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 29, 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 28, 2003 May 21, 2003 May 29, 2002 May 28, 2003 Reserve Bank credit 720,486 + 8,670 + 64,640 722,221 Securities held outright 650,852 + 449 + 63,173 650,869 U.S. Treasury1 650,842 + 449 + 63,173 650,859 Bills2 237,672 + 282 + 42,731 237,683 Notes and bonds, nominal2 398,853 + 146 + 18,856 398,853 Notes and bonds, inflation-indexed2 12,814 0 + 1,212 12,814 Inflation compensation3 1,502 + 20 + 373 1,508 Federal agency2 10 0 0 10 Repurchase agreements4 31,857 + 7,249 + 653 32,000 Loans to depository institutions 59 + 3 - 77 62 Primary credit 2 0 + 2 0 Secondary credit 0 0 0 0 Seasonal credit 57 + 3 - 72 62 Adjustment credit 0 0 - 7 0 Float -398 + 456 - 213 1,187 Other Federal Reserve assets 38,116 + 513 + 1,104 38,103 Gold stock 11,043 0 - 1 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 34,878 + 14 + 1,039 34,878 Total factors supplying reserve funds 768,607 + 8,684 + 65,679 770,342 Currency in circulation5 693,531 + 3,672 + 39,460 694,755 Reverse repurchase agreements6 21,598 + 1,183 + 21,598 21,857 Foreign official and international accounts 21,598 + 1,183 + 21,598 21,857 Dealers 0 0 0 0 Treasury cash holdings 359 + 9 - 53 375 Deposits with F.R. Banks, other than reserve balances 17,050 - 1,514 + 1,563 16,303 U.S. Treasury, general account 5,543 - 1,356 + 531 4,825 Foreign official 160 + 44 + 51 129 Service-related 11,105 - 176 + 946 11,105 Required clearing balances 10,820 0 + 1,050 10,820 Adjustments to compensate for float 285 - 176 - 105 285 Other 242 - 24 + 35 243 Other liabilities and capital 20,281 + 1 + 580 19,818 Total factors, other than reserve balances, absorbing reserve funds 752,820 + 3,353 + 63,150 753,107 Reserve balances with Federal Reserve Banks 15,787 + 5,331 + 2,529 17,235 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 927,747 + 10,934 . . . 928,892 U.S. Treasury 740,939 + 7,956 . . . 741,441 Federal agency 186,808 + 2,979 . . . 187,451 Securities lent to dealers 918 - 110 + 835 1,661 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 28, 2003 May 21, 2003 May 29, 2002 Assets Gold certificate account 11,039 0 - 5 Special drawing rights certificate account 2,200 0 0 Coin 920 - 30 - 8 Securities, repurchase agreements, and loans 682,931 + 5,890 + 47,791 Securities held outright 650,869 + 134 + 63,300 U.S. Treasury1 650,859 + 134 + 63,300 Bills2 237,683 + 115 + 42,861 Notes and bonds, nominal2 398,853 0 + 18,856 Notes and bonds, inflation-indexed2 12,814 0 + 1,212 Inflation compensation3 1,508 + 19 + 370 Federal agency2 10 0 0 Repurchase agreements4 32,000 + 5,749 - 15,425 Loans 62 + 7 - 84 Items in process of collection (1,052) 10,632 + 4,023 - 218 Bank premises 1,581 0 + 65 Other assets5 36,514 + 306 + 967 Total assets (1,052) 745,817 + 10,189 + 48,592 Liabilities Federal Reserve notes, net of F.R. Bank holdings 661,167 + 2,858 + 37,320 Reverse repurchase agreements6 21,857 + 1,148 + 21,857 Deposits (6) 33,558 + 4,414 - 10,821 Depository institutions 28,360 + 7,198 - 11,654 U.S. Treasury, general account 4,825 - 2,783 + 878 Foreign official 129 + 3 - 79 Other (6) 243 - 4 + 33 Deferred availability cash items (1,046) 9,417 + 1,919 - 276 Other liabilities and accrued dividends7 2,326 + 22 - 196 Total liabilities (1,052) 728,326 + 10,362 + 47,885 Capital accounts Capital paid in 8,574 + 12 + 307 Surplus 8,380 0 + 1,068 Other capital accounts 537 - 185 - 669 Total capital 17,491 - 173 + 707 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 28, 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 49 51,749 + 2 0 0 29,000 21,857 16 days to 90 days 14 138,094 + 708 0 0 3,000 0 91 days to 1 year 0 153,894 - 595 10 0 . . . . . . Over 1 year to 5 years . . . 180,470 + 5 0 0 . . . . . . Over 5 years to 10 years . . . 46,669 + 6 0 0 . . . . . . Over 10 years . . . 79,983 + 8 0 0 . . . . . . All 62 650,859 + 134 10 0 32,000 21,857 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 28, 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 2 0 4 2 3 2 6 6 3 7 1 2 0 9 6 1 1 2 5 2 3 7 6 1 1 5 0 115 Securities, repurchase agreements, and loans 682,9 3 1 31,4 7 0 310,4 6 3 20,3 4 9 30,4 9 8 50,0 5 4 43,9 7 3 65,7 8 1 20,4 9 1 14,5 5 1 17,4 9 7 25,5 0 8 52,296 Securities held outright 650,8 6 9 31,4 6 7 278,4 6 3 20,3 4 9 30,4 9 8 50,0 5 4 43,9 7 0 65,7 7 1 20,4 7 7 14,5 2 8 17,4 9 2 25,5 0 7 52,294 U.S. Treasury1 650,8 5 9 31,4 6 6 278,4 5 8 20,3 4 9 30,4 9 8 50,0 5 3 43,9 6 9 65,7 7 0 20,4 7 7 14,5 2 8 17,4 9 1 25,5 0 7 52,293 Bills2 237,6 8 3 11,4 9 1 101,6 8 9 7,4 3 1 11,1 3 7 18,2 7 9 16,0 5 7 24,0 1 8 7,4 7 8 5,3 0 5 6,3 8 8 9,3 1 5 19,096 Notes and bonds3 413,1 7 6 19,9 7 5 176,7 7 0 12,9 1 8 19,3 6 0 31,7 7 4 27,9 1 3 41,7 5 2 12,9 9 9 9,2 2 3 11,1 0 4 16,1 9 2 33,196 Federal agency2 1 0 0 4 0 0 1 1 1 0 0 0 0 1 Repurchase agreements4 32,0 0 0 0 32,0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 6 2 3 0 0 0 0 3 1 1 1 4 2 3 5 1 2 Items in process of collection 11,6 8 4 6 3 1 8 5 3 5 6 6 6 0 5 9 6 5 1,3 6 2 9 0 4 5 4 7 5 4 9 8 1 7 5 4 6 3,337 Bank premises 1,5 8 1 9 1 1 8 6 5 2 1 5 2 1 4 3 2 7 8 1 1 7 4 4 1 2 6 5 1 1 6 4 177 Other assets5 36,5 1 4 1,6 9 0 13,0 8 5 1,0 1 2 2,2 9 2 5,8 4 7 2,1 1 7 3,3 9 2 9 3 7 1,1 0 0 8 7 0 1,0 3 2 3,139 Interdistrict settlement account 0 - 2 6 2 + 8,0 1 9 - 2,8 8 1 - 1,8 4 9 - 2,2 0 2 - 1,6 3 6 - 6,9 0 8 - 9 3 1 - 2 0 7 + 2 2 5 + 3,2 5 8 + 5,374 Total assets 746,8 6 9 34,2 7 2 338,2 1 7 19,6 2 6 32,3 1 5 55,8 8 3 47,2 2 0 64,5 9 2 21,5 4 2 16,4 1 0 19,8 9 1 31,2 6 5 65,635 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 28, 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 760,69 5 31,7 8 7 333,7 6 9 24,3 2 6 30,9 6 8 53,9 8 0 60,3 9 0 62,9 9 7 22,3 5 5 15,2 3 0 21,3 0 5 34,9 9 7 68,590 Less: notes held by F.R. Banks 99,52 8 4,2 7 8 23,6 3 0 7,2 5 3 3,8 5 1 7,2 0 1 19,6 7 8 6,3 2 0 3,2 9 8 1,3 0 2 3,9 1 4 6,4 9 3 12,311 Federal Reserve notes, net 661,16 7 27,5 1 0 310,1 3 9 17,0 7 3 27,1 1 7 46,7 7 9 40,7 1 2 56,6 7 8 19,0 5 8 13,9 2 8 17,3 9 1 28,5 0 4 56,280 Reverse repurchase agreements1 21,85 7 1,0 5 7 9,3 5 1 6 8 3 1,0 2 4 1,6 8 1 1,4 7 7 2,2 0 9 6 8 8 4 8 8 5 8 7 8 5 7 1,756 Deposits 33,56 4 3,8 7 5 12,9 8 0 8 0 3 1,9 7 5 2,1 5 5 2,7 4 3 2,7 7 8 9 0 6 7 7 2 8 9 5 8 8 2 2,800 Depository institutions 28,36 0 3,8 7 1 7,8 9 8 8 0 2 1,9 7 1 2,0 6 3 2,7 3 5 2,7 7 4 9 0 4 7 7 1 8 9 3 8 8 1 2,797 U.S. Treasury, general account 4,82 5 0 4,8 2 5 0 0 0 0 0 0 0 0 0 0 Foreign official 12 9 2 1 0 6 1 3 7 2 3 1 1 1 1 3 Other 24 9 2 1 5 1 0 2 8 5 6 0 1 0 1 0 0 Deferred availability cash items 10,46 3 7 9 1 1,0 8 4 4 5 8 6 7 2 8 4 0 1,1 3 1 8 7 3 3 3 1 4 3 5 5 3 2 5 2 0 2,795 Other liabilities and accrued dividends2 2,32 6 1 3 3 7 1 6 9 5 1 2 7 2 6 9 1 8 6 2 2 8 1 0 0 9 1 8 7 1 0 9 186 Total liabilities 729,37 8 33,3 6 5 334,2 7 0 19,1 1 3 30,9 1 5 51,7 2 5 46,2 4 9 62,7 6 6 21,0 8 2 15,7 1 4 19,4 9 2 30,8 7 1 63,817 Capital Capital paid in 8,57 4 4 4 6 1,8 9 3 2 5 1 6 8 8 2,0 7 5 4 7 5 8 9 6 2 2 7 3 4 6 1 9 1 1 9 0 895 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 53 7 2 5 2 4 5 2 9 1 0 1 0 2 1 7 3 3 4 1 1 7 1 7 55 Total liabilities and capital 746,86 9 34,2 7 2 338,2 1 7 19,6 2 6 32,3 1 5 55,8 8 3 47,2 2 0 64,5 9 2 21,5 4 2 16,4 1 0 19,8 9 1 31,2 6 5 65,635 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 28, 2003 Federal Reserve notes outstanding 760,695 Less: Notes held by F.R. Banks not subject to collateralization 95,376 Federal Reserve notes to be collateralized 665,319 Collateral held against Federal Reserve notes 665,319 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 652,080 Other eligible assets 0 Memo: Total U.S. Treasury and agency securities1 682,869 Less: face value of securities under reverse repurchase agreements 21,863 U.S. Treasury and agency securities eligible to be pledged 661,006 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.