Reserve Bank credit, related items, and

reserve balances of depository institutions

at Federal Reserve Banks

Reserve Bank credit 721,688 + 6,374 + 63,778 722,582

Securities held outright 655,767 + 1,242 + 50,643 655,953

U.S. Treasury1 655,757 + 1,242 + 50,643 655,943

Bills2 241,183 + 214 + 37,088 241,367

Notes and bonds, nominal2 399,595 + 636 + 11,984 399,595

Notes and bonds, inflation-indexed2 13,454 + 365 + 1,212 13,454

Inflation compensation3 1,525 + 26 + 360 1,526

Federal agency2 10 0 0 10

Repurchase agreements4 27,893 + 5,072 + 12,393 29,250

Loans to depository institutions 162 + 4 - 6 165

Primary credit 4 + 1 + 4 2

Secondary credit 0 0 0 0

Seasonal credit 158 + 3 - 4 162

Adjustment credit 0 0 - 7 0

Float -220 - 541 + 542 -1,035

Other Federal Reserve assets 38,087 + 598 + 207 38,249

Gold stock 11,043 0 + 1 11,043

Special drawing rights certificate account 2,200 0 0 2,200

Treasury currency outstanding5 35,219 + 14 + 938 35,219

Total factors supplying reserve funds 770,150 + 6,388 + 64,717 771,044

Currency in circulation5 696,189 - 2,267 + 35,036 696,969

Reverse repurchase agreements6 20,445 + 1,100 + 20,445 18,972

Foreign official and international accounts 20,445 + 1,100 + 20,445 18,972

Dealers 0 0 0 0

Treasury cash holdings 333 - 4 - 31 333

Deposits with F.R. Banks, other than reserve balances 18,064 + 1,387 + 1,850 19,270

U.S. Treasury, general account 6,084 + 1,339 + 311 7,247

Foreign official 229 - 32 + 123 270

Service-related 11,481 + 89 + 1,364 11,481

Required clearing balances 11,219 - 1 + 1,278 11,219

Adjustments to compensate for float 262 + 89 + 86 262

Other 269 - 10 + 51 272

Other liabilities and capital 20,588 + 137 + 1,414 20,225

Total factors, other than reserve balances,

absorbing reserve funds 755,618 + 352 + 58,714 755,768

Reserve balances with Federal Reserve Banks 14,532 + 6,036 + 6,003 15,276

Memo (off-balance-sheet items):

Marketable securities held in custody for foreign

 official and international accounts2,7 964,468 + 3,181 . . . 959,339

U.S. Treasury 774,817 + 1,361 . . . 772,230

Federal agency 189,651 + 1,820 . . . 187,110

Securities lent to dealers 1,557 - 310 + 1,162 586

FEDERAL RESERVE statistical release

 September 18, 2003

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Averages of daily figures

Note: Components may not sum to totals because of rounding.

. . . Not available.

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.

Change from week ended Wednesday

 Sep 17, 2003 Week ended

 Sep 17, 2003 Sep 10, 2003 Sep 18, 2002
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.

Assets

Gold certificate account 11,039 0 + 1

Special drawing rights certificate account 2,200 0 0

Coin 848 - 2 - 204

Securities, repurchase agreements, and loans 685,367 + 7,111 + 62,167

Securities held outright 655,953 + 351 + 49,671

U.S. Treasury1 655,943 + 351 + 49,671

Bills2 241,367 + 347 + 37,070

Notes and bonds, nominal2 399,595 0 + 11,029

Notes and bonds, inflation-indexed2 13,454 0 + 1,212

Inflation compensation3 1,526 + 3 + 359

Federal agency2 10 0 0

Repurchase agreements4 29,250 + 6,750 + 12,500

Loans 165 + 10 - 3

Items in process of collection (1,271) 7,157 - 856 - 194

Bank premises 1,591 + 1 + 68

Other assets5 36,633 + 447 - 43

Total assets (1,271) 744,835 + 6,701 + 61,795

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 662,927 - 1,131 + 34,182

Reverse repurchase agreements6 18,972 - 747 + 18,972

Deposits ( 0 ) 34,823 + 8,662 + 7,245

Depository institutions 27,034 + 6,279 + 6,985

U.S. Treasury, general account 7,247 + 2,208 + 72

Foreign official 270 + 190 + 131

Other ( 0 ) 272 - 15 + 57

Deferred availability cash items (1,271) 7,889 + 40 + 433

Other liabilities and accrued dividends7 2,204 - 11 - 188

Total liabilities (1,271) 726,815 + 6,812 + 60,643

Capital accounts

Capital paid in 8,755 0 + 503

Surplus 8,380 0 + 1,068

Other capital accounts 885 - 111 - 419

Total capital 18,021 - 110 + 1,153

H.4.1

2. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Wednesday

 Sep 18, 2002

Eliminations from

consolidation Wednesday

 Sep 17, 2003

Wednesday

 Sep 10, 2003

3. Maturity Distribution of Loans and Securities, September 17, 2003

Millions of dollars

 Federal agency

securities

Weekly

changes Holdings

 U.S. Treasury

securities1

Holdings Weekly

changes

Loans Repurchase

agreements2

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.

Reverse

repurchase

agreements2

Within 15 days 163 52,664 + 6,753 0 0 24,250 18,972

16 days to 90 days 2 135,948 - 5,526 10 + 10 5,000 0

91 days to 1 year 0 160,569 - 880 0 - 10 . . . . . . 

Over 1 year to 5 years . . . 178,019 + 1 0 0 . . . . . . 

Over 5 years to 10 years . . . 51,656 + 1 0 0 . . . . . . 

Over 10 years . . . 77,086 + 1 0 0 . . . . . . 

All 165 655,943 + 351 10 0 29,250 18,972

Assets, liabilities, and capital

Maturity
H.4.1

4. Statement of Condition of Each Federal Reserve Bank on September 17, 2003Millions of dollars

Total Boston Cleveland Richmond Atlanta Chicago St. Louis New York Philadelphia Minneap

AssetsGold certificate accountSpecial drawing rights certificate acct.CoinSecurities, repurchase agreements,

and loans

Securities held outright

U.S. Treasury1

Bills2Notes and bonds3

Federal agency2

Repurchase agreements4Loans

Items in process of collectionBank premisesOther assets5Interdistrict settlement account

Total assets

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 sec

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.

 11,039 2,200 848 685,367 655,953 655,943 241,367 414,576 10 29,250 165 8,428 1,591 36,633 0 746,106

Assets, liabilities, and capital

 4,706 874 33 309,888 280,638 280,633 103,265 177,369 4 29,250 0 603 187 13,186 + 1,314 330,791

 495 115 27 31,712 31,712 31,712 11,669 20,043 0 0 0 576 91 1,686 - 691 34,012

 380 83 43 20,511 20,508 20,507 7,546 12,961 0 0 3 387 52 1,079 - 487 22,049

 477 104 36 30,736 30,736 30,736 11,310 19,426 0 0 0 446 152 2,280 - 2,123 32,108

 808 147 103 50,445 50,445 50,444 18,562 31,882 1 0 0 579 143 5,825 - 753 57,296

 863 166 110 44,324 44,314 44,313 16,306 28,007 1 0 10 666 278 2,113 + 1,418 49,937

 982 212 105 66,326 66,284 66,283 24,390 41,893 1 0 42 727 120 3,394 - 7,385 64,481

 331 71 58 20,664 20,637 20,637 7,594 13,043 0 0 27 494 43 936 - 1,414 21,184

 2   14,6 14,6 14,6 5,3 9,2    4 1 1,0 + 1 16,7
 785,485

 117,643 667,842 667,842 11,039 2,200 654,603 0 685,203 18,976 666,226

Total Boston Cleveland Richmond Atlanta Chicago St. Louis New York Philadelphia Minneap

LiabilitiesFederal Reserve notes outstanding

Less: notes held by F.R. Banks

Federal Reserve notes, net

Reverse repurchase agreements1

Deposits

Depository institutionsU.S. Treasury, general accountForeign officialOther

Deferred availability cash itemsOther liabilities and accrued

dividends2

Total liabilities

CapitalCapital paid inSurplusOther capital

Total liabilities and capital

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.

 785,485 122,559 662,927 18,972 34,823 27,034 7,247 270 272 9,160 2,204 728,085 8,755 8,380 885 746,106

 32,239 5,361 26,878 917 4,646 4,637 0 2 8 529 127 33,096 446 436 33 34,012

 330,263 26,462 303,801 8,117 12,945 5,292 7,247 247 159 1,061 678 326,602 1,997 1,809 383 330,791

 27,919 8,743 19,176 593 1,149 1,148 0 1 0 517 90 21,526 254 233 37 22,049

 32,540 5,654 26,886 889 2,266 2,262 0 3 1 516 118 30,675 705 702 26 32,108

 58,492 9,970 48,522 1,459 2,267 2,160 0 7 100 609 234 53,091 2,073 2,073 59 57,296

 65,003 20,526 44,477 1,282 2,077 2,075 0 2 0 932 181 48,948 478 475 35 49,937

 66,869 9,783 57,085 1,917 2,676 2,673 0 3 1 696 223 62,598 917 858 108 64,481

 23,708 4,888 18,820 597 823 821 0 1 1 368 99 20,706 228 199 51 21,184

 15,8 1,7 14,0 4 9 9    5  16,0 3 3  16,7

H.4.1

4. Statement of Condition of Each Federal Reserve Bank on September 17, 2003 (continued)Millions of dollars

Assets, liabilities, and capital

Federal Reserve notes outstanding

Less: Notes held by F.R. Banks

not subject to collateralization

Federal Reserve notes to be collateralized

Collateral held against Federal Reserve notes

Gold certificate accountSpecial drawing rights certificate accountU.S. Treasury and agency securities pledged1Other eligible assets

Memo:Total U.S. Treasury and agency securities1

Less: face value of securities under

reverse repurchase agreements

U.S. Treasury and agency securities

eligible to be pledged

5. Collateral Held against Federal Reserve Notes:Federal Reserve Agents' AccountsMillions of dollarsFederal Reserve notes and collateral Wednesday

 Sep 17, 2003

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 ofinflation-indexed securities, and cash value of repurchase agreements.