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 18, 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 17, 2003 Dec 10, 2003 Dec 18, 2002 Dec 17, 2003 Reserve Bank credit 731,854 + 644 + 39,300 732,769 Securities held outright 665,893 + 405 + 39,414 665,953 U.S. Treasury1 665,893 + 414 + 39,424 665,953 Bills2 244,052 + 418 + 20,295 244,113 Notes and bonds, nominal2 406,173 0 + 16,954 406,173 Notes and bonds, inflation-indexed2 13,994 0 + 1,752 13,994 Inflation compensation3 1,674 - 4 + 424 1,672 Federal agency2 0 - 9 - 10 0 Repurchase agreements4 25,571 - 322 - 2,608 25,000 Loans to depository institutions 37 0 - 18 50 Primary credit 5 - 8 + 5 16 Secondary credit 0 0 0 0 Seasonal credit 32 + 8 - 17 35 Adjustment credit 0 0 - 6 0 Float 905 + 149 + 1,066 2,100 Other Federal Reserve assets 39,448 + 411 + 1,445 39,665 Gold stock 11,043 0 0 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 35,447 + 14 + 912 35,447 Total factors supplying reserve funds 780,544 + 657 + 40,212 781,459 Currency in circulation5 713,536 + 1,749 + 38,054 716,019 Reverse repurchase agreements6 18,216 - 1,248 + 14 17,657 Foreign official and international accounts 17,966 - 1,498 - 236 17,657 Dealers 250 + 250 + 250 0 Treasury cash holdings 323 - 3 - 47 319 Deposits with F.R. Banks, other than reserve balances 17,919 + 582 + 703 19,742 U.S. Treasury, general account 5,622 + 648 - 337 7,455 Foreign official 89 + 9 - 59 83 Service-related 11,967 - 33 + 1,068 11,967 Required clearing balances 11,846 - 4 + 1,396 11,846 Adjustments to compensate for float 122 - 28 - 328 122 Other 241 - 43 + 31 236 Other liabilities and capital 20,833 + 35 + 630 20,666 Total factors, other than reserve balances, absorbing reserve funds 770,827 + 1,115 + 39,353 774,402 Reserve balances with Federal Reserve Banks 9,717 - 458 + 859 7,057 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,054,019 + 9,064 + 207,720 1,056,671 U.S. Treasury 841,032 + 6,743 + 155,739 842,108 Federal agency 212,988 + 2,323 + 51,983 214,564 Securities lent to dealers 1,631 - 351 + 1,480 2,081 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 17, 2003 Dec 10, 2003 Dec 18, 2002 Assets Gold certificate account 11,039 0 0 Special drawing rights certificate account 2,200 0 0 Coin 762 + 8 - 273 Securities, repurchase agreements, and loans 691,004 - 3,888 + 31,552 Securities held outright 665,953 + 343 + 36,546 U.S. Treasury1 665,953 + 343 + 36,556 Bills2 244,113 + 346 + 17,431 Notes and bonds, nominal2 406,173 0 + 16,954 Notes and bonds, inflation-indexed2 13,994 0 + 1,752 Inflation compensation3 1,672 - 4 + 419 Federal agency2 0 0 - 10 Repurchase agreements4 25,000 - 4,250 - 5,000 Loans 50 + 18 + 5 Items in process of collection (1,173) 10,111 + 654 + 1,311 Bank premises 1,610 + 2 + 76 Other assets5 38,088 + 558 + 1,548 Total assets (1,173) 754,812 - 2,669 + 34,211 Liabilities Federal Reserve notes, net of F.R. Bank holdings 681,648 + 3,124 + 36,049 Reverse repurchase agreements6 17,657 - 1,307 - 4,248 Deposits (0) 26,510 - 5,313 + 1,587 Depository institutions 18,735 - 7,601 + 792 U.S. Treasury, general account 7,455 + 2,293 + 860 Foreign official 83 0 - 89 Other (0) 236 - 5 + 23 Deferred availability cash items (1,173) 8,332 + 678 + 66 Other liabilities and accrued dividends7 2,330 - 26 - 88 Total liabilities (1,173) 736,476 - 2,844 + 33,365 Capital accounts Capital paid in 8,839 + 15 + 463 Surplus 8,380 0 + 1,068 Other capital accounts 1,117 + 160 - 685 Total capital 18,336 + 175 + 847 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 17, 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 31 38,268 + 8,661 0 0 17,000 17,657 16 days to 90 days 19 155,944 - 8,989 0 0 8,000 0 91 days to 1 year 0 164,208 + 676 0 0 . . . . . . Over 1 year to 5 years . . . 179,071 - 1 0 0 . . . . . . Over 5 years to 10 years . . . 51,315 - 1 0 0 . . . . . . Over 10 years . . . 77,149 - 1 0 0 . . . . . . All 50 665,953 + 343 0 0 25,000 17,657 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 17, 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 6 2 2 7 3 4 4 0 3 8 8 7 8 7 9 2 5 3 2 4 4 5 1 4 2 93 Securities, repurchase agreements, and loans 691,0 0 4 32,2 0 0 309,9 1 6 20,8 2 4 31,2 0 5 51,2 1 4 44,9 9 4 67,3 0 5 20,9 5 3 14,8 7 5 17,9 0 2 26,0 9 8 53,518 Securities held outright 665,9 5 3 32,1 9 6 284,9 1 6 20,8 2 0 31,2 0 5 51,2 1 4 44,9 8 9 67,2 9 5 20,9 5 2 14,8 6 5 17,8 9 7 26,0 9 8 53,506 U.S. Treasury1 665,9 5 3 32,1 9 6 284,9 1 6 20,8 2 0 31,2 0 5 51,2 1 4 44,9 8 9 67,2 9 5 20,9 5 2 14,8 6 5 17,8 9 7 26,0 9 8 53,506 Bills2 244,1 1 3 11,8 0 2 104,4 4 0 7,6 3 2 11,4 3 9 18,7 7 3 16,4 9 1 24,6 6 8 7,6 8 0 5,4 4 9 6,5 6 0 9,5 6 7 19,613 Notes and bonds3 421,8 4 0 20,3 9 4 180,4 7 7 13,1 8 8 19,7 6 6 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 33,892 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 25,0 0 0 0 25,0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 5 0 4 0 4 0 0 5 1 0 1 1 0 4 0 12 Items in process of collection 11,2 8 3 9 2 0 1,1 0 2 5 5 9 8 9 6 6 9 5 9 0 0 9 0 1 5 2 5 4 1 5 6 8 1 5 1 0 3,180 Bank premises 1,6 1 0 9 2 1 8 9 5 2 1 5 1 1 4 4 2 7 8 1 2 3 4 4 1 2 5 5 5 1 7 8 178 Other assets5 38,0 8 8 1,7 6 1 13,4 7 8 1,1 1 9 2,4 1 0 6,2 0 9 2,1 9 1 3,5 3 4 9 7 4 1,1 5 2 8 9 7 1,0 6 8 3,294 Interdistrict settlement account 0 + 1,5 6 2 - 2,5 9 5 + 5 4 1 - 3,3 9 4 - 1,8 1 6 + 2,1 1 2 - 7,4 5 7 - 2,0 0 7 - 5 6 9 - 6 6 3 + 5,8 2 4 + 8,462 Total assets 755,9 8 5 37,1 7 2 327,7 0 5 23,5 9 9 31,8 8 7 57,4 8 8 51,5 9 0 65,6 9 2 20,9 4 4 16,2 7 7 19,2 8 6 34,4 2 5 69,921 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 17, 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 801,42 9 38,6 9 6 327,0 7 4 29,4 5 1 33,3 2 5 60,1 3 5 66,3 2 7 67,2 1 5 23,2 4 6 15,5 5 4 21,5 4 6 39,6 3 2 79,229 Less: notes held by F.R. Banks 119,78 1 5,1 8 3 24,7 9 3 8,5 3 1 5,2 6 6 10,8 6 9 19,4 8 1 9,4 5 2 4,3 2 3 1,5 2 0 4,3 6 2 7,6 9 2 18,309 Federal Reserve notes, net 681,64 8 33,5 1 2 302,2 8 1 20,9 2 0 28,0 5 9 49,2 6 6 46,8 4 6 57,7 6 3 18,9 2 3 14,0 3 3 17,1 8 4 31,9 4 0 60,920 Reverse repurchase agreements1 17,65 7 8 5 4 7,5 5 4 5 5 2 8 2 7 1,3 5 8 1,1 9 3 1,7 8 4 5 5 5 3 9 4 4 7 5 6 9 2 1,419 Deposits 26,51 0 1,1 2 7 11,7 3 5 1,0 0 1 9 7 1 1,7 1 2 1,3 9 2 3,2 5 7 5 7 7 6 2 8 6 7 3 8 5 3 2,584 Depository institutions 18,73 5 1,1 2 4 4,0 5 9 9 9 9 9 6 8 1,6 3 9 1,3 9 0 3,2 5 3 5 7 4 6 2 7 6 7 1 8 5 1 2,580 U.S. Treasury, general account 7,45 5 0 7,4 5 5 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 23 6 2 1 6 1 1 1 6 6 0 1 2 0 1 1 0 Deferred availability cash items 9,50 4 6 2 4 1,1 5 0 4 9 9 4 1 9 6 6 7 9 5 7 7 6 5 3 0 3 4 2 9 4 9 4 5 1 2 2,686 Other liabilities and accrued dividends2 2,33 0 1 3 1 7 1 9 9 4 1 3 0 2 6 4 1 8 4 2 2 9 1 0 3 8 7 8 6 1 1 5 187 Total liabilities 737,64 8 36,2 4 8 323,4 3 9 23,0 6 5 30,4 0 7 53,2 6 8 50,5 7 2 63,7 9 9 20,4 6 1 15,5 7 2 18,9 1 2 34,1 1 1 67,795 Capital Capital paid in 8,83 9 4 4 8 2,0 2 7 2 5 8 7 2 7 2,0 7 2 4 9 0 9 2 0 2 3 2 3 4 5 1 6 2 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 1,11 7 4 0 4 3 0 4 2 5 1 7 4 5 2 1 1 6 5 2 2 1 1 2 1 8 211 Total liabilities and capital 755,98 5 37,1 7 2 327,7 0 5 23,5 9 9 31,8 8 7 57,4 8 8 51,5 9 0 65,6 9 2 20,9 4 4 16,2 7 7 19,2 8 6 34,4 2 5 69,921 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 17, 2003 Federal Reserve notes outstanding 801,429 Less: Notes held by F.R. Banks not subject to collateralization 119,781 Federal Reserve notes to be collateralized 681,648 Collateral held against Federal Reserve notes 681,648 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 668,409 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 690,953 Less: face value of securities under reverse repurchase agreements 17,664 U.S. Treasury and agency securities eligible to be pledged 673,289 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.