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 31, 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 30, 2003 Jul 23, 2003 Jul 31, 2002 Jul 30, 2003 Reserve Bank credit 713,408 - 3,314 + 57,913 718,092 Securities held outright 652,843 + 79 + 52,691 652,866 U.S. Treasury1 652,833 + 79 + 52,691 652,856 Bills2 239,701 + 85 + 37,045 239,726 Notes and bonds, nominal2 398,853 0 + 14,760 398,853 Notes and bonds, inflation-indexed2 12,814 0 + 572 12,814 Inflation compensation3 1,465 - 5 + 314 1,463 Federal agency2 10 0 0 10 Repurchase agreements4 20,857 - 3,393 + 5,428 26,250 Loans to depository institutions 126 + 7 - 77 141 Primary credit 1 - 3 + 1 5 Secondary credit 0 0 0 0 Seasonal credit 125 + 10 - 55 137 Adjustment credit 0 0 - 23 0 Float -450 - 495 + 39 -1,160 Other Federal Reserve assets 40,032 + 487 - 168 39,995 Gold stock 11,044 0 0 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 35,088 + 14 + 1,093 35,088 Total factors supplying reserve funds 761,739 - 3,301 + 59,005 766,423 Currency in circulation5 692,525 - 155 + 32,935 694,545 Reverse repurchase agreements6 19,916 + 239 + 19,916 19,316 Foreign official and international accounts 19,916 + 239 + 19,916 19,316 Dealers 0 0 0 0 Treasury cash holdings 343 + 13 - 38 364 Deposits with F.R. Banks, other than reserve balances 18,006 - 90 + 1,696 18,563 U.S. Treasury, general account 6,205 + 138 + 426 6,174 Foreign official 259 + 135 + 165 852 Service-related 11,291 - 108 + 1,071 11,291 Required clearing balances 10,897 + 35 + 936 10,898 Adjustments to compensate for float 394 - 144 + 135 394 Other 251 - 255 + 35 246 Other liabilities and capital 20,228 + 228 + 1,027 19,745 Total factors, other than reserve balances, absorbing reserve funds 751,018 + 234 + 55,537 752,533 Reserve balances with Federal Reserve Banks 10,722 - 3,534 + 3,469 13,891 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 931,754 - 5,239 . . . 930,019 U.S. Treasury 748,110 - 5,634 . . . 746,813 Federal agency 183,644 + 395 . . . 183,207 Securities lent to dealers 2,056 + 755 - 147 2,534 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 30, 2003 Jul 23, 2003 Jul 31, 2002 Assets Gold certificate account 11,039 0 + 1 Special drawing rights certificate account 2,200 0 0 Coin 869 - 3 - 78 Securities, repurchase agreements, and loans 679,257 - 5,699 + 59,106 Securities held outright 652,866 + 29 + 52,401 U.S. Treasury1 652,856 + 29 + 52,401 Bills2 239,726 + 34 + 36,757 Notes and bonds, nominal2 398,853 0 + 14,760 Notes and bonds, inflation-indexed2 12,814 0 + 572 Inflation compensation3 1,463 - 5 + 312 Federal agency2 10 0 0 Repurchase agreements4 26,250 - 5,750 + 6,750 Loans 141 + 23 - 45 Items in process of collection (1,264) 7,843 + 163 + 1,345 Bank premises 1,586 - 2 + 67 Other assets5 38,377 + 161 + 184 Total assets (1,264) 741,172 - 5,378 + 60,626 Liabilities Federal Reserve notes, net of F.R. Bank holdings 660,686 + 961 + 32,218 Reverse repurchase agreements6 19,316 - 356 + 19,316 Deposits (0) 33,151 - 6,301 + 7,326 Depository institutions 25,879 - 6,958 + 6,696 U.S. Treasury, general account 6,174 + 116 - 68 Foreign official 852 + 718 + 688 Other (0) 246 - 177 + 10 Deferred availability cash items (1,264) 8,275 + 658 + 962 Other liabilities and accrued dividends7 2,151 + 13 - 212 Total liabilities (1,264) 723,578 - 5,025 + 59,609 Capital accounts Capital paid in 8,719 + 5 + 453 Surplus 8,363 - 17 + 1,051 Other capital accounts 513 - 339 - 486 Total capital 17,594 - 353 + 1,017 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 30, 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 116 46,048 - 112 0 0 24,250 19,316 16 days to 90 days 25 141,180 + 258 0 0 2,000 0 91 days to 1 year 0 159,660 - 113 10 0 . . . . . . Over 1 year to 5 years . . . 179,349 - 1 0 0 . . . . . . Over 5 years to 10 years . . . 46,654 - 2 0 0 . . . . . . Over 10 years . . . 79,965 - 2 0 0 . . . . . . All 141 652,856 + 29 10 0 26,250 19,316 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 30, 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 6 9 3 5 3 0 4 6 3 8 1 0 9 1 1 5 1 0 8 5 3 3 2 5 6 1 5 0 98 Securities, repurchase agreements, and loans 679,2 5 7 31,5 6 3 305,5 6 8 20,4 1 1 30,5 9 2 50,2 0 7 44,1 2 0 65,9 9 9 20,5 6 5 14,6 2 3 17,5 6 2 25,5 8 9 52,458 Securities held outright 652,8 6 6 31,5 6 3 279,3 1 7 20,4 1 1 30,5 9 2 50,2 0 7 44,1 0 5 65,9 7 2 20,5 4 0 14,5 7 3 17,5 4 5 25,5 8 6 52,454 U.S. Treasury1 652,8 5 6 31,5 6 3 279,3 1 3 20,4 1 1 30,5 9 1 50,2 0 7 44,1 0 4 65,9 7 1 20,5 4 0 14,5 7 3 17,5 4 5 25,5 8 5 52,453 Bills2 239,7 2 6 11,5 9 0 102,5 6 2 7,4 9 5 11,2 3 3 18,4 3 6 16,1 9 5 24,2 2 4 7,5 4 2 5,3 5 1 6,4 4 2 9,3 9 5 19,261 Notes and bonds3 413,1 3 0 19,9 7 3 176,7 5 0 12,9 1 6 19,3 5 8 31,7 7 1 27,9 0 9 41,7 4 7 12,9 9 8 9,2 2 2 11,1 0 3 16,1 9 0 33,193 Federal agency2 1 0 0 4 0 0 1 1 1 0 0 0 0 1 Repurchase agreements4 26,2 5 0 0 26,2 5 0 0 0 0 0 0 0 0 0 0 0 Loans 1 4 1 0 1 0 0 0 1 5 2 6 2 5 5 0 1 7 3 4 Items in process of collection 9,1 0 7 6 9 4 6 8 7 3 9 1 4 2 5 6 9 9 7 7 0 6 2 6 4 1 3 5 9 1 6 3 6 4 3 3 2,740 Bank premises 1,5 8 6 9 1 1 8 6 5 2 1 5 2 1 4 2 2 7 9 1 1 9 4 3 1 2 6 5 4 1 6 8 176 Other assets5 38,3 7 7 1,7 7 5 13,9 4 4 1,1 3 2 2,3 6 1 5,9 3 3 2,2 4 0 3,5 6 8 9 9 4 1,1 3 2 9 2 1 1,1 1 0 3,268 Interdistrict settlement account 0 - 4,5 4 9 +13,6 7 4 - 8 7 5 - 3,7 3 8 - 2 3 2 - 5 5 7 - 6,4 6 1 - 1,2 9 9 - 7 5 8 - 8 0 9 + 2,7 1 3 + 2,890 Total assets 742,4 3 6 30,2 1 9 339,6 6 9 21,6 2 2 30,4 1 0 57,8 1 3 47,9 9 5 65,1 5 2 21,1 7 1 16,0 0 0 18,7 8 9 30,7 6 7 62,828 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 30, 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 774,09 5 31,5 7 7 332,6 0 1 25,4 0 2 31,1 5 9 58,3 2 4 63,6 0 4 66,4 3 3 23,4 6 0 15,0 8 6 21,3 1 1 35,3 8 7 69,753 Less: notes held by F.R. Banks 113,40 9 5,0 9 4 22,7 2 1 7,9 3 3 4,9 7 1 9,8 9 4 20,8 6 6 9,0 7 0 4,4 0 3 1,3 7 7 4,7 1 4 7,2 2 8 15,138 Federal Reserve notes, net 660,68 6 26,4 8 2 309,8 8 0 17,4 6 9 26,1 8 7 48,4 3 0 42,7 3 8 57,3 6 4 19,0 5 7 13,7 0 8 16,5 9 7 28,1 5 9 54,615 Reverse repurchase agreements1 19,31 6 9 3 4 8,2 6 4 6 0 4 9 0 5 1,4 8 5 1,3 0 5 1,9 5 2 6 0 8 4 3 1 5 1 9 7 5 7 1,552 Deposits 33,15 1 1,0 1 4 15,9 8 0 2,3 7 6 1,1 5 9 2,9 0 9 1,8 3 3 3,0 5 1 6 8 6 5 2 0 6 3 9 8 0 9 2,173 Depository institutions 25,87 9 1,0 1 2 8,8 2 4 2,3 7 5 1,1 5 6 2,8 1 7 1,8 3 1 3,0 4 8 6 8 4 5 1 9 6 3 7 8 0 8 2,170 U.S. Treasury, general account 6,17 4 0 6,1 7 4 0 0 0 0 0 0 0 0 0 0 Foreign official 85 2 2 8 2 9 1 3 7 2 3 1 1 1 1 3 Other 24 6 1 1 5 3 0 1 8 5 0 1 1 0 1 1 0 Deferred availability cash items 9,53 9 7 6 6 8 4 6 5 7 1 6 3 6 6 1 4 9 7 6 7 3 3 2 6 5 5 6 3 5 5 3 5 5 7 2,460 Other liabilities and accrued dividends2 2,15 1 1 2 4 6 7 2 9 0 1 1 5 2 2 7 1 7 8 2 0 9 9 9 8 4 8 7 1 0 6 161 Total liabilities 724,84 2 29,3 2 1 335,6 4 1 21,1 1 0 29,0 0 3 53,6 6 5 47,0 3 0 63,3 0 9 20,7 1 4 15,3 0 6 18,3 9 4 30,3 8 7 60,961 Capital Capital paid in 8,71 9 4 4 6 1,9 5 2 2 5 2 7 0 7 2,0 9 1 4 7 7 9 1 4 2 2 8 3 4 8 1 9 1 1 8 3 931 Surplus 8,36 3 4 3 6 1,8 0 9 2 3 3 7 0 1 2,0 5 7 4 7 5 8 5 8 1 9 9 3 4 0 2 0 1 1 8 6 868 Other capital 51 3 1 6 2 6 8 2 6 0 0 1 3 7 1 3 0 6 3 1 1 68 Total liabilities and capital 742,43 6 30,2 1 9 339,6 6 9 21,6 2 2 30,4 1 0 57,8 1 3 47,9 9 5 65,1 5 2 21,1 7 1 16,0 0 0 18,7 8 9 30,7 6 7 62,828 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 30, 2003 Federal Reserve notes outstanding 774,095 Less: Notes held by F.R. Banks not subject to collateralization 108,713 Federal Reserve notes to be collateralized 665,381 Collateral held against Federal Reserve notes 665,381 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 652,142 Other eligible assets 0 Memo: Total U.S. Treasury and agency securities1 679,116 Less: face value of securities under reverse repurchase agreements 19,321 U.S. Treasury and agency securities eligible to be pledged 659,795 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.