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 13, 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 12, 2003 Nov 5, 2003 Nov 13, 2002 Nov 12, 2003 Reserve Bank credit 722,260 - 2,866 + 55,911 725,946 Securities held outright 660,213 + 1,400 + 51,723 660,289 U.S. Treasury1 660,203 + 1,400 + 51,723 660,279 Bills2 242,720 + 287 + 36,273 242,792 Notes and bonds, nominal2 402,422 + 1,100 + 13,856 402,422 Notes and bonds, inflation-indexed2 13,454 0 + 1,212 13,454 Inflation compensation3 1,606 + 13 + 382 1,610 Federal agency2 10 0 0 10 Repurchase agreements4 20,464 - 3,536 + 3,643 24,000 Loans to depository institutions 52 - 83 - 256 51 Primary credit 3 - 79 + 3 3 Secondary credit 0 0 0 0 Seasonal credit 48 - 5 - 18 48 Adjustment credit 0 0 - 242 0 Float 483 - 1,008 - 166 252 Other Federal Reserve assets 41,048 + 361 + 967 41,353 Gold stock 11,043 0 + 1 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 35,377 + 14 + 970 35,377 Total factors supplying reserve funds 770,881 - 2,851 + 56,883 774,566 Currency in circulation5 706,365 + 3,076 + 38,286 708,583 Reverse repurchase agreements6 17,554 - 2,334 + 17,554 17,386 Foreign official and international accounts 17,554 - 1,370 + 17,554 17,386 Dealers 0 - 964 0 0 Treasury cash holdings 375 - 14 - 11 348 Deposits with F.R. Banks, other than reserve balances 16,855 - 1,037 + 1,201 16,653 U.S. Treasury, general account 4,876 - 804 - 137 4,614 Foreign official 91 - 105 + 14 147 Service-related 11,579 - 145 + 1,251 11,579 Required clearing balances 11,425 + 2 + 1,367 11,425 Adjustments to compensate for float 154 - 147 - 116 154 Other 309 + 16 + 73 314 Other liabilities and capital 20,243 + 218 + 231 20,446 Total factors, other than reserve balances, absorbing reserve funds 761,392 - 91 + 57,261 763,416 Reserve balances with Federal Reserve Banks 9,489 - 2,761 - 378 11,150 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,002,253 + 299 . . . 1,005,334 U.S. Treasury 799,454 + 427 . . . 799,679 Federal agency 202,799 - 128 . . . 205,655 Securities lent to dealers 1,502 - 58 + 674 1,315 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 12, 2003 Nov 5, 2003 Nov 13, 2002 Assets Gold certificate account 11,039 0 + 1 Special drawing rights certificate account 2,200 0 0 Coin 819 - 10 - 261 Securities, repurchase agreements, and loans 684,340 + 6,406 + 54,279 Securities held outright 660,289 + 1,404 + 51,295 U.S. Treasury1 660,279 + 1,404 + 51,295 Bills2 242,792 + 292 + 35,843 Notes and bonds, nominal2 402,422 + 1,100 + 13,856 Notes and bonds, inflation-indexed2 13,454 0 + 1,212 Inflation compensation3 1,610 + 11 + 383 Federal agency2 10 0 0 Repurchase agreements4 24,000 + 5,000 + 3,000 Loans 51 + 2 - 16 Items in process of collection (157) 6,787 - 5,613 - 8,794 Bank premises 1,600 + 2 + 70 Other assets5 39,716 + 701 + 980 Total assets (157) 746,501 + 1,486 + 46,274 Liabilities Federal Reserve notes, net of F.R. Bank holdings 674,369 + 3,520 + 37,868 Reverse repurchase agreements6 17,386 - 3,615 + 17,386 Deposits (0) 27,724 + 2,764 - 4,427 Depository institutions 22,650 + 3,083 - 4,595 U.S. Treasury, general account 4,614 - 1 + 22 Foreign official 147 - 311 + 71 Other (0) 314 - 6 + 76 Deferred availability cash items (157) 6,576 - 1,788 - 5,306 Other liabilities and accrued dividends7 2,314 + 37 - 155 Total liabilities (157) 728,369 + 918 + 45,366 Capital accounts Capital paid in 8,784 + 30 + 499 Surplus 8,380 + 45 + 1,068 Other capital accounts 968 + 493 - 659 Total capital 18,132 + 568 + 909 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 12, 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 13 34,595 - 14,230 0 0 24,000 17,386 16 days to 90 days 38 159,321 + 14,583 10 0 0 0 91 days to 1 year 0 157,975 + 1,039 0 0 . . . . . . Over 1 year to 5 years . . . 179,303 + 3 0 0 . . . . . . Over 5 years to 10 years . . . 51,966 + 4 0 0 . . . . . . Over 10 years . . . 77,119 + 5 0 0 . . . . . . All 51 660,279 + 1,404 10 0 24,000 17,386 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 12, 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 9 2 7 3 4 4 5 3 6 9 4 1 0 1 9 7 5 6 2 4 5 1 1 4 7 106 Securities, repurchase agreements, and loans 684,3 4 0 31,9 2 2 306,4 9 3 20,6 4 6 30,9 4 0 50,7 7 8 44,6 0 7 66,7 3 2 20,7 7 5 14,7 6 0 17,7 5 8 25,8 7 6 53,053 Securities held outright 660,2 8 9 31,9 2 2 282,4 9 3 20,6 4 3 30,9 4 0 50,7 7 8 44,6 0 7 66,7 2 2 20,7 7 4 14,7 3 9 17,7 4 5 25,8 7 6 53,050 U.S. Treasury1 660,2 7 9 31,9 2 2 282,4 8 9 20,6 4 3 30,9 3 9 50,7 7 8 44,6 0 6 66,7 2 1 20,7 7 3 14,7 3 8 17,7 4 5 25,8 7 6 53,050 Bills2 242,7 9 2 11,7 3 8 103,8 7 4 7,5 9 1 11,3 7 7 18,6 7 1 16,4 0 2 24,5 3 4 7,6 3 9 5,4 1 9 6,5 2 5 9,5 1 5 19,507 Notes and bonds3 417,4 8 7 20,1 8 4 178,6 1 4 13,0 5 2 19,5 6 2 32,1 0 6 28,2 0 4 42,1 8 7 13,1 3 5 9,3 1 9 11,2 2 0 16,3 6 1 33,543 Federal agency2 1 0 0 4 0 0 1 1 1 0 0 0 0 1 Repurchase agreements4 24,0 0 0 0 24,0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 5 1 0 0 3 0 0 1 9 2 2 2 1 3 0 2 Items in process of collection 6,9 4 4 3 7 4 3 7 8 2 8 4 3 6 5 6 6 1 9 7 6 6 7 2 9 1 4 4 5 5 9 8 3 2 2 2,958 Bank premises 1,6 0 0 9 2 1 9 0 5 2 1 5 0 1 4 4 2 7 7 1 2 2 4 3 1 2 5 5 5 1 7 4 177 Other assets5 39,7 1 6 1,8 4 0 14,3 2 2 1,1 0 5 2,4 7 1 6,2 3 0 2,3 1 7 3,7 1 2 1,0 3 1 1,1 8 3 9 4 9 1,1 4 8 3,407 Interdistrict settlement account 0 + 8 0 5 - 7 3 - 3 1 4 - 2,2 9 9 - 9 7 9 + 1,7 3 7 - 7,8 3 3 - 1,4 9 2 + 5 9 - 6 8 2 + 4,1 5 2 + 6,919 Total assets 746,6 5 8 35,6 7 0 326,9 2 3 22,2 8 1 32,2 4 4 57,2 8 8 50,2 6 5 64,6 9 1 21,1 0 8 16,8 4 9 19,0 9 9 32,4 2 4 67,817 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 12, 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 790,46 5 37,0 1 6 326,1 7 6 27,9 8 7 33,1 5 9 59,1 2 8 65,0 7 4 66,9 8 8 23,2 9 4 15,6 9 3 21,3 7 4 37,5 1 3 77,064 Less: notes held by F.R. Banks 116,09 6 5,4 2 9 23,0 1 4 8,4 1 1 5,4 4 7 9,7 4 7 19,1 6 0 9,5 8 5 4,3 8 9 1,4 5 7 4,4 7 2 7,6 0 0 17,386 Federal Reserve notes, net 674,36 9 31,5 8 7 303,1 6 2 19,5 7 6 27,7 1 2 49,3 8 1 45,9 1 4 57,4 0 3 18,9 0 5 14,2 3 6 16,9 0 1 29,9 1 3 59,679 Reverse repurchase agreements1 17,38 6 8 4 1 7,4 3 8 5 4 4 8 1 5 1,3 3 7 1,1 7 5 1,7 5 7 5 4 7 3 8 8 4 6 7 6 8 1 1,397 Deposits 27,72 4 1,8 3 6 10,8 6 0 1,1 1 3 1,8 3 2 1,8 5 9 1,4 8 5 2,5 8 9 7 9 3 8 4 6 9 8 8 1,0 5 6 2,467 Depository institutions 22,65 0 1,8 3 3 5,9 6 3 1,1 1 2 1,8 2 8 1,7 0 6 1,4 8 3 2,5 8 5 7 9 0 8 4 5 9 8 6 1,0 5 5 2,464 U.S. Treasury, general account 4,61 4 0 4,6 1 4 0 0 0 0 0 0 0 0 0 0 Foreign official 14 7 2 1 2 3 1 3 7 2 3 1 1 1 1 3 Other 31 4 1 1 6 0 0 2 1 4 6 1 0 2 0 1 1 0 Deferred availability cash items 6,73 3 3 5 0 5 2 3 4 1 6 2 8 9 2 7 0 5 0 3 8 0 7 2 7 9 5 8 1 2 4 2 2 6 7 2,204 Other liabilities and accrued dividends2 2,31 4 1 2 9 7 0 7 9 6 1 2 9 2 5 2 1 8 5 2 3 8 1 0 5 8 6 8 8 1 1 7 183 Total liabilities 728,52 6 34,7 4 3 322,6 9 0 21,7 4 6 30,7 7 7 53,1 0 0 49,2 6 2 62,7 9 3 20,6 2 9 16,1 3 6 18,6 8 7 32,0 3 3 65,931 Capital Capital paid in 8,78 4 4 4 8 2,0 0 3 2 5 9 7 2 5 2,0 6 6 4 8 5 9 1 8 2 3 1 3 4 8 1 9 6 1 8 4 920 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 96 8 4 3 4 2 1 4 3 4 0 4 8 4 3 1 2 3 4 9 2 5 1 5 2 1 97 Total liabilities and capital 746,65 8 35,6 7 0 326,9 2 3 22,2 8 1 32,2 4 4 57,2 8 8 50,2 6 5 64,6 9 1 21,1 0 8 16,8 4 9 19,0 9 9 32,4 2 4 67,817 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 12, 2003 Federal Reserve notes outstanding 790,465 Less: Notes held by F.R. Banks not subject to collateralization 116,096 Federal Reserve notes to be collateralized 674,369 Collateral held against Federal Reserve notes 674,369 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 661,130 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 684,289 Less: face value of securities under reverse repurchase agreements 17,409 U.S. Treasury and agency securities eligible to be pledged 666,880 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.