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 21, 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 20, 2003 Aug 13, 2003 Aug 21, 2002 Aug 20, 2003 Reserve Bank credit 726,540 + 14,715 + 67,907 730,577 Securities held outright 653,446 + 374 + 51,297 653,526 U.S. Treasury1 653,436 + 374 + 51,297 653,516 Bills2 240,298 + 371 + 37,279 240,376 Notes and bonds, nominal2 398,853 0 + 13,129 398,853 Notes and bonds, inflation-indexed2 12,814 0 + 572 12,814 Inflation compensation3 1,471 + 4 + 316 1,472 Federal agency2 10 0 0 10 Repurchase agreements4 34,071 + 16,392 + 14,571 39,500 Loans to depository institutions 937 + 792 + 744 262 Primary credit 719 + 712 + 719 105 Secondary credit 66 + 66 + 66 0 Seasonal credit 152 + 14 - 39 157 Adjustment credit 0 0 - 2 0 Float 843 + 247 + 1,151 501 Other Federal Reserve assets 37,243 - 3,091 + 144 36,789 Gold stock 11,043 0 + 1 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 35,163 + 14 + 1,016 35,163 Total factors supplying reserve funds 774,947 + 14,730 + 68,925 778,984 Currency in circulation5 694,700 - 270 + 34,299 695,659 Reverse repurchase agreements6 20,106 + 543 + 20,106 20,344 Foreign official and international accounts 20,106 + 543 + 20,106 20,344 Dealers 0 0 0 0 Treasury cash holdings 355 - 14 - 16 338 Deposits with F.R. Banks, other than reserve balances 17,518 + 313 + 2,630 18,247 U.S. Treasury, general account 5,644 + 33 + 1,257 6,533 Foreign official 238 + 89 + 109 81 Service-related 11,331 + 173 + 1,170 11,331 Required clearing balances 10,912 - 1 + 992 10,912 Adjustments to compensate for float 419 + 174 + 178 419 Other 304 + 17 + 93 301 Other liabilities and capital 20,304 + 114 + 603 19,884 Total factors, other than reserve balances, absorbing reserve funds 752,983 + 685 + 57,621 754,472 Reserve balances with Federal Reserve Banks 21,963 + 14,043 + 11,302 24,512 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 946,182 + 6,398 . . . 945,863 U.S. Treasury 760,488 + 6,951 . . . 759,937 Federal agency 185,695 - 551 . . . 185,925 Securities lent to dealers 4,232 + 2,101 + 3,452 2,196 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 20, 2003 Aug 13, 2003 Aug 21, 2002 Assets Gold certificate account 11,039 0 + 1 Special drawing rights certificate account 2,200 0 0 Coin 897 + 9 - 120 Securities, repurchase agreements, and loans 693,288 + 20,837 + 64,905 Securities held outright 653,526 + 238 + 50,597 U.S. Treasury1 653,516 + 238 + 50,597 Bills2 240,376 + 234 + 37,237 Notes and bonds, nominal2 398,853 0 + 12,471 Notes and bonds, inflation-indexed2 12,814 0 + 572 Inflation compensation3 1,472 + 3 + 316 Federal agency2 10 0 0 Repurchase agreements4 39,500 + 20,500 + 14,250 Loans 262 + 98 + 58 Items in process of collection (1,167) 7,556 - 1,728 + 565 Bank premises 1,590 + 3 + 68 Other assets5 35,154 - 3,651 - 583 Total assets (1,167) 751,724 + 15,469 + 64,836 Liabilities Federal Reserve notes, net of F.R. Bank holdings 661,727 - 287 + 33,540 Reverse repurchase agreements6 20,344 + 1,206 + 20,344 Deposits (0) 42,103 + 14,888 + 9,910 Depository institutions 35,188 + 14,498 + 7,915 U.S. Treasury, general account 6,533 + 813 + 1,904 Foreign official 81 - 444 - 8 Other (0) 301 + 20 + 99 Deferred availability cash items (1,167) 7,667 - 177 + 365 Other liabilities and accrued dividends7 2,162 + 3 - 226 Total liabilities (1,167) 734,003 + 15,633 + 63,932 Capital accounts Capital paid in 8,725 + 1 + 422 Surplus 8,380 0 + 1,068 Other capital accounts 617 - 163 - 586 Total capital 17,722 - 162 + 905 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 20, 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 261 49,409 - 2,742 0 0 32,500 20,344 16 days to 90 days 1 135,851 - 733 0 0 7,000 0 91 days to 1 year 0 160,914 - 1,151 10 0 . . . . . . Over 1 year to 5 years . . . 180,032 + 2,347 0 0 . . . . . . Over 5 years to 10 years . . . 50,383 + 5,558 0 0 . . . . . . Over 10 years . . . 76,928 - 3,039 0 0 . . . . . . All 262 653,516 + 238 10 0 39,500 20,344 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 20, 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 9 7 3 2 3 3 4 8 4 2 1 1 2 1 1 3 1 1 4 6 1 3 2 5 8 1 5 5 98 Securities, repurchase agreements, and loans 693,2 8 8 31,5 9 7 319,1 9 9 20,4 3 2 30,6 2 3 50,2 5 8 44,1 6 3 66,0 7 6 20,5 8 4 14,6 4 5 17,5 8 3 25,6 1 3 52,515 Securities held outright 653,5 2 6 31,5 9 5 279,5 9 9 20,4 3 2 30,6 2 3 50,2 5 8 44,1 5 0 66,0 3 9 20,5 6 1 14,5 8 8 17,5 6 3 25,6 1 1 52,507 U.S. Treasury1 653,5 1 6 31,5 9 5 279,5 9 5 20,4 3 2 30,6 2 2 50,2 5 7 44,1 4 9 66,0 3 8 20,5 6 0 14,5 8 7 17,5 6 3 25,6 1 1 52,506 Bills2 240,3 7 6 11,6 2 1 102,8 4 1 7,5 1 5 11,2 6 3 18,4 8 6 16,2 3 9 24,2 9 0 7,5 6 3 5,3 6 6 6,4 6 0 9,4 2 0 19,313 Notes and bonds3 413,1 4 0 19,9 7 3 176,7 5 4 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 39,5 0 0 0 39,5 0 0 0 0 0 0 0 0 0 0 0 0 Loans 2 6 2 2 1 0 0 0 0 0 1 3 3 7 2 3 5 7 2 0 2 8 Items in process of collection 8,7 2 3 4 0 3 6 9 3 4 2 3 3 6 3 6 4 6 7 7 4 1,0 6 9 3 4 0 4 5 3 5 4 9 4 2 0 2,590 Bank premises 1,5 9 0 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 7 0 176 Other assets5 35,1 5 4 1,6 2 0 12,6 1 8 9 7 0 2,2 0 8 5,6 7 9 2,0 1 9 3,2 4 9 8 9 8 1,0 5 9 8 3 5 9 8 8 3,011 Interdistrict settlement account 0 - 1,4 6 0 + 3,7 0 3 - 1,3 7 7 - 2,0 7 2 + 1,2 7 3 + 1,0 0 3 - 6,2 1 3 - 1,0 4 5 + 3 7 1 - 6 1 5 + 2,5 6 0 + 3,871 Total assets 752,8 9 1 32,8 9 3 342,0 1 2 21,0 1 1 31,8 9 7 59,0 6 5 49,3 7 9 65,6 0 9 21,2 8 2 16,9 3 9 18,8 3 4 30,5 1 3 63,457 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 20, 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 779,56 6 31,5 0 8 332,4 4 7 26,4 5 0 31,8 9 7 58,6 1 8 64,5 4 2 67,1 0 5 23,5 3 1 15,6 5 8 21,5 3 1 35,4 8 0 70,798 Less: notes held by F.R. Banks 117,83 9 5,1 5 6 23,8 9 3 8,0 0 9 5,6 4 8 10,6 8 9 20,4 3 4 9,7 2 0 4,7 2 0 1,6 0 3 4,9 2 5 7,5 9 1 15,452 Federal Reserve notes, net 661,72 7 26,3 5 3 308,5 5 4 18,4 4 0 26,2 4 9 47,9 3 0 44,1 0 8 57,3 8 5 18,8 1 1 14,0 5 5 16,6 0 6 27,8 8 9 55,346 Reverse repurchase agreements1 20,34 4 9 8 4 8,7 0 4 6 3 6 9 5 3 1,5 6 5 1,3 7 4 2,0 5 6 6 4 0 4 5 4 5 4 7 7 9 7 1,635 Deposits 42,10 3 4,0 1 4 18,9 9 6 7 4 8 2,7 3 3 4,5 6 5 1,8 0 1 3,3 7 9 9 5 2 1,0 9 8 7 2 2 8 7 9 2,216 Depository institutions 35,18 8 3,9 8 7 12,2 5 2 7 4 7 2,7 3 0 4,4 4 5 1,7 9 9 3,3 7 5 9 4 6 1,0 9 7 7 2 0 8 7 8 2,212 U.S. Treasury, general account 6,53 3 0 6,5 3 3 0 0 0 0 0 0 0 0 0 0 Foreign official 8 1 2 5 7 1 3 7 2 3 1 1 1 1 3 Other 30 1 2 6 1 5 3 0 1 1 1 2 0 0 6 0 1 1 0 Deferred availability cash items 8,83 4 5 1 4 1,0 3 5 5 8 2 4 2 2 6 0 0 9 4 8 7 1 6 3 1 6 5 4 9 4 7 4 4 5 8 2,219 Other liabilities and accrued dividends2 2,16 2 1 2 6 6 7 5 9 1 1 1 5 2 1 9 1 7 5 2 1 9 9 5 8 5 8 6 1 1 0 165 Total liabilities 735,17 0 31,9 9 0 337,9 6 4 20,4 9 7 30,4 7 3 54,8 7 8 48,4 0 7 63,7 5 5 20,8 1 5 16,2 4 1 18,4 3 5 30,1 3 3 61,581 Capital Capital paid in 8,72 5 4 4 6 1,9 5 2 2 5 3 7 1 0 2,0 8 9 4 7 7 9 1 5 2 2 8 3 4 8 1 9 3 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 61 7 2 1 2 8 8 2 9 1 1 2 5 2 0 8 1 4 0 1 0 6 1 0 77 Total liabilities and capital 752,89 1 32,8 9 3 342,0 1 2 21,0 1 1 31,8 9 7 59,0 6 5 49,3 7 9 65,6 0 9 21,2 8 2 16,9 3 9 18,8 3 4 30,5 1 3 63,457 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 20, 2003 Federal Reserve notes outstanding 779,566 Less: Notes held by F.R. Banks not subject to collateralization 113,140 Federal Reserve notes to be collateralized 666,426 Collateral held against Federal Reserve notes 666,426 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 653,187 Other eligible assets 0 Memo: Total U.S. Treasury and agency securities1 693,026 Less: face value of securities under reverse repurchase agreements 20,349 U.S. Treasury and agency securities eligible to be pledged 672,677 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.