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 12, 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 11, 2003 Jun 4, 2003 Jun 12, 2002 Jun 11, 2003 Reserve Bank credit 713,231 - 3,690 + 62,941 722,100 Securities held outright 651,585 + 383 + 62,515 651,613 U.S. Treasury1 651,575 + 383 + 62,515 651,603 Bills2 238,400 + 390 + 43,339 238,430 Notes and bonds, nominal2 398,853 0 + 17,619 398,853 Notes and bonds, inflation-indexed2 12,814 0 + 1,212 12,814 Inflation compensation3 1,508 - 6 + 345 1,505 Federal agency2 10 0 0 10 Repurchase agreements4 23,286 - 4,527 - 650 32,500 Loans to depository institutions 62 - 14 - 49 65 Primary credit 2 - 10 + 2 0 Secondary credit 0 0 0 0 Seasonal credit 61 - 3 - 45 64 Adjustment credit 0 0 - 5 0 Float -76 + 241 + 148 -667 Other Federal Reserve assets 38,374 + 226 + 977 38,589 Gold stock 11,044 0 0 11,044 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 35,902 + 14 + 2,000 35,902 Total factors supplying reserve funds 762,377 - 3,676 + 64,941 771,246 Currency in circulation5 693,094 - 756 + 38,696 693,985 Reverse repurchase agreements6 20,816 - 1,171 + 20,816 21,211 Foreign official and international accounts 20,816 - 992 + 20,816 21,211 Dealers 0 - 179 0 0 Treasury cash holdings 385 + 9 - 26 381 Deposits with F.R. Banks, other than reserve balances 17,773 - 69 + 2,157 17,222 U.S. Treasury, general account 6,515 + 28 + 1,226 6,031 Foreign official 139 + 16 + 54 80 Service-related 10,878 - 125 + 874 10,878 Required clearing balances 10,833 0 + 1,023 10,833 Adjustments to compensate for float 45 - 125 - 149 45 Other 241 + 12 + 3 233 Other liabilities and capital 20,190 + 200 + 441 20,119 Total factors, other than reserve balances, absorbing reserve funds 752,258 - 1,787 + 62,084 752,917 Reserve balances with Federal Reserve Banks 10,119 - 1,889 + 2,857 18,329 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 935,466 + 2,097 . . . 936,154 U.S. Treasury 746,591 + 3,072 . . . 749,192 Federal agency 188,875 - 975 . . . 186,962 Securities lent to dealers 767 - 47 + 505 318 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 11, 2003 Jun 4, 2003 Jun 12, 2002 Assets Gold certificate account 11,040 0 - 4 Special drawing rights certificate account 2,200 0 0 Coin 926 + 17 - 6 Securities, repurchase agreements, and loans 684,177 + 13,700 + 60,163 Securities held outright 651,613 + 200 + 62,207 U.S. Treasury1 651,603 + 200 + 62,207 Bills2 238,430 + 207 + 43,041 Notes and bonds, nominal2 398,853 0 + 17,619 Notes and bonds, inflation-indexed2 12,814 0 + 1,212 Inflation compensation3 1,505 - 7 + 334 Federal agency2 10 0 0 Repurchase agreements4 32,500 + 13,500 - 2,000 Loans 65 0 - 42 Items in process of collection (1,061) 7,231 - 2,652 - 509 Bank premises 1,579 0 + 63 Other assets5 37,010 + 505 + 980 Total assets (1,061) 744,164 + 11,570 + 60,688 Liabilities Federal Reserve notes, net of F.R. Bank holdings 659,386 - 692 + 35,933 Reverse repurchase agreements6 21,211 - 462 + 21,211 Deposits (0) 35,693 + 13,501 + 2,684 Depository institutions 29,349 + 13,602 + 1,419 U.S. Treasury, general account 6,031 - 95 + 1,304 Foreign official 80 + 3 - 29 Other (0) 233 - 10 - 10 Deferred availability cash items (1,061) 7,755 - 1,060 + 270 Other liabilities and accrued dividends7 2,355 + 50 - 208 Total liabilities (1,061) 726,400 + 11,337 + 59,890 Capital accounts Capital paid in 8,656 + 72 + 362 Surplus 8,380 0 + 1,068 Other capital accounts 728 + 162 - 632 Total capital 17,764 + 234 + 798 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 11, 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 45,561 - 240 0 0 27,500 21,211 16 days to 90 days 45 143,282 - 627 0 0 5,000 0 91 days to 1 year 0 155,918 + 1,073 10 0 . . . . . . Over 1 year to 5 years . . . 180,191 - 2 0 0 . . . . . . Over 5 years to 10 years . . . 46,668 - 2 0 0 . . . . . . Over 10 years . . . 79,982 - 3 0 0 . . . . . . All 65 651,603 + 200 10 0 32,500 21,211 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 11, 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 2 6 4 4 3 7 6 1 3 8 1 1 7 9 9 1 1 6 5 3 3 6 6 4 1 5 0 111 Securities, repurchase agreements, and loans 684,1 7 7 31,5 0 4 311,2 8 1 20,3 7 3 30,5 3 3 50,1 1 1 44,0 2 5 65,8 5 9 20,5 1 8 14,5 6 2 17,5 1 6 25,5 3 9 52,355 Securities held outright 651,6 1 3 31,5 0 3 278,7 8 1 20,3 7 2 30,5 3 3 50,1 1 1 44,0 2 0 65,8 4 6 20,5 0 1 14,5 4 5 17,5 1 2 25,5 3 6 52,353 U.S. Treasury1 651,6 0 3 31,5 0 2 278,7 7 7 20,3 7 2 30,5 3 3 50,1 1 0 44,0 2 0 65,8 4 5 20,5 0 0 14,5 4 5 17,5 1 1 25,5 3 6 52,353 Bills2 238,4 3 0 11,5 2 7 102,0 0 8 7,4 5 4 11,1 7 2 18,3 3 6 16,1 0 7 24,0 9 3 7,5 0 1 5,3 2 2 6,4 0 8 9,3 4 4 19,156 Notes and bonds3 413,1 7 3 19,9 7 5 176,7 6 8 12,9 1 7 19,3 6 0 31,7 7 4 27,9 1 2 41,7 5 1 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 32,5 0 0 0 32,5 0 0 0 0 0 0 0 0 0 0 0 0 Loans 6 5 2 0 0 0 0 5 1 4 1 7 1 8 5 3 2 Items in process of collection 8,2 9 2 4 6 5 6 2 0 3 8 6 3 3 5 6 4 6 7 8 3 6 9 9 4 6 7 3 8 2 6 0 4 2 4 0 2,665 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 37,0 1 0 1,7 1 2 13,2 6 9 1,0 2 5 2,3 2 1 5,9 1 2 2,1 5 1 3,4 3 9 9 5 4 1,1 1 5 8 8 5 1,0 4 9 3,176 Interdistrict settlement account 0 - 2,8 0 7 +12,1 6 9 - 3,0 9 7 - 2,4 6 6 - 1,3 9 1 - 2,1 1 8 - 6,4 5 9 - 1,1 5 1 - 4 5 0 + 7 7 + 3,3 4 1 + 4,352 Total assets 745,2 2 4 31,6 1 9 343,1 4 3 19,2 6 3 31,4 9 4 56,4 9 4 46,2 4 8 64,9 6 5 21,2 8 6 16,0 2 6 19,5 6 6 31,0 8 8 64,033 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 11, 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 762,44 7 31,9 1 6 332,7 8 3 24,2 1 3 30,9 8 9 55,2 5 2 60,5 1 0 63,5 8 1 22,7 2 2 15,3 1 4 21,2 7 8 34,8 8 5 69,005 Less: notes held by F.R. Banks 103,06 1 4,3 5 1 23,4 7 9 7,4 3 1 4,0 3 3 7,9 4 7 19,5 7 4 6,9 9 8 3,6 0 8 1,4 9 0 4,0 4 1 6,5 2 2 13,587 Federal Reserve notes, net 659,38 6 27,5 6 5 309,3 0 4 16,7 8 2 26,9 5 6 47,3 0 5 40,9 3 5 56,5 8 3 19,1 1 4 13,8 2 4 17,2 3 6 28,3 6 4 55,418 Reverse repurchase agreements1 21,21 1 1,0 2 5 9,0 7 5 6 6 3 9 9 4 1,6 3 1 1,4 3 3 2,1 4 3 6 6 7 4 7 3 5 7 0 8 3 1 1,704 Deposits 35,69 3 1,4 1 9 19,1 7 5 6 6 4 1,5 6 1 2,4 3 0 1,7 6 5 3,3 2 3 6 5 9 5 5 8 8 2 5 9 5 9 2,355 Depository institutions 29,34 9 1,4 1 7 12,9 3 0 6 6 3 1,5 5 8 2,3 5 4 1,7 6 3 3,3 1 9 6 5 6 5 5 6 8 2 4 9 5 8 2,352 U.S. Treasury, general account 6,03 1 0 6,0 3 1 0 0 0 0 0 0 0 0 0 0 Foreign official 8 0 2 5 6 1 3 7 2 3 1 1 1 1 3 Other 23 3 0 1 5 7 0 1 6 9 0 0 2 0 1 0 0 Deferred availability cash items 8,81 6 5 5 9 8 7 4 5 4 0 4 2 9 6 3 9 9 4 4 8 3 5 2 7 5 3 7 3 4 4 3 4 2 8 2,476 Other liabilities and accrued dividends2 2,35 5 1 3 5 7 2 9 9 6 1 3 0 2 7 1 1 8 2 2 3 3 1 0 1 9 3 8 9 1 1 0 187 Total liabilities 727,46 0 30,7 0 4 339,1 5 6 18,7 4 6 30,0 7 1 52,2 7 6 45,2 5 9 63,1 1 7 20,8 1 7 15,3 2 1 19,1 6 3 30,6 9 2 62,140 Capital Capital paid in 8,65 6 4 4 6 1,8 9 3 2 5 1 6 9 3 2,0 8 1 4 7 7 9 0 3 2 2 8 3 4 7 1 9 1 1 9 0 956 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 8 3 3 2 8 5 3 3 2 8 6 4 3 6 8 7 4 3 1 8 1 1 2 0 69 Total liabilities and capital 745,22 4 31,6 1 9 343,1 4 3 19,2 6 3 31,4 9 4 56,4 9 4 46,2 4 8 64,9 6 5 21,2 8 6 16,0 2 6 19,5 6 6 31,0 8 8 64,033 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 11, 2003 Federal Reserve notes outstanding 762,447 Less: Notes held by F.R. Banks not subject to collateralization 98,811 Federal Reserve notes to be collateralized 663,636 Collateral held against Federal Reserve notes 663,636 Gold certificate account 11,040 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 650,396 Other eligible assets 0 Memo: Total U.S. Treasury and agency securities1 684,113 Less: face value of securities under reverse repurchase agreements 21,222 U.S. Treasury and agency securities eligible to be pledged 662,891 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.