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 June 5, 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 Jun 4, 2003 May 28, 2003 Jun 5, 2002 Jun 4, 2003 Reserve Bank credit 716,921 - 3,554 + 65,615 708,888 Securities held outright 651,202 + 350 + 63,789 651,413 U.S. Treasury1 651,192 + 350 + 63,789 651,403 Bills2 238,010 + 338 + 44,025 238,223 Notes and bonds, nominal2 398,853 0 + 18,183 398,853 Notes and bonds, inflation-indexed2 12,814 0 + 1,212 12,814 Inflation compensation3 1,514 + 12 + 368 1,512 Federal agency2 10 0 0 10 Repurchase agreements4 27,813 - 4,044 + 884 19,000 Loans to depository institutions 76 + 17 - 44 65 Primary credit 12 + 10 + 12 7 Secondary credit 0 0 0 0 Seasonal credit 64 + 7 - 56 58 Adjustment credit 0 0 0 0 Float -317 + 92 - 272 332 Other Federal Reserve assets 38,147 + 31 + 1,257 38,078 Gold stock 11,044 + 1 0 11,044 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 34,892 + 14 + 1,021 34,892 Total factors supplying reserve funds 765,057 - 3,539 + 66,636 757,025 Currency in circulation5 692,854 - 677 + 38,413 693,680 Reverse repurchase agreements6 21,987 + 389 + 21,987 21,673 Foreign official and international accounts 21,808 + 210 + 21,808 20,423 Dealers 179 + 179 + 179 1,250 Treasury cash holdings 376 + 17 - 39 385 Deposits with F.R. Banks, other than reserve balances 17,843 + 793 + 2,380 17,449 U.S. Treasury, general account 6,487 + 944 + 1,149 6,126 Foreign official 123 - 37 + 23 77 Service-related 11,004 - 101 + 1,205 11,004 Required clearing balances 10,833 + 13 + 1,024 10,833 Adjustments to compensate for float 170 - 115 + 180 170 Other 229 - 13 + 3 243 Other liabilities and capital 19,990 - 291 + 411 19,836 Total factors, other than reserve balances, absorbing reserve funds 753,050 + 230 + 63,152 753,023 Reserve balances with Federal Reserve Banks 12,007 - 3,770 + 3,484 4,002 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 933,369 + 5,622 . . . 935,950 U.S. Treasury 743,519 + 2,580 . . . 747,892 Federal agency 189,850 + 3,042 . . . 188,059 Securities lent to dealers 814 - 104 + 563 656 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 Jun 4, 2003 May 28, 2003 Jun 5, 2002 Assets Gold certificate account 11,040 + 1 - 4 Special drawing rights certificate account 2,200 0 0 Coin 909 - 11 - 20 Securities, repurchase agreements, and loans 670,477 - 12,454 + 59,246 Securities held outright 651,413 + 544 + 63,040 U.S. Treasury1 651,403 + 544 + 63,040 Bills2 238,223 + 540 + 43,851 Notes and bonds, nominal2 398,853 0 + 17,619 Notes and bonds, inflation-indexed2 12,814 0 + 1,212 Inflation compensation3 1,512 + 4 + 358 Federal agency2 10 0 0 Repurchase agreements4 19,000 - 13,000 - 3,750 Loans 65 + 3 - 44 Items in process of collection (1,086) 9,883 - 749 + 926 Bank premises 1,579 - 2 + 65 Other assets5 36,505 - 9 + 956 Total assets (1,086) 732,594 - 13,223 + 61,170 Liabilities Federal Reserve notes, net of F.R. Bank holdings 660,078 - 1,089 + 37,251 Reverse repurchase agreements6 21,673 - 184 + 21,673 Deposits (-40) 22,192 - 11,366 + 1,515 Depository institutions 15,747 - 12,613 + 1,193 U.S. Treasury, general account 6,126 + 1,301 + 350 Foreign official 77 - 52 - 19 Other (-40) 243 0 - 8 Deferred availability cash items (1,126) 8,815 - 602 + 345 Other liabilities and accrued dividends7 2,305 - 21 - 203 Total liabilities (1,086) 715,063 - 13,263 + 60,581 Capital accounts Capital paid in 8,584 + 10 + 302 Surplus 8,380 0 + 1,068 Other capital accounts 566 + 29 - 783 Total capital 17,530 + 39 + 588 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, June 4, 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 23 45,801 - 5,948 0 0 14,000 21,673 16 days to 90 days 41 143,909 + 5,815 0 0 5,000 0 91 days to 1 year 0 154,845 + 951 10 0 . . . . . . Over 1 year to 5 years . . . 180,193 - 277 0 0 . . . . . . Over 5 years to 10 years . . . 46,670 + 1 0 0 . . . . . . Over 10 years . . . 79,985 + 2 0 0 . . . . . . All 65 651,403 + 544 10 0 19,000 21,673 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 June 4, 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 4 0 4 9 5 4,7 0 7 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 0 9 4 3 3 3 6 5 3 5 1 1 9 9 7 1 0 9 5 1 3 7 6 1 1 4 9 111 Securities, repurchase agreements, and loans 670,4 7 7 31,4 9 5 297,6 9 9 20,3 6 6 30,5 2 4 50,0 9 6 44,0 1 0 65,8 3 7 20,5 1 1 14,5 5 7 17,5 1 3 25,5 3 1 52,340 Securities held outright 651,4 1 3 31,4 9 3 278,6 9 5 20,3 6 6 30,5 2 4 50,0 9 6 44,0 0 7 65,8 2 5 20,4 9 4 14,5 4 0 17,5 0 6 25,5 2 9 52,337 U.S. Treasury1 651,4 0 3 31,4 9 2 278,6 9 1 20,3 6 6 30,5 2 3 50,0 9 5 44,0 0 6 65,8 2 4 20,4 9 4 14,5 4 0 17,5 0 6 25,5 2 8 52,336 Bills2 238,2 2 3 11,5 1 7 101,9 1 9 7,4 4 8 11,1 6 3 18,3 2 0 16,0 9 3 24,0 7 2 7,4 9 5 5,3 1 7 6,4 0 2 9,3 3 6 19,140 Notes and bonds3 413,1 8 0 19,9 7 5 176,7 7 2 12,9 1 8 19,3 6 1 31,7 7 5 27,9 1 3 41,7 5 2 12,9 9 9 9,2 2 3 11,1 0 4 16,1 9 2 33,197 Federal agency2 1 0 0 4 0 0 1 1 1 0 0 0 0 1 Repurchase agreements4 19,0 0 0 0 19,0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 6 5 2 4 0 0 0 3 1 1 1 6 1 7 6 3 3 Items in process of collection 10,9 6 9 5 5 9 9 2 3 6 8 5 6 1 4 1,0 3 8 1,0 3 8 9 5 9 6 5 7 4 9 5 6 4 4 4 1 3 2,944 Bank premises 1,5 7 9 9 1 1 8 5 5 2 1 5 2 1 4 3 2 7 8 1 1 7 4 3 1 2 6 5 1 1 6 4 176 Other assets5 36,5 0 5 1,6 8 8 13,0 7 8 1,0 1 6 2,2 9 2 5,8 5 1 2,1 1 7 3,3 8 8 9 3 8 1,1 0 0 8 7 2 1,0 3 1 3,133 Interdistrict settlement account 0 - 3,6 0 1 +16,5 4 5 - 3,1 4 2 - 2,7 3 1 - 2,7 6 8 - 2,9 9 7 - 6,7 9 1 - 1,5 4 4 - 5 8 1 - 3 6 + 2,9 9 9 + 4,647 Total assets 733,6 7 9 30,8 8 5 334,0 4 5 19,5 0 5 31,4 6 7 55,4 3 4 45,5 7 2 64,8 1 3 21,0 5 7 15,9 8 8 19,4 7 4 30,8 9 2 64,549 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 June 4, 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 761,21 9 31,7 1 6 333,1 7 2 24,2 3 7 30,9 3 9 54,6 7 1 60,3 5 1 63,3 3 0 22,5 3 5 15,2 4 3 21,3 4 0 34,8 8 2 68,803 Less: notes held by F.R. Banks 101,14 2 4,2 6 4 23,0 9 7 7,4 5 5 3,9 1 3 7,5 8 8 19,9 1 3 6,6 6 3 3,4 6 8 1,3 3 9 4,0 3 6 6,4 3 5 12,969 Federal Reserve notes, net 660,07 8 27,4 5 1 310,0 7 5 16,7 8 2 27,0 2 6 47,0 8 3 40,4 3 8 56,6 6 6 19,0 6 7 13,9 0 4 17,3 0 4 28,4 4 7 55,833 Reverse repurchase agreements1 21,67 3 1,0 4 8 9,2 7 3 6 7 8 1,0 1 6 1,6 6 7 1,4 6 4 2,1 9 0 6 8 2 4 8 4 5 8 2 8 4 9 1,741 Deposits 22,15 2 7 3 0 9,0 2 5 7 8 6 1,2 0 1 1,5 2 6 1,4 4 5 2,9 9 1 4 6 3 4 1 0 6 2 1 6 5 8 2,295 Depository institutions 15,74 7 7 2 8 2,6 8 6 7 8 4 1,1 9 8 1,4 4 7 1,4 8 4 2,9 8 7 4 5 5 4 0 9 6 1 9 6 5 7 2,292 U.S. Treasury, general account 6,12 6 0 6,1 2 6 0 0 0 0 0 0 0 0 0 0 Foreign official 7 7 2 5 3 1 3 7 2 3 1 1 1 1 3 Other 20 3 1 1 6 0 1 0 7 2 - 4 0 0 7 0 1 0 0 Deferred availability cash items 9,94 1 6 1 8 9 9 6 6 5 5 6 9 1 7 1 4 1,0 6 5 9 1 5 2 8 1 4 0 1 4 8 3 4 3 9 2,684 Other liabilities and accrued dividends2 2,30 5 1 3 2 7 1 6 9 4 1 2 9 2 6 5 1 8 1 2 2 8 9 9 8 9 8 6 1 0 7 179 Total liabilities 716,14 9 29,9 7 9 330,0 8 5 18,9 9 5 30,0 6 2 51,2 5 5 44,5 9 4 62,9 9 0 20,5 9 3 15,2 8 8 19,0 7 6 30,5 0 1 62,732 Capital Capital paid in 8,58 4 4 4 6 1,8 9 3 2 5 1 6 8 8 2,0 8 1 4 7 8 8 9 5 2 2 8 3 4 6 1 9 1 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 56 6 2 4 2 5 8 2 6 1 4 2 5 2 6 7 0 3 7 1 4 7 1 5 51 Total liabilities and capital 733,67 9 30,8 8 5 334,0 4 5 19,5 0 5 31,4 6 7 55,4 3 4 45,5 7 2 64,8 1 3 21,0 5 7 15,9 8 8 19,4 7 4 30,8 9 2 64,549 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 Jun 4, 2003 Federal Reserve notes outstanding 761,219 Less: Notes held by F.R. Banks not subject to collateralization 97,120 Federal Reserve notes to be collateralized 664,099 Collateral held against Federal Reserve notes 664,099 Gold certificate account 11,040 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 648,732 Other eligible assets 2,127 Memo: Total U.S. Treasury and agency securities1 670,413 Less: face value of securities under reverse repurchase agreements 21,680 U.S. Treasury and agency securities eligible to be pledged 648,732 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.