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 December 4, 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 Dec 3, 2003 Nov 26, 2003 Dec 4, 2002 Dec 3, 2003 Reserve Bank credit 734,979 + 5,786 + 62,357 728,736 Securities held outright 664,699 + 1,200 + 55,103 665,242 U.S. Treasury1 664,689 + 1,200 + 55,103 665,232 Bills2 243,340 + 146 + 35,896 243,385 Notes and bonds, nominal2 406,173 + 962 + 17,514 406,173 Notes and bonds, inflation-indexed2 13,532 + 78 + 1,290 13,994 Inflation compensation3 1,644 + 15 + 404 1,680 Federal agency2 10 0 0 10 Repurchase agreements4 30,679 + 3,286 + 4,822 23,500 Loans to depository institutions 35 - 11 - 21 23 Primary credit 9 + 4 + 9 0 Secondary credit 0 0 0 0 Seasonal credit 26 - 16 - 28 23 Adjustment credit 0 0 - 2 0 Float 1,003 + 940 + 737 1,269 Other Federal Reserve assets 38,565 + 373 + 1,718 38,701 Gold stock 11,043 0 + 1 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 35,419 + 14 + 947 35,419 Total factors supplying reserve funds 783,642 + 5,800 + 63,306 777,398 Currency in circulation5 713,252 + 4,426 + 38,708 713,706 Reverse repurchase agreements6 18,669 + 441 + 18,669 18,731 Foreign official and international accounts 18,669 + 441 + 18,669 18,731 Dealers 0 0 0 0 Treasury cash holdings 324 + 17 - 53 326 Deposits with F.R. Banks, other than reserve balances 18,162 + 424 + 2,458 17,133 U.S. Treasury, general account 5,437 + 214 + 773 4,374 Foreign official 86 + 1 - 41 116 Service-related 12,361 + 194 + 1,677 12,361 Required clearing balances 11,852 + 1 + 1,572 11,852 Adjustments to compensate for float 509 + 193 + 105 509 Other 279 + 16 + 51 282 Other liabilities and capital 20,576 - 96 + 1,005 20,500 Total factors, other than reserve balances, absorbing reserve funds 770,984 + 5,212 + 60,787 770,395 Reserve balances with Federal Reserve Banks 12,658 + 588 + 2,519 7,003 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,036,948 + 8,444 . . . 1,045,093 U.S. Treasury 826,756 + 7,998 . . . 835,140 Federal agency 210,192 + 446 . . . 209,954 Securities lent to dealers 2,027 + 358 + 1,453 4,884 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 Dec 3, 2003 Nov 26, 2003 Dec 4, 2002 Assets Gold certificate account 11,039 0 0 Special drawing rights certificate account 2,200 0 0 Coin 744 - 33 - 284 Securities, repurchase agreements, and loans 688,766 - 9,302 + 59,828 Securities held outright 665,242 + 717 + 54,356 U.S. Treasury1 665,232 + 717 + 54,356 Bills2 243,385 + 132 + 35,213 Notes and bonds, nominal2 406,173 0 + 16,954 Notes and bonds, inflation-indexed2 13,994 + 540 + 1,752 Inflation compensation3 1,680 + 46 + 438 Federal agency2 10 0 0 Repurchase agreements4 23,500 - 10,000 + 5,500 Loans 23 - 20 - 29 Items in process of collection (1,073) 9,447 + 2,140 - 142 Bank premises 1,606 + 1 + 76 Other assets5 37,077 + 213 + 1,755 Total assets (1,073) 750,878 - 6,981 + 61,233 Liabilities Federal Reserve notes, net of F.R. Bank holdings 679,352 + 326 + 37,024 Reverse repurchase agreements6 18,731 + 776 + 18,731 Deposits (0) 24,433 - 8,521 + 4,898 Depository institutions 19,660 - 7,579 + 3,990 U.S. Treasury, general account 4,374 - 1,003 + 870 Foreign official 116 + 34 - 37 Other (0) 282 + 27 + 75 Deferred availability cash items (1,073) 7,863 + 343 - 466 Other liabilities and accrued dividends7 2,327 - 9 - 98 Total liabilities (1,073) 732,705 - 7,086 + 60,087 Capital accounts Capital paid in 8,832 + 4 + 479 Surplus 8,380 0 + 1,068 Other capital accounts 961 + 101 - 401 Total capital 18,173 + 105 + 1,146 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, December 3, 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 0 44,439 - 5,597 10 0 19,500 18,731 16 days to 90 days 23 149,930 + 7,311 0 0 4,000 0 91 days to 1 year 0 163,322 - 1,903 0 0 . . . . . . Over 1 year to 5 years . . . 179,073 + 541 0 0 . . . . . . Over 5 years to 10 years . . . 51,318 + 343 0 0 . . . . . . Over 10 years . . . 77,151 + 23 0 0 . . . . . . All 23 665,232 + 717 10 0 23,500 18,731 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 December 3, 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 4 4 2 5 3 2 3 8 3 2 8 6 8 7 8 8 5 2 2 3 4 4 1 4 5 93 Securities, repurchase agreements, and loans 688,7 6 6 32,1 6 2 308,1 1 2 20,7 9 8 31,1 7 2 51,1 5 9 44,9 4 6 67,2 2 9 20,9 3 0 14,8 5 5 17,8 8 3 26,0 7 1 53,448 Securities held outright 665,2 4 2 32,1 6 2 284,6 1 2 20,7 9 8 31,1 7 2 51,1 5 9 44,9 4 1 67,2 2 3 20,9 2 9 14,8 4 9 17,8 7 8 26,0 7 1 53,448 U.S. Treasury1 665,2 3 2 32,1 6 1 284,6 0 8 20,7 9 8 31,1 7 1 51,1 5 8 44,9 4 0 67,2 2 2 20,9 2 9 14,8 4 9 17,8 7 8 26,0 7 0 53,448 Bills2 243,3 8 5 11,7 6 7 104,1 2 8 7,6 0 9 11,4 0 4 18,7 1 7 16,4 4 2 24,5 9 4 7,6 5 7 5,4 3 3 6,5 4 1 9,5 3 8 19,555 Notes and bonds3 421,8 4 8 20,3 9 4 180,4 8 0 13,1 8 9 19,7 6 7 32,4 4 1 28,4 9 8 42,6 2 8 13,2 7 2 9,4 1 6 11,3 3 7 16,5 3 2 33,893 Federal agency2 1 0 0 4 0 0 1 1 1 0 0 0 0 1 Repurchase agreements4 23,5 0 0 0 23,5 0 0 0 0 0 0 0 0 0 0 0 0 Loans 2 3 0 0 0 0 0 5 6 1 6 5 0 0 Items in process of collection 10,5 1 9 8 1 8 8 5 6 5 5 3 6 1 3 6 4 3 8 5 1 8 0 0 3 6 8 4 6 3 6 0 6 6 3 9 3,308 Bank premises 1,6 0 6 9 2 1 8 9 5 2 1 5 0 1 4 4 2 7 7 1 2 3 4 4 1 2 5 5 5 1 7 8 177 Other assets5 37,0 7 7 1,7 0 8 13,1 0 5 1,0 9 2 2,3 5 9 6,0 7 6 2,1 2 4 3,4 4 6 9 3 3 1,1 2 4 8 7 5 1,0 3 7 3,197 Interdistrict settlement account 0 + 5 7 3 - 3,8 6 1 + 2 2 9 - 2,5 5 2 + 1,2 6 5 + 1,5 8 9 - 7,3 0 3 - 1,9 2 0 - 3 8 0 - 5 2 2 + 4,6 1 9 + 8,263 Total assets 751,9 5 0 35,9 8 7 324,0 1 2 23,2 2 5 32,3 5 5 60,3 2 9 50,9 0 4 65,5 7 6 20,8 0 9 16,4 6 4 19,3 1 1 33,2 9 4 69,684 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 December 3, 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 796,77 3 37,3 3 7 327,7 3 9 29,0 9 5 33,1 8 1 59,5 6 8 65,8 5 4 66,9 1 0 23,1 6 5 15,6 2 6 21,5 1 7 38,5 3 5 78,246 Less: notes held by F.R. Banks 117,42 1 5,2 4 4 24,5 4 2 8,4 9 9 5,0 5 1 9,9 3 5 19,6 6 3 9,1 9 5 4,4 5 3 1,3 7 4 4,3 9 8 7,6 6 2 17,405 Federal Reserve notes, net 679,35 2 32,0 9 3 303,1 9 7 20,5 9 6 28,1 3 0 49,6 3 3 46,1 9 1 57,7 1 6 18,7 1 3 14,2 5 2 17,1 1 9 30,8 7 3 60,841 Reverse repurchase agreements1 18,73 1 9 0 6 8,0 1 4 5 8 6 8 7 8 1,4 4 0 1,2 6 5 1,8 9 3 5 8 9 4 1 8 5 0 3 7 3 4 1,505 Deposits 24,43 3 1,3 7 5 6,8 3 0 9 9 1 1,3 2 8 4,1 6 3 1,3 9 1 3,2 0 3 6 4 9 4 7 0 7 1 7 8 3 4 2,482 Depository institutions 19,66 0 1,3 7 1 2,2 0 8 9 8 9 1,3 2 6 4,0 3 9 1,3 8 9 3,1 9 9 6 4 5 4 6 9 7 1 5 8 3 3 2,478 U.S. Treasury, general account 4,37 4 0 4,3 7 4 0 0 0 0 0 0 0 0 0 0 Foreign official 11 6 2 9 3 1 3 7 2 3 1 1 1 1 3 Other 28 2 2 1 5 5 1 0 1 1 6 1 1 3 0 1 1 1 Deferred availability cash items 8,93 5 5 6 8 1,0 3 6 4 3 0 4 0 2 6 1 9 8 6 6 6 3 6 2 7 4 5 3 6 5 1 0 4 2 7 2,633 Other liabilities and accrued dividends2 2,32 7 1 2 8 7 1 3 9 4 1 3 7 2 6 0 1 8 5 2 3 8 1 0 4 8 4 8 5 1 1 5 184 Total liabilities 733,77 8 35,0 6 9 319,7 8 9 22,6 9 6 30,8 7 5 56,1 1 4 49,8 9 8 63,6 8 5 20,3 2 8 15,7 6 1 18,9 3 4 32,9 8 2 67,645 Capital Capital paid in 8,83 2 4 4 8 2,0 2 6 2 5 9 7 2 5 2,0 6 7 4 9 0 9 2 0 2 3 2 3 4 5 1 6 3 1 1 1 1,047 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 1 3 4 3 8 9 3 7 5 3 7 4 4 1 1 1 3 5 0 1 7 1 3 1 4 124 Total liabilities and capital 751,95 0 35,9 8 7 324,0 1 2 23,2 2 5 32,3 5 5 60,3 2 9 50,9 0 4 65,5 7 6 20,8 0 9 16,4 6 4 19,3 1 1 33,2 9 4 69,684 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 Dec 3, 2003 Federal Reserve notes outstanding 796,773 Less: Notes held by F.R. Banks not subject to collateralization 117,421 Federal Reserve notes to be collateralized 679,352 Collateral held against Federal Reserve notes 679,352 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 666,113 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 688,742 Less: face value of securities under reverse repurchase agreements 18,746 U.S. Treasury and agency securities eligible to be pledged 669,997 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.