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 26, 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 24, 2003 Dec 17, 2003 Dec 25, 2002 Dec 24, 2003 Reserve Bank credit 739,526 + 7,672 + 35,949 745,003 Securities held outright 666,034 + 141 + 36,624 666,216 U.S. Treasury1 666,034 + 141 + 36,634 666,216 Bills2 244,197 + 145 + 17,515 244,381 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 1,670 - 4 + 414 1,668 Federal agency2 0 0 - 10 0 Repurchase agreements4 33,179 + 7,608 - 1,142 36,500 Loans to depository institutions 70 + 33 + 11 175 Primary credit 33 + 28 + 33 135 Secondary credit 0 0 0 0 Seasonal credit 37 + 5 - 9 39 Adjustment credit 0 0 - 13 0 Float 434 - 471 - 644 2,061 Other Federal Reserve assets 39,810 + 362 + 1,102 40,051 Gold stock 11,043 0 0 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 35,461 + 14 + 895 35,461 Total factors supplying reserve funds 788,230 + 7,686 + 36,844 793,707 Currency in circulation5 718,646 + 5,110 + 37,123 723,150 Reverse repurchase agreements6 19,430 + 1,214 - 1,478 19,764 Foreign official and international accounts 19,430 + 1,464 - 1,478 19,764 Dealers 0 - 250 0 0 Treasury cash holdings 319 - 4 - 42 319 Deposits with F.R. Banks, other than reserve balances 17,197 - 722 + 1,012 17,205 U.S. Treasury, general account 4,701 - 921 + 23 4,670 Foreign official 96 + 7 - 18 128 Service-related 12,154 + 187 + 973 12,154 Required clearing balances 11,846 0 + 1,394 11,846 Adjustments to compensate for float 308 + 186 - 421 308 Other 247 + 6 + 35 253 Other liabilities and capital 20,759 - 74 + 318 20,521 Total factors, other than reserve balances, absorbing reserve funds 776,352 + 5,525 + 36,935 780,960 Reserve balances with Federal Reserve Banks 11,878 + 2,161 - 91 12,747 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,060,521 + 6,502 + 211,654 1,061,848 U.S. Treasury 847,720 + 6,688 + 161,723 851,119 Federal agency 212,801 - 187 + 49,931 210,729 Securities lent to dealers 2,063 + 432 + 1,759 2,884 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 24, 2003 Dec 17, 2003 Dec 25, 2002 Assets Gold certificate account 11,039 0 0 Special drawing rights certificate account 2,200 0 0 Coin 747 - 15 - 264 Securities, repurchase agreements, and loans 702,891 + 11,887 + 36,170 Securities held outright 666,216 + 263 + 36,804 U.S. Treasury1 666,216 + 263 + 36,814 Bills2 244,381 + 268 + 17,699 Notes and bonds, nominal2 406,173 0 + 16,954 Notes and bonds, inflation-indexed2 13,994 0 + 1,752 Inflation compensation3 1,668 - 4 + 410 Federal agency2 0 0 - 10 Repurchase agreements4 36,500 + 11,500 - 750 Loans 175 + 125 + 116 Items in process of collection (967) 10,896 + 785 - 2,343 Bank premises 1,623 + 13 + 83 Other assets5 38,497 + 409 + 1,140 Total assets (967) 767,892 + 13,080 + 34,785 Liabilities Federal Reserve notes, net of F.R. Bank holdings 688,750 + 7,102 + 36,859 Reverse repurchase agreements6 19,764 + 2,107 - 632 Deposits (0) 30,293 + 3,783 + 589 Depository institutions 25,242 + 6,507 + 541 U.S. Treasury, general account 4,670 - 2,785 + 8 Foreign official 128 + 45 - 11 Other (0) 253 + 17 + 50 Deferred availability cash items (967) 8,562 + 230 - 1,885 Other liabilities and accrued dividends7 2,367 + 37 - 94 Total liabilities (967) 749,737 + 13,260 + 34,839 Capital accounts Capital paid in 8,843 + 4 + 461 Surplus 8,380 0 + 1,068 Other capital accounts 931 - 186 - 1,585 Total capital 18,154 - 182 - 55 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 24, 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 175 54,448 + 16,180 0 0 36,500 19,764 16 days to 90 days 0 140,122 - 15,822 0 0 0 0 91 days to 1 year 0 164,116 - 92 0 0 . . . . . . Over 1 year to 5 years . . . 179,070 - 1 0 0 . . . . . . Over 5 years to 10 years . . . 51,313 - 2 0 0 . . . . . . Over 10 years . . . 77,147 - 2 0 0 . . . . . . All 175 666,216 + 263 0 0 36,500 19,764 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 24, 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 7 2 5 3 3 3 9 3 6 8 4 8 6 9 2 5 3 2 4 4 3 1 4 3 89 Securities, repurchase agreements, and loans 702,8 9 1 32,2 0 9 321,5 2 9 20,8 2 9 31,2 1 7 51,2 3 4 45,0 1 2 67,3 4 4 20,9 6 0 14,8 8 2 17,9 1 1 26,1 0 9 53,657 Securities held outright 666,2 1 6 32,2 0 9 285,0 2 9 20,8 2 9 31,2 1 7 51,2 3 4 45,0 0 7 67,3 2 1 20,9 6 0 14,8 7 1 17,9 0 4 26,1 0 9 53,527 U.S. Treasury1 666,2 1 6 32,2 0 9 285,0 2 9 20,8 2 9 31,2 1 7 51,2 3 4 45,0 0 7 67,3 2 1 20,9 6 0 14,8 7 1 17,9 0 4 26,1 0 9 53,527 Bills2 244,3 8 1 11,8 1 5 104,5 5 4 7,6 4 0 11,4 5 1 18,7 9 4 16,5 0 9 24,6 9 5 7,6 8 9 5,4 5 5 6,5 6 8 9,5 7 7 19,635 Notes and bonds3 421,8 3 6 20,3 9 4 180,4 7 5 13,1 8 8 19,7 6 6 32,4 4 0 28,4 9 8 42,6 2 7 13,2 7 1 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 36,5 0 0 0 36,5 0 0 0 0 0 0 0 0 0 0 0 0 Loans 1 7 5 0 0 0 0 0 5 2 2 0 1 1 6 0 130 Items in process of collection 11,8 6 3 1,0 3 4 1,2 8 1 6 8 4 1,0 7 8 6 6 2 1,2 1 2 8 4 9 6 3 9 4 3 3 6 4 7 4 3 8 2,905 Bank premises 1,6 2 3 9 2 1 9 0 5 3 1 5 0 1 4 4 2 7 7 1 2 4 5 1 1 2 5 5 6 1 8 1 178 Other assets5 38,4 9 7 1,7 9 0 13,5 3 6 1,1 3 8 2,4 3 9 6,2 5 6 2,2 2 6 3,5 8 8 9 8 7 1,1 8 2 9 2 4 1,0 9 3 3,338 Interdistrict settlement account 0 + 2,9 5 2 -11,5 9 2 + 9 0 1 - 2,3 1 8 - 2 6 4 + 3,2 2 1 - 6,8 9 7 - 1,6 9 3 - 4 5 3 - 2 1 3 + 6,5 7 0 + 9,787 Total assets 768,8 5 9 38,7 1 2 330,5 5 6 24,1 0 6 33,1 8 4 59,0 7 0 53,0 6 3 66,2 9 4 21,4 0 0 16,4 4 6 19,7 3 8 35,1 3 9 71,151 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 24, 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 801,24 4 38,8 0 8 326,9 1 5 29,3 9 1 33,2 1 4 60,2 2 1 65,9 9 9 67,2 8 3 23,2 8 9 15,5 3 8 21,6 0 1 39,8 3 0 79,156 Less: notes held by F.R. Banks 112,49 4 4,8 2 3 24,0 0 6 8,2 9 3 4,9 0 0 10,2 6 0 18,4 1 5 8,5 5 0 4,0 8 5 1,4 0 0 4,1 2 6 7,1 7 9 16,456 Federal Reserve notes, net 688,75 0 33,9 8 5 302,9 0 8 21,0 9 8 28,3 1 4 49,9 6 1 47,5 8 3 58,7 3 3 19,2 0 4 14,1 3 8 17,4 7 5 32,6 5 1 62,700 Reverse repurchase agreements1 19,76 4 9 5 6 8,4 5 6 6 1 8 9 2 6 1,5 2 0 1,3 3 5 1,9 9 7 6 2 2 4 4 1 5 3 1 7 7 5 1,588 Deposits 30,29 3 2,0 5 4 13,1 8 4 1,3 8 5 1,6 7 8 2,4 6 2 1,9 2 3 2,6 0 6 6 7 0 7 1 1 8 2 7 7 6 4 2,030 Depository institutions 25,24 2 2,0 5 1 8,2 5 3 1,3 8 3 1,6 7 3 2,3 6 8 1,9 2 1 2,6 0 1 6 6 7 7 1 0 8 2 5 7 6 3 2,027 U.S. Treasury, general account 4,67 0 0 4,6 7 0 0 0 0 0 0 0 0 0 0 0 Foreign official 12 8 2 1 0 5 1 3 7 2 3 1 1 1 1 3 Other 25 3 1 1 5 5 1 3 8 6 0 1 2 0 1 1 0 Deferred availability cash items 9,52 9 6 6 6 1,1 6 2 3 7 8 6 5 4 6 5 2 1,0 2 2 8 3 6 3 2 7 3 6 6 4 4 1 5 1 8 2,508 Other liabilities and accrued dividends2 2,36 7 1 3 4 7 2 0 9 4 1 3 0 2 7 5 1 8 7 2 3 5 1 0 6 8 8 8 8 1 2 0 191 Total liabilities 750,70 4 37,7 9 4 326,4 2 9 23,5 7 3 31,7 0 3 54,8 6 9 52,0 5 1 64,4 0 7 20,9 2 8 15,7 4 4 19,3 6 2 34,8 2 7 69,017 Capital Capital paid in 8,84 3 4 4 8 2,0 2 8 2 5 9 7 2 9 2,0 7 4 4 9 0 9 1 7 2 3 2 3 4 5 1 6 2 1 1 1 1,048 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 93 1 3 3 2 9 0 4 2 5 0 5 4 4 6 1 1 3 4 0 1 8 1 3 1 5 218 Total liabilities and capital 768,85 9 38,7 1 2 330,5 5 6 24,1 0 6 33,1 8 4 59,0 7 0 53,0 6 3 66,2 9 4 21,4 0 0 16,4 4 6 19,7 3 8 35,1 3 9 71,151 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 24, 2003 Federal Reserve notes outstanding 801,244 Less: Notes held by F.R. Banks not subject to collateralization 112,494 Federal Reserve notes to be collateralized 688,750 Collateral held against Federal Reserve notes 688,750 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 675,512 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 702,716 Less: face value of securities under reverse repurchase agreements 19,769 U.S. Treasury and agency securities eligible to be pledged 682,947 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.