FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                               May 29, 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           May 28, 2003 May 21, 2003 May 29, 2002 May 28, 2003
Federal Reserve Banks

Reserve Bank Credit                                         720,486    +   8,670    +  64,640      722,221
 Securities held outright                                   650,852    +     449    +  63,173      650,869       
    U.S. Treasury (1)                                       650,842    +     449    +  63,173      650,859
       Bills (2)                                            237,672    +     282    +  42,731      237,683
       Notes and bonds, nominal (2)                         398,853    +     146    +  18,856      398,853
       Notes and bonds, inflation-indexed (2)                12,814            0    +   1,212       12,814
       Inflation compensation (3)                             1,502    +      20    +     373        1,508
    Federal agency (2)                                           10            0            0           10      
 Repurchase agreements(4)                                    31,857    +   7,249    +     653       32,000
 Loans to depository institutions                                59    +       3    -      77           62
    Primary credit                                                2            0    +       2            0
    Secondary credit                                              0            0            0            0
    Seasonal credit                                              57    +       3    -      72           62
    Adjustment credit                                             0            0    -       7            0
 Float                                                         -398    +     456    -     213        1,187
 Other Federal Reserve assets                                38,116    +     513    +   1,104       38,103
Gold stock                                                   11,043            0    -       1       11,043
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            34,878    +      14    +   1,039       34,878
       
Total factors supplying reserve funds                       768,607    +   8,684    +  65,679      770,342
                                                                   
Currency in circulation(5)                                  693,531    +   3,672    +  39,460      694,755
Reverse repurchase agreements (6)                            21,598    +   1,183    +  21,598       21,857
   Foreign official and international accounts               21,598    +   1,183    +  21,598       21,857
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          359    +       9    -      53          375
Deposits with F.R.Banks, other than reserve balances         17,050    -   1,514    +   1,563       16,303       
  U.S. Treasury, general account                              5,543    -   1,356    +     531        4,825
  Foreign official                                              160    +      44    +      51          129
  Service-related                                            11,105    -     176    +     946       11,105
     Required clearing balances                              10,820            0    +   1,050       10,820
     Adjustments to compensate for float                        285    -     176    -     105          285
  Other                                                         242    -      24    +      35          243
Other liabilities and capital                                20,281    +       1    +     580       19,818

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  752,820    +   3,353    +  63,150      753,107

Reserve balances with Federal Reserve Banks                  15,787    +   5,331    +   2,529       17,235
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)           927,747    +  10,934     ------        928,892
     U.S. Treasury                                          740,939    +   7,956     ------        741,441
     Federal agency                                         186,808    +   2,979     ------        187,451
  Securities lent to dealers                                    918    -     110    +     835        1,661   


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 May 28, 2003     May 21, 2003     May 29, 2002

Assets
Gold certificate account                                        11,039                0        -       5
Special drawing rights certificate account                       2,200                0                0
Coin                                                               920        -      30        -       8
Securities, repurchase agreements, and loans                   682,931        +   5,890        +  47,791
   Securities held outright                                    650,869        +     134        +  63,300
      U.S. Treasury (1)                                        650,859        +     134        +  63,300       
         Bills (2)                                             237,683        +     115        +  42,861
         Notes and bonds, nominal (2)                          398,853                0        +  18,856
         Notes and bonds, inflation-indexed (2)                 12,814                0        +   1,212
         Inflation compensation (3)                              1,508        +      19        +     370
      Federal agency (2)                                            10                0                0
   Repurchase agreements (4)                                    32,000        +   5,749        -  15,425    
   Loans                                                            62        +       7        -      84
Items in process of collection                    (1,052)       10,632        +   4,023        -     218
Bank premises                                                    1,581                0        +      65
Other assets (5)                                                36,514        +     306        +     967
      Total assets                                (1,052)      745,817        +  10,189        +  48,592
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  661,167        +   2,858        +  37,320
Reverse repurchase agreements (6)                               21,857        +   1,148        +  21,857
Deposits                                              (6)       33,558        +   4,414        -  10,821       
  Depository institutions                                       28,360        +   7,198        -  11,654
  U.S. Treasury, general account                                 4,825        -   2,783        +     878
  Foreign official                                                 129        +       3        -      79
  Other                                               (6)          243        -       4        +      33
Deferred availability cash items                  (1,046)        9,417        +   1,919        -     276
Other liabilities and accrued dividends (7)                      2,326        +      22        -     196
      Total liabilities                           (1,052)      728,326        +  10,362        +  47,885
                          
Capital Accounts
Capital paid in                                                  8,574        +      12        +     307
Surplus                                                          8,380                0        +   1,068
Other capital accounts                                             537        -     185        -     669
      Total capital                                             17,491        -     173        +     707


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,       May 28, 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              49       51,749   +       2            0           0       29,000       21,857
16 days to 90 days          14      138,094   +     708            0           0        3,000            0
91 days to 1 year            0      153,894   -     595           10           0     ------      ------
Over 1 to 5 years     ------        180,470   +       5            0           0     ------      ------
Over 5 to 10 years    ------         46,669   +       6            0           0     ------      ------
Over 10 years         ------         79,983   +       8            0           0     ------      ------
                   		 	
All                         62      650,859   +     134           10           0       32,000      21,857

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       May 28, 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        495      4,706        380        477        808        863        982        331        224        303        507        963
Special drawing rights certificate acct.       2,200        115        874         83        104        147        166        212         71         30         66         98        234
Coin                                             920         42         32         66         37        120         96        112         52         37         61        150        115
Securities, repurchase agreements,
      and loans                              682,931     31,470    310,463     20,349     30,498     50,054     43,973     65,781     20,491     14,551     17,497     25,508     52,296
   Securities held outright                  650,869     31,467    278,463     20,349     30,498     50,054     43,970     65,771     20,477     14,528     17,492     25,507     52,294
      U.S. Treasury (1)                      650,859     31,466    278,458     20,349     30,498     50,053     43,969     65,770     20,477     14,528     17,491     25,507     52,293
         Bills (2)                           237,683     11,491    101,689      7,431     11,137     18,279     16,057     24,018      7,478      5,305      6,388      9,315     19,096
         Notes and bonds(3)                  413,176     19,975    176,770     12,918     19,360     31,774     27,913     41,752     12,999      9,223     11,104     16,192     33,196
         Federal agency (2)                       10          0          4          0          0          1          1          1          0          0          0          0          1
      Repurchase agreements(4)                32,000          0     32,000          0          0          0          0          0          0          0          0          0          0
      Loans                                       62          3          0          0          0          0          3         11         14         23          5          1          2
Items in process of collection                11,684        631        853        566        605        965      1,362        904        547        549        817        546      3,337
Bank premises                                  1,581         91        186         52        152        143        278        117         44        126         51        164        177
Other assets(5)                               36,514      1,690     13,085      1,012      2,292      5,847      2,117      3,392        937      1,100        870      1,032      3,139
Interdistrict settlement account                   0    -   262    + 8,019    - 2,881    - 1,849    - 2,202    - 1,636    - 6,908    -   931    -   207    +   225    + 3,258    + 5,374
          Total Assets                       746,869     34,272    338,217     19,626     32,315     55,883     47,220     64,592     21,542     16,410     19,891     31,265     65,635

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       May 28, 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             760,695     31,787    333,769     24,326     30,968     53,980     60,390     62,997     22,355     15,230     21,305     34,997     68,590
  Less: notes held by F.R. Banks               99,528      4,278     23,630      7,253      3,851      7,201     19,678      6,320      3,298      1,302      3,914      6,493     12,311
    Federal Reserve notes, net                661,167     27,510    310,139     17,073     27,117     46,779     40,712     56,678     19,058     13,928     17,391     28,504     56,280
Reverse repurchase agreements (1)              21,857      1,057      9,351        683      1,024      1,681      1,477      2,209        688        488        587        857      1,756
Deposits                                       33,564      3,875     12,980        803      1,975      2,155      2,743      2,778        906        772        895        882      2,800
  Depository institutions                      28,360      3,871      7,898        802      1,971      2,063      2,735      2,774        904        771        893        881      2,797
  U.S. Treasury, general account                4,825          0      4,825          0          0          0          0          0          0          0          0          0          0
  Foreign official                                129          2        106          1          3          7          2          3          1          1          1          1          3
  Other                                           249          2        151          0          2         85          6          0          1          0          1          0          0
Deferred availability cash items               10,463        791      1,084        458        672        840      1,131        873        331        435        532        520      2,795
Other liabilities and accrued                 
  dividends (2)                                 2,326        133        716         95        127        269        186        228        100         91         87        109        186
   
    Total liabilities                         729,378     33,365    334,270     19,113     30,915     51,725     46,249     62,766     21,082     15,714     19,492     30,871     63,817
                              
Capital                    
Capital paid in                                 8,574        446      1,893        251        688      2,075        475        896        227        346        191        190        895
Surplus                                         8,380        436      1,809        233        702      2,073        475        858        199        340        201        186        868
Other capital                                     537         25        245         29         10         10         21         73         34         11          7         17         55
     Total liabilities and capital            746,869     34,272    338,217     19,626     32,315     55,883     47,220     64,592     21,542     16,410     19,891     31,265     65,635
                              

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
                                          May 28, 2003
              
Federal Reserve notes outstanding             760,695
   Less: Notes held by F.R. Banks
         not subject to collateralization      95,376
      Federal Reserve Notes to be
         collateralized                       665,319 
Collateral held against Federal Reserve            
   notes                                      665,319
   Gold certificate account                    11,039
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              652,080
   Other eligible assets                            0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         682,869
   Less:face value of securities under
         reverse repurchase agreements         21,863
      U.S. Treasury and agency securities
             eligible to be pledged           661,006
   

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.