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 16, 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 15, 2003 Oct 8, 2003 Oct 16, 2002 Oct 15, 2003 Reserve Bank credit 722,887 + 7,849 + 61,218 729,755 Securities held outright 656,416 + 174 + 46,773 656,499 U.S. Treasury1 656,406 + 174 + 46,773 656,489 Bills2 241,799 + 160 + 34,164 241,879 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 1,557 + 14 + 368 1,561 Federal agency2 10 0 0 10 Repurchase agreements4 26,393 + 7,143 + 13,857 30,250 Loans to depository institutions 102 - 25 - 27 110 Primary credit 4 + 2 + 4 13 Secondary credit 0 0 0 0 Seasonal credit 98 - 27 - 26 97 Adjustment credit 0 0 - 5 0 Float -282 + 5 - 940 2,978 Other Federal Reserve assets 40,258 + 553 + 1,555 39,917 Gold stock 11,043 0 + 1 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 35,285 + 14 + 942 35,285 Total factors supplying reserve funds 771,415 + 7,863 + 62,161 778,283 Currency in circulation5 703,116 + 4,137 + 38,704 704,151 Reverse repurchase agreements6 19,095 - 227 + 19,095 18,642 Foreign official and international accounts 19,095 - 227 + 19,095 18,642 Dealers 0 0 0 0 Treasury cash holdings 373 + 15 - 11 387 Deposits with F.R. Banks, other than reserve balances 15,566 - 1,523 + 648 16,681 U.S. Treasury, general account 3,745 - 1,440 - 582 4,857 Foreign official 139 + 34 + 62 165 Service-related 11,370 - 85 + 1,071 11,370 Required clearing balances 11,252 + 1 + 1,253 11,252 Adjustments to compensate for float 118 - 86 - 182 118 Other 312 - 33 + 96 289 Other liabilities and capital 20,523 - 55 + 988 19,974 Total factors, other than reserve balances, absorbing reserve funds 758,672 + 2,345 + 59,424 759,834 Reserve balances with Federal Reserve Banks 12,742 + 5,517 + 2,737 18,449 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 990,783 - 985 . . . 1,000,170 U.S. Treasury 797,796 - 871 . . . 805,226 Federal agency 192,987 - 114 . . . 194,944 Securities lent to dealers 959 - 1,379 - 1,323 1,639 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 15, 2003 Oct 8, 2003 Oct 16, 2002 Assets Gold certificate account 11,039 0 + 1 Special drawing rights certificate account 2,200 0 0 Coin 813 - 13 - 246 Securities, repurchase agreements, and loans 686,859 + 10,714 + 62,579 Securities held outright 656,499 + 219 + 46,129 U.S. Treasury1 656,489 + 219 + 46,129 Bills2 241,879 + 207 + 33,522 Notes and bonds, nominal2 399,595 0 + 11,029 Notes and bonds, inflation-indexed2 13,454 0 + 1,212 Inflation compensation3 1,561 + 13 + 366 Federal agency2 10 0 0 Repurchase agreements4 30,250 + 10,500 + 16,500 Loans 110 - 5 - 49 Items in process of collection (1,327) 14,302 + 6,551 - 1,793 Bank premises 1,596 + 1 + 70 Other assets5 38,306 - 135 + 1,168 Total assets (1,327) 755,114 + 17,118 + 61,779 Liabilities Federal Reserve notes, net of F.R. Bank holdings 670,061 + 2,887 + 37,928 Reverse repurchase agreements6 18,642 - 309 + 18,642 Deposits (0) 35,130 + 11,512 + 4,777 Depository institutions 29,820 + 11,552 + 4,350 U.S. Treasury, general account 4,857 - 78 + 265 Foreign official 165 + 84 + 90 Other (0) 289 - 45 + 74 Deferred availability cash items (1,327) 11,307 + 3,349 - 260 Other liabilities and accrued dividends7 2,239 - 8 - 154 Total liabilities (1,327) 737,379 + 17,430 + 60,934 Capital accounts Capital paid in 8,739 - 8 + 469 Surplus 8,375 - 5 + 1,063 Other capital accounts 621 - 299 - 688 Total capital 17,735 - 313 + 845 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 15, 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 37 45,028 - 414 0 0 30,250 18,642 16 days to 90 days 73 147,680 + 940 10 0 0 0 91 days to 1 year 0 158,103 - 319 0 0 . . . . . . Over 1 year to 5 years . . . 176,910 + 3 0 0 . . . . . . Over 5 years to 10 years . . . 51,669 + 5 0 0 . . . . . . Over 10 years . . . 77,100 + 5 0 0 . . . . . . All 110 656,489 + 219 10 0 30,250 18,642 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 15, 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 1 3 2 6 3 8 3 5 3 4 9 7 1 0 4 1 0 1 5 5 2 4 4 6 1 5 2 100 Securities, repurchase agreements, and loans 686,8 5 9 31,7 3 9 311,1 2 2 20,5 2 5 30,7 6 2 50,4 9 1 44,3 5 2 66,3 6 9 20,6 7 4 14,6 8 8 17,6 6 0 25,7 2 8 52,751 Securities held outright 656,4 9 9 31,7 3 9 280,8 7 2 20,5 2 5 30,7 6 2 50,4 8 7 44,3 5 1 66,3 3 9 20,6 5 4 14,6 5 4 17,6 4 3 25,7 2 8 52,746 U.S. Treasury1 656,4 8 9 31,7 3 8 280,8 6 7 20,5 2 5 30,7 6 2 50,4 8 6 44,3 5 0 66,3 3 8 20,6 5 4 14,6 5 4 17,6 4 3 25,7 2 8 52,745 Bills2 241,8 7 9 11,6 9 4 103,4 8 4 7,5 6 2 11,3 3 4 18,6 0 1 16,3 4 0 24,4 4 2 7,6 1 0 5,3 9 9 6,5 0 0 9,4 7 9 19,434 Notes and bonds3 414,6 1 0 20,0 4 5 177,3 8 4 12,9 6 2 19,4 2 8 31,8 8 5 28,0 0 9 41,8 9 7 13,0 4 4 9,2 5 5 11,1 4 2 16,2 4 8 33,312 Federal agency2 1 0 0 4 0 0 1 1 1 0 0 0 0 1 Repurchase agreements4 30,2 5 0 0 30,2 5 0 0 0 0 0 0 0 0 0 0 0 Loans 1 1 0 0 0 0 0 4 2 2 9 1 9 3 4 1 7 0 5 Items in process of collection 15,6 2 9 9 8 6 1,5 2 8 9 9 2 8 3 6 1,2 9 8 1,4 9 5 1,3 5 4 7 7 9 7 0 2 1,0 4 5 7 4 2 3,872 Bank premises 1,5 9 6 9 1 1 9 0 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 38,3 0 6 1,7 7 3 13,7 4 2 1,0 6 0 2,4 0 0 6,1 0 2 2,2 1 6 3,5 6 8 9 8 6 1,1 4 7 9 0 9 1,0 9 2 3,311 Interdistrict settlement account 0 + 4,1 3 8 - 2,2 2 4 - 1,4 4 5 - 1,4 5 4 - 4 7 3 + 2,5 7 5 - 7,7 7 9 - 1,6 5 9 - 3 6 - 5 6 0 + 3,0 3 7 + 5,880 Total assets 756,4 4 1 39,3 6 4 329,9 7 5 21,6 8 1 33,3 0 9 58,6 1 4 52,0 4 8 64,9 2 6 21,2 8 0 16,9 0 4 19,5 2 3 31,5 2 9 67,288 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 15, 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 789,00 5 35,6 0 6 328,9 2 0 27,4 3 1 33,0 9 2 59,4 5 9 64,0 9 0 66,9 5 1 23,4 9 9 15,7 8 9 21,5 1 2 36,4 5 4 76,202 Less: notes held by F.R. Banks 118,94 3 5,3 7 3 24,2 7 4 8,8 3 4 5,3 3 6 10,1 1 0 18,3 0 6 10,2 4 9 4,4 7 6 1,6 1 2 4,6 0 9 7,8 7 7 17,885 Federal Reserve notes, net 670,06 1 30,2 3 2 304,6 4 7 18,5 9 6 27,7 5 6 49,3 4 9 45,7 8 3 56,7 0 2 19,0 2 3 14,1 7 7 16,9 0 3 28,5 7 7 58,317 Reverse repurchase agreements1 18,64 2 9 0 1 7,9 7 5 5 8 3 8 7 4 1,4 3 4 1,2 5 9 1,8 8 4 5 8 6 4 1 6 5 0 1 7 3 1 1,498 Deposits 35,13 0 6,3 4 8 11,1 9 7 1,0 7 7 2,3 7 5 2,5 7 7 2,5 7 1 3,1 3 3 7 1 0 8 6 8 9 1 5 1,1 4 4 2,216 Depository institutions 29,82 0 6,3 4 0 6,0 4 0 1,0 7 5 2,3 7 1 2,4 5 9 2,5 6 9 3,1 2 9 7 0 2 8 6 6 9 1 3 1,1 4 3 2,212 U.S. Treasury, general account 4,85 7 0 4,8 5 7 0 0 0 0 0 0 0 0 0 0 Foreign official 16 5 2 1 4 1 1 3 7 2 3 1 1 1 1 3 Other 28 9 7 1 5 9 1 1 1 1 1 0 0 8 0 1 1 0 Deferred availability cash items 12,63 4 8 4 7 1,3 3 0 8 1 5 7 6 5 8 8 7 1,2 7 9 1,1 2 4 3 9 2 6 6 0 7 1 4 5 8 5 3,236 Other liabilities and accrued dividends2 2,23 9 1 3 2 6 8 6 9 3 1 2 4 2 3 8 1 7 8 2 2 6 1 0 3 8 7 8 5 1 1 6 172 Total liabilities 738,70 6 38,4 6 1 325,8 3 5 21,1 6 4 31,8 9 2 54,4 8 5 51,0 7 0 63,0 6 9 20,8 1 5 16,2 0 7 19,1 1 9 31,1 5 2 65,438 Capital Capital paid in 8,73 9 4 4 8 1,9 9 8 2 5 5 7 0 5 2,0 6 1 4 8 2 9 1 7 2 2 9 3 4 7 1 9 6 1 8 4 918 Surplus 8,37 5 4 3 6 1,8 0 9 2 3 3 7 0 2 2,0 6 8 4 7 5 8 5 8 1 9 9 3 4 0 2 0 1 1 8 6 868 Other capital 62 1 1 9 3 3 4 2 9 1 0 0 2 1 8 3 3 8 9 8 7 64 Total liabilities and capital 756,44 1 39,3 6 4 329,9 7 5 21,6 8 1 33,3 0 9 58,6 1 4 52,0 4 8 64,9 2 6 21,2 8 0 16,9 0 4 19,5 2 3 31,5 2 9 67,288 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 15, 2003 Federal Reserve notes outstanding 789,005 Less: Notes held by F.R. Banks not subject to collateralization 114,046 Federal Reserve notes to be collateralized 674,958 Collateral held against Federal Reserve notes 674,958 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 661,719 Other eligible assets 0 Memo: Total U.S. Treasury and agency securities1 686,749 Less: face value of securities under reverse repurchase agreements 18,646 U.S. Treasury and agency securities eligible to be pledged 668,104 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.