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 22, 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 21, 2003 May 14, 2003 May 22, 2002 May 21, 2003 Reserve Bank credit 711,816 - 2,521 + 68,005 713,804 Securities held outright 650,403 + 2,586 + 65,271 650,735 U.S. Treasury1 650,393 + 2,586 + 65,271 650,725 Bills2 237,390 + 636 + 42,807 237,568 Notes and bonds, nominal2 398,707 + 1,931 + 20,884 398,853 Notes and bonds, inflation-indexed2 12,814 0 + 1,212 12,814 Inflation compensation3 1,482 + 19 + 368 1,489 Federal agency2 10 0 0 10 Repurchase agreements4 24,608 - 1,036 + 1,715 26,251 Loans to depository institutions 56 + 5 - 61 55 Primary credit 2 0 + 2 1 Secondary credit 0 0 0 0 Seasonal credit 54 + 5 - 51 54 Adjustment credit 0 0 - 12 0 Float -871 - 857 - 118 -1,036 Other Federal Reserve assets 37,620 - 3,219 + 1,198 37,799 Gold stock 11,043 0 - 1 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 34,864 + 14 + 1,057 34,864 Total factors supplying reserve funds 759,923 - 2,507 + 69,062 761,911 Currency in circulation5 689,859 + 211 + 41,004 691,870 Reverse repurchase agreements6 20,415 - 226 + 20,415 20,709 Foreign official and international accounts 20,415 - 226 + 20,415 20,709 Dealers 0 0 0 0 Treasury cash holdings 350 + 7 - 61 356 Deposits with F.R. Banks, other than reserve balances 18,564 - 211 + 3,199 19,263 U.S. Treasury, general account 6,899 - 240 + 1,985 7,608 Foreign official 116 + 30 + 40 126 Service-related 11,281 - 10 + 1,122 11,281 Required clearing balances 10,820 - 62 + 1,051 10,820 Adjustments to compensate for float 461 + 52 + 71 461 Other 266 + 7 + 49 247 Other liabilities and capital 20,280 - 158 + 820 19,968 Total factors, other than reserve balances, absorbing reserve funds 749,467 - 379 + 65,376 752,167 Reserve balances with Federal Reserve Banks 10,456 - 2,129 + 3,685 9,744 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 916,813 + 20,022 . . . 924,397 U.S. Treasury 732,983 + 18,634 . . . 740,006 Federal agency 183,829 + 1,387 . . . 184,391 Securities lent to dealers 1,028 + 505 - 156 218 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 21, 2003 May 14, 2003 May 22, 2002 Assets Gold certificate account 11,039 0 - 5 Special drawing rights certificate account 2,200 0 0 Coin 950 - 33 + 13 Securities, repurchase agreements, and loans 677,041 - 1,718 + 68,794 Securities held outright 650,735 + 2,788 + 66,123 U.S. Treasury1 650,725 + 2,788 + 66,123 Bills2 237,568 + 691 + 44,350 Notes and bonds, nominal2 398,853 + 2,077 + 20,193 Notes and bonds, inflation-indexed2 12,814 0 + 1,212 Inflation compensation3 1,489 + 19 + 367 Federal agency2 10 0 0 Repurchase agreements4 26,251 - 4,501 + 2,751 Loans 55 - 5 - 80 Items in process of collection (1,154) 6,609 - 469 + 139 Bank premises 1,581 + 1 + 66 Other assets5 36,208 - 3,462 + 1,165 Total assets (1,154) 735,628 - 5,681 + 70,172 Liabilities Federal Reserve notes, net of F.R. Bank holdings 658,309 + 913 + 39,491 Reverse repurchase agreements6 20,709 - 364 + 20,709 Deposits (0) 29,144 - 6,044 + 8,933 Depository institutions 21,162 - 6,441 + 5,265 U.S. Treasury, general account 7,608 + 409 + 3,584 Foreign official 126 + 4 + 54 Other (0) 247 - 17 + 30 Deferred availability cash items (1,154) 7,498 - 101 + 476 Other liabilities and accrued dividends7 2,304 - 29 - 165 Total liabilities (1,154) 717,964 - 5,625 + 69,445 Capital accounts Capital paid in 8,562 - 6 + 466 Surplus 8,380 0 + 1,068 Other capital accounts 722 - 50 - 808 Total capital 17,664 - 56 + 727 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 21, 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 42 51,747 + 4,955 0 0 20,251 20,709 16 days to 90 days 13 137,386 + 4,877 0 0 6,000 0 91 days to 1 year 0 154,489 - 2,121 10 0 . . . . . . Over 1 year to 5 years . . . 180,465 - 44 0 0 . . . . . . Over 5 years to 10 years . . . 46,663 - 4,887 0 0 . . . . . . Over 10 years . . . 79,975 + 7 0 0 . . . . . . All 55 650,725 + 2,788 10 0 26,251 20,709 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 21, 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 5 0 4 6 3 5 6 8 3 8 1 2 4 9 5 1 1 6 5 3 3 8 6 4 1 5 4 119 Securities, repurchase agreements, and loans 677,0 4 1 31,4 6 3 304,6 5 6 20,3 4 5 30,4 9 2 50,0 4 4 43,9 6 4 65,7 6 4 20,4 8 4 14,5 4 8 17,4 9 4 25,5 0 2 52,284 Securities held outright 650,7 3 5 31,4 6 0 278,4 0 5 20,3 4 5 30,4 9 2 50,0 4 4 43,9 6 1 65,7 5 7 20,4 7 3 14,5 2 5 17,4 8 8 25,5 0 2 52,283 U.S. Treasury1 650,7 2 5 31,4 6 0 278,4 0 1 20,3 4 4 30,4 9 1 50,0 4 3 43,9 6 0 65,7 5 6 20,4 7 3 14,5 2 5 17,4 8 8 25,5 0 2 52,282 Bills2 237,5 6 8 11,4 8 5 101,6 3 9 7,4 2 7 11,1 3 2 18,2 7 0 16,0 4 9 24,0 0 6 7,4 7 4 5,3 0 3 6,3 8 5 9,3 1 0 19,087 Notes and bonds3 413,1 5 6 19,9 7 4 176,7 6 2 12,9 1 7 19,3 6 0 31,7 7 3 27,9 1 1 41,7 5 0 12,9 9 8 9,2 2 2 11,1 0 3 16,1 9 1 33,195 Federal agency2 1 0 0 4 0 0 1 1 1 0 0 0 0 1 Repurchase agreements4 26,2 5 1 0 26,2 5 1 0 0 0 0 0 0 0 0 0 0 Loans 5 5 3 0 0 0 0 3 7 1 1 2 3 6 0 1 Items in process of collection 7,7 6 3 4 0 8 5 3 4 4 0 1 4 0 5 6 6 3 8 5 8 4 4 8 3 7 7 4 0 5 5 4 8 3 5 1 2,364 Bank premises 1,5 8 1 9 1 1 8 6 5 1 1 5 1 1 4 3 2 7 9 1 1 7 4 4 1 2 6 5 1 1 6 4 177 Other assets5 36,2 0 8 1,6 7 6 12,9 3 3 1,0 0 2 2,2 8 1 5,8 4 8 2,0 9 4 3,3 5 9 9 2 8 1,0 9 3 8 6 2 1,0 1 8 3,115 Interdistrict settlement account 0 - 3,0 7 7 +12,6 7 8 - 2,1 4 7 - 2,6 5 2 - 1,7 7 0 - 2,6 6 3 - 6,3 5 0 - 1,2 4 9 - 4 9 8 + 7 6 + 3,0 6 0 + 4,592 Total assets 736,7 8 2 31,2 1 8 336,6 0 2 20,1 8 3 31,2 9 7 56,0 0 7 45,6 5 6 64,6 4 7 21,0 3 9 15,9 6 7 19,4 6 4 30,8 5 4 63,849 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 21, 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 760,38 6 31,7 2 9 334,1 2 0 24,4 1 0 31,0 1 2 53,8 8 1 60,3 2 2 62,8 4 0 22,2 9 1 15,1 5 1 21,2 9 2 34,9 8 4 68,353 Less: notes held by F.R. Banks 102,07 8 4,3 6 2 24,1 0 2 7,3 7 4 4,0 2 9 7,6 1 9 19,9 4 1 6,6 7 2 3,3 8 7 1,2 9 5 4,0 1 3 6,6 5 1 12,632 Federal Reserve notes, net 658,30 9 27,3 6 7 310,0 1 8 17,0 3 6 26,9 8 3 46,2 6 2 40,3 8 1 56,1 6 8 18,9 0 4 13,8 5 6 17,2 7 9 28,3 3 3 55,721 Reverse repurchase agreements1 20,70 9 1,0 0 1 8,8 6 0 6 4 7 9 7 0 1,5 9 3 1,3 9 9 2,0 9 3 6 5 2 4 6 2 5 5 7 8 1 2 1,664 Deposits 29,14 4 1,2 3 2 12,1 6 4 1,3 6 6 1,2 9 4 3,0 4 3 1,6 9 1 3,6 6 3 6 2 7 4 6 8 6 7 3 7 8 6 2,137 Depository institutions 21,16 2 1,2 2 9 4,2 9 9 1,3 6 4 1,2 9 0 2,9 4 9 1,6 8 9 3,6 5 9 6 2 5 4 6 7 6 7 1 7 8 4 2,134 U.S. Treasury, general account 7,60 8 0 7,6 0 8 0 0 0 0 0 0 0 0 0 0 Foreign official 12 6 2 1 0 3 1 3 7 2 3 1 1 1 1 3 Other 24 7 1 1 5 4 0 1 8 7 0 1 1 0 1 1 0 Deferred availability cash items 8,65 2 5 6 8 8 7 7 5 1 9 5 0 5 6 4 5 1,0 1 5 6 7 5 2 7 9 3 8 6 4 6 2 4 1 8 2,303 Other liabilities and accrued dividends2 2,30 4 1 3 3 7 1 4 9 5 1 2 5 2 5 8 1 8 4 2 2 8 9 8 9 1 8 7 1 0 9 183 Total liabilities 719,11 8 30,3 0 1 332,6 3 3 19,6 6 3 29,8 7 8 51,8 0 1 44,6 7 0 62,8 2 6 20,5 6 0 15,2 6 3 19,0 5 8 30,4 5 7 62,008 Capital Capital paid in 8,56 2 4 4 6 1,8 7 8 2 5 1 6 8 8 2,0 7 5 4 7 5 8 9 5 2 2 7 3 4 6 1 9 1 1 9 0 900 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 72 2 3 4 2 8 3 3 5 2 9 5 8 3 5 6 8 5 3 1 8 1 4 2 1 73 Total liabilities and capital 736,78 2 31,2 1 8 336,6 0 2 20,1 8 3 31,2 9 7 56,0 0 7 45,6 5 6 64,6 4 7 21,0 3 9 15,9 6 7 19,4 6 4 30,8 5 4 63,849 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 21, 2003 Federal Reserve notes outstanding 760,386 Less: Notes held by F.R. Banks not subject to collateralization 97,941 Federal Reserve notes to be collateralized 662,445 Collateral held against Federal Reserve notes 662,445 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 649,206 Other eligible assets 0 Memo: Total U.S. Treasury and agency securities1 676,986 Less: face value of securities under reverse repurchase agreements 20,715 U.S. Treasury and agency securities eligible to be pledged 656,271 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.