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 September 4, 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 Sep 3, 2003 Aug 27, 2003 Sep 4, 2002 Sep 3, 2003 Reserve Bank credit 725,331 + 9,905 + 60,220 726,579 Securities held outright 653,881 + 237 + 50,788 653,941 U.S. Treasury1 653,871 + 237 + 50,788 653,931 Bills2 240,726 + 234 + 38,273 240,785 Notes and bonds, nominal2 398,853 0 + 11,624 398,853 Notes and bonds, inflation-indexed2 12,814 0 + 572 12,814 Inflation compensation3 1,478 + 4 + 320 1,479 Federal agency2 10 0 0 10 Repurchase agreements4 34,429 + 9,822 + 10,608 33,250 Loans to depository institutions 166 + 9 - 104 180 Primary credit 9 + 8 + 9 27 Secondary credit 0 0 0 0 Seasonal credit 157 + 1 - 20 153 Adjustment credit 0 0 - 93 0 Float -467 - 650 - 578 2,018 Other Federal Reserve assets 37,323 + 489 - 493 37,189 Gold stock 11,043 0 + 1 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 35,191 + 14 + 944 35,191 Total factors supplying reserve funds 773,765 + 9,919 + 61,164 775,013 Currency in circulation5 700,065 + 5,337 + 35,736 701,211 Reverse repurchase agreements6 20,022 + 799 + 20,022 18,757 Foreign official and international accounts 20,022 + 799 + 20,022 18,757 Dealers 0 0 0 0 Treasury cash holdings 335 - 3 - 26 338 Deposits with F.R. Banks, other than reserve balances 16,788 - 825 + 1,511 16,905 U.S. Treasury, general account 4,843 - 1,131 + 48 4,525 Foreign official 248 + 162 + 154 686 Service-related 11,453 + 207 + 1,269 11,453 Required clearing balances 10,910 0 + 989 10,910 Adjustments to compensate for float 543 + 206 + 280 543 Other 244 - 62 + 39 240 Other liabilities and capital 20,194 + 197 + 637 20,080 Total factors, other than reserve balances, absorbing reserve funds 757,405 + 5,506 + 57,881 757,290 Reserve balances with Federal Reserve Banks 16,361 + 4,414 + 3,285 17,722 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 953,188 + 4,438 . . . 961,027 U.S. Treasury 766,604 + 4,836 . . . 772,567 Federal agency 186,584 - 398 . . . 188,460 Securities lent to dealers 2,500 + 871 + 2,354 2,201 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 Sep 3, 2003 Aug 27, 2003 Sep 4, 2002 Assets Gold certificate account 11,039 0 + 1 Special drawing rights certificate account 2,200 0 0 Coin 858 - 29 - 162 Securities, repurchase agreements, and loans 687,371 + 4,529 + 58,463 Securities held outright 653,941 + 260 + 50,244 U.S. Treasury1 653,931 + 260 + 50,244 Bills2 240,785 + 257 + 37,730 Notes and bonds, nominal2 398,853 0 + 11,624 Notes and bonds, inflation-indexed2 12,814 0 + 572 Inflation compensation3 1,479 + 3 + 319 Federal agency2 10 0 0 Repurchase agreements4 33,250 + 4,250 + 8,250 Loans 180 + 19 - 31 Items in process of collection (892) 12,854 + 5,268 - 359 Bank premises 1,589 - 1 + 69 Other assets5 35,449 + 60 - 681 Total assets (892) 751,360 + 9,826 + 57,331 Liabilities Federal Reserve notes, net of F.R. Bank holdings 667,212 + 3,794 + 34,224 Reverse repurchase agreements6 18,757 - 362 + 18,757 Deposits (0) 34,317 + 2,586 + 3,695 Depository institutions 28,866 + 2,939 + 3,198 U.S. Treasury, general account 4,525 - 916 - 76 Foreign official 686 + 605 + 558 Other (0) 240 - 42 + 17 Deferred availability cash items (892) 10,994 + 3,639 - 48 Other liabilities and accrued dividends7 2,195 - 9 - 210 Total liabilities (892) 733,475 + 9,650 + 56,418 Capital accounts Capital paid in 8,752 + 4 + 504 Surplus 8,380 0 + 1,068 Other capital accounts 752 + 172 - 661 Total capital 17,885 + 177 + 913 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, September 3, 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 35 45,481 - 4,710 0 0 29,250 18,757 16 days to 90 days 145 140,939 + 5,635 0 0 4,000 0 91 days to 1 year 0 162,179 + 1,349 10 0 . . . . . . Over 1 year to 5 years . . . 178,017 - 2,016 0 0 . . . . . . Over 5 years to 10 years . . . 50,385 + 1 0 0 . . . . . . Over 10 years . . . 76,931 + 2 0 0 . . . . . . All 180 653,931 + 260 10 0 33,250 18,757 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 September 3, 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 5 8 3 0 3 1 4 7 3 6 1 0 6 1 0 9 1 0 5 5 8 2 9 5 2 1 5 4 101 Securities, repurchase agreements, and loans 687,3 7 1 31,6 1 6 313,0 2 7 20,4 5 0 30,6 4 2 50,3 0 5 44,1 9 0 66,1 1 7 20,6 0 1 14,6 4 5 17,5 9 4 25,6 3 0 52,553 Securities held outright 653,9 4 1 31,6 1 5 279,7 7 7 20,4 4 5 30,6 4 2 50,2 9 0 44,1 7 8 66,0 8 1 20,5 7 4 14,5 9 7 17,5 7 4 25,6 2 8 52,540 U.S. Treasury1 653,9 3 1 31,6 1 5 279,7 7 3 20,4 4 5 30,6 4 2 50,2 8 9 44,1 7 7 66,0 8 0 20,5 7 4 14,5 9 7 17,5 7 4 25,6 2 7 52,540 Bills2 240,7 8 5 11,6 4 1 103,0 1 5 7,5 2 8 11,2 8 3 18,5 1 7 16,2 6 6 24,3 3 1 7,5 7 5 5,3 7 5 6,4 7 1 9,4 3 6 19,346 Notes and bonds3 413,1 4 7 19,9 7 4 176,7 5 7 12,9 1 7 19,3 5 9 31,7 7 2 27,9 1 1 41,7 4 9 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 33,2 5 0 0 33,2 5 0 0 0 0 0 0 0 0 0 0 0 Loans 1 8 0 1 0 6 0 1 5 1 2 3 6 2 7 4 8 2 0 3 13 Items in process of collection 13,7 4 6 1,2 2 7 8 7 1 6 5 6 7 2 3 1,0 9 1 1,0 5 8 1,5 0 6 6 8 0 5 7 5 9 0 2 6 7 7 3,780 Bank premises 1,5 8 9 9 1 1 8 7 5 2 1 5 1 1 4 2 2 7 8 1 1 9 4 3 1 2 6 5 4 1 7 0 176 Other assets5 35,4 4 9 1,6 2 6 12,7 5 0 1,0 5 0 2,2 2 3 5,6 6 5 2,0 4 4 3,2 7 5 8 9 5 1,0 5 8 8 4 0 9 9 8 3,025 Interdistrict settlement account 0 - 5 8 - 4 5 1 - 7 8 - 2,2 2 0 - 7 4 + 1,2 2 7 - 5,3 7 4 - 1,2 7 7 + 6 1 - 6 3 8 + 2,7 5 8 + 6,125 Total assets 752,2 5 2 35,1 4 2 331,9 9 4 22,6 3 9 32,1 3 6 58,1 9 1 49,9 3 5 66,9 4 2 21,4 0 2 16,7 4 8 19,1 7 3 30,9 9 2 66,957 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 September 3, 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 781,72 4 31,5 2 2 332,0 0 8 27,2 3 3 32,0 7 0 58,6 5 3 64,2 5 7 67,1 6 4 23,6 5 0 15,8 7 6 21,4 3 9 35,4 3 3 72,418 Less: notes held by F.R. Banks 114,51 2 4,9 2 5 23,8 9 0 8,0 1 7 5,2 8 7 10,1 5 1 20,1 3 8 9,1 4 0 4,5 6 9 1,5 2 8 4,7 5 6 7,2 0 5 14,906 Federal Reserve notes, net 667,21 2 26,5 9 7 308,1 1 9 19,2 1 6 26,7 8 3 48,5 0 3 44,1 1 8 58,0 2 5 19,0 8 0 14,3 4 7 16,6 8 3 28,2 2 8 57,512 Reverse repurchase agreements1 18,75 7 9 0 7 8,0 2 5 5 8 6 8 7 9 1,4 4 3 1,2 6 7 1,8 9 5 5 9 0 4 1 9 5 0 4 7 3 5 1,507 Deposits 34,31 7 5,7 6 3 9,8 5 4 1,5 4 4 2,1 8 4 2,9 0 3 2,1 4 1 3,9 6 8 7 7 7 7 1 1 9 5 4 9 4 1 2,578 Depository institutions 28,86 6 5,7 5 2 4,5 5 3 1,5 4 3 2,1 8 1 2,7 8 6 2,1 3 9 3,9 6 2 7 7 3 7 1 0 9 5 2 9 4 0 2,575 U.S. Treasury, general account 4,52 5 0 4,5 2 5 0 0 0 0 0 0 0 0 0 0 Foreign official 68 6 2 6 6 2 1 3 7 2 3 1 1 1 1 3 Other 24 0 9 1 1 4 0 0 1 0 9 0 3 3 0 1 0 0 Deferred availability cash items 11,88 6 8 4 2 1,1 5 0 6 8 7 7 3 8 9 3 5 1,2 4 8 9 6 7 3 9 3 4 8 1 5 4 3 5 9 8 3,304 Other liabilities and accrued dividends2 2,19 5 1 2 5 6 7 7 9 2 1 2 5 2 3 0 1 8 0 2 1 9 9 9 8 5 8 7 1 0 9 167 Total liabilities 734,36 7 34,2 3 4 327,8 2 5 22,1 2 5 30,7 0 9 54,0 1 3 48,9 5 4 65,0 7 5 20,9 4 0 16,0 4 4 18,7 7 1 30,6 1 1 65,067 Capital Capital paid in 8,75 2 4 4 6 1,9 9 8 2 5 3 7 0 4 2,0 7 2 4 7 8 9 1 7 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 75 2 2 6 3 6 1 2 8 2 1 3 4 2 8 9 3 3 5 1 7 8 1 1 91 Total liabilities and capital 752,25 2 35,1 4 2 331,9 9 4 22,6 3 9 32,1 3 6 58,1 9 1 49,9 3 5 66,9 4 2 21,4 0 2 16,7 4 8 19,1 7 3 30,9 9 2 66,957 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 Sep 3, 2003 Federal Reserve notes outstanding 781,724 Less: Notes held by F.R. Banks not subject to collateralization 109,755 Federal Reserve notes to be collateralized 671,969 Collateral held against Federal Reserve notes 671,969 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 658,730 Other eligible assets 0 Memo: Total U.S. Treasury and agency securities1 687,191 Less: face value of securities under reverse repurchase agreements 18,762 U.S. Treasury and agency securities eligible to be pledged 668,429 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.