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 10, 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 9, 2003 Jul 2, 2003 Jul 10, 2002 Jul 9, 2003 Reserve Bank credit 718,451 - 1,082 + 60,310 722,505 Securities held outright 652,443 + 281 + 59,807 652,461 U.S. Treasury1 652,433 + 281 + 59,807 652,451 Bills2 239,285 + 287 + 41,955 239,305 Notes and bonds, nominal2 398,853 0 + 16,375 398,853 Notes and bonds, inflation-indexed2 12,814 0 + 1,212 12,814 Inflation compensation3 1,480 - 6 + 264 1,479 Federal agency2 10 0 0 10 Repurchase agreements4 26,000 - 2,714 + 143 29,250 Loans to depository institutions 99 - 89 - 111 104 Primary credit 8 - 91 + 8 1 Secondary credit 0 0 0 2 Seasonal credit 91 + 2 - 76 102 Adjustment credit 0 0 - 42 0 Float 674 + 1,247 + 190 1,389 Other Federal Reserve assets 39,236 + 193 + 282 39,301 Gold stock 11,044 0 0 11,044 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 34,994 + 14 + 998 34,994 Total factors supplying reserve funds 766,689 - 1,068 + 61,308 770,742 Currency in circulation5 697,775 + 4,248 + 33,676 697,326 Reverse repurchase agreements6 20,844 - 2,285 + 20,844 20,254 Foreign official and international accounts 20,844 - 2,285 + 20,844 20,254 Dealers 0 0 0 0 Treasury cash holdings 327 - 33 - 61 327 Deposits with F.R. Banks, other than reserve balances 17,746 - 136 + 2,310 17,929 U.S. Treasury, general account 6,218 + 131 + 1,233 6,356 Foreign official 279 - 133 + 180 327 Service-related 11,020 - 116 + 897 11,020 Required clearing balances 10,839 0 + 936 10,839 Adjustments to compensate for float 181 - 116 - 40 181 Other 229 - 19 + 1 225 Other liabilities and capital 19,817 - 228 + 242 19,675 Total factors, other than reserve balances, absorbing reserve funds 756,508 + 1,565 + 57,010 755,510 Reserve balances with Federal Reserve Banks 10,181 - 2,634 + 4,298 15,232 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 945,620 + 2,342 . . . 938,109 U.S. Treasury 760,893 + 3,832 . . . 755,623 Federal agency 184,726 - 1,491 . . . 182,486 Securities lent to dealers 1,595 - 2,980 + 1,036 609 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 9, 2003 Jul 2, 2003 Jul 10, 2002 Assets Gold certificate account 11,039 0 0 Special drawing rights certificate account 2,200 0 0 Coin 874 - 30 - 11 Securities, repurchase agreements, and loans 681,815 + 3,361 + 60,076 Securities held outright 652,461 + 98 + 57,920 U.S. Treasury1 652,451 + 98 + 57,920 Bills2 239,305 + 104 + 40,581 Notes and bonds, nominal2 398,853 0 + 15,864 Notes and bonds, inflation-indexed2 12,814 0 + 1,212 Inflation compensation3 1,479 - 5 + 263 Federal agency2 10 0 0 Repurchase agreements4 29,250 + 3,250 + 2,250 Loans 104 + 12 - 94 Items in process of collection (1,172) 10,110 + 653 + 2,308 Bank premises 1,582 + 1 + 63 Other assets5 37,712 + 312 - 227 Total assets (1,172) 745,332 + 4,297 + 62,208 Liabilities Federal Reserve notes, net of F.R. Bank holdings 663,529 - 946 + 32,156 Reverse repurchase agreements6 20,254 - 791 + 20,254 Deposits (0) 33,479 + 7,057 + 8,819 Depository institutions 26,571 + 6,552 + 7,410 U.S. Treasury, general account 6,356 + 649 + 1,162 Foreign official 327 - 149 + 243 Other (0) 225 + 5 + 4 Deferred availability cash items (1,172) 8,395 - 1,062 + 863 Other liabilities and accrued dividends7 2,107 + 6 - 275 Total liabilities (1,172) 727,764 + 4,264 + 61,817 Capital accounts Capital paid in 8,660 + 1 + 392 Surplus 8,378 - 2 + 1,066 Other capital accounts 529 + 33 - 1,069 Total capital 17,567 + 32 + 390 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 9, 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 44 40,668 - 434 0 0 24,250 20,254 16 days to 90 days 60 147,314 + 588 0 0 5,000 0 91 days to 1 year 0 158,485 - 50 10 0 . . . . . . Over 1 year to 5 years . . . 179,353 - 2 0 0 . . . . . . Over 5 years to 10 years . . . 46,659 - 2 0 0 . . . . . . Over 10 years . . . 79,971 - 2 0 0 . . . . . . All 104 652,451 + 98 10 0 29,250 20,254 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 9, 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 8 7 4 3 9 3 2 5 2 3 5 1 0 9 1 0 8 1 0 8 5 4 3 5 6 0 1 4 5 98 Securities, repurchase agreements, and loans 681,8 1 5 31,5 4 4 308,3 9 4 20,3 9 9 30,5 7 3 50,1 7 6 44,0 8 9 65,9 5 2 20,5 3 3 14,6 1 0 17,5 4 3 25,5 7 4 52,428 Securities held outright 652,4 6 1 31,5 4 4 279,1 4 4 20,3 9 9 30,5 7 3 50,1 7 6 44,0 7 8 65,9 3 1 20,5 2 7 14,5 6 4 17,5 3 5 25,5 7 0 52,421 U.S. Treasury1 652,4 5 1 31,5 4 3 279,1 3 9 20,3 9 8 30,5 7 2 50,1 7 6 44,0 7 7 65,9 3 0 20,5 2 7 14,5 6 4 17,5 3 4 25,5 6 9 52,421 Bills2 239,3 0 5 11,5 6 9 102,3 8 2 7,4 8 2 11,2 1 3 18,4 0 3 16,1 6 7 24,1 8 2 7,5 2 9 5,3 4 2 6,4 3 1 9,3 7 8 19,227 Notes and bonds3 413,1 4 6 19,9 7 4 176,7 5 7 12,9 1 7 19,3 5 9 31,7 7 2 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 29,2 5 0 0 29,2 5 0 0 0 0 0 0 0 0 0 0 0 Loans 1 0 4 0 0 1 0 0 1 2 2 1 6 4 6 9 4 6 Items in process of collection 11,2 8 2 6 5 2 7 5 8 4 9 7 5 2 2 8 1 8 1,1 0 1 1,2 9 8 5 0 7 7 4 2 7 1 4 4 5 0 3,224 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 6 176 Other assets5 37,7 1 2 1,7 3 6 13,6 3 2 1,1 1 0 2,3 2 9 5,8 8 5 2,1 9 5 3,5 4 5 9 6 9 1,1 1 9 8 9 9 1,0 8 1 3,212 Interdistrict settlement account 0 - 3,0 2 9 +11,6 7 5 - 3,1 5 2 - 3,2 2 3 + 1,1 3 5 - 7 8 8 - 7,6 6 7 - 1,0 1 3 - 8 9 9 - 1 7 5 + 3,4 3 1 + 3,706 Total assets 746,5 0 3 31,6 4 4 340,2 5 5 19,4 2 1 30,9 6 8 59,2 2 1 48,0 1 3 64,5 4 7 21,4 9 5 15,9 8 7 19,4 6 1 31,4 5 1 64,040 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 9, 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 768,84 7 31,6 9 5 332,3 5 7 24,2 8 0 31,0 7 4 58,2 3 1 62,0 2 6 64,9 1 6 23,1 5 2 15,1 8 9 21,2 7 1 35,1 9 3 69,463 Less: notes held by F.R. Banks 105,31 9 4,5 8 9 23,2 9 9 7,2 6 2 4,3 5 8 8,7 1 3 19,5 9 0 7,5 6 3 3,8 9 3 1,4 0 3 4,2 6 0 6,7 4 3 13,646 Federal Reserve notes, net 663,52 9 27,1 0 6 309,0 5 8 17,0 1 8 26,7 1 6 49,5 1 8 42,4 3 7 57,3 5 3 19,2 5 9 13,7 8 6 17,0 1 1 28,4 5 1 55,817 Reverse repurchase agreements1 20,25 4 9 7 9 8,6 6 5 6 3 3 9 4 9 1,5 5 8 1,3 6 8 2,0 4 7 6 3 7 4 5 2 5 4 4 7 9 4 1,627 Deposits 33,47 9 1,8 5 2 16,9 8 6 7 8 3 1,3 1 6 3,0 5 6 1,9 4 4 2,2 8 9 7 4 3 5 1 3 8 6 5 1,1 6 2 1,972 Depository institutions 26,57 1 1,8 4 9 10,1 6 0 7 8 2 1,3 1 3 2,9 9 4 1,9 4 2 2,2 8 6 7 4 2 5 1 1 8 6 3 1,1 6 1 1,969 U.S. Treasury, general account 6,35 6 0 6,3 5 6 0 0 0 0 0 0 0 0 0 0 Foreign official 32 7 2 3 0 4 1 3 7 2 3 1 1 1 1 3 Other 22 5 0 1 6 7 0 0 5 5 0 0 0 0 1 0 0 Deferred availability cash items 9,56 7 6 8 2 9 3 2 3 8 7 4 6 0 7 1 5 1,1 1 8 8 0 9 2 9 8 4 5 5 5 6 0 5 6 0 2,591 Other liabilities and accrued dividends2 2,10 7 1 2 1 6 6 8 8 9 1 1 1 2 1 3 1 7 5 2 0 8 9 4 8 5 8 2 1 0 4 157 Total liabilities 728,93 6 30,7 4 0 336,3 0 9 18,9 0 9 29,5 5 2 55,0 5 9 47,0 4 1 62,7 0 7 21,0 3 1 15,2 9 0 19,0 6 1 31,0 7 1 62,164 Capital Capital paid in 8,66 0 4 4 6 1,9 0 0 2 5 2 7 0 5 2,0 9 0 4 7 7 9 1 1 2 2 8 3 4 7 1 9 2 1 8 2 931 Surplus 8,37 8 4 3 6 1,8 0 9 2 3 3 7 0 2 2,0 7 2 4 7 5 8 5 8 1 9 9 3 4 0 2 0 1 1 8 6 868 Other capital 52 9 2 1 2 3 8 2 6 1 0 0 1 9 7 2 3 7 1 0 8 1 2 77 Total liabilities and capital 746,50 3 31,6 4 4 340,2 5 5 19,4 2 1 30,9 6 8 59,2 2 1 48,0 1 3 64,5 4 7 21,4 9 5 15,9 8 7 19,4 6 1 31,4 5 1 64,040 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 9, 2003 Federal Reserve notes outstanding 768,847 Less: Notes held by F.R. Banks not subject to collateralization 100,612 Federal Reserve notes to be collateralized 668,236 Collateral held against Federal Reserve notes 668,236 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 654,996 Other eligible assets 0 Memo: Total U.S. Treasury and agency securities1 681,711 Less: face value of securities under reverse repurchase agreements 20,258 U.S. Treasury and agency securities eligible to be pledged 661,453 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.