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 11, 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 10, 2004 Mar 3, 2004 Mar 12, 2003 Mar 10, 2004 Reserve Bank credit 729,556 - 7,040 + 33,220 730,248 Securities held outright 672,592 + 1,006 + 34,006 673,039 U.S. Treasury1 672,592 + 1,006 + 34,016 673,039 Bills2 246,342 + 142 + 15,170 246,372 Notes and bonds, nominal2 410,563 + 779 + 16,652 410,563 Notes and bonds, inflation-indexed2 14,062 + 68 + 1,820 14,464 Inflation compensation3 1,625 + 17 + 374 1,639 Federal agency2 0 0 - 10 0 Repurchase agreements4 18,000 - 8,286 - 1,214 18,750 Loans to depository institutions 26 + 2 - 19 19 Primary credit 7 + 4 - 29 0 Secondary credit 0 0 0 0 Seasonal credit 19 - 2 + 10 19 Float -39 - 190 - 511 -629 Other Federal Reserve assets 38,977 + 428 + 958 39,069 Gold stock 11,045 0 + 2 11,045 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 35,615 + 14 + 883 35,615 Total factors supplying reserve funds 778,417 - 7,025 + 34,106 779,108 Currency in circulation5 713,676 + 335 + 30,647 714,915 Reverse repurchase agreements6 18,320 - 2,289 - 12 19,191 Foreign official and international accounts 18,320 - 2,289 - 12 19,191 Dealers 0 0 0 0 Treasury cash holdings 315 - 2 - 41 320 Deposits with F.R. Banks, other than reserve balances 16,951 + 719 + 54 15,881 U.S. Treasury, general account 5,527 - 91 + 331 4,415 Foreign official 94 + 3 - 11 138 Service-related 11,004 + 797 - 359 11,004 Required clearing balances 10,885 + 806 + 513 10,885 Adjustments to compensate for float 119 - 9 - 872 119 Other 327 + 11 + 94 324 Other liabilities and capital 20,207 + 240 + 192 20,242 Total factors, other than reserve balances, absorbing reserve funds 769,469 - 997 + 30,840 770,548 Reserve balances with Federal Reserve Banks 8,948 - 6,029 + 3,266 8,560 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,159,797 + 8,117 + 258,032 1,165,209 U.S. Treasury 925,674 + 9,176 + 202,502 931,866 Federal agency 234,123 - 1,059 + 55,530 233,342 Securities lent to dealers 2,510 + 1,106 + 2,064 3,026 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 10, 2004 Mar 3, 2004 Mar 12, 2003 Assets Gold certificate account 11,041 0 + 2 Special drawing rights certificate account 2,200 0 0 Coin 857 - 10 - 213 Securities, repurchase agreements, and loans 691,808 - 3,600 + 34,325 Securities held outright 673,039 + 1,407 + 34,315 U.S. Treasury1 673,039 + 1,407 + 34,325 Bills2 246,372 + 132 + 15,067 Notes and bonds, nominal2 410,563 + 779 + 16,652 Notes and bonds, inflation-indexed2 14,464 + 470 + 2,222 Inflation compensation3 1,639 + 26 + 383 Federal agency2 0 0 - 10 Repurchase agreements4 18,750 - 5,000 0 Loans 19 - 7 + 10 Items in process of collection (881) 6,157 - 1,897 - 1,733 Bank premises 1,651 + 2 + 94 Other assets5 37,132 + 587 + 370 Total assets (881) 750,845 - 4,918 + 32,844 Liabilities Federal Reserve notes, net of F.R. Bank holdings 680,472 + 242 + 29,348 Reverse repurchase agreements6 19,191 + 305 + 1,279 Deposits (0) 24,155 - 4,046 + 2,812 Depository institutions 19,278 - 3,809 + 3,059 U.S. Treasury, general account 4,415 - 283 - 360 Foreign official 138 + 56 + 22 Other (0) 324 - 11 + 91 Deferred availability cash items (881) 6,785 - 1,895 - 1,112 Other liabilities and accrued dividends7 2,256 + 36 - 9 Total liabilities (881) 732,859 - 5,358 + 32,318 Capital accounts Capital paid in 8,971 + 5 + 480 Surplus 8,681 + 173 + 301 Other capital accounts 334 + 262 - 255 Total capital 17,986 + 439 + 526 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 10, 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 3 41,734 - 564 0 0 18,750 19,191 16 days to 90 days 16 159,765 + 533 0 0 0 0 91 days to 1 year 0 161,316 + 164 0 0 . . . . . . Over 1 year to 5 years . . . 183,073 + 726 0 0 . . . . . . Over 5 years to 10 years . . . 49,740 + 499 0 0 . . . . . . Over 10 years . . . 77,413 + 52 0 0 . . . . . . All 19 673,039 + 1,407 0 0 18,750 19,191 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 10, 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 5 7 3 9 3 9 4 6 4 5 8 9 8 5 1 1 1 6 0 2 9 5 0 1 5 0 115 Securities, repurchase agreements, and loans 691,8 0 8 32,5 4 1 306,6 9 8 21,0 4 2 31,5 3 7 51,7 5 9 45,4 6 8 68,0 2 1 21,1 7 8 15,0 2 7 18,0 8 8 26,3 7 6 54,075 Securities held outright 673,0 3 9 32,5 3 8 287,9 4 8 21,0 4 2 31,5 3 7 51,7 5 9 45,4 6 8 68,0 1 1 21,1 7 5 15,0 2 3 18,0 8 8 26,3 7 6 54,075 U.S. Treasury1 673,0 3 9 32,5 3 8 287,9 4 8 21,0 4 2 31,5 3 7 51,7 5 9 45,4 6 8 68,0 1 1 21,1 7 5 15,0 2 3 18,0 8 8 26,3 7 6 54,075 Bills2 246,3 7 2 11,9 1 1 105,4 0 6 7,7 0 3 11,5 4 4 18,9 4 7 16,6 4 4 24,8 9 6 7,7 5 1 5,4 9 9 6,6 2 1 9,6 5 5 19,795 Notes and bonds3 426,6 6 7 20,6 2 7 182,5 4 2 13,3 3 9 19,9 9 3 32,8 1 2 28,8 2 4 43,1 1 5 13,4 2 3 9,5 2 4 11,4 6 6 16,7 2 1 34,280 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 9 2 0 0 0 0 0 1 0 3 4 0 0 0 Items in process of collection 7,0 3 8 3 6 6 3 8 6 5 5 7 3 7 8 3 7 6 8 2 8 4 7 2 4 2 6 3 9 5 4 3 3 3 0 2 2,118 Bank premises 1,6 5 1 9 5 1 8 9 5 2 1 5 1 1 4 5 2 7 7 1 2 6 4 8 1 2 5 7 4 1 8 9 180 Other assets5 37,1 3 2 1,6 9 7 13,2 7 5 1,1 4 4 2,3 3 0 5,8 5 0 2,1 1 7 3,5 0 0 9 8 1 1,1 0 5 7 7 5 8 4 8 3,510 Interdistrict settlement account 0 + 1,9 3 7 - 9,7 1 2 + 9 8 6 - 3,2 5 7 - 1,4 0 3 + 5 7 9 - 8,0 3 2 - 1,4 2 4 - 8 0 0 + 1 3 + 7,4 5 5 +13,659 Total assets 751,7 2 6 37,2 8 5 316,4 5 6 24,2 8 9 31,7 6 5 57,7 7 0 50,3 8 4 65,3 9 1 21,6 7 1 16,1 3 5 19,8 0 1 35,9 2 4 74,853 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 10, 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 803,01 9 39,2 0 4 324,1 4 7 29,5 4 7 32,7 9 3 60,2 8 7 63,9 9 1 67,0 0 2 23,5 5 8 15,8 5 9 22,1 3 9 40,3 9 7 84,096 Less: notes held by F.R. Banks 122,54 7 5,1 8 6 32,4 2 1 8,1 8 4 5,1 1 1 10,3 5 8 18,3 4 3 8,5 2 8 3,7 7 8 1,6 0 4 4,3 2 9 6,7 2 5 17,978 Federal Reserve notes, net 680,47 2 34,0 1 7 291,7 2 6 21,3 6 3 27,6 8 1 49,9 2 9 45,6 4 7 58,4 7 4 19,7 8 0 14,2 5 4 17,8 0 9 33,6 7 2 66,118 Reverse repurchase agreements1 19,19 1 9 2 8 8,2 1 0 6 0 0 8 9 9 1,4 7 6 1,2 9 6 1,9 3 9 6 0 4 4 2 8 5 1 6 7 5 2 1,542 Deposits 24,15 5 7 4 9 10,6 8 8 7 9 9 1,2 3 3 1,6 0 5 1,3 9 8 2,3 8 4 5 3 5 4 0 2 6 8 4 7 7 0 2,908 Depository institutions 19,27 8 7 4 6 5,9 9 9 7 9 8 1,2 2 9 1,4 4 3 1,3 9 6 2,3 8 0 5 3 0 4 0 1 6 8 2 7 6 9 2,904 U.S. Treasury, general account 4,41 5 0 4,4 1 5 0 0 0 0 0 0 0 0 0 0 Foreign official 13 8 2 1 1 4 1 2 7 2 3 1 1 1 0 4 Other 32 4 2 1 6 0 0 1 1 5 5 0 1 4 0 1 0 0 Deferred availability cash items 7,66 6 5 6 6 7 3 4 8 8 7 4 0 2 4 8 1 8 6 1 5 1 4 1 9 4 3 6 8 3 8 3 3 7 7 1,899 Other liabilities and accrued dividends2 2,25 6 1 2 8 7 2 2 9 2 1 1 9 2 3 6 1 8 2 2 2 4 1 0 4 7 8 8 7 1 1 0 173 Total liabilities 733,74 0 36,3 8 8 312,0 8 2 23,7 4 1 30,3 3 5 53,7 2 7 49,3 8 5 63,5 3 6 21,2 1 6 15,5 3 0 19,4 7 9 35,6 8 1 72,639 Capital Capital paid in 8,97 1 4 4 9 2,1 0 0 2 7 3 7 2 3 2,0 8 9 4 9 2 9 0 8 2 2 3 2 6 5 1 5 0 1 1 6 1,183 Surplus 8,68 1 4 4 8 2,0 3 1 2 5 9 7 0 7 1,9 5 5 4 8 9 9 2 4 2 2 8 3 4 0 1 5 9 1 1 1 1,030 Other capital 33 4 0 2 4 4 1 6 0 0 1 9 2 3 3 0 1 3 1 6 0 Total liabilities and capital 751,72 6 37,2 8 5 316,4 5 6 24,2 8 9 31,7 6 5 57,7 7 0 50,3 8 4 65,3 9 1 21,6 7 1 16,1 3 5 19,8 0 1 35,9 2 4 74,853 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 10, 2004 Federal Reserve notes outstanding 803,019 Less: Notes held by F.R. Banks not subject to collateralization 122,547 Federal Reserve notes to be collateralized 680,472 Collateral held against Federal Reserve notes 680,472 Gold certificate account 11,041 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 667,232 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 691,789 Less: face value of securities under reverse repurchase agreements 19,196 U.S. Treasury and agency securities eligible to be pledged 672,593 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.