Reserve Bank credit, related items, and

reserve balances of depository institutions

at Federal Reserve Banks

Reserve Bank credit 718,451 - 1,082 + 60,310 722,505

Securities held outright 652,443 + 281 + 59,807 652,461

U.S. Treasury1 652,433 + 281 + 59,807 652,451

Bills2 239,285 + 287 + 41,955 239,305

Notes and bonds, nominal2 398,853 0 + 16,375 398,853

Notes and bonds, inflation-indexed2 12,814 0 + 1,212 12,814

Inflation compensation3 1,480 - 6 + 264 1,479

Federal agency2 10 0 0 10

Repurchase agreements4 26,000 - 2,714 + 143 29,250

Loans to depository institutions 99 - 89 - 111 104

Primary credit 8 - 91 + 8 1

Secondary credit 0 0 0 2

Seasonal credit 91 + 2 - 76 102

Adjustment credit 0 0 - 42 0

Float 674 + 1,247 + 190 1,389

Other Federal Reserve assets 39,236 + 193 + 282 39,301

Gold stock 11,044 0 0 11,044

Special drawing rights certificate account 2,200 0 0 2,200

Treasury currency outstanding5 34,994 + 14 + 998 34,994

Total factors supplying reserve funds 766,689 - 1,068 + 61,308 770,742

Currency in circulation5 697,775 + 4,248 + 33,676 697,326

Reverse repurchase agreements6 20,844 - 2,285 + 20,844 20,254

Foreign official and international accounts 20,844 - 2,285 + 20,844 20,254

Dealers 0 0 0 0

Treasury cash holdings 327 - 33 - 61 327

Deposits with F.R. Banks, other than reserve balances 17,746 - 136 + 2,310 17,929

U.S. Treasury, general account 6,218 + 131 + 1,233 6,356

Foreign official 279 - 133 + 180 327

Service-related 11,020 - 116 + 897 11,020

Required clearing balances 10,839 0 + 936 10,839

Adjustments to compensate for float 181 - 116 - 40 181

Other 229 - 19 + 1 225

Other liabilities and capital 19,817 - 228 + 242 19,675

Total factors, other than reserve balances,

absorbing reserve funds 756,508 + 1,565 + 57,010 755,510

Reserve balances with Federal Reserve Banks 10,181 - 2,634 + 4,298 15,232

Memo (off-balance-sheet items):

Marketable securities held in custody for foreign

 official and international accounts2,7 945,620 + 2,342 . . . 938,109

U.S. Treasury 760,893 + 3,832 . . . 755,623

Federal agency 184,726 - 1,491 . . . 182,486

Securities lent to dealers 1,595 - 2,980 + 1,036 609

FEDERAL RESERVE statistical release

 July 10, 2003

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Averages of daily figures

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.

Change from week ended Wednesday

 Jul 9, 2003 Week ended

 Jul 9, 2003 Jul 2, 2003 Jul 10, 2002
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 collateralized by U.S. Treasury and federal agency securities.

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.

Assets

Gold certificate account 11,039 0 0

Special drawing rights certificate account 2,200 0 0

Coin 874 - 30 - 11

Securities, repurchase agreements, and loans 681,815 + 3,361 + 60,076

Securities held outright 652,461 + 98 + 57,920

U.S. Treasury1 652,451 + 98 + 57,920

Bills2 239,305 + 104 + 40,581

Notes and bonds, nominal2 398,853 0 + 15,864

Notes and bonds, inflation-indexed2 12,814 0 + 1,212

Inflation compensation3 1,479 - 5 + 263

Federal agency2 10 0 0

Repurchase agreements4 29,250 + 3,250 + 2,250

Loans 104 + 12 - 94

Items in process of collection (1,172) 10,110 + 653 + 2,308

Bank premises 1,582 + 1 + 63

Other assets5 37,712 + 312 - 227

Total assets (1,172) 745,332 + 4,297 + 62,208

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 663,529 - 946 + 32,156

Reverse repurchase agreements6 20,254 - 791 + 20,254

Deposits ( 0 ) 33,479 + 7,057 + 8,819

Depository institutions 26,571 + 6,552 + 7,410

U.S. Treasury, general account 6,356 + 649 + 1,162

Foreign official 327 - 149 + 243

Other ( 0 ) 225 + 5 + 4

Deferred availability cash items (1,172) 8,395 - 1,062 + 863

Other liabilities and accrued dividends7 2,107 + 6 - 275

Total liabilities (1,172) 727,764 + 4,264 + 61,817

Capital accounts

Capital paid in 8,660 + 1 + 392

Surplus 8,378 - 2 + 1,066

Other capital accounts 529 + 33 - 1,069

Total capital 17,567 + 32 + 390

H.4.1

2. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Wednesday

 Jul 10, 2002

Eliminations from

consolidation Wednesday

 Jul 9, 2003

Wednesday

 Jul 2, 2003

3. Maturity Distribution of Loans and Securities, July 9, 2003

Millions of dollars

 Federal agency

securities

Weekly

changes Holdings

 U.S. Treasury

securities1

Holdings Weekly

changes

Loans Repurchase

agreements2

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.

Reverse

repurchase

agreements2

Within 15 days 44 40,668 - 434 0 0 24,250 20,254

16 days to 90 days 60 147,314 + 588 0 0 5,000 0

91 days to 1 year 0 158,485 - 50 10 0 . . . . . . 

Over 1 year to 5 years . . . 179,353 - 2 0 0 . . . . . . 

Over 5 years to 10 years . . . 46,659 - 2 0 0 . . . . . . 

Over 10 years . . . 79,971 - 2 0 0 . . . . . . 

All 104 652,451 + 98 10 0 29,250 20,254

Assets, liabilities, and capital

Maturity
H.4.1

4. Statement of Condition of Each Federal Reserve Bank on July 9, 2003Millions of dollars

Total Boston Cleveland Richmond Atlanta Chicago St. Louis New York Philadelphia Minneap

AssetsGold certificate accountSpecial drawing rights certificate acct.CoinSecurities, repurchase agreements,

and loans

Securities held outright

U.S. Treasury1

Bills2Notes and bonds3

Federal agency2

Repurchase agreements4Loans

Items in process of collectionBank premisesOther assets5Interdistrict settlement account

Total assets

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 sec

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.

 11,039 2,200 874 681,815 652,461 652,451 239,305 413,146 10 29,250 104 11,282 1,582 37,712 0 746,503

Assets, liabilities, and capital

 4,706 874 32 308,394 279,144 279,139 102,382 176,757 4 29,250 0 758 185 13,632 +11,675 340,255

 495 115 39 31,544 31,544 31,543 11,569 19,974 0 0 0 652 91 1,736 - 3,029 31,644

 380 83 52 20,399 20,399 20,398 7,482 12,917 0 0 1 497 52 1,110 - 3,152 19,421

 477 104 35 30,573 30,573 30,572 11,213 19,359 0 0 0 522 152 2,329 - 3,223 30,968

 808 147 109 50,176 50,176 50,176 18,403 31,772 1 0 0 818 143 5,885 + 1,135 59,221

 863 166 108 44,089 44,078 44,077 16,167 27,911 1 0 12 1,101 279 2,195 - 788 48,013

 982 212 108 65,952 65,931 65,930 24,182 41,749 1 0 21 1,298 118 3,545 - 7,667 64,547

 331 71 54 20,533 20,527 20,527 7,529 12,998 0 0 6 507 43 969 - 1,013 21,495

 2   14,6 14,5 14,5 5,3 9,2    7 1 1,1 - 8 15,9
 768,847

 100,612 668,236 668,236 11,039 2,200 654,996 0 681,711 20,258 661,453

Total Boston Cleveland Richmond Atlanta Chicago St. Louis New York Philadelphia Minneap

LiabilitiesFederal Reserve notes outstanding

Less: notes held by F.R. Banks

Federal Reserve notes, net

Reverse repurchase agreements1

Deposits

Depository institutionsU.S. Treasury, general accountForeign officialOther

Deferred availability cash itemsOther liabilities and accrued

dividends2

Total liabilities

CapitalCapital paid inSurplusOther capital

Total liabilities and capital

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.

 768,847 105,319 663,529 20,254 33,479 26,571 6,356 327 225 9,567 2,107 728,936 8,660 8,378 529 746,503

 31,695 4,589 27,106 979 1,852 1,849 0 2 0 682 121 30,740 446 436 21 31,644

 332,357 23,299 309,058 8,665 16,986 10,160 6,356 304 167 932 668 336,309 1,900 1,809 238 340,255

 24,280 7,262 17,018 633 783 782 0 1 0 387 89 18,909 252 233 26 19,421

 31,074 4,358 26,716 949 1,316 1,313 0 3 0 460 111 29,552 705 702 10 30,968

 58,231 8,713 49,518 1,558 3,056 2,994 0 7 55 715 213 55,059 2,090 2,072 0 59,221

 62,026 19,590 42,437 1,368 1,944 1,942 0 2 0 1,118 175 47,041 477 475 19 48,013

 64,916 7,563 57,353 2,047 2,289 2,286 0 3 0 809 208 62,707 911 858 72 64,547

 23,152 3,893 19,259 637 743 742 0 1 0 298 94 21,031 228 199 37 21,495

 15,1 1,4 13,7 4 5 5    4  15,2 3 3  15,9

H.4.1

4. Statement of Condition of Each Federal Reserve Bank on July 9, 2003 (continued)Millions of dollars

Assets, liabilities, and capital

Federal Reserve notes outstanding

Less: Notes held by F.R. Banks

not subject to collateralization

Federal Reserve notes to be collateralized

Collateral held against Federal Reserve notes

Gold certificate accountSpecial drawing rights certificate accountU.S. Treasury and agency securities pledged1Other eligible assets

Memo:Total U.S. Treasury and agency securities1

Less: face value of securities under

reverse repurchase agreements

U.S. Treasury and agency securities

eligible to be pledged

5. Collateral Held against Federal Reserve Notes:Federal Reserve Agents' AccountsMillions of dollarsFederal Reserve notes and collateral Wednesday

 Jul 9, 2003

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 ofinflation-indexed securities, and cash value of repurchase agreements.