Reserve Bank credit, related items, and

reserve balances of depository institutions

at Federal Reserve Banks

Reserve Bank credit 717,692 + 3,842 + 61,637 723,423

Securities held outright 651,960 + 177 + 60,262 652,003

U.S. Treasury1 651,950 + 177 + 60,262 651,993

Bills2 238,790 + 185 + 41,134 238,835

Notes and bonds, nominal2 398,853 0 + 17,619 398,853

Notes and bonds, inflation-indexed2 12,814 0 + 1,212 12,814

Inflation compensation3 1,493 - 8 + 297 1,491

Federal agency2 10 0 0 10

Repurchase agreements4 26,321 + 3,142 + 500 32,000

Loans to depository institutions 407 + 333 + 240 95

Primary credit 322 + 319 + 322 3

Secondary credit 0 0 0 0

Seasonal credit 84 + 13 - 78 92

Adjustment credit 0 0 - 5 0

Float 18 + 18 + 168 319

Other Federal Reserve assets 38,986 + 171 + 468 39,006

Gold stock 11,044 0 0 11,044

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

Treasury currency outstanding5 34,966 + 14 + 1,002 34,966

Total factors supplying reserve funds 765,902 + 3,856 + 62,640 771,633

Currency in circulation5 691,070 - 402 + 35,634 692,633

Reverse repurchase agreements6 22,714 + 1,250 + 22,714 21,592

Foreign official and international accounts 21,036 - 106 + 21,036 21,592

Dealers 1,679 + 1,358 + 1,679 0

Treasury cash holdings 368 - 11 - 29 365

Deposits with F.R. Banks, other than reserve balances 18,637 + 82 + 1,031 16,988

U.S. Treasury, general account 7,199 + 52 + 236 5,306

Foreign official 162 + 74 + 58 404

Service-related 11,057 - 31 + 754 11,057

Required clearing balances 10,830 0 + 913 10,830

Adjustments to compensate for float 226 - 32 - 160 226

Other 220 - 12 - 17 220

Other liabilities and capital 20,106 - 216 - 147 20,021

Total factors, other than reserve balances,

absorbing reserve funds 752,895 + 703 + 59,203 751,598

Reserve balances with Federal Reserve Banks 13,008 + 3,153 + 3,437 20,035

Memo (off-balance-sheet items):

Marketable securities held in custody for foreign

 official and international accounts2,7 933,179 - 2,721 . . . 931,901

U.S. Treasury 749,730 - 408 . . . 748,986

Federal agency 183,450 - 2,312 . . . 182,915

Securities lent to dealers 1,357 + 732 - 138 1,497

FEDERAL RESERVE statistical release

 June 26, 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

 Jun 25, 2003 Week ended

 Jun 25, 2003 Jun 18, 2003 Jun 26, 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 11,040 0 - 4

Special drawing rights certificate account 2,200 0 0

Coin 941 + 4 + 10

Securities, repurchase agreements, and loans 684,099 + 9,082 + 57,269

Securities held outright 652,003 + 71 + 59,603

U.S. Treasury1 651,993 + 71 + 59,603

Bills2 238,835 + 79 + 40,485

Notes and bonds, nominal2 398,853 0 + 17,619

Notes and bonds, inflation-indexed2 12,814 0 + 1,212

Inflation compensation3 1,491 - 7 + 287

Federal agency2 10 0 0

Repurchase agreements4 32,000 + 9,000 - 2,250

Loans 95 + 9 - 85

Items in process of collection (1,248) 7,461 - 1,371 + 223

Bank premises 1,582 + 2 + 64

Other assets5 37,607 + 364 + 208

Total assets (1,248) 744,931 + 8,081 + 57,771

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 658,969 + 164 + 33,574

Reverse repurchase agreements6 21,592 - 1,309 + 21,592

Deposits ( 0 ) 36,986 + 9,775 + 2,450

Depository institutions 31,055 + 12,255 + 4,452

U.S. Treasury, general account 5,306 - 2,780 - 2,314

Foreign official 404 + 308 + 330

Other ( 0 ) 220 - 9 - 19

Deferred availability cash items (1,248) 7,363 - 633 + 264

Other liabilities and accrued dividends7 2,382 + 56 - 201

Total liabilities (1,248) 727,292 + 8,053 + 57,678

Capital accounts

Capital paid in 8,657 0 + 327

Surplus 8,380 0 + 1,068

Other capital accounts 601 + 27 - 1,304

Total capital 17,639 + 28 + 93

H.4.1

2. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Wednesday

 Jun 26, 2002

Eliminations from

consolidation Wednesday

 Jun 25, 2003

Wednesday

 Jun 18, 2003

3. Maturity Distribution of Loans and Securities, June 25, 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 85 49,024 - 1,980 0 0 29,000 21,592

16 days to 90 days 10 139,395 + 1,823 0 0 3,000 0

91 days to 1 year 0 156,748 + 235 10 0 . . . . . . 

Over 1 year to 5 years . . . 180,187 - 2 0 0 . . . . . . 

Over 5 years to 10 years . . . 46,663 - 2 0 0 . . . . . . 

Over 10 years . . . 79,976 - 3 0 0 . . . . . . 

All 95 651,993 + 71 10 0 32,000 21,592

Assets, liabilities, and capital

Maturity
H.4.1

4. Statement of Condition of Each Federal Reserve Bank on June 25, 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.

 11,040 2,200 941 684,099 652,003 651,993 238,835 413,158 10 32,000 95 8,709 1,582 37,607 0 746,178

Assets, liabilities, and capital

 4,707 874 32 310,948 278,948 278,944 102,181 176,762 4 32,000 0 690 185 13,542 + 9,932 340,910

 495 115 44 31,523 31,521 31,521 11,547 19,974 0 0 2 423 91 1,734 - 2,059 32,366

 380 83 60 20,385 20,384 20,384 7,467 12,917 0 0 0 355 52 1,115 - 2,117 20,312

 477 104 42 30,551 30,551 30,551 11,191 19,360 0 0 0 478 152 2,341 - 2,411 31,734

 808 147 119 50,142 50,141 50,140 18,367 31,773 1 0 1 616 143 5,930 - 1,051 56,854

 863 166 107 44,054 44,047 44,046 16,135 27,911 1 0 8 674 279 2,184 - 541 47,786

 982 212 115 65,901 65,885 65,884 24,134 41,750 1 0 16 825 118 3,493 - 7,668 63,977

 331 71 56 20,526 20,513 20,513 7,514 12,998 0 0 13 354 43 965 - 958 21,387

 2   14,5 14,5 14,5 5,3 9,2    8 1 1,1 - 1 16,8
 765,633

 102,310 663,323 663,323 11,040 2,200 650,083 0 684,003 21,597 662,406

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.

 765,633 106,664 658,969 21,592 36,986 31,055 5,306 404 220 8,611 2,382 728,540 8,657 8,380 601 746,178

 31,651 4,406 27,246 1,044 2,514 2,512 0 2 0 521 134 31,459 446 436 25 32,366

 332,011 23,753 308,258 9,238 17,862 12,022 5,306 380 153 872 721 336,950 1,899 1,809 252 340,910

 24,205 7,397 16,808 675 1,674 1,673 0 1 0 547 95 19,799 252 233 29 20,312

 30,949 4,324 26,625 1,012 1,933 1,929 0 3 1 609 137 30,315 704 702 12 31,734

 57,066 8,830 48,235 1,660 1,897 1,829 0 7 60 581 287 52,661 2,090 2,073 30 56,854

 62,073 19,685 42,387 1,459 1,880 1,878 0 2 0 900 195 46,821 477 475 13 47,786

 63,844 7,457 56,387 2,182 2,608 2,604 0 3 1 765 232 62,174 884 858 62 63,977

 23,009 3,983 19,026 679 826 823 0 1 2 293 101 20,926 228 199 35 21,387

 15,2 1,5 13,7 4 1,3 1,3    4  16,1 3 3  16,8

H.4.1

4. Statement of Condition of Each Federal Reserve Bank on June 25, 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

 Jun 25, 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.