FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                             March 13, 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 12, 2003  Mar 5, 2003 Mar 13, 2002 Mar 12, 2003
Federal Reserve Banks

Reserve Bank Credit                                         696,359    -   5,609    +  62,118      695,729
 Securities held outright                                   638,586    +   1,713    +  66,662      638,724       
    U.S. Treasury (1)                                       638,576    +   1,713    +  66,662      638,714
       Bills (2)                                            231,172    +     283    +  39,990      231,305
       Notes and bonds, nominal (2)                         393,911    +   1,415    +  24,771      393,911
       Notes and bonds, inflation-indexed (2)                12,242            0    +   1,584       12,242
       Inflation compensation (3)                             1,251    +      15    +     317        1,256
    Federal agency (2)                                           10            0            0           10      
 Repurchase agreements(4)                                    19,214    -   7,922    -   5,829       18,750
 Loans to depository institutions                                45    +      16    +      23            9
    Primary credit                                               36    +      12    +      36            1
    Secondary credit                                              0            0            0            0
    Seasonal credit                                               9    +       3    -      11            8
    Adjustment credit                                             0            0    -       3            0
 Float                                                          494    +      11    -     233          105
 Other Federal Reserve assets                                38,020    +     573    +   1,496       38,140
Gold stock                                                   11,043            0    -       1       11,043
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            34,737    +      14    +   1,166       34,737
       
Total factors supplying reserve funds                       744,340    -   5,594    +  63,284      743,709
                                                                   
Currency in circulation(5)                                  683,034    +     634    +  43,418      684,428
Reverse repurchase agreements (6)                            18,332    +     254    +  18,332       17,912
   Foreign official and international accounts               18,332    +     254    +  18,332       17,912
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          356    +      11    -      65          367
Deposits with F.R.Banks, other than reserve balances         16,897    +     868    +   2,263       16,487       
  U.S. Treasury, general account                              5,196    +     287    +     395        4,775
  Foreign official                                              105    -      81    -      19          116
  Service-related                                            11,363    +     642    +   1,884       11,363
     Required clearing balances                              10,372    +      36    +   1,442       10,372
     Adjustments to compensate for float                        991    +     606    +     442          991
  Other                                                         233    +      21    +       4          233
Other liabilities and capital                                20,015    +     210    +   1,419       19,725

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  738,634    +   1,978    +  65,367      738,919

Reserve balances with Federal Reserve Banks                   5,705    -   7,573    -   2,084        4,789
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)           901,765    +  11,087     ------        898,979
     U.S. Treasury                                          723,172    +  10,818     ------        721,591
     Federal agency                                         178,593    +     269     ------        177,389
  Securities lent to dealers                                    446    -      33    -     686          872   


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 12, 2003      Mar 5, 2003     Mar 13, 2002

Assets
Gold certificate account                                        11,039                0        -       5
Special drawing rights certificate account                       2,200                0                0
Coin                                                             1,070        -      10        -      24
Securities, repurchase agreements, and loans                   657,483        -   2,926        +  60,722
   Securities held outright                                    638,724        +   1,575        +  65,986
      U.S. Treasury (1)                                        638,714        +   1,575        +  65,986       
         Bills (2)                                             231,305        +     244        +  40,243
         Notes and bonds, nominal (2)                          393,911        +   1,318        +  23,840
         Notes and bonds, inflation-indexed (2)                 12,242                0        +   1,584
         Inflation compensation (3)                              1,256        +      14        +     319
      Federal agency (2)                                            10                0                0
   Repurchase agreements (4)                                    18,750        -   4,500        -   5,250    
   Loans                                                             9        -       2        -      13
Items in process of collection                    (1,091)        7,890        -   3,094        +     384
Bank premises                                                    1,557        +       2        +      47
Other assets (5)                                                36,762        +     382        +   1,595
      Total assets                                (1,091)      718,001        -   5,647        +  62,720
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  651,124        +     726        +  42,546
Reverse repurchase agreements (6)                               17,912        -      47        +  17,912
Deposits                                              (0)       21,343        -   5,482        +     524       
  Depository institutions                                       16,219        -   4,761        +     918
  U.S. Treasury, general account                                 4,775        -     726        -     222
  Foreign official                                                 116        +      11        -     200
  Other                                               (0)          233        -       5        +      28
Deferred availability cash items                  (1,091)        7,897        -     876        +     127
Other liabilities and accrued dividends (7)                      2,265        +      15        -     152
      Total liabilities                           (1,091)      700,541        -   5,664        +  60,957
                          
Capital Accounts
Capital paid in                                                  8,491        +      13        +     841
Surplus                                                          8,380                0        +   1,106
Other capital accounts                                             589        +       5        -     183
      Total capital                                             17,460        +      18        +   1,763


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 12, 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               4       35,307   -     212            0           0       14,750       17,912
16 days to 90 days           5      141,821   +   1,098            0           0        4,000            0
91 days to 1 year            0      149,837   +     677           10           0     ------      ------
Over 1 to 5 years     ------        180,179   +       3            0           0     ------      ------
Over 5 to 10 years    ------         51,734   +       4            0           0     ------      ------
Over 10 years         ------         79,837   +       6            0           0     ------      ------
                   		 	
All                          9      638,714   +   1,575           10           0       18,750      17,912

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 12, 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                                           1,070         50         39         72         46        150        103        141         59         41         70        172        129
Securities, repurchase agreements,
      and loans                              657,483     36,595    270,063     24,561     35,242     49,816     45,480     75,167     22,712      9,991     18,882     14,175     54,800
   Securities held outright                  638,724     36,595    251,313     24,561     35,242     49,816     45,480     75,165     22,712      9,985     18,881     14,175     54,800
      U.S. Treasury (1)                      638,714     36,595    251,309     24,560     35,241     49,815     45,479     75,164     22,711      9,985     18,880     14,175     54,799
         Bills (2)                           231,305     13,253     91,010      8,894     12,762     18,040     16,470     27,220      8,225      3,616      6,837      5,133     19,845
         Notes and bonds(3)                  407,409     23,342    160,300     15,666     22,479     31,775     29,009     47,944     14,487      6,369     12,043      9,042     34,954
         Federal agency (2)                       10          1          4          0          1          1          1          1          0          0          0          0          1
      Repurchase agreements(4)                18,750          0     18,750          0          0          0          0          0          0          0          0          0          0
      Loans                                        9          0          0          0          0          0          0          2          0          6          1          0          0
Items in process of collection                 8,981        543        850        455        597        751        493        556        413        675        521        370      2,756
Bank premises                                  1,557         91        186         50        152        144        278        116         44        127         51        143        175
Other assets(5)                               36,762      1,837     12,752      1,129      2,409      5,792      2,201      3,667      1,015        995        925        810      3,230
Interdistrict settlement account                   0    - 7,971    +41,268    - 7,040    - 7,780    - 4,057    - 5,631    -18,962    - 4,380    + 3,607    - 1,736    +13,986    - 1,303
          Total Assets                       719,092     31,794    330,395     19,739     31,291     53,562     44,017     61,978     20,279     15,644     19,087     30,239     61,067

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 12, 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             764,640     32,542    337,019     24,932     31,953     53,872     58,938     63,146     21,863     15,093     21,360     35,769     68,153
  Less: notes held by F.R. Banks              113,515      4,793     27,957      7,582      4,712      8,988     19,597      7,966      3,613      1,578      4,333      7,563     14,833
    Federal Reserve notes, net                651,124     27,749    309,062     17,350     27,241     44,884     39,342     55,180     18,250     13,515     17,027     28,206     53,320
Reverse repurchase agreements (1)              17,912      1,026      7,048        689        988      1,397      1,275      2,108        637        280        529        398      1,537
Deposits                                       21,343      1,284      8,691        637      1,051      2,194      1,309      2,008        586        447        615        669      1,853
  Depository institutions                      16,219      1,276      3,668        635      1,047      2,123      1,307      2,004        584        446        613        667      1,849
  U.S. Treasury, general account                4,775          0      4,775          0          0          0          0          0          0          0          0          0          0
  Foreign official                                116          2         93          1          3          7          2          3          1          1          1          1          3
  Other                                           233          7        156          1          1         64          0          0          2          0          1          1          0
Deferred availability cash items                8,988        694      1,010        443        448        618        922        654        288        629        401        493      2,388
Other liabilities and accrued                 
  dividends (2)                                 2,265        139        689        102        130        240        187        238        102         79         90         88        181
   
    Total liabilities                         701,632     30,892    326,499     19,220     29,859     49,332     43,035     60,187     19,862     14,950     18,662     29,854     59,279
                              
Capital                    
Capital paid in                                 8,491        438      1,854        251        700      2,092        475        873        200        343        204        188        873
Surplus                                         8,380        436      1,809        233        702      2,073        475        858        199        340        201        186        868
Other capital                                     589         28        233         35         29         65         32         60         17         11         20         11         46
     Total liabilities and capital            719,092     31,794    330,395     19,739     31,291     53,562     44,017     61,978     20,279     15,644     19,087     30,239     61,067
                              

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 12, 2003
              
Federal Reserve notes, net of F.R. 
 Bank holdings                                651,124 
Collateral held against Federal Reserve            
   notes                                      651,124
   Gold certificate account                    11,039
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              637,886
   Other eligible assets                            0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         657,474
   Less:face value of securities under
         reverse repurchase agreements         17,918
      U.S. Treasury and agency securities
             eligible to be pledged           639,556
   

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.