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 11, 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 10, 2003 Dec 3, 2003 Dec 11, 2002 Dec 10, 2003 Reserve Bank credit 731,209 - 3,770 + 60,462 735,693 Securities held outright 665,488 + 789 + 55,573 665,610 U.S. Treasury1 665,479 + 790 + 55,574 665,610 Bills2 243,634 + 294 + 36,435 243,767 Notes and bonds, nominal2 406,173 0 + 16,954 406,173 Notes and bonds, inflation-indexed2 13,994 + 462 + 1,752 13,994 Inflation compensation3 1,678 + 34 + 433 1,676 Federal agency2 9 - 1 - 1 0 Repurchase agreements4 25,893 - 4,786 + 3,893 29,250 Loans to depository institutions 37 + 2 - 172 32 Primary credit 13 + 4 + 13 5 Secondary credit 0 0 0 0 Seasonal credit 24 - 2 - 22 26 Adjustment credit 0 0 - 164 0 Float 754 - 249 - 718 1,658 Other Federal Reserve assets 39,037 + 472 + 1,887 39,144 Gold stock 11,043 0 0 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 35,433 + 14 + 930 35,433 Total factors supplying reserve funds 779,885 - 3,757 + 61,392 784,370 Currency in circulation5 711,787 - 1,465 + 37,448 712,883 Reverse repurchase agreements6 19,464 + 795 + 19,464 18,964 Foreign official and international accounts 19,464 + 795 + 19,464 18,964 Dealers 0 0 0 0 Treasury cash holdings 326 + 2 - 50 324 Deposits with F.R. Banks, other than reserve balances 17,337 - 825 + 2,331 17,486 U.S. Treasury, general account 4,974 - 463 + 867 5,162 Foreign official 80 - 6 - 58 83 Service-related 12,000 - 361 + 1,446 12,000 Required clearing balances 11,850 - 2 + 1,569 11,850 Adjustments to compensate for float 150 - 359 - 123 150 Other 284 + 5 + 76 241 Other liabilities and capital 20,798 + 222 + 999 20,517 Total factors, other than reserve balances, absorbing reserve funds 769,711 - 1,273 + 60,191 770,174 Reserve balances with Federal Reserve Banks 10,174 - 2,484 + 1,201 14,196 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,044,955 + 8,007 + 209,486 1,045,195 U.S. Treasury 834,289 + 7,533 + 154,303 833,637 Federal agency 210,665 + 473 + 55,182 211,559 Securities lent to dealers 1,982 - 45 + 1,929 2,015 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. 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 10, 2003 Dec 3, 2003 Dec 11, 2002 Assets Gold certificate account 11,039 0 0 Special drawing rights certificate account 2,200 0 0 Coin 754 + 10 - 278 Securities, repurchase agreements, and loans 694,892 + 6,126 + 54,064 Securities held outright 665,610 + 368 + 56,653 U.S. Treasury1 665,610 + 378 + 56,663 Bills2 243,767 + 382 + 37,529 Notes and bonds, nominal2 406,173 0 + 16,954 Notes and bonds, inflation-indexed2 13,994 0 + 1,752 Inflation compensation3 1,676 - 4 + 429 Federal agency2 0 - 10 - 10 Repurchase agreements4 29,250 + 5,750 - 1,500 Loans 32 + 9 - 1,089 Items in process of collection (1,005) 9,457 + 10 - 659 Bank premises 1,608 + 2 + 76 Other assets5 37,530 + 453 + 1,651 Total assets (1,005) 757,481 + 6,603 + 54,856 Liabilities Federal Reserve notes, net of F.R. Bank holdings 678,524 - 828 + 36,080 Reverse repurchase agreements6 18,964 + 233 + 18,964 Deposits (0) 31,823 + 7,390 - 48 Depository institutions 26,336 + 6,676 + 311 U.S. Treasury, general account 5,162 + 788 - 344 Foreign official 83 - 33 - 56 Other (0) 241 - 41 + 40 Deferred availability cash items (1,005) 7,654 - 209 - 869 Other liabilities and accrued dividends7 2,356 + 29 - 95 Total liabilities (1,005) 739,320 + 6,615 + 54,030 Capital accounts Capital paid in 8,824 - 8 + 465 Surplus 8,380 0 + 1,068 Other capital accounts 957 - 4 - 707 Total capital 18,161 - 12 + 826 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 10, 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 11 29,607 - 14,832 0 - 10 25,250 18,964 16 days to 90 days 21 164,933 + 15,003 0 0 4,000 0 91 days to 1 year 0 163,532 + 210 0 0 . . . . . . Over 1 year to 5 years . . . 179,072 - 1 0 0 . . . . . . Over 5 years to 10 years . . . 51,316 - 2 0 0 . . . . . . Over 10 years . . . 77,150 - 1 0 0 . . . . . . All 32 665,610 + 378 0 - 10 29,250 18,964 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 10, 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 5 4 2 5 3 5 3 7 3 4 8 4 8 7 9 1 5 3 2 4 4 7 1 4 6 91 Securities, repurchase agreements, and loans 694,8 9 2 32,1 8 2 314,0 2 0 20,8 1 3 31,1 8 9 51,1 8 8 44,9 7 3 67,2 6 6 20,9 4 2 14,8 6 5 17,8 9 1 26,0 8 5 53,480 Securities held outright 665,6 1 0 32,1 7 9 284,7 7 0 20,8 1 0 31,1 8 9 51,1 8 8 44,9 6 6 67,2 6 0 20,9 4 1 14,8 5 7 17,8 8 8 26,0 8 5 53,478 U.S. Treasury1 665,6 1 0 32,1 7 9 284,7 7 0 20,8 1 0 31,1 8 9 51,1 8 8 44,9 6 6 67,2 6 0 20,9 4 1 14,8 5 7 17,8 8 8 26,0 8 5 53,478 Bills2 243,7 6 7 11,7 8 5 104,2 9 1 7,6 2 1 11,4 2 2 18,7 4 6 16,4 6 8 24,6 3 3 7,6 6 9 5,4 4 1 6,5 5 1 9,5 5 3 19,585 Notes and bonds3 421,8 4 4 20,3 9 4 180,4 7 8 13,1 8 9 19,7 6 7 32,4 4 1 28,4 9 8 42,6 2 7 13,2 7 2 9,4 1 6 11,3 3 7 16,5 3 2 33,893 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 29,2 5 0 0 29,2 5 0 0 0 0 0 0 0 0 0 0 0 Loans 3 2 2 0 3 0 0 7 6 1 7 4 0 2 Items in process of collection 10,4 6 2 5 9 1 1,0 7 5 5 2 0 6 3 7 6 5 3 9 2 1 1,0 5 1 3 7 6 4 1 7 8 6 8 5 7 2 2,782 Bank premises 1,6 0 8 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 8 178 Other assets5 37,5 3 0 1,7 3 1 13,2 8 1 1,1 0 1 2,3 7 9 6,1 2 8 2,1 5 5 3,4 8 1 9 4 8 1,1 3 9 8 8 5 1,0 6 2 3,240 Interdistrict settlement account 0 + 3,6 0 4 - 6,3 1 5 + 3 1 3 - 2,3 2 9 + 4 5 6 + 1,5 2 0 - 8,2 7 1 - 1,9 5 7 + 1 3 0 - 8 1 3 + 5,2 6 7 + 8,395 Total assets 758,4 8 6 38,8 3 4 327,8 6 4 23,2 9 9 32,6 4 1 59,6 0 8 50,9 6 2 64,9 3 6 20,8 0 7 16,9 5 3 19,3 0 4 33,9 1 5 69,362 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 10, 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 799,20 5 38,0 4 1 328,0 9 4 29,2 7 2 33,2 7 1 59,8 7 4 65,6 3 1 67,2 2 0 23,2 0 1 15,6 0 0 21,4 7 5 39,1 1 2 78,414 Less: notes held by F.R. Banks 120,68 2 5,2 7 8 25,4 8 1 8,5 6 7 5,2 4 7 10,6 8 6 19,7 2 1 9,5 7 5 4,4 5 1 1,4 8 3 4,4 4 4 7,8 2 1 17,927 Federal Reserve notes, net 678,52 4 32,7 6 4 302,6 1 3 20,7 0 4 28,0 2 4 49,1 8 8 45,9 1 0 57,6 4 5 18,7 4 9 14,1 1 7 17,0 3 0 31,2 9 1 60,488 Reverse repurchase agreements1 18,96 4 9 1 7 8,1 1 3 5 9 3 8 8 9 1,4 5 8 1,2 8 1 1,9 1 6 5 9 7 4 2 3 5 1 0 7 4 3 1,524 Deposits 31,82 3 3,5 5 8 11,2 0 3 9 7 1 1,7 3 3 3,8 5 7 1,6 5 9 2,6 3 5 6 0 8 1,1 2 7 7 7 3 9 6 2 2,736 Depository institutions 26,33 6 3,5 5 5 5,8 2 2 9 7 0 1,7 2 9 3,7 7 8 1,6 5 7 2,6 3 1 6 0 4 1,1 2 6 7 7 2 9 6 1 2,732 U.S. Treasury, general account 5,16 2 0 5,1 6 2 0 0 0 0 0 0 0 0 0 0 Foreign official 8 3 2 6 0 1 3 7 2 3 1 1 1 1 3 Other 24 1 1 1 6 0 0 1 7 1 0 1 3 0 1 1 1 Deferred availability cash items 8,65 9 5 4 8 9 7 8 4 0 5 3 8 8 6 5 2 9 1 7 6 2 9 2 7 2 4 9 6 5 3 2 4 9 2 2,351 Other liabilities and accrued dividends2 2,35 6 1 3 1 7 2 3 9 6 1 3 5 2 6 2 1 8 7 2 3 3 1 0 5 8 9 8 9 1 1 7 188 Total liabilities 740,32 5 37,9 1 7 323,6 3 0 22,7 6 9 31,1 6 8 55,4 1 7 49,9 5 5 63,0 5 9 20,3 3 1 16,2 5 2 18,9 3 3 33,6 0 6 67,287 Capital Capital paid in 8,82 4 4 4 8 2,0 2 7 2 5 8 7 2 3 2,0 6 7 4 9 0 9 1 4 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 95 7 3 2 3 9 8 3 9 4 7 5 0 4 2 1 0 5 4 5 1 6 7 1 2 161 Total liabilities and capital 758,48 6 38,8 3 4 327,8 6 4 23,2 9 9 32,6 4 1 59,6 0 8 50,9 6 2 64,9 3 6 20,8 0 7 16,9 5 3 19,3 0 4 33,9 1 5 69,362 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 10, 2003 Federal Reserve notes outstanding 799,205 Less: Notes held by F.R. Banks not subject to collateralization 120,682 Federal Reserve notes to be collateralized 678,524 Collateral held against Federal Reserve notes 678,524 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 665,285 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 694,860 Less: face value of securities under reverse repurchase agreements 18,976 U.S. Treasury and agency securities eligible to be pledged 675,885 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.