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 March 4, 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 Mar 3, 2004 Feb 25, 2004 Mar 5, 2003 Mar 3, 2004 Reserve Bank credit 736,597 + 4,540 + 34,628 732,974 Securities held outright 671,586 + 677 + 34,713 671,632 U.S. Treasury1 671,586 + 677 + 34,723 671,632 Bills2 246,200 + 113 + 15,311 246,240 Notes and bonds, nominal2 409,784 + 566 + 17,288 409,784 Notes and bonds, inflation-indexed2 13,994 0 + 1,752 13,994 Inflation compensation3 1,608 - 1 + 372 1,613 Federal agency2 0 0 - 10 0 Repurchase agreements4 26,286 + 3,286 - 850 23,750 Loans to depository institutions 24 - 28 - 5 26 Primary credit 3 - 34 - 21 5 Secondary credit 0 0 0 0 Seasonal credit 21 + 5 + 15 22 Float 153 + 691 - 331 -632 Other Federal Reserve assets 38,548 - 86 + 1,101 38,199 Gold stock 11,045 + 2 + 2 11,045 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 35,601 + 14 + 891 35,601 Total factors supplying reserve funds 785,442 + 4,555 + 35,520 781,820 Currency in circulation5 713,341 - 826 + 30,954 714,655 Reverse repurchase agreements6 20,609 + 183 + 2,531 18,886 Foreign official and international accounts 20,609 + 183 + 2,531 18,886 Dealers 0 0 0 0 Treasury cash holdings 317 - 5 - 28 314 Deposits with F.R. Banks, other than reserve balances 16,232 - 32 + 204 15,321 U.S. Treasury, general account 5,618 + 471 + 709 4,698 Foreign official 91 + 6 - 95 82 Service-related 10,207 - 510 - 514 10,207 Required clearing balances 10,079 - 1 - 257 10,079 Adjustments to compensate for float 128 - 509 - 257 128 Other 316 + 1 + 104 335 Other liabilities and capital 19,967 - 258 + 162 19,767 Total factors, other than reserve balances, absorbing reserve funds 770,466 - 938 + 33,823 768,943 Reserve balances with Federal Reserve Banks 14,977 + 5,495 + 1,698 12,877 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,151,680 + 8,817 + 261,002 1,158,993 U.S. Treasury 916,498 + 7,058 + 204,144 922,603 Federal agency 235,182 + 1,759 + 56,858 236,390 Securities lent to dealers 1,404 + 725 + 925 1,739 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 Mar 3, 2004 Feb 25, 2004 Mar 5, 2003 Assets Gold certificate account 11,041 + 3 + 2 Special drawing rights certificate account 2,200 0 0 Coin 867 - 11 - 213 Securities, repurchase agreements, and loans 695,408 + 3,610 + 34,999 Securities held outright 671,632 + 105 + 34,483 U.S. Treasury1 671,632 + 105 + 34,493 Bills2 246,240 + 99 + 15,179 Notes and bonds, nominal2 409,784 0 + 17,191 Notes and bonds, inflation-indexed2 13,994 0 + 1,752 Inflation compensation3 1,613 + 5 + 371 Federal agency2 0 0 - 10 Repurchase agreements4 23,750 + 3,750 + 500 Loans 26 - 244 + 15 Items in process of collection (1,332) 8,054 + 1,058 - 2,930 Bank premises 1,649 - 1 + 94 Other assets5 36,545 - 450 + 165 Total assets (1,332) 755,763 + 4,208 + 32,115 Liabilities Federal Reserve notes, net of F.R. Bank holdings 680,230 + 79 + 29,832 Reverse repurchase agreements6 18,886 + 14 + 927 Deposits (0) 28,201 + 2,767 + 1,376 Depository institutions 23,087 + 3,272 + 2,107 U.S. Treasury, general account 4,698 - 511 - 803 Foreign official 82 + 2 - 23 Other (0) 335 + 5 + 97 Deferred availability cash items (1,332) 8,680 + 1,510 - 93 Other liabilities and accrued dividends7 2,220 - 19 - 30 Total liabilities (1,332) 738,217 + 4,351 + 32,012 Capital accounts Capital paid in 8,966 + 61 + 488 Surplus 8,508 - 192 + 128 Other capital accounts 72 - 12 - 512 Total capital 17,547 - 142 + 105 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, March 3, 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 5 42,298 - 9,431 0 0 23,750 18,886 16 days to 90 days 21 159,232 + 7,603 0 0 0 0 91 days to 1 year 0 161,152 + 2,260 0 0 . . . . . . Over 1 year to 5 years . . . 182,347 - 331 0 0 . . . . . . Over 5 years to 10 years . . . 49,241 + 1 0 0 . . . . . . Over 10 years . . . 77,361 + 2 0 0 . . . . . . All 26 671,632 + 105 0 0 23,750 18,886 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 March 3, 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 4 1 4 9 5 4,7 0 8 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 6 7 3 7 3 9 4 7 4 5 9 2 9 2 1 1 0 5 9 2 9 5 1 1 5 1 116 Securities, repurchase agreements, and loans 695,4 0 8 32,4 7 3 311,0 9 9 20,9 9 8 31,4 7 1 51,6 5 1 45,3 7 3 67,8 8 1 21,1 3 3 14,9 9 5 18,0 5 0 26,3 2 1 53,963 Securities held outright 671,6 3 2 32,4 7 0 287,3 4 6 20,9 9 8 31,4 7 1 51,6 5 1 45,3 7 3 67,8 6 9 21,1 3 0 14,9 9 2 18,0 5 0 26,3 2 1 53,962 U.S. Treasury1 671,6 3 2 32,4 7 0 287,3 4 6 20,9 9 8 31,4 7 1 51,6 5 1 45,3 7 3 67,8 6 9 21,1 3 0 14,9 9 2 18,0 5 0 26,3 2 1 53,962 Bills2 246,2 4 0 11,9 0 5 105,3 4 9 7,6 9 8 11,5 3 8 18,9 3 7 16,6 3 5 24,8 8 3 7,7 4 7 5,4 9 6 6,6 1 8 9,6 5 0 19,784 Notes and bonds3 425,3 9 1 20,5 6 6 181,9 9 6 13,2 9 9 19,9 3 3 32,7 1 4 28,7 3 8 42,9 8 6 13,3 8 3 9,4 9 5 11,4 3 2 16,6 7 1 34,178 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 23,7 5 0 0 23,7 5 0 0 0 0 0 0 0 0 0 0 0 Loans 2 6 3 4 0 0 0 0 1 2 3 3 0 0 1 Items in process of collection 9,3 8 6 5 3 0 5 8 1 5 1 3 6 2 8 6 9 4 7 5 8 7 1 4 4 9 1 3 9 3 5 7 4 4 4 5 3,064 Bank premises 1,6 4 9 9 4 1 8 9 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 36,5 4 5 1,6 7 5 13,0 5 5 1,0 3 9 2,3 1 1 5,8 0 4 2,0 8 3 3,4 4 0 9 8 5 1,0 9 4 7 6 1 8 3 3 3,465 Interdistrict settlement account 0 + 3,6 8 6 -15,2 4 2 + 1,3 1 0 - 2,5 9 9 + 1,4 0 9 + 1,2 7 6 - 7,9 7 1 - 1,1 8 1 - 6 6 9 + 4 9 + 7,1 6 7 +12,765 Total assets 757,0 9 5 39,1 0 5 315,3 0 3 24,4 2 2 32,5 8 7 60,7 5 0 50,8 8 8 65,4 9 4 21,9 3 7 16,2 2 0 19,9 2 8 35,7 1 2 74,750 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 March 3, 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 802,36 9 39,1 8 3 324,0 6 7 29,6 2 3 32,8 6 8 60,2 6 5 64,2 8 9 66,9 6 7 23,5 9 7 15,8 7 0 22,1 7 3 40,1 1 0 83,357 Less: notes held by F.R. Banks 122,14 0 5,3 4 6 31,8 2 3 8,3 2 2 5,0 2 6 10,1 1 4 18,5 7 9 8,5 9 9 3,7 5 3 1,5 8 9 4,4 5 9 6,7 4 0 17,790 Federal Reserve notes, net 680,23 0 33,8 3 7 292,2 4 4 21,3 0 2 27,8 4 2 50,1 5 1 45,7 1 0 58,3 6 8 19,8 4 4 14,2 8 1 17,7 1 4 33,3 7 0 65,566 Reverse repurchase agreements1 18,88 6 9 1 3 8,0 8 0 5 9 0 8 8 5 1,4 5 2 1,2 7 6 1,9 0 8 5 9 4 4 2 2 5 0 8 7 4 0 1,517 Deposits 28,20 1 2,6 3 8 8,8 5 8 1,5 0 0 1,7 9 4 4,1 6 5 1,6 1 9 2,3 7 7 6 3 6 3 8 6 8 2 1 7 6 6 2,641 Depository institutions 23,08 7 2,6 3 3 3,9 4 0 1,4 9 9 1,7 9 1 4,0 0 2 1,6 1 8 2,3 7 4 6 2 3 3 8 5 8 2 0 7 6 5 2,638 U.S. Treasury, general account 4,69 8 0 4,6 9 8 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 33 5 3 1 6 1 0 0 1 5 6 0 0 1 2 0 1 0 0 Deferred availability cash items 10,01 2 7 1 6 1,2 2 0 4 0 4 5 4 1 7 4 7 1,1 3 1 8 0 9 3 1 9 4 6 3 4 9 1 4 9 3 2,679 Other liabilities and accrued dividends2 2,22 0 1 2 4 7 1 2 9 0 1 1 8 2 3 3 1 7 9 2 2 0 1 0 3 7 6 8 6 1 0 9 170 Total liabilities 739,54 9 38,2 2 8 311,1 1 4 23,8 8 6 31,1 7 9 56,7 4 8 49,9 1 6 63,6 8 2 21,4 9 6 15,6 2 7 19,6 2 0 35,4 7 8 72,573 Capital Capital paid in 8,96 6 4 4 9 2,0 9 8 2 7 3 7 2 3 2,0 8 9 4 9 1 9 0 8 2 2 3 2 6 4 1 4 9 1 1 4 1,183 Surplus 8,50 8 4 2 8 2,0 3 1 2 5 9 6 8 5 1,9 1 2 4 8 1 9 0 3 2 1 9 3 2 8 1 5 9 1 1 1 993 Other capital 7 2 0 6 0 4 0 0 0 0 0 0 0 9 0 Total liabilities and capital 757,09 5 39,1 0 5 315,3 0 3 24,4 2 2 32,5 8 7 60,7 5 0 50,8 8 8 65,4 9 4 21,9 3 7 16,2 2 0 19,9 2 8 35,7 1 2 74,750 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 Mar 3, 2004 Federal Reserve notes outstanding 802,369 Less: Notes held by F.R. Banks not subject to collateralization 122,140 Federal Reserve notes to be collateralized 680,230 Collateral held against Federal Reserve notes 680,230 Gold certificate account 11,041 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 666,989 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 695,382 Less: face value of securities under reverse repurchase agreements 18,891 U.S. Treasury and agency securities eligible to be pledged 676,490 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.