FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                         September 11, 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           Sep 10, 2003  Sep 3, 2003 Sep 11, 2002 Sep 10, 2003
Federal Reserve Banks

Reserve Bank Credit                                         715,316    -  10,008    +  57,119      716,213
 Securities held outright                                   654,525    +     644    +  50,423      655,602       
    U.S. Treasury (1)                                       654,515    +     644    +  50,423      655,592
       Bills (2)                                            240,969    +     243    +  37,510      241,020
       Notes and bonds, nominal (2)                         398,959    +     106    +  11,730      399,595
       Notes and bonds, inflation-indexed (2)                13,089    +     275    +     847       13,454
       Inflation compensation (3)                             1,499    +      21    +     337        1,523
    Federal agency (2)                                           10            0            0           10      
 Repurchase agreements(4)                                    22,821    -  11,608    +   5,964       22,500
 Loans to depository institutions                               158    -       8    -       7          155
    Primary credit                                                3    -       6    +       3            0
    Secondary credit                                              0            0            0            0
    Seasonal credit                                             155    -       2    -       9          154
    Adjustment credit                                             0            0    -       1            0
 Float                                                          322    +     796    +     965          148
 Other Federal Reserve assets                                37,489    +     166    -     228       37,808
Gold stock                                                   11,043            0    +       1       11,043
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            35,205    +      14    +     941       35,205
       
Total factors supplying reserve funds                       763,764    -   9,994    +  58,060      764,661
                                                                   
Currency in circulation(5)                                  698,456    -   1,609    +  34,896      698,084
Reverse repurchase agreements (6)                            19,345    -     677    +  19,345       19,719
   Foreign official and international accounts               19,345    -     677    +  19,345       19,719
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          337    +       2    -      24          333
Deposits with F.R.Banks, other than reserve balances         16,675    -     113    +   1,135       16,797       
  U.S. Treasury, general account                              4,745    -      98    -     264        5,039
  Foreign official                                              261    +      13    +     131           80
  Service-related                                            11,391    -      62    +   1,214       11,391
     Required clearing balances                              11,218    +     308    +   1,259       11,218
     Adjustments to compensate for float                        173    -     370    -      44          173
  Other                                                         279    +      35    +      56          287
Other liabilities and capital                                20,451    +     257    +   1,014       20,347

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  755,264    -   2,141    +  56,366      755,280

Reserve balances with Federal Reserve Banks                   8,499    -   7,854    +   1,693        9,381
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)           961,287    +   8,099     ------        964,040
     U.S. Treasury                                          773,456    +   6,852     ------        777,059
     Federal agency                                         187,831    +   1,247     ------        186,981
  Securities lent to dealers                                  1,867    -     633    +     843        1,395   


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 Sep 10, 2003      Sep 3, 2003     Sep 11, 2002

Assets
Gold certificate account                                        11,039                0        +       1
Special drawing rights certificate account                       2,200                0                0
Coin                                                               850        -       8        -     178
Securities, repurchase agreements, and loans                   678,256        -   9,115        +  55,564
   Securities held outright                                    655,602        +   1,661        +  51,072
      U.S. Treasury (1)                                        655,592        +   1,661        +  51,072       
         Bills (2)                                             241,020        +     235        +  37,134
         Notes and bonds, nominal (2)                          399,595        +     742        +  12,366
         Notes and bonds, inflation-indexed (2)                 13,454        +     640        +   1,212
         Inflation compensation (3)                              1,523        +      44        +     360
      Federal agency (2)                                            10                0                0
   Repurchase agreements (4)                                    22,500        -  10,750        +   4,500    
   Loans                                                           155        -      25        -       7
Items in process of collection                    (1,067)        8,013        -   4,841        +     755
Bank premises                                                    1,590        +       1        +      70
Other assets (5)                                                36,186        +     737        -      18
      Total assets                                (1,067)      738,134        -  13,226        +  56,194
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  664,058        -   3,154        +  33,097
Reverse repurchase agreements (6)                               19,719        +     962        +  19,719
Deposits                                              (0)       26,161        -   8,156        +   1,742       
  Depository institutions                                       20,755        -   8,111        +   1,143
  U.S. Treasury, general account                                 5,039        +     514        +     523
  Foreign official                                                  80        -     606        +       5
  Other                                               (0)          287        +      47        +      72
Deferred availability cash items                  (1,067)        7,849        -   3,145        +     308
Other liabilities and accrued dividends (7)                      2,215        +      20        -     210
      Total liabilities                           (1,067)      720,003        -  13,472        +  54,656
                          
Capital Accounts
Capital paid in                                                  8,755        +       3        +     502
Surplus                                                          8,380                0        +   1,068
Other capital accounts                                             996        +     244        -      32
      Total capital                                             18,131        +     246        +   1,538


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, September 10, 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              30       45,911   +     430            0           0       18,500       19,719
16 days to 90 days         125      141,474   +     535            0           0        4,000            0
91 days to 1 year            0      161,449   -     730           10           0     ------      ------
Over 1 to 5 years     ------        178,018   +       1            0           0     ------      ------
Over 5 to 10 years    ------         51,655   +   1,270            0           0     ------      ------
Over 10 years         ------         77,085   +     154            0           0     ------      ------
                   		 	
All                        155      655,592   +   1,661           10           0       22,500      19,719

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 September 10, 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                                             850         27         33         42         36        105        113        105         58         28         51        153         98
Securities, repurchase agreements,
      and loans                              678,256     31,695    302,987     20,500     30,720     50,418     44,300     66,288     20,650     14,687     17,637     25,694     52,679
   Securities held outright                  655,602     31,695    280,487     20,497     30,720     50,418     44,290     66,249     20,626     14,634     17,619     25,693     52,674
      U.S. Treasury (1)                      655,592     31,695    280,483     20,496     30,719     50,417     44,289     66,248     20,626     14,634     17,619     25,692     52,673
         Bills (2)                           241,020     11,652    103,116      7,535     11,294     18,535     16,282     24,355      7,583      5,380      6,477      9,445     19,365
         Notes and bonds(3)                  414,572     20,043    177,367     12,961     19,426     31,882     28,007     41,893     13,043      9,254     11,141     16,247     33,308
         Federal agency (2)                       10          0          4          0          0          1          1          1          0          0          0          0          1
      Repurchase agreements(4)                22,500          0     22,500          0          0          0          0          0          0          0          0          0          0
      Loans                                      155          0          0          3          0          0         10         39         24         53         18          2          5
Items in process of collection                 9,080        655        792        429        384        640        616        887        445        432        633        470      2,696
Bank premises                                  1,590         91        187         52        151        143        278        119         43        126         54        170        176
Other assets(5)                               36,186      1,664     13,018      1,066      2,260      5,763      2,090      3,352        916      1,081        861      1,024      3,091
Interdistrict settlement account                   0    - 3,256    + 8,685    -   540    - 2,569    - 1,245    +   375    - 7,244    - 1,239    -   244    -   775    + 2,449    + 5,604
          Total Assets                       739,200     31,486    331,283     22,011     31,563     56,777     48,800     64,701     21,275     16,365     18,830     30,566     65,541

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 September 10, 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             783,777     31,751    331,843     27,439     32,472     58,599     64,113     67,323     23,655     15,858     21,672     35,569     73,481
  Less: notes held by F.R. Banks              119,720      5,211     25,327      8,478      5,365     10,144     20,622      9,708      4,617      1,694      4,984      7,559     16,012
    Federal Reserve notes, net                664,058     26,541    306,516     18,961     27,108     48,455     43,491     57,616     19,039     14,164     16,689     28,010     57,469
Reverse repurchase agreements (1)              19,719        953      8,437        617        924      1,516      1,332      1,993        620        440        530        773      1,584
Deposits                                       26,161      2,333     10,406      1,285      1,444      1,762      1,885      2,318        750        529        643        808      1,999
  Depository institutions                      20,755      2,329      5,151      1,284      1,440      1,634      1,884      2,314        747        528        641        807      1,996
  U.S. Treasury, general account                5,039          0      5,039          0          0          0          0          0          0          0          0          0          0
  Foreign official                                 80          2         57          1          3          7          2          3          1          1          1          1          3
  Other                                           287          2        159          0          1        121          0          1          2          0          1          0          0
Deferred availability cash items                8,916        611      1,020        533        523        578        919        656        293        434        468        475      2,405
Other liabilities and accrued                 
  dividends (2)                                 2,215        126        687         92        119        232        183        224        101         85         88        111        167
   
    Total liabilities                         721,069     30,564    327,065     21,487     30,117     52,544     47,811     62,806     20,804     15,652     18,417     30,178     63,624
                              
Capital                    
Capital paid in                                 8,755        446      1,998        253        704      2,072        478        917        228        348        196        183        931
Surplus                                         8,380        436      1,809        233        702      2,073        475        858        199        340        201        186        868
Other capital                                     996         40        411         38         39         88         36        120         45         25         17         19        118
     Total liabilities and capital            739,200     31,486    331,283     22,011     31,563     56,777     48,800     64,701     21,275     16,365     18,830     30,566     65,541
                              

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
                                          Sep 10, 2003
              
Federal Reserve notes outstanding             783,777
   Less: Notes held by F.R. Banks
         not subject to collateralization     115,128
      Federal Reserve Notes to be
         collateralized                       668,649 
Collateral held against Federal Reserve            
   notes                                      668,649
   Gold certificate account                    11,039
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              655,411
   Other eligible assets                            0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         678,102
   Less:face value of securities under
         reverse repurchase agreements         19,724
      U.S. Treasury and agency securities
             eligible to be pledged           658,377
   

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.