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 August 7, 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 Aug 6, 2003 Jul 30, 2003 Aug 7, 2002 Aug 6, 2003 Reserve Bank credit 716,002 + 2,594 + 58,434 711,935 Securities held outright 652,996 + 153 + 52,878 653,034 U.S. Treasury1 652,986 + 153 + 52,878 653,024 Bills2 239,855 + 154 + 37,497 239,892 Notes and bonds, nominal2 398,853 0 + 14,497 398,853 Notes and bonds, inflation-indexed2 12,814 0 + 572 12,814 Inflation compensation3 1,464 - 1 + 313 1,465 Federal agency2 10 0 0 10 Repurchase agreements4 22,500 + 1,643 + 5,107 18,250 Loans to depository institutions 154 + 28 - 30 143 Primary credit 21 + 20 + 21 3 Secondary credit 0 0 0 0 Seasonal credit 133 + 8 - 46 140 Adjustment credit 0 0 - 6 0 Float 496 + 946 + 698 455 Other Federal Reserve assets 39,856 - 176 - 218 40,052 Gold stock 11,043 - 1 + 1 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 35,102 + 14 + 1,056 35,102 Total factors supplying reserve funds 764,347 + 2,608 + 59,491 760,280 Currency in circulation5 694,262 + 1,737 + 33,342 696,091 Reverse repurchase agreements6 18,946 - 970 + 18,946 19,062 Foreign official and international accounts 18,946 - 970 + 18,946 19,062 Dealers 0 0 0 0 Treasury cash holdings 365 + 22 - 12 371 Deposits with F.R. Banks, other than reserve balances 17,398 - 608 + 1,839 18,135 U.S. Treasury, general account 5,639 - 566 + 614 6,400 Foreign official 177 - 82 + 78 141 Service-related 11,287 - 4 + 1,080 11,287 Required clearing balances 10,898 0 + 939 10,898 Adjustments to compensate for float 390 - 4 + 142 390 Other 294 + 43 + 65 307 Other liabilities and capital 19,850 - 378 + 643 19,872 Total factors, other than reserve balances, absorbing reserve funds 750,821 - 197 + 54,757 753,531 Reserve balances with Federal Reserve Banks 13,526 + 2,804 + 4,733 6,749 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 936,578 + 4,824 . . . 935,715 U.S. Treasury 752,600 + 4,490 . . . 753,009 Federal agency 183,978 + 334 . . . 182,707 Securities lent to dealers 2,765 + 709 + 1,488 4,784 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 Aug 6, 2003 Jul 30, 2003 Aug 7, 2002 Assets Gold certificate account 11,039 0 + 1 Special drawing rights certificate account 2,200 0 0 Coin 870 + 1 - 102 Securities, repurchase agreements, and loans 671,427 - 7,830 + 43,915 Securities held outright 653,034 + 168 + 51,702 U.S. Treasury1 653,024 + 168 + 51,702 Bills2 239,892 + 166 + 36,978 Notes and bonds, nominal2 398,853 0 + 13,840 Notes and bonds, inflation-indexed2 12,814 0 + 572 Inflation compensation3 1,465 + 2 + 313 Federal agency2 10 0 0 Repurchase agreements4 18,250 - 8,000 - 7,750 Loans 143 + 2 - 37 Items in process of collection (1,129) 9,337 + 1,494 + 1,776 Bank premises 1,586 0 + 67 Other assets5 38,431 + 54 - 140 Total assets (1,129) 734,891 - 6,281 + 45,517 Liabilities Federal Reserve notes, net of F.R. Bank holdings 662,226 + 1,540 + 32,595 Reverse repurchase agreements6 19,062 - 254 + 19,062 Deposits (0) 25,188 - 7,963 - 7,508 Depository institutions 18,340 - 7,539 - 8,763 U.S. Treasury, general account 6,400 + 226 + 1,084 Foreign official 141 - 711 + 67 Other (0) 307 + 61 + 104 Deferred availability cash items (1,129) 8,543 + 268 + 654 Other liabilities and accrued dividends7 2,125 - 26 - 252 Total liabilities (1,129) 717,144 - 6,434 + 44,551 Capital accounts Capital paid in 8,721 + 2 + 437 Surplus 8,380 + 17 + 1,068 Other capital accounts 646 + 133 - 540 Total capital 17,747 + 153 + 966 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, August 6, 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 37 51,281 + 5,233 0 0 15,250 19,062 16 days to 90 days 106 137,369 - 3,811 0 0 3,000 0 91 days to 1 year 0 161,900 + 2,240 10 0 . . . . . . Over 1 year to 5 years . . . 177,684 - 1,665 0 0 . . . . . . Over 5 years to 10 years . . . 44,824 - 1,830 0 0 . . . . . . Over 10 years . . . 79,966 + 1 0 0 . . . . . . All 143 653,024 + 168 10 0 18,250 19,062 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 August 6, 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 0 3 5 3 0 4 5 3 9 1 0 9 1 1 5 1 0 8 5 6 3 2 5 7 1 5 1 95 Securities, repurchase agreements, and loans 671,4 2 7 31,5 7 1 297,6 3 9 20,4 1 7 30,6 0 0 50,2 2 0 44,1 2 9 66,0 1 9 20,5 6 9 14,6 2 9 17,5 6 4 25,5 9 5 52,475 Securities held outright 653,0 3 4 31,5 7 1 279,3 8 9 20,4 1 7 30,6 0 0 50,2 2 0 44,1 1 6 65,9 8 9 20,5 4 5 14,5 7 7 17,5 5 0 25,5 9 2 52,468 U.S. Treasury1 653,0 2 4 31,5 7 1 279,3 8 5 20,4 1 6 30,5 9 9 50,2 2 0 44,1 1 6 65,9 8 8 20,5 4 5 14,5 7 6 17,5 5 0 25,5 9 2 52,467 Bills2 239,8 9 2 11,5 9 8 102,6 3 3 7,5 0 0 11,2 4 1 18,4 4 8 16,2 0 6 24,2 4 1 7,5 4 7 5,3 5 5 6,4 4 7 9,4 0 1 19,274 Notes and bonds3 413,1 3 2 19,9 7 3 176,7 5 1 12,9 1 6 19,3 5 8 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 18,2 5 0 0 18,2 5 0 0 0 0 0 0 0 0 0 0 0 Loans 1 4 3 0 0 1 0 0 1 3 2 9 2 4 5 2 1 4 3 8 Items in process of collection 10,4 6 6 8 5 0 6 8 8 5 9 2 4 6 5 7 3 0 9 4 6 9 7 7 5 6 8 3 5 5 6 7 7 7 0 1 2,918 Bank premises 1,5 8 6 9 1 1 8 6 5 2 1 5 2 1 4 3 2 7 8 1 1 9 4 3 1 2 6 5 4 1 6 7 176 Other assets5 38,4 3 1 1,7 7 5 13,9 6 6 1,1 3 4 2,3 6 4 5,9 4 2 2,2 4 2 3,5 7 3 9 9 7 1,1 3 4 9 2 2 1,1 1 3 3,270 Interdistrict settlement account 0 - 4,6 1 5 +15,9 3 3 - 2,5 7 1 - 3,7 3 4 - 1,1 1 3 - 7 2 - 7,1 1 8 - 1,3 1 3 - 5 7 4 - 7 5 0 + 2,6 2 8 + 3,300 Total assets 736,0 2 0 30,3 1 7 334,0 2 2 20,1 3 2 30,4 6 6 56,9 8 5 48,6 6 7 64,8 7 1 21,3 2 2 15,9 5 6 18,8 9 3 30,9 5 9 63,430 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 August 6, 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 775,50 2 31,5 0 8 333,1 7 9 25,5 5 1 31,2 7 1 58,3 8 8 63,5 6 9 66,8 3 9 23,4 0 6 15,3 3 0 21,3 7 0 35,3 7 7 69,714 Less: notes held by F.R. Banks 113,27 6 5,0 3 1 22,9 6 2 7,9 8 5 5,0 3 4 10,0 1 3 20,3 1 6 9,2 1 3 4,3 3 8 1,5 8 8 4,6 5 6 7,1 8 2 14,958 Federal Reserve notes, net 662,22 6 26,4 7 6 310,2 1 7 17,5 6 7 26,2 3 7 48,3 7 5 43,2 5 4 57,6 2 7 19,0 6 8 13,7 4 2 16,7 1 4 28,1 9 5 54,756 Reverse repurchase agreements1 19,06 2 9 2 2 8,1 5 5 5 9 6 8 9 3 1,4 6 6 1,2 8 8 1,9 2 6 6 0 0 4 2 5 5 1 2 7 4 7 1,532 Deposits 25,18 8 1,2 0 4 9,9 3 9 7 6 7 1,2 0 5 2,0 7 2 2,0 0 4 2,4 8 3 7 3 9 5 9 5 6 6 6 9 9 5 2,517 Depository institutions 18,34 0 1,1 9 7 3,2 6 1 7 6 6 1,2 0 2 1,9 2 9 2,0 0 2 2,4 7 9 7 3 7 5 9 4 6 6 4 9 9 4 2,513 U.S. Treasury, general account 6,40 0 0 6,4 0 0 0 0 0 0 0 0 0 0 0 0 Foreign official 14 1 2 1 1 7 1 3 7 2 3 1 1 1 1 3 Other 30 7 6 1 6 1 0 0 1 3 6 0 1 1 0 1 1 0 Deferred availability cash items 9,67 2 6 8 6 9 7 7 6 0 0 5 9 4 6 7 7 9 7 2 7 6 5 3 5 2 4 0 7 5 1 6 5 4 0 2,587 Other liabilities and accrued dividends2 2,12 5 1 2 1 6 6 1 8 9 1 1 5 2 1 9 1 7 8 2 1 2 9 4 8 5 8 6 1 0 6 158 Total liabilities 718,27 3 29,4 0 9 329,9 4 8 19,6 1 9 29,0 4 3 52,8 0 9 47,6 9 6 63,0 1 3 20,8 5 3 15,2 5 5 18,4 9 5 30,5 8 3 61,549 Capital Capital paid in 8,72 1 4 4 6 1,9 5 2 2 5 3 7 0 7 2,0 9 2 4 7 7 9 1 5 2 2 8 3 4 8 1 9 2 1 8 3 931 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 64 6 2 6 3 1 4 2 7 1 3 1 1 1 9 8 5 4 2 1 4 6 7 82 Total liabilities and capital 736,02 0 30,3 1 7 334,0 2 2 20,1 3 2 30,4 6 6 56,9 8 5 48,6 6 7 64,8 7 1 21,3 2 2 15,9 5 6 18,8 9 3 30,9 5 9 63,430 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 Aug 6, 2003 Federal Reserve notes outstanding 775,502 Less: Notes held by F.R. Banks not subject to collateralization 108,511 Federal Reserve notes to be collateralized 666,991 Collateral held against Federal Reserve notes 666,991 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 652,217 Other eligible assets 1,534 Memo: Total U.S. Treasury and agency securities1 671,284 Less: face value of securities under reverse repurchase agreements 19,067 U.S. Treasury and agency securities eligible to be pledged 652,217 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.