 4 7 28,2 6 6 54,043 Reverse repurchase agreements1 18,23 1 1,0 4 5 7,1 7 3 7 0 1 1,0 0 6 1,4 2 2 1,2 9 8 2,1 4 5 6 4 8 2 8 5 5 3 9 4 0 5 1,564 Deposits 28,07 9 1,6 5 6 10,2 1 9 5 4 6 1,8 1 5 3,0 9 5 1,3 5 6 4,9 4 3 5 4 7 4 8 9 6 2 8 6 0 0 2,186 Depository institutions 21,81 5 1,6 5 0 4,0 4 1 5 4 5 1,8 1 1 3,0 3 7 1,3 5 4 4,9 3 9 5 4 4 4 8 8 6 2 6 5 9 8 2,183 U.S. Treasury, general account 5,92 7 0 5,9 2 7 0 0 0 0 0 0 0 0 0 0 Foreign official 16 2 2 1 3 8 1 3 7 2 3 1 1 1 1 3 Other 17 5 4 1 1 3 0 1 5 1 0 1 3 0 1 1 0 Deferred availability cash items 8,36 1 5 5 7 9 3 2 4 7 8 4 7 1 5 3 0 9 0 0 6 5 5 2 8 8 3 2 2 4 7 7 4 7 9 2,273 Other liabilities and accrued dividends2 2,24 8 1 4 1 6 7 8 9 9 1 2 8 2 4 5 1 8 4 2 3 6 1 0 1 7 8 9 1 8 8 180 Total liabilities 709,84 9 30,7 3 1 329,1 2 6 19,2 1 9 30,3 7 8 50,2 4 8 43,4 2 2 63,1 8 6 20,0 4 0 14,7 3 6 18,6 8 2 29,8 3 6 60,245 Capital Capital paid in 8,49 3 4 3 5 1,8 5 4 2 5 0 7 0 0 2,0 9 2 4 7 5 8 7 3 2 0 0 3 4 5 2 0 4 1 8 8 875 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 48 0 2 0 2 3 6 3 6 2 2 6 3 5 6 4 1 5 1 1 1 1 0 24 Total liabilities and capital 727,20 2 31,6 2 2 333,0 2 5 19,7 3 8 31,8 0 3 54,4 2 0 44,4 0 8 64,9 8 0 20,4 5 5 15,4 2 2 19,0 9 7 30,2 2 0 62,012 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 26, 2003 Federal Reserve notes, net of F.R. Bank holdings 652,930 Collateral held against Federal Reserve notes 652,930 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 639,691 Other eligible assets 0 Memo: Total U.S. Treasury and agency securities1 666,401 Less: face value of securities under reverse repurchase agreements 18,237 U.S. Treasury and agency securities eligible to be pledged 648,163 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.