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 25, 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 24, 2003 Sep 17, 2003 Sep 25, 2002 Sep 24, 2003 Reserve Bank credit 717,608 - 4,068 + 61,686 720,501 Securities held outright 655,990 + 223 + 50,738 656,003 U.S. Treasury1 655,980 + 223 + 50,738 655,993 Bills2 241,402 + 219 + 38,137 241,414 Notes and bonds, nominal2 399,595 0 + 11,029 399,595 Notes and bonds, inflation-indexed2 13,454 0 + 1,212 13,454 Inflation compensation3 1,529 + 4 + 361 1,530 Federal agency2 10 0 0 10 Repurchase agreements4 22,286 - 5,607 + 10,072 26,000 Loans to depository institutions 236 + 74 + 67 341 Primary credit 73 + 69 + 73 172 Secondary credit 0 0 0 0 Seasonal credit 163 + 5 - 5 170 Adjustment credit 0 0 - 1 0 Float 288 + 521 + 241 -971 Other Federal Reserve assets 38,809 + 722 + 570 39,128 Gold stock 11,043 0 + 1 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 35,233 + 14 + 935 35,233 Total factors supplying reserve funds 766,084 - 4,054 + 62,622 768,977 Currency in circulation5 695,933 - 255 + 36,220 697,361 Reverse repurchase agreements6 20,545 + 100 + 20,545 18,801 Foreign official and international accounts 20,545 + 100 + 20,545 18,801 Dealers 0 0 0 0 Treasury cash holdings 336 + 3 - 36 341 Deposits with F.R. Banks, other than reserve balances 19,406 + 1,342 + 2,014 18,674 U.S. Treasury, general account 7,540 + 1,456 + 708 6,837 Foreign official 102 - 127 + 22 82 Service-related 11,494 + 13 + 1,249 11,494 Required clearing balances 11,226 + 7 + 1,287 11,226 Adjustments to compensate for float 268 + 6 - 38 268 Other 270 + 1 + 36 262 Other liabilities and capital 20,755 + 167 + 1,332 20,648 Total factors, other than reserve balances, absorbing reserve funds 756,975 + 1,357 + 60,076 755,826 Reserve balances with Federal Reserve Banks 9,109 - 5,410 + 2,546 13,151 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 963,357 - 1,111 . . . 968,067 U.S. Treasury 774,795 - 22 . . . 775,698 Federal agency 188,561 - 1,090 . . . 192,369 Securities lent to dealers 615 - 942 + 147 809 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 24, 2003 Sep 17, 2003 Sep 25, 2002 Assets Gold certificate account 11,039 0 + 1 Special drawing rights certificate account 2,200 0 0 Coin 849 + 1 - 217 Securities, repurchase agreements, and loans 682,345 - 3,022 + 60,412 Securities held outright 656,003 + 50 + 49,745 U.S. Treasury1 655,993 + 50 + 49,745 Bills2 241,414 + 47 + 37,145 Notes and bonds, nominal2 399,595 0 + 11,029 Notes and bonds, inflation-indexed2 13,454 0 + 1,212 Inflation compensation3 1,530 + 4 + 360 Federal agency2 10 0 0 Repurchase agreements4 26,000 - 3,250 + 10,500 Loans 341 + 176 + 166 Items in process of collection (1,121) 6,535 - 622 - 323 Bank premises 1,595 + 4 + 73 Other assets5 37,521 + 888 + 559 Total assets (1,121) 742,084 - 2,751 + 60,506 Liabilities Federal Reserve notes, net of F.R. Bank holdings 663,314 + 387 + 35,411 Reverse repurchase agreements6 18,801 - 171 + 18,801 Deposits (0) 32,208 - 2,615 + 4,737 Depository institutions 25,027 - 2,007 + 5,072 U.S. Treasury, general account 6,837 - 410 - 372 Foreign official 82 - 188 + 7 Other (0) 262 - 10 + 30 Deferred availability cash items (1,121) 7,112 - 777 + 185 Other liabilities and accrued dividends7 2,245 + 41 - 187 Total liabilities (1,121) 723,681 - 3,134 + 58,946 Capital accounts Capital paid in 8,758 + 3 + 504 Surplus 8,380 0 + 1,068 Other capital accounts 1,265 + 380 - 13 Total capital 18,403 + 382 + 1,559 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 24, 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 311 52,428 - 236 0 0 26,000 18,801 16 days to 90 days 30 137,309 + 1,361 10 0 0 0 91 days to 1 year 0 159,492 - 1,077 0 0 . . . . . . Over 1 year to 5 years . . . 178,020 + 1 0 0 . . . . . . Over 5 years to 10 years . . . 51,658 + 2 0 0 . . . . . . Over 10 years . . . 77,088 + 2 0 0 . . . . . . All 341 655,993 + 50 10 0 26,000 18,801 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 24, 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 9 2 8 3 4 4 1 3 4 1 0 2 1 1 2 1 0 6 5 8 2 7 5 0 1 5 7 99 Securities, repurchase agreements, and loans 682,3 4 5 31,7 1 5 306,6 5 9 20,5 1 2 30,7 3 9 50,4 4 9 44,4 7 7 66,3 3 1 20,6 6 9 14,7 0 4 17,6 5 2 25,7 1 0 52,728 Securities held outright 656,0 0 3 31,7 1 5 280,6 5 9 20,5 0 9 30,7 3 9 50,4 4 9 44,3 1 7 66,2 8 9 20,6 3 9 14,6 4 3 17,6 3 0 25,7 0 9 52,706 U.S. Treasury1 655,9 9 3 31,7 1 4 280,6 5 5 20,5 0 9 30,7 3 8 50,4 4 8 44,3 1 6 66,2 8 8 20,6 3 8 14,6 4 3 17,6 2 9 25,7 0 8 52,705 Bills2 241,4 1 4 11,6 7 1 103,2 8 5 7,5 4 8 11,3 1 2 18,5 6 5 16,3 0 9 24,3 9 5 7,5 9 5 5,3 8 9 6,4 8 8 9,4 6 1 19,396 Notes and bonds3 414,5 7 9 20,0 4 3 177,3 7 0 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 2 16,2 4 7 33,309 Federal agency2 1 0 0 4 0 0 1 1 1 0 0 0 0 1 Repurchase agreements4 26,0 0 0 0 26,0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 3 4 1 0 0 3 0 0 1 6 0 4 2 3 1 6 1 2 2 1 22 Items in process of collection 7,6 5 6 4 3 8 5 6 4 3 4 7 4 1 6 5 9 9 6 1 6 6 0 3 3 5 6 4 0 0 5 0 2 5 0 8 2,307 Bank premises 1,5 9 5 9 1 1 9 0 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 37,5 2 1 1,7 3 1 13,4 5 1 1,1 0 6 2,3 4 2 5,9 8 1 2,1 6 7 3,4 8 7 9 6 0 1,1 2 1 8 9 2 1,0 6 5 3,218 Interdistrict settlement account 0 - 1,8 8 8 + 2,3 4 9 - 1,1 8 9 - 2,5 3 0 - 1,1 2 9 + 8 4 2 - 3,3 0 8 - 1,4 9 6 - 4 0 6 - 5 4 9 + 1,8 7 9 + 7,426 Total assets 743,2 0 5 32,7 2 6 328,8 2 7 21,3 3 3 31,7 3 4 57,1 0 0 49,5 2 1 68,5 3 3 20,9 9 2 16,2 2 6 18,9 6 9 30,0 9 3 67,151 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 24, 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 787,58 9 34,3 0 8 329,9 1 2 27,7 5 8 33,0 6 3 58,8 1 0 64,6 0 2 66,7 7 5 23,6 4 6 15,8 2 8 21,6 4 1 35,7 4 3 75,502 Less: notes held by F.R. Banks 124,27 4 5,4 6 5 26,4 3 1 8,9 9 3 5,8 2 5 10,3 2 8 20,0 8 3 9,9 3 4 4,8 0 7 1,7 5 4 4,9 6 0 8,0 4 8 17,647 Federal Reserve notes, net 663,31 4 28,8 4 3 303,4 8 1 18,7 6 5 27,2 3 8 48,4 8 2 44,5 1 9 56,8 4 1 18,8 3 9 14,0 7 4 16,6 8 1 27,6 9 6 57,855 Reverse repurchase agreements1 18,80 1 9 0 9 8,0 4 4 5 8 8 8 8 1 1,4 4 6 1,2 7 0 1,9 0 0 5 9 2 4 2 0 5 0 5 7 3 7 1,511 Deposits 32,20 8 1,4 4 0 11,4 2 6 8 8 4 1,4 8 9 1,9 7 3 1,7 1 8 7,0 1 3 7 4 2 4 6 6 8 5 1 7 6 2 3,443 Depository institutions 25,02 7 1,4 3 5 4,3 7 1 8 8 3 1,4 8 6 1,8 7 2 1,7 1 6 7,0 1 0 7 4 1 4 6 5 8 4 9 7 6 1 3,439 U.S. Treasury, general account 6,83 7 0 6,8 3 7 0 0 0 0 0 0 0 0 0 0 Foreign official 8 2 2 5 8 1 3 7 2 3 1 1 1 1 3 Other 26 2 4 1 6 0 0 1 9 3 0 1 1 0 1 0 0 Deferred availability cash items 8,23 3 4 7 0 9 1 5 4 7 0 5 3 6 6 4 4 8 2 0 6 2 9 2 4 3 4 5 6 4 3 0 3 9 2 2,228 Other liabilities and accrued dividends2 2,24 5 1 3 0 6 8 6 9 2 1 2 0 2 5 3 1 8 4 2 2 4 1 0 1 8 5 8 5 1 1 4 170 Total liabilities 724,80 2 31,7 9 2 324,5 5 2 20,7 9 9 30,2 6 4 52,7 9 8 48,5 1 1 66,6 0 7 20,5 1 6 15,5 0 2 18,5 5 2 29,7 0 1 65,207 Capital Capital paid in 8,75 8 4 4 6 1,9 9 7 2 5 5 7 0 5 2,0 7 3 4 7 9 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 1,26 5 5 1 4 6 8 4 6 6 3 1 5 6 5 6 1 5 1 4 8 3 6 2 1 2 3 145 Total liabilities and capital 743,20 5 32,7 2 6 328,8 2 7 21,3 3 3 31,7 3 4 57,1 0 0 49,5 2 1 68,5 3 3 20,9 9 2 16,2 2 6 18,9 6 9 30,0 9 3 67,151 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 24, 2003 Federal Reserve notes outstanding 787,589 Less: Notes held by F.R. Banks not subject to collateralization 119,527 Federal Reserve notes to be collateralized 668,062 Collateral held against Federal Reserve notes 668,062 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 654,823 Other eligible assets 0 Memo: Total U.S. Treasury and agency securities1 682,003 Less: face value of securities under reverse repurchase agreements 18,805 U.S. Treasury and agency securities eligible to be pledged 663,198 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.