FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                          December 26, 2002
1. Factors Affecting Reserve Balances of Depository Institutions
Millions of dollars
                                                                   Averages of daily figures
Reserve Bank credit, related items, and                   Week ended   Change from week ended     Wednesday
reserve balances of depository institutions at           Dec 25, 2002 Dec 18, 2002 Dec 26, 2001 Dec 25, 2002
Federal Reserve Banks

Reserve Bank Credit                                         703,676    +  11,023    +  69,903      708,472
 Securities held outright                                   629,410    +   2,931    +  73,535      629,412       
    U.S. Treasury (1)                                       629,400    +   2,931    +  73,535      629,402
       Bills (2)                                            226,682    +   2,925    +  40,429      226,682
       Notes and bonds, nominal (2)                         389,219            0    +  30,765      389,219
       Notes and bonds, inflation-indexed (2)                12,242            0    +   2,056       12,242
       Inflation compensation (3)                             1,256    +       6    +     284        1,258
    Federal agency (2)                                           10            0            0           10      
 Repurchase agreements(4)                                    34,321    +   6,142    -   7,422       37,250
 Loans to depository institutions                                59    +       4    -      13           59
    Adjustment credit                                            13    +       7    -      23            9
    Seasonal credit                                              46    -       3    +      10           50
    Extended credit                                               0            0            0            0
 Float                                                        1,177    +   1,238    +   1,008        2,793
 Other Federal Reserve assets                                38,708    +     705    +   2,793       38,958
Gold stock                                                   11,043            0    -       2       11,043
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            34,483    +      14    +   1,476       34,483
       
Total factors supplying reserve funds                       751,401    +  11,036    +  71,376      756,197
                                                                   
Currency in circulation(5)                                  681,441    +   6,025    +  42,945      685,007
Reverse repurchase agreements (6)                            20,908    +   2,706    +  20,908       20,396
   Foreign official and international accounts               20,908    +   2,706    +  20,908       20,396
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          360    -      10    -      65          360
Deposits with F.R.Banks, other than reserve balances         16,186    -   1,031    +   2,018       16,184       
  U.S. Treasury, general account                              4,678    -   1,281    +      33        4,662
  Foreign official                                              114    -      34    -     230          139
  Service-related                                            11,181    +     281    +   2,209       11,181
     Required clearing balances                              10,452    +       2    +   1,870       10,452
     Adjustments to compensate for float                        729    +     279    +     339          729
  Other                                                         212    +       2    +       5          203
Other liabilities and capital                                20,441    +     238    +   2,685       20,670

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  739,334    +   7,925    +  68,489      742,617

Reserve balances with Federal Reserve Banks                  12,067    +   3,111    +   2,887       13,580
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)           848,867    +   2,568    ------         848,468
     U.S. Treasury                                          685,997    +     704    ------         685,042
     Federal agency                                         162,870    +   1,865    ------         163,426
  Securities lent to dealers                                    304    +     153    -   4,151          111   


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 effects 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.


2. Consolidated Statement of Condition of All Federal Reserve Banks
Millions of Dollars
                                              Eliminations                          Change Since
                                                  from       Wednesday        Wednesday        Wednesday
Assets, liabilities, and capital             consolidation Dec 25, 2002     Dec 18, 2002     Dec 26, 2001

Assets
Gold certificate account                                        11,039                0        -       6
Special drawing rights certificate account                       2,200                0                0
Coin                                                             1,011        -      24        -      55
Securities, repurchase agreements, and loans                   666,721        +   7,269        +  60,420
   Securities held outright                                    629,412        +       5        +  73,405
      U.S. Treasury (1)                                        629,402        +       5        +  73,405       
         Bills (2)                                             226,682                0        +  40,293
         Notes and bonds, nominal (2)                          389,219                0        +  30,765
         Notes and bonds, inflation-indexed (2)                 12,242                0        +   2,056
         Inflation compensation (3)                              1,258        +       5        +     291
      Federal agency (2)                                            10                0                0
   Repurchase agreements (4)                                    37,250        +   7,250        -  13,000    
   Loans                                                            59        +      14        +      14
Items in process of collection                    (1,076)       13,239        +   4,439        +   8,017
Bank premises                                                    1,540        +       6        +      21
Other assets (5)                                                37,357        +     817        +   1,764
      Total assets                                (1,076)      733,107        +  12,506        +  70,162
                          
Liabilities
Federal Reserve notes, net of F.R. Bank holdings               651,891        +   6,292        +  41,390
Reverse repurchase agreements (6)                               20,396        -   1,509        +  20,396
Deposits                                              (0)       29,704        +   4,781        -   1,380       
  Depository institutions                                       24,701        +   6,758        -   1,070
  U.S. Treasury, general account                                 4,662        -   1,933        -     194
  Foreign official                                                 139        -      33        -      94
  Other                                               (0)          203        -      10        -      20
Deferred availability cash items                  (1,076)       10,447        +   2,181        +   6,515
Other liabilities and accrued dividends (7)                      2,461        +      43        -     133
      Total liabilities                           (1,076)      714,898        +  11,787        +  66,787
                          
Capital Accounts
Capital paid in                                                  8,382        +       6        +   1,025
Surplus                                                          7,312                0        +     600
Other capital accounts                                           2,516        +     714        +   1,751
      Total capital                                             18,209        +     720        +   3,374


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 effects of inflation on the original face value of inflation-indexed securities. 
4  Cash value of agreements, which are collatealized by U.S. Treasury and federal agency securites.
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,  December 25, 2002
Millions of dollars
                                    U.S. Treasury           Federal agency                      Reverse
Maturity             Loans           securities (1)          securities           Repurchase   repurchase
                                              Weekly                    Weekly    agreements(2)agreements(2)
                                  Holdings    changes      Holdings    changes    
Within 15 days              57       33,670   -  13,583            0           0       21,250       20,396
16 days to 90 days           2      146,846   +  12,584            0           0       16,000            0
91 days to 1 year            0      141,815   +     999           10           0     ------      ------
Over 1 to 5 years     ------        173,936   +       1            0           0     ------      ------
Over 5 to 10 years    ------         53,298   +       3            0           0     ------      ------
Over 10 years         ------         79,838   +       2            0           0     ------      ------
                   		 	
All                         59      629,402   +       5           10           0       37,250      20,396

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 effects of inflation on the original face 
   value of such securities. 
2  Cash value of agreements classified by remaining maturity of the agreements.



4. Statement of Condition of Each Federal Reserve Bank on  December 25, 2002
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                      11,039        533      4,364        430        522        819        926      1,080        346        179        309        485      1,046
Special drawing rights certificate acct.       2,200        115        874         83        104        147        166        212         71         30         66         98        234
Coin                                           1,011         48         34         62         45        144        107        127         60         36         67        164        117
Securities, repurchase agreements,
      and loans                              666,721     36,062    284,899     24,203     34,728     49,090     44,827     74,079     22,395      9,850     18,615     13,972     54,001
   Securities held outright                  629,412     36,062    247,649     24,203     34,728     49,090     44,817     74,069     22,381      9,839     18,605     13,969     54,001
      U.S. Treasury (1)                      629,402     36,061    247,645     24,202     34,727     49,089     44,816     74,068     22,380      9,839     18,605     13,969     54,000
         Bills (2)                           226,682     12,988     89,191      8,717     12,507     17,680     16,141     26,676      8,060      3,544      6,701      5,031     19,448
         Notes and bonds(3)                  402,720     23,074    158,455     15,486     22,220     31,409     28,675     47,392     14,320      6,296     11,904      8,938     34,552
         Federal agency (2)                       10          1          4          0          1          1          1          1          0          0          0          0          1
      Repurchase agreements(4)                37,250          0     37,250          0          0          0          0          0          0          0          0          0          0
      Loans                                       59          0          0          0          0          0         11         10         15         10         10          3          0
Items in process of collection                14,316        889      1,600        681        943      1,031      1,374      1,328        895        783      1,063        603      3,126
Bank premises                                  1,540         91        186         49        153        130        279        116         44        127         51        140        174
Other assets(5)                               37,357      1,935     13,128      1,253      2,504      5,524      2,491      3,800        980        634        965        836      3,306
Interdistrict settlement account                   0    - 5,893    +24,425    - 5,434    - 5,290    - 1,535    - 3,152    -13,699    - 3,378    + 4,076    - 2,445    +14,131    - 1,807
          Total Assets                       734,183     33,780    329,510     21,328     33,709     55,350     47,019     67,044     21,414     15,714     18,691     30,431     60,197

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 effects 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.




4. Statement of Condition of Each Federal Reserve Bank on  December 25, 2002
Millions of dollars
                                                                                                                                                            Kansas                 San
Assets, liabilities, and capital                Total     Boston   New York Philadelphia Cleveland   Richmond   Atlanta    Chicago   St. Louis  Minneapolis   City      Dallas   Francisco

Liabilities                         
Federal Reserve notes outstanding             760,778     33,229    330,493     25,532     32,818     54,699     58,419     64,747     22,136     15,114     20,032     36,600     66,957
  Less: notes held by F.R. Banks              108,887      4,271     25,843      7,030      4,479      9,465     17,063      7,896      3,261      1,862      3,937      8,535     15,245
    Federal Reserve notes, net                651,891     28,958    304,650     18,502     28,339     45,234     41,357     56,851     18,875     13,252     16,095     28,066     51,711
Reverse repurchase agreements (1)              20,396      1,169      8,025        784      1,125      1,591      1,452      2,400        725        319        603        453      1,750
Deposits                                       29,704      1,625     10,717        732      1,832      2,926      1,930      4,700        888        704        932        832      1,885
  Depository institutions                      24,701      1,622      5,799        730      1,828      2,871      1,927      4,696        887        703        930        828      1,880
  U.S. Treasury, general account                4,662          0      4,662          0          0          0          0          0          0          0          0          0          0
  Foreign official                                139          2        115          1          3          7          2          3          1          1          1          1          3
  Other                                           203          2        142          1          1         49          1          1          0          0          1          4          1
Deferred availability cash items               11,523        940      1,139        686        783      1,007        984        982        385        688        532        589      2,809
Other liabilities and accrued                 
  dividends (2)                                 2,461        147        745        105        143        287        196        258        105         83         95         94        203
   
    Total liabilities                         715,974     32,838    325,276     20,809     32,223     51,044     45,918     65,192     20,978     15,046     18,257     30,034     58,358
                              
Capital                    
Capital paid in                                 8,382        436      1,809        233        702      2,073        475        858        199        340        201        186        870
Surplus                                         7,312        418      1,504        221        665      1,757        535        793        149        118        191        164        796
Other capital                                   2,516         87        921         65        119        475         90        201         87        210         43         47        172
     Total liabilities and capital            734,183     33,780    329,510     21,328     33,709     55,350     47,019     67,044     21,414     15,714     18,691     30,431     60,197
                              

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



Federal Reserve notes and collateral        Wednesday
                                          Dec 25, 2002
              
Federal Reserve notes, net of F.R. 
 Bank holdings                                651,891 
Collateral held against Federal Reserve            
   notes                                      651,891
   Gold certificate account                    11,039
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              638,652
   Other eligible assets                            0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         666,662
   Less:face value of securities under
         reverse repurchase agreements         20,403
      U.S. Treasury and agency securities
             eligible to be pledged           646,259
   

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 effects of inflation on the original face 
   value of inflation-indexed securities, and cash value of repurchase agreements.