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 February 5, 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 Feb 4, 2004 Jan 28, 2004 Feb 5, 2003 Feb 4, 2004 Reserve Bank credit 732,240 + 4,057 + 37,766 732,359 Securities held outright 667,262 + 233 + 37,847 667,292 U.S. Treasury1 667,262 + 233 + 37,857 667,292 Bills2 245,473 + 242 + 18,791 245,505 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 1,622 - 8 + 361 1,620 Federal agency2 0 0 - 10 0 Repurchase agreements4 23,214 + 4,071 - 1,179 23,250 Loans to depository institutions 23 - 174 + 8 23 Primary credit 10 - 174 - 1 13 Secondary credit 0 0 0 0 Seasonal credit 13 - 1 + 9 10 Float 335 - 190 - 242 298 Other Federal Reserve assets 41,406 + 117 + 1,332 41,496 Gold stock 11,043 0 0 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 35,545 + 14 + 948 35,545 Total factors supplying reserve funds 781,028 + 4,071 + 38,714 781,147 Currency in circulation5 710,138 + 661 + 34,360 712,636 Reverse repurchase agreements6 20,581 + 356 + 2,098 20,426 Foreign official and international accounts 20,581 + 356 + 2,098 20,426 Dealers 0 0 0 0 Treasury cash holdings 356 + 11 - 4 355 Deposits with F.R. Banks, other than reserve balances 16,348 - 330 - 108 17,169 U.S. Treasury, general account 4,901 - 252 - 491 5,728 Foreign official 83 + 1 - 25 80 Service-related 10,944 - 102 + 220 10,944 Required clearing balances 10,614 - 5 + 259 10,614 Adjustments to compensate for float 330 - 97 - 38 330 Other 421 + 25 + 189 418 Other liabilities and capital 20,385 - 205 + 872 20,226 Total factors, other than reserve balances, absorbing reserve funds 767,808 + 494 + 37,218 770,812 Reserve balances with Federal Reserve Banks 13,220 + 3,577 + 1,496 10,335 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,116,950 + 4,434 + 251,584 1,121,982 U.S. Treasury 889,468 + 5,104 + 193,468 894,193 Federal agency 227,481 - 671 + 58,114 227,789 Securities lent to dealers 349 - 234 - 59 581 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 Feb 4, 2004 Jan 28, 2004 Feb 5, 2003 Assets Gold certificate account 11,038 - 1 - 1 Special drawing rights certificate account 2,200 0 0 Coin 858 + 45 - 276 Securities, repurchase agreements, and loans 690,565 + 480 + 33,388 Securities held outright 667,292 + 232 + 37,881 U.S. Treasury1 667,292 + 232 + 37,891 Bills2 245,505 + 239 + 18,823 Notes and bonds, nominal2 406,173 0 + 16,954 Notes and bonds, inflation-indexed2 13,994 0 + 1,752 Inflation compensation3 1,620 - 6 + 363 Federal agency2 0 0 - 10 Repurchase agreements4 23,250 + 250 - 4,500 Loans 23 - 2 + 8 Items in process of collection (1,292) 8,881 - 1,691 - 78 Bank premises 1,644 0 + 105 Other assets5 39,855 + 46 + 1,244 Total assets (1,292) 755,041 - 1,120 + 34,382 Liabilities Federal Reserve notes, net of F.R. Bank holdings 678,300 + 2,035 + 33,420 Reverse repurchase agreements6 20,426 - 268 + 2,440 Deposits (0) 27,507 - 3,528 - 2,307 Depository institutions 21,282 - 4,047 - 2,474 U.S. Treasury, general account 5,728 + 481 + 64 Foreign official 80 - 2 - 68 Other (0) 418 + 40 + 172 Deferred availability cash items (1,292) 8,582 + 935 - 122 Other liabilities and accrued dividends7 2,210 - 76 - 21 Total liabilities (1,292) 737,025 - 902 + 33,409 Capital accounts Capital paid in 8,889 + 3 + 485 Surplus 8,847 0 + 467 Other capital accounts 280 - 222 + 20 Total capital 18,016 - 219 + 973 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, February 4, 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 11 50,388 - 3,128 0 0 23,250 20,426 16 days to 90 days 11 148,245 + 5,119 0 0 0 0 91 days to 1 year 0 162,763 - 567 0 0 . . . . . . Over 1 year to 5 years . . . 181,106 - 1,189 0 0 . . . . . . Over 5 years to 10 years . . . 47,660 - 1 0 0 . . . . . . Over 10 years . . . 77,129 - 2 0 0 . . . . . . All 23 667,292 + 232 0 0 23,250 20,426 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 February 4, 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 8 4 9 5 4,7 0 5 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 5 8 3 1 3 4 4 4 4 4 8 7 1 0 0 1 1 8 6 5 2 8 4 9 1 5 4 103 Securities, repurchase agreements, and loans 690,5 6 5 32,2 6 1 308,7 3 9 20,8 6 2 31,2 6 8 51,3 1 7 45,0 8 0 67,4 3 7 20,9 9 4 14,9 0 0 17,9 3 3 26,1 5 1 53,624 Securities held outright 667,2 9 2 32,2 6 1 285,4 8 9 20,8 6 2 31,2 6 8 51,3 1 7 45,0 8 0 67,4 3 0 20,9 9 4 14,8 9 5 17,9 3 3 26,1 5 1 53,613 U.S. Treasury1 667,2 9 2 32,2 6 1 285,4 8 9 20,8 6 2 31,2 6 8 51,3 1 7 45,0 8 0 67,4 3 0 20,9 9 4 14,8 9 5 17,9 3 3 26,1 5 1 53,613 Bills2 245,5 0 5 11,8 6 9 105,0 3 5 7,6 7 5 11,5 0 4 18,8 8 0 16,5 8 5 24,8 0 8 7,7 2 4 5,4 8 0 6,5 9 8 9,6 2 1 19,725 Notes and bonds3 421,7 8 8 20,3 9 2 180,4 5 4 13,1 8 7 19,7 6 4 32,4 3 7 28,4 9 4 42,6 2 2 13,2 7 0 9,4 1 5 11,3 3 5 16,5 3 0 33,888 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 23,2 5 0 0 23,2 5 0 0 0 0 0 0 0 0 0 0 0 Loans 2 3 0 0 0 0 0 0 7 0 5 0 0 11 Items in process of collection 10,1 7 3 5 3 8 9 0 2 4 7 2 7 2 6 6 7 1 1,0 3 7 7 1 9 4 3 6 4 3 8 6 9 6 6 4 8 2,889 Bank premises 1,6 4 4 9 4 1 8 9 5 2 1 5 1 1 4 5 2 7 8 1 2 5 4 8 1 2 5 7 4 1 8 5 179 Other assets5 39,8 5 5 1,8 3 5 14,3 1 2 1,1 7 7 2,4 9 2 6,1 7 5 2,2 9 8 3,7 7 9 1,0 7 6 1,1 8 0 8 4 2 9 3 6 3,755 Interdistrict settlement account 0 + 2,3 5 5 - 8,4 3 8 + 1 3 9 - 2,4 9 8 + 5 4 5 + 1,2 3 6 - 6,7 8 7 - 1,2 0 2 - 4 5 4 - 3 9 9 + 6,9 4 4 + 8,559 Total assets 756,3 3 3 37,7 2 3 321,3 1 7 23,2 1 0 32,7 6 3 59,8 9 6 51,0 5 7 66,5 8 5 21,8 1 9 16,4 7 0 19,5 6 5 35,6 2 1 70,307 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 February 4, 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 798,66 4 39,1 3 9 324,6 9 1 29,2 4 9 32,8 7 4 60,0 5 0 64,9 4 7 67,1 2 3 23,4 4 4 15,6 8 7 21,9 7 4 40,1 4 1 79,344 Less: notes held by F.R. Banks 120,36 4 5,4 6 5 28,8 4 8 8,7 1 8 4,9 2 0 9,7 1 0 19,3 0 3 8,2 8 0 3,8 0 6 1,6 0 4 4,5 3 0 7,1 4 7 18,033 Federal Reserve notes, net 678,30 0 33,6 7 4 295,8 4 3 20,5 3 1 27,9 5 4 50,3 4 1 45,6 4 4 58,8 4 2 19,6 3 8 14,0 8 3 17,4 4 3 32,9 9 5 61,311 Reverse repurchase agreements1 20,42 6 9 8 7 8,7 3 9 6 3 9 9 5 7 1,5 7 1 1,3 8 0 2,0 6 4 6 4 3 4 5 6 5 4 9 8 0 0 1,641 Deposits 27,50 7 1,3 2 3 10,5 5 8 9 0 5 1,7 9 9 2,8 5 7 1,7 6 8 2,7 2 3 6 6 7 7 1 6 6 8 0 9 2 4 2,588 Depository institutions 21,28 2 1,3 1 2 4,6 0 8 9 0 4 1,7 9 6 2,6 1 3 1,7 6 7 2,7 1 8 6 6 5 7 1 4 6 7 8 9 2 3 2,584 U.S. Treasury, general account 5,72 8 0 5,7 2 8 0 0 0 0 0 0 0 0 0 0 Foreign official 8 0 2 5 7 1 2 7 2 3 1 1 1 0 4 Other 41 8 1 0 1 6 5 0 1 2 3 6 0 2 1 0 1 1 0 Deferred availability cash items 9,87 4 7 0 8 1,2 2 6 4 9 4 4 8 0 7 3 1 1,0 9 3 8 5 1 3 0 9 4 4 3 4 8 3 5 6 1 2,496 Other liabilities and accrued dividends2 2,21 0 1 2 2 7 3 8 8 9 1 1 5 2 2 6 1 7 6 2 1 5 1 0 1 7 7 8 4 1 0 9 158 Total liabilities 738,31 7 36,8 1 5 317,1 0 4 22,6 5 8 31,3 0 6 55,7 2 5 50,0 6 1 64,6 9 5 21,3 5 7 15,7 7 5 19,2 3 9 35,3 8 9 68,193 Capital Capital paid in 8,88 9 4 4 8 2,0 4 1 2 7 2 7 2 1 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 28 0 1 1 1 4 1 2 2 9 1 3 1 7 3 3 7 4 3 1 1 9 Total liabilities and capital 756,33 3 37,7 2 3 321,3 1 7 23,2 1 0 32,7 6 3 59,8 9 6 51,0 5 7 66,5 8 5 21,8 1 9 16,4 7 0 19,5 6 5 35,6 2 1 70,307 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 Feb 4, 2004 Federal Reserve notes outstanding 798,664 Less: Notes held by F.R. Banks not subject to collateralization 120,364 Federal Reserve notes to be collateralized 678,300 Collateral held against Federal Reserve notes 678,300 Gold certificate account 11,038 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 665,061 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 690,542 Less: face value of securities under reverse repurchase agreements 20,430 U.S. Treasury and agency securities eligible to be pledged 670,112 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.