FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                              March 6, 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            Mar 5, 2003 Feb 26, 2003  Mar 6, 2002  Mar 5, 2003
Federal Reserve Banks

Reserve Bank Credit                                         702,078    +   5,046    +  65,843      700,178
 Securities held outright                                   636,873    +   1,941    +  68,353      637,149       
    U.S. Treasury (1)                                       636,863    +   1,941    +  68,353      637,139
       Bills (2)                                            230,889    +     859    +  40,988      231,061
       Notes and bonds, nominal (2)                         392,496    +   1,084    +  25,474      392,593
       Notes and bonds, inflation-indexed (2)                12,242            0    +   1,584       12,242
       Inflation compensation (3)                             1,236    -       2    +     308        1,242
    Federal agency (2)                                           10            0            0           10      
 Repurchase agreements(4)                                    27,136    +   3,815    -   5,256       23,250
 Loans to depository institutions                                29    +      16    +       3           11
    Primary credit                                               24    +      14    +      24            1
    Secondary credit                                              0            0            0            0
    Seasonal credit                                               6    +       2    -       8           10
    Adjustment credit                                             0            0    -      13            0
 Float                                                          468    -     837    +     842        1,868
 Other Federal Reserve assets                                37,573    +     113    +   1,902       37,901
Gold stock                                                   11,043            0    -       1       11,043
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            34,723    +      14    +   1,174       34,723
       
Total factors supplying reserve funds                       750,044    +   5,059    +  67,016      748,144
                                                                   
Currency in circulation(5)                                  682,400    +     113    +  43,857      683,692
Reverse repurchase agreements (6)                            18,078    +     340    +  18,078       17,959
   Foreign official and international accounts               18,078    +     340    +  18,078       17,959
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          345    -       2    -      70          354
Deposits with F.R.Banks, other than reserve balances         16,029    -     480    +   1,137       16,566       
  U.S. Treasury, general account                              4,909    -     340    -     564        5,501
  Foreign official                                              186    +      75    +      62          105
  Service-related                                            10,721    -     183    +   1,673       10,721
     Required clearing balances                              10,336            0    +   1,463       10,336
     Adjustments to compensate for float                        385    -     182    +     209          385
  Other                                                         212    -      33    -      36          238
Other liabilities and capital                                19,805    -     159    +   1,798       19,693

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  736,656    -     190    +  64,800      738,263

Reserve balances with Federal Reserve Banks                  13,388    +   5,249    +   2,217        9,882
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)           890,678    +   9,294     ------        896,617
     U.S. Treasury                                          712,354    +   7,639     ------        717,786
     Federal agency                                         178,324    +   1,654     ------        178,831
  Securities lent to dealers                                    479    +     153    -     250          120   


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  Mar 5, 2003     Feb 26, 2003      Mar 6, 2002

Assets
Gold certificate account                                        11,039                0        -       5
Special drawing rights certificate account                       2,200                0                0
Coin                                                             1,080        -      20        -      31
Securities, repurchase agreements, and loans                   660,409        -   1,352        +  55,031
   Securities held outright                                    637,149        +   1,143        +  67,048
      U.S. Treasury (1)                                        637,139        +   1,143        +  67,048       
         Bills (2)                                             231,061        +     455        +  40,090
         Notes and bonds, nominal (2)                          392,593        +     680        +  25,063
         Notes and bonds, inflation-indexed (2)                 12,242                0        +   1,584
         Inflation compensation (3)                              1,242        +       7        +     311
      Federal agency (2)                                            10                0                0
   Repurchase agreements (4)                                    23,250        -   2,500        -  11,999    
   Loans                                                            11        +       5        -      17
Items in process of collection                    (1,143)       10,984        +   1,787        +   2,358
Bank premises                                                    1,555        -       2        +      46
Other assets (5)                                                36,380        +     250        +   1,769
      Total assets                                (1,143)      723,648        +     664        +  59,168
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  650,398        +     728        +  42,037
Reverse repurchase agreements (6)                               17,959        +     538        +  17,959
Deposits                                              (0)       26,825        -   2,073        -   2,737       
  Depository institutions                                       20,980        -   2,576        -   2,857
  U.S. Treasury, general account                                 5,501        +     551        +      91
  Foreign official                                                 105        -      49        +      30
  Other                                               (0)          238                0        -       3
Deferred availability cash items                  (1,143)        8,773        +   1,477        +     468
Other liabilities and accrued dividends (7)                      2,250        -      26        -     123
      Total liabilities                           (1,143)      706,205        +     644        +  57,604
                          
Capital Accounts
Capital paid in                                                  8,478        +      38        +     842
Surplus                                                          8,380                0        +   1,107
Other capital accounts                                             584        -      19        -     386
      Total capital                                             17,442        +      19        +   1,563


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,      March 5, 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               1       35,519   -   9,556            0           0       20,250       17,959
16 days to 90 days          10      140,723   +   7,024            0           0        3,000            0
91 days to 1 year            0      149,160   +   2,408           10           0     ------      ------
Over 1 to 5 years     ------        180,176   +   1,194            0           0     ------      ------
Over 5 to 10 years    ------         51,730   +      71            0           0     ------      ------
Over 10 years         ------         79,831   +       3            0           0     ------      ------
                   		 	
All                         11      637,139   +   1,143           10           0       23,250      17,959

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      March 5, 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                                           1,080         51         38         71         48        151        108        142         60         41         72        173        126
Securities, repurchase agreements,
      and loans                              660,409     36,505    273,943     24,500     35,155     49,693     45,368     74,984     22,656      9,966     18,834     14,141     54,666
   Securities held outright                  637,149     36,505    250,693     24,500     35,155     49,693     45,368     74,980     22,656      9,960     18,834     14,141     54,665
      U.S. Treasury (1)                      637,139     36,505    250,689     24,500     35,154     49,692     45,367     74,979     22,655      9,960     18,834     14,140     54,664
         Bills (2)                           231,061     13,239     90,914      8,885     12,749     18,021     16,452     27,191      8,216      3,612      6,830      5,128     19,824
         Notes and bonds(3)                  406,078     23,266    159,776     15,615     22,405     31,671     28,914     47,787     14,439      6,348     12,004      9,012     34,840
         Federal agency (2)                       10          1          4          0          1          1          1          1          0          0          0          0          1
      Repurchase agreements(4)                23,250          0     23,250          0          0          0          0          0          0          0          0          0          0
      Loans                                       11          0          0          0          0          0          0          4          0          5          0          0          1
Items in process of collection                12,127        680        718        698        799        783      1,262      1,314        576        617        827        547      3,306
Bank premises                                  1,555         91        186         50        152        143        278        116         44        127         50        142        175
Other assets(5)                               36,380      1,921     12,569      1,109      2,382      5,754      2,163      3,610        998        983        909        799      3,185
Interdistrict settlement account                   0    - 8,398    +40,024    - 7,321    - 7,107    - 3,399    - 4,977    -19,558    - 4,256    + 3,705    - 1,459    +13,925    - 1,178
          Total Assets                       724,791     31,498    332,715     19,620     32,055     54,091     45,294     61,900     20,495     15,647     19,608     30,310     61,560

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      March 5, 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             763,522     32,580    336,007     24,971     32,033     53,766     58,797     63,065     21,862     15,122     21,395     35,836     68,089
  Less: notes held by F.R. Banks              113,124      4,894     27,935      7,703      4,628      8,756     18,937      7,990      3,489      1,680      4,260      7,658     15,194
    Federal Reserve notes, net                650,398     27,686    308,072     17,268     27,404     45,010     39,860     55,075     18,373     13,443     17,135     28,178     52,895
Reverse repurchase agreements (1)              17,959      1,029      7,066        691        991      1,401      1,279      2,113        639        281        531        399      1,541
Deposits                                       26,825      1,006     11,978        567      1,511      2,526      2,039      1,968        665        508        862        723      2,472
  Depository institutions                      20,980      1,001      6,235        566      1,508      2,451      2,037      1,964        662        507        860        721      2,468
  U.S. Treasury, general account                5,501          0      5,501          0          0          0          0          0          0          0          0          0          0
  Foreign official                                105          2         82          1          3          7          2          3          1          1          1          1          3
  Other                                           238          4        160          0          0         68          0          0          2          0          1          1          0
Deferred availability cash items                9,916        738      1,014        493        587        671        952        724        301        640        569        540      2,689
Other liabilities and accrued                 
  dividends (2)                                 2,250        137        681        101        129        250        184        235        100         78         91         87        178
   
    Total liabilities                         707,348     30,597    328,811     19,119     30,622     49,857     44,313     60,115     20,078     14,949     19,187     29,926     59,774
                              
Capital                    
Capital paid in                                 8,478        437      1,854        250        699      2,092        475        862        200        343        204        188        873
Surplus                                         8,380        436      1,809        233        702      2,073        475        858        199        340        201        186        868
Other capital                                     584         27        241         18         31         68         32         65         18         15         16         10         44
     Total liabilities and capital            724,791     31,498    332,715     19,620     32,055     54,091     45,294     61,900     20,495     15,647     19,608     30,310     61,560
                              

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
                                           Mar 5, 2003
              
Federal Reserve notes, net of F.R. 
 Bank holdings                                650,398 
Collateral held against Federal Reserve            
   notes                                      650,398
   Gold certificate account                    11,039
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              637,159
   Other eligible assets                            0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         660,399
   Less:face value of securities under
         reverse repurchase agreements         17,965
      U.S. Treasury and agency securities
             eligible to be pledged           642,433
   

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.