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 29, 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 28, 2004 Jan 21, 2004 Jan 29, 2003 Jan 28, 2004 Reserve Bank credit 728,183 - 10,071 + 37,609 734,460 Securities held outright 667,029 + 202 + 37,613 667,060 U.S. Treasury1 667,029 + 202 + 37,623 667,060 Bills2 245,231 + 211 + 18,549 245,266 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 1,630 - 9 + 367 1,626 Federal agency2 0 0 - 10 0 Repurchase agreements4 19,143 - 11,464 - 1,000 23,000 Loans to depository institutions 197 - 26 + 145 25 Primary credit 184 - 28 + 139 11 Secondary credit 0 0 0 0 Seasonal credit 14 + 3 + 7 14 Float 525 + 698 - 219 2,925 Other Federal Reserve assets 41,289 + 518 + 1,069 41,451 Gold stock 11,043 0 0 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 35,531 + 14 + 934 35,531 Total factors supplying reserve funds 776,957 - 10,058 + 38,543 783,234 Currency in circulation5 709,477 - 1,717 + 34,695 710,631 Reverse repurchase agreements6 20,225 + 228 + 1,828 20,694 Foreign official and international accounts 20,225 + 228 + 1,828 20,694 Dealers 0 0 0 0 Treasury cash holdings 345 + 11 - 15 356 Deposits with F.R. Banks, other than reserve balances 16,678 - 1,928 - 1,356 16,753 U.S. Treasury, general account 5,153 - 2,221 - 2,009 5,247 Foreign official 82 - 4 - 32 82 Service-related 11,046 + 314 + 508 11,046 Required clearing balances 10,619 + 435 + 264 10,619 Adjustments to compensate for float 427 - 121 + 244 427 Other 396 - 18 + 175 378 Other liabilities and capital 20,590 + 470 + 717 20,521 Total factors, other than reserve balances, absorbing reserve funds 767,314 - 2,937 + 35,868 768,954 Reserve balances with Federal Reserve Banks 9,643 - 7,120 + 2,675 14,280 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,112,516 + 7,414 + 254,689 1,114,004 U.S. Treasury 884,364 - 604 + 195,651 884,578 Federal agency 228,152 + 8,018 + 59,038 229,427 Securities lent to dealers 583 - 610 + 226 783 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 28, 2004 Jan 21, 2004 Jan 29, 2003 Assets Gold certificate account 11,039 0 0 Special drawing rights certificate account 2,200 0 0 Coin 813 + 34 - 298 Securities, repurchase agreements, and loans 690,085 - 18,879 + 40,158 Securities held outright 667,060 + 228 + 37,644 U.S. Treasury1 667,060 + 228 + 37,654 Bills2 245,266 + 238 + 18,584 Notes and bonds, nominal2 406,173 0 + 16,954 Notes and bonds, inflation-indexed2 13,994 0 + 1,752 Inflation compensation3 1,626 - 10 + 363 Federal agency2 0 0 - 10 Repurchase agreements4 23,000 - 19,000 + 2,500 Loans 25 - 107 + 14 Items in process of collection (1,562) 10,572 - 2,179 + 1,322 Bank premises 1,644 0 + 101 Other assets5 39,809 + 468 + 1,062 Total assets (1,562) 756,161 - 20,556 + 42,343 Liabilities Federal Reserve notes, net of F.R. Bank holdings 676,265 - 360 + 33,661 Reverse repurchase agreements6 20,694 + 959 + 2,228 Deposits (0) 31,035 - 17,781 + 5,364 Depository institutions 25,329 - 15,215 + 7,002 U.S. Treasury, general account 5,247 - 2,493 - 1,783 Foreign official 82 - 34 - 18 Other (0) 378 - 38 + 164 Deferred availability cash items (1,562) 7,647 - 3,761 + 144 Other liabilities and accrued dividends7 2,286 + 44 + 44 Total liabilities (1,562) 737,927 - 20,898 + 41,441 Capital accounts Capital paid in 8,886 + 11 + 487 Surplus 8,847 0 + 467 Other capital accounts 502 + 332 - 50 Total capital 18,235 + 343 + 903 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 28, 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 25 53,516 - 1,081 0 0 23,000 20,694 16 days to 90 days 0 143,126 + 1,373 0 0 0 0 91 days to 1 year 0 163,330 - 55 0 0 . . . . . . Over 1 year to 5 years . . . 182,295 - 4 0 0 . . . . . . Over 5 years to 10 years . . . 47,661 - 2 0 0 . . . . . . Over 10 years . . . 77,131 - 4 0 0 . . . . . . All 25 667,060 + 228 0 0 23,000 20,694 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 28, 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 8 1 3 2 7 3 2 4 3 3 8 8 9 9 4 1 1 1 5 8 2 6 4 6 1 5 1 99 Securities, repurchase agreements, and loans 690,0 8 5 32,2 5 0 308,3 9 0 20,8 5 5 31,2 5 7 51,2 9 9 45,0 6 4 67,4 2 3 20,9 8 7 14,8 9 6 17,9 2 9 26,1 4 2 53,594 Securities held outright 667,0 6 0 32,2 4 9 285,3 9 0 20,8 5 5 31,2 5 7 51,2 9 9 45,0 6 4 67,4 0 7 20,9 8 7 14,8 9 0 17,9 2 7 26,1 4 2 53,594 U.S. Treasury1 667,0 6 0 32,2 4 9 285,3 9 0 20,8 5 5 31,2 5 7 51,2 9 9 45,0 6 4 67,4 0 7 20,9 8 7 14,8 9 0 17,9 2 7 26,1 4 2 53,594 Bills2 245,2 6 6 11,8 5 8 104,9 3 3 7,6 6 8 11,4 9 3 18,8 6 2 16,5 6 9 24,7 8 4 7,7 1 6 5,4 7 5 6,5 9 1 9,6 1 2 19,706 Notes and bonds3 421,7 9 4 20,3 9 2 180,4 5 7 13,1 8 7 19,7 6 4 32,4 3 7 28,4 9 5 42,6 2 2 13,2 7 0 9,4 1 5 11,3 3 5 16,5 3 0 33,889 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 23,0 0 0 0 23,0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 2 5 1 0 0 0 0 0 1 6 0 6 2 0 0 Items in process of collection 12,1 3 4 1,0 4 2 1,9 4 7 1,2 3 9 6 9 6 8 4 0 1,1 6 4 6 9 6 4 8 3 4 3 9 4 9 6 5 1 0 2,582 Bank premises 1,6 4 4 9 4 1 8 9 5 2 1 5 1 1 4 5 2 7 8 1 2 6 4 9 1 2 5 7 3 1 8 3 179 Other assets5 39,8 0 9 1,8 3 3 14,2 7 7 1,1 7 4 2,4 9 7 6,1 8 9 2,2 8 8 3,7 7 4 1,0 7 1 1,1 7 9 8 3 9 9 3 2 3,756 Interdistrict settlement account 0 + 2,2 3 5 - 6,2 1 3 + 1,8 0 9 - 2,9 0 8 - 1,1 7 7 + 7 6 5 - 6,9 5 5 - 1,5 5 6 - 4 7 3 - 2 6 1 + 6,6 4 6 + 8,087 Total assets 757,7 2 4 38,0 9 2 324,2 0 1 25,6 3 6 32,3 1 1 58,3 4 0 50,6 8 2 66,3 6 7 21,4 9 4 16,4 4 6 19,4 9 0 35,1 6 8 69,496 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 28, 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 799,23 0 39,0 8 5 324,7 0 1 29,4 2 0 32,9 5 8 60,0 7 7 65,4 3 0 67,1 4 4 23,5 0 0 15,7 1 1 21,8 7 8 40,1 2 0 79,206 Less: notes held by F.R. Banks 122,96 5 5,5 0 7 28,3 7 8 8,9 6 0 5,1 3 3 10,0 7 4 19,7 8 5 8,6 8 1 4,1 3 9 1,6 4 2 4,6 7 2 7,5 3 7 18,457 Federal Reserve notes, net 676,26 5 33,5 7 8 296,3 2 3 20,4 6 0 27,8 2 5 50,0 0 2 45,6 4 5 58,4 6 4 19,3 6 1 14,0 6 9 17,2 0 6 32,5 8 4 60,749 Reverse repurchase agreements1 20,69 4 1,0 0 0 8,8 5 3 6 4 7 9 7 0 1,5 9 1 1,3 9 8 2,0 9 1 6 5 1 4 6 2 5 5 6 8 1 1 1,663 Deposits 31,03 5 1,6 3 2 12,9 1 7 2,9 9 0 1,5 1 2 1,8 6 9 1,5 6 3 2,9 8 1 6 5 0 6 8 7 9 0 7 8 3 8 2,490 Depository institutions 25,32 9 1,6 1 6 7,4 6 1 2,9 8 8 1,5 0 9 1,6 5 6 1,5 6 1 2,9 7 8 6 4 8 6 8 5 9 0 5 8 3 5 2,486 U.S. Treasury, general account 5,24 7 0 5,2 4 7 0 0 0 0 0 0 0 0 0 0 Foreign official 8 2 2 5 9 1 2 7 2 3 1 1 1 0 4 Other 37 8 1 4 1 5 1 0 1 2 0 5 0 0 1 0 1 3 0 Deferred availability cash items 9,20 9 8 3 8 1,0 6 5 8 9 2 4 1 1 4 4 0 8 9 0 6 9 8 2 6 2 4 4 3 4 0 5 5 9 0 2,277 Other liabilities and accrued dividends2 2,28 6 1 2 6 7 9 7 9 1 1 1 4 2 2 6 1 7 7 2 2 1 1 0 2 8 2 8 4 1 1 1 154 Total liabilities 739,48 9 37,1 7 4 319,9 5 5 25,0 8 0 30,8 3 2 54,1 3 0 49,6 7 2 64,4 5 5 21,0 2 6 15,7 4 3 19,1 5 7 34,9 3 3 67,332 Capital Capital paid in 8,88 6 4 4 8 2,0 3 2 2 7 2 7 2 7 2,0 8 3 4 9 0 9 3 2 2 2 7 3 4 6 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 50 2 2 1 1 8 4 2 6 2 5 5 4 3 1 5 6 1 2 1 1 1 0 1 3 58 Total liabilities and capital 757,72 4 38,0 9 2 324,2 0 1 25,6 3 6 32,3 1 1 58,3 4 0 50,6 8 2 66,3 6 7 21,4 9 4 16,4 4 6 19,4 9 0 35,1 6 8 69,496 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 28, 2004 Federal Reserve notes outstanding 799,230 Less: Notes held by F.R. Banks not subject to collateralization 122,965 Federal Reserve notes to be collateralized 676,265 Collateral held against Federal Reserve notes 676,265 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 663,026 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 690,060 Less: face value of securities under reverse repurchase agreements 20,698 U.S. Treasury and agency securities eligible to be pledged 669,362 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.