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 January 2, 2004 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 31, 2003 Dec 24, 2003 Jan 1, 2003 Dec 31, 2003 Reserve Bank credit 746,570 + 7,055 + 39,836 750,176 Securities held outright 666,402 + 368 + 36,987 666,665 U.S. Treasury1 666,402 + 368 + 36,997 666,665 Bills2 244,569 + 372 + 17,887 244,833 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 1,666 - 4 + 405 1,665 Federal agency2 0 0 - 10 0 Repurchase agreements4 38,679 + 5,500 + 572 43,750 Loans to depository institutions 65 - 5 + 20 62 Primary credit 32 - 1 + 32 41 Secondary credit 0 0 0 0 Seasonal credit 33 - 4 - 7 22 Adjustment credit 0 0 - 5 0 Float 1,183 + 761 + 1,090 -315 Other Federal Reserve assets 40,242 + 432 + 1,169 40,014 Gold stock 11,043 0 0 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 35,475 + 14 + 878 35,475 Total factors supplying reserve funds 795,289 + 7,070 + 40,715 798,894 Currency in circulation5 723,714 + 5,068 + 37,029 724,196 Reverse repurchase agreements6 21,635 + 2,205 + 770 25,652 Foreign official and international accounts 21,635 + 2,205 + 770 25,652 Dealers 0 0 0 0 Treasury cash holdings 319 0 - 49 319 Deposits with F.R. Banks, other than reserve balances 18,380 + 1,183 + 2,102 18,715 U.S. Treasury, general account 5,850 + 1,149 + 834 5,723 Foreign official 99 + 3 - 38 162 Service-related 12,112 - 42 + 1,464 12,112 Required clearing balances 11,834 - 12 + 1,300 11,834 Adjustments to compensate for float 278 - 30 + 164 278 Other 319 + 72 - 157 717 Other liabilities and capital 20,589 - 170 + 671 19,793 Total factors, other than reserve balances, absorbing reserve funds 784,636 + 8,284 + 40,523 788,674 Reserve balances with Federal Reserve Banks 10,653 - 1,214 + 192 10,220 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,066,742 + 6,221 + 216,055 1,072,420 U.S. Treasury 855,872 + 8,152 + 169,127 862,355 Federal agency 210,869 - 1,932 + 46,926 210,065 Securities lent to dealers 3,086 + 1,023 + 2,027 4,426 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 31, 2003 Dec 24, 2003 Jan 1, 2003 Assets Gold certificate account 11,039 0 0 Special drawing rights certificate account 2,200 0 0 Coin 722 - 25 - 266 Securities, repurchase agreements, and loans 710,477 + 7,586 + 41,521 Securities held outright 666,665 + 449 + 37,249 U.S. Treasury1 666,665 + 449 + 37,259 Bills2 244,833 + 452 + 18,151 Notes and bonds, nominal2 406,173 0 + 16,954 Notes and bonds, inflation-indexed2 13,994 0 + 1,752 Inflation compensation3 1,665 - 3 + 402 Federal agency2 0 0 - 10 Repurchase agreements4 43,750 + 7,250 + 4,250 Loans 62 - 113 + 22 Items in process of collection (1,444) 7,793 - 3,103 - 2,498 Bank premises 1,628 + 5 + 85 Other assets5 38,586 + 89 + 1,555 Total assets (1,444) 772,444 + 4,552 + 40,396 Liabilities Federal Reserve notes, net of F.R. Bank holdings 689,757 + 1,007 + 35,485 Reverse repurchase agreements6 25,652 + 5,888 + 4,561 Deposits (0) 29,660 - 633 + 1,411 Depository institutions 23,058 - 2,184 + 517 U.S. Treasury, general account 5,723 + 1,053 + 1,303 Foreign official 162 + 34 + 26 Other (0) 717 + 464 - 435 Deferred availability cash items (1,444) 7,582 - 980 - 1,877 Other liabilities and accrued dividends7 2,100 - 267 - 117 Total liabilities (1,444) 754,750 + 5,013 + 39,462 Capital accounts Capital paid in 8,847 + 4 + 467 Surplus 8,847 + 467 + 467 Other capital accounts 0 - 931 0 Total capital 17,694 - 460 + 934 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 31, 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 60 47,733 - 6,715 0 0 43,750 25,652 16 days to 90 days 3 139,347 - 775 0 0 0 0 91 days to 1 year 0 164,071 - 45 0 0 . . . . . . Over 1 year to 5 years . . . 187,056 + 7,986 0 0 . . . . . . Over 5 years to 10 years . . . 51,312 - 1 0 0 . . . . . . Over 10 years . . . 77,146 - 1 0 0 . . . . . . All 62 666,665 + 449 0 0 43,750 25,652 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 31, 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 2 2 2 3 3 0 3 7 3 3 8 3 8 2 9 0 5 3 2 3 4 2 1 4 1 84 Securities, repurchase agreements, and loans 710,4 7 7 32,2 3 0 328,9 8 6 20,8 4 3 31,2 3 8 51,2 6 9 45,0 4 3 67,3 8 4 20,9 7 4 14,8 8 3 17,9 1 9 26,1 2 6 53,583 Securities held outright 666,6 6 5 32,2 3 0 285,2 2 1 20,8 4 3 31,2 3 8 51,2 6 9 45,0 3 7 67,3 6 7 20,9 7 4 14,8 8 1 17,9 1 6 26,1 2 6 53,563 U.S. Treasury1 666,6 6 5 32,2 3 0 285,2 2 1 20,8 4 3 31,2 3 8 51,2 6 9 45,0 3 7 67,3 6 7 20,9 7 4 14,8 8 1 17,9 1 6 26,1 2 6 53,563 Bills2 244,8 3 3 11,8 3 7 104,7 4 7 7,6 5 4 11,4 7 2 18,8 2 8 16,5 4 0 24,7 4 0 7,7 0 3 5,4 6 5 6,5 8 0 9,5 9 5 19,671 Notes and bonds3 421,8 3 2 20,3 9 4 180,4 7 3 13,1 8 8 19,7 6 6 32,4 4 0 28,4 9 7 42,6 2 6 13,2 7 1 9,4 1 6 11,3 3 7 16,5 3 1 33,892 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 43,7 5 0 0 43,7 5 0 0 0 0 0 0 0 0 0 0 0 Loans 6 2 0 1 5 0 0 0 5 1 7 0 2 2 0 20 Items in process of collection 9,2 3 7 5 3 1 8 0 3 4 9 3 5 9 5 7 1 4 7 2 3 9 4 2 3 4 1 4 2 6 5 9 6 3 8 3 2,689 Bank premises 1,6 2 8 9 3 1 8 9 5 3 1 5 1 1 4 5 2 7 8 1 2 4 4 9 1 2 5 5 6 1 8 7 178 Other assets5 38,5 8 6 1,7 9 5 13,5 5 6 1,1 4 0 2,4 5 7 6,2 9 9 2,2 3 4 3,6 0 5 9 8 3 1,1 7 3 9 1 9 1,0 8 0 3,345 Interdistrict settlement account 0 + 3,2 3 1 -17,7 3 2 + 5 7 0 - 2,0 7 9 + 2,9 8 1 + 3,2 9 1 - 6,4 9 9 - 1,3 2 6 - 1 3 6 - 2 6 + 6,9 6 2 +10,764 Total assets 773,8 8 8 38,5 1 4 331,4 1 1 23,5 9 9 32,9 7 6 62,4 4 6 52,6 8 0 66,8 4 0 21,4 7 5 16,7 4 9 19,8 7 4 35,4 8 4 71,840 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 31, 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 799,93 2 38,7 7 8 326,6 9 0 29,3 0 1 33,1 3 9 60,1 3 5 65,7 2 8 67,1 6 7 23,2 4 8 15,5 2 1 21,5 4 9 39,7 4 9 78,926 Less: notes held by F.R. Banks 110,17 6 4,7 5 0 23,7 9 3 8,2 8 8 4,7 4 0 9,8 5 5 18,4 1 5 8,1 4 1 3,9 6 1 1,3 3 5 4,0 8 3 7,1 2 9 15,685 Federal Reserve notes, net 689,75 7 34,0 2 8 302,8 9 7 21,0 1 2 28,3 9 9 50,2 8 0 47,3 1 4 59,0 2 6 19,2 8 7 14,1 8 6 17,4 6 6 32,6 2 0 63,241 Reverse repurchase agreements1 25,65 2 1,2 4 0 10,9 7 5 8 0 2 1,2 0 2 1,9 7 3 1,7 3 3 2,5 9 2 8 0 7 5 7 3 6 8 9 1,0 0 5 2,061 Deposits 29,66 0 1,6 5 3 11,7 9 2 7 2 9 1,2 8 7 5,2 0 3 1,6 3 0 2,3 8 1 5 1 8 5 7 5 8 5 9 1,0 4 1 1,990 Depository institutions 23,05 8 1,6 3 3 5,6 0 7 7 1 9 1,2 5 9 5,0 8 7 1,6 0 8 2,3 4 9 5 0 9 5 6 4 8 1 3 9 5 3 1,957 U.S. Treasury, general account 5,72 3 0 5,7 2 3 0 0 0 0 0 0 0 0 0 0 Foreign official 16 2 2 1 3 9 1 3 7 2 3 1 1 1 1 3 Other 71 7 1 9 3 2 4 1 0 2 5 1 0 8 2 0 2 9 9 1 1 4 6 8 8 29 Deferred availability cash items 9,02 6 5 7 6 1,0 2 5 4 5 1 5 2 1 6 2 8 8 5 5 7 8 1 3 0 8 6 5 0 4 5 0 4 8 7 2,296 Other liabilities and accrued dividends2 2,10 0 1 1 9 6 6 1 8 7 1 1 2 2 1 4 1 7 1 2 1 2 9 9 7 4 8 5 1 0 9 156 Total liabilities 756,19 4 37,6 1 7 327,3 5 0 23,0 8 2 31,5 2 2 58,2 9 8 51,7 0 2 64,9 9 2 21,0 1 9 16,0 5 8 19,5 5 0 35,2 6 2 69,743 Capital Capital paid in 8,84 7 4 4 8 2,0 3 1 2 5 9 7 2 7 2,0 7 4 4 8 9 9 2 4 2 2 8 3 4 6 1 6 2 1 1 1 1,048 Surplus 8,84 7 4 4 8 2,0 3 1 2 5 9 7 2 7 2,0 7 4 4 8 9 9 2 4 2 2 8 3 4 6 1 6 2 1 1 1 1,048 Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0 Total liabilities and capital 773,88 8 38,5 1 4 331,4 1 1 23,5 9 9 32,9 7 6 62,4 4 6 52,6 8 0 66,8 4 0 21,4 7 5 16,7 4 9 19,8 7 4 35,4 8 4 71,840 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 31, 2003 Federal Reserve notes outstanding 799,932 Less: Notes held by F.R. Banks not subject to collateralization 110,176 Federal Reserve notes to be collateralized 689,757 Collateral held against Federal Reserve notes 689,757 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 676,518 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 710,415 Less: face value of securities under reverse repurchase agreements 25,658 U.S. Treasury and agency securities eligible to be pledged 684,757 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.