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 17, 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 16, 2003 Jul 9, 2003 Jul 17, 2002 Jul 16, 2003 Reserve Bank credit 715,493 - 2,907 + 58,741 716,172 Securities held outright 652,538 + 95 + 60,015 652,700 U.S. Treasury1 652,528 + 95 + 60,015 652,690 Bills2 239,385 + 100 + 42,679 239,550 Notes and bonds, nominal2 398,853 0 + 15,864 398,853 Notes and bonds, inflation-indexed2 12,814 0 + 1,165 12,814 Inflation compensation3 1,475 - 5 + 306 1,473 Federal agency2 10 0 0 10 Repurchase agreements4 22,893 - 3,107 - 1,678 24,000 Loans to depository institutions 114 + 15 - 65 121 Primary credit 6 - 2 + 6 8 Secondary credit 1 + 1 + 1 0 Seasonal credit 107 + 16 - 70 113 Adjustment credit 0 0 - 2 0 Float 462 - 164 + 772 107 Other Federal Reserve assets 39,486 + 253 - 303 39,244 Gold stock 11,044 0 0 11,044 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 35,008 + 14 + 1,012 35,008 Total factors supplying reserve funds 763,744 - 2,894 + 59,752 764,424 Currency in circulation5 694,437 - 3,338 + 32,996 694,663 Reverse repurchase agreements6 20,067 - 777 + 20,067 20,346 Foreign official and international accounts 20,067 - 777 + 20,067 20,346 Dealers 0 0 0 0 Treasury cash holdings 327 0 - 65 329 Deposits with F.R. Banks, other than reserve balances 17,955 + 209 + 1,997 17,230 U.S. Treasury, general account 6,479 + 261 + 984 5,724 Foreign official 109 - 170 + 11 128 Service-related 11,059 + 39 + 939 11,059 Required clearing balances 10,860 + 21 + 956 10,860 Adjustments to compensate for float 199 + 18 - 18 199 Other 307 + 78 + 63 318 Other liabilities and capital 19,878 + 61 - 32 19,649 Total factors, other than reserve balances, absorbing reserve funds 752,664 - 3,844 + 54,965 752,218 Reserve balances with Federal Reserve Banks 11,080 + 950 + 4,788 12,206 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 941,453 - 4,167 . . . 939,558 U.S. Treasury 757,619 - 3,274 . . . 756,862 Federal agency 183,834 - 892 . . . 182,696 Securities lent to dealers 868 - 727 - 21 661 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 16, 2003 Jul 9, 2003 Jul 17, 2002 Assets Gold certificate account 11,039 0 0 Special drawing rights certificate account 2,200 0 0 Coin 872 - 2 - 25 Securities, repurchase agreements, and loans 676,822 - 4,993 + 62,464 Securities held outright 652,700 + 239 + 58,279 U.S. Treasury1 652,690 + 239 + 58,279 Bills2 239,550 + 245 + 40,946 Notes and bonds, nominal2 398,853 0 + 15,864 Notes and bonds, inflation-indexed2 12,814 0 + 1,102 Inflation compensation3 1,473 - 6 + 368 Federal agency2 10 0 0 Repurchase agreements4 24,000 - 5,250 + 4,250 Loans 121 + 17 - 66 Items in process of collection (1,189) 8,534 - 1,576 + 1,327 Bank premises 1,585 + 3 + 65 Other assets5 37,607 - 105 - 679 Total assets (1,189) 738,658 - 6,674 + 63,150 Liabilities Federal Reserve notes, net of F.R. Bank holdings 660,851 - 2,678 + 32,250 Reverse repurchase agreements6 20,346 + 92 + 20,346 Deposits (0) 29,600 - 3,879 + 9,957 Depository institutions 23,429 - 3,142 + 9,172 U.S. Treasury, general account 5,724 - 632 + 724 Foreign official 128 - 199 - 28 Other (0) 318 + 93 + 88 Deferred availability cash items (1,189) 8,211 - 184 + 526 Other liabilities and accrued dividends7 2,080 - 27 - 285 Total liabilities (1,189) 721,089 - 6,675 + 62,794 Capital accounts Capital paid in 8,662 + 2 + 401 Surplus 8,378 0 + 1,066 Other capital accounts 529 0 - 1,112 Total capital 17,569 + 2 + 356 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 16, 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 64 46,121 + 5,453 0 0 19,000 20,346 16 days to 90 days 57 141,599 - 5,715 0 0 5,000 0 91 days to 1 year 0 158,993 + 508 10 0 . . . . . . Over 1 year to 5 years . . . 179,352 - 1 0 0 . . . . . . Over 5 years to 10 years . . . 46,657 - 2 0 0 . . . . . . Over 10 years . . . 79,969 - 2 0 0 . . . . . . All 121 652,690 + 239 10 0 24,000 20,346 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 16, 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 2 3 7 3 2 4 9 3 5 1 0 9 1 1 2 1 0 9 5 3 3 3 6 1 1 4 7 94 Securities, repurchase agreements, and loans 676,8 2 2 31,5 5 5 303,2 5 1 20,4 0 6 30,5 8 4 50,1 9 5 44,1 0 4 65,9 8 2 20,5 4 2 14,6 1 6 17,5 5 2 25,5 8 2 52,452 Securities held outright 652,7 0 0 31,5 5 5 279,2 4 6 20,4 0 6 30,5 8 4 50,1 9 5 44,0 9 4 65,9 5 6 20,5 3 5 14,5 6 9 17,5 4 1 25,5 7 9 52,441 U.S. Treasury1 652,6 9 0 31,5 5 5 279,2 4 2 20,4 0 6 30,5 8 4 50,1 9 4 44,0 9 3 65,9 5 5 20,5 3 4 14,5 6 9 17,5 4 1 25,5 7 9 52,440 Bills2 239,5 5 0 11,5 8 1 102,4 8 7 7,4 8 9 11,2 2 5 18,4 2 2 16,1 8 3 24,2 0 7 7,5 3 7 5,3 4 7 6,4 3 8 9,3 8 8 19,246 Notes and bonds3 413,1 4 1 19,9 7 4 176,7 5 5 12,9 1 6 19,3 5 9 31,7 7 2 27,9 1 0 41,7 4 8 12,9 9 8 9,2 2 2 11,1 0 3 16,1 9 1 33,193 Federal agency2 1 0 0 4 0 0 1 1 1 0 0 0 0 1 Repurchase agreements4 24,0 0 0 0 24,0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 1 2 1 0 5 0 0 0 1 0 2 7 7 4 7 1 1 3 12 Items in process of collection 9,7 2 3 4 9 4 6 0 1 4 0 9 5 4 4 9 2 1 1,1 3 2 7 7 0 4 5 8 5 5 1 6 9 5 4 0 4 2,744 Bank premises 1,5 8 5 9 1 1 8 6 5 2 1 5 2 1 4 3 2 7 9 1 1 8 4 3 1 2 6 5 4 1 6 6 176 Other assets5 37,6 0 7 1,7 3 4 13,6 2 4 1,1 0 8 2,3 2 6 5,8 7 6 2,1 8 3 3,4 9 1 9 7 0 1,1 1 7 9 0 0 1,0 7 9 3,199 Interdistrict settlement account 0 - 4,1 1 7 +11,6 9 4 - 2,1 8 4 - 3,2 5 1 + 2,2 2 3 - 1,7 6 4 - 6,9 1 1 - 9 9 8 - 7 6 9 - 5 3 6 + 2,8 1 7 + 3,797 Total assets 739,8 4 7 30,4 0 4 334,9 6 8 20,3 0 3 30,9 7 1 60,4 2 2 47,0 7 4 64,7 5 5 21,4 7 0 15,9 2 9 19,0 9 3 30,7 9 9 63,659 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 16, 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 770,01 7 31,7 8 4 332,5 5 6 24,2 2 6 31,0 9 1 58,3 1 7 62,1 6 3 65,4 0 3 23,2 7 6 15,1 5 0 21,2 7 8 35,1 7 1 69,603 Less: notes held by F.R. Banks 109,16 5 4,9 6 2 23,3 7 8 7,5 9 1 4,5 8 6 9,1 3 6 20,0 6 3 8,0 0 4 4,0 2 1 1,3 9 7 4,3 8 7 6,9 1 0 14,729 Federal Reserve notes, net 660,85 1 26,8 2 2 309,1 7 8 16,6 3 4 26,5 0 6 49,1 8 1 42,0 9 9 57,3 9 9 19,2 5 5 13,7 5 3 16,8 9 0 28,2 6 1 54,873 Reverse repurchase agreements1 20,34 6 9 8 4 8,7 0 5 6 3 6 9 5 3 1,5 6 5 1,3 7 5 2,0 5 6 6 4 0 4 5 4 5 4 7 7 9 7 1,635 Deposits 29,60 0 9 5 2 11,5 9 4 2,0 0 8 1,4 0 8 4,6 1 9 1,5 0 1 2,4 5 0 6 6 4 4 5 9 6 0 7 7 5 9 2,581 Depository institutions 23,42 9 9 4 5 5,6 0 1 2,0 0 7 1,4 0 4 4,4 6 8 1,4 9 9 2,4 4 6 6 6 2 4 5 8 6 0 5 7 5 8 2,577 U.S. Treasury, general account 5,72 4 0 5,7 2 4 0 0 0 0 0 0 0 0 0 0 Foreign official 12 8 2 1 0 5 1 3 7 2 3 1 1 1 1 3 Other 31 8 6 1 6 4 0 1 1 4 4 0 1 0 0 1 0 0 Deferred availability cash items 9,40 0 6 2 6 8 8 8 4 2 5 5 7 5 6 8 5 9 5 8 7 9 8 3 5 1 4 8 2 5 6 8 4 9 9 2,545 Other liabilities and accrued dividends2 2,08 0 1 2 0 6 6 0 8 6 1 1 1 2 1 1 1 7 2 2 0 5 9 3 8 4 8 5 1 0 3 151 Total liabilities 722,27 8 29,5 0 2 331,0 2 4 19,7 9 0 29,5 5 2 56,2 6 1 46,1 0 5 62,9 0 9 21,0 0 2 15,2 3 3 18,6 9 6 30,4 1 9 61,784 Capital Capital paid in 8,66 2 4 4 6 1,9 0 0 2 5 2 7 0 6 2,0 9 0 4 7 7 9 1 2 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 1 4 7 5 8 5 8 1 9 9 3 4 0 2 0 1 1 8 6 868 Other capital 52 9 1 9 2 3 4 2 8 1 1 0 1 7 7 7 4 1 9 5 1 1 75 Total liabilities and capital 739,84 7 30,4 0 4 334,9 6 8 20,3 0 3 30,9 7 1 60,4 2 2 47,0 7 4 64,7 5 5 21,4 7 0 15,9 2 9 19,0 9 3 30,7 9 9 63,659 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 16, 2003 Federal Reserve notes outstanding 770,017 Less: Notes held by F.R. Banks not subject to collateralization 104,446 Federal Reserve notes to be collateralized 665,571 Collateral held against Federal Reserve notes 665,571 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 652,331 Other eligible assets 0 Memo: Total U.S. Treasury and agency securities1 676,700 Less: face value of securities under reverse repurchase agreements 20,351 U.S. Treasury and agency securities eligible to be pledged 656,349 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.