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 July 3, 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 Jul 2, 2003 Jun 25, 2003 Jul 3, 2002 Jul 2, 2003 Reserve Bank credit 719,541 + 1,852 + 59,762 717,405 Securities held outright 652,162 + 202 + 61,298 652,363 U.S. Treasury1 652,152 + 202 + 61,298 652,353 Bills2 238,998 + 208 + 42,342 239,201 Notes and bonds, nominal2 398,853 0 + 17,470 398,853 Notes and bonds, inflation-indexed2 12,814 0 + 1,212 12,814 Inflation compensation3 1,486 - 7 + 275 1,484 Federal agency2 10 0 0 10 Repurchase agreements4 28,714 + 2,393 - 1,286 26,000 Loans to depository institutions 188 - 219 + 10 92 Primary credit 99 - 223 + 99 1 Secondary credit 0 0 0 0 Seasonal credit 89 + 5 - 79 91 Adjustment credit 0 0 - 9 0 Float -566 - 584 - 335 -82 Other Federal Reserve assets 39,043 + 60 + 75 39,033 Gold stock 11,044 0 0 11,044 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 34,980 + 14 + 985 34,980 Total factors supplying reserve funds 767,765 + 1,866 + 60,747 765,628 Currency in circulation5 693,527 + 2,457 + 33,543 698,229 Reverse repurchase agreements6 23,129 + 415 + 23,129 21,045 Foreign official and international accounts 23,129 + 2,093 + 23,129 21,045 Dealers 0 - 1,679 0 0 Treasury cash holdings 360 - 8 - 34 327 Deposits with F.R. Banks, other than reserve balances 17,882 - 755 + 1,285 17,539 U.S. Treasury, general account 6,087 - 1,112 - 61 5,707 Foreign official 412 + 250 + 329 476 Service-related 11,136 + 79 + 1,001 11,136 Required clearing balances 10,839 + 9 + 936 10,839 Adjustments to compensate for float 297 + 71 + 64 297 Other 248 + 28 + 17 220 Other liabilities and capital 20,045 - 61 - 61 19,635 Total factors, other than reserve balances, absorbing reserve funds 754,943 + 2,048 + 57,862 756,775 Reserve balances with Federal Reserve Banks 12,822 - 183 + 2,886 8,854 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 943,278 + 10,099 . . . 951,017 U.S. Treasury 757,061 + 7,331 . . . 763,039 Federal agency 186,217 + 2,767 . . . 187,977 Securities lent to dealers 4,575 + 3,218 + 3,146 2,461 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 Jul 2, 2003 Jun 25, 2003 Jul 3, 2002 Assets Gold certificate account 11,039 - 1 - 5 Special drawing rights certificate account 2,200 0 0 Coin 904 - 37 - 1 Securities, repurchase agreements, and loans 678,454 - 5,645 + 60,524 Securities held outright 652,363 + 360 + 61,097 U.S. Treasury1 652,353 + 360 + 61,097 Bills2 239,201 + 366 + 43,037 Notes and bonds, nominal2 398,853 0 + 16,579 Notes and bonds, inflation-indexed2 12,814 0 + 1,212 Inflation compensation3 1,484 - 7 + 268 Federal agency2 10 0 0 Repurchase agreements4 26,000 - 6,000 - 500 Loans 92 - 3 - 72 Items in process of collection (1,244) 9,457 + 1,996 + 504 Bank premises 1,581 - 1 + 63 Other assets5 37,400 - 207 + 171 Total assets (1,244) 741,035 - 3,896 + 61,256 Liabilities Federal Reserve notes, net of F.R. Bank holdings 664,475 + 5,506 + 32,804 Reverse repurchase agreements6 21,045 - 547 + 21,045 Deposits (0) 26,422 - 10,564 + 6,314 Depository institutions 20,019 - 11,036 + 5,406 U.S. Treasury, general account 5,707 + 401 + 533 Foreign official 476 + 72 + 397 Other (0) 220 0 - 23 Deferred availability cash items (1,244) 9,457 + 2,094 + 811 Other liabilities and accrued dividends7 2,101 - 281 - 216 Total liabilities (1,244) 723,500 - 3,792 + 60,758 Capital accounts Capital paid in 8,659 + 2 + 325 Surplus 8,380 0 + 1,068 Other capital accounts 496 - 105 - 895 Total capital 17,535 - 104 + 498 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, July 2, 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 13 41,102 - 7,922 0 0 21,000 21,045 16 days to 90 days 79 146,726 + 7,331 0 0 5,000 0 91 days to 1 year 0 158,535 + 1,787 10 0 . . . . . . Over 1 year to 5 years . . . 179,355 - 832 0 0 . . . . . . Over 5 years to 10 years . . . 46,661 - 2 0 0 . . . . . . Over 10 years . . . 79,973 - 3 0 0 . . . . . . All 92 652,353 + 360 10 0 26,000 21,045 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 July 2, 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 0 4 4 1 3 1 5 9 3 8 1 1 2 1 0 5 1 1 2 5 4 3 6 6 1 1 4 9 104 Securities, repurchase agreements, and loans 678,4 5 4 31,5 3 9 305,1 0 2 20,3 9 6 30,5 6 8 50,1 6 9 44,0 8 0 65,9 4 0 20,5 2 9 14,6 0 4 17,5 4 1 25,5 6 8 52,419 Securities held outright 652,3 6 3 31,5 3 9 279,1 0 2 20,3 9 6 30,5 6 8 50,1 6 9 44,0 7 1 65,9 2 1 20,5 2 4 14,5 6 2 17,5 3 2 25,5 6 6 52,414 U.S. Treasury1 652,3 5 3 31,5 3 8 279,0 9 7 20,3 9 5 30,5 6 8 50,1 6 8 44,0 7 0 65,9 2 0 20,5 2 4 14,5 6 1 17,5 3 2 25,5 6 5 52,413 Bills2 239,2 0 1 11,5 6 4 102,3 3 8 7,4 7 8 11,2 0 8 18,3 9 5 16,1 6 0 24,1 7 1 7,5 2 6 5,3 3 9 6,4 2 8 9,3 7 4 19,218 Notes and bonds3 413,1 5 1 19,9 7 4 176,7 5 9 12,9 1 7 19,3 5 9 31,7 7 3 27,9 1 1 41,7 4 9 12,9 9 8 9,2 2 2 11,1 0 3 16,1 9 1 33,194 Federal agency2 1 0 0 4 0 0 1 1 1 0 0 0 0 1 Repurchase agreements4 26,0 0 0 0 26,0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 9 2 0 0 0 0 0 9 1 8 4 4 3 9 3 6 Items in process of collection 10,7 0 1 5 6 8 6 1 7 4 0 4 5 1 7 9 0 5 9 5 8 8 4 9 5 9 5 5 1 9 8 0 1 5 2 1 3,446 Bank premises 1,5 8 1 9 1 1 8 5 5 2 1 5 2 1 4 3 2 7 8 1 1 8 4 3 1 2 6 5 2 1 6 5 176 Other assets5 37,4 0 0 1,7 2 4 13,4 9 3 1,1 0 3 2,3 2 0 5,8 8 6 2,1 7 3 3,4 7 4 9 6 3 1,1 1 3 8 9 1 1,0 6 7 3,193 Interdistrict settlement account 0 - 3,5 9 5 +10,5 9 0 - 2,7 3 3 - 3,0 6 3 + 3 3 1 - 4 9 0 - 6,9 3 0 - 1,1 2 7 - 6 4 4 - 2 3 7 + 3,1 0 4 + 4,795 Total assets 742,2 7 9 30,9 7 8 335,5 9 8 19,7 4 5 31,1 1 4 58,4 9 9 48,1 3 4 64,7 5 7 21,4 5 9 16,0 0 8 19,4 7 8 31,1 8 0 65,330 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 July 2, 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 767,46 6 31,6 2 5 332,5 2 0 24,0 8 4 31,0 0 0 57,7 8 3 62,2 8 4 64,0 8 7 22,9 5 4 15,2 0 2 21,3 1 1 35,2 1 1 69,404 Less: notes held by F.R. Banks 102,99 1 4,3 4 4 23,3 1 2 7,1 1 4 4,2 1 3 8,5 4 5 19,3 6 4 7,1 3 3 3,7 1 6 1,4 3 2 4,1 6 4 6,7 0 4 12,948 Federal Reserve notes, net 664,47 5 27,2 8 1 309,2 0 8 16,9 7 1 26,7 8 7 49,2 3 8 42,9 1 9 56,9 5 3 19,2 3 8 13,7 7 0 17,1 4 6 28,5 0 6 56,456 Reverse repurchase agreements1 21,04 5 1,0 1 7 9,0 0 4 6 5 8 9 8 6 1,6 1 8 1,4 2 2 2,1 2 7 6 6 2 4 7 0 5 6 6 8 2 5 1,691 Deposits 26,42 2 8 9 9 11,7 5 3 1,0 2 1 1,1 4 7 2,5 5 3 1,5 5 6 2,7 2 8 5 7 5 4 2 2 6 6 7 7 5 5 2,346 Depository institutions 20,01 9 8 9 0 5,4 4 6 1,0 2 0 1,1 4 4 2,4 8 6 1,5 5 4 2,7 2 4 5 7 4 4 2 1 6 6 5 7 5 4 2,343 U.S. Treasury, general account 5,70 7 0 5,7 0 7 0 0 0 0 0 0 0 0 0 0 Foreign official 47 6 2 4 5 3 1 3 7 2 3 1 1 1 1 3 Other 22 0 7 1 4 9 0 0 6 0 0 1 1 0 1 1 0 Deferred availability cash items 10,70 1 7 6 2 1,0 2 9 5 0 0 6 4 8 7 1 3 1,0 9 2 9 2 9 4 2 9 5 7 0 6 2 2 6 1 3 2,794 Other liabilities and accrued dividends2 2,10 1 1 1 9 6 6 4 8 7 1 3 4 2 1 0 1 7 1 2 0 4 9 4 8 1 8 1 1 0 2 153 Total liabilities 724,74 4 30,0 7 9 331,6 5 9 19,2 3 7 29,7 0 2 54,3 3 3 47,1 6 0 62,9 4 0 20,9 9 8 15,3 1 3 19,0 8 3 30,8 0 1 63,440 Capital Capital paid in 8,65 9 4 4 6 1,8 9 9 2 5 2 7 0 5 2,0 9 0 4 7 7 9 1 1 2 2 8 3 4 7 1 9 1 1 8 2 931 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 49 6 1 7 2 3 2 2 3 4 3 2 2 4 7 3 4 8 3 1 1 91 Total liabilities and capital 742,27 9 30,9 7 8 335,5 9 8 19,7 4 5 31,1 1 4 58,4 9 9 48,1 3 4 64,7 5 7 21,4 5 9 16,0 0 8 19,4 7 8 31,1 8 0 65,330 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 Jul 2, 2003 Federal Reserve notes outstanding 767,466 Less: Notes held by F.R. Banks not subject to collateralization 98,395 Federal Reserve notes to be collateralized 669,071 Collateral held against Federal Reserve notes 669,071 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 655,832 Other eligible assets 0 Memo: Total U.S. Treasury and agency securities1 678,363 Less: face value of securities under reverse repurchase agreements 21,050 U.S. Treasury and agency securities eligible to be pledged 657,313 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.