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 24, 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 23, 2003 Jul 16, 2003 Jul 24, 2002 Jul 23, 2003 Reserve Bank credit 716,729 + 1,237 + 58,066 724,788 Securities held outright 652,764 + 226 + 55,138 652,837 U.S. Treasury1 652,754 + 226 + 55,138 652,827 Bills2 239,616 + 231 + 38,836 239,692 Notes and bonds, nominal2 398,853 0 + 14,918 398,853 Notes and bonds, inflation-indexed2 12,814 0 + 1,026 12,814 Inflation compensation3 1,470 - 5 + 358 1,468 Federal agency2 10 0 0 10 Repurchase agreements4 24,250 + 1,357 + 3,143 32,000 Loans to depository institutions 119 + 5 - 79 118 Primary credit 4 - 2 + 4 1 Secondary credit 0 - 1 0 0 Seasonal credit 115 + 8 - 68 118 Adjustment credit 0 0 - 15 0 Float 52 - 410 + 459 -23 Other Federal Reserve assets 39,545 + 59 - 593 39,855 Gold stock 11,044 0 0 11,044 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 35,022 + 14 + 1,026 35,022 Total factors supplying reserve funds 764,995 + 1,251 + 59,093 773,053 Currency in circulation5 692,628 - 1,809 + 32,943 693,541 Reverse repurchase agreements6 19,677 - 390 + 19,677 19,672 Foreign official and international accounts 19,677 - 390 + 19,677 19,672 Dealers 0 0 0 0 Treasury cash holdings 330 + 3 - 48 339 Deposits with F.R. Banks, other than reserve balances 18,096 + 141 + 2,252 18,014 U.S. Treasury, general account 6,067 - 412 + 756 6,058 Foreign official 124 + 15 + 47 134 Service-related 11,399 + 340 + 1,162 11,399 Required clearing balances 10,862 + 2 + 956 10,862 Adjustments to compensate for float 538 + 339 + 207 538 Other 506 + 199 + 288 423 Other liabilities and capital 20,000 + 122 + 235 20,085 Total factors, other than reserve balances, absorbing reserve funds 750,732 - 1,932 + 55,061 751,650 Reserve balances with Federal Reserve Banks 14,262 + 3,182 + 4,032 21,403 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 936,993 - 4,460 . . . 931,836 U.S. Treasury 753,744 - 3,875 . . . 749,564 Federal agency 183,249 - 585 . . . 182,272 Securities lent to dealers 1,301 + 433 - 776 1,688 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 23, 2003 Jul 16, 2003 Jul 24, 2002 Assets Gold certificate account 11,039 0 0 Special drawing rights certificate account 2,200 0 0 Coin 872 0 - 50 Securities, repurchase agreements, and loans 684,956 + 8,134 + 57,397 Securities held outright 652,837 + 137 + 52,317 U.S. Treasury1 652,827 + 137 + 52,317 Bills2 239,692 + 142 + 36,668 Notes and bonds, nominal2 398,853 0 + 14,760 Notes and bonds, inflation-indexed2 12,814 0 + 572 Inflation compensation3 1,468 - 5 + 317 Federal agency2 10 0 0 Repurchase agreements4 32,000 + 8,000 + 5,250 Loans 118 - 3 - 170 Items in process of collection (1,228) 7,680 - 854 + 789 Bank premises 1,588 + 3 + 66 Other assets5 38,216 + 609 - 503 Total assets (1,228) 746,550 + 7,892 + 57,698 Liabilities Federal Reserve notes, net of F.R. Bank holdings 659,725 - 1,126 + 31,791 Reverse repurchase agreements6 19,672 - 674 + 19,672 Deposits (0) 39,452 + 9,852 + 4,713 Depository institutions 32,837 + 9,408 + 3,488 U.S. Treasury, general account 6,058 + 334 + 973 Foreign official 134 + 6 + 56 Other (0) 423 + 105 + 196 Deferred availability cash items (1,228) 7,617 - 594 + 665 Other liabilities and accrued dividends7 2,138 + 58 - 253 Total liabilities (1,228) 728,603 + 7,514 + 56,586 Capital accounts Capital paid in 8,714 + 52 + 449 Surplus 8,380 + 2 + 1,068 Other capital accounts 852 + 323 - 406 Total capital 17,947 + 378 + 1,113 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 23, 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 102 46,160 + 39 0 0 29,000 19,672 16 days to 90 days 16 140,922 - 677 0 0 3,000 0 91 days to 1 year 0 159,773 + 780 10 0 . . . . . . Over 1 year to 5 years . . . 179,350 - 2 0 0 . . . . . . Over 5 years to 10 years . . . 46,656 - 1 0 0 . . . . . . Over 10 years . . . 79,967 - 2 0 0 . . . . . . All 118 652,827 + 137 10 0 32,000 19,672 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 23, 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 0 4 7 3 7 1 0 8 1 1 3 1 0 7 5 3 3 3 6 0 1 4 8 97 Securities, repurchase agreements, and loans 684,9 5 6 31,5 6 2 311,3 0 5 20,4 1 0 30,5 9 0 50,2 0 5 44,1 1 5 65,9 9 4 20,5 4 7 14,6 2 3 17,5 6 0 25,5 8 7 52,456 Securities held outright 652,8 3 7 31,5 6 2 279,3 0 5 20,4 1 0 30,5 9 0 50,2 0 5 44,1 0 3 65,9 6 9 20,5 3 9 14,5 7 2 17,5 4 5 25,5 8 4 52,452 U.S. Treasury1 652,8 2 7 31,5 6 1 279,3 0 1 20,4 1 0 30,5 9 0 50,2 0 4 44,1 0 2 65,9 6 8 20,5 3 9 14,5 7 2 17,5 4 4 25,5 8 4 52,451 Bills2 239,6 9 2 11,5 8 8 102,5 4 8 7,4 9 4 11,2 3 1 18,4 3 3 16,1 9 3 24,2 2 1 7,5 4 1 5,3 5 0 6,4 4 2 9,3 9 3 19,258 Notes and bonds3 413,1 3 6 19,9 7 3 176,7 5 3 12,9 1 6 19,3 5 9 31,7 7 1 27,9 1 0 41,7 4 7 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 32,0 0 0 0 32,0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 1 1 8 0 0 0 0 0 1 2 2 5 8 5 0 1 6 3 4 Items in process of collection 8,9 0 7 5 4 5 6 1 8 5 8 3 5 0 1 5 9 3 9 1 5 3 8 1 3 9 4 4 4 3 5 9 0 5 5 1 2,793 Bank premises 1,5 8 8 9 1 1 8 6 5 2 1 5 1 1 4 3 2 7 9 1 1 8 4 3 1 2 6 5 4 1 6 8 176 Other assets5 38,2 1 6 1,7 6 5 13,8 3 2 1,1 2 5 2,3 6 1 5,9 6 2 2,2 2 4 3,5 5 3 9 8 8 1,1 3 2 9 1 5 1,0 9 9 3,260 Interdistrict settlement account 0 - 1 6 0 + 6,7 6 7 - 3,0 4 6 - 1,6 6 3 - 5 0 8 - 1 5 5 - 6,0 5 9 - 5 7 2 - 4 1 1 - 2 1 2 + 2,8 7 5 + 3,142 Total assets 747,7 7 7 34,4 5 0 338,3 1 8 19,6 3 6 32,5 6 0 57,4 5 8 48,5 2 0 65,2 8 7 21,8 5 4 16,2 0 0 19,3 3 7 31,0 3 4 63,122 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 23, 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 772,01 0 31,6 5 9 332,0 0 6 24,8 5 4 30,9 2 7 58,1 9 9 63,5 8 3 65,7 1 2 23,5 1 1 15,0 7 5 21,3 7 1 35,2 2 4 69,890 Less: notes held by F.R. Banks 112,28 5 5,0 3 5 23,2 9 7 7,8 2 8 4,8 1 3 9,8 1 4 20,7 7 5 8,5 3 8 4,2 6 9 1,3 6 3 4,5 8 8 6,9 9 5 14,969 Federal Reserve notes, net 659,72 5 26,6 2 4 308,7 0 9 17,0 2 5 26,1 1 4 48,3 8 5 42,8 0 8 57,1 7 4 19,2 4 2 13,7 1 2 16,7 8 3 28,2 2 9 54,921 Reverse repurchase agreements1 19,67 2 9 5 1 8,4 1 6 6 1 5 9 2 2 1,5 1 3 1,3 2 9 1,9 8 8 6 1 9 4 3 9 5 2 9 7 7 1 1,581 Deposits 39,45 2 5,2 1 3 15,5 9 7 8 3 1 3,4 6 3 2,5 1 7 2,3 0 6 3,3 1 7 1,1 6 4 7 7 3 9 9 4 9 6 3 2,314 Depository institutions 32,83 7 5,2 1 1 9,1 3 9 8 2 9 3,4 5 9 2,3 8 3 2,3 0 4 3,3 1 3 1,1 6 2 7 7 2 9 9 2 9 6 2 2,310 U.S. Treasury, general account 6,05 8 0 6,0 5 8 0 0 0 0 0 0 0 0 0 0 Foreign official 13 4 2 1 1 0 1 3 7 2 3 1 1 1 1 3 Other 42 3 0 2 9 0 0 1 1 2 7 0 1 1 0 1 0 0 Deferred availability cash items 8,84 4 6 1 9 8 6 2 5 5 6 5 0 4 5 7 3 9 1 2 7 1 9 2 6 7 4 8 0 5 4 0 5 8 0 2,233 Other liabilities and accrued dividends2 2,13 8 1 2 4 6 7 0 8 9 1 1 2 2 3 1 1 7 5 2 0 9 9 4 8 5 8 5 1 0 5 159 Total liabilities 729,83 1 33,5 3 2 334,2 5 4 19,1 1 6 31,1 1 5 53,2 1 9 47,5 3 0 63,4 0 6 21,3 8 5 15,4 8 9 18,9 3 0 30,6 4 9 61,207 Capital Capital paid in 8,71 4 4 4 6 1,9 5 1 2 5 2 7 0 6 2,0 9 0 4 7 7 9 1 2 2 2 8 3 4 8 1 9 2 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 85 2 3 6 3 0 4 3 5 3 7 7 6 3 8 1 1 2 4 2 2 3 1 5 1 7 116 Total liabilities and capital 747,77 7 34,4 5 0 338,3 1 8 19,6 3 6 32,5 6 0 57,4 5 8 48,5 2 0 65,2 8 7 21,8 5 4 16,2 0 0 19,3 3 7 31,0 3 4 63,122 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 23, 2003 Federal Reserve notes outstanding 772,010 Less: Notes held by F.R. Banks not subject to collateralization 107,559 Federal Reserve notes to be collateralized 664,451 Collateral held against Federal Reserve notes 664,451 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 651,211 Other eligible assets 0 Memo: Total U.S. Treasury and agency securities1 684,837 Less: face value of securities under reverse repurchase agreements 19,677 U.S. Treasury and agency securities eligible to be pledged 665,161 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.