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 May 8, 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 May 7, 2003 Apr 30, 2003 May 8, 2002 May 7, 2003 Reserve Bank credit 708,240 - 7,632 + 66,691 710,520 Securities held outright 647,419 + 362 + 65,242 647,580 U.S. Treasury1 647,409 + 362 + 65,242 647,570 Bills2 236,375 + 340 + 43,060 236,529 Notes and bonds, nominal2 396,776 0 + 20,608 396,776 Notes and bonds, inflation-indexed2 12,814 0 + 1,212 12,814 Inflation compensation3 1,443 + 21 + 361 1,450 Federal agency2 10 0 0 10 Repurchase agreements4 20,537 - 8,214 + 608 22,251 Loans to depository institutions 50 + 20 - 49 59 Primary credit 4 + 4 + 4 6 Secondary credit 0 0 0 0 Seasonal credit 46 + 17 - 48 53 Adjustment credit 0 0 - 5 0 Float 97 - 125 + 17 138 Other Federal Reserve assets 40,136 + 325 + 871 40,492 Gold stock 11,043 0 - 1 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 34,836 + 14 + 1,094 34,836 Total factors supplying reserve funds 756,319 - 7,618 + 67,784 758,599 Currency in circulation5 688,743 + 1,567 + 42,251 690,712 Reverse repurchase agreements6 21,325 + 376 + 21,325 20,667 Foreign official and international accounts 21,325 + 376 + 21,325 20,667 Dealers 0 0 0 0 Treasury cash holdings 341 - 9 - 55 342 Deposits with F.R. Banks, other than reserve balances 18,592 - 1,537 + 2,971 17,564 U.S. Treasury, general account 7,113 - 1,650 + 1,968 6,050 Foreign official 102 - 30 + 15 145 Service-related 11,109 + 100 + 981 11,109 Required clearing balances 10,882 + 52 + 1,021 10,882 Adjustments to compensate for float 227 + 48 - 41 227 Other 269 + 44 + 9 259 Other liabilities and capital 20,331 + 166 + 1,208 20,109 Total factors, other than reserve balances, absorbing reserve funds 749,332 + 562 + 67,700 749,394 Reserve balances with Federal Reserve Banks 6,987 - 8,180 + 84 9,205 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 893,876 + 6,854 . . . 895,358 U.S. Treasury 712,140 + 2,290 . . . 713,153 Federal agency 181,736 + 4,565 . . . 182,205 Securities lent to dealers 460 - 50 - 125 1,926 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 May 7, 2003 Apr 30, 2003 May 8, 2002 Assets Gold certificate account 11,039 0 - 5 Special drawing rights certificate account 2,200 0 0 Coin 1,003 - 18 + 30 Securities, repurchase agreements, and loans 669,890 - 14,927 + 67,116 Securities held outright 647,580 + 299 + 63,898 U.S. Treasury1 647,570 + 299 + 63,898 Bills2 236,529 + 280 + 41,717 Notes and bonds, nominal2 396,776 0 + 20,608 Notes and bonds, inflation-indexed2 12,814 0 + 1,212 Inflation compensation3 1,450 + 19 + 361 Federal agency2 10 0 0 Repurchase agreements4 22,251 - 15,250 + 3,251 Loans 59 + 24 - 33 Items in process of collection (924) 9,556 + 1,383 + 1,029 Bank premises 1,578 + 1 + 64 Other assets5 39,141 + 729 + 1,497 Total assets (924) 734,407 - 12,832 + 69,733 Liabilities Federal Reserve notes, net of F.R. Bank holdings 657,217 + 1,991 + 40,938 Reverse repurchase agreements6 20,667 - 147 + 20,667 Deposits (0) 27,872 - 15,135 + 5,917 Depository institutions 21,417 - 10,463 + 5,248 U.S. Treasury, general account 6,050 - 4,533 + 598 Foreign official 145 - 168 + 63 Other (0) 259 + 28 + 8 Deferred availability cash items (923) 8,542 + 400 + 856 Other liabilities and accrued dividends7 2,294 + 24 - 121 Total liabilities (924) 716,592 - 12,868 + 68,257 Capital accounts Capital paid in 8,564 + 19 + 463 Surplus 8,380 0 + 1,077 Other capital accounts 871 + 17 - 65 Total capital 17,816 + 37 + 1,476 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, May 7, 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 20 46,850 + 100 0 0 18,251 20,667 16 days to 90 days 39 131,587 + 5,303 0 0 4,000 0 91 days to 1 year 0 157,125 + 3,209 10 0 . . . . . . Over 1 year to 5 years . . . 180,504 - 8,328 0 0 . . . . . . Over 5 years to 10 years . . . 51,544 + 6 0 0 . . . . . . Over 10 years . . . 79,960 + 8 0 0 . . . . . . All 59 647,570 + 299 10 0 22,251 20,667 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 May 7, 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 4 9 5 4,7 0 6 3 8 0 4 7 7 8 0 8 8 6 3 9 8 2 3 3 1 2 2 4 3 0 3 5 0 7 963 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 0 3 5 0 3 7 7 5 4 0 1 3 3 9 5 1 2 5 5 7 4 0 6 8 1 5 9 125 Securities, repurchase agreements, and loans 669,8 9 0 31,3 1 1 299,3 0 6 20,2 4 6 30,3 4 4 49,8 0 1 43,7 5 0 65,4 5 4 20,3 8 6 14,4 7 5 17,4 0 8 25,3 7 8 52,030 Securities held outright 647,5 8 0 31,3 0 8 277,0 5 5 20,2 4 6 30,3 4 4 49,8 0 1 43,7 4 8 65,4 3 8 20,3 7 4 14,4 5 5 17,4 0 3 25,3 7 8 52,029 U.S. Treasury1 647,5 7 0 31,3 0 7 277,0 5 1 20,2 4 6 30,3 4 4 49,8 0 0 43,7 4 7 65,4 3 7 20,3 7 3 14,4 5 5 17,4 0 3 25,3 7 8 52,029 Bills2 236,5 2 9 11,4 3 5 101,1 9 5 7,3 9 5 11,0 8 3 18,1 9 0 15,9 7 9 23,9 0 1 7,4 4 2 5,2 8 0 6,3 5 7 9,2 6 9 19,004 Notes and bonds3 411,0 4 1 19,8 7 2 175,8 5 6 12,8 5 1 19,2 6 0 31,6 1 0 27,7 6 8 41,5 3 6 12,9 3 2 9,1 7 5 11,0 4 6 16,1 0 9 33,025 Federal agency2 1 0 0 4 0 0 1 1 1 0 0 0 0 1 Repurchase agreements4 22,2 5 1 0 22,2 5 1 0 0 0 0 0 0 0 0 0 0 Loans 5 9 3 0 0 0 0 2 1 6 1 2 2 0 5 0 1 Items in process of collection 10,4 8 0 4 7 3 9 7 9 5 3 5 4 5 2 1,3 5 1 9 4 0 6 8 5 6 8 8 4 9 7 6 2 0 5 4 2 2,717 Bank premises 1,5 7 8 9 1 1 8 6 5 1 1 5 1 1 4 3 2 7 8 1 1 7 4 3 1 2 6 5 1 1 6 4 176 Other assets5 39,1 4 1 1,8 1 4 14,2 2 2 1,1 2 7 2,4 0 6 6,0 2 5 2,2 9 9 3,6 5 4 1,0 2 0 1,1 5 4 9 4 1 1,1 4 1 3,339 Interdistrict settlement account 0 - 2,3 6 5 +14,6 5 3 - 3,3 2 6 - 1,9 0 6 - 1,3 5 1 - 3,7 4 1 - 6,9 8 5 - 1,4 1 9 - 6 4 9 + 2 + 2,8 7 6 + 4,212 Total assets 735,3 3 1 31,9 8 3 334,9 6 2 19,1 7 0 32,0 6 9 57,0 5 7 44,6 5 0 64,2 4 5 21,1 7 7 15,8 9 7 19,4 6 0 30,8 6 5 63,796 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 May 7, 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 761,44 9 31,9 2 0 335,8 2 6 24,2 9 3 31,3 0 1 53,8 8 8 59,5 7 1 62,8 6 7 22,2 9 3 15,2 4 2 21,1 8 2 35,1 7 3 67,893 Less: notes held by F.R. Banks 104,23 3 4,5 4 6 25,0 6 1 7,4 5 3 4,1 3 6 7,8 9 1 19,9 2 1 6,6 5 5 3,4 4 9 1,4 2 8 4,0 7 7 6,8 8 6 12,729 Federal Reserve notes, net 657,21 7 27,3 7 4 310,7 6 5 16,8 3 9 27,1 6 5 45,9 9 8 39,6 5 0 56,2 1 2 18,8 4 4 13,8 1 4 17,1 0 5 28,2 8 7 55,163 Reverse repurchase agreements1 20,66 7 9 9 9 8,8 4 2 6 4 6 9 6 8 1,5 8 9 1,3 9 6 2,0 8 8 6 5 0 4 6 1 5 5 5 8 1 0 1,661 Deposits 27,87 3 1,9 6 8 9,5 6 0 6 0 3 1,8 3 0 4,1 6 6 1,3 9 5 3,2 4 4 8 1 3 4 5 8 7 9 3 8 1 2 2,232 Depository institutions 21,41 7 1,9 6 7 3,2 2 6 6 0 2 1,8 2 7 4,0 6 5 1,3 9 3 3,2 4 0 8 1 1 4 5 6 7 9 2 8 1 1 2,228 U.S. Treasury, general account 6,05 0 0 6,0 5 0 0 0 0 0 0 0 0 0 0 0 Foreign official 14 5 2 1 2 2 1 3 7 2 3 1 1 1 1 3 Other 26 0 0 1 6 2 0 0 9 4 0 1 1 0 1 0 0 Deferred availability cash items 9,46 5 5 8 5 1,0 7 5 4 6 6 5 3 3 7 9 2 1,0 3 2 6 5 9 3 0 3 3 6 6 4 9 3 4 5 1 2,710 Other liabilities and accrued dividends2 2,29 4 1 3 1 7 1 3 9 4 1 2 6 2 6 0 1 8 4 2 2 5 9 8 8 8 8 8 1 0 6 180 Total liabilities 717,51 6 31,0 5 8 330,9 5 5 18,6 4 9 30,6 2 2 52,8 0 5 43,6 5 8 62,4 2 8 20,7 0 8 15,1 8 7 19,0 3 4 30,4 6 7 61,945 Capital Capital paid in 8,56 4 4 4 6 1,8 7 8 2 5 1 7 0 0 2,0 7 0 4 7 5 8 7 5 2 3 3 3 4 5 2 0 4 1 9 0 897 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 87 1 4 3 3 2 1 3 7 4 4 1 0 8 4 2 8 5 3 7 2 5 2 1 2 3 85 Total liabilities and capital 735,33 1 31,9 8 3 334,9 6 2 19,1 7 0 32,0 6 9 57,0 5 7 44,6 5 0 64,2 4 5 21,1 7 7 15,8 9 7 19,4 6 0 30,8 6 5 63,796 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 May 7, 2003 Federal Reserve notes outstanding 761,449 Less: Notes held by F.R. Banks not subject to collateralization 100,261 Federal Reserve notes to be collateralized 661,189 Collateral held against Federal Reserve notes 661,189 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 647,950 Other eligible assets 0 Memo: Total U.S. Treasury and agency securities1 669,831 Less: face value of securities under reverse repurchase agreements 20,674 U.S. Treasury and agency securities eligible to be pledged 649,157 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.