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 9, 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 8, 2003 Oct 1, 2003 Oct 9, 2002 Oct 8, 2003 Reserve Bank credit 715,038 - 12,141 + 59,396 716,049 Securities held outright 656,242 + 123 + 47,122 656,280 U.S. Treasury1 656,232 + 123 + 47,122 656,270 Bills2 241,639 + 112 + 34,517 241,672 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 1,543 + 10 + 363 1,548 Federal agency2 10 0 0 10 Repurchase agreements4 19,250 - 12,857 + 11,821 19,750 Loans to depository institutions 127 - 51 - 54 115 Primary credit 2 - 21 + 2 5 Secondary credit 0 0 0 0 Seasonal credit 125 - 30 - 11 109 Adjustment credit 0 0 - 45 0 Float -287 + 328 - 727 -143 Other Federal Reserve assets 39,705 + 316 + 1,232 40,048 Gold stock 11,043 0 + 1 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 35,271 + 14 + 942 35,271 Total factors supplying reserve funds 763,552 - 12,127 + 60,339 764,563 Currency in circulation5 698,979 + 2,213 + 37,296 701,252 Reverse repurchase agreements6 19,322 - 2,062 + 19,322 18,951 Foreign official and international accounts 19,322 - 2,062 + 19,322 18,951 Dealers 0 0 0 0 Treasury cash holdings 358 + 15 - 18 371 Deposits with F.R. Banks, other than reserve balances 17,090 - 2,049 + 1,325 16,805 U.S. Treasury, general account 5,185 - 1,737 + 79 4,935 Foreign official 105 - 354 - 11 81 Service-related 11,456 - 59 + 1,165 11,456 Required clearing balances 11,252 + 27 + 1,254 11,252 Adjustments to compensate for float 204 - 86 - 89 204 Other 345 + 102 + 93 334 Other liabilities and capital 20,578 - 337 + 1,052 20,295 Total factors, other than reserve balances, absorbing reserve funds 756,328 - 2,220 + 58,978 757,675 Reserve balances with Federal Reserve Banks 7,224 - 9,907 + 1,361 6,888 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 991,768 + 18,238 . . . 990,790 U.S. Treasury 798,667 + 16,941 . . . 798,517 Federal agency 193,101 + 1,297 . . . 192,272 Securities lent to dealers 2,338 - 1,351 + 1,275 2,998 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 8, 2003 Oct 1, 2003 Oct 9, 2002 Assets Gold certificate account 11,039 0 + 1 Special drawing rights certificate account 2,200 0 0 Coin 826 - 13 - 246 Securities, repurchase agreements, and loans 676,145 - 16,952 + 59,482 Securities held outright 656,280 + 84 + 46,754 U.S. Treasury1 656,270 + 84 + 46,754 Bills2 241,672 + 71 + 34,150 Notes and bonds, nominal2 399,595 0 + 11,029 Notes and bonds, inflation-indexed2 13,454 0 + 1,212 Inflation compensation3 1,548 + 13 + 363 Federal agency2 10 0 0 Repurchase agreements4 19,750 - 17,000 + 12,750 Loans 115 - 36 - 22 Items in process of collection (985) 7,751 + 352 + 234 Bank premises 1,595 + 1 + 72 Other assets5 38,441 + 565 + 1,251 Total assets (985) 737,996 - 16,049 + 60,793 Liabilities Federal Reserve notes, net of F.R. Bank holdings 667,174 + 2,362 + 36,474 Reverse repurchase agreements6 18,951 - 3,139 + 18,951 Deposits (0) 23,618 - 14,930 + 3,815 Depository institutions 18,268 - 14,526 + 3,199 U.S. Treasury, general account 4,935 + 13 + 534 Foreign official 81 - 415 + 5 Other (0) 334 - 2 + 76 Deferred availability cash items (985) 7,958 - 240 + 680 Other liabilities and accrued dividends7 2,247 + 37 - 207 Total liabilities (985) 719,949 - 15,908 + 59,715 Capital accounts Capital paid in 8,747 + 1 + 479 Surplus 8,380 0 + 1,068 Other capital accounts 920 - 141 - 469 Total capital 18,048 - 139 + 1,080 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 8, 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 24 45,442 - 292 0 0 19,750 18,951 16 days to 90 days 91 146,740 + 8,303 10 0 0 0 91 days to 1 year 0 158,422 - 7,940 0 0 . . . . . . Over 1 year to 5 years . . . 176,907 + 3 0 0 . . . . . . Over 5 years to 10 years . . . 51,664 + 4 0 0 . . . . . . Over 10 years . . . 77,095 + 5 0 0 . . . . . . All 115 656,270 + 84 10 0 19,750 18,951 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 8, 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 2 6 2 6 3 9 3 6 3 5 9 8 1 0 6 1 0 1 5 6 2 7 4 8 1 5 3 100 Securities, repurchase agreements, and loans 676,1 4 5 31,7 2 8 300,5 2 8 20,5 1 8 30,7 5 7 50,4 7 0 44,3 3 9 66,3 4 7 20,6 6 9 14,6 8 5 17,6 5 7 25,7 1 9 52,728 Securities held outright 656,2 8 0 31,7 2 8 280,7 7 8 20,5 1 8 30,7 5 2 50,4 7 0 44,3 3 6 66,3 1 7 20,6 4 7 14,6 4 9 17,6 3 7 25,7 1 9 52,728 U.S. Treasury1 656,2 7 0 31,7 2 8 280,7 7 3 20,5 1 8 30,7 5 1 50,4 6 9 44,3 3 5 66,3 1 6 20,6 4 7 14,6 4 9 17,6 3 7 25,7 1 9 52,728 Bills2 241,6 7 2 11,6 8 4 103,3 9 5 7,5 5 6 11,3 2 4 18,5 8 5 16,3 2 6 24,4 2 1 7,6 0 3 5,3 9 4 6,4 9 5 9,4 7 1 19,417 Notes and bonds3 414,5 9 7 20,0 4 4 177,3 7 8 12,9 6 2 19,4 2 7 31,8 8 4 28,0 0 9 41,8 9 5 13,0 4 4 9,2 5 4 11,1 4 2 16,2 4 8 33,311 Federal agency2 1 0 0 4 0 0 1 1 1 0 0 0 0 1 Repurchase agreements4 19,7 5 0 0 19,7 5 0 0 0 0 0 0 0 0 0 0 0 Loans 1 1 5 0 0 0 5 0 4 2 9 2 2 3 6 2 0 0 0 Items in process of collection 8,7 3 5 6 3 4 7 2 7 4 8 3 3 6 9 6 5 9 8 0 5 6 4 7 4 4 3 4 7 7 5 0 1 2 0 7 2,783 Bank premises 1,5 9 5 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 38,4 4 1 1,7 7 9 13,7 4 3 1,0 9 4 2,4 3 2 6,1 3 5 2,2 2 8 3,5 8 1 9 8 6 1,1 5 4 9 1 3 1,0 9 5 3,302 Interdistrict settlement account 0 - 1,3 2 3 + 5,5 9 9 - 1,6 8 4 - 1,9 8 5 - 1,3 1 2 + 1,4 0 8 - 6,6 3 8 - 1,5 4 5 - 3 1 8 - 7 8 4 + 2,8 1 0 + 5,772 Total assets 738,9 8 1 33,5 4 5 326,4 0 4 20,9 6 2 32,3 4 0 57,1 4 9 50,1 9 3 65,3 5 2 21,0 5 4 16,4 0 5 18,7 5 8 30,7 6 1 66,060 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 8, 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 788,85 7 35,5 0 4 329,1 9 0 27,5 7 7 33,1 5 3 59,2 5 4 64,1 6 0 66,8 5 2 23,5 2 7 15,7 9 7 21,5 5 6 36,3 1 0 75,977 Less: notes held by F.R. Banks 121,68 3 5,5 0 3 24,9 3 2 9,1 3 0 5,5 0 7 10,3 5 4 18,6 8 0 10,5 3 7 4,4 8 7 1,6 7 7 4,8 3 8 8,0 1 0 18,028 Federal Reserve notes, net 667,17 4 30,0 0 1 304,2 5 8 18,4 4 7 27,6 4 6 48,9 0 0 45,4 8 1 56,3 1 4 19,0 4 0 14,1 2 0 16,7 1 8 28,2 9 9 57,950 Reverse repurchase agreements1 18,95 1 9 1 6 8,1 0 8 5 9 2 8 8 8 1,4 5 7 1,2 8 0 1,9 1 5 5 9 6 4 2 3 5 0 9 7 4 3 1,523 Deposits 23,61 8 9 9 4 8,1 1 0 8 8 2 1,7 2 4 1,6 7 4 1,3 4 4 4,2 8 5 5 7 8 5 0 4 6 2 3 7 8 8 2,111 Depository institutions 18,26 8 9 8 6 2,9 5 8 8 8 1 1,7 2 1 1,5 1 0 1,3 4 3 4,2 8 2 5 7 0 5 0 3 6 2 1 7 8 7 2,107 U.S. Treasury, general account 4,93 5 0 4,9 3 5 0 0 0 0 0 0 0 0 0 0 Foreign official 8 1 2 5 7 1 3 7 2 3 1 1 1 1 3 Other 33 4 7 1 6 0 0 0 1 5 6 0 0 8 0 1 1 0 Deferred availability cash items 8,94 3 5 8 4 1,0 3 3 4 2 1 5 2 1 6 5 6 9 1 7 7 2 1 2 6 6 5 6 2 4 0 8 4 3 0 2,425 Other liabilities and accrued dividends2 2,24 7 1 3 0 6 9 2 9 3 1 2 1 2 4 6 1 7 9 2 2 7 1 0 1 8 7 8 7 1 1 3 171 Total liabilities 720,93 3 32,6 2 5 322,2 0 0 20,4 3 6 30,9 0 0 52,9 3 3 49,2 0 1 63,4 6 2 20,5 8 2 15,6 9 6 18,3 4 6 30,3 7 2 64,179 Capital Capital paid in 8,74 7 4 4 8 1,9 9 8 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 92 0 3 6 3 9 8 3 8 3 2 7 0 3 8 1 1 5 4 5 2 1 1 5 1 8 95 Total liabilities and capital 738,98 1 33,5 4 5 326,4 0 4 20,9 6 2 32,3 4 0 57,1 4 9 50,1 9 3 65,3 5 2 21,0 5 4 16,4 0 5 18,7 5 8 30,7 6 1 66,060 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 8, 2003 Federal Reserve notes outstanding 788,857 Less: Notes held by F.R. Banks not subject to collateralization 117,173 Federal Reserve notes to be collateralized 671,685 Collateral held against Federal Reserve notes 671,685 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 657,075 Other eligible assets 1,371 Memo: Total U.S. Treasury and agency securities1 676,030 Less: face value of securities under reverse repurchase agreements 18,955 U.S. Treasury and agency securities eligible to be pledged 657,075 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.