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 28, 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 26, 2003 Nov 19, 2003 Nov 27, 2002 Nov 26, 2003 Reserve Bank credit 729,194 + 1,210 + 60,171 736,524 Securities held outright 663,499 + 1,536 + 54,254 664,525 U.S. Treasury1 663,489 + 1,536 + 54,254 664,515 Bills2 243,194 + 308 + 36,002 243,253 Notes and bonds, nominal2 405,211 + 1,216 + 16,645 406,173 Notes and bonds, inflation-indexed2 13,454 0 + 1,212 13,454 Inflation compensation3 1,629 + 12 + 394 1,634 Federal agency2 10 0 0 10 Repurchase agreements4 27,393 + 3,322 + 4,357 33,500 Loans to depository institutions 46 - 19 - 11 43 Primary credit 5 - 17 + 5 8 Secondary credit 0 0 0 0 Seasonal credit 42 - 1 - 12 36 Adjustment credit 0 0 - 3 0 Float 64 - 1,770 + 49 -60 Other Federal Reserve assets 38,192 - 1,857 + 1,521 38,516 Gold stock 11,043 0 + 1 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 35,405 + 14 + 955 35,405 Total factors supplying reserve funds 777,842 + 1,224 + 61,126 785,173 Currency in circulation5 708,826 + 1,982 + 38,891 713,335 Reverse repurchase agreements6 18,228 - 999 + 18,228 17,955 Foreign official and international accounts 18,228 - 999 + 18,228 17,955 Dealers 0 0 0 0 Treasury cash holdings 307 - 35 - 77 324 Deposits with F.R. Banks, other than reserve balances 17,738 + 468 + 1,792 17,882 U.S. Treasury, general account 5,223 + 572 + 207 5,377 Foreign official 85 + 5 - 40 82 Service-related 12,167 - 33 + 1,542 12,167 Required clearing balances 11,851 + 2 + 1,570 11,851 Adjustments to compensate for float 316 - 35 - 27 316 Other 263 - 76 + 83 255 Other liabilities and capital 20,672 - 74 + 1,189 20,405 Total factors, other than reserve balances, absorbing reserve funds 765,772 + 1,343 + 60,024 769,900 Reserve balances with Federal Reserve Banks 12,071 - 118 + 1,103 15,273 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,028,504 + 14,361 . . . 1,033,191 U.S. Treasury 818,758 + 14,078 . . . 822,102 Federal agency 209,746 + 284 . . . 211,089 Securities lent to dealers 1,669 - 277 + 40 856 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 26, 2003 Nov 19, 2003 Nov 27, 2002 Assets Gold certificate account 11,039 0 + 1 Special drawing rights certificate account 2,200 0 0 Coin 777 - 33 - 272 Securities, repurchase agreements, and loans 698,068 + 13,308 + 59,384 Securities held outright 664,525 + 1,812 + 54,901 U.S. Treasury1 664,515 + 1,812 + 54,901 Bills2 243,253 + 295 + 35,685 Notes and bonds, nominal2 406,173 + 1,504 + 17,607 Notes and bonds, inflation-indexed2 13,454 0 + 1,212 Inflation compensation3 1,634 + 13 + 397 Federal agency2 10 0 0 Repurchase agreements4 33,500 + 11,500 + 4,500 Loans 43 - 4 - 17 Items in process of collection (1,119) 7,307 - 1,391 - 811 Bank premises 1,605 + 3 + 75 Other assets5 36,864 + 540 + 1,542 Total assets (1,119) 757,859 + 12,426 + 59,918 Liabilities Federal Reserve notes, net of F.R. Bank holdings 679,026 + 5,592 + 37,740 Reverse repurchase agreements6 17,955 + 53 + 17,955 Deposits (0) 32,954 + 7,030 + 3,491 Depository institutions 27,239 + 6,874 + 3,267 U.S. Treasury, general account 5,377 + 202 + 295 Foreign official 82 + 6 - 142 Other (0) 255 - 53 + 71 Deferred availability cash items (1,119) 7,520 - 179 - 237 Other liabilities and accrued dividends7 2,336 + 27 - 91 Total liabilities (1,119) 739,791 + 12,523 + 58,858 Capital accounts Capital paid in 8,828 + 42 + 479 Surplus 8,380 0 + 1,068 Other capital accounts 860 - 139 - 488 Total capital 18,068 - 97 + 1,060 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 26, 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 38 50,036 + 26 10 10 29,500 17,955 16 days to 90 days 6 142,619 - 14 0 - 10 4,000 0 91 days to 1 year 0 165,225 + 283 0 0 . . . . . . Over 1 year to 5 years . . . 178,532 + 721 0 0 . . . . . . Over 5 years to 10 years . . . 50,975 + 792 0 0 . . . . . . Over 10 years . . . 77,128 + 5 0 0 . . . . . . All 43 664,515 + 1,812 10 0 33,500 17,955 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 26, 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 7 7 7 2 7 3 2 4 3 3 4 9 0 9 2 9 3 5 4 2 4 4 5 1 4 7 97 Securities, repurchase agreements, and loans 698,0 6 8 32,1 2 7 317,8 0 5 20,7 7 6 31,1 3 8 51,1 0 4 44,8 9 9 67,1 6 0 20,9 0 9 14,8 4 1 17,8 7 0 26,0 4 2 53,396 Securities held outright 664,5 2 5 32,1 2 7 284,3 0 5 20,7 7 6 31,1 3 8 51,1 0 4 44,8 9 3 67,1 5 0 20,9 0 7 14,8 3 3 17,8 5 9 26,0 4 2 53,391 U.S. Treasury1 664,5 1 5 32,1 2 6 284,3 0 1 20,7 7 5 31,1 3 8 51,1 0 3 44,8 9 2 67,1 4 9 20,9 0 6 14,8 3 3 17,8 5 8 26,0 4 2 53,390 Bills2 243,2 5 3 11,7 6 0 104,0 7 1 7,6 0 5 11,3 9 8 18,7 0 7 16,4 3 3 24,5 8 1 7,6 5 3 5,4 3 0 6,5 3 7 9,5 3 3 19,544 Notes and bonds3 421,2 6 2 20,3 6 6 180,2 2 9 13,1 7 0 19,7 3 9 32,3 9 6 28,4 5 9 42,5 6 9 13,2 5 3 9,4 0 3 11,3 2 1 16,5 0 9 33,846 Federal agency2 1 0 0 4 0 0 1 1 1 0 0 0 0 1 Repurchase agreements4 33,5 0 0 0 33,5 0 0 0 0 0 0 0 0 0 0 0 0 Loans 4 3 0 0 0 0 0 6 1 0 2 8 1 2 0 5 Items in process of collection 8,4 2 5 5 2 1 7 0 6 4 1 4 6 4 2 6 9 0 5 3 8 7 2 3 3 3 0 3 9 1 5 6 6 3 5 9 2,544 Bank premises 1,6 0 5 9 2 1 8 9 5 2 1 5 0 1 4 4 2 7 7 1 2 2 4 4 1 2 5 5 5 1 7 8 176 Other assets5 36,8 6 4 1,7 0 2 13,1 1 7 1,0 1 2 2,3 3 8 6,0 3 4 2,1 1 2 3,4 1 7 9 4 0 1,1 1 9 8 6 8 1,0 3 1 3,174 Interdistrict settlement account 0 + 1,4 1 5 - 6,6 8 2 + 6 1 9 - 2,2 8 2 - 2 1 0 + 2,2 7 2 - 6,7 0 5 - 1,6 6 0 - 2 0 2 - 6 0 5 + 4,9 6 3 + 9,075 Total assets 758,9 7 8 36,4 9 4 330,7 4 8 23,3 7 8 32,6 0 2 58,8 0 7 51,2 2 0 66,0 0 6 21,0 2 0 16,5 5 2 19,1 6 8 33,3 2 5 69,659 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 26, 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 795,71 5 37,3 4 8 327,1 3 3 29,1 7 0 33,2 0 5 59,5 4 6 66,1 0 2 66,6 8 3 23,1 9 4 15,6 2 7 21,4 6 1 38,2 6 6 77,980 Less: notes held by F.R. Banks 116,68 9 5,3 1 8 24,2 1 7 8,3 9 7 5,1 6 9 10,0 4 9 19,9 2 7 9,2 1 8 4,2 7 7 1,3 7 0 4,4 1 7 7,3 7 9 16,950 Federal Reserve notes, net 679,02 6 32,0 2 9 302,9 1 5 20,7 7 3 28,0 3 6 49,4 9 7 46,1 7 6 57,4 6 5 18,9 1 7 14,2 5 7 17,0 4 3 30,8 8 6 61,030 Reverse repurchase agreements1 17,95 5 8 6 8 7,6 8 2 5 6 1 8 4 1 1,3 8 1 1,2 1 3 1,8 1 4 5 6 5 4 0 1 4 8 3 7 0 4 1,443 Deposits 32,95 4 1,9 8 5 14,1 6 6 1,0 2 6 1,6 6 9 2,7 3 6 1,7 4 8 3,9 0 9 6 9 7 6 2 1 7 2 7 8 8 4 2,786 Depository institutions 27,23 9 1,9 8 0 8,5 6 8 1,0 2 5 1,6 6 6 2,6 4 8 1,7 4 5 3,9 0 5 6 9 3 6 2 0 7 2 5 8 8 3 2,782 U.S. Treasury, general account 5,37 7 0 5,3 7 7 0 0 0 0 0 0 0 0 0 0 Foreign official 8 2 2 5 9 1 3 7 2 3 1 1 1 1 3 Other 25 5 4 1 6 1 1 1 8 1 1 1 3 0 1 1 0 Deferred availability cash items 8,63 9 5 6 8 1,0 4 3 3 9 2 4 6 0 7 3 6 8 9 9 6 9 5 2 6 4 4 8 7 4 5 7 4 2 1 2,217 Other liabilities and accrued dividends2 2,33 6 1 3 0 7 0 8 9 4 1 2 9 2 6 8 1 8 8 2 3 9 1 0 8 8 4 8 6 1 1 6 186 Total liabilities 740,91 0 35,5 8 1 326,5 1 4 22,8 4 7 31,1 3 6 54,6 1 7 50,2 2 3 64,1 2 2 20,5 5 1 15,8 5 0 18,7 9 6 33,0 1 1 67,662 Capital Capital paid in 8,82 8 4 4 8 2,0 2 6 2 5 9 7 2 5 2,0 6 7 4 8 7 9 2 0 2 3 2 3 4 5 1 6 3 1 1 1 1,046 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 86 0 2 9 3 9 9 3 9 3 9 4 9 3 5 1 0 6 3 8 1 7 9 1 6 83 Total liabilities and capital 758,97 8 36,4 9 4 330,7 4 8 23,3 7 8 32,6 0 2 58,8 0 7 51,2 2 0 66,0 0 6 21,0 2 0 16,5 5 2 19,1 6 8 33,3 2 5 69,659 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 26, 2003 Federal Reserve notes outstanding 795,715 Less: Notes held by F.R. Banks not subject to collateralization 116,689 Federal Reserve notes to be collateralized 679,026 Collateral held against Federal Reserve notes 679,026 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 665,787 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 698,025 Less: face value of securities under reverse repurchase agreements 17,959 U.S. Treasury and agency securities eligible to be pledged 680,066 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.