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 15, 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 14, 2003 May 7, 2003 May 15, 2002 May 14, 2003 Reserve Bank credit 714,343 + 6,104 + 68,449 720,070 Securities held outright 647,817 + 398 + 63,835 647,947 U.S. Treasury1 647,807 + 398 + 63,835 647,937 Bills2 236,754 + 379 + 42,083 236,877 Notes and bonds, nominal2 396,776 0 + 20,175 396,776 Notes and bonds, inflation-indexed2 12,814 0 + 1,212 12,814 Inflation compensation3 1,463 + 20 + 365 1,470 Federal agency2 10 0 0 10 Repurchase agreements4 25,644 + 5,107 + 2,857 30,752 Loans to depository institutions 51 + 1 - 50 60 Primary credit 2 - 2 + 2 4 Secondary credit 0 0 0 0 Seasonal credit 49 + 3 - 46 56 Adjustment credit 0 0 - 6 0 Float -25 - 121 + 74 284 Other Federal Reserve assets 40,855 + 719 + 1,731 41,027 Gold stock 11,043 0 - 1 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 34,850 + 14 + 1,075 34,850 Total factors supplying reserve funds 762,436 + 6,118 + 69,524 768,163 Currency in circulation5 689,648 + 905 + 41,867 690,918 Reverse repurchase agreements6 20,641 - 684 + 20,641 21,073 Foreign official and international accounts 20,641 - 684 + 20,641 21,073 Dealers 0 0 0 0 Treasury cash holdings 343 + 2 - 65 349 Deposits with F.R. Banks, other than reserve balances 18,775 + 183 + 3,285 18,876 U.S. Treasury, general account 7,139 + 26 + 2,005 7,199 Foreign official 86 - 16 - 13 122 Service-related 11,291 + 182 + 1,249 11,291 Required clearing balances 10,882 0 + 1,019 10,882 Adjustments to compensate for float 409 + 182 + 230 409 Other 259 - 10 + 45 264 Other liabilities and capital 20,438 + 107 + 1,339 20,053 Total factors, other than reserve balances, absorbing reserve funds 749,846 + 514 + 67,069 751,270 Reserve balances with Federal Reserve Banks 12,590 + 5,604 + 2,455 16,893 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 896,791 + 2,915 . . . 901,212 U.S. Treasury 714,349 + 2,209 . . . 718,995 Federal agency 182,442 + 706 . . . 182,217 Securities lent to dealers 523 + 63 - 246 558 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 14, 2003 May 7, 2003 May 15, 2002 Assets Gold certificate account 11,039 0 - 5 Special drawing rights certificate account 2,200 0 0 Coin 983 - 20 + 21 Securities, repurchase agreements, and loans 678,759 + 8,869 + 64,627 Securities held outright 647,947 + 367 + 62,170 U.S. Treasury1 647,937 + 367 + 62,170 Bills2 236,877 + 348 + 41,501 Notes and bonds, nominal2 396,776 0 + 19,093 Notes and bonds, inflation-indexed2 12,814 0 + 1,212 Inflation compensation3 1,470 + 20 + 364 Federal agency2 10 0 0 Repurchase agreements4 30,752 + 8,501 + 2,501 Loans 60 + 1 - 44 Items in process of collection (1,042) 7,078 - 2,478 + 495 Bank premises 1,580 + 2 + 66 Other assets5 39,670 + 529 + 5,466 Total assets (1,042) 741,309 + 6,902 + 70,670 Liabilities Federal Reserve notes, net of F.R. Bank holdings 657,396 + 179 + 40,630 Reverse repurchase agreements6 21,073 + 406 + 21,073 Deposits (0) 35,188 + 7,316 + 7,642 Depository institutions 27,603 + 6,186 + 5,349 U.S. Treasury, general account 7,199 + 1,149 + 2,231 Foreign official 122 - 23 + 14 Other (0) 264 + 5 + 48 Deferred availability cash items (1,042) 7,599 - 943 + 251 Other liabilities and accrued dividends7 2,333 + 39 - 114 Total liabilities (1,042) 723,589 + 6,997 + 69,481 Capital accounts Capital paid in 8,568 + 4 + 488 Surplus 8,380 0 + 1,070 Other capital accounts 772 - 99 - 368 Total capital 17,720 - 96 + 1,189 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 14, 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 15 46,792 - 58 0 0 25,752 21,073 16 days to 90 days 45 132,509 + 922 0 0 5,000 0 91 days to 1 year 0 156,610 - 515 10 0 . . . . . . Over 1 year to 5 years . . . 180,509 + 5 0 0 . . . . . . Over 5 years to 10 years . . . 51,550 + 6 0 0 . . . . . . Over 10 years . . . 79,968 + 8 0 0 . . . . . . All 60 647,937 + 367 10 0 30,752 21,073 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 14, 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 9 8 3 4 8 3 4 7 1 3 9 1 2 9 9 8 1 2 3 5 5 3 9 6 7 1 5 8 121 Securities, repurchase agreements, and loans 678,7 5 9 31,3 2 9 307,9 6 5 20,2 5 8 30,3 6 1 49,8 2 9 43,7 7 5 65,4 8 7 20,3 9 7 14,4 8 4 17,4 1 8 25,3 9 3 52,064 Securities held outright 647,9 4 7 31,3 2 5 277,2 1 3 20,2 5 7 30,3 6 1 49,8 2 9 43,7 7 3 65,4 7 5 20,3 8 5 14,4 6 3 17,4 1 3 25,3 9 3 52,059 U.S. Treasury1 647,9 3 7 31,3 2 5 277,2 0 8 20,2 5 7 30,3 6 1 49,8 2 8 43,7 7 2 65,4 7 4 20,3 8 5 14,4 6 3 17,4 1 3 25,3 9 2 52,058 Bills2 236,8 7 7 11,4 5 2 101,3 4 4 7,4 0 6 11,0 9 9 18,2 1 7 16,0 0 2 23,9 3 6 7,4 5 2 5,2 8 7 6,3 6 6 9,2 8 3 19,032 Notes and bonds3 411,0 6 0 19,8 7 3 175,8 6 5 12,8 5 1 19,2 6 1 31,6 1 2 27,7 7 0 41,5 3 8 12,9 3 2 9,1 7 5 11,0 4 7 16,1 0 9 33,026 Federal agency2 1 0 0 4 0 0 1 1 1 0 0 0 0 1 Repurchase agreements4 30,7 5 2 0 30,7 5 2 0 0 0 0 0 0 0 0 0 0 Loans 6 0 3 0 1 0 0 2 1 1 1 2 2 1 5 0 5 Items in process of collection 8,1 2 0 4 6 2 5 9 1 3 8 4 2 1 0 6 7 6 8 0 4 6 7 6 4 3 6 4 0 9 6 9 2 3 5 0 2,430 Bank premises 1,5 8 0 9 1 1 8 6 5 1 1 5 1 1 4 3 2 7 9 1 1 7 4 3 1 2 6 5 1 1 6 4 176 Other assets5 39,6 7 0 1,8 4 1 14,4 2 1 1,1 1 0 2,4 4 1 6,0 9 7 2,3 3 5 3,7 1 1 1,0 3 7 1,1 7 1 9 6 0 1,1 5 6 3,390 Interdistrict settlement account 0 - 3,1 4 8 +15,8 9 9 - 3,0 8 5 - 2,3 2 7 - 1,5 2 8 - 3,4 1 4 - 7,9 9 4 - 1,2 0 5 - 1 7 5 + 2 5 + 2,9 1 1 + 4,041 Total assets 742,3 5 1 31,2 3 3 344,6 7 5 19,2 5 2 31,4 5 7 56,3 0 1 44,9 0 4 63,3 1 5 21,1 6 6 16,3 0 9 19,5 8 3 30,7 3 6 63,419 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 14, 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 760,94 2 31,8 8 9 335,6 9 2 24,1 4 4 31,2 4 0 53,9 7 2 59,5 6 4 62,9 5 5 22,2 1 5 15,2 1 5 21,2 1 8 35,0 3 3 67,805 Less: notes held by F.R. Banks 103,54 6 4,4 2 8 24,7 8 0 7,4 1 9 4,0 7 3 7,7 7 3 20,0 2 0 6,6 5 4 3,3 8 8 1,3 5 3 4,0 6 2 6,8 2 1 12,777 Federal Reserve notes, net 657,39 6 27,4 6 1 310,9 1 2 16,7 2 5 27,1 6 7 46,1 9 9 39,5 4 4 56,3 0 1 18,8 2 8 13,8 6 2 17,1 5 6 28,2 1 2 55,028 Reverse repurchase agreements1 21,07 3 1,0 1 9 9,0 1 6 6 5 9 9 8 7 1,6 2 1 1,4 2 4 2,1 2 9 6 6 3 4 7 0 5 6 6 8 2 6 1,693 Deposits 35,18 8 1,1 1 0 19,1 1 3 7 6 3 1,2 9 0 3,3 7 0 1,7 4 6 2,2 2 1 7 9 9 7 8 5 9 0 0 7 7 8 2,313 Depository institutions 27,60 3 1,0 9 8 11,6 5 8 7 6 2 1,2 8 6 3,2 7 1 1,7 4 4 2,2 2 1 7 9 8 7 8 3 8 9 4 7 7 7 2,310 U.S. Treasury, general account 7,19 9 0 7,1 9 9 0 0 0 0 0 0 0 0 0 0 Foreign official 12 2 2 9 9 1 3 7 2 3 1 1 1 1 3 Other 26 4 1 0 1 5 8 0 1 9 1 0 - 3 1 0 5 1 0 Deferred availability cash items 8,64 1 5 9 0 9 3 4 4 8 9 4 5 2 6 3 0 1,0 1 7 6 2 5 2 9 4 3 9 5 4 4 6 4 1 3 2,356 Other liabilities and accrued dividends2 2,33 3 1 3 4 7 2 1 9 7 1 2 8 2 6 3 1 8 7 2 3 0 1 0 0 9 2 8 8 1 0 9 185 Total liabilities 724,63 1 30,3 1 4 340,6 9 7 18,7 3 2 30,0 2 4 52,0 8 2 43,9 1 8 61,5 0 7 20,6 8 4 15,6 0 4 19,1 5 6 30,3 3 8 61,575 Capital Capital paid in 8,56 8 4 4 6 1,8 7 8 2 5 1 6 9 6 2,0 7 5 4 7 5 8 7 5 2 3 3 3 4 6 2 0 4 1 9 0 899 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 77 2 3 8 2 9 2 3 5 3 3 7 1 3 6 7 5 5 0 2 0 2 1 2 2 77 Total liabilities and capital 742,35 1 31,2 3 3 344,6 7 5 19,2 5 2 31,4 5 7 56,3 0 1 44,9 0 4 63,3 1 5 21,1 6 6 16,3 0 9 19,5 8 3 30,7 3 6 63,419 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 14, 2003 Federal Reserve notes outstanding 760,942 Less: Notes held by F.R. Banks not subject to collateralization 99,587 Federal Reserve notes to be collateralized 661,356 Collateral held against Federal Reserve notes 661,356 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 648,117 Other eligible assets 0 Memo: Total U.S. Treasury and agency securities1 678,699 Less: face value of securities under reverse repurchase agreements 21,079 U.S. Treasury and agency securities eligible to be pledged 657,620 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.