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 November 6, 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 Nov 5, 2003 Oct 29, 2003 Nov 6, 2002 Nov 5, 2003 Reserve Bank credit 725,126 - 1,707 + 64,561 722,578 Securities held outright 658,813 + 847 + 50,151 658,885 U.S. Treasury1 658,803 + 847 + 50,151 658,875 Bills2 242,433 + 272 + 35,809 242,500 Notes and bonds, nominal2 401,322 + 563 + 12,756 401,322 Notes and bonds, inflation-indexed2 13,454 0 + 1,212 13,454 Inflation compensation3 1,593 + 11 + 374 1,599 Federal agency2 10 0 0 10 Repurchase agreements4 24,000 - 4,071 + 11,964 19,000 Loans to depository institutions 135 + 45 - 288 49 Primary credit 82 + 63 + 82 4 Secondary credit 0 0 0 0 Seasonal credit 53 - 18 - 14 45 Adjustment credit 0 0 - 355 0 Float 1,491 + 1,608 + 1,455 3,979 Other Federal Reserve assets 40,687 - 136 + 1,279 40,664 Gold stock 11,043 0 + 1 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 35,363 + 14 + 978 35,363 Total factors supplying reserve funds 773,732 - 1,694 + 65,540 771,184 Currency in circulation5 703,289 + 1,240 + 39,341 705,008 Reverse repurchase agreements6 19,888 + 714 + 19,888 21,001 Foreign official and international accounts 18,924 - 250 + 18,924 18,251 Dealers 964 + 964 + 964 2,750 Treasury cash holdings 389 - 10 - 6 379 Deposits with F.R. Banks, other than reserve balances 17,892 + 972 + 1,769 17,118 U.S. Treasury, general account 5,680 + 555 + 342 4,615 Foreign official 196 + 115 + 80 458 Service-related 11,724 + 292 + 1,301 11,724 Required clearing balances 11,423 + 83 + 1,367 11,423 Adjustments to compensate for float 301 + 209 - 67 301 Other 293 + 10 + 48 320 Other liabilities and capital 20,025 - 481 + 170 19,841 Total factors, other than reserve balances, absorbing reserve funds 761,483 + 2,435 + 61,161 763,347 Reserve balances with Federal Reserve Banks 12,249 - 4,129 + 4,379 7,837 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,001,954 + 6,334 . . . 1,003,271 U.S. Treasury 799,027 + 4,372 . . . 798,608 Federal agency 202,927 + 1,962 . . . 204,663 Securities lent to dealers 1,560 + 485 - 576 1,778 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 Nov 5, 2003 Oct 29, 2003 Nov 6, 2002 Assets Gold certificate account 11,039 0 + 1 Special drawing rights certificate account 2,200 0 0 Coin 829 + 3 - 250 Securities, repurchase agreements, and loans 677,934 - 8,830 + 59,086 Securities held outright 658,885 + 203 + 50,105 U.S. Treasury1 658,875 + 203 + 50,105 Bills2 242,500 + 192 + 35,761 Notes and bonds, nominal2 401,322 0 + 12,756 Notes and bonds, inflation-indexed2 13,454 0 + 1,212 Inflation compensation3 1,599 + 12 + 377 Federal agency2 10 0 0 Repurchase agreements4 19,000 - 9,000 + 9,000 Loans 49 - 33 - 20 Items in process of collection (1,255) 12,400 + 5,957 + 3,115 Bank premises 1,598 + 2 + 69 Other assets5 39,015 - 274 + 898 Total assets (1,255) 745,015 - 3,143 + 62,918 Liabilities Federal Reserve notes, net of F.R. Bank holdings 670,849 + 1,482 + 37,534 Reverse repurchase agreements6 21,001 + 1,715 + 21,001 Deposits (0) 24,960 - 7,641 + 4,169 Depository institutions 19,567 - 6,993 + 3,898 U.S. Treasury, general account 4,615 - 1,057 - 192 Foreign official 458 + 373 + 386 Other (0) 320 + 37 + 77 Deferred availability cash items (1,255) 8,364 + 1,565 - 56 Other liabilities and accrued dividends7 2,277 - 26 - 162 Total liabilities (1,255) 727,451 - 2,904 + 62,486 Capital accounts Capital paid in 8,754 + 12 + 474 Surplus 8,335 - 45 + 1,023 Other capital accounts 475 - 206 - 1,065 Total capital 17,564 - 239 + 432 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, November 5, 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 7 48,825 - 257 0 0 19,000 21,001 16 days to 90 days 42 144,738 + 314 10 0 0 0 91 days to 1 year 0 156,936 - 797 0 0 . . . . . . Over 1 year to 5 years . . . 179,300 + 936 0 0 . . . . . . Over 5 years to 10 years . . . 51,962 + 4 0 0 . . . . . . Over 10 years . . . 77,114 + 4 0 0 . . . . . . All 49 658,875 + 203 10 0 19,000 21,001 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 November 5, 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 9 2 8 3 4 4 4 3 7 9 9 1 0 2 9 9 5 8 2 4 4 8 1 4 7 109 Securities, repurchase agreements, and loans 677,9 3 4 31,8 5 4 300,8 9 3 20,5 9 9 30,8 7 4 50,6 7 0 44,5 1 2 66,5 9 1 20,7 3 3 14,7 2 5 17,7 2 4 25,8 2 1 52,938 Securities held outright 658,8 8 5 31,8 5 4 281,8 9 2 20,5 9 9 30,8 7 4 50,6 7 0 44,5 1 2 66,5 8 1 20,7 2 9 14,7 0 7 17,7 0 7 25,8 2 1 52,938 U.S. Treasury1 658,8 7 5 31,8 5 4 281,8 8 8 20,5 9 9 30,8 7 3 50,6 7 0 44,5 1 1 66,5 8 0 20,7 2 9 14,7 0 7 17,7 0 7 25,8 2 1 52,937 Bills2 242,5 0 0 11,7 2 4 103,7 4 9 7,5 8 2 11,3 6 3 18,6 4 9 16,3 8 2 24,5 0 5 7,6 2 9 5,4 1 3 6,5 1 7 9,5 0 3 19,483 Notes and bonds3 416,3 7 5 20,1 3 0 178,1 3 9 13,0 1 8 19,5 1 0 32,0 2 1 28,1 2 9 42,0 7 5 13,1 0 0 9,2 9 4 11,1 9 0 16,3 1 8 33,453 Federal agency2 1 0 0 4 0 0 1 1 1 0 0 0 0 1 Repurchase agreements4 19,0 0 0 0 19,0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 4 9 0 1 0 0 0 0 1 0 3 1 8 1 7 0 0 Items in process of collection 13,6 5 5 6 6 1 1,7 1 3 7 2 4 8 0 4 8 0 9 1,0 9 3 1,5 4 6 4 7 8 6 1 7 1,0 5 6 6 0 0 3,554 Bank premises 1,5 9 8 9 1 1 9 0 5 2 1 5 0 1 4 4 2 7 7 1 2 1 4 3 1 2 5 5 5 1 7 4 176 Other assets5 39,0 1 5 1,8 0 5 14,0 8 4 1,0 8 3 2,4 2 7 6,1 2 9 2,2 7 2 3,6 4 2 1,0 1 2 1,1 6 2 9 3 0 1,1 2 5 3,346 Interdistrict settlement account 0 + 4 8 2 + 5,1 7 6 - 1,2 8 7 - 3,5 8 9 - 9 3 5 + 2,0 6 0 - 8,6 7 9 - 1,7 1 6 - 2 5 4 - 1,1 6 1 + 3,7 1 0 + 6,194 Total assets 746,2 7 0 35,5 3 2 327,6 7 0 21,6 7 8 31,2 8 3 57,8 7 1 51,3 4 5 64,5 1 3 21,0 1 0 16,6 5 3 19,0 2 1 32,1 8 1 67,512 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 November 5, 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 790,11 2 37,0 1 4 326,4 7 0 27,5 9 3 32,7 3 0 59,2 3 1 65,2 1 8 67,0 5 4 23,3 3 2 15,7 1 2 21,4 2 1 37,3 9 0 76,949 Less: notes held by F.R. Banks 119,26 4 5,6 3 4 23,4 0 8 8,5 3 4 5,6 4 3 10,1 9 2 19,3 4 5 10,0 6 8 4,4 6 9 1,5 1 9 4,6 2 8 7,8 6 1 17,965 Federal Reserve notes, net 670,84 9 31,3 8 0 303,0 6 2 19,0 5 9 27,0 8 7 49,0 3 9 45,8 7 3 56,9 8 6 18,8 6 3 14,1 9 2 16,7 9 3 29,5 2 9 58,985 Reverse repurchase agreements1 21,00 1 1,0 1 5 8,9 8 5 6 5 7 9 8 4 1,6 1 5 1,4 1 9 2,1 2 2 6 6 1 4 6 9 5 6 4 8 2 3 1,687 Deposits 24,96 0 1,4 7 7 9,6 8 7 9 5 0 1,2 6 0 2,2 7 8 1,9 7 2 2,5 2 7 6 7 7 4 5 0 6 5 9 8 7 6 2,149 Depository institutions 19,56 7 1,4 7 5 4,4 7 1 9 4 9 1,2 5 7 2,1 2 4 1,9 6 9 2,5 2 3 6 7 3 4 4 9 6 5 7 8 7 5 2,145 U.S. Treasury, general account 4,61 5 0 4,6 1 5 0 0 0 0 0 0 0 0 0 0 Foreign official 45 8 2 4 3 5 1 3 7 2 3 1 1 1 1 3 Other 32 0 1 1 6 6 0 0 1 4 6 1 0 3 0 1 1 0 Deferred availability cash items 9,61 9 6 3 7 1,1 2 8 4 0 2 4 2 0 5 9 5 9 4 1 8 1 2 2 4 5 7 6 4 5 2 2 4 6 6 2,685 Other liabilities and accrued dividends2 2,27 7 1 2 6 7 0 3 9 4 1 2 5 2 4 8 1 8 2 2 3 3 1 0 3 8 4 8 5 1 1 5 178 Total liabilities 728,70 6 34,6 3 6 323,5 6 5 21,1 6 1 29,8 7 7 53,7 7 6 50,3 8 6 62,6 8 0 20,5 4 8 15,9 6 0 18,6 2 4 31,8 1 0 65,683 Capital Capital paid in 8,75 4 4 4 8 2,0 0 2 2 5 9 7 0 5 2,0 6 6 4 7 9 9 1 8 2 3 1 3 4 8 1 9 6 1 8 4 918 Surplus 8,33 5 4 3 6 1,8 0 9 2 3 3 7 0 2 2,0 2 9 4 7 5 8 5 8 1 9 9 3 4 0 2 0 1 1 8 6 868 Other capital 47 5 1 2 2 9 4 2 5 0 0 5 5 8 3 1 6 0 1 43 Total liabilities and capital 746,27 0 35,5 3 2 327,6 7 0 21,6 7 8 31,2 8 3 57,8 7 1 51,3 4 5 64,5 1 3 21,0 1 0 16,6 5 3 19,0 2 1 32,1 8 1 67,512 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 Nov 5, 2003 Federal Reserve notes outstanding 790,112 Less: Notes held by F.R. Banks not subject to collateralization 119,264 Federal Reserve notes to be collateralized 670,849 Collateral held against Federal Reserve notes 670,849 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 656,854 Other assets pledged 756 Memo: Total U.S. Treasury and agency securities1 677,885 Less: face value of securities under reverse repurchase agreements 21,031 U.S. Treasury and agency securities eligible to be pledged 656,854 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.