FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                            August 28, 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           Aug 27, 2003 Aug 20, 2003 Aug 28, 2002 Aug 27, 2003
Federal Reserve Banks

Reserve Bank Credit                                         715,426    -  11,116    +  59,803      718,966
 Securities held outright                                   653,644    +     198    +  49,864      653,681       
    U.S. Treasury (1)                                       653,634    +     198    +  49,864      653,671
       Bills (2)                                            240,492    +     194    +  36,866      240,528
       Notes and bonds, nominal (2)                         398,853            0    +  12,108      398,853
       Notes and bonds, inflation-indexed (2)                12,814            0    +     572       12,814
       Inflation compensation (3)                             1,474    +       3    +     318        1,476
    Federal agency (2)                                           10            0            0           10      
 Repurchase agreements(4)                                    24,607    -   9,464    +  11,143       29,000
 Loans to depository institutions                               157    -     780    -     824          161
    Primary credit                                                1    -     718    +       1            2
    Secondary credit                                              0    -      66            0            0
    Seasonal credit                                             156    +       4    -      42          159
    Adjustment credit                                             0            0    -     783            0
 Float                                                          183    -     661    +     231         -434
 Other Federal Reserve assets                                36,834    -     409    -     613       36,558
Gold stock                                                   11,043            0    +       1       11,043
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            35,177    +      14    +     980       35,177
       
Total factors supplying reserve funds                       763,846    -  11,102    +  60,784      767,386
                                                                   
Currency in circulation(5)                                  694,728    +      28    +  34,710      697,377
Reverse repurchase agreements (6)                            19,223    -     883    +  19,223       19,119
   Foreign official and international accounts               19,223    -     883    +  19,223       19,119
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          338    -      17    -      31          335
Deposits with F.R.Banks, other than reserve balances         17,613    +      95    +   1,174       17,050       
  U.S. Treasury, general account                              5,974    +     330    -      39        5,441
  Foreign official                                               86    -     152    +       8           81
  Service-related                                            11,246    -      85    +   1,102       11,246
     Required clearing balances                              10,910    -       2    +     988       10,910
     Adjustments to compensate for float                        337    -      82    +     115          337
  Other                                                         306    +       2    +     103          282
Other liabilities and capital                                19,997    -     307    +     703       19,912

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  751,899    -   1,084    +  55,780      753,792

Reserve balances with Federal Reserve Banks                  11,947    -  10,018    +   5,004       13,594
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)           948,750    +   2,568     ------        949,401
     U.S. Treasury                                          761,768    +   1,280     ------        761,587
     Federal agency                                         186,982    +   1,287     ------        187,814
  Securities lent to dealers                                  1,629    -   2,603    +   1,208        2,346   


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 Aug 27, 2003     Aug 20, 2003     Aug 28, 2002

Assets
Gold certificate account                                        11,039                0        +       1
Special drawing rights certificate account                       2,200                0                0
Coin                                                               887        -      10        -     134
Securities, repurchase agreements, and loans                   682,842        -  10,446        +  62,242
   Securities held outright                                    653,681        +     155        +  49,270
      U.S. Treasury (1)                                        653,671        +     155        +  49,270       
         Bills (2)                                             240,528        +     152        +  36,756
         Notes and bonds, nominal (2)                          398,853                0        +  11,624
         Notes and bonds, inflation-indexed (2)                 12,814                0        +     572
         Inflation compensation (3)                              1,476        +       4        +     319
      Federal agency (2)                                            10                0                0
   Repurchase agreements (4)                                    29,000        -  10,500        +  13,000    
   Loans                                                           161        -     101        -      28
Items in process of collection                    (1,104)        7,586        +      30        +     960
Bank premises                                                    1,590                0        +      68
Other assets (5)                                                35,389        +     235        -     867
      Total assets                                (1,104)      741,534        -  10,190        +  62,271
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  663,418        +   1,691        +  33,686
Reverse repurchase agreements (6)                               19,119        -   1,225        +  19,119
Deposits                                              (0)       31,731        -  10,372        +   8,515       
  Depository institutions                                       25,927        -   9,261        +   8,078
  U.S. Treasury, general account                                 5,441        -   1,092        +     350
  Foreign official                                                  81                0        +       4
  Other                                               (0)          282        -      19        +      83
Deferred availability cash items                  (1,104)        7,355        -     312        +     405
Other liabilities and accrued dividends (7)                      2,204        +      42        -     188
      Total liabilities                           (1,104)      723,825        -  10,178        +  61,535
                          
Capital Accounts
Capital paid in                                                  8,748        +      23        +     500
Surplus                                                          8,380                0        +   1,068
Other capital accounts                                             580        -      37        -     833
      Total capital                                             17,708        -      14        +     735


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,    August 27, 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             138       50,191   +     782            0           0       24,000       19,119
16 days to 90 days          23      135,304   -     547            0           0        5,000            0
91 days to 1 year            0      160,830   -      84           10           0     ------      ------
Over 1 to 5 years     ------        180,033   +       1            0           0     ------      ------
Over 5 to 10 years    ------         50,384   +       1            0           0     ------      ------
Over 10 years         ------         76,929   +       1            0           0     ------      ------
                   		 	
All                        161      653,671   +     155           10           0       29,000      19,119

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    August 27, 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                                             887         31         35         48         39        108        113        110         60         31         55        155        103
Securities, repurchase agreements,
      and loans                              682,842     31,603    308,666     20,437     30,630     50,271     44,173     66,091     20,592     14,644     17,589     25,620     52,527
   Securities held outright                  653,681     31,603    279,666     20,437     30,630     50,270     44,160     66,055     20,566     14,591     17,567     25,618     52,520
      U.S. Treasury (1)                      653,671     31,602    279,662     20,436     30,629     50,269     44,159     66,054     20,565     14,591     17,567     25,617     52,519
         Bills (2)                           240,528     11,628    102,906      7,520     11,271     18,497     16,249     24,305      7,567      5,369      6,464      9,426     19,325
         Notes and bonds(3)                  413,143     19,974    176,756     12,917     19,359     31,772     27,910     41,748     12,998      9,222     11,103     16,191     33,194
         Federal agency (2)                       10          0          4          0          0          1          1          1          0          0          0          0          1
      Repurchase agreements(4)                29,000          0     29,000          0          0          0          0          0          0          0          0          0          0
      Loans                                      161          0          0          0          0          1         13         36         26         53         22          3          7
Items in process of collection                 8,690        467        621        302        557        481        680        869        355        480        570        525      2,785
Bank premises                                  1,590         91        187         52        152        142        277        119         43        126         54        170        176
Other assets(5)                               35,389      1,630     12,758        976      2,216      5,662      2,040      3,272        906      1,060        841        999      3,027
Interdistrict settlement account                   0    - 4,414    + 6,704    -    70    - 3,345    + 2,414    +   890    - 7,199    - 1,207    -   166    -   649    + 2,442    + 4,599
          Total Assets                       742,638     30,018    334,551     22,208     30,830     60,033     49,202     64,457     21,150     16,429     18,831     30,515     64,414

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    August 27, 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             780,878     31,543    332,273     27,183     31,920     58,535     64,353     67,184     23,676     15,823     21,473     35,449     71,466
  Less: notes held by F.R. Banks              117,460      5,085     24,209      8,001      5,553     10,381     20,467      9,653      4,756      1,572      4,811      7,491     15,482
    Federal Reserve notes, net                663,418     26,458    308,064     19,182     26,367     48,155     43,886     57,531     18,920     14,251     16,662     27,957     55,984
Reverse repurchase agreements (1)              19,119        924      8,180        598        896      1,470      1,292      1,932        601        427        514        749      1,536
Deposits                                       31,731      1,102     12,615      1,308      1,547      5,436      1,964      2,236        781        568        701        872      2,602
  Depository institutions                      25,927      1,095      6,961      1,307      1,543      5,317      1,962      2,232        774        567        699        871      2,599
  U.S. Treasury, general account                5,441          0      5,441          0          0          0          0          0          0          0          0          0          0
  Foreign official                                 81          2         57          1          3          7          2          3          1          1          1          1          3
  Other                                           282          5        156          0          1        111          0          1          6          0          1          0          0
Deferred availability cash items                8,459        507        908        516        483        590        909        683        293        405        469        446      2,250
Other liabilities and accrued                 
  dividends (2)                                 2,204        126        683         91        119        235        179        220         97         83         89        111        169
   
    Total liabilities                         724,930     29,117    330,449     21,695     29,412     55,886     48,231     62,602     20,692     15,733     18,435     30,135     62,542
                              
Capital                    
Capital paid in                                 8,748        446      1,998        253        702      2,072        478        915        228        348        193        183        931
Surplus                                         8,380        436      1,809        233        702      2,073        475        858        199        340        201        186        868
Other capital                                     580         18        294         27         13          2         17         82         32          9          2         11         74
     Total liabilities and capital            742,638     30,018    334,551     22,208     30,830     60,033     49,202     64,457     21,150     16,429     18,831     30,515     64,414
                              

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
                                          Aug 27, 2003
              
Federal Reserve notes outstanding             780,878
   Less: Notes held by F.R. Banks
         not subject to collateralization     112,697
      Federal Reserve Notes to be
         collateralized                       668,181 
Collateral held against Federal Reserve            
   notes                                      668,181
   Gold certificate account                    11,039
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              654,942
   Other eligible assets                            0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         682,681
   Less:face value of securities under
         reverse repurchase agreements         19,124
      U.S. Treasury and agency securities
             eligible to be pledged           663,558
   

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.