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 28, 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 27, 2003 Aug 20, 2003 Aug 28, 2002 Aug 27, 2003 Reserve Bank credit 715,426 - 11,116 + 59,803 718,966 Securities held outright 653,644 + 198 + 49,864 653,681 U.S. Treasury1 653,634 + 198 + 49,864 653,671 Bills2 240,492 + 194 + 36,866 240,528 Notes and bonds, nominal2 398,853 0 + 12,108 398,853 Notes and bonds, inflation-indexed2 12,814 0 + 572 12,814 Inflation compensation3 1,474 + 3 + 318 1,476 Federal agency2 10 0 0 10 Repurchase agreements4 24,607 - 9,464 + 11,143 29,000 Loans to depository institutions 157 - 780 - 824 161 Primary credit 1 - 718 + 1 2 Secondary credit 0 - 66 0 0 Seasonal credit 156 + 4 - 42 159 Adjustment credit 0 0 - 783 0 Float 183 - 661 + 231 -434 Other Federal Reserve assets 36,834 - 409 - 613 36,558 Gold stock 11,043 0 + 1 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 35,177 + 14 + 980 35,177 Total factors supplying reserve funds 763,846 - 11,102 + 60,784 767,386 Currency in circulation5 694,728 + 28 + 34,710 697,377 Reverse repurchase agreements6 19,223 - 883 + 19,223 19,119 Foreign official and international accounts 19,223 - 883 + 19,223 19,119 Dealers 0 0 0 0 Treasury cash holdings 338 - 17 - 31 335 Deposits with F.R. Banks, other than reserve balances 17,613 + 95 + 1,174 17,050 U.S. Treasury, general account 5,974 + 330 - 39 5,441 Foreign official 86 - 152 + 8 81 Service-related 11,246 - 85 + 1,102 11,246 Required clearing balances 10,910 - 2 + 988 10,910 Adjustments to compensate for float 337 - 82 + 115 337 Other 306 + 2 + 103 282 Other liabilities and capital 19,997 - 307 + 703 19,912 Total factors, other than reserve balances, absorbing reserve funds 751,899 - 1,084 + 55,780 753,792 Reserve balances with Federal Reserve Banks 11,947 - 10,018 + 5,004 13,594 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 948,750 + 2,568 . . . 949,401 U.S. Treasury 761,768 + 1,280 . . . 761,587 Federal agency 186,982 + 1,287 . . . 187,814 Securities lent to dealers 1,629 - 2,603 + 1,208 2,346 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 27, 2003 Aug 20, 2003 Aug 28, 2002 Assets Gold certificate account 11,039 0 + 1 Special drawing rights certificate account 2,200 0 0 Coin 887 - 10 - 134 Securities, repurchase agreements, and loans 682,842 - 10,446 + 62,242 Securities held outright 653,681 + 155 + 49,270 U.S. Treasury1 653,671 + 155 + 49,270 Bills2 240,528 + 152 + 36,756 Notes and bonds, nominal2 398,853 0 + 11,624 Notes and bonds, inflation-indexed2 12,814 0 + 572 Inflation compensation3 1,476 + 4 + 319 Federal agency2 10 0 0 Repurchase agreements4 29,000 - 10,500 + 13,000 Loans 161 - 101 - 28 Items in process of collection (1,104) 7,586 + 30 + 960 Bank premises 1,590 0 + 68 Other assets5 35,389 + 235 - 867 Total assets (1,104) 741,534 - 10,190 + 62,271 Liabilities Federal Reserve notes, net of F.R. Bank holdings 663,418 + 1,691 + 33,686 Reverse repurchase agreements6 19,119 - 1,225 + 19,119 Deposits (0) 31,731 - 10,372 + 8,515 Depository institutions 25,927 - 9,261 + 8,078 U.S. Treasury, general account 5,441 - 1,092 + 350 Foreign official 81 0 + 4 Other (0) 282 - 19 + 83 Deferred availability cash items (1,104) 7,355 - 312 + 405 Other liabilities and accrued dividends7 2,204 + 42 - 188 Total liabilities (1,104) 723,825 - 10,178 + 61,535 Capital accounts Capital paid in 8,748 + 23 + 500 Surplus 8,380 0 + 1,068 Other capital accounts 580 - 37 - 833 Total capital 17,708 - 14 + 735 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 27, 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 138 50,191 + 782 0 0 24,000 19,119 16 days to 90 days 23 135,304 - 547 0 0 5,000 0 91 days to 1 year 0 160,830 - 84 10 0 . . . . . . Over 1 year to 5 years . . . 180,033 + 1 0 0 . . . . . . Over 5 years to 10 years . . . 50,384 + 1 0 0 . . . . . . Over 10 years . . . 76,929 + 1 0 0 . . . . . . All 161 653,671 + 155 10 0 29,000 19,119 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 27, 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 8 7 3 1 3 5 4 8 3 9 1 0 8 1 1 3 1 1 0 6 0 3 1 5 5 1 5 5 103 Securities, repurchase agreements, and loans 682,8 4 2 31,6 0 3 308,6 6 6 20,4 3 7 30,6 3 0 50,2 7 1 44,1 7 3 66,0 9 1 20,5 9 2 14,6 4 4 17,5 8 9 25,6 2 0 52,527 Securities held outright 653,6 8 1 31,6 0 3 279,6 6 6 20,4 3 7 30,6 3 0 50,2 7 0 44,1 6 0 66,0 5 5 20,5 6 6 14,5 9 1 17,5 6 7 25,6 1 8 52,520 U.S. Treasury1 653,6 7 1 31,6 0 2 279,6 6 2 20,4 3 6 30,6 2 9 50,2 6 9 44,1 5 9 66,0 5 4 20,5 6 5 14,5 9 1 17,5 6 7 25,6 1 7 52,519 Bills2 240,5 2 8 11,6 2 8 102,9 0 6 7,5 2 0 11,2 7 1 18,4 9 7 16,2 4 9 24,3 0 5 7,5 6 7 5,3 6 9 6,4 6 4 9,4 2 6 19,325 Notes and bonds3 413,1 4 3 19,9 7 4 176,7 5 6 12,9 1 7 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 33,194 Federal agency2 1 0 0 4 0 0 1 1 1 0 0 0 0 1 Repurchase agreements4 29,0 0 0 0 29,0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 1 6 1 0 0 0 0 1 1 3 3 6 2 6 5 3 2 2 3 7 Items in process of collection 8,6 9 0 4 6 7 6 2 1 3 0 2 5 5 7 4 8 1 6 8 0 8 6 9 3 5 5 4 8 0 5 7 0 5 2 5 2,785 Bank premises 1,5 9 0 9 1 1 8 7 5 2 1 5 2 1 4 2 2 7 7 1 1 9 4 3 1 2 6 5 4 1 7 0 176 Other assets5 35,3 8 9 1,6 3 0 12,7 5 8 9 7 6 2,2 1 6 5,6 6 2 2,0 4 0 3,2 7 2 9 0 6 1,0 6 0 8 4 1 9 9 9 3,027 Interdistrict settlement account 0 - 4,4 1 4 + 6,7 0 4 - 7 0 - 3,3 4 5 + 2,4 1 4 + 8 9 0 - 7,1 9 9 - 1,2 0 7 - 1 6 6 - 6 4 9 + 2,4 4 2 + 4,599 Total assets 742,6 3 8 30,0 1 8 334,5 5 1 22,2 0 8 30,8 3 0 60,0 3 3 49,2 0 2 64,4 5 7 21,1 5 0 16,4 2 9 18,8 3 1 30,5 1 5 64,414 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 27, 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 780,87 8 31,5 4 3 332,2 7 3 27,1 8 3 31,9 2 0 58,5 3 5 64,3 5 3 67,1 8 4 23,6 7 6 15,8 2 3 21,4 7 3 35,4 4 9 71,466 Less: notes held by F.R. Banks 117,46 0 5,0 8 5 24,2 0 9 8,0 0 1 5,5 5 3 10,3 8 1 20,4 6 7 9,6 5 3 4,7 5 6 1,5 7 2 4,8 1 1 7,4 9 1 15,482 Federal Reserve notes, net 663,41 8 26,4 5 8 308,0 6 4 19,1 8 2 26,3 6 7 48,1 5 5 43,8 8 6 57,5 3 1 18,9 2 0 14,2 5 1 16,6 6 2 27,9 5 7 55,984 Reverse repurchase agreements1 19,11 9 9 2 4 8,1 8 0 5 9 8 8 9 6 1,4 7 0 1,2 9 2 1,9 3 2 6 0 1 4 2 7 5 1 4 7 4 9 1,536 Deposits 31,73 1 1,1 0 2 12,6 1 5 1,3 0 8 1,5 4 7 5,4 3 6 1,9 6 4 2,2 3 6 7 8 1 5 6 8 7 0 1 8 7 2 2,602 Depository institutions 25,92 7 1,0 9 5 6,9 6 1 1,3 0 7 1,5 4 3 5,3 1 7 1,9 6 2 2,2 3 2 7 7 4 5 6 7 6 9 9 8 7 1 2,599 U.S. Treasury, general account 5,44 1 0 5,4 4 1 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 28 2 5 1 5 6 0 1 1 1 1 0 1 6 0 1 0 0 Deferred availability cash items 8,45 9 5 0 7 9 0 8 5 1 6 4 8 3 5 9 0 9 0 9 6 8 3 2 9 3 4 0 5 4 6 9 4 4 6 2,250 Other liabilities and accrued dividends2 2,20 4 1 2 6 6 8 3 9 1 1 1 9 2 3 5 1 7 9 2 2 0 9 7 8 3 8 9 1 1 1 169 Total liabilities 724,93 0 29,1 1 7 330,4 4 9 21,6 9 5 29,4 1 2 55,8 8 6 48,2 3 1 62,6 0 2 20,6 9 2 15,7 3 3 18,4 3 5 30,1 3 5 62,542 Capital Capital paid in 8,74 8 4 4 6 1,9 9 8 2 5 3 7 0 2 2,0 7 2 4 7 8 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 58 0 1 8 2 9 4 2 7 1 3 2 1 7 8 2 3 2 9 2 1 1 74 Total liabilities and capital 742,63 8 30,0 1 8 334,5 5 1 22,2 0 8 30,8 3 0 60,0 3 3 49,2 0 2 64,4 5 7 21,1 5 0 16,4 2 9 18,8 3 1 30,5 1 5 64,414 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 27, 2003 Federal Reserve notes outstanding 780,878 Less: Notes held by F.R. Banks not subject to collateralization 112,697 Federal Reserve notes to be collateralized 668,181 Collateral held against Federal Reserve notes 668,181 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 654,942 Other eligible assets 0 Memo: Total U.S. Treasury and agency securities1 682,681 Less: face value of securities under reverse repurchase agreements 19,124 U.S. Treasury and agency securities eligible to be pledged 663,558 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.