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 12, 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 11, 2004 Feb 4, 2004 Feb 12, 2003 Feb 11, 2004 Reserve Bank credit 729,540 - 2,700 + 38,140 730,266 Securities held outright 668,702 + 1,440 + 38,751 669,851 U.S. Treasury1 668,702 + 1,440 + 38,761 669,851 Bills2 245,632 + 159 + 18,691 245,847 Notes and bonds, nominal2 407,458 + 1,285 + 17,954 408,394 Notes and bonds, inflation-indexed2 13,994 0 + 1,752 13,994 Inflation compensation3 1,617 - 5 + 364 1,616 Federal agency2 0 0 - 10 0 Repurchase agreements4 17,286 - 5,928 - 1,999 18,750 Loans to depository institutions 28 + 5 - 3 18 Primary credit 19 + 9 - 9 7 Secondary credit 0 0 0 0 Seasonal credit 9 - 4 + 6 10 Float 1,544 + 1,210 - 154 -634 Other Federal Reserve assets 41,981 + 574 + 1,545 42,281 Gold stock 11,043 0 0 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 35,559 + 14 + 929 35,559 Total factors supplying reserve funds 778,342 - 2,686 + 39,069 779,067 Currency in circulation5 712,486 + 2,348 + 34,027 714,623 Reverse repurchase agreements6 20,451 - 130 + 1,502 20,059 Foreign official and international accounts 20,451 - 130 + 2,573 20,059 Dealers 0 0 - 1,071 0 Treasury cash holdings 352 - 4 - 4 336 Deposits with F.R. Banks, other than reserve balances 17,080 + 732 + 1,126 16,959 U.S. Treasury, general account 5,352 + 451 + 671 5,247 Foreign official 80 - 3 - 35 82 Service-related 11,240 + 296 + 322 11,240 Required clearing balances 10,937 + 323 + 620 10,937 Adjustments to compensate for float 303 - 27 - 298 303 Other 408 - 13 + 169 390 Other liabilities and capital 20,550 + 165 + 1,100 20,637 Total factors, other than reserve balances, absorbing reserve funds 770,919 + 3,111 + 37,750 772,615 Reserve balances with Federal Reserve Banks 7,423 - 5,796 + 1,319 6,453 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,125,548 + 8,598 + 255,637 1,126,346 U.S. Treasury 896,607 + 7,139 + 198,788 893,961 Federal agency 228,941 + 1,460 + 56,849 232,385 Securities lent to dealers 1,092 + 743 + 105 2,936 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 11, 2004 Feb 4, 2004 Feb 12, 2003 Assets Gold certificate account 11,038 0 - 1 Special drawing rights certificate account 2,200 0 0 Coin 875 + 17 - 267 Securities, repurchase agreements, and loans 688,619 - 1,946 + 36,912 Securities held outright 669,851 + 2,559 + 38,894 U.S. Treasury1 669,851 + 2,559 + 38,904 Bills2 245,847 + 342 + 18,609 Notes and bonds, nominal2 408,394 + 2,221 + 18,177 Notes and bonds, inflation-indexed2 13,994 0 + 1,752 Inflation compensation3 1,616 - 4 + 366 Federal agency2 0 0 - 10 Repurchase agreements4 18,750 - 4,500 - 1,996 Loans 18 - 5 + 14 Items in process of collection (1,244) 6,874 - 2,007 - 955 Bank premises 1,645 + 1 + 104 Other assets5 40,631 + 776 + 1,798 Total assets (1,244) 751,883 - 3,158 + 37,591 Liabilities Federal Reserve notes, net of F.R. Bank holdings 680,270 + 1,970 + 32,187 Reverse repurchase agreements6 20,059 - 367 + 2,455 Deposits (0) 23,408 - 4,099 + 1,843 Depository institutions 17,688 - 3,594 - 19 U.S. Treasury, general account 5,247 - 481 + 1,720 Foreign official 82 + 2 - 21 Other (0) 390 - 28 + 162 Deferred availability cash items (1,244) 7,509 - 1,073 - 266 Other liabilities and accrued dividends7 2,257 + 47 - 20 Total liabilities (1,244) 733,503 - 3,522 + 36,199 Capital accounts Capital paid in 8,894 + 5 + 490 Surplus 8,847 0 + 490 Other capital accounts 639 + 359 + 412 Total capital 18,380 + 364 + 1,392 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 11, 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 7 50,035 - 353 0 0 18,750 20,059 16 days to 90 days 10 148,893 + 648 0 0 0 0 91 days to 1 year 0 164,122 + 1,359 0 0 . . . . . . Over 1 year to 5 years . . . 181,930 + 824 0 0 . . . . . . Over 5 years to 10 years . . . 47,744 + 84 0 0 . . . . . . Over 10 years . . . 77,127 - 2 0 0 . . . . . . All 18 669,851 + 2,559 0 0 18,750 20,059 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 11, 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 7 5 3 5 4 0 4 5 4 4 9 0 9 8 1 1 6 6 5 2 9 5 5 1 5 3 104 Securities, repurchase agreements, and loans 688,6 1 9 32,3 8 4 305,3 3 4 20,9 4 2 31,3 8 8 51,5 1 4 45,2 5 3 67,7 0 2 21,0 7 4 14,9 5 6 18,0 0 3 26,2 5 1 53,819 Securities held outright 669,8 5 1 32,3 8 4 286,5 8 4 20,9 4 2 31,3 8 8 51,5 1 4 45,2 5 3 67,6 8 9 21,0 7 4 14,9 5 2 18,0 0 2 26,2 5 1 53,819 U.S. Treasury1 669,8 5 1 32,3 8 4 286,5 8 4 20,9 4 2 31,3 8 8 51,5 1 4 45,2 5 3 67,6 8 9 21,0 7 4 14,9 5 2 18,0 0 2 26,2 5 1 53,819 Bills2 245,8 4 7 11,8 8 6 105,1 8 1 7,6 8 6 11,5 2 0 18,9 0 6 16,6 0 8 24,8 4 3 7,7 3 5 5,4 8 8 6,6 0 7 9,6 3 5 19,752 Notes and bonds3 424,0 0 4 20,4 9 9 181,4 0 3 13,2 5 6 19,8 6 8 32,6 0 7 28,6 4 4 42,8 4 6 13,3 4 0 9,4 6 4 11,3 9 5 16,6 1 7 34,066 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 18,7 5 0 0 18,7 5 0 0 0 0 0 0 0 0 0 0 0 Loans 1 8 0 0 0 0 0 0 1 3 0 4 1 0 0 Items in process of collection 8,1 1 8 4 0 8 6 0 2 4 9 8 4 1 7 4 2 2 6 5 9 6 8 3 3 4 1 3 9 4 4 3 7 5 5 4 2,705 Bank premises 1,6 4 5 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 40,6 3 1 1,8 7 1 14,6 0 3 1,2 0 0 2,5 3 7 6,2 8 2 2,3 4 6 3,8 5 0 1,0 9 9 1,2 0 2 8 6 0 9 5 8 3,823 Interdistrict settlement account 0 + 2,3 8 4 - 7,8 9 2 + 1,2 1 7 - 3,1 1 3 - 3 4 9 + 1,3 2 4 - 7,2 3 0 - 1,0 1 3 - 4 3 4 - 1 0 4 + 6,8 8 7 + 8,325 Total assets 753,1 2 7 37,7 8 6 318,4 5 5 24,4 1 7 32,0 0 3 59,0 6 0 50,9 8 6 66,4 4 0 22,0 1 6 16,5 2 6 19,6 9 4 35,5 9 3 70,151 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 11, 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 799,55 8 39,2 6 2 324,9 2 7 29,3 6 6 32,8 5 9 60,1 5 2 64,5 5 9 67,2 6 0 23,6 3 5 15,8 6 9 22,0 2 4 40,1 6 0 79,485 Less: notes held by F.R. Banks 119,28 9 5,3 5 8 29,8 4 8 8,4 9 8 4,9 7 4 9,4 5 9 18,4 3 3 8,3 5 4 3,5 9 8 1,6 2 0 4,4 3 3 6,9 4 3 17,769 Federal Reserve notes, net 680,27 0 33,9 0 4 295,0 7 8 20,8 6 8 27,8 8 4 50,6 9 3 46,1 2 6 58,9 0 6 20,0 3 7 14,2 4 9 17,5 9 0 33,2 1 7 61,716 Reverse repurchase agreements1 20,05 9 9 7 0 8,5 8 2 6 2 7 9 4 0 1,5 4 3 1,3 5 5 2,0 2 7 6 3 1 4 4 8 5 3 9 7 8 6 1,612 Deposits 23,40 8 1,2 3 1 8,7 0 3 1,7 9 2 1,1 8 6 1,7 2 6 1,3 9 2 2,6 4 8 4 8 0 5 6 4 6 9 1 7 7 6 2,218 Depository institutions 17,68 8 1,2 2 8 3,2 4 0 1,7 9 1 1,1 8 2 1,4 9 3 1,3 9 0 2,6 4 4 4 7 9 5 6 3 6 8 9 7 7 5 2,215 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 39 0 1 1 5 8 0 1 2 2 7 0 0 1 0 1 1 0 Deferred availability cash items 8,75 3 6 3 1 1,0 5 2 4 7 8 3 9 0 6 1 3 9 1 8 7 1 8 2 9 2 4 7 5 4 5 1 4 6 6 2,271 Other liabilities and accrued dividends2 2,25 7 1 2 5 7 4 6 9 1 1 1 6 2 3 5 1 7 9 2 1 9 1 0 3 8 1 8 6 1 0 9 166 Total liabilities 734,74 7 36,8 6 0 314,1 6 2 23,8 5 6 30,5 1 6 54,8 0 9 49,9 7 0 64,5 1 8 21,5 4 3 15,8 1 7 19,3 5 8 35,3 5 4 67,983 Capital Capital paid in 8,89 4 4 4 8 2,0 4 1 2 7 2 7 2 2 2,0 8 3 4 9 0 9 3 2 2 2 7 3 4 7 1 6 0 1 1 2 1,059 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 63 9 2 9 2 2 2 3 1 3 7 9 3 3 7 6 6 1 7 1 7 1 3 1 7 61 Total liabilities and capital 753,12 7 37,7 8 6 318,4 5 5 24,4 1 7 32,0 0 3 59,0 6 0 50,9 8 6 66,4 4 0 22,0 1 6 16,5 2 6 19,6 9 4 35,5 9 3 70,151 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 11, 2004 Federal Reserve notes outstanding 799,558 Less: Notes held by F.R. Banks not subject to collateralization 119,289 Federal Reserve notes to be collateralized 680,270 Collateral held against Federal Reserve notes 680,270 Gold certificate account 11,038 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 667,031 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 688,601 Less: face value of securities under reverse repurchase agreements 20,064 U.S. Treasury and agency securities eligible to be pledged 668,538 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.