FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                              July 17, 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           Jul 16, 2003  Jul 9, 2003 Jul 17, 2002 Jul 16, 2003
Federal Reserve Banks

Reserve Bank Credit                                         715,493    -   2,907    +  58,741      716,172
 Securities held outright                                   652,538    +      95    +  60,015      652,700       
    U.S. Treasury (1)                                       652,528    +      95    +  60,015      652,690
       Bills (2)                                            239,385    +     100    +  42,679      239,550
       Notes and bonds, nominal (2)                         398,853            0    +  15,864      398,853
       Notes and bonds, inflation-indexed (2)                12,814            0    +   1,165       12,814
       Inflation compensation (3)                             1,475    -       5    +     306        1,473
    Federal agency (2)                                           10            0            0           10      
 Repurchase agreements(4)                                    22,893    -   3,107    -   1,678       24,000
 Loans to depository institutions                               114    +      15    -      65          121
    Primary credit                                                6    -       2    +       6            8
    Secondary credit                                              1    +       1    +       1            0
    Seasonal credit                                             107    +      16    -      70          113
    Adjustment credit                                             0            0    -       2            0
 Float                                                          462    -     164    +     772          107
 Other Federal Reserve assets                                39,486    +     253    -     303       39,244
Gold stock                                                   11,044            0            0       11,044
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            35,008    +      14    +   1,012       35,008
       
Total factors supplying reserve funds                       763,744    -   2,894    +  59,752      764,424
                                                                   
Currency in circulation(5)                                  694,437    -   3,338    +  32,996      694,663
Reverse repurchase agreements (6)                            20,067    -     777    +  20,067       20,346
   Foreign official and international accounts               20,067    -     777    +  20,067       20,346
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          327            0    -      65          329
Deposits with F.R.Banks, other than reserve balances         17,955    +     209    +   1,997       17,230       
  U.S. Treasury, general account                              6,479    +     261    +     984        5,724
  Foreign official                                              109    -     170    +      11          128
  Service-related                                            11,059    +      39    +     939       11,059
     Required clearing balances                              10,860    +      21    +     956       10,860
     Adjustments to compensate for float                        199    +      18    -      18          199
  Other                                                         307    +      78    +      63          318
Other liabilities and capital                                19,878    +      61    -      32       19,649

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  752,664    -   3,844    +  54,965      752,218

Reserve balances with Federal Reserve Banks                  11,080    +     950    +   4,788       12,206
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)           941,453    -   4,167     ------        939,558
     U.S. Treasury                                          757,619    -   3,274     ------        756,862
     Federal agency                                         183,834    -     892     ------        182,696
  Securities lent to dealers                                    868    -     727    -      21          661   


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 Jul 16, 2003      Jul 9, 2003     Jul 17, 2002

Assets
Gold certificate account                                        11,039                0                0
Special drawing rights certificate account                       2,200                0                0
Coin                                                               872        -       2        -      25
Securities, repurchase agreements, and loans                   676,822        -   4,993        +  62,464
   Securities held outright                                    652,700        +     239        +  58,279
      U.S. Treasury (1)                                        652,690        +     239        +  58,279       
         Bills (2)                                             239,550        +     245        +  40,946
         Notes and bonds, nominal (2)                          398,853                0        +  15,864
         Notes and bonds, inflation-indexed (2)                 12,814                0        +   1,102
         Inflation compensation (3)                              1,473        -       6        +     368
      Federal agency (2)                                            10                0                0
   Repurchase agreements (4)                                    24,000        -   5,250        +   4,250    
   Loans                                                           121        +      17        -      66
Items in process of collection                    (1,189)        8,534        -   1,576        +   1,327
Bank premises                                                    1,585        +       3        +      65
Other assets (5)                                                37,607        -     105        -     679
      Total assets                                (1,189)      738,658        -   6,674        +  63,150
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  660,851        -   2,678        +  32,250
Reverse repurchase agreements (6)                               20,346        +      92        +  20,346
Deposits                                              (0)       29,600        -   3,879        +   9,957       
  Depository institutions                                       23,429        -   3,142        +   9,172
  U.S. Treasury, general account                                 5,724        -     632        +     724
  Foreign official                                                 128        -     199        -      28
  Other                                               (0)          318        +      93        +      88
Deferred availability cash items                  (1,189)        8,211        -     184        +     526
Other liabilities and accrued dividends (7)                      2,080        -      27        -     285
      Total liabilities                           (1,189)      721,089        -   6,675        +  62,794
                          
Capital Accounts
Capital paid in                                                  8,662        +       2        +     401
Surplus                                                          8,378                0        +   1,066
Other capital accounts                                             529                0        -   1,112
      Total capital                                             17,569        +       2        +     356


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,      July 16, 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              64       46,121   +   5,453            0           0       19,000       20,346
16 days to 90 days          57      141,599   -   5,715            0           0        5,000            0
91 days to 1 year            0      158,993   +     508           10           0     ------      ------
Over 1 to 5 years     ------        179,352   -       1            0           0     ------      ------
Over 5 to 10 years    ------         46,657   -       2            0           0     ------      ------
Over 10 years         ------         79,969   -       2            0           0     ------      ------
                   		 	
All                        121      652,690   +     239           10           0       24,000      20,346

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      July 16, 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                                             872         37         32         49         35        109        112        109         53         33         61        147         94
Securities, repurchase agreements,
      and loans                              676,822     31,555    303,251     20,406     30,584     50,195     44,104     65,982     20,542     14,616     17,552     25,582     52,452
   Securities held outright                  652,700     31,555    279,246     20,406     30,584     50,195     44,094     65,956     20,535     14,569     17,541     25,579     52,441
      U.S. Treasury (1)                      652,690     31,555    279,242     20,406     30,584     50,194     44,093     65,955     20,534     14,569     17,541     25,579     52,440
         Bills (2)                           239,550     11,581    102,487      7,489     11,225     18,422     16,183     24,207      7,537      5,347      6,438      9,388     19,246
         Notes and bonds(3)                  413,141     19,974    176,755     12,916     19,359     31,772     27,910     41,748     12,998      9,222     11,103     16,191     33,193
         Federal agency (2)                       10          0          4          0          0          1          1          1          0          0          0          0          1
      Repurchase agreements(4)                24,000          0     24,000          0          0          0          0          0          0          0          0          0          0
      Loans                                      121          0          5          0          0          0         10         27          7         47         11          3         12
Items in process of collection                 9,723        494        601        409        544        921      1,132        770        458        551        695        404      2,744
Bank premises                                  1,585         91        186         52        152        143        279        118         43        126         54        166        176
Other assets(5)                               37,607      1,734     13,624      1,108      2,326      5,876      2,183      3,491        970      1,117        900      1,079      3,199
Interdistrict settlement account                   0    - 4,117    +11,694    - 2,184    - 3,251    + 2,223    - 1,764    - 6,911    -   998    -   769    -   536    + 2,817    + 3,797
          Total Assets                       739,847     30,404    334,968     20,303     30,971     60,422     47,074     64,755     21,470     15,929     19,093     30,799     63,659

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      July 16, 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             770,017     31,784    332,556     24,226     31,091     58,317     62,163     65,403     23,276     15,150     21,278     35,171     69,603
  Less: notes held by F.R. Banks              109,165      4,962     23,378      7,591      4,586      9,136     20,063      8,004      4,021      1,397      4,387      6,910     14,729
    Federal Reserve notes, net                660,851     26,822    309,178     16,634     26,506     49,181     42,099     57,399     19,255     13,753     16,890     28,261     54,873
Reverse repurchase agreements (1)              20,346        984      8,705        636        953      1,565      1,375      2,056        640        454        547        797      1,635
Deposits                                       29,600        952     11,594      2,008      1,408      4,619      1,501      2,450        664        459        607        759      2,581
  Depository institutions                      23,429        945      5,601      2,007      1,404      4,468      1,499      2,446        662        458        605        758      2,577
  U.S. Treasury, general account                5,724          0      5,724          0          0          0          0          0          0          0          0          0          0
  Foreign official                                128          2        105          1          3          7          2          3          1          1          1          1          3
  Other                                           318          6        164          0          1        144          0          1          0          0          1          0          0
Deferred availability cash items                9,400        626        888        425        575        685        958        798        351        482        568        499      2,545
Other liabilities and accrued                 
  dividends (2)                                 2,080        120        660         86        111        211        172        205         93         84         85        103        151
   
    Total liabilities                         722,278     29,502    331,024     19,790     29,552     56,261     46,105     62,909     21,002     15,233     18,696     30,419     61,784
                              
Capital                    
Capital paid in                                 8,662        446      1,900        252        706      2,090        477        912        228        347        192        182        931
Surplus                                         8,378        436      1,809        233        702      2,071        475        858        199        340        201        186        868
Other capital                                     529         19        234         28         11          0         17         77         41          9          5         11         75
     Total liabilities and capital            739,847     30,404    334,968     20,303     30,971     60,422     47,074     64,755     21,470     15,929     19,093     30,799     63,659
                              

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
                                          Jul 16, 2003
              
Federal Reserve notes outstanding             770,017
   Less: Notes held by F.R. Banks
         not subject to collateralization     104,446
      Federal Reserve Notes to be
         collateralized                       665,571 
Collateral held against Federal Reserve            
   notes                                      665,571
   Gold certificate account                    11,039
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              652,331
   Other eligible assets                            0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         676,700
   Less:face value of securities under
         reverse repurchase agreements         20,351
      U.S. Treasury and agency securities
             eligible to be pledged           656,349
   

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.