Reserve Bank credit, related items, and

reserve balances of depository institutions

at Federal Reserve Banks

Reserve Bank credit 714,343 + 6,104 + 68,449 720,070

Securities held outright 647,817 + 398 + 63,835 647,947

U.S. Treasury1 647,807 + 398 + 63,835 647,937

Bills2 236,754 + 379 + 42,083 236,877

Notes and bonds, nominal2 396,776 0 + 20,175 396,776

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

Inflation compensation3 1,463 + 20 + 365 1,470

Federal agency2 10 0 0 10

Repurchase agreements4 25,644 + 5,107 + 2,857 30,752

Loans to depository institutions 51 + 1 - 50 60

Primary credit 2 - 2 + 2 4

Secondary credit 0 0 0 0

Seasonal credit 49 + 3 - 46 56

Adjustment credit 0 0 - 6 0

Float -25 - 121 + 74 284

Other Federal Reserve assets 40,855 + 719 + 1,731 41,027

Gold stock 11,043 0 - 1 11,043

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

Treasury currency outstanding5 34,850 + 14 + 1,075 34,850

Total factors supplying reserve funds 762,436 + 6,118 + 69,524 768,163

Currency in circulation5 689,648 + 905 + 41,867 690,918

Reverse repurchase agreements6 20,641 - 684 + 20,641 21,073

Foreign official and international accounts 20,641 - 684 + 20,641 21,073

Dealers 0 0 0 0

Treasury cash holdings 343 + 2 - 65 349

Deposits with F.R. Banks, other than reserve balances 18,775 + 183 + 3,285 18,876

U.S. Treasury, general account 7,139 + 26 + 2,005 7,199

Foreign official 86 - 16 - 13 122

Service-related 11,291 + 182 + 1,249 11,291

Required clearing balances 10,882 0 + 1,019 10,882

Adjustments to compensate for float 409 + 182 + 230 409

Other 259 - 10 + 45 264

Other liabilities and capital 20,438 + 107 + 1,339 20,053

Total factors, other than reserve balances,

absorbing reserve funds 749,846 + 514 + 67,069 751,270

Reserve balances with Federal Reserve Banks 12,590 + 5,604 + 2,455 16,893

Memo (off-balance-sheet items):

Marketable securities held in custody for foreign

 official and international accounts2,7 896,791 + 2,915 . . . 901,212

U.S. Treasury 714,349 + 2,209 . . . 718,995

Federal agency 182,442 + 706 . . . 182,217

Securities lent to dealers 523 + 63 - 246 558

FEDERAL RESERVE statistical release

 May 15, 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

 May 14, 2003 Week ended

 May 14, 2003 May 7, 2003 May 15, 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 - 5

Special drawing rights certificate account 2,200 0 0

Coin 983 - 20 + 21

Securities, repurchase agreements, and loans 678,759 + 8,869 + 64,627

Securities held outright 647,947 + 367 + 62,170

U.S. Treasury1 647,937 + 367 + 62,170

Bills2 236,877 + 348 + 41,501

Notes and bonds, nominal2 396,776 0 + 19,093

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

Inflation compensation3 1,470 + 20 + 364

Federal agency2 10 0 0

Repurchase agreements4 30,752 + 8,501 + 2,501

Loans 60 + 1 - 44

Items in process of collection (1,042) 7,078 - 2,478 + 495

Bank premises 1,580 + 2 + 66

Other assets5 39,670 + 529 + 5,466

Total assets (1,042) 741,309 + 6,902 + 70,670

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 657,396 + 179 + 40,630

Reverse repurchase agreements6 21,073 + 406 + 21,073

Deposits ( 0 ) 35,188 + 7,316 + 7,642

Depository institutions 27,603 + 6,186 + 5,349

U.S. Treasury, general account 7,199 + 1,149 + 2,231

Foreign official 122 - 23 + 14

Other ( 0 ) 264 + 5 + 48

Deferred availability cash items (1,042) 7,599 - 943 + 251

Other liabilities and accrued dividends7 2,333 + 39 - 114

Total liabilities (1,042) 723,589 + 6,997 + 69,481

Capital accounts

Capital paid in 8,568 + 4 + 488

Surplus 8,380 0 + 1,070

Other capital accounts 772 - 99 - 368

Total capital 17,720 - 96 + 1,189

H.4.1

2. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Wednesday

 May 15, 2002

Eliminations from

consolidation Wednesday

 May 14, 2003

Wednesday

 May 7, 2003

3. Maturity Distribution of Loans and Securities, May 14, 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 15 46,792 - 58 0 0 25,752 21,073

16 days to 90 days 45 132,509 + 922 0 0 5,000 0

91 days to 1 year 0 156,610 - 515 10 0 . . . . . . 

Over 1 year to 5 years . . . 180,509 + 5 0 0 . . . . . . 

Over 5 years to 10 years . . . 51,550 + 6 0 0 . . . . . . 

Over 10 years . . . 79,968 + 8 0 0 . . . . . . 

All 60 647,937 + 367 10 0 30,752 21,073

Assets, liabilities, and capital

Maturity
H.4.1

4. Statement of Condition of Each Federal Reserve Bank on May 14, 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 2,200 983 678,759 647,947 647,937 236,877 411,060 10 30,752 60 8,120 1,580 39,670 0 742,351

Assets, liabilities, and capital

 4,706 874 34 307,965 277,213 277,208 101,344 175,865 4 30,752 0 591 186 14,421 +15,899 344,675

 495 115 48 31,329 31,325 31,325 11,452 19,873 0 0 3 462 91 1,841 - 3,148 31,233

 380 83 71 20,258 20,257 20,257 7,406 12,851 0 0 1 384 51 1,110 - 3,085 19,252

 477 104 39 30,361 30,361 30,361 11,099 19,261 0 0 0 210 151 2,441 - 2,327 31,457

 808 147 129 49,829 49,829 49,828 18,217 31,612 1 0 0 676 143 6,097 - 1,528 56,301

 863 166 98 43,775 43,773 43,772 16,002 27,770 1 0 2 804 279 2,335 - 3,414 44,904

 982 212 123 65,487 65,475 65,474 23,936 41,538 1 0 11 676 117 3,711 - 7,994 63,315

 331 71 55 20,397 20,385 20,385 7,452 12,932 0 0 12 436 43 1,037 - 1,205 21,166

 2   14,4 14,4 14,4 5,2 9,1    4 1 1,1 - 1 16,3
 760,942

 99,587 661,356 661,356 11,039 2,200 648,117 0 678,699 21,079 657,620

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.

 760,942 103,546 657,396 21,073 35,188 27,603 7,199 122 264 8,641 2,333 724,631 8,568 8,380 772 742,351

 31,889 4,428 27,461 1,019 1,110 1,098 0 2 10 590 134 30,314 446 436 38 31,233

 335,692 24,780 310,912 9,016 19,113 11,658 7,199 99 158 934 721 340,697 1,878 1,809 292 344,675

 24,144 7,419 16,725 659 763 762 0 1 0 489 97 18,732 251 233 35 19,252

 31,240 4,073 27,167 987 1,290 1,286 0 3 1 452 128 30,024 696 702 33 31,457

 53,972 7,773 46,199 1,621 3,370 3,271 0 7 91 630 263 52,082 2,075 2,073 71 56,301

 59,564 20,020 39,544 1,424 1,746 1,744 0 2 0 1,017 187 43,918 475 475 36 44,904

 62,955 6,654 56,301 2,129 2,221 2,221 0 3 -3 625 230 61,507 875 858 75 63,315

 22,215 3,388 18,828 663 799 798 0 1 1 294 100 20,684 233 199 50 21,166

 15,2 1,3 13,8 4 7 7    3  15,6 3 3  16,3

H.4.1

4. Statement of Condition of Each Federal Reserve Bank on May 14, 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

 May 14, 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.