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 15, 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 14, 2004 Jan 7, 2004 Jan 15, 2003 Jan 14, 2004 Reserve Bank credit 729,489 - 13,812 + 36,493 731,822 Securities held outright 666,798 + 94 + 37,382 666,798 U.S. Treasury1 666,798 + 94 + 37,392 666,798 Bills2 244,981 + 104 + 18,299 244,985 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 1,649 - 10 + 386 1,646 Federal agency2 0 0 - 10 0 Repurchase agreements4 21,143 - 13,536 - 3,285 24,000 Loans to depository institutions 45 + 21 + 29 14 Primary credit 39 + 27 + 33 7 Secondary credit 0 0 0 0 Seasonal credit 6 - 5 - 5 7 Float 331 - 1,018 + 622 -328 Other Federal Reserve assets 41,172 + 626 + 1,746 41,337 Gold stock 11,043 0 0 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 35,503 + 14 + 906 35,503 Total factors supplying reserve funds 778,235 - 13,798 + 37,399 780,568 Currency in circulation5 713,146 - 8,016 + 36,720 711,863 Reverse repurchase agreements6 20,443 - 2,034 + 2,291 20,721 Foreign official and international accounts 19,479 - 2,641 + 1,327 20,721 Dealers 964 + 607 + 964 0 Treasury cash holdings 324 + 3 - 45 332 Deposits with F.R. Banks, other than reserve balances 15,807 - 2,276 - 948 16,343 U.S. Treasury, general account 4,886 - 433 - 358 5,398 Foreign official 87 - 8 - 86 81 Service-related 10,536 - 1,485 - 592 10,536 Required clearing balances 10,184 - 1,646 - 354 10,184 Adjustments to compensate for float 352 + 160 - 238 352 Other 298 - 349 + 88 328 Other liabilities and capital 20,682 + 557 + 944 20,321 Total factors, other than reserve balances, absorbing reserve funds 770,403 - 11,765 + 38,963 769,581 Reserve balances with Federal Reserve Banks 7,832 - 2,033 - 1,563 10,987 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,082,931 + 10,271 + 223,918 1,094,529 U.S. Treasury 865,630 + 3,626 + 171,533 876,794 Federal agency 217,302 + 6,646 + 52,386 217,735 Securities lent to dealers 2,456 - 744 + 1,877 497 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 14, 2004 Jan 7, 2004 Jan 15, 2003 Assets Gold certificate account 11,039 0 0 Special drawing rights certificate account 2,200 0 0 Coin 752 + 27 - 291 Securities, repurchase agreements, and loans 690,812 + 81 + 31,381 Securities held outright 666,798 + 78 + 37,382 U.S. Treasury1 666,798 + 78 + 37,392 Bills2 244,985 + 88 + 18,303 Notes and bonds, nominal2 406,173 0 + 16,954 Notes and bonds, inflation-indexed2 13,994 0 + 1,752 Inflation compensation3 1,646 - 9 + 383 Federal agency2 0 0 - 10 Repurchase agreements4 24,000 0 - 6,000 Loans 14 + 3 - 1 Items in process of collection (1,307) 7,567 - 3,674 - 588 Bank premises 1,625 + 1 + 83 Other assets5 39,704 + 545 + 2,016 Total assets (1,307) 753,699 - 3,019 + 32,601 Liabilities Federal Reserve notes, net of F.R. Bank holdings 677,440 - 5,951 + 34,553 Reverse repurchase agreements6 20,721 + 1,134 + 2,908 Deposits (0) 27,310 + 2,230 - 5,338 Depository institutions 21,503 + 1,647 - 5,488 U.S. Treasury, general account 5,398 + 483 + 206 Foreign official 81 - 3 - 172 Other (0) 328 + 103 + 115 Deferred availability cash items (1,307) 7,907 - 372 - 212 Other liabilities and accrued dividends7 2,180 + 78 - 55 Total liabilities (1,307) 735,559 - 2,879 + 31,857 Capital accounts Capital paid in 8,875 + 24 + 486 Surplus 8,847 0 + 369 Other capital accounts 419 - 164 - 109 Total capital 18,141 - 140 + 746 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 14, 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 9 49,096 + 649 0 0 24,000 20,721 16 days to 90 days 5 146,987 - 451 0 0 0 0 91 days to 1 year 0 162,203 - 110 0 0 . . . . . . Over 1 year to 5 years . . . 180,069 - 2 0 0 . . . . . . Over 5 years to 10 years . . . 51,305 - 4 0 0 . . . . . . Over 10 years . . . 77,139 - 3 0 0 . . . . . . All 14 666,798 + 78 0 0 24,000 20,721 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 14, 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 5 2 2 4 3 1 3 7 3 3 8 7 8 3 9 8 5 4 2 5 4 3 1 4 6 90 Securities, repurchase agreements, and loans 690,8 1 2 32,2 3 7 309,2 7 8 20,8 5 0 31,2 4 5 51,2 7 9 45,0 4 8 67,3 8 5 20,9 7 8 14,8 8 4 17,9 2 3 26,1 3 2 53,573 Securities held outright 666,7 9 8 32,2 3 7 285,2 7 8 20,8 4 7 31,2 4 5 51,2 7 9 45,0 4 6 67,3 8 0 20,9 7 8 14,8 8 4 17,9 2 0 26,1 3 2 53,573 U.S. Treasury1 666,7 9 8 32,2 3 7 285,2 7 8 20,8 4 7 31,2 4 5 51,2 7 9 45,0 4 6 67,3 8 0 20,9 7 8 14,8 8 4 17,9 2 0 26,1 3 2 53,573 Bills2 244,9 8 5 11,8 4 4 104,8 1 2 7,6 5 9 11,4 7 9 18,8 4 0 16,5 5 0 24,7 5 6 7,7 0 8 5,4 6 8 6,5 8 4 9,6 0 1 19,683 Notes and bonds3 421,8 1 3 20,3 9 3 180,4 6 5 13,1 8 8 19,7 6 5 32,4 3 9 28,4 9 6 42,6 2 4 13,2 7 1 9,4 1 5 11,3 3 6 16,5 3 1 33,890 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 4 0 0 4 0 0 2 5 0 0 3 0 0 Items in process of collection 8,8 7 4 5 4 4 7 6 4 5 4 3 4 6 0 7 1 4 5 4 1 6 2 8 4 2 6 4 2 8 6 1 0 5 0 5 2,710 Bank premises 1,6 2 5 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 2 179 Other assets5 39,7 0 4 1,8 4 7 13,9 8 5 1,1 7 1 2,5 1 9 6,4 4 8 2,3 0 8 3,7 1 0 1,0 1 5 1,2 0 5 9 4 6 1,1 1 6 3,432 Interdistrict settlement account 0 + 1,9 0 7 - 4,3 9 2 + 1 0 3 - 2,9 5 9 - 4 4 7 + 1,5 3 7 - 7,4 5 1 - 1,6 1 6 - 5 9 5 - 4 8 4 + 5,7 8 0 + 8,618 Total assets 755,0 0 6 37,2 6 2 325,4 3 4 23,2 2 0 32,0 3 1 59,1 8 2 50,8 2 4 65,6 8 9 21,3 0 8 16,3 2 7 19,4 6 4 34,4 6 6 69,799 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 14, 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 799,60 0 38,7 7 1 324,8 4 8 29,6 1 9 32,9 9 6 60,0 9 7 66,1 1 2 67,0 3 5 23,4 1 0 15,5 4 8 21,8 9 5 39,9 6 9 79,300 Less: notes held by F.R. Banks 122,16 0 5,3 2 0 26,3 9 8 9,1 5 6 5,2 1 2 10,3 4 4 20,2 5 9 8,9 0 9 4,3 1 8 1,5 9 7 4,6 2 3 7,8 7 3 18,150 Federal Reserve notes, net 677,44 0 33,4 5 1 298,4 5 0 20,4 6 3 27,7 8 4 49,7 5 3 45,8 5 2 58,1 2 6 19,0 9 2 13,9 5 1 17,2 7 2 32,0 9 6 61,150 Reverse repurchase agreements1 20,72 1 1,0 0 2 8,8 6 5 6 4 8 9 7 1 1,5 9 4 1,4 0 0 2,0 9 4 6 5 2 4 6 3 5 5 7 8 1 2 1,665 Deposits 27,31 0 1,1 3 1 12,0 6 3 9 6 7 1,2 4 1 2,7 9 9 1,4 9 7 2,6 4 3 6 8 5 5 3 5 7 4 3 8 2 3 2,182 Depository institutions 21,50 3 1,0 8 8 6,4 4 5 9 6 6 1,2 3 7 2,6 7 3 1,4 9 5 2,6 4 0 6 8 3 5 2 3 7 4 1 8 2 2 2,189 U.S. Treasury, general account 5,39 8 0 5,3 9 8 0 0 0 0 0 0 0 0 0 0 Foreign official 8 1 2 5 7 1 3 7 2 3 1 1 1 1 3 Other 32 8 4 1 1 6 3 1 2 1 1 8 0 0 1 1 0 1 1 -10 Deferred availability cash items 9,21 4 6 3 8 1,1 1 8 5 0 9 4 4 3 6 3 0 8 8 9 7 0 6 3 1 1 5 9 7 4 7 4 3 9 0 2,508 Other liabilities and accrued dividends2 2,18 0 1 2 4 7 0 6 9 2 1 1 4 2 1 5 1 7 9 2 1 9 1 0 1 8 2 8 4 1 0 7 158 Total liabilities 736,86 5 36,3 4 5 321,2 0 3 22,6 7 9 30,5 5 4 54,9 9 0 49,8 1 8 63,7 8 8 20,8 4 1 15,6 2 7 19,1 2 9 34,2 2 8 67,664 Capital Capital paid in 8,87 5 4 4 8 2,0 3 1 2 7 1 7 2 7 2,0 7 5 4 9 0 9 3 1 2 2 7 3 4 5 1 6 0 1 1 1 1,057 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 41 9 2 0 1 7 0 1 2 2 3 4 3 2 8 4 7 1 1 9 1 2 1 6 29 Total liabilities and capital 755,00 6 37,2 6 2 325,4 3 4 23,2 2 0 32,0 3 1 59,1 8 2 50,8 2 4 65,6 8 9 21,3 0 8 16,3 2 7 19,4 6 4 34,4 6 6 69,799 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 14, 2004 Federal Reserve notes outstanding 799,600 Less: Notes held by F.R. Banks not subject to collateralization 122,160 Federal Reserve notes to be collateralized 677,440 Collateral held against Federal Reserve notes 677,440 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 664,201 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 690,798 Less: face value of securities under reverse repurchase agreements 20,726 U.S. Treasury and agency securities eligible to be pledged 670,072 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.