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 18, 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 17, 2003 Sep 10, 2003 Sep 18, 2002 Sep 17, 2003 Reserve Bank credit 721,688 + 6,374 + 63,778 722,582 Securities held outright 655,767 + 1,242 + 50,643 655,953 U.S. Treasury1 655,757 + 1,242 + 50,643 655,943 Bills2 241,183 + 214 + 37,088 241,367 Notes and bonds, nominal2 399,595 + 636 + 11,984 399,595 Notes and bonds, inflation-indexed2 13,454 + 365 + 1,212 13,454 Inflation compensation3 1,525 + 26 + 360 1,526 Federal agency2 10 0 0 10 Repurchase agreements4 27,893 + 5,072 + 12,393 29,250 Loans to depository institutions 162 + 4 - 6 165 Primary credit 4 + 1 + 4 2 Secondary credit 0 0 0 0 Seasonal credit 158 + 3 - 4 162 Adjustment credit 0 0 - 7 0 Float -220 - 541 + 542 -1,035 Other Federal Reserve assets 38,087 + 598 + 207 38,249 Gold stock 11,043 0 + 1 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 35,219 + 14 + 938 35,219 Total factors supplying reserve funds 770,150 + 6,388 + 64,717 771,044 Currency in circulation5 696,189 - 2,267 + 35,036 696,969 Reverse repurchase agreements6 20,445 + 1,100 + 20,445 18,972 Foreign official and international accounts 20,445 + 1,100 + 20,445 18,972 Dealers 0 0 0 0 Treasury cash holdings 333 - 4 - 31 333 Deposits with F.R. Banks, other than reserve balances 18,064 + 1,387 + 1,850 19,270 U.S. Treasury, general account 6,084 + 1,339 + 311 7,247 Foreign official 229 - 32 + 123 270 Service-related 11,481 + 89 + 1,364 11,481 Required clearing balances 11,219 - 1 + 1,278 11,219 Adjustments to compensate for float 262 + 89 + 86 262 Other 269 - 10 + 51 272 Other liabilities and capital 20,588 + 137 + 1,414 20,225 Total factors, other than reserve balances, absorbing reserve funds 755,618 + 352 + 58,714 755,768 Reserve balances with Federal Reserve Banks 14,532 + 6,036 + 6,003 15,276 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 964,468 + 3,181 . . . 959,339 U.S. Treasury 774,817 + 1,361 . . . 772,230 Federal agency 189,651 + 1,820 . . . 187,110 Securities lent to dealers 1,557 - 310 + 1,162 586 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 17, 2003 Sep 10, 2003 Sep 18, 2002 Assets Gold certificate account 11,039 0 + 1 Special drawing rights certificate account 2,200 0 0 Coin 848 - 2 - 204 Securities, repurchase agreements, and loans 685,367 + 7,111 + 62,167 Securities held outright 655,953 + 351 + 49,671 U.S. Treasury1 655,943 + 351 + 49,671 Bills2 241,367 + 347 + 37,070 Notes and bonds, nominal2 399,595 0 + 11,029 Notes and bonds, inflation-indexed2 13,454 0 + 1,212 Inflation compensation3 1,526 + 3 + 359 Federal agency2 10 0 0 Repurchase agreements4 29,250 + 6,750 + 12,500 Loans 165 + 10 - 3 Items in process of collection (1,271) 7,157 - 856 - 194 Bank premises 1,591 + 1 + 68 Other assets5 36,633 + 447 - 43 Total assets (1,271) 744,835 + 6,701 + 61,795 Liabilities Federal Reserve notes, net of F.R. Bank holdings 662,927 - 1,131 + 34,182 Reverse repurchase agreements6 18,972 - 747 + 18,972 Deposits (0) 34,823 + 8,662 + 7,245 Depository institutions 27,034 + 6,279 + 6,985 U.S. Treasury, general account 7,247 + 2,208 + 72 Foreign official 270 + 190 + 131 Other (0) 272 - 15 + 57 Deferred availability cash items (1,271) 7,889 + 40 + 433 Other liabilities and accrued dividends7 2,204 - 11 - 188 Total liabilities (1,271) 726,815 + 6,812 + 60,643 Capital accounts Capital paid in 8,755 0 + 503 Surplus 8,380 0 + 1,068 Other capital accounts 885 - 111 - 419 Total capital 18,021 - 110 + 1,153 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 17, 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 163 52,664 + 6,753 0 0 24,250 18,972 16 days to 90 days 2 135,948 - 5,526 10 + 10 5,000 0 91 days to 1 year 0 160,569 - 880 0 - 10 . . . . . . Over 1 year to 5 years . . . 178,019 + 1 0 0 . . . . . . Over 5 years to 10 years . . . 51,656 + 1 0 0 . . . . . . Over 10 years . . . 77,086 + 1 0 0 . . . . . . All 165 655,943 + 351 10 0 29,250 18,972 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 17, 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 4 8 2 7 3 3 4 3 3 6 1 0 3 1 1 0 1 0 5 5 8 2 8 5 2 1 5 7 96 Securities, repurchase agreements, and loans 685,3 6 7 31,7 1 2 309,8 8 8 20,5 1 1 30,7 3 6 50,4 4 5 44,3 2 4 66,3 2 6 20,6 6 4 14,6 9 8 17,6 4 8 25,7 0 8 52,707 Securities held outright 655,9 5 3 31,7 1 2 280,6 3 8 20,5 0 8 30,7 3 6 50,4 4 5 44,3 1 4 66,2 8 4 20,6 3 7 14,6 4 2 17,6 2 8 25,7 0 7 52,702 U.S. Treasury1 655,9 4 3 31,7 1 2 280,6 3 3 20,5 0 7 30,7 3 6 50,4 4 4 44,3 1 3 66,2 8 3 20,6 3 7 14,6 4 2 17,6 2 8 25,7 0 6 52,701 Bills2 241,3 6 7 11,6 6 9 103,2 6 5 7,5 4 6 11,3 1 0 18,5 6 2 16,3 0 6 24,3 9 0 7,5 9 4 5,3 8 8 6,4 8 7 9,4 5 9 19,392 Notes and bonds3 414,5 7 6 20,0 4 3 177,3 6 9 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 33,309 Federal agency2 1 0 0 4 0 0 1 1 1 0 0 0 0 1 Repurchase agreements4 29,2 5 0 0 29,2 5 0 0 0 0 0 0 0 0 0 0 0 Loans 1 6 5 0 0 3 0 0 1 0 4 2 2 7 5 6 2 0 2 5 Items in process of collection 8,4 2 8 5 7 6 6 0 3 3 8 7 4 4 6 5 7 9 6 6 6 7 2 7 4 9 4 4 2 5 5 7 4 4 0 2 2,548 Bank premises 1,5 9 1 9 1 1 8 7 5 2 1 5 2 1 4 3 2 7 8 1 2 0 4 3 1 2 6 5 4 1 7 0 176 Other assets5 36,6 3 3 1,6 8 6 13,1 8 6 1,0 7 9 2,2 8 0 5,8 2 5 2,1 1 3 3,3 9 4 9 3 6 1,0 9 2 8 7 3 1,0 3 8 3,130 Interdistrict settlement account 0 - 6 9 1 + 1,3 1 4 - 4 8 7 - 2,1 2 3 - 7 5 3 + 1,4 1 8 - 7,3 8 5 - 1,4 1 4 + 1 6 8 - 4 7 3 + 2,5 1 3 + 7,911 Total assets 746,1 0 6 34,0 1 2 330,7 9 1 22,0 4 9 32,1 0 8 57,2 9 6 49,9 3 7 64,4 8 1 21,1 8 4 16,7 9 1 19,0 9 8 30,5 9 3 67,765 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 17, 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 785,48 5 32,2 3 9 330,2 6 3 27,9 1 9 32,5 4 0 58,4 9 2 65,0 0 3 66,8 6 9 23,7 0 8 15,8 6 2 21,6 9 3 35,6 1 6 75,281 Less: notes held by F.R. Banks 122,55 9 5,3 6 1 26,4 6 2 8,7 4 3 5,6 5 4 9,9 7 0 20,5 2 6 9,7 8 3 4,8 8 8 1,7 9 1 5,0 2 2 7,7 7 2 16,586 Federal Reserve notes, net 662,92 7 26,8 7 8 303,8 0 1 19,1 7 6 26,8 8 6 48,5 2 2 44,4 7 7 57,0 8 5 18,8 2 0 14,0 7 1 16,6 7 1 27,8 4 4 58,695 Reverse repurchase agreements1 18,97 2 9 1 7 8,1 1 7 5 9 3 8 8 9 1,4 5 9 1,2 8 2 1,9 1 7 5 9 7 4 2 3 5 1 0 7 4 3 1,524 Deposits 34,82 3 4,6 4 6 12,9 4 5 1,1 4 9 2,2 6 6 2,2 6 7 2,0 7 7 2,6 7 6 8 2 3 9 9 8 9 5 5 9 9 1 3,030 Depository institutions 27,03 4 4,6 3 7 5,2 9 2 1,1 4 8 2,2 6 2 2,1 6 0 2,0 7 5 2,6 7 3 8 2 1 9 9 7 9 5 3 9 8 9 3,026 U.S. Treasury, general account 7,24 7 0 7,2 4 7 0 0 0 0 0 0 0 0 0 0 Foreign official 27 0 2 2 4 7 1 3 7 2 3 1 1 1 1 3 Other 27 2 8 1 5 9 0 1 1 0 0 0 1 1 0 1 0 0 Deferred availability cash items 9,16 0 5 2 9 1,0 6 1 5 1 7 5 1 6 6 0 9 9 3 2 6 9 6 3 6 8 5 0 3 4 6 4 5 1 8 2,446 Other liabilities and accrued dividends2 2,20 4 1 2 7 6 7 8 9 0 1 1 8 2 3 4 1 8 1 2 2 3 9 9 8 7 8 9 1 1 1 168 Total liabilities 728,08 5 33,0 9 6 326,6 0 2 21,5 2 6 30,6 7 5 53,0 9 1 48,9 4 8 62,5 9 8 20,7 0 6 16,0 8 3 18,6 9 0 30,2 0 8 65,863 Capital Capital paid in 8,75 5 4 4 6 1,9 9 7 2 5 4 7 0 5 2,0 7 3 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 88 5 3 3 3 8 3 3 7 2 6 5 9 3 5 1 0 8 5 1 2 0 1 2 1 6 103 Total liabilities and capital 746,10 6 34,0 1 2 330,7 9 1 22,0 4 9 32,1 0 8 57,2 9 6 49,9 3 7 64,4 8 1 21,1 8 4 16,7 9 1 19,0 9 8 30,5 9 3 67,765 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 17, 2003 Federal Reserve notes outstanding 785,485 Less: Notes held by F.R. Banks not subject to collateralization 117,643 Federal Reserve notes to be collateralized 667,842 Collateral held against Federal Reserve notes 667,842 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 654,603 Other eligible assets 0 Memo: Total U.S. Treasury and agency securities1 685,203 Less: face value of securities under reverse repurchase agreements 18,976 U.S. Treasury and agency securities eligible to be pledged 666,226 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.