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 19, 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 18, 2003 Jun 11, 2003 Jun 19, 2002 Jun 18, 2003 Reserve Bank credit 713,850 + 641 + 63,071 714,954 Securities held outright 651,783 + 198 + 60,419 651,932 U.S. Treasury1 651,773 + 198 + 60,419 651,922 Bills2 238,605 + 205 + 41,266 238,756 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 1,501 - 7 + 322 1,498 Federal agency2 10 0 0 10 Repurchase agreements4 23,179 - 107 + 1,143 23,000 Loans to depository institutions 74 + 12 - 60 86 Primary credit 3 + 1 + 3 3 Secondary credit 0 0 0 0 Seasonal credit 71 + 10 - 60 83 Adjustment credit 0 0 - 3 0 Float 0 + 99 + 505 1,127 Other Federal Reserve assets 38,815 + 440 + 1,065 38,809 Gold stock 11,044 0 0 11,044 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 34,952 + 14 + 1,019 34,952 Total factors supplying reserve funds 762,046 + 655 + 64,090 763,150 Currency in circulation5 691,472 - 658 + 36,652 692,457 Reverse repurchase agreements6 21,464 + 648 + 21,464 22,901 Foreign official and international accounts 21,142 + 326 + 21,142 20,651 Dealers 321 + 321 + 321 2,250 Treasury cash holdings 379 - 6 - 28 368 Deposits with F.R. Banks, other than reserve balances 18,555 + 782 + 2,034 19,499 U.S. Treasury, general account 7,147 + 632 + 1,253 8,086 Foreign official 88 - 51 - 36 96 Service-related 11,088 + 210 + 840 11,088 Required clearing balances 10,830 - 3 + 915 10,830 Adjustments to compensate for float 258 + 213 - 76 258 Other 232 - 9 - 23 229 Other liabilities and capital 20,322 + 132 + 503 19,937 Total factors, other than reserve balances, absorbing reserve funds 752,192 + 898 + 60,625 755,161 Reserve balances with Federal Reserve Banks 9,855 - 242 + 3,466 7,989 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 935,900 + 434 . . . 934,711 U.S. Treasury 750,138 + 3,547 . . . 751,560 Federal agency 185,762 - 3,113 . . . 183,151 Securities lent to dealers 625 - 142 - 305 792 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 18, 2003 Jun 11, 2003 Jun 19, 2002 Assets Gold certificate account 11,040 0 - 4 Special drawing rights certificate account 2,200 0 0 Coin 937 + 11 - 8 Securities, repurchase agreements, and loans 675,017 - 9,160 + 61,920 Securities held outright 651,932 + 319 + 59,735 U.S. Treasury1 651,922 + 319 + 59,735 Bills2 238,756 + 326 + 40,593 Notes and bonds, nominal2 398,853 0 + 17,619 Notes and bonds, inflation-indexed2 12,814 0 + 1,212 Inflation compensation3 1,498 - 7 + 311 Federal agency2 10 0 0 Repurchase agreements4 23,000 - 9,500 + 2,250 Loans 86 + 21 - 64 Items in process of collection (1,167) 8,832 + 1,601 + 1,716 Bank premises 1,580 + 1 + 63 Other assets5 37,243 + 233 + 775 Total assets (1,167) 736,850 - 7,314 + 64,463 Liabilities Federal Reserve notes, net of F.R. Bank holdings 658,805 - 581 + 35,282 Reverse repurchase agreements6 22,901 + 1,690 + 22,901 Deposits (0) 27,211 - 8,482 + 5,607 Depository institutions 18,800 - 10,549 + 4,459 U.S. Treasury, general account 8,086 + 2,055 + 1,187 Foreign official 96 + 16 - 17 Other (0) 229 - 4 - 22 Deferred availability cash items (1,167) 7,996 + 241 + 444 Other liabilities and accrued dividends7 2,326 - 29 - 228 Total liabilities (1,167) 719,239 - 7,161 + 64,006 Capital accounts Capital paid in 8,657 + 1 + 337 Surplus 8,380 0 + 1,068 Other capital accounts 574 - 154 - 949 Total capital 17,611 - 153 + 457 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 18, 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 72 51,004 + 5,443 0 0 17,000 22,901 16 days to 90 days 13 137,572 - 5,710 0 0 6,000 0 91 days to 1 year 0 156,513 + 595 10 0 . . . . . . Over 1 year to 5 years . . . 180,189 - 2 0 0 . . . . . . Over 5 years to 10 years . . . 46,665 - 3 0 0 . . . . . . Over 10 years . . . 79,979 - 3 0 0 . . . . . . All 86 651,922 + 319 10 0 23,000 22,901 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 18, 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 3 7 4 3 3 6 6 1 3 9 1 1 9 1 0 4 1 1 6 5 6 3 6 6 7 1 5 1 109 Securities, repurchase agreements, and loans 675,0 1 7 31,5 2 1 301,9 1 7 20,3 8 2 30,5 4 8 50,1 3 6 44,0 4 7 65,8 9 1 20,5 3 0 14,5 8 0 17,5 2 8 25,5 5 2 52,385 Securities held outright 651,9 3 2 31,5 1 8 278,9 1 7 20,3 8 2 30,5 4 8 50,1 3 6 44,0 4 2 65,8 7 8 20,5 1 1 14,5 5 2 17,5 2 0 25,5 4 9 52,379 U.S. Treasury1 651,9 2 2 31,5 1 8 278,9 1 3 20,3 8 2 30,5 4 7 50,1 3 5 44,0 4 1 65,8 7 7 20,5 1 0 14,5 5 2 17,5 2 0 25,5 4 9 52,378 Bills2 238,7 5 6 11,5 4 3 102,1 4 8 7,4 6 5 11,1 8 8 18,3 6 1 16,1 2 9 24,1 2 6 7,5 1 2 5,3 2 9 6,4 1 6 9,3 5 7 19,183 Notes and bonds3 413,1 6 5 19,9 7 5 176,7 6 5 12,9 1 7 19,3 6 0 31,7 7 4 27,9 1 2 41,7 5 0 12,9 9 9 9,2 2 2 11,1 0 4 16,1 9 2 33,195 Federal agency2 1 0 0 4 0 0 1 1 1 0 0 0 0 1 Repurchase agreements4 23,0 0 0 0 23,0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 8 6 3 0 0 0 0 5 1 3 1 9 2 8 8 3 6 Items in process of collection 9,9 9 9 8 6 8 8 4 8 4 4 2 4 4 1 8 2 6 1,0 0 9 8 4 0 5 5 5 3 3 6 6 9 3 5 7 1 2,571 Bank premises 1,5 8 0 9 1 1 8 5 5 2 1 5 2 1 4 3 2 7 9 1 1 7 4 3 1 2 6 5 2 1 6 4 176 Other assets5 37,2 4 3 1,7 2 4 13,3 9 9 1,0 3 5 2,3 2 8 5,9 1 4 2,1 6 1 3,4 5 9 9 6 5 1,1 1 6 8 9 0 1,0 6 1 3,192 Interdistrict settlement account 0 - 3,5 6 5 +12,8 0 6 - 2,9 6 4 - 3,0 5 0 + 2 4 3 - 1,3 2 0 - 7,6 7 4 - 1,1 8 3 - 3 6 9 - 1 5 9 + 3,0 7 9 + 4,157 Total assets 738,0 1 7 31,2 9 2 334,7 7 2 19,4 7 0 31,0 3 9 58,3 3 5 47,3 0 8 63,9 4 2 21,3 6 8 16,0 7 9 19,4 4 0 31,1 8 4 63,787 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 18, 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 763,60 2 31,7 1 9 331,7 9 7 24,3 7 9 30,8 8 6 55,7 5 3 61,7 0 1 63,5 5 2 22,9 1 3 15,2 3 7 21,3 2 2 35,1 0 6 69,238 Less: notes held by F.R. Banks 104,79 7 4,2 5 5 23,6 3 0 7,4 7 9 4,1 5 9 8,4 3 0 19,6 1 6 7,2 1 1 3,8 4 8 1,4 3 8 4,0 9 6 6,7 3 6 13,900 Federal Reserve notes, net 658,80 5 27,4 6 4 308,1 6 7 16,9 0 0 26,7 2 7 47,3 2 3 42,0 8 5 56,3 4 1 19,0 6 4 13,7 9 9 17,2 2 6 28,3 7 0 55,338 Reverse repurchase agreements1 22,90 1 1,1 0 7 9,7 9 8 7 1 6 1,0 7 3 1,7 6 1 1,5 4 7 2,3 1 4 7 2 0 5 1 1 6 1 5 8 9 7 1,840 Deposits 27,21 1 1,1 4 9 11,1 6 8 8 0 3 1,0 8 8 4,1 4 8 1,6 0 9 2,4 0 5 6 7 9 5 4 9 6 0 8 9 3 4 2,070 Depository institutions 18,80 0 1,1 4 6 2,8 5 1 8 0 2 1,0 8 5 4,0 7 9 1,6 0 7 2,4 0 1 6 7 6 5 4 8 6 0 6 9 3 3 2,067 U.S. Treasury, general account 8,08 6 0 8,0 8 6 0 0 0 0 0 0 0 0 0 0 Foreign official 9 6 2 7 2 1 3 7 2 3 1 1 1 1 3 Other 22 9 2 1 5 9 0 1 6 2 0 1 2 0 1 0 0 Deferred availability cash items 9,16 3 5 3 3 9 7 6 4 4 4 6 0 5 6 6 2 9 1 3 8 3 7 3 3 4 4 3 1 5 0 4 4 8 1 2,444 Other liabilities and accrued dividends2 2,32 6 1 3 4 7 2 0 9 5 1 2 9 2 6 6 1 8 2 2 3 0 9 9 9 2 8 6 1 0 9 185 Total liabilities 720,40 6 30,3 8 7 330,8 2 9 18,9 5 7 29,6 2 3 54,1 6 0 46,3 3 6 62,1 2 8 20,8 9 8 15,3 8 2 19,0 3 9 30,7 9 2 61,876 Capital Capital paid in 8,65 7 4 4 6 1,8 9 4 2 5 2 7 0 4 2,0 9 0 4 7 7 8 8 4 2 2 8 3 4 7 1 9 1 1 8 9 956 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 57 4 2 2 2 4 1 2 8 1 0 1 2 2 0 7 3 4 3 1 0 9 1 7 88 Total liabilities and capital 738,01 7 31,2 9 2 334,7 7 2 19,4 7 0 31,0 3 9 58,3 3 5 47,3 0 8 63,9 4 2 21,3 6 8 16,0 7 9 19,4 4 0 31,1 8 4 63,787 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 18, 2003 Federal Reserve notes outstanding 763,602 Less: Notes held by F.R. Banks not subject to collateralization 100,588 Federal Reserve notes to be collateralized 663,014 Collateral held against Federal Reserve notes 663,014 Gold certificate account 11,040 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 649,774 Other eligible assets 0 Memo: Total U.S. Treasury and agency securities1 674,932 Less: face value of securities under reverse repurchase agreements 22,908 U.S. Treasury and agency securities eligible to be pledged 652,023 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.