FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                          February 27, 2003
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           Feb 26, 2003 Feb 19, 2003 Feb 27, 2002 Feb 26, 2003
Federal Reserve Banks

Reserve Bank Credit                                         697,030    -   4,727    +  65,031      700,792
 Securities held outright                                   634,932    +   3,923    +  67,590      636,006       
    U.S. Treasury (1)                                       634,922    +   3,923    +  67,590      635,996
       Bills (2)                                            230,030    +   2,736    +  40,337      230,606
       Notes and bonds, nominal (2)                         391,412    +   1,195    +  25,009      391,913
       Notes and bonds, inflation-indexed (2)                12,242            0    +   1,921       12,242
       Inflation compensation (3)                             1,238    -       7    +     324        1,235
    Federal agency (2)                                           10            0            0           10      
 Repurchase agreements(4)                                    23,321    -   6,746    -   5,535       25,750
 Loans to depository institutions                                13    -       6    -       4            6
    Primary credit                                               10    -       4    +      10            1
    Secondary credit                                              0            0            0            0
    Seasonal credit                                               4    -       1    -       8            5
    Adjustment credit                                             0            0    -       5            0
 Float                                                        1,307    +     483    +   1,274        1,293
 Other Federal Reserve assets                                37,456    -   2,382    +   1,704       37,738
Gold stock                                                   11,043            0    -       1       11,043
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            34,709    +      14    +   1,180       34,709
       
Total factors supplying reserve funds                       744,982    -   4,714    +  66,209      748,744
                                                                   
Currency in circulation(5)                                  682,287    -     581    +  44,451      682,941
Reverse repurchase agreements (6)                            17,738    -     187    +  17,738       17,421
   Foreign official and international accounts               17,738    -     187    +  17,738       17,421
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          347    -      11    -      63          343
Deposits with F.R.Banks, other than reserve balances         16,509    +     352    +   2,407       16,245       
  U.S. Treasury, general account                              5,249    +     201    +     553        4,950
  Foreign official                                              111    -      21    -      16          154
  Service-related                                            10,904    +     174    +   1,843       10,904
     Required clearing balances                              10,336    +      21    +   1,465       10,336
     Adjustments to compensate for float                        567    +     152    +     377          567
  Other                                                         245    -       2    +      27          238
Other liabilities and capital                                19,964    +     305    +   2,077       19,699

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  736,846    -     121    +  66,611      736,650

Reserve balances with Federal Reserve Banks                   8,136    -   4,593    -     401       12,094
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)           881,384    +   6,789     ------        880,187
     U.S. Treasury                                          704,715    +   4,394     ------        702,807
     Federal agency                                         176,670    +   2,396     ------        177,380
  Securities lent to dealers                                    326    +       2    -   1,158          282   


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.


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 Feb 26, 2003     Feb 19, 2003     Feb 27, 2002

Assets
Gold certificate account                                        11,039                0        -       5
Special drawing rights certificate account                       2,200                0                0
Coin                                                             1,100        -      23        -      25
Securities, repurchase agreements, and loans                   661,761        -   4,025        +  61,028
   Securities held outright                                    636,006        +   4,733        +  67,294
      U.S. Treasury (1)                                        635,996        +   4,733        +  67,294       
         Bills (2)                                             230,606        +   3,045        +  40,311
         Notes and bonds, nominal (2)                          391,913        +   1,696        +  25,094
         Notes and bonds, inflation-indexed (2)                 12,242                0        +   1,584
         Inflation compensation (3)                              1,235        -       7        +     305
      Federal agency (2)                                            10                0                0
   Repurchase agreements (4)                                    25,750        -   8,746        -   6,249    
   Loans                                                             6        -      11        -      16
Items in process of collection                    (1,241)        9,197        -   4,970        +   2,160
Bank premises                                                    1,557                0        +      48
Other assets (5)                                                36,130        +     582        +   1,675
      Total assets                                (1,241)      722,984        -   8,436        +  64,881
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  649,670        -   1,366        +  42,766
Reverse repurchase agreements (6)                               17,421        -     429        +  17,421
Deposits                                              (0)       28,898        -   3,930        +   2,884       
  Depository institutions                                       23,556        -   4,450        +   2,741
  U.S. Treasury, general account                                 4,950        +     543        +      42
  Foreign official                                                 154        +      20        +      75
  Other                                               (0)          238        -      43        +      26
Deferred availability cash items                  (1,241)        7,296        -   2,744        -     235
Other liabilities and accrued dividends (7)                      2,276        +      27        -      85
      Total liabilities                           (1,241)      705,561        -   8,443        +  62,751
                          
Capital Accounts
Capital paid in                                                  8,440        +       6        +     805
Surplus                                                          8,380                0        +   1,114
Other capital accounts                                             603                0        +     211
      Total capital                                             17,423        +       7        +   2,130


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 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,  February 26, 2003
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               6       45,075   -   1,242            0           0       20,750       17,421
16 days to 90 days           0      133,699   +   2,545            0           0        5,000            0
91 days to 1 year            0      146,752   +   1,742           10           0     ------      ------
Over 1 to 5 years     ------        178,982   +     992            0           0     ------      ------
Over 5 to 10 years    ------         51,659   +     698            0           0     ------      ------
Over 10 years         ------         79,828   -       3            0           0     ------      ------
                   		 	
All                          6      635,996   +   4,733           10           0       25,750      17,421

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.



4. Statement of Condition of Each Federal Reserve Bank on  February 26, 2003
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                                           1,100         54         37         70         49        154        114        145         62         40         73        176        126
Securities, repurchase agreements,
      and loans                              661,761     36,440    275,994     24,456     35,092     49,604     45,286     74,845     22,615      9,947     18,801     14,115     54,567
   Securities held outright                  636,006     36,440    250,244     24,456     35,092     49,604     45,286     74,845     22,615      9,942     18,800     14,115     54,567
      U.S. Treasury (1)                      635,996     36,439    250,240     24,456     35,091     49,603     45,285     74,844     22,615      9,942     18,800     14,115     54,566
         Bills (2)                           230,606     13,212     90,734      8,867     12,724     17,986     16,420     27,138      8,200      3,605      6,817      5,118     19,785
         Notes and bonds(3)                  405,390     23,227    159,505     15,588     22,367     31,618     28,865     47,706     14,415      6,337     11,983      8,997     34,781
         Federal agency (2)                       10          1          4          0          1          1          1          1          0          0          0          0          1
      Repurchase agreements(4)                25,750          0     25,750          0          0          0          0          0          0          0          0          0          0
      Loans                                        6          0          0          0          0          0          0          0          0          4          0          0          0
Items in process of collection                10,438        505        666        481        422        600      1,241      1,042        676        747        634        829      2,597
Bank premises                                  1,557         92        186         50        152        143        278        116         44        127         50        142        176
Other assets(5)                               36,130      1,807     12,537      1,107      2,366      5,710      2,151      3,599        995        977        905        801      3,176
Interdistrict settlement account                   0    - 7,995    +35,456    - 6,527    - 6,560    -   569    - 4,922    -18,592    - 4,222    + 3,543    - 1,517    +13,496    - 1,591
          Total Assets                       724,226     31,550    330,113     20,150     32,148     56,608     45,240     62,447     20,586     15,590     19,321     30,143     60,329

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.




4. Statement of Condition of Each Federal Reserve Bank on  February 26, 2003
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             763,017     32,644    335,094     25,066     32,111     53,640     59,000     62,996     21,900     15,070     21,460     35,972     68,063
  Less: notes held by F.R. Banks              113,346      4,879     28,151      7,648      4,699      8,629     18,686      7,991      3,325      1,711      4,297      7,798     15,533
    Federal Reserve notes, net                649,670     27,766    306,943     17,418     27,412     45,010     40,314     55,005     18,575     13,359     17,163     28,174     52,530
Reverse repurchase agreements (1)              17,421        998      6,854        670        961      1,359      1,240      2,050        619        272        515        387      1,495
Deposits                                       28,898      1,063     10,820        981      1,819      5,238      1,571      2,660        612        515        690        771      2,158
  Depository institutions                      23,556      1,058      5,590        980      1,815      5,160      1,569      2,662        605        514        688        770      2,145
  U.S. Treasury, general account                4,950          0      4,950          0          0          0          0          0          0          0          0          0          0
  Foreign official                                154          2        130          1          3          7          2          3          1          1          1          1          3
  Other                                           238          3        149          0          1         70          0         -5          6          0          1          0         11
Deferred availability cash items                8,538        681        907        492        401        529        944        705        257        669        442        337      2,174
Other liabilities and accrued                 
  dividends (2)                                 2,276        139        682        101        129        252        185        240        102         79         92         89        186
   
    Total liabilities                         706,803     30,647    326,206     19,663     30,722     52,387     44,254     60,660     20,166     14,896     18,901     29,756     58,544
                              
Capital                    
Capital paid in                                 8,440        437      1,854        235        692      2,080        475        863        200        343        204        188        869
Surplus                                         8,380        436      1,809        233        702      2,073        475        858        199        340        201        186        868
Other capital                                     603         29        245         20         31         67         36         67         20         12         16         12         48
     Total liabilities and capital            724,226     31,550    330,113     20,150     32,148     56,608     45,240     62,447     20,586     15,590     19,321     30,143     60,329
                              

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
                                          Feb 26, 2003
              
Federal Reserve notes, net of F.R. 
 Bank holdings                                649,670 
Collateral held against Federal Reserve            
   notes                                      649,670
   Gold certificate account                    11,039
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              636,432
   Other eligible assets                            0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         661,756
   Less:face value of securities under
         reverse repurchase agreements         17,427
      U.S. Treasury and agency securities
             eligible to be pledged           644,329
   

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.