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 October 2, 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 Oct 1, 2003 Sep 24, 2003 Oct 2, 2002 Oct 1, 2003 Reserve Bank credit 727,180 + 9,572 + 65,544 731,678 Securities held outright 656,119 + 129 + 50,709 656,196 U.S. Treasury1 656,109 + 129 + 50,709 656,186 Bills2 241,527 + 125 + 38,108 241,601 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 1,533 + 4 + 361 1,535 Federal agency2 10 0 0 10 Repurchase agreements4 32,107 + 9,821 + 14,500 36,750 Loans to depository institutions 178 - 58 + 7 151 Primary credit 23 - 50 + 23 20 Secondary credit 0 0 0 0 Seasonal credit 155 - 8 - 16 131 Adjustment credit 0 0 0 0 Float -613 - 901 - 663 -898 Other Federal Reserve assets 39,389 + 580 + 992 39,479 Gold stock 11,043 0 + 1 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 35,257 + 14 + 942 35,257 Total factors supplying reserve funds 775,680 + 9,586 + 66,487 780,178 Currency in circulation5 696,766 + 823 + 36,628 698,877 Reverse repurchase agreements6 21,384 + 839 + 21,384 22,090 Foreign official and international accounts 21,384 + 839 + 21,384 22,090 Dealers 0 0 0 0 Treasury cash holdings 343 + 7 - 36 356 Deposits with F.R. Banks, other than reserve balances 19,139 - 267 + 2,476 17,268 U.S. Treasury, general account 6,922 - 618 + 740 4,922 Foreign official 459 + 357 + 372 496 Service-related 11,515 + 21 + 1,345 11,515 Required clearing balances 11,225 - 1 + 1,288 11,225 Adjustments to compensate for float 290 + 22 + 58 290 Other 243 - 27 + 19 336 Other liabilities and capital 20,915 + 160 + 1,433 20,397 Total factors, other than reserve balances, absorbing reserve funds 758,548 + 1,563 + 61,886 758,989 Reserve balances with Federal Reserve Banks 17,132 + 8,023 + 4,601 21,190 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 973,530 + 10,173 . . . 980,146 U.S. Treasury 781,726 + 6,931 . . . 786,561 Federal agency 191,804 + 3,243 . . . 193,585 Securities lent to dealers 3,689 + 3,074 + 2,152 2,048 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 Oct 1, 2003 Sep 24, 2003 Oct 2, 2002 Assets Gold certificate account 11,039 0 + 1 Special drawing rights certificate account 2,200 0 0 Coin 839 - 10 - 239 Securities, repurchase agreements, and loans 693,097 + 10,752 + 69,490 Securities held outright 656,196 + 193 + 49,996 U.S. Treasury1 656,186 + 193 + 49,996 Bills2 241,601 + 187 + 37,395 Notes and bonds, nominal2 399,595 0 + 11,029 Notes and bonds, inflation-indexed2 13,454 0 + 1,212 Inflation compensation3 1,535 + 5 + 360 Federal agency2 10 0 0 Repurchase agreements4 36,750 + 10,750 + 19,500 Loans 151 - 190 - 6 Items in process of collection (1,291) 7,399 + 864 - 1,412 Bank premises 1,594 - 1 + 75 Other assets5 37,876 + 355 + 1,114 Total assets (1,291) 754,045 + 11,961 + 69,031 Liabilities Federal Reserve notes, net of F.R. Bank holdings 664,812 + 1,498 + 35,547 Reverse repurchase agreements6 22,090 + 3,289 + 22,090 Deposits (0) 38,548 + 6,340 + 11,030 Depository institutions 32,794 + 7,767 + 10,761 U.S. Treasury, general account 4,922 - 1,915 - 238 Foreign official 496 + 414 + 419 Other (0) 336 + 74 + 88 Deferred availability cash items (1,291) 8,198 + 1,086 - 706 Other liabilities and accrued dividends7 2,210 - 35 - 197 Total liabilities (1,291) 735,857 + 12,176 + 67,762 Capital accounts Capital paid in 8,746 - 12 + 481 Surplus 8,380 0 + 1,068 Other capital accounts 1,061 - 204 - 282 Total capital 18,187 - 216 + 1,267 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, October 1, 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 31 45,734 - 6,694 0 0 36,750 22,090 16 days to 90 days 120 138,437 + 1,128 10 0 0 0 91 days to 1 year 0 166,362 + 6,870 0 0 . . . . . . Over 1 year to 5 years . . . 176,904 - 1,116 0 0 . . . . . . Over 5 years to 10 years . . . 51,660 + 2 0 0 . . . . . . Over 10 years . . . 77,090 + 2 0 0 . . . . . . All 151 656,186 + 193 10 0 36,750 22,090 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 October 1, 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 3 9 2 7 3 6 3 8 3 5 1 0 0 1 1 1 1 0 6 5 7 2 7 4 8 1 5 5 101 Securities, repurchase agreements, and loans 693,0 9 7 31,7 2 4 317,4 9 2 20,5 1 5 30,7 4 8 50,4 6 3 44,3 3 6 66,3 4 6 20,6 7 0 14,6 8 7 17,6 5 4 25,7 1 6 52,746 Securities held outright 656,1 9 6 31,7 2 4 280,7 4 2 20,5 1 5 30,7 4 8 50,4 6 3 44,3 3 0 66,3 0 9 20,6 4 5 14,6 4 7 17,6 3 5 25,7 1 6 52,722 U.S. Treasury1 656,1 8 6 31,7 2 4 280,7 3 7 20,5 1 5 30,7 4 7 50,4 6 3 44,3 2 9 66,3 0 8 20,6 4 4 14,6 4 7 17,6 3 5 25,7 1 6 52,721 Bills2 241,6 0 1 11,6 8 0 103,3 6 5 7,5 5 3 11,3 2 1 18,5 8 0 16,3 2 2 24,4 1 4 7,6 0 1 5,3 9 3 6,4 9 3 9,4 6 8 19,411 Notes and bonds3 414,5 8 5 20,0 4 3 177,3 7 3 12,9 6 2 19,4 2 6 31,8 8 3 28,0 0 8 41,8 9 4 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 36,7 5 0 0 36,7 5 0 0 0 0 0 0 0 0 0 0 0 Loans 1 5 1 0 0 0 0 0 6 3 7 2 5 4 0 1 9 0 24 Items in process of collection 8,6 9 1 7 1 6 6 3 2 5 6 8 2 9 3 6 6 1 5 8 5 5 2 8 3 9 9 4 9 1 5 4 4 3 5 4 2,920 Bank premises 1,5 9 4 9 1 1 8 9 5 2 1 5 0 1 4 3 2 7 7 1 2 0 4 3 1 2 5 5 4 1 7 2 176 Other assets5 37,8 7 6 1,7 5 2 13,5 5 9 1,0 7 8 2,3 7 8 6,0 6 2 2,1 9 2 3,5 2 5 9 7 0 1,1 3 8 8 9 8 1,0 7 4 3,251 Interdistrict settlement account 0 + 1,7 8 4 - 4,6 6 9 - 1,1 1 4 + 3 3 2 + 8 8 7 + 2,2 2 0 - 7,1 6 1 - 1,2 1 9 + 2 3 - 3 8 4 + 2,6 2 6 + 6,674 Total assets 755,3 3 6 36,7 0 5 332,8 1 8 21,6 0 0 34,5 1 7 59,2 7 2 50,7 4 9 64,6 5 8 21,3 2 1 16,7 4 5 19,1 8 4 30,7 0 1 67,066 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 October 1, 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 789,02 8 35,2 0 9 329,5 3 3 27,7 1 3 33,2 1 2 59,2 6 0 64,1 7 1 66,9 1 7 23,5 8 0 15,8 0 9 21,5 7 8 35,9 6 3 76,082 Less: notes held by F.R. Banks 124,21 6 5,6 9 7 25,8 8 4 9,2 1 3 5,6 7 9 10,5 8 6 19,1 2 8 10,6 7 8 4,6 2 7 1,7 0 2 4,9 5 8 8,2 0 6 17,858 Federal Reserve notes, net 664,81 2 29,5 1 2 303,6 4 9 18,5 0 1 27,5 3 3 48,6 7 4 45,0 4 3 56,2 3 9 18,9 5 3 14,1 0 7 16,6 2 0 27,7 5 8 58,224 Reverse repurchase agreements1 22,09 0 1,0 6 8 9,4 5 1 6 9 1 1,0 3 5 1,6 9 9 1,4 9 2 2,2 3 2 6 9 5 4 9 3 5 9 4 8 6 6 1,775 Deposits 38,54 8 4,4 6 4 13,7 5 8 1,2 0 4 3,9 1 9 3,7 2 1 2,0 5 3 3,3 2 8 7 6 8 8 7 3 1,0 3 0 1,0 1 4 2,415 Depository institutions 32,79 4 4,4 5 4 8,2 1 3 1,2 0 3 3,9 1 6 3,5 4 9 2,0 5 1 3,3 2 4 7 6 0 8 7 1 1,0 2 8 1,0 1 3 2,412 U.S. Treasury, general account 4,92 2 0 4,9 2 2 0 0 0 0 0 0 0 0 0 0 Foreign official 49 6 2 4 7 2 1 3 7 2 3 1 1 1 1 3 Other 33 6 9 1 5 1 0 0 1 6 4 0 1 8 0 1 1 0 Deferred availability cash items 9,49 0 6 0 7 1,0 2 4 5 8 6 4 6 0 6 9 8 9 8 3 7 3 5 3 3 2 4 7 2 4 4 8 5 6 3 2,582 Other liabilities and accrued dividends2 2,21 0 1 2 6 6 8 4 9 1 1 2 0 2 4 2 1 7 6 2 2 3 1 0 0 8 6 8 7 1 1 0 166 Total liabilities 737,14 9 35,7 7 7 328,5 6 6 21,0 7 3 33,0 6 7 55,0 3 3 49,7 4 8 62,7 5 7 20,8 4 7 16,0 3 0 18,7 7 9 30,3 1 0 65,162 Capital Capital paid in 8,74 6 4 4 8 1,9 9 7 2 5 5 7 0 5 2,0 7 3 4 7 8 9 1 7 2 2 8 3 4 8 1 9 6 1 8 4 918 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 1,06 1 4 4 4 4 6 3 9 4 4 9 2 4 8 1 2 6 4 7 2 8 8 2 1 118 Total liabilities and capital 755,33 6 36,7 0 5 332,8 1 8 21,6 0 0 34,5 1 7 59,2 7 2 50,7 4 9 64,6 5 8 21,3 2 1 16,7 4 5 19,1 8 4 30,7 0 1 67,066 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 Oct 1, 2003 Federal Reserve notes outstanding 789,028 Less: Notes held by F.R. Banks not subject to collateralization 119,110 Federal Reserve notes to be collateralized 669,918 Collateral held against Federal Reserve notes 669,918 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 656,679 Other eligible assets 0 Memo: Total U.S. Treasury and agency securities1 692,946 Less: face value of securities under reverse repurchase agreements 22,094 U.S. Treasury and agency securities eligible to be pledged 670,851 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.