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 23, 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 22, 2003 Oct 15, 2003 Oct 23, 2002 Oct 22, 2003 Reserve Bank credit 721,122 - 1,710 + 63,440 722,682 Securities held outright 656,625 + 209 + 46,342 656,764 U.S. Treasury1 656,615 + 209 + 46,342 656,754 Bills2 241,997 + 198 + 33,733 242,131 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 1,569 + 12 + 369 1,574 Federal agency2 10 0 0 10 Repurchase agreements4 24,571 - 1,822 + 16,428 25,500 Loans to depository institutions 100 - 2 - 20 94 Primary credit 14 + 10 + 14 11 Secondary credit 0 0 0 0 Seasonal credit 86 - 12 - 30 83 Adjustment credit 0 0 - 4 0 Float -331 + 5 - 697 -132 Other Federal Reserve assets 40,156 - 102 + 1,385 40,456 Gold stock 11,043 0 + 1 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 35,299 + 14 + 942 35,299 Total factors supplying reserve funds 769,664 - 1,696 + 64,383 771,225 Currency in circulation5 702,634 - 482 + 39,779 703,300 Reverse repurchase agreements6 18,633 - 462 + 18,633 18,111 Foreign official and international accounts 18,633 - 462 + 18,633 18,111 Dealers 0 0 0 0 Treasury cash holdings 389 + 16 - 10 400 Deposits with F.R. Banks, other than reserve balances 17,314 + 1,748 + 1,401 17,025 U.S. Treasury, general account 5,403 + 1,658 + 339 5,123 Foreign official 97 - 42 - 244 99 Service-related 11,524 + 154 + 1,227 11,524 Required clearing balances 11,340 + 88 + 1,370 11,340 Adjustments to compensate for float 184 + 66 - 143 184 Other 289 - 23 + 77 279 Other liabilities and capital 20,236 - 287 + 845 20,327 Total factors, other than reserve balances, absorbing reserve funds 759,206 + 534 + 60,648 759,163 Reserve balances with Federal Reserve Banks 10,459 - 2,229 + 3,736 12,062 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 995,396 + 4,613 . . . 993,247 U.S. Treasury 799,036 + 1,240 . . . 793,691 Federal agency 196,360 + 3,373 . . . 199,555 Securities lent to dealers 1,915 + 956 + 735 1,442 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 22, 2003 Oct 15, 2003 Oct 23, 2002 Assets Gold certificate account 11,039 0 + 1 Special drawing rights certificate account 2,200 0 0 Coin 810 - 3 - 264 Securities, repurchase agreements, and loans 682,358 - 4,501 + 64,510 Securities held outright 656,764 + 265 + 46,523 U.S. Treasury1 656,754 + 265 + 46,523 Bills2 242,131 + 252 + 33,914 Notes and bonds, nominal2 399,595 0 + 11,029 Notes and bonds, inflation-indexed2 13,454 0 + 1,212 Inflation compensation3 1,574 + 13 + 369 Federal agency2 10 0 0 Repurchase agreements4 25,500 - 4,750 + 18,000 Loans 94 - 16 - 13 Items in process of collection (1,273) 7,605 - 6,697 - 234 Bank premises 1,597 + 1 + 69 Other assets5 38,852 + 546 + 1,339 Total assets (1,273) 744,462 - 10,652 + 65,422 Liabilities Federal Reserve notes, net of F.R. Bank holdings 669,207 - 854 + 38,790 Reverse repurchase agreements6 18,111 - 531 + 18,111 Deposits (0) 29,303 - 5,827 + 7,330 Depository institutions 23,802 - 6,018 + 7,875 U.S. Treasury, general account 5,123 + 266 - 590 Foreign official 99 - 66 - 29 Other (0) 279 - 10 + 74 Deferred availability cash items (1,273) 7,513 - 3,794 + 235 Other liabilities and accrued dividends7 2,263 + 24 - 161 Total liabilities (1,273) 726,398 - 10,981 + 64,306 Capital accounts Capital paid in 8,734 - 5 + 459 Surplus 8,380 + 5 + 1,068 Other capital accounts 950 + 329 - 412 Total capital 18,063 + 328 + 1,115 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 22, 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 83 50,429 + 5,401 0 0 25,500 18,111 16 days to 90 days 11 142,802 - 4,878 10 0 0 0 91 days to 1 year 0 157,831 - 272 0 0 . . . . . . Over 1 year to 5 years . . . 176,914 + 4 0 0 . . . . . . Over 5 years to 10 years . . . 51,673 + 4 0 0 . . . . . . Over 10 years . . . 77,105 + 5 0 0 . . . . . . All 94 656,754 + 265 10 0 25,500 18,111 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 22, 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 0 2 3 3 6 3 9 3 2 9 6 1 0 6 9 8 5 9 2 3 4 5 1 5 1 103 Securities, repurchase agreements, and loans 682,3 5 8 31,7 5 2 306,4 8 5 20,5 3 3 30,7 7 4 50,5 0 7 44,3 7 4 66,3 9 5 20,6 7 6 14,6 8 5 17,6 6 8 25,7 3 8 52,770 Securities held outright 656,7 6 4 31,7 5 2 280,9 8 5 20,5 3 3 30,7 7 4 50,5 0 7 44,3 6 8 66,3 6 6 20,6 6 3 14,6 6 0 17,6 5 0 25,7 3 8 52,767 U.S. Treasury1 656,7 5 4 31,7 5 1 280,9 8 1 20,5 3 3 30,7 7 4 50,5 0 6 44,3 6 8 66,3 6 5 20,6 6 2 14,6 6 0 17,6 5 0 25,7 3 8 52,766 Bills2 242,1 3 1 11,7 0 6 103,5 9 1 7,5 7 0 11,3 4 6 18,6 2 1 16,3 5 7 24,4 6 7 7,6 1 8 5,4 0 5 6,5 0 7 9,4 8 9 19,454 Notes and bonds3 414,6 2 3 20,0 4 5 177,3 8 9 12,9 6 3 19,4 2 8 31,8 8 6 28,0 1 0 41,8 9 8 13,0 4 5 9,2 5 5 11,1 4 3 16,2 4 9 33,313 Federal agency2 1 0 0 4 0 0 1 1 1 0 0 0 0 1 Repurchase agreements4 25,5 0 0 0 25,5 0 0 0 0 0 0 0 0 0 0 0 0 Loans 9 4 0 0 0 0 0 6 2 9 1 3 2 5 1 8 0 3 Items in process of collection 8,8 7 8 7 1 1 7 2 1 4 6 1 3 2 1 4 7 8 7 2 9 7 5 8 5 8 0 4 6 6 5 9 2 3 9 9 2,662 Bank premises 1,5 9 7 9 1 1 9 0 5 2 1 5 0 1 4 3 2 7 8 1 2 1 4 3 1 2 5 5 5 1 7 2 177 Other assets5 38,8 5 2 1,8 0 4 13,9 3 4 1,0 7 8 2,4 3 4 6,1 8 1 2,2 5 3 3,6 2 5 1,0 0 3 1,1 6 3 9 2 4 1,1 1 1 3,342 Interdistrict settlement account 0 - 1,1 2 6 + 1,4 7 0 - 1,0 9 2 - 2,4 4 0 + 1,5 2 7 + 2,5 9 9 - 7,3 2 8 - 1,8 0 8 - 1 4 1 - 6 0 3 + 3,0 2 7 + 5,915 Total assets 745,7 3 5 33,8 6 4 328,4 1 6 21,5 3 5 31,8 5 4 59,8 8 7 51,3 6 7 64,8 6 2 20,9 5 5 16,5 7 6 19,0 5 1 31,2 0 3 66,166 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 22, 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 788,91 9 36,0 2 4 327,2 7 3 27,6 0 3 32,8 8 3 59,2 6 0 65,3 6 4 66,5 3 3 23,4 4 4 15,7 4 5 21,5 5 3 36,7 8 8 76,449 Less: notes held by F.R. Banks 119,71 2 5,5 1 3 22,6 8 6 8,8 8 1 5,4 2 9 10,5 1 4 18,9 7 5 10,3 8 7 4,6 5 1 1,5 3 8 4,6 9 0 8,0 4 1 18,407 Federal Reserve notes, net 669,20 7 30,5 1 1 304,5 8 7 18,7 2 3 27,4 5 5 48,7 4 7 46,3 8 9 56,1 4 6 18,7 9 3 14,2 0 7 16,8 6 3 28,7 4 6 58,041 Reverse repurchase agreements1 18,11 1 8 7 6 7,7 4 9 5 6 6 8 4 9 1,3 9 3 1,2 2 4 1,8 3 0 5 7 0 4 0 4 4 8 7 7 1 0 1,455 Deposits 29,30 3 8 6 4 10,2 0 3 1,1 5 4 1,3 6 8 4,7 6 8 1,6 8 7 4,0 4 0 7 5 1 6 6 2 7 3 6 7 6 8 2,303 Depository institutions 23,80 2 8 5 6 4,8 5 1 1,1 5 3 1,3 6 4 4,6 5 4 1,6 8 5 4,0 3 6 7 4 3 6 6 0 7 3 4 7 6 7 2,300 U.S. Treasury, general account 5,12 3 0 5,1 2 3 0 0 0 0 0 0 0 0 0 0 Foreign official 9 9 2 7 5 1 3 7 2 3 1 1 1 1 3 Other 27 9 6 1 5 4 0 1 1 0 6 0 1 8 0 1 0 0 Deferred availability cash items 8,78 6 5 5 4 9 7 9 4 7 1 6 1 8 5 3 3 8 9 3 7 2 5 2 6 3 5 0 6 4 6 7 4 7 2 2,306 Other liabilities and accrued dividends2 2,26 3 1 3 4 6 9 1 9 4 1 2 2 2 4 4 1 8 1 2 2 9 1 0 2 8 8 8 6 1 1 6 177 Total liabilities 727,67 1 32,9 3 9 324,2 0 8 21,0 0 7 30,4 1 1 55,6 8 4 50,3 7 4 62,9 7 1 20,4 7 8 15,8 6 7 18,6 3 8 30,8 1 2 64,282 Capital Capital paid in 8,73 4 4 4 8 1,9 9 8 2 5 5 7 0 5 2,0 6 1 4 7 6 9 1 7 2 2 9 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 95 0 4 1 4 0 1 4 0 3 5 6 9 4 2 1 1 6 4 9 2 3 1 6 2 1 97 Total liabilities and capital 745,73 5 33,8 6 4 328,4 1 6 21,5 3 5 31,8 5 4 59,8 8 7 51,3 6 7 64,8 6 2 20,9 5 5 16,5 7 6 19,0 5 1 31,2 0 3 66,166 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 22, 2003 Federal Reserve notes outstanding 788,919 Less: Notes held by F.R. Banks not subject to collateralization 114,975 Federal Reserve notes to be collateralized 673,944 Collateral held against Federal Reserve notes 673,944 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 660,705 Other eligible assets 0 Memo: Total U.S. Treasury and agency securities1 682,264 Less: face value of securities under reverse repurchase agreements 18,122 U.S. Treasury and agency securities eligible to be pledged 664,143 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.