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 22, 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 21, 2004 Jan 14, 2004 Jan 22, 2003 Jan 21, 2004 Reserve Bank credit 738,254 + 8,765 + 41,261 751,276 Securities held outright 666,827 + 29 + 37,411 666,832 U.S. Treasury1 666,827 + 29 + 37,421 666,832 Bills2 245,020 + 39 + 18,338 245,028 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 1,639 - 10 + 376 1,636 Federal agency2 0 0 - 10 0 Repurchase agreements4 30,607 + 9,464 + 3,571 42,000 Loans to depository institutions 223 + 178 + 204 132 Primary credit 212 + 173 + 200 120 Secondary credit 0 0 0 0 Seasonal credit 11 + 5 + 4 12 Float -173 - 504 - 987 1,318 Other Federal Reserve assets 40,771 - 401 + 1,063 40,994 Gold stock 11,043 0 0 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 35,517 + 14 + 920 35,517 Total factors supplying reserve funds 787,015 + 8,780 + 42,182 800,036 Currency in circulation5 711,194 - 1,952 + 35,253 711,024 Reverse repurchase agreements6 19,997 - 446 + 1,430 19,735 Foreign official and international accounts 19,997 + 518 + 1,430 19,735 Dealers 0 - 964 0 0 Treasury cash holdings 334 + 10 - 34 343 Deposits with F.R. Banks, other than reserve balances 18,606 + 2,799 + 969 19,004 U.S. Treasury, general account 7,374 + 2,488 + 1,241 7,740 Foreign official 86 - 1 - 27 116 Service-related 10,732 + 196 - 434 10,732 Required clearing balances 10,184 0 - 355 10,184 Adjustments to compensate for float 548 + 196 - 79 548 Other 414 + 116 + 189 416 Other liabilities and capital 20,120 - 562 + 204 20,134 Total factors, other than reserve balances, absorbing reserve funds 770,251 - 152 + 37,823 770,240 Reserve balances with Federal Reserve Banks 16,763 + 8,931 + 4,358 29,796 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,105,102 + 22,171 + 247,337 1,108,391 U.S. Treasury 884,968 + 19,338 + 193,823 884,037 Federal agency 220,134 + 2,832 + 53,514 224,355 Securities lent to dealers 1,193 - 1,263 + 773 1,752 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 21, 2004 Jan 14, 2004 Jan 22, 2003 Assets Gold certificate account 11,039 0 0 Special drawing rights certificate account 2,200 0 0 Coin 779 + 27 - 306 Securities, repurchase agreements, and loans 708,964 + 18,152 + 42,785 Securities held outright 666,832 + 34 + 37,416 U.S. Treasury1 666,832 + 34 + 37,426 Bills2 245,028 + 43 + 18,346 Notes and bonds, nominal2 406,173 0 + 16,954 Notes and bonds, inflation-indexed2 13,994 0 + 1,752 Inflation compensation3 1,636 - 10 + 373 Federal agency2 0 0 - 10 Repurchase agreements4 42,000 + 18,000 + 5,250 Loans 132 + 118 + 119 Items in process of collection (1,226) 12,751 + 5,184 - 3,901 Bank premises 1,644 + 19 + 103 Other assets5 39,341 - 363 + 1,068 Total assets (1,226) 776,717 + 23,018 + 39,748 Liabilities Federal Reserve notes, net of F.R. Bank holdings 676,625 - 815 + 33,344 Reverse repurchase agreements6 19,735 - 986 + 1,212 Deposits (85) 48,816 + 21,506 + 4,718 Depository institutions 40,544 + 19,041 + 2,915 U.S. Treasury, general account 7,740 + 2,342 + 1,621 Foreign official 116 + 35 - 6 Other (85) 416 + 88 + 188 Deferred availability cash items (1,141) 11,408 + 3,501 - 111 Other liabilities and accrued dividends7 2,242 + 62 + 29 Total liabilities (1,226) 758,825 + 23,266 + 39,191 Capital accounts Capital paid in 8,875 0 + 485 Surplus 8,847 0 + 467 Other capital accounts 170 - 249 - 395 Total capital 17,892 - 249 + 557 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 21, 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 132 54,597 + 5,501 0 0 42,000 19,735 16 days to 90 days 0 141,753 - 5,234 0 0 0 0 91 days to 1 year 0 163,385 + 1,182 0 0 . . . . . . Over 1 year to 5 years . . . 182,299 + 2,230 0 0 . . . . . . Over 5 years to 10 years . . . 47,663 - 3,642 0 0 . . . . . . Over 10 years . . . 77,135 - 4 0 0 . . . . . . All 132 666,832 + 34 0 0 42,000 19,735 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 21, 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 7 9 2 7 3 2 3 9 3 6 8 7 8 7 1 0 2 5 6 2 6 4 4 1 4 7 95 Securities, repurchase agreements, and loans 708,9 6 4 32,3 1 2 327,2 9 2 20,8 4 8 31,2 4 6 51,3 1 5 45,0 5 1 67,3 9 0 20,9 8 0 14,8 8 7 17,9 2 8 26,1 3 3 53,581 Securities held outright 666,8 3 2 32,2 3 8 285,2 9 2 20,8 4 8 31,2 4 6 51,2 8 1 45,0 4 9 67,3 8 4 20,9 7 9 14,8 8 5 17,9 2 1 26,1 3 3 53,576 U.S. Treasury1 666,8 3 2 32,2 3 8 285,2 9 2 20,8 4 8 31,2 4 6 51,2 8 1 45,0 4 9 67,3 8 4 20,9 7 9 14,8 8 5 17,9 2 1 26,1 3 3 53,576 Bills2 245,0 2 8 11,8 4 6 104,8 3 1 7,6 6 1 11,4 8 1 18,8 4 3 16,5 5 3 24,7 6 0 7,7 0 9 5,4 6 9 6,5 8 5 9,6 0 3 19,687 Notes and bonds3 421,8 0 4 20,3 9 2 180,4 6 1 13,1 8 7 19,7 6 5 32,4 3 8 28,4 9 5 42,6 2 3 13,2 7 0 9,4 1 5 11,3 3 6 16,5 3 0 33,889 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 42,0 0 0 0 42,0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 1 3 2 7 4 0 0 0 3 4 2 7 0 3 7 0 5 Items in process of collection 13,9 7 7 1,0 2 9 1,1 7 8 7 2 9 8 3 0 1,0 0 0 1,3 5 7 1,0 2 7 6 7 3 6 4 5 1,0 6 0 7 6 3 3,685 Bank premises 1,6 4 4 9 4 1 8 9 5 3 1 5 1 1 4 5 2 7 8 1 2 5 4 9 1 2 5 7 3 1 8 2 179 Other assets5 39,3 4 1 1,8 3 8 13,8 2 4 1,1 6 3 2,5 0 0 6,3 7 9 2,2 8 6 3,6 7 9 1,0 1 5 1,1 9 4 9 3 8 1,1 0 9 3,417 Interdistrict settlement account 0 + 4,2 5 9 -17,0 8 8 - 4 3 4 - 1,9 9 3 + 6,7 6 4 + 2,6 3 0 - 7,0 8 3 - 1,6 0 3 - 3 0 1 - 4 6 6 + 5,8 8 6 + 9,428 Total assets 777,9 4 3 40,1 7 0 331,0 0 7 22,8 6 1 33,3 5 2 66,6 4 5 52,7 1 8 66,4 3 5 21,5 7 2 16,8 3 0 19,9 4 6 34,8 2 6 71,583 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 21, 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 800,00 0 39,0 4 5 324,8 5 6 29,5 2 3 32,9 4 2 60,0 9 6 65,8 3 6 67,1 9 2 23,5 5 2 15,7 2 5 21,8 4 0 40,0 1 3 79,379 Less: notes held by F.R. Banks 123,37 5 5,4 4 3 27,9 3 6 9,1 0 5 5,2 6 0 10,2 3 4 19,9 9 9 8,8 7 4 4,3 4 7 1,5 7 7 4,5 3 7 7,7 0 3 18,359 Federal Reserve notes, net 676,62 5 33,6 0 2 296,9 2 0 20,4 1 8 27,6 8 2 49,8 6 3 45,8 3 7 58,3 1 8 19,2 0 5 14,1 4 8 17,3 0 4 32,3 1 0 61,020 Reverse repurchase agreements1 19,73 5 9 5 4 8,4 4 3 6 1 7 9 2 5 1,5 1 8 1,3 3 3 1,9 9 4 6 2 1 4 4 1 5 3 0 7 7 3 1,586 Deposits 48,90 1 3,5 4 5 19,3 5 3 7 2 0 2,4 3 6 9,9 2 4 3,1 1 9 3,0 0 3 7 1 0 9 2 4 9 8 0 7 8 3 3,403 Depository institutions 40,54 4 3,5 0 1 11,2 8 1 7 1 8 2,4 3 3 9,7 0 4 3,0 7 9 3,0 0 0 7 0 9 9 2 2 9 7 8 7 8 1 3,437 U.S. Treasury, general account 7,74 0 0 7,7 4 0 0 0 0 0 0 0 0 0 0 0 Foreign official 11 6 2 9 3 1 3 7 2 3 1 1 1 1 3 Other 50 1 4 2 2 3 9 1 1 2 1 3 3 9 0 1 0 1 1 -38 Deferred availability cash items 12,54 9 1,0 3 9 1,4 2 7 4 7 0 7 3 1 9 6 0 1,2 5 8 1,0 2 3 4 6 7 5 4 5 7 2 2 6 2 1 3,286 Other liabilities and accrued dividends2 2,24 2 1 2 4 7 7 7 9 0 1 1 5 2 1 5 1 7 4 2 1 7 1 0 0 8 1 8 2 1 0 8 158 Total liabilities 760,05 1 39,2 6 4 326,9 2 0 22,3 1 5 31,8 8 8 62,4 8 0 51,7 2 2 64,5 5 5 21,1 0 3 16,1 3 9 19,6 1 9 34,5 9 6 69,452 Capital Capital paid in 8,87 5 4 4 8 2,0 3 2 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 17 0 9 2 5 1 7 9 1 6 1 6 2 4 1 4 0 4 9 25 Total liabilities and capital 777,94 3 40,1 7 0 331,0 0 7 22,8 6 1 33,3 5 2 66,6 4 5 52,7 1 8 66,4 3 5 21,5 7 2 16,8 3 0 19,9 4 6 34,8 2 6 71,583 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 21, 2004 Federal Reserve notes outstanding 800,000 Less: Notes held by F.R. Banks not subject to collateralization 123,375 Federal Reserve notes to be collateralized 676,625 Collateral held against Federal Reserve notes 676,625 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 663,386 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 708,832 Less: face value of securities under reverse repurchase agreements 19,739 U.S. Treasury and agency securities eligible to be pledged 689,093 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.