FEDERAL RESERVE
These data are scheduled for release each Thursday.  The exact time of each release will be announced, when
the information is available, on (202) 452-3206.

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                           January 24, 2002
Millions of dollars
                                                                   Averages of daily figures
      Reserve balances of depository institutions at     Week ended   Change from week ended     Wednesday
 F.R. Banks, Reserve Bank credit, and related items     Jan 23, 2002 Jan 16, 2002 Jan 24, 2001 Jan 23, 2002

Reserve Bank Credit                                         631,916    +   2,813    +  54,366      658,289
  U.S. government securities (1)                                                   
    Bought outright-system account (2,3)                    557,929    -     534    +  40,941      560,195
    Held under repurchase agreements                              0            0            0            0
  Federal agency obligations (1)                                                   
    Bought outright                                              10            0    -     120           10
    Held under repurchase agreements                              0            0            0            0
  Repurchase agreements -- triparty (4)                      35,929    +   2,958    +  13,500       56,500
  Acceptances                                                     0            0            0            0
  Loans to depository institutions
    Adjustment credit                                            21    +      13    -      58           42
    Seasonal credit                                              17    +       7    -       6           20
    Extended credit                                               0            0            0            0
   Float                                                         97    +     178    -   1,075        3,412
   Other F.R. assets                                         37,913    +     190    +   1,183       38,110
Gold stock                                                   11,045            0    -       1       11,045
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding                                33,237    +      14    +   1,396       33,237
        Total factors supplying reserve funds               678,398    +   2,827    +  55,762      704,771
                                                                   
Currency in circulation*                                    631,965    -     779    +  51,384      632,344
Reverse repurchase agreements -- triparty (4)                     0            0            0            0
Treasury cash holdings*                                         417    -      15    -      28          423
Deposits,other than reserve balances,with F.R.Banks                                        
  Treasury                                                    7,099    +   1,387    +      21        9,850
  Foreign                                                       135    -     136    +      50          284
  Service-related balances and adjustments (5)                9,212    +     324    +   2,264        9,212
  Other                                                         223    -       9    -      44          220
Other F.R. liabilities and capital                           17,594    -      99    -     654       17,402
        Total factors, other than reserve balances,                                        
        absorbing reserve funds                             666,645    +     673    +  52,993      669,736

Reserve balances with F.R. Banks  (6)                        11,753    +   2,154    +   2,769       35,034
                                                                
On   January 23, 2002, the face amount of marketable U.S. government and federal agency securities held in custody by the Federal Reserve
Banks for foreign official and international accounts was $    723,480 million, a change of $  -   5,886 million for the week. The total includes
$    594,291 million of U.S. government securities and $    129,189 million of federal agency securities. The total includes the face value of
U.S. Treasury strips and other zero coupon bonds.
1  Face value of the securities.
2  Net of $     20,782 million (daily average over statement week) and $     18,744 million (outstanding on 
   Wednesday statement date) matched sale-purchase transactions, of which $     20,782 million (daily average)
   and $     18,744 million (outstanding on Wednesday statement date) were with foreign official and international
   accounts.  Includes securities loans of $      2,473 million (daily average) and $      1,667 million 
   (outstanding on Wednesday statement date) that are fully collateralized by other U.S. government securities.
3  Includes $     10,186 million of inflation-indexed securities valued at the original face amount and 
   $        947 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Cash value of agreements arranged through third-party custodial banks.  These agreements are collateralized 
   by U.S. government and federal agency securities.
5  Consists of required clearing balances of $      8,402 million and adjustments of $        810 million to 
   compensate for float.
6  Excludes required clearing balances and adjustments to compensate for float.

* Estimated (Treasury's figures).
Components may not add to totals due to rounding.

Worksheet for H.4.1 (a)

CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS
Millions of Dollars
                                                                                    Change Since
                                                  *          Wednesday        Wednesday        Wednesday
                                                           Jan 23, 2002     Jan 16, 2002     Jan 24, 2001
                ASSETS
Gold certificate account                                        11,045                0        -       1
Special drawing rights certificate account                       2,200                0                0
Coin                                                             1,120        +      26        +      92
Loans                                                               62        +      48        +      34
Acceptances                                                          0                0                0
Repurchase agreements -- triparty (1)                           56,500        +  25,600        +  23,500
Federal agency obligations (2)          
  Bought outright                                                   10                0        -     120
  Held under repurchase agreements                                   0                0                0
U.S. government securities (2)           
  Bought outright--Bills                                       187,154        -     605        +   2,644
                   Notes (3)                                   268,571        +     838        +  27,985
                   Bonds (4)                                   104,470        +     232        +  11,125
    Total bought outright (5)                                  560,195        +     465        +  41,754
  Held under repurchase agreements                                   0                0                0
     Total U.S. government securities                          560,195        +     465        +  41,754
       Total loans and securities                              616,766        +  26,112        +  65,168
                          
Items in process of collection                      (722)       14,733        +   6,076        +   5,918
Bank premises                                                    1,513        +       1        +      50
Other assets (6)                                                36,517        +     394        +     962
                TOTAL ASSETS                        (722)      683,894        +  32,609        +  72,188
                          
                LIABILITIES
Federal Reserve notes                                          600,651        +     123        +  50,940
Reverse repurchase agreements -- triparty (1)                        0                0                0
Deposits                     
  Depository institutions                                       44,456        +  26,587        +  15,778
  U.S. Treasury--general account                                 9,850        +   3,131        +   2,493
  Foreign--official accounts                                       284        +     196        +     215
    Other                                             (0)          220        -      18        -      42
      Total deposits                                  (0)       54,811        +  29,896        +  18,445
Deferred availability cash items                    (722)       11,030        +   2,652        +   3,338
Other liabilities and accrued dividends (7)                      2,309        -      44        -   1,714
                TOTAL LIABILITIES                   (722)      668,801        +  32,627        +  71,009
                          
                CAPITAL ACCOUNTS
Capital paid in                                                  7,420        +       1        +     409
Surplus                                                          7,272        -       5        +     974
Other capital accounts                                             401        -      13        -     204

*Figures in parentheses are the eliminations made in the consolidation process.
1  Cash value of agreements arranged through third-party custodial banks.
2  Face value of the securities.
3  Includes $      5,766 million of inflation-indexed securities valued at the original face amount and 
   $        558 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Includes $      4,420 million of inflation-indexed securities valued at the original face amount and 
   $        388 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
5  Net of $     18,744 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes securities loans of $      1,667 million that are fully collateralized by other
   U.S. government securities.
6  Includes assets denominated in foreign currencies, revalued daily at market exchange rates.
7  Includes exchange-translation account reflecting the daily revaluation at market exchange rates of 
   foreign exchange commitments.
Components may not add to totals due to rounding.


MATURITY DISTRIBUTION OF LOANS AND SECURITIES,   January 23, 2002



Millions of dollars
                                    U.S. government         Federal agency                      Reverse
                     Loans          securities (1,2)        obligations(2)        Repurchase   Repurchase
                                              Weekly                  Weekly      Agreements   Agreements
                                  Holdings    changes      Holdings    changes    Triparty(3)  Triparty(3)
Within 15 days              60       24,147   +   1,525            0           0       51,500           0
16 days to 90 days           2      114,976   -   1,911            0           0        5,000           0
91 days to 1 year            0      131,815   -     219            0           0     ------      ------
Over 1 to 5 years                   157,733   +   1,073           10           0     ------      ------
Over 5 to 10 years                   51,628   -       2            0           0     ------      ------
Over 10 years                        79,896   -       1            0           0     ------      ------
                   		 	
Total                       62      560,195   +     465           10           0       56,500           0

1  Includes $     10,186 million of inflation-indexed securities valued at the original face amount and 
   $        947 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
2  Includes face value of securities held under repurchase agreements classified by the remaining maturity of 
   the agreements.
3  Cash value of agreements arranged through third-party custodial banks classified by remaining maturity of 
   the agreements.
Components may not add to totals due to rounding.


H.4.1 (b)

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON   January 23, 2002
Millions of dollars
                                                                                                                                                            Kansas                 San
                                               Total     Boston   New York Philadelphia Cleveland   Richmond   Atlanta    Chicago   St. Louis  Minneapolis   City      Dallas   Francisco
         ASSETS                        
Gold certificate account                      11,045        546      4,451        454        538        741        871      1,028        343        143        317        477      1,136
Special drawing rights certif. acct.           2,200        115        874         83        104        147        166        212         71         30         66         98        234
Coin                                           1,120         62         61         52         64        172        122        127         63         34         77        140        147
                       
Loans                                             62          4          0          0          0          7          0         39          2          1          1          4          4
Acceptances                                        0          0          0          0          0          0          0          0          0          0          0          0          0
Repurchase Agreements -- triparty(1)          56,500          0     56,500          0          0          0          0          0          0          0          0          0          0
Federal agency obligations(2)      
  Bought outright                                 10          1          4          0          1          1          1          1          0          0          0          0          1
  Held under repurchase agreements                 0          0          0          0          0          0          0          0          0          0          0          0          0
U.S. government securities(2)         
  Bought outright--Bills                     187,154     11,245     76,665      7,687     10,957     11,181     12,869     21,197      6,746        584      5,777      3,393     18,855
                   Notes (3)                 268,571     16,136    110,016     11,031     15,723     16,045     18,468     30,418      9,680        838      8,290      4,869     27,058
                   Bonds (4)                 104,470      6,277     42,794      4,291      6,116      6,241      7,184     11,832      3,765        326      3,224      1,894     10,525
     Total bought outright(5)                560,195     33,658    229,474     23,009     32,797     33,466     38,521     63,446     20,191      1,748     17,291     10,155     56,438
  Held under repurchase agreements                 0          0          0          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             560,195     33,658    229,474     23,009     32,797     33,466     38,521     63,446     20,191      1,748     17,291     10,155     56,438
       Total loans and securities            616,766     33,662    285,978     23,010     32,797     33,474     38,521     63,486     20,194      1,748     17,292     10,160     56,444
                       
Items in process of collection                15,455      1,145      2,123        327        644      1,072      1,788      1,230        755      1,064        953      1,040      3,314
Bank premises                                  1,513         91        177         49        151        132        281        106         43        123         49        137        172
Other assets(6)                               36,517      1,900     13,383      1,340      2,153      4,814      2,406      3,479        995        653        989        803      3,602
Interdistrict settlement account                   0    - 1,161    -21,881    - 1,731    -   155    +11,648    + 4,397    + 6,122    +   198    +12,322    -   991    + 2,589    -11,356
          TOTAL ASSETS                       684,616     36,361    285,167     23,583     36,296     52,200     48,552     75,790     22,663     16,119     18,751     15,443     53,692

1  Cash value of agreements arranged through third-party custodial banks.  These agreements are collateralized 
   by U.S. government and federal agency securities.
2  Face value of the securities.
3  Includes $      5,766 million of inflation-indexed securities valued at the original face amount and  $        558 million 
   of compensation that adjusts for the effects of inflation on the principal of such  securities.
4  Includes $      4,420 million of inflation-indexed securities valued at the original face amount and  $        388 million 
   of compensation that adjusts for the effects of inflation on the principal of such securities.
5  Net of $     18,744 million matched sale-purchase transactions outstanding at the end of the latest statement week.  
   Includes securities loans of $      1,667 million that are fully collateralized by other U.S. government securities.
6  Includes assets denominated in foreign currencies, revalued monthly at market exchange rates.

Components may not add to totals due to rounding.


H.4.1 (c)

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON   January 23, 2002
Millions of dollars
                                                                                                                                                            Kansas                 San
                                               Total     Boston   New York Philadelphia Cleveland   Richmond   Atlanta    Chicago   St. Louis  Minneapolis   City      Dallas   Francisco
       LIABILITIES                         
Federal Reserve notes                         600,651     30,933    253,051     20,804     29,923     44,417     44,248     66,586     20,894     13,890     16,343     13,418     46,144
Reverse repurchase agreements--triparty(1)          0          0          0          0          0          0          0          0          0          0          0          0          0
Deposits                          
  Depository institutions                      44,456      3,564     16,464      1,735      4,360      3,055      1,942      6,527      1,027      1,062      1,406        877      2,438
  U.S. Treasury--general account                9,850          0      9,850          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                      284          2        260          1          2          7          2          3          1          1          1          1          3
  Other                                           220          1        126          0          2         85          0          1          1          0          3          1          1
    Total deposits                             54,811      3,566     26,701      1,736      4,363      3,148      1,944      6,530      1,028      1,063      1,410        879      2,442
Deferred credit items                          11,752        858      1,480        477        498        911      1,159        800        323        718        508        728      3,291
Other liabilities and accrued                 
  dividends (2)                                 2,309        145        736        110        132        209        187        250        104         62         93         85        196
    TOTAL LIABILITIES                         669,523     35,502    281,968     23,127     34,916     48,684     47,538     74,167     22,349     15,733     18,354     15,111     52,074
                              
       CAPITAL ACCOUNTS                   
Capital paid in                                 7,420        419      1,504        221        681      1,759        447        790        149        307        192        164        788
Surplus                                         7,272        418      1,504        221        665      1,757        535        793        149         79        191        164        796
Other capital accounts                            401         21        191         14         34          0         32         40         16          0         14          4         35
     TOTAL LIABILITIES AND CAPITAL            
        ACCOUNTS                              684,616     36,361    285,167     23,583     36,296     52,200     48,552     75,790     22,663     16,119     18,751     15,443     53,692
                              
FEDERAL RESERVE AGENTS' ACCOUNTS              
                              
F.R. notes outstanding                        750,161     35,682    295,288     28,010     34,762     55,199     64,168     74,034     23,966     16,266     20,956     33,044     68,786
  Less--Held by F.R. Banks                    149,510      4,749     42,237      7,206      4,839     10,783     19,920      7,448      3,072      2,376      4,613     19,626     22,641
  F.R. notes, net                             600,651     30,933    253,051     20,804     29,923     44,417     44,248     66,586     20,894     13,890     16,343     13,418     46,144
Collateral held against F.R. notes            
   Gold certificate account                    11,045
   Special drawing rights                 
     certificate account                        2,200
   Other eligible assets                            0
   U.S. govt. and agency securities(3)        587,406
     Total collateral                         600,651

1  Cash value of agreements arranged through third-party custodial banks.  These agreements are collateralized 
   by U.S. government and federal agency securities.
2  Includes exchange translation account reflecting the monthly revaluation at market exchange rates of 
   foreign exchange commitments.
3  U.S. government and agency securities bought outright or held under repurchase agreement are valued at face amount.
   Includes cash value of repurchase agreements under triparty arrangements and excludes the par value of securities
   pledged under reverse repurchase agreements.

Components may not add to totals due to rounding.