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 8, 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 Jan 7, 2004 Dec 31, 2003 Jan 8, 2003 Jan 7, 2004 Reserve Bank credit 743,299 - 3,268 + 45,841 733,683 Securities held outright 666,704 + 302 + 37,288 666,720 U.S. Treasury1 666,704 + 302 + 37,298 666,720 Bills2 244,877 + 308 + 18,195 244,897 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 1,659 - 7 + 396 1,655 Federal agency2 0 0 - 10 0 Repurchase agreements4 34,679 - 4,000 + 6,286 24,000 Loans to depository institutions 24 - 41 - 3 11 Primary credit 12 - 20 + 12 1 Secondary credit 0 0 0 0 Seasonal credit 11 - 22 - 6 10 Adjustment credit 0 0 - 10 0 Float 1,349 + 169 + 631 2,144 Other Federal Reserve assets 40,544 + 302 + 1,640 40,808 Gold stock 11,043 0 0 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 35,489 + 14 + 892 35,489 Total factors supplying reserve funds 792,031 - 3,255 + 46,733 782,415 Currency in circulation5 721,162 - 2,551 + 37,939 717,836 Reverse repurchase agreements6 22,477 + 842 + 3,944 19,587 Foreign official and international accounts 22,120 + 485 + 3,587 19,587 Dealers 357 + 357 + 357 0 Treasury cash holdings 321 + 2 - 49 323 Deposits with F.R. Banks, other than reserve balances 18,083 - 293 + 2,050 17,245 U.S. Treasury, general account 5,319 - 531 + 490 4,915 Foreign official 95 - 4 - 12 84 Service-related 12,021 - 88 + 1,135 12,021 Required clearing balances 11,830 - 1 + 1,295 11,830 Adjustments to compensate for float 192 - 86 - 159 192 Other 647 + 328 + 436 225 Other liabilities and capital 20,125 - 464 + 908 20,382 Total factors, other than reserve balances, absorbing reserve funds 782,168 - 2,465 + 44,792 775,374 Reserve balances with Federal Reserve Banks 9,863 - 790 + 1,941 7,041 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,072,660 + 5,918 + 211,575 1,074,509 U.S. Treasury 862,004 + 6,132 + 167,987 861,930 Federal agency 210,656 - 213 + 43,588 212,579 Securities lent to dealers 3,200 + 114 + 2,240 2,328 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 Jan 7, 2004 Dec 31, 2003 Jan 8, 2003 Assets Gold certificate account 11,039 0 0 Special drawing rights certificate account 2,200 0 0 Coin 725 + 3 - 271 Securities, repurchase agreements, and loans 690,731 - 19,746 + 27,547 Securities held outright 666,720 + 55 + 37,304 U.S. Treasury1 666,720 + 55 + 37,314 Bills2 244,897 + 64 + 18,215 Notes and bonds, nominal2 406,173 0 + 16,954 Notes and bonds, inflation-indexed2 13,994 0 + 1,752 Inflation compensation3 1,655 - 10 + 392 Federal agency2 0 0 - 10 Repurchase agreements4 24,000 - 19,750 - 9,750 Loans 11 - 51 - 7 Items in process of collection (1,002) 11,241 + 3,448 + 2,888 Bank premises 1,624 - 4 + 83 Other assets5 39,159 + 573 + 1,676 Total assets (1,002) 756,718 - 15,726 + 31,922 Liabilities Federal Reserve notes, net of F.R. Bank holdings 683,391 - 6,366 + 36,321 Reverse repurchase agreements6 19,587 - 6,065 + 878 Deposits (0) 25,080 - 4,580 - 6,055 Depository institutions 19,856 - 3,202 - 5,340 U.S. Treasury, general account 4,915 - 808 - 575 Foreign official 84 - 78 - 15 Other (0) 225 - 492 - 125 Deferred availability cash items (1,002) 8,279 + 697 - 220 Other liabilities and accrued dividends7 2,102 + 2 - 120 Total liabilities (1,002) 738,438 - 16,312 + 30,803 Capital accounts Capital paid in 8,851 + 4 + 465 Surplus 8,847 0 + 499 Other capital accounts 583 + 583 + 157 Total capital 18,281 + 587 + 1,120 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, January 7, 2004 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 1 48,447 + 714 0 0 24,000 19,587 16 days to 90 days 10 147,438 + 8,091 0 0 0 0 91 days to 1 year 0 162,313 - 1,758 0 0 . . . . . . Over 1 year to 5 years . . . 180,071 - 6,985 0 0 . . . . . . Over 5 years to 10 years . . . 51,309 - 3 0 0 . . . . . . Over 10 years . . . 77,142 - 4 0 0 . . . . . . All 11 666,720 + 55 0 0 24,000 19,587 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 January 7, 2004 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 5 2 5 2 9 3 7 3 2 8 3 8 1 9 2 5 3 2 4 4 2 1 4 0 86 Securities, repurchase agreements, and loans 690,7 3 1 32,2 3 3 309,2 4 4 20,8 4 4 31,2 4 1 51,2 7 3 45,0 4 3 67,3 8 0 20,9 7 6 14,8 8 2 17,9 1 9 26,1 2 9 53,568 Securities held outright 666,7 2 0 32,2 3 3 285,2 4 4 20,8 4 4 31,2 4 1 51,2 7 3 45,0 4 1 67,3 7 2 20,9 7 6 14,8 8 2 17,9 1 8 26,1 2 9 53,567 U.S. Treasury1 666,7 2 0 32,2 3 3 285,2 4 4 20,8 4 4 31,2 4 1 51,2 7 3 45,0 4 1 67,3 7 2 20,9 7 6 14,8 8 2 17,9 1 8 26,1 2 9 53,567 Bills2 244,8 9 7 11,8 4 0 104,7 7 5 7,6 5 6 11,4 7 5 18,8 3 3 16,5 4 4 24,7 4 7 7,7 0 5 5,4 6 6 6,5 8 1 9,5 9 7 19,676 Notes and bonds3 421,8 2 3 20,3 9 3 180,4 6 9 13,1 8 8 19,7 6 6 32,4 3 9 28,4 9 7 42,6 2 5 13,2 7 1 9,4 1 6 11,3 3 6 16,5 3 1 33,891 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 24,0 0 0 0 24,0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 1 1 0 0 0 0 0 2 7 0 0 1 0 0 Items in process of collection 12,2 4 3 6 8 0 1,0 3 5 6 1 2 4 5 9 5 5 9 9 8 8 1,3 4 7 5 6 2 7 0 8 6 8 0 7 2 2 3,892 Bank premises 1,6 2 4 9 3 1 8 9 5 3 1 5 1 1 4 5 2 7 8 1 2 5 4 9 1 2 5 5 7 1 8 2 178 Other assets5 39,1 5 9 1,8 2 1 13,8 0 6 1,1 5 6 2,4 8 5 6,3 5 8 2,2 7 1 3,6 5 5 9 9 9 1,1 8 9 9 2 9 1,0 9 8 3,392 Interdistrict settlement account 0 + 2,2 6 3 - 5,0 2 2 - 2 2 - 2,3 0 9 + 2 2 2 + 1,5 3 2 - 7,8 5 4 - 1,7 4 8 - 6 8 6 - 6 0 3 + 5,5 8 4 + 8,641 Total assets 757,7 2 1 37,7 2 5 324,8 6 3 23,1 4 3 32,6 4 0 59,5 9 5 51,2 2 1 65,9 3 9 21,2 9 2 16,4 9 6 19,3 9 3 34,4 6 0 70,954 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 January 7, 2004 (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 799,39 7 38,7 4 1 326,4 4 0 29,3 0 9 33,0 2 6 60,1 2 5 65,4 7 3 67,2 5 9 23,2 9 0 15,5 9 5 21,5 9 4 39,7 4 7 78,796 Less: notes held by F.R. Banks 116,00 6 5,0 7 0 24,8 0 9 8,8 3 3 4,9 0 0 9,9 3 9 19,3 6 9 8,6 0 8 4,1 2 7 1,5 1 9 4,2 7 8 7,5 8 5 16,968 Federal Reserve notes, net 683,39 1 33,6 7 1 301,6 3 1 20,4 7 6 28,1 2 6 50,1 8 6 46,1 0 4 58,6 5 2 19,1 6 3 14,0 7 5 17,3 1 7 32,1 6 2 61,828 Reverse repurchase agreements1 19,58 7 9 4 7 8,3 8 0 6 1 2 9 1 8 1,5 0 6 1,3 2 3 1,9 7 9 6 1 6 4 3 7 5 2 6 7 6 8 1,574 Deposits 25,08 0 1,3 9 8 8,6 4 4 1,0 6 6 1,5 0 5 2,8 2 2 1,6 5 4 2,3 9 7 6 7 1 6 9 1 5 9 4 6 9 7 2,941 Depository institutions 19,85 6 1,3 9 6 3,5 0 8 1,0 6 5 1,5 0 1 2,7 5 6 1,6 5 3 2,3 9 4 6 6 8 6 9 0 5 9 2 6 9 6 2,938 U.S. Treasury, general account 4,91 5 0 4,9 1 5 0 0 0 0 0 0 0 0 0 0 Foreign official 8 4 2 6 0 1 3 7 2 3 1 1 1 1 3 Other 22 5 1 1 6 1 0 1 5 8 0 0 1 0 1 1 0 Deferred availability cash items 9,28 1 6 6 6 1,2 2 1 3 6 8 4 9 8 6 6 2 9 5 3 7 9 0 2 7 3 5 1 1 5 3 7 4 9 0 2,312 Other liabilities and accrued dividends2 2,10 2 1 2 2 6 6 1 9 0 1 1 0 2 1 0 1 7 5 2 1 5 9 8 7 8 8 1 1 0 6 156 Total liabilities 739,44 0 36,8 0 4 320,5 3 7 22,6 1 2 31,1 5 6 55,3 8 6 50,2 0 9 64,0 3 3 20,8 2 1 15,7 9 3 19,0 5 4 34,2 2 3 68,811 Capital Capital paid in 8,85 1 4 4 8 2,0 3 1 2 5 9 7 2 7 2,0 7 4 4 9 0 9 3 1 2 2 7 3 4 5 1 6 0 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 58 3 2 4 2 6 4 1 4 3 0 6 1 3 3 5 0 1 6 1 3 1 5 1 6 47 Total liabilities and capital 757,72 1 37,7 2 5 324,8 6 3 23,1 4 3 32,6 4 0 59,5 9 5 51,2 2 1 65,9 3 9 21,2 9 2 16,4 9 6 19,3 9 3 34,4 6 0 70,954 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 Jan 7, 2004 Federal Reserve notes outstanding 799,397 Less: Notes held by F.R. Banks not subject to collateralization 116,006 Federal Reserve notes to be collateralized 683,391 Collateral held against Federal Reserve notes 683,391 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 670,152 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 690,720 Less: face value of securities under reverse repurchase agreements 19,592 U.S. Treasury and agency securities eligible to be pledged 671,128 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.