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 19, 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 18, 2004 Feb 11, 2004 Feb 19, 2003 Feb 18, 2004 Reserve Bank credit 739,691 + 10,151 + 37,925 734,406 Securities held outright 670,117 + 1,415 + 39,108 670,786 U.S. Treasury1 670,117 + 1,415 + 39,118 670,786 Bills2 245,906 + 274 + 18,612 246,055 Notes and bonds, nominal2 408,603 + 1,145 + 18,386 409,124 Notes and bonds, inflation-indexed2 13,994 0 + 1,752 13,994 Inflation compensation3 1,613 - 4 + 368 1,612 Federal agency2 0 0 - 10 0 Repurchase agreements4 28,429 + 11,143 - 1,638 23,500 Loans to depository institutions 23 - 5 + 4 20 Primary credit 11 - 8 - 3 6 Secondary credit 0 0 0 0 Seasonal credit 11 + 2 + 6 14 Float -271 - 1,815 - 1,102 1,365 Other Federal Reserve assets 41,394 - 587 + 1,554 38,735 Gold stock 11,043 0 0 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 35,573 + 14 + 916 35,573 Total factors supplying reserve funds 788,507 + 10,165 + 38,841 783,222 Currency in circulation5 716,082 + 3,596 + 33,252 716,616 Reverse repurchase agreements6 22,837 + 2,386 + 4,912 19,951 Foreign official and international accounts 22,837 + 2,386 + 4,912 19,951 Dealers 0 0 0 0 Treasury cash holdings 334 - 18 - 24 323 Deposits with F.R. Banks, other than reserve balances 16,706 - 374 + 549 16,717 U.S. Treasury, general account 4,984 - 368 - 64 5,004 Foreign official 80 0 - 52 82 Service-related 11,324 + 84 + 594 11,324 Required clearing balances 10,937 0 + 622 10,937 Adjustments to compensate for float 386 + 83 - 29 386 Other 319 - 89 + 72 308 Other liabilities and capital 20,738 + 188 + 1,079 20,321 Total factors, other than reserve balances, absorbing reserve funds 776,696 + 5,777 + 39,768 773,927 Reserve balances with Federal Reserve Banks 11,810 + 4,387 - 928 9,295 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,134,523 + 8,975 + 259,928 1,142,538 U.S. Treasury 900,770 + 4,163 + 200,449 907,903 Federal agency 233,753 + 4,812 + 59,479 234,634 Securities lent to dealers 1,753 + 661 + 1,429 1,480 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 18, 2004 Feb 11, 2004 Feb 19, 2003 Assets Gold certificate account 11,038 0 - 1 Special drawing rights certificate account 2,200 0 0 Coin 881 + 6 - 242 Securities, repurchase agreements, and loans 694,306 + 5,687 + 28,520 Securities held outright 670,786 + 935 + 39,513 U.S. Treasury1 670,786 + 935 + 39,523 Bills2 246,055 + 208 + 18,494 Notes and bonds, nominal2 409,124 + 730 + 18,907 Notes and bonds, inflation-indexed2 13,994 0 + 1,752 Inflation compensation3 1,612 - 4 + 370 Federal agency2 0 0 - 10 Repurchase agreements4 23,500 + 4,750 - 10,996 Loans 20 + 2 + 3 Items in process of collection (925) 12,496 + 5,622 - 1,671 Bank premises 1,646 + 1 + 89 Other assets5 37,084 - 3,547 + 1,536 Total assets (925) 759,651 + 7,768 + 28,231 Liabilities Federal Reserve notes, net of F.R. Bank holdings 682,243 + 1,973 + 31,207 Reverse repurchase agreements6 19,951 - 108 + 2,101 Deposits (0) 26,331 + 2,923 - 6,497 Depository institutions 20,938 + 3,250 - 7,068 U.S. Treasury, general account 5,004 - 243 + 597 Foreign official 82 0 - 52 Other (0) 308 - 82 + 27 Deferred availability cash items (925) 10,806 + 3,297 + 766 Other liabilities and accrued dividends7 2,244 - 13 - 5 Total liabilities (925) 741,575 + 8,072 + 27,571 Capital accounts Capital paid in 8,898 + 4 + 464 Surplus 8,847 0 + 467 Other capital accounts 332 - 307 - 271 Total capital 18,076 - 304 + 660 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 18, 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 20 53,103 + 3,068 0 0 23,500 19,951 16 days to 90 days 0 150,375 + 1,482 0 0 0 0 91 days to 1 year 0 158,686 - 5,436 0 0 . . . . . . Over 1 year to 5 years . . . 182,680 + 750 0 0 . . . . . . Over 5 years to 10 years . . . 48,816 + 1,072 0 0 . . . . . . Over 10 years . . . 77,126 - 1 0 0 . . . . . . All 20 670,786 + 935 0 0 23,500 19,951 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 18, 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 8 1 3 5 3 9 4 8 4 5 9 3 9 6 1 1 4 6 2 2 8 5 4 1 5 7 110 Securities, repurchase agreements, and loans 694,3 0 6 32,4 3 3 310,4 8 4 20,9 7 2 31,4 3 1 51,5 8 6 45,3 1 6 67,7 9 2 21,1 0 4 14,9 7 7 18,0 3 0 26,2 8 8 53,895 Securities held outright 670,7 8 6 32,4 3 0 286,9 8 4 20,9 7 2 31,4 3 1 51,5 8 6 45,3 1 6 67,7 8 3 21,1 0 4 14,9 7 3 18,0 2 7 26,2 8 8 53,894 U.S. Treasury1 670,7 8 6 32,4 3 0 286,9 8 4 20,9 7 2 31,4 3 1 51,5 8 6 45,3 1 6 67,7 8 3 21,1 0 4 14,9 7 3 18,0 2 7 26,2 8 8 53,894 Bills2 246,0 5 5 11,8 9 6 105,2 7 0 7,6 9 3 11,5 3 0 18,9 2 2 16,6 2 3 24,8 6 4 7,7 4 1 5,4 9 2 6,6 1 3 9,6 4 3 19,769 Notes and bonds3 424,7 3 0 20,5 3 4 181,7 1 3 13,2 7 9 19,9 0 2 32,6 6 3 28,6 9 3 42,9 1 9 13,3 6 3 9,4 8 1 11,4 1 4 16,6 4 5 34,125 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 23,5 0 0 0 23,5 0 0 0 0 0 0 0 0 0 0 0 0 Loans 2 0 3 0 0 0 0 0 8 0 4 3 0 1 Items in process of collection 13,4 2 1 8 3 4 1,1 5 4 6 7 7 1,0 0 1 1,0 4 1 1,5 1 4 1,0 3 7 6 6 2 6 2 9 7 9 2 8 3 3 3,246 Bank premises 1,6 4 6 9 4 1 9 0 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 37,0 8 4 1,6 9 9 13,1 1 8 1,0 9 1 2,3 6 7 5,9 9 0 2,0 9 8 3,4 8 8 9 9 4 1,1 1 8 7 6 3 8 2 0 3,538 Interdistrict settlement account 0 + 2,3 2 9 - 8,4 9 2 + 2 0 9 - 3,0 8 4 + 6 6 5 + 7 9 8 - 7,6 3 0 - 9 5 5 - 5 9 8 + 2 + 7,2 0 9 + 9,547 Total assets 760,5 7 6 38,0 3 3 322,0 7 1 23,5 1 2 32,4 9 2 60,4 7 5 51,1 2 8 66,1 1 9 22,3 1 9 16,5 3 3 20,0 8 5 36,0 9 7 71,712 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 18, 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 801,09 2 39,3 9 0 324,9 7 7 29,3 4 4 32,9 8 5 60,3 2 8 64,2 7 2 67,3 6 3 23,6 6 2 15,9 5 9 22,1 3 5 40,2 2 8 80,449 Less: notes held by F.R. Banks 118,84 9 5,3 8 2 30,1 1 8 8,3 6 8 4,8 4 3 9,4 9 4 18,4 7 3 8,2 3 7 3,6 0 8 1,5 9 5 4,3 4 0 6,7 4 1 17,649 Federal Reserve notes, net 682,24 3 34,0 0 8 294,8 5 9 20,9 7 6 28,1 4 2 50,8 3 4 45,7 9 9 59,1 2 6 20,0 5 4 14,3 6 4 17,7 9 5 33,4 8 7 62,800 Reverse repurchase agreements1 19,95 1 9 6 5 8,5 3 5 6 2 4 9 3 5 1,5 3 4 1,3 4 8 2,0 1 6 6 2 8 4 4 5 5 3 6 7 8 2 1,603 Deposits 26,33 1 1,0 7 2 12,3 6 9 7 9 6 1,2 5 5 2,7 6 1 1,5 7 3 1,8 6 0 6 7 4 3 9 1 7 7 2 8 2 3 1,986 Depository institutions 20,93 8 1,0 5 3 7,1 4 9 7 9 4 1,2 5 1 2,6 3 0 1,5 7 1 1,8 5 6 6 6 8 3 9 0 7 7 0 8 2 2 1,982 U.S. Treasury, general account 5,00 4 0 5,0 0 4 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 30 8 1 7 1 5 8 0 1 1 2 4 0 0 5 0 1 1 0 Deferred availability cash items 11,73 1 9 5 6 1,3 2 9 4 7 3 5 8 5 9 5 1 1,2 3 1 1,0 0 7 3 9 2 5 5 6 5 6 6 6 6 2 3,024 Other liabilities and accrued dividends2 2,24 4 1 2 4 7 5 3 9 0 1 1 6 2 2 4 1 7 8 2 1 9 1 0 2 8 0 8 5 1 0 8 165 Total liabilities 742,50 0 37,1 2 4 317,8 4 6 22,9 5 9 31,0 3 3 56,3 0 3 50,1 2 9 64,2 2 8 21,8 4 9 15,8 3 7 19,7 5 4 35,8 6 2 69,578 Capital Capital paid in 8,89 8 4 4 8 2,0 4 1 2 7 2 7 2 2 2,0 8 3 4 9 1 9 3 4 2 2 7 3 4 7 1 6 1 1 1 2 1,060 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 33 2 1 2 1 5 4 2 3 1 0 1 5 2 0 3 3 1 4 4 7 1 3 26 Total liabilities and capital 760,57 6 38,0 3 3 322,0 7 1 23,5 1 2 32,4 9 2 60,4 7 5 51,1 2 8 66,1 1 9 22,3 1 9 16,5 3 3 20,0 8 5 36,0 9 7 71,712 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 18, 2004 Federal Reserve notes outstanding 801,092 Less: Notes held by F.R. Banks not subject to collateralization 118,849 Federal Reserve notes to be collateralized 682,243 Collateral held against Federal Reserve notes 682,243 Gold certificate account 11,038 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 669,004 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 694,286 Less: face value of securities under reverse repurchase agreements 19,955 U.S. Treasury and agency securities eligible to be pledged 674,331 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.