Reserve Bank credit, related items, and

reserve balances of depository institutions

at Federal Reserve Banks

Reserve Bank credit 717,608 - 4,068 + 61,686 720,501

Securities held outright 655,990 + 223 + 50,738 656,003

U.S. Treasury1 655,980 + 223 + 50,738 655,993

Bills2 241,402 + 219 + 38,137 241,414

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

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

Inflation compensation3 1,529 + 4 + 361 1,530

Federal agency2 10 0 0 10

Repurchase agreements4 22,286 - 5,607 + 10,072 26,000

Loans to depository institutions 236 + 74 + 67 341

Primary credit 73 + 69 + 73 172

Secondary credit 0 0 0 0

Seasonal credit 163 + 5 - 5 170

Adjustment credit 0 0 - 1 0

Float 288 + 521 + 241 -971

Other Federal Reserve assets 38,809 + 722 + 570 39,128

Gold stock 11,043 0 + 1 11,043

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

Treasury currency outstanding5 35,233 + 14 + 935 35,233

Total factors supplying reserve funds 766,084 - 4,054 + 62,622 768,977

Currency in circulation5 695,933 - 255 + 36,220 697,361

Reverse repurchase agreements6 20,545 + 100 + 20,545 18,801

Foreign official and international accounts 20,545 + 100 + 20,545 18,801

Dealers 0 0 0 0

Treasury cash holdings 336 + 3 - 36 341

Deposits with F.R. Banks, other than reserve balances 19,406 + 1,342 + 2,014 18,674

U.S. Treasury, general account 7,540 + 1,456 + 708 6,837

Foreign official 102 - 127 + 22 82

Service-related 11,494 + 13 + 1,249 11,494

Required clearing balances 11,226 + 7 + 1,287 11,226

Adjustments to compensate for float 268 + 6 - 38 268

Other 270 + 1 + 36 262

Other liabilities and capital 20,755 + 167 + 1,332 20,648

Total factors, other than reserve balances,

absorbing reserve funds 756,975 + 1,357 + 60,076 755,826

Reserve balances with Federal Reserve Banks 9,109 - 5,410 + 2,546 13,151

Memo (off-balance-sheet items):

Marketable securities held in custody for foreign

 official and international accounts2,7 963,357 - 1,111 . . . 968,067

U.S. Treasury 774,795 - 22 . . . 775,698

Federal agency 188,561 - 1,090 . . . 192,369

Securities lent to dealers 615 - 942 + 147 809

FEDERAL RESERVE statistical release

 September 25, 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 24, 2003 Week ended

 Sep 24, 2003 Sep 17, 2003 Sep 25, 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 849 + 1 - 217

Securities, repurchase agreements, and loans 682,345 - 3,022 + 60,412

Securities held outright 656,003 + 50 + 49,745

U.S. Treasury1 655,993 + 50 + 49,745

Bills2 241,414 + 47 + 37,145

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

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

Inflation compensation3 1,530 + 4 + 360

Federal agency2 10 0 0

Repurchase agreements4 26,000 - 3,250 + 10,500

Loans 341 + 176 + 166

Items in process of collection (1,121) 6,535 - 622 - 323

Bank premises 1,595 + 4 + 73

Other assets5 37,521 + 888 + 559

Total assets (1,121) 742,084 - 2,751 + 60,506

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 663,314 + 387 + 35,411

Reverse repurchase agreements6 18,801 - 171 + 18,801

Deposits ( 0 ) 32,208 - 2,615 + 4,737

Depository institutions 25,027 - 2,007 + 5,072

U.S. Treasury, general account 6,837 - 410 - 372

Foreign official 82 - 188 + 7

Other ( 0 ) 262 - 10 + 30

Deferred availability cash items (1,121) 7,112 - 777 + 185

Other liabilities and accrued dividends7 2,245 + 41 - 187

Total liabilities (1,121) 723,681 - 3,134 + 58,946

Capital accounts

Capital paid in 8,758 + 3 + 504

Surplus 8,380 0 + 1,068

Other capital accounts 1,265 + 380 - 13

Total capital 18,403 + 382 + 1,559

H.4.1

2. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Wednesday

 Sep 25, 2002

Eliminations from

consolidation Wednesday

 Sep 24, 2003

Wednesday

 Sep 17, 2003

3. Maturity Distribution of Loans and Securities, September 24, 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 311 52,428 - 236 0 0 26,000 18,801

16 days to 90 days 30 137,309 + 1,361 10 0 0 0

91 days to 1 year 0 159,492 - 1,077 0 0 . . . . . . 

Over 1 year to 5 years . . . 178,020 + 1 0 0 . . . . . . 

Over 5 years to 10 years . . . 51,658 + 2 0 0 . . . . . . 

Over 10 years . . . 77,088 + 2 0 0 . . . . . . 

All 341 655,993 + 50 10 0 26,000 18,801

Assets, liabilities, and capital

Maturity
H.4.1

4. Statement of Condition of Each Federal Reserve Bank on September 24, 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 2,200 849 682,345 656,003 655,993 241,414 414,579 10 26,000 341 7,656 1,595 37,521 0 743,205

Assets, liabilities, and capital

 4,706 874 34 306,659 280,659 280,655 103,285 177,370 4 26,000 0 564 190 13,451 + 2,349 328,827

 495 115 28 31,715 31,715 31,714 11,671 20,043 0 0 0 438 91 1,731 - 1,888 32,726

 380 83 41 20,512 20,509 20,509 7,548 12,961 0 0 3 347 52 1,106 - 1,189 21,333

 477 104 34 30,739 30,739 30,738 11,312 19,426 0 0 0 416 152 2,342 - 2,530 31,734

 808 147 102 50,449 50,449 50,448 18,565 31,882 1 0 0 599 143 5,981 - 1,129 57,100

 863 166 112 44,477 44,317 44,316 16,309 28,007 1 0 160 616 278 2,167 + 842 49,521

 982 212 106 66,331 66,289 66,288 24,395 41,893 1 0 42 603 120 3,487 - 3,308 68,533

 331 71 58 20,669 20,639 20,638 7,595 13,043 0 0 31 356 43 960 - 1,496 20,992

 2   14,7 14,6 14,6 5,3 9,2    4 1 1,1 - 4 16,2
 787,589

 119,527 668,062 668,062 11,039 2,200 654,823 0 682,003 18,805 663,198

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.

 787,589 124,274 663,314 18,801 32,208 25,027 6,837 82 262 8,233 2,245 724,802 8,758 8,380 1,265 743,205

 34,308 5,465 28,843 909 1,440 1,435 0 2 4 470 130 31,792 446 436 51 32,726

 329,912 26,431 303,481 8,044 11,426 4,371 6,837 58 160 915 686 324,552 1,997 1,809 468 328,827

 27,758 8,993 18,765 588 884 883 0 1 0 470 92 20,799 255 233 46 21,333

 33,063 5,825 27,238 881 1,489 1,486 0 3 1 536 120 30,264 705 702 63 31,734

 58,810 10,328 48,482 1,446 1,973 1,872 0 7 93 644 253 52,798 2,073 2,073 156 57,100

 64,602 20,083 44,519 1,270 1,718 1,716 0 2 0 820 184 48,511 479 475 56 49,521

 66,775 9,934 56,841 1,900 7,013 7,010 0 3 1 629 224 66,607 917 858 151 68,533

 23,646 4,807 18,839 592 742 741 0 1 1 243 101 20,516 228 199 48 20,992

 15,8 1,7 14,0 4 4 4    4  15,5 3 3  16,2

H.4.1

4. Statement of Condition of Each Federal Reserve Bank on September 24, 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 24, 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.