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 26, 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 25, 2003 Jun 18, 2003 Jun 26, 2002 Jun 25, 2003 Reserve Bank credit 717,692 + 3,842 + 61,637 723,423 Securities held outright 651,960 + 177 + 60,262 652,003 U.S. Treasury1 651,950 + 177 + 60,262 651,993 Bills2 238,790 + 185 + 41,134 238,835 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 1,493 - 8 + 297 1,491 Federal agency2 10 0 0 10 Repurchase agreements4 26,321 + 3,142 + 500 32,000 Loans to depository institutions 407 + 333 + 240 95 Primary credit 322 + 319 + 322 3 Secondary credit 0 0 0 0 Seasonal credit 84 + 13 - 78 92 Adjustment credit 0 0 - 5 0 Float 18 + 18 + 168 319 Other Federal Reserve assets 38,986 + 171 + 468 39,006 Gold stock 11,044 0 0 11,044 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 34,966 + 14 + 1,002 34,966 Total factors supplying reserve funds 765,902 + 3,856 + 62,640 771,633 Currency in circulation5 691,070 - 402 + 35,634 692,633 Reverse repurchase agreements6 22,714 + 1,250 + 22,714 21,592 Foreign official and international accounts 21,036 - 106 + 21,036 21,592 Dealers 1,679 + 1,358 + 1,679 0 Treasury cash holdings 368 - 11 - 29 365 Deposits with F.R. Banks, other than reserve balances 18,637 + 82 + 1,031 16,988 U.S. Treasury, general account 7,199 + 52 + 236 5,306 Foreign official 162 + 74 + 58 404 Service-related 11,057 - 31 + 754 11,057 Required clearing balances 10,830 0 + 913 10,830 Adjustments to compensate for float 226 - 32 - 160 226 Other 220 - 12 - 17 220 Other liabilities and capital 20,106 - 216 - 147 20,021 Total factors, other than reserve balances, absorbing reserve funds 752,895 + 703 + 59,203 751,598 Reserve balances with Federal Reserve Banks 13,008 + 3,153 + 3,437 20,035 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 933,179 - 2,721 . . . 931,901 U.S. Treasury 749,730 - 408 . . . 748,986 Federal agency 183,450 - 2,312 . . . 182,915 Securities lent to dealers 1,357 + 732 - 138 1,497 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 25, 2003 Jun 18, 2003 Jun 26, 2002 Assets Gold certificate account 11,040 0 - 4 Special drawing rights certificate account 2,200 0 0 Coin 941 + 4 + 10 Securities, repurchase agreements, and loans 684,099 + 9,082 + 57,269 Securities held outright 652,003 + 71 + 59,603 U.S. Treasury1 651,993 + 71 + 59,603 Bills2 238,835 + 79 + 40,485 Notes and bonds, nominal2 398,853 0 + 17,619 Notes and bonds, inflation-indexed2 12,814 0 + 1,212 Inflation compensation3 1,491 - 7 + 287 Federal agency2 10 0 0 Repurchase agreements4 32,000 + 9,000 - 2,250 Loans 95 + 9 - 85 Items in process of collection (1,248) 7,461 - 1,371 + 223 Bank premises 1,582 + 2 + 64 Other assets5 37,607 + 364 + 208 Total assets (1,248) 744,931 + 8,081 + 57,771 Liabilities Federal Reserve notes, net of F.R. Bank holdings 658,969 + 164 + 33,574 Reverse repurchase agreements6 21,592 - 1,309 + 21,592 Deposits (0) 36,986 + 9,775 + 2,450 Depository institutions 31,055 + 12,255 + 4,452 U.S. Treasury, general account 5,306 - 2,780 - 2,314 Foreign official 404 + 308 + 330 Other (0) 220 - 9 - 19 Deferred availability cash items (1,248) 7,363 - 633 + 264 Other liabilities and accrued dividends7 2,382 + 56 - 201 Total liabilities (1,248) 727,292 + 8,053 + 57,678 Capital accounts Capital paid in 8,657 0 + 327 Surplus 8,380 0 + 1,068 Other capital accounts 601 + 27 - 1,304 Total capital 17,639 + 28 + 93 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 25, 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 85 49,024 - 1,980 0 0 29,000 21,592 16 days to 90 days 10 139,395 + 1,823 0 0 3,000 0 91 days to 1 year 0 156,748 + 235 10 0 . . . . . . Over 1 year to 5 years . . . 180,187 - 2 0 0 . . . . . . Over 5 years to 10 years . . . 46,663 - 2 0 0 . . . . . . Over 10 years . . . 79,976 - 3 0 0 . . . . . . All 95 651,993 + 71 10 0 32,000 21,592 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 25, 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 4 1 4 4 3 2 6 0 4 2 1 1 9 1 0 7 1 1 5 5 6 3 7 6 6 1 5 2 111 Securities, repurchase agreements, and loans 684,0 9 9 31,5 2 3 310,9 4 8 20,3 8 5 30,5 5 1 50,1 4 2 44,0 5 4 65,9 0 1 20,5 2 6 14,5 9 3 17,5 3 2 25,5 5 4 52,390 Securities held outright 652,0 0 3 31,5 2 1 278,9 4 8 20,3 8 4 30,5 5 1 50,1 4 1 44,0 4 7 65,8 8 5 20,5 1 3 14,5 5 4 17,5 2 2 25,5 5 2 52,385 U.S. Treasury1 651,9 9 3 31,5 2 1 278,9 4 4 20,3 8 4 30,5 5 1 50,1 4 0 44,0 4 6 65,8 8 4 20,5 1 3 14,5 5 3 17,5 2 2 25,5 5 1 52,384 Bills2 238,8 3 5 11,5 4 7 102,1 8 1 7,4 6 7 11,1 9 1 18,3 6 7 16,1 3 5 24,1 3 4 7,5 1 4 5,3 3 1 6,4 1 9 9,3 6 0 19,189 Notes and bonds3 413,1 5 8 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 2 33,195 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 9 5 2 0 0 0 1 8 1 6 1 3 4 0 9 3 5 Items in process of collection 8,7 0 9 4 2 3 6 9 0 3 5 5 4 7 8 6 1 6 6 7 4 8 2 5 3 5 4 8 5 8 6 1 9 3 3 6 2,482 Bank premises 1,5 8 2 9 1 1 8 5 5 2 1 5 2 1 4 3 2 7 9 1 1 8 4 3 1 2 6 5 2 1 6 5 176 Other assets5 37,6 0 7 1,7 3 4 13,5 4 2 1,1 1 5 2,3 4 1 5,9 3 0 2,1 8 4 3,4 9 3 9 6 5 1,1 1 9 8 9 5 1,0 7 3 3,216 Interdistrict settlement account 0 - 2,0 5 9 + 9,9 3 2 - 2,1 1 7 - 2,4 1 1 - 1,0 5 1 - 5 4 1 - 7,6 6 8 - 9 5 8 - 1 8 5 - 6 9 + 3,1 1 1 + 4,016 Total assets 746,1 7 8 32,3 6 6 340,9 1 0 20,3 1 2 31,7 3 4 56,8 5 4 47,7 8 6 63,9 7 7 21,3 8 7 16,8 0 2 19,4 6 4 30,9 9 7 63,588 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. 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 25, 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 765,63 3 31,6 5 1 332,0 1 1 24,2 0 5 30,9 4 9 57,0 6 6 62,0 7 3 63,8 4 4 23,0 0 9 15,2 3 1 21,3 6 6 35,1 2 3 69,105 Less: notes held by F.R. Banks 106,66 4 4,4 0 6 23,7 5 3 7,3 9 7 4,3 2 4 8,8 3 0 19,6 8 5 7,4 5 7 3,9 8 3 1,5 1 7 4,3 8 6 6,8 8 3 14,041 Federal Reserve notes, net 658,96 9 27,2 4 6 308,2 5 8 16,8 0 8 26,6 2 5 48,2 3 5 42,3 8 7 56,3 8 7 19,0 2 6 13,7 1 4 16,9 7 9 28,2 4 0 55,064 Reverse repurchase agreements1 21,59 2 1,0 4 4 9,2 3 8 6 7 5 1,0 1 2 1,6 6 0 1,4 5 9 2,1 8 2 6 7 9 4 8 2 5 8 0 8 4 6 1,735 Deposits 36,98 6 2,5 1 4 17,8 6 2 1,6 7 4 1,9 3 3 1,8 9 7 1,8 8 0 2,6 0 8 8 2 6 1,3 6 1 9 2 5 1,0 0 5 2,502 Depository institutions 31,05 5 2,5 1 2 12,0 2 2 1,6 7 3 1,9 2 9 1,8 2 9 1,8 7 8 2,6 0 4 8 2 3 1,3 5 9 9 2 3 1,0 0 4 2,499 U.S. Treasury, general account 5,30 6 0 5,3 0 6 0 0 0 0 0 0 0 0 0 0 Foreign official 40 4 2 3 8 0 1 3 7 2 3 1 1 1 1 3 Other 22 0 0 1 5 3 0 1 6 0 0 1 2 0 1 0 0 Deferred availability cash items 8,61 1 5 2 1 8 7 2 5 4 7 6 0 9 5 8 1 9 0 0 7 6 5 2 9 3 4 5 3 4 9 4 4 0 5 2,170 Other liabilities and accrued dividends2 2,38 2 1 3 4 7 2 1 9 5 1 3 7 2 8 7 1 9 5 2 3 2 1 0 1 9 2 8 9 1 1 0 188 Total liabilities 728,54 0 31,4 5 9 336,9 5 0 19,7 9 9 30,3 1 5 52,6 6 1 46,8 2 1 62,1 7 4 20,9 2 6 16,1 0 2 19,0 6 8 30,6 0 6 61,659 Capital Capital paid in 8,65 7 4 4 6 1,8 9 9 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 9 0 950 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 60 1 2 5 2 5 2 2 9 1 2 3 0 1 3 6 2 3 5 1 3 5 1 5 111 Total liabilities and capital 746,17 8 32,3 6 6 340,9 1 0 20,3 1 2 31,7 3 4 56,8 5 4 47,7 8 6 63,9 7 7 21,3 8 7 16,8 0 2 19,4 6 4 30,9 9 7 63,588 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 25, 2003 Federal Reserve notes outstanding 765,633 Less: Notes held by F.R. Banks not subject to collateralization 102,310 Federal Reserve notes to be collateralized 663,323 Collateral held against Federal Reserve notes 663,323 Gold certificate account 11,040 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 650,083 Other eligible assets 0 Memo: Total U.S. Treasury and agency securities1 684,003 Less: face value of securities under reverse repurchase agreements 21,597 U.S. Treasury and agency securities eligible to be pledged 662,406 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.