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 11, 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 10, 2003 Sep 3, 2003 Sep 11, 2002 Sep 10, 2003 Reserve Bank credit 715,316 - 10,008 + 57,119 716,213 Securities held outright 654,525 + 644 + 50,423 655,602 U.S. Treasury1 654,515 + 644 + 50,423 655,592 Bills2 240,969 + 243 + 37,510 241,020 Notes and bonds, nominal2 398,959 + 106 + 11,730 399,595 Notes and bonds, inflation-indexed2 13,089 + 275 + 847 13,454 Inflation compensation3 1,499 + 21 + 337 1,523 Federal agency2 10 0 0 10 Repurchase agreements4 22,821 - 11,608 + 5,964 22,500 Loans to depository institutions 158 - 8 - 7 155 Primary credit 3 - 6 + 3 0 Secondary credit 0 0 0 0 Seasonal credit 155 - 2 - 9 154 Adjustment credit 0 0 - 1 0 Float 322 + 796 + 965 148 Other Federal Reserve assets 37,489 + 166 - 228 37,808 Gold stock 11,043 0 + 1 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 35,205 + 14 + 941 35,205 Total factors supplying reserve funds 763,764 - 9,994 + 58,060 764,661 Currency in circulation5 698,456 - 1,609 + 34,896 698,084 Reverse repurchase agreements6 19,345 - 677 + 19,345 19,719 Foreign official and international accounts 19,345 - 677 + 19,345 19,719 Dealers 0 0 0 0 Treasury cash holdings 337 + 2 - 24 333 Deposits with F.R. Banks, other than reserve balances 16,675 - 113 + 1,135 16,797 U.S. Treasury, general account 4,745 - 98 - 264 5,039 Foreign official 261 + 13 + 131 80 Service-related 11,391 - 62 + 1,214 11,391 Required clearing balances 11,218 + 308 + 1,259 11,218 Adjustments to compensate for float 173 - 370 - 44 173 Other 279 + 35 + 56 287 Other liabilities and capital 20,451 + 257 + 1,014 20,347 Total factors, other than reserve balances, absorbing reserve funds 755,264 - 2,141 + 56,366 755,280 Reserve balances with Federal Reserve Banks 8,499 - 7,854 + 1,693 9,381 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 961,287 + 8,099 . . . 964,040 U.S. Treasury 773,456 + 6,852 . . . 777,059 Federal agency 187,831 + 1,247 . . . 186,981 Securities lent to dealers 1,867 - 633 + 843 1,395 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 10, 2003 Sep 3, 2003 Sep 11, 2002 Assets Gold certificate account 11,039 0 + 1 Special drawing rights certificate account 2,200 0 0 Coin 850 - 8 - 178 Securities, repurchase agreements, and loans 678,256 - 9,115 + 55,564 Securities held outright 655,602 + 1,661 + 51,072 U.S. Treasury1 655,592 + 1,661 + 51,072 Bills2 241,020 + 235 + 37,134 Notes and bonds, nominal2 399,595 + 742 + 12,366 Notes and bonds, inflation-indexed2 13,454 + 640 + 1,212 Inflation compensation3 1,523 + 44 + 360 Federal agency2 10 0 0 Repurchase agreements4 22,500 - 10,750 + 4,500 Loans 155 - 25 - 7 Items in process of collection (1,067) 8,013 - 4,841 + 755 Bank premises 1,590 + 1 + 70 Other assets5 36,186 + 737 - 18 Total assets (1,067) 738,134 - 13,226 + 56,194 Liabilities Federal Reserve notes, net of F.R. Bank holdings 664,058 - 3,154 + 33,097 Reverse repurchase agreements6 19,719 + 962 + 19,719 Deposits (0) 26,161 - 8,156 + 1,742 Depository institutions 20,755 - 8,111 + 1,143 U.S. Treasury, general account 5,039 + 514 + 523 Foreign official 80 - 606 + 5 Other (0) 287 + 47 + 72 Deferred availability cash items (1,067) 7,849 - 3,145 + 308 Other liabilities and accrued dividends7 2,215 + 20 - 210 Total liabilities (1,067) 720,003 - 13,472 + 54,656 Capital accounts Capital paid in 8,755 + 3 + 502 Surplus 8,380 0 + 1,068 Other capital accounts 996 + 244 - 32 Total capital 18,131 + 246 + 1,538 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 10, 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 30 45,911 + 430 0 0 18,500 19,719 16 days to 90 days 125 141,474 + 535 0 0 4,000 0 91 days to 1 year 0 161,449 - 730 10 0 . . . . . . Over 1 year to 5 years . . . 178,018 + 1 0 0 . . . . . . Over 5 years to 10 years . . . 51,655 + 1,270 0 0 . . . . . . Over 10 years . . . 77,085 + 154 0 0 . . . . . . All 155 655,592 + 1,661 10 0 22,500 19,719 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 10, 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 0 2 7 3 3 4 2 3 6 1 0 5 1 1 3 1 0 5 5 8 2 8 5 1 1 5 3 98 Securities, repurchase agreements, and loans 678,2 5 6 31,6 9 5 302,9 8 7 20,5 0 0 30,7 2 0 50,4 1 8 44,3 0 0 66,2 8 8 20,6 5 0 14,6 8 7 17,6 3 7 25,6 9 4 52,679 Securities held outright 655,6 0 2 31,6 9 5 280,4 8 7 20,4 9 7 30,7 2 0 50,4 1 8 44,2 9 0 66,2 4 9 20,6 2 6 14,6 3 4 17,6 1 9 25,6 9 3 52,674 U.S. Treasury1 655,5 9 2 31,6 9 5 280,4 8 3 20,4 9 6 30,7 1 9 50,4 1 7 44,2 8 9 66,2 4 8 20,6 2 6 14,6 3 4 17,6 1 9 25,6 9 2 52,673 Bills2 241,0 2 0 11,6 5 2 103,1 1 6 7,5 3 5 11,2 9 4 18,5 3 5 16,2 8 2 24,3 5 5 7,5 8 3 5,3 8 0 6,4 7 7 9,4 4 5 19,365 Notes and bonds3 414,5 7 2 20,0 4 3 177,3 6 7 12,9 6 1 19,4 2 6 31,8 8 2 28,0 0 7 41,8 9 3 13,0 4 3 9,2 5 4 11,1 4 1 16,2 4 7 33,308 Federal agency2 1 0 0 4 0 0 1 1 1 0 0 0 0 1 Repurchase agreements4 22,5 0 0 0 22,5 0 0 0 0 0 0 0 0 0 0 0 0 Loans 1 5 5 0 0 3 0 0 1 0 3 9 2 4 5 3 1 8 2 5 Items in process of collection 9,0 8 0 6 5 5 7 9 2 4 2 9 3 8 4 6 4 0 6 1 6 8 8 7 4 4 5 4 3 2 6 3 3 4 7 0 2,696 Bank premises 1,5 9 0 9 1 1 8 7 5 2 1 5 1 1 4 3 2 7 8 1 1 9 4 3 1 2 6 5 4 1 7 0 176 Other assets5 36,1 8 6 1,6 6 4 13,0 1 8 1,0 6 6 2,2 6 0 5,7 6 3 2,0 9 0 3,3 5 2 9 1 6 1,0 8 1 8 6 1 1,0 2 4 3,091 Interdistrict settlement account 0 - 3,2 5 6 + 8,6 8 5 - 5 4 0 - 2,5 6 9 - 1,2 4 5 + 3 7 5 - 7,2 4 4 - 1,2 3 9 - 2 4 4 - 7 7 5 + 2,4 4 9 + 5,604 Total assets 739,2 0 0 31,4 8 6 331,2 8 3 22,0 1 1 31,5 6 3 56,7 7 7 48,8 0 0 64,7 0 1 21,2 7 5 16,3 6 5 18,8 3 0 30,5 6 6 65,541 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 10, 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 783,77 7 31,7 5 1 331,8 4 3 27,4 3 9 32,4 7 2 58,5 9 9 64,1 1 3 67,3 2 3 23,6 5 5 15,8 5 8 21,6 7 2 35,5 6 9 73,481 Less: notes held by F.R. Banks 119,72 0 5,2 1 1 25,3 2 7 8,4 7 8 5,3 6 5 10,1 4 4 20,6 2 2 9,7 0 8 4,6 1 7 1,6 9 4 4,9 8 4 7,5 5 9 16,012 Federal Reserve notes, net 664,05 8 26,5 4 1 306,5 1 6 18,9 6 1 27,1 0 8 48,4 5 5 43,4 9 1 57,6 1 6 19,0 3 9 14,1 6 4 16,6 8 9 28,0 1 0 57,469 Reverse repurchase agreements1 19,71 9 9 5 3 8,4 3 7 6 1 7 9 2 4 1,5 1 6 1,3 3 2 1,9 9 3 6 2 0 4 4 0 5 3 0 7 7 3 1,584 Deposits 26,16 1 2,3 3 3 10,4 0 6 1,2 8 5 1,4 4 4 1,7 6 2 1,8 8 5 2,3 1 8 7 5 0 5 2 9 6 4 3 8 0 8 1,999 Depository institutions 20,75 5 2,3 2 9 5,1 5 1 1,2 8 4 1,4 4 0 1,6 3 4 1,8 8 4 2,3 1 4 7 4 7 5 2 8 6 4 1 8 0 7 1,996 U.S. Treasury, general account 5,03 9 0 5,0 3 9 0 0 0 0 0 0 0 0 0 0 Foreign official 8 0 2 5 7 1 3 7 2 3 1 1 1 1 3 Other 28 7 2 1 5 9 0 1 1 2 1 0 1 2 0 1 0 0 Deferred availability cash items 8,91 6 6 1 1 1,0 2 0 5 3 3 5 2 3 5 7 8 9 1 9 6 5 6 2 9 3 4 3 4 4 6 8 4 7 5 2,405 Other liabilities and accrued dividends2 2,21 5 1 2 6 6 8 7 9 2 1 1 9 2 3 2 1 8 3 2 2 4 1 0 1 8 5 8 8 1 1 1 167 Total liabilities 721,06 9 30,5 6 4 327,0 6 5 21,4 8 7 30,1 1 7 52,5 4 4 47,8 1 1 62,8 0 6 20,8 0 4 15,6 5 2 18,4 1 7 30,1 7 8 63,624 Capital Capital paid in 8,75 5 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 6 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 99 6 4 0 4 1 1 3 8 3 9 8 8 3 6 1 2 0 4 5 2 5 1 7 1 9 118 Total liabilities and capital 739,20 0 31,4 8 6 331,2 8 3 22,0 1 1 31,5 6 3 56,7 7 7 48,8 0 0 64,7 0 1 21,2 7 5 16,3 6 5 18,8 3 0 30,5 6 6 65,541 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 10, 2003 Federal Reserve notes outstanding 783,777 Less: Notes held by F.R. Banks not subject to collateralization 115,128 Federal Reserve notes to be collateralized 668,649 Collateral held against Federal Reserve notes 668,649 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 655,411 Other eligible assets 0 Memo: Total U.S. Treasury and agency securities1 678,102 Less: face value of securities under reverse repurchase agreements 19,724 U.S. Treasury and agency securities eligible to be pledged 658,377 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.