FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                                May 1, 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           Apr 30, 2003 Apr 23, 2003  May 1, 2002 Apr 30, 2003
Federal Reserve Banks

Reserve Bank Credit                                         715,838    +   6,160    +  68,451      724,408
 Securities held outright                                   647,057    +     205    +  66,128      647,281       
    U.S. Treasury (1)                                       647,047    +     205    +  66,128      647,271
       Bills (2)                                            236,035    +     180    +  43,592      236,249
       Notes and bonds, nominal (2)                         396,776            0    +  20,608      396,776
       Notes and bonds, inflation-indexed (2)                12,814            0    +   1,549       12,814
       Inflation compensation (3)                             1,422    +      26    +     380        1,431
    Federal agency (2)                                           10            0            0           10      
 Repurchase agreements(4)                                    28,751    +   4,858    +   1,322       37,501
 Loans to depository institutions                                30    +       2    -      48           35
    Primary credit                                                0    -       4            0            0
    Secondary credit                                              0            0            0            0
    Seasonal credit                                              29    +       5    -      38           35
    Adjustment credit                                             0            0    -      12            0
 Float                                                          188    +     630    +     388         -138
 Other Federal Reserve assets                                39,811    +     464    +     660       39,728
Gold stock                                                   11,043            0    -       1       11,043
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            34,822    +      14    +   1,112       34,822
       
Total factors supplying reserve funds                       763,903    +   6,174    +  69,562      772,473
                                                                   
Currency in circulation(5)                                  687,176    -     306    +  42,909      688,692
Reverse repurchase agreements (6)                            20,949    +     397    +  20,949       20,814
   Foreign official and international accounts               20,949    +     397    +  20,949       20,814
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          350    -      10    -      43          340
Deposits with F.R.Banks, other than reserve balances         20,129    -     551    +   2,844       22,136       
  U.S. Treasury, general account                              8,763    -     164    +   1,817       10,583
  Foreign official                                              132    +      26    +      42          313
  Service-related                                            11,009    -     305    +     997       11,009
     Required clearing balances                              10,830            0    +     960       10,830
     Adjustments to compensate for float                        179    -     305    +      37          179
  Other                                                         225    -     108    -      12          231
Other liabilities and capital                                20,165    +      20    +   1,121       20,049

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  748,770    -     449    +  67,781      752,031

Reserve balances with Federal Reserve Banks                  15,133    +   6,622    +   1,782       20,442
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)           887,022    -   6,062     ------        893,534
     U.S. Treasury                                          709,850    -   7,382     ------        713,499
     Federal agency                                         177,171    +   1,319     ------        180,035
  Securities lent to dealers                                    510    +     410    -     701          731   


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 Apr 30, 2003     Apr 23, 2003      May 1, 2002

Assets
Gold certificate account                                        11,039        +       1        -       5
Special drawing rights certificate account                       2,200                0                0
Coin                                                             1,021        -      22        +      39
Securities, repurchase agreements, and loans                   684,817        +  13,386        +  69,350
   Securities held outright                                    647,281        +     380        +  66,411
      U.S. Treasury (1)                                        647,271        +     380        +  66,411       
         Bills (2)                                             236,249        +     354        +  44,233
         Notes and bonds, nominal (2)                          396,776                0        +  20,608
         Notes and bonds, inflation-indexed (2)                 12,814                0        +   1,212
         Inflation compensation (3)                              1,431        +      25        +     358
      Federal agency (2)                                            10                0                0
   Repurchase agreements (4)                                    37,501        +  13,001        +   3,001    
   Loans                                                            35        +       5        -      61
Items in process of collection                    (1,166)        8,173        +     584        -     414
Bank premises                                                    1,577        +      17        +      65
Other assets (5)                                                38,412        +     116        +   1,137
      Total assets                                (1,166)      747,239        +  14,082        +  70,173
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  655,226        +     201        +  41,202
Reverse repurchase agreements (6)                               20,814        +     823        +  20,814
Deposits                                              (0)       43,007        +  12,638        +   7,425       
  Depository institutions                                       31,880        +  11,135        +     926
  U.S. Treasury, general account                                10,583        +   1,298        +   6,260
  Foreign official                                                 313        +     208        +     221
  Other                                               (0)          231        -       3        +      19
Deferred availability cash items                  (1,166)        8,142        +     174        -     450
Other liabilities and accrued dividends (7)                      2,270        -       5        -     103
      Total liabilities                           (1,166)      729,460        +  13,832        +  68,889
                          
Capital Accounts
Capital paid in                                                  8,545        +      19        +     489
Surplus                                                          8,380                0        +   1,080
Other capital accounts                                             854        +     231        -     285
      Total capital                                             17,779        +     250        +   1,284


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,     April 30, 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              28       46,750   -   5,156            0           0       33,500       20,814
16 days to 90 days           7      126,284   -   1,662            0           0        4,001            0
91 days to 1 year            0      153,916   -     119           10           0     ------      ------
Over 1 to 5 years     ------        188,832   +   7,299            0           0     ------      ------
Over 5 to 10 years    ------         51,538   +       9            0           0     ------      ------
Over 10 years         ------         79,952   +      10            0           0     ------      ------
                   		 	
All                         35      647,271   +     380           10           0       37,501      20,814

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     April 30, 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                                           1,021         50         37         76         42        136         94        129         58         41         69        162        127
Securities, repurchase agreements,
      and loans                              684,817     31,293    314,429     20,237     30,330     49,778     43,730     65,414     20,374     14,460     17,400     25,367     52,006
   Securities held outright                  647,281     31,293    276,928     20,237     30,330     49,778     43,728     65,408     20,364     14,448     17,395     25,367     52,005
      U.S. Treasury (1)                      647,271     31,293    276,923     20,236     30,330     49,777     43,727     65,407     20,364     14,448     17,395     25,366     52,004
         Bills (2)                           236,249     11,422    101,075      7,386     11,070     18,168     15,960     23,873      7,433      5,273      6,349      9,259     18,981
         Notes and bonds(3)                  411,022     19,871    175,848     12,850     19,259     31,609     27,767     41,534     12,931      9,175     11,046     16,108     33,023
         Federal agency (2)                       10          0          4          0          0          1          1          1          0          0          0          0          1
      Repurchase agreements(4)                37,501          0     37,501          0          0          0          0          0          0          0          0          0          0
      Loans                                       35          0          0          0          0          0          2          6         10         12          4          0          1
Items in process of collection                 9,339        428        556        465        465        733        730        721        445        472        675        906      2,743
Bank premises                                  1,577         91        185         51        151        143        278        117         43        126         51        164        176
Other assets(5)                               38,412      1,779     13,986      1,105      2,358      5,915      2,249      3,583        999      1,130        921      1,112      3,274
Interdistrict settlement account                   0    - 1,600    +12,134    - 2,371    - 1,945    - 1,266    - 2,843    - 7,781    - 1,028    -   280    -   158    + 2,638    + 4,500
          Total Assets                       748,405     32,652    346,905     20,026     31,983     56,395     45,267     63,377     21,295     16,203     19,328     30,952     64,024

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     April 30, 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             762,034     31,962    336,220     24,336     31,355     53,875     59,708     62,576     22,311     15,255     21,232     35,228     67,974
  Less: notes held by F.R. Banks              106,807      4,679     26,350      7,399      4,238      8,201     20,122      6,632      3,527      1,478      4,208      7,005     12,968
    Federal Reserve notes, net                655,226     27,283    309,870     16,937     27,118     45,674     39,586     55,945     18,784     13,777     17,023     28,223     55,006
Reverse repurchase agreements (1)              20,814      1,006      8,905        651        975      1,601      1,406      2,103        655        465        559        816      1,672
Deposits                                       43,007      2,680     22,453      1,309      1,772      3,900      2,123      2,604      1,012        745        792        916      2,700
  Depository institutions                      31,880      2,672     11,427      1,307      1,769      3,830      2,121      2,600      1,008        743        790        915      2,697
  U.S. Treasury, general account               10,583          0     10,583          0          0          0          0          0          0          0          0          0          0
  Foreign official                                313          2        289          1          3          7          2          3          1          1          1          1          3
  Other                                           231          7        153          1          0         62          0          1          4          0          1          0          0
Deferred availability cash items                9,308        626        948        514        546        725        976        680        305        421        443        493      2,630
Other liabilities and accrued                 
  dividends (2)                                 2,270        129        712         94        127        259        180        222         96         87         86        104        173
   
    Total liabilities                         730,626     31,725    342,888     19,505     30,538     52,159     44,272     61,554     20,853     15,495     18,904     30,552     62,181
                              
Capital                    
Capital paid in                                 8,545        446      1,877        251        700      2,070        475        875        217        345        204        189        896
Surplus                                         8,380        436      1,809        233        702      2,073        475        858        199        340        201        186        868
Other capital                                     854         44        331         37         42         93         44         91         26         24         18         24         80
     Total liabilities and capital            748,405     32,652    346,905     20,026     31,983     56,395     45,267     63,377     21,295     16,203     19,328     30,952     64,024
                              

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
                                          Apr 30, 2003
              
Federal Reserve notes outstanding             762,034
   Less: Notes held by F.R. Banks
         not subject to collateralization     102,753
      Federal Reserve Notes to be
         collateralized                       659,280 
Collateral held against Federal Reserve            
   notes                                      659,280
   Gold certificate account                    11,039
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              646,042
   Other eligible assets                            0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         684,782
   Less:face value of securities under
         reverse repurchase agreements         20,821
      U.S. Treasury and agency securities
             eligible to be pledged           663,961
   

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.