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 26, 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 25, 2004 Feb 18, 2004 Feb 26, 2003 Feb 25, 2004 Reserve Bank credit 732,057 - 7,633 + 35,134 730,268 Securities held outright 670,909 + 792 + 35,977 671,527 U.S. Treasury1 670,909 + 792 + 35,987 671,527 Bills2 246,087 + 181 + 16,057 246,141 Notes and bonds, nominal2 409,218 + 615 + 17,806 409,784 Notes and bonds, inflation-indexed2 13,994 0 + 1,752 13,994 Inflation compensation3 1,609 - 4 + 371 1,608 Federal agency2 0 0 - 10 0 Repurchase agreements4 23,000 - 5,429 - 321 20,000 Loans to depository institutions 52 + 29 + 39 270 Primary credit 37 + 26 + 27 251 Secondary credit 0 0 0 0 Seasonal credit 16 + 5 + 12 19 Float -538 - 267 - 1,860 -174 Other Federal Reserve assets 38,634 - 2,760 + 1,299 38,644 Gold stock 11,043 0 0 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 35,587 + 14 + 903 35,587 Total factors supplying reserve funds 780,887 - 7,619 + 36,038 779,097 Currency in circulation5 714,167 - 1,915 + 31,905 714,546 Reverse repurchase agreements6 20,426 - 2,411 + 2,688 18,872 Foreign official and international accounts 20,426 - 2,411 + 2,688 18,872 Dealers 0 0 0 0 Treasury cash holdings 322 - 12 - 25 318 Deposits with F.R. Banks, other than reserve balances 16,264 - 442 - 246 16,336 U.S. Treasury, general account 5,147 + 163 - 102 5,209 Foreign official 85 + 5 - 26 80 Service-related 10,717 - 607 - 187 10,717 Required clearing balances 10,080 - 857 - 257 10,080 Adjustments to compensate for float 637 + 251 + 70 637 Other 315 - 4 + 70 330 Other liabilities and capital 20,225 - 513 + 261 19,928 Total factors, other than reserve balances, absorbing reserve funds 771,404 - 5,292 + 34,584 770,000 Reserve balances with Federal Reserve Banks 9,482 - 2,328 + 1,453 9,097 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,142,863 + 8,340 + 261,479 1,144,740 U.S. Treasury 909,440 + 8,670 + 204,725 908,548 Federal agency 233,423 - 330 + 56,753 236,192 Securities lent to dealers 679 - 1,074 + 353 1,081 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 25, 2004 Feb 18, 2004 Feb 26, 2003 Assets Gold certificate account 11,038 0 - 1 Special drawing rights certificate account 2,200 0 0 Coin 878 - 3 - 222 Securities, repurchase agreements, and loans 691,798 - 2,508 + 30,037 Securities held outright 671,527 + 741 + 35,521 U.S. Treasury1 671,527 + 741 + 35,531 Bills2 246,141 + 86 + 15,535 Notes and bonds, nominal2 409,784 + 660 + 17,871 Notes and bonds, inflation-indexed2 13,994 0 + 1,752 Inflation compensation3 1,608 - 4 + 373 Federal agency2 0 0 - 10 Repurchase agreements4 20,000 - 3,500 - 5,750 Loans 270 + 250 + 264 Items in process of collection (1,337) 6,996 - 5,500 - 2,201 Bank premises 1,650 + 4 + 93 Other assets5 36,995 - 89 + 865 Total assets (1,337) 751,555 - 8,096 + 28,571 Liabilities Federal Reserve notes, net of F.R. Bank holdings 680,151 - 2,092 + 30,481 Reverse repurchase agreements6 18,872 - 1,079 + 1,451 Deposits (0) 25,434 - 897 - 3,464 Depository institutions 19,815 - 1,123 - 3,741 U.S. Treasury, general account 5,209 + 205 + 259 Foreign official 80 - 2 - 74 Other (0) 330 + 22 + 92 Deferred availability cash items (1,337) 7,170 - 3,636 - 126 Other liabilities and accrued dividends7 2,239 - 5 - 37 Total liabilities (1,337) 733,866 - 7,709 + 28,305 Capital accounts Capital paid in 8,905 + 7 + 465 Surplus 8,700 - 147 + 320 Other capital accounts 84 - 248 - 519 Total capital 17,689 - 387 + 266 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 25, 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 267 51,729 - 1,374 0 0 20,000 18,872 16 days to 90 days 3 151,629 + 1,254 0 0 0 0 91 days to 1 year 0 158,892 + 206 0 0 . . . . . . Over 1 year to 5 years . . . 182,678 - 2 0 0 . . . . . . Over 5 years to 10 years . . . 49,240 + 424 0 0 . . . . . . Over 10 years . . . 77,359 + 233 0 0 . . . . . . All 270 671,527 + 741 0 0 20,000 18,872 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 25, 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 8 3 5 3 9 4 7 4 5 9 2 9 8 1 1 1 5 9 2 8 5 3 1 5 3 118 Securities, repurchase agreements, and loans 691,7 9 8 32,4 6 8 307,3 0 1 20,9 9 5 31,4 6 6 51,6 4 3 45,3 6 6 67,8 6 6 21,1 3 0 14,9 9 5 18,0 4 7 26,3 1 7 54,204 Securities held outright 671,5 2 7 32,4 6 5 287,3 0 1 20,9 9 5 31,4 6 6 51,6 4 3 45,3 6 6 67,8 5 8 21,1 2 7 14,9 8 9 18,0 4 7 26,3 1 7 53,953 U.S. Treasury1 671,5 2 7 32,4 6 5 287,3 0 1 20,9 9 5 31,4 6 6 51,6 4 3 45,3 6 6 67,8 5 8 21,1 2 7 14,9 8 9 18,0 4 7 26,3 1 7 53,953 Bills2 246,1 4 1 11,9 0 0 105,3 0 7 7,6 9 5 11,5 3 4 18,9 2 9 16,6 2 8 24,8 7 3 7,7 4 4 5,4 9 4 6,6 1 5 9,6 4 6 19,776 Notes and bonds3 425,3 8 6 20,5 6 6 181,9 9 4 13,2 9 9 19,9 3 3 32,7 1 4 28,7 3 7 42,9 8 5 13,3 8 3 9,4 9 5 11,4 3 2 16,6 7 1 34,177 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 20,0 0 0 0 20,0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 2 7 0 3 0 0 0 0 0 8 3 6 0 0 250 Items in process of collection 8,3 3 3 4 6 6 6 1 7 5 3 0 4 4 5 5 2 5 6 9 7 6 2 2 4 9 7 3 4 7 4 9 4 4 0 9 2,683 Bank premises 1,6 5 0 9 4 1 9 0 5 2 1 5 1 1 4 5 2 7 8 1 2 6 4 8 1 2 5 7 4 1 8 9 180 Other assets5 36,9 9 5 1,7 0 1 13,1 5 0 1,0 9 1 2,3 4 8 5,8 9 9 2,1 0 1 3,4 8 6 9 9 3 1,1 1 0 7 6 7 8 3 3 3,518 Interdistrict settlement account 0 + 2,2 9 1 -10,9 9 7 + 6 6 2 - 2,1 5 3 - 4 4 4 + 1,3 4 8 - 7,5 5 0 - 1,2 6 8 - 4 4 2 + 1 2 9 + 7,2 1 7 +11,208 Total assets 752,8 9 2 37,6 6 5 315,8 7 9 23,8 4 0 32,8 8 3 58,8 1 4 50,9 1 6 65,8 5 5 21,8 6 2 16,4 1 6 19,9 3 2 35,7 2 2 73,109 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 25, 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 801,97 8 39,1 5 8 323,8 1 5 29,7 2 5 32,9 5 4 60,3 2 5 64,6 3 3 67,1 0 9 23,6 3 0 15,8 8 0 22,1 9 4 40,2 1 9 82,337 Less: notes held by F.R. Banks 121,82 7 5,4 1 6 31,1 5 5 8,4 2 0 4,9 2 2 9,9 5 2 18,6 4 9 8,5 7 4 3,8 1 6 1,5 4 8 4,4 3 3 6,8 6 6 18,077 Federal Reserve notes, net 680,15 1 33,7 4 2 292,6 6 1 21,3 0 5 28,0 3 2 50,3 7 3 45,9 8 4 58,5 3 5 19,8 1 4 14,3 3 1 17,7 6 1 33,3 5 3 64,260 Reverse repurchase agreements1 18,87 2 9 1 2 8,0 7 4 5 9 0 8 8 4 1,4 5 1 1,2 7 5 1,9 0 7 5 9 4 4 2 1 5 0 7 7 4 0 1,516 Deposits 25,43 4 1,3 7 1 9,2 8 2 8 6 5 1,9 2 4 2,1 4 3 1,6 4 6 2,6 5 3 6 1 2 5 5 9 8 3 8 8 6 4 2,680 Depository institutions 19,81 5 1,3 6 2 3,8 5 5 8 6 4 1,9 2 0 1,9 8 3 1,6 4 4 2,6 4 9 6 0 6 5 5 8 8 3 6 8 6 3 2,676 U.S. Treasury, general account 5,20 9 0 5,2 0 9 0 0 0 0 0 0 0 0 0 0 Foreign official 8 0 2 5 6 1 2 7 2 3 1 1 1 0 4 Other 33 0 7 1 6 1 0 1 1 5 2 0 1 5 0 1 0 0 Deferred availability cash items 8,50 7 6 2 6 1,0 0 0 4 4 7 4 9 2 5 5 4 8 5 4 7 0 8 2 8 5 4 2 1 4 2 7 4 2 3 2,269 Other liabilities and accrued dividends2 2,23 9 1 2 8 7 2 6 9 1 1 1 8 2 1 9 1 7 9 2 2 3 1 0 4 8 1 8 7 1 0 9 172 Total liabilities 735,20 3 36,7 7 9 311,7 4 2 23,2 9 8 31,4 5 1 54,7 4 0 49,9 3 8 64,0 2 6 21,4 0 9 15,8 1 4 19,6 2 0 35,4 8 9 70,897 Capital Capital paid in 8,90 5 4 4 8 2,0 4 1 2 7 3 7 2 3 2,0 8 3 4 9 1 9 0 8 2 2 7 2 6 4 1 4 9 1 1 4 1,182 Surplus 8,70 0 4 3 8 2,0 3 1 2 5 9 7 1 0 1,9 9 1 4 8 7 9 2 1 2 2 5 3 3 8 1 6 2 1 1 1 1,029 Other capital 8 4 0 6 5 9 0 0 0 0 0 0 0 9 0 Total liabilities and capital 752,89 2 37,6 6 5 315,8 7 9 23,8 4 0 32,8 8 3 58,8 1 4 50,9 1 6 65,8 5 5 21,8 6 2 16,4 1 6 19,9 3 2 35,7 2 2 73,109 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 25, 2004 Federal Reserve notes outstanding 801,978 Less: Notes held by F.R. Banks not subject to collateralization 121,827 Federal Reserve notes to be collateralized 680,151 Collateral held against Federal Reserve notes 680,151 Gold certificate account 11,038 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 666,912 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 691,527 Less: face value of securities under reverse repurchase agreements 18,877 U.S. Treasury and agency securities eligible to be pledged 672,651 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.