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 18, 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 17, 2004 Mar 10, 2004 Mar 19, 2003 Mar 17, 2004 Reserve Bank credit 736,994 + 7,438 + 32,129 741,038 Securities held outright 673,086 + 494 + 33,569 673,153 U.S. Treasury1 673,086 + 494 + 33,579 673,153 Bills2 246,408 + 66 + 14,927 246,469 Notes and bonds, nominal2 410,563 0 + 16,044 410,563 Notes and bonds, inflation-indexed2 14,464 + 402 + 2,222 14,464 Inflation compensation3 1,650 + 25 + 386 1,657 Federal agency2 0 0 - 10 0 Repurchase agreements4 25,179 + 7,179 - 1,321 28,750 Loans to depository institutions 75 + 49 + 57 347 Primary credit 48 + 41 + 39 311 Secondary credit 0 0 0 0 Seasonal credit 27 + 8 + 19 36 Float -686 - 647 - 1,491 -768 Other Federal Reserve assets 39,342 + 365 + 1,317 39,556 Gold stock 11,045 0 + 2 11,045 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding5 35,629 + 14 + 875 35,629 Total factors supplying reserve funds 785,869 + 7,452 + 33,007 789,912 Currency in circulation5 713,868 + 192 + 30,151 715,460 Reverse repurchase agreements6 19,095 + 775 - 707 18,770 Foreign official and international accounts 19,095 + 775 - 528 18,770 Dealers 0 0 - 179 0 Treasury cash holdings 323 + 8 - 49 338 Deposits with F.R. Banks, other than reserve balances 17,299 + 348 + 1,169 17,982 U.S. Treasury, general account 5,737 + 210 + 758 6,415 Foreign official 86 - 8 - 73 112 Service-related 11,129 + 125 + 369 11,129 Required clearing balances 10,886 + 1 + 513 10,886 Adjustments to compensate for float 243 + 124 - 144 243 Other 347 + 20 + 116 326 Other liabilities and capital 20,536 + 329 + 998 20,576 Total factors, other than reserve balances, absorbing reserve funds 771,121 + 1,652 + 31,563 773,126 Reserve balances with Federal Reserve Banks 14,748 + 5,800 + 1,444 16,786 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts2,7 1,168,270 + 8,473 + 267,545 1,172,461 U.S. Treasury 933,134 + 7,460 + 210,593 933,991 Federal agency 235,136 + 1,013 + 56,952 238,470 Securities lent to dealers 2,739 + 229 + 1,406 685 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 17, 2004 Mar 10, 2004 Mar 19, 2003 Assets Gold certificate account 11,041 0 + 2 Special drawing rights certificate account 2,200 0 0 Coin 846 - 11 - 225 Securities, repurchase agreements, and loans 702,250 + 10,442 + 35,335 Securities held outright 673,153 + 114 + 33,254 U.S. Treasury1 673,153 + 114 + 33,264 Bills2 246,469 + 97 + 14,713 Notes and bonds, nominal2 410,563 0 + 15,942 Notes and bonds, inflation-indexed2 14,464 0 + 2,222 Inflation compensation3 1,657 + 18 + 388 Federal agency2 0 0 - 10 Repurchase agreements4 28,750 + 10,000 + 1,750 Loans 347 + 328 + 330 Items in process of collection (886) 5,915 - 242 - 5,617 Bank premises 1,653 + 2 + 96 Other assets5 37,624 + 492 + 1,045 Total assets (886) 761,529 + 10,684 + 30,635 Liabilities Federal Reserve notes, net of F.R. Bank holdings 681,010 + 538 + 29,061 Reverse repurchase agreements6 18,770 - 421 + 340 Deposits (10) 34,489 + 10,334 + 529 Depository institutions 27,635 + 8,357 - 2,307 U.S. Treasury, general account 6,415 + 2,000 + 2,808 Foreign official 112 - 26 - 38 Other (10) 326 + 2 + 65 Deferred availability cash items (876) 6,683 - 102 - 726 Other liabilities and accrued dividends7 2,226 - 30 + 2 Total liabilities (886) 743,179 + 10,320 + 29,207 Capital accounts Capital paid in 8,997 + 26 + 503 Surplus 8,792 + 111 + 495 Other capital accounts 560 + 226 + 428 Total capital 18,350 + 364 + 1,427 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 17, 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 343 50,381 + 8,647 0 0 28,750 18,770 16 days to 90 days 5 151,412 - 8,353 0 0 0 0 91 days to 1 year 0 161,118 - 198 0 0 . . . . . . Over 1 year to 5 years . . . 183,079 + 6 0 0 . . . . . . Over 5 years to 10 years . . . 49,744 + 4 0 0 . . . . . . Over 10 years . . . 77,419 + 6 0 0 . . . . . . All 347 673,153 + 114 0 0 28,750 18,770 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 17, 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 4 6 3 7 3 9 4 8 4 4 8 6 8 3 1 1 1 6 1 2 9 5 1 1 4 7 111 Securities, repurchase agreements, and loans 702,2 5 0 32,5 5 0 317,0 5 6 21,0 4 6 31,5 4 2 51,7 6 8 45,4 7 6 68,0 3 8 21,1 8 6 15,0 3 2 18,0 9 2 26,3 8 1 54,084 Securities held outright 673,1 5 3 32,5 4 4 287,9 9 6 21,0 4 6 31,5 4 2 51,7 6 8 45,4 7 6 68,0 2 2 21,1 7 8 15,0 2 6 18,0 9 1 26,3 8 1 54,084 U.S. Treasury1 673,1 5 3 32,5 4 4 287,9 9 6 21,0 4 6 31,5 4 2 51,7 6 8 45,4 7 6 68,0 2 2 21,1 7 8 15,0 2 6 18,0 9 1 26,3 8 1 54,084 Bills2 246,4 6 9 11,9 1 6 105,4 4 7 7,7 0 6 11,5 4 9 18,9 5 4 16,6 5 0 24,9 0 6 7,7 5 4 5,5 0 2 6,6 2 4 9,6 5 9 19,802 Notes and bonds3 426,6 8 4 20,6 2 8 182,5 4 9 13,3 4 0 19,9 9 3 32,8 1 3 28,8 2 5 43,1 1 7 13,4 2 4 9,5 2 4 11,4 6 7 16,7 2 2 34,282 Federal agency2 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements4 28,7 5 0 0 28,7 5 0 0 0 0 0 0 0 0 0 0 0 Loans 3 4 7 6 3 1 0 0 0 0 0 1 6 8 6 1 0 0 Items in process of collection 6,8 0 1 4 4 9 5 8 4 3 1 7 3 8 8 3 2 9 7 5 4 4 6 0 3 7 0 3 5 8 4 1 4 3 0 4 2,072 Bank premises 1,6 5 3 9 5 1 8 9 5 2 1 5 1 1 4 4 2 7 8 1 2 7 4 9 1 2 5 7 4 1 8 9 180 Other assets5 37,6 2 4 1,7 2 3 13,4 6 0 1,1 5 7 2,3 5 9 5,9 0 6 2,1 4 3 3,5 5 4 1,0 0 2 1,1 1 7 7 8 4 8 6 2 3,558 Interdistrict settlement account 0 + 2,7 3 7 -15,9 7 7 + 1,0 7 9 - 2,9 6 9 + 4 1 3 + 1,3 5 2 - 8,1 3 4 - 1,2 5 0 - 6 9 1 + 2 7 9 + 7,7 9 1 +15,369 Total assets 762,4 1 5 38,2 0 1 320,9 3 4 24,1 6 2 32,0 9 7 59,6 0 1 51,1 1 5 65,3 4 9 21,8 2 0 16,2 2 3 20,0 6 3 36,2 7 8 76,571 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 17, 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 803,41 6 39,2 8 6 324,1 2 1 29,4 1 8 32,7 2 8 60,1 8 6 63,7 3 9 66,8 8 3 23,5 7 3 15,8 3 8 22,3 3 7 41,0 2 6 84,280 Less: notes held by F.R. Banks 122,40 6 5,1 0 9 32,2 6 0 8,2 3 3 5,1 2 1 10,6 3 3 17,8 1 2 8,5 3 0 3,7 4 6 1,5 5 5 4,2 7 8 6,9 9 0 18,140 Federal Reserve notes, net 681,01 0 34,1 7 6 291,8 6 2 21,1 8 6 27,6 0 7 49,5 5 3 45,9 2 7 58,3 5 3 19,8 2 8 14,2 8 3 18,0 6 0 34,0 3 7 66,140 Reverse repurchase agreements1 18,77 0 9 0 7 8,0 3 1 5 8 7 8 8 0 1,4 4 3 1,2 6 8 1,8 9 7 5 9 1 4 1 9 5 0 4 7 3 6 1,508 Deposits 34,49 9 1,4 3 9 15,0 8 4 1,1 3 4 1,5 8 6 3,8 2 7 1,8 1 1 2,4 0 1 6 0 1 4 2 5 7 1 7 7 6 5 4,709 Depository institutions 27,63 5 1,4 2 6 8,4 2 4 1,1 3 3 1,5 8 2 3,6 6 9 1,7 9 9 2,3 9 7 5 9 6 4 2 4 7 1 6 7 6 4 4,705 U.S. Treasury, general account 6,41 5 0 6,4 1 5 0 0 0 0 0 0 0 0 0 0 Foreign official 11 2 2 8 9 1 2 7 2 3 1 1 1 0 4 Other 33 6 1 2 1 5 6 0 1 1 5 0 1 0 0 4 0 1 1 0 Deferred availability cash items 7,55 9 6 2 6 8 1 2 5 9 9 4 4 5 4 3 3 9 1 6 5 8 6 2 1 5 4 0 0 3 7 1 3 8 0 1,775 Other liabilities and accrued dividends2 2,22 6 1 2 8 7 1 6 9 1 1 1 7 2 2 7 1 8 0 2 2 2 1 0 3 7 6 8 5 1 0 8 173 Total liabilities 744,06 5 37,2 7 6 316,5 0 5 23,5 9 6 30,6 3 5 55,4 8 3 50,1 0 2 63,4 5 9 21,3 3 7 15,6 0 4 19,7 3 7 36,0 2 6 74,305 Capital Capital paid in 8,99 7 4 4 9 2,1 1 2 2 7 3 7 2 3 2,1 0 0 4 8 4 9 0 8 2 3 1 2 6 5 1 5 0 1 1 9 1,183 Surplus 8,79 2 4 4 8 2,0 3 1 2 5 9 7 2 7 2,0 1 9 4 8 9 9 2 4 2 2 8 3 4 6 1 6 2 1 1 1 1,048 Other capital 56 0 2 8 2 8 6 3 4 1 1 0 4 0 5 8 2 4 9 1 3 2 3 34 Total liabilities and capital 762,41 5 38,2 0 1 320,9 3 4 24,1 6 2 32,0 9 7 59,6 0 1 51,1 1 5 65,3 4 9 21,8 2 0 16,2 2 3 20,0 6 3 36,2 7 8 76,571 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 17, 2004 Federal Reserve notes outstanding 803,416 Less: Notes held by F.R. Banks not subject to collateralization 122,406 Federal Reserve notes to be collateralized 681,010 Collateral held against Federal Reserve notes 681,010 Gold certificate account 11,041 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged1 667,770 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities1 701,903 Less: face value of securities under reverse repurchase agreements 18,755 U.S. Treasury and agency securities eligible to be pledged 683,148 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.