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 20, 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 19, 2003 Nov 12, 2003 Nov 20, 2002 Nov 19, 2003 Reserve Bank credit 727,983 + 5,744 + 61,911 723,987 Securities held outright 661,963 + 1,750 + 53,900 662,713 U.S. Treasury1 661,953 + 1,750 + 53,900 662,703 Bills2 242,886 + 166 + 36,871 242,958 Notes and bonds, nominal2 403,995 + 1,573 + 15,429 404,669 Notes and bonds, inflation-indexed2 13,454 0 + 1,212 13,454 Inflation compensation3 1,617 + 11 + 388 1,621 Federal agency2 10 0 0 10 Repurchase agreements4 24,071 + 3,607 + 3,142 22,000 Loans to depository institutions 65 + 13 - 306 47 Primary credit 22 + 19 + 22 3 Secondary credit 0 0 0 0 Seasonal credit 43 - 5 - 17 44 Adjustment credit 0 0 - 310 0 Float 1,834 + 1,372 + 2,144 1,265 Other Federal Reserve assets 40,049 - 998 + 3,029 37,962 Gold stock 11,043 0 + 1 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 35,391 + 14 + 963 35,391 Total factors supplying reserve funds 776,618 + 5,759 + 62,875 772,622 Currency in circulation5 706,844 + 479 + 39,031 707,714 Reverse repurchase agreements6 19,227 + 1,673 + 19,227 17,902 Foreign official and international accounts 19,227 + 1,673 + 19,227 17,902 Dealers 0 0 0 0 Treasury cash holdings 342 - 33 - 45 305 Deposits with F.R. Banks, other than reserve balances 17,270 + 415 + 1,543 17,759 U.S. Treasury, general account 4,651 - 225 - 217 5,175 Foreign official 80 - 11 - 67 76 Service-related 12,200 + 621 + 1,739 12,200 Required clearing balances 11,849 + 424 + 1,566 11,849 Adjustments to compensate for float 351 + 197 + 173 351 Other 339 + 30 + 89 308 Other liabilities and capital 20,746 + 503 + 955 20,474 Total factors, other than reserve balances, absorbing reserve funds 764,429 + 3,037 + 60,711 764,155 Reserve balances with Federal Reserve Banks 12,189 + 2,721 + 2,164 8,467 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,014,143 + 11,890 . . . 1,021,962 U.S. Treasury 804,680 + 5,226 . . . 811,119 Federal agency 209,462 + 6,663 . . . 210,843 Securities lent to dealers 1,946 + 444 - 271 3,565 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 19, 2003 Nov 12, 2003 Nov 20, 2002 Assets Gold certificate account 11,039 0 + 1 Special drawing rights certificate account 2,200 0 0 Coin 810 - 9 - 266 Securities, repurchase agreements, and loans 684,760 + 420 + 59,048 Securities held outright 662,713 + 2,424 + 56,307 U.S. Treasury1 662,703 + 2,424 + 56,307 Bills2 242,958 + 166 + 38,603 Notes and bonds, nominal2 404,669 + 2,247 + 16,103 Notes and bonds, inflation-indexed2 13,454 0 + 1,212 Inflation compensation3 1,621 + 11 + 389 Federal agency2 10 0 0 Repurchase agreements4 22,000 - 2,000 + 2,750 Loans 47 - 4 - 10 Items in process of collection (1,079) 8,698 + 1,911 + 462 Bank premises 1,602 + 2 + 69 Other assets5 36,324 - 3,392 + 1,330 Total assets (1,079) 745,433 - 1,068 + 60,645 Liabilities Federal Reserve notes, net of F.R. Bank holdings 673,434 - 935 + 37,536 Reverse repurchase agreements6 17,902 + 516 + 17,902 Deposits (0) 25,924 - 1,800 + 4,160 Depository institutions 20,365 - 2,285 + 3,422 U.S. Treasury, general account 5,175 + 561 + 656 Foreign official 76 - 71 + 4 Other (0) 308 - 6 + 77 Deferred availability cash items (1,079) 7,699 + 1,123 - 121 Other liabilities and accrued dividends7 2,309 - 5 - 112 Total liabilities (1,079) 727,268 - 1,101 + 59,365 Capital accounts Capital paid in 8,786 + 2 + 482 Surplus 8,380 0 + 1,068 Other capital accounts 999 + 31 - 271 Total capital 18,165 + 33 + 1,280 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 19, 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 45 50,010 + 15,415 0 0 18,000 17,902 16 days to 90 days 2 142,633 - 16,688 10 0 4,000 0 91 days to 1 year 0 164,942 + 6,967 0 0 . . . . . . Over 1 year to 5 years . . . 177,811 - 1,492 0 0 . . . . . . Over 5 years to 10 years . . . 50,183 - 1,783 0 0 . . . . . . Over 10 years . . . 77,123 + 4 0 0 . . . . . . All 47 662,703 + 2,424 10 0 22,000 17,902 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 19, 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 5 3 3 4 5 3 7 9 3 9 8 9 6 5 5 2 5 4 8 1 5 0 104 Securities, repurchase agreements, and loans 684,7 6 0 32,0 3 9 305,5 3 0 20,7 2 2 31,0 5 3 50,9 6 5 44,7 7 0 66,9 7 6 20,8 5 1 14,8 1 2 17,8 2 3 25,9 7 1 53,246 Securities held outright 662,7 1 3 32,0 3 9 283,5 3 0 20,7 1 9 31,0 5 3 50,9 6 5 44,7 7 0 66,9 6 7 20,8 5 0 14,7 9 3 17,8 1 0 25,9 7 1 53,245 U.S. Treasury1 662,7 0 3 32,0 3 9 283,5 2 6 20,7 1 9 31,0 5 3 50,9 6 4 44,7 7 0 66,9 6 6 20,8 4 9 14,7 9 2 17,8 1 0 25,9 7 1 53,244 Bills2 242,9 5 8 11,7 4 6 103,9 4 5 7,5 9 6 11,3 8 4 18,6 8 4 16,4 1 3 24,5 5 1 7,6 4 4 5,4 2 3 6,5 2 9 9,5 2 1 19,520 Notes and bonds3 419,7 4 5 20,2 9 3 179,5 8 0 13,1 2 3 19,6 6 8 32,2 8 0 28,3 5 6 42,4 1 5 13,2 0 6 9,3 6 9 11,2 8 0 16,4 5 0 33,724 Federal agency2 1 0 0 4 0 0 1 1 1 0 0 0 0 1 Repurchase agreements4 22,0 0 0 0 22,0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 4 7 0 0 3 0 0 0 8 2 1 9 1 3 0 1 Items in process of collection 9,7 7 7 4 5 5 7 7 1 5 3 9 1,1 5 2 5 4 0 8 1 4 8 2 1 4 1 9 4 7 5 5 7 3 5 3 6 2,681 Bank premises 1,6 0 2 9 2 1 9 0 5 2 1 5 0 1 4 4 2 7 8 1 2 1 4 3 1 2 5 5 5 1 7 4 177 Other assets5 36,3 2 4 1,6 7 8 12,8 4 7 9 9 8 2,3 2 1 5,9 9 8 2,0 7 8 3,3 6 4 9 2 5 1,1 0 7 8 5 6 1,0 1 1 3,141 Interdistrict settlement account 0 + 1 8 7 - 2,5 5 3 - 3 8 9 - 3,6 6 4 + 3,6 6 6 + 1,9 0 7 - 8,2 4 0 - 1,8 6 1 - 2 4 2 - 7 3 2 + 4,2 9 7 + 7,623 Total assets 746,5 1 1 35,0 8 7 322,3 9 9 22,4 3 0 31,6 3 0 62,3 6 1 50,9 7 4 64,3 3 3 20,8 3 5 16,5 5 7 18,9 9 2 32,7 4 5 68,169 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 19, 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 793,54 0 37,3 7 3 326,1 7 2 28,5 4 1 33,0 0 2 59,4 0 3 66,1 1 6 66,6 9 5 23,2 5 9 15,6 4 3 21,4 5 7 38,0 2 1 77,858 Less: notes held by F.R. Banks 120,10 7 5,5 4 8 24,7 6 6 8,6 2 5 5,5 3 0 10,1 2 4 19,8 5 6 9,6 4 0 4,4 5 9 1,4 0 5 4,5 9 0 7,7 0 9 17,854 Federal Reserve notes, net 673,43 4 31,8 2 5 301,4 0 6 19,9 1 5 27,4 7 2 49,2 7 9 46,2 6 0 57,0 5 5 18,8 0 0 14,2 3 8 16,8 6 7 30,3 1 2 60,004 Reverse repurchase agreements1 17,90 2 8 6 5 7,6 5 9 5 6 0 8 3 9 1,3 7 7 1,2 0 9 1,8 0 9 5 6 3 4 0 0 4 8 1 7 0 2 1,438 Deposits 25,92 4 8 0 9 7,3 4 7 8 0 3 1,1 4 1 6,6 8 1 1,4 6 6 2,6 0 1 6 1 4 6 0 6 7 5 6 7 8 0 2,320 Depository institutions 20,36 5 8 0 0 1,9 6 3 8 0 2 1,1 3 8 6,5 3 8 1,4 6 4 2,5 9 8 6 1 0 6 0 4 7 5 4 7 7 8 2,316 U.S. Treasury, general account 5,17 5 0 5,1 7 5 0 0 0 0 0 0 0 0 0 0 Foreign official 7 6 2 5 2 1 3 7 2 3 1 1 1 1 3 Other 30 8 8 1 5 7 0 1 1 3 5 1 0 3 0 1 1 0 Deferred availability cash items 8,77 8 5 3 3 1,0 4 7 5 2 0 5 6 7 5 6 2 8 4 8 7 3 9 2 7 2 5 1 9 3 8 9 4 4 7 2,334 Other liabilities and accrued dividends2 2,30 9 1 2 9 7 0 9 9 6 1 2 8 2 5 3 1 8 5 2 3 6 1 0 4 8 4 8 7 1 1 6 183 Total liabilities 728,34 7 34,1 6 2 318,1 6 9 21,8 9 3 30,1 4 7 58,1 5 1 49,9 6 9 62,4 4 0 20,3 5 3 15,8 4 6 18,5 7 9 32,3 5 6 66,280 Capital Capital paid in 8,78 6 4 4 8 2,0 0 3 2 5 9 7 2 5 2,0 6 7 4 8 5 9 1 9 2 3 1 3 4 8 1 9 7 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 99 9 4 1 4 1 8 4 4 5 6 6 9 4 4 1 1 6 5 2 2 3 1 5 1 8 101 Total liabilities and capital 746,51 1 35,0 8 7 322,3 9 9 22,4 3 0 31,6 3 0 62,3 6 1 50,9 7 4 64,3 3 3 20,8 3 5 16,5 5 7 18,9 9 2 32,7 4 5 68,169 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 19, 2003 Federal Reserve notes outstanding 793,540 Less: Notes held by F.R. Banks not subject to collateralization 120,107 Federal Reserve notes to be collateralized 673,434 Collateral held against Federal Reserve notes 673,434 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 660,195 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 684,713 Less: face value of securities under reverse repurchase agreements 17,923 U.S. Treasury and agency securities eligible to be pledged 666,790 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.