FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                             March 20, 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           Mar 19, 2003 Mar 12, 2003 Mar 20, 2002 Mar 19, 2003
Federal Reserve Banks

Reserve Bank Credit                                         704,886    +   8,527    +  67,616      708,965
 Securities held outright                                   639,517    +     931    +  65,409      639,899       
    U.S. Treasury (1)                                       639,507    +     931    +  65,409      639,889
       Bills (2)                                            231,481    +     309    +  39,678      231,756
       Notes and bonds, nominal (2)                         394,519    +     608    +  23,822      394,621
       Notes and bonds, inflation-indexed (2)                12,242            0    +   1,584       12,242
       Inflation compensation (3)                             1,264    +      13    +     324        1,269
    Federal agency (2)                                           10            0            0           10      
 Repurchase agreements(4)                                    26,500    +   7,286    -     114       27,000
 Loans to depository institutions                                18    -      27    -       8           17
    Primary credit                                                9    -      27    +       9           11
    Secondary credit                                              0            0            0            0
    Seasonal credit                                               8    -       1    -      12            6
    Adjustment credit                                             0            0    -       6            0
 Float                                                          826    +     333    +   1,202        4,086
 Other Federal Reserve assets                                38,026    +       7    +   1,129       37,964
Gold stock                                                   11,043            0    -       1       11,043
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            34,681    +      14    +   1,091       34,681
       
Total factors supplying reserve funds                       752,810    +   8,542    +  68,706      756,889
                                                                   
Currency in circulation(5)                                  683,644    +     680    +  43,621      685,165
Reverse repurchase agreements (6)                            19,802    +   1,470    +  19,802       18,430
   Foreign official and international accounts               19,623    +   1,291    +  19,623       17,180
   Dealers                                                      179    +     179    +     179        1,250
Treasury cash holdings                                          372    +      16    -      57          398
Deposits with F.R.Banks, other than reserve balances         16,129    -     767    +      82       14,777       
  U.S. Treasury, general account                              4,979    -     217    -   1,532        3,607
  Foreign official                                              159    +      54    +      64          150
  Service-related                                            10,759    -     604    +   1,525       10,759
     Required clearing balances                              10,373    +       2    +   1,438       10,373
     Adjustments to compensate for float                        387    -     604    +      88          387
  Other                                                         231    -       2    +      24          261
Other liabilities and capital                                19,538    -     477    +   1,262       19,147

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  739,484    +     920    +  64,709      737,917

Reserve balances with Federal Reserve Banks                  13,327    +   7,622    +   3,997       18,973
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)           900,725    -   1,040     ------        894,699
     U.S. Treasury                                          722,541    -     631     ------        716,749
     Federal agency                                         178,184    -     409     ------        177,950
  Securities lent to dealers                                  1,333    +     887    -      73        2,673   


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 Mar 19, 2003     Mar 12, 2003     Mar 20, 2002

Assets
Gold certificate account                                        11,039                0        -       5
Special drawing rights certificate account                       2,200                0                0
Coin                                                             1,071        +       1        -      14
Securities, repurchase agreements, and loans                   666,915        +   9,432        +  64,486
   Securities held outright                                    639,899        +   1,175        +  66,045
      U.S. Treasury (1)                                        639,889        +   1,175        +  66,045       
         Bills (2)                                             231,756        +     451        +  40,313
         Notes and bonds, nominal (2)                          394,621        +     710        +  23,820
         Notes and bonds, inflation-indexed (2)                 12,242                0        +   1,584
         Inflation compensation (3)                              1,269        +      13        +     326
      Federal agency (2)                                            10                0                0
   Repurchase agreements (4)                                    27,000        +   8,250        -   1,550    
   Loans                                                            17        +       8        -       7
Items in process of collection                    (1,077)       11,532        +   3,642        +   2,616
Bank premises                                                    1,557                0        +      46
Other assets (5)                                                36,579        -     183        +   1,046
      Total assets                                (1,077)      730,894        +  12,893        +  68,176
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  651,949        +     825        +  42,817
Reverse repurchase agreements (6)                               18,430        +     518        +  18,430
Deposits                                              (0)       33,960        +  12,617        +   5,921       
  Depository institutions                                       29,942        +  13,723        +   7,796
  U.S. Treasury, general account                                 3,607        -   1,168        -   1,993
  Foreign official                                                 150        +      34        +      76
  Other                                               (0)          261        +      28        +      42
Deferred availability cash items                  (1,077)        7,409        -     488        -     188
Other liabilities and accrued dividends (7)                      2,224        -      41        -     157
      Total liabilities                           (1,077)      713,972        +  13,431        +  66,823
                          
Capital Accounts
Capital paid in                                                  8,494        +       3        +     848
Surplus                                                          8,297        -      83        +   1,024
Other capital accounts                                             132        -     457        -     517
      Total capital                                             16,923        -     537        +   1,355


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,     March 19, 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              17       44,050   +   8,743            0           0       23,000       18,430
16 days to 90 days           0      133,419   -   8,402            0           0        4,000            0
91 days to 1 year            0      149,946   +     109           10           0     ------      ------
Over 1 to 5 years     ------        180,893   +     714            0           0     ------      ------
Over 5 to 10 years    ------         51,738   +       4            0           0     ------      ------
Over 10 years         ------         79,842   +       5            0           0     ------      ------
                   		 	
All                         17      639,889   +   1,175           10           0       27,000      18,430

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     March 19, 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        533      4,364        430        522        819        926      1,080        346        179        309        485      1,046
Special drawing rights certificate acct.       2,200        115        874         83        104        147        166        212         71         30         66         98        234
Coin                                           1,071         50         39         75         44        149        104        138         60         42         68        170        132
Securities, repurchase agreements,
      and loans                              666,915     36,663    278,775     24,606     35,306     49,907     45,563     75,303     22,755     10,009     18,915     14,202     54,910
   Securities held outright                  639,899     36,663    251,775     24,606     35,306     49,907     45,563     75,303     22,753     10,003     18,915     14,202     54,901
      U.S. Treasury (1)                      639,889     36,662    251,771     24,606     35,306     49,907     45,563     75,302     22,753     10,003     18,915     14,201     54,900
         Bills (2)                           231,756     13,278     91,187      8,912     12,787     18,075     16,502     27,273      8,241      3,623      6,851      5,143     19,884
         Notes and bonds(3)                  408,132     23,384    160,584     15,694     22,519     31,831     29,061     48,029     14,512      6,380     12,064      9,058     35,016
         Federal agency (2)                       10          1          4          0          1          1          1          1          0          0          0          0          1
      Repurchase agreements(4)                27,000          0     27,000          0          0          0          0          0          0          0          0          0          0
      Loans                                       17          0          0          0          0          0          0          0          2          6          0          0          9
Items in process of collection                12,609        655        926        696        537        868      1,244      1,538        595        913      1,333        462      2,842
Bank premises                                  1,557         91        186         50        152        144        278        117         44        127         50        143        176
Other assets(5)                               36,579      1,825     12,779      1,206      2,376      5,664      2,185      3,652      1,005        969        917        803      3,199
Interdistrict settlement account                   0    - 6,366    +39,033    - 7,086    - 6,676    - 4,551    - 4,822    -19,546    - 4,115    + 3,273    - 2,393    +13,974    -   724
          Total Assets                       731,971     33,566    336,975     20,059     32,365     53,147     45,645     62,494     20,760     15,541     19,266     30,337     61,816

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     March 19, 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             765,780     32,321    337,229     25,081     31,727     53,795     60,063     63,007     21,939     15,040     21,389     35,712     68,477
  Less: notes held by F.R. Banks              113,832      4,906     27,814      7,566      4,782      9,074     20,127      7,915      3,631      1,525      4,374      7,481     14,635
    Federal Reserve notes, net                651,949     27,415    309,414     17,515     26,945     44,721     39,936     55,092     18,308     13,515     17,015     28,231     53,841
Reverse repurchase agreements (1)              18,430      1,056      7,251        709      1,017      1,437      1,312      2,169        655        288        545        409      1,581
Deposits                                       33,960      3,523     14,967        553      2,338      2,078      2,333      2,568        974        607        985        827      2,207
  Depository institutions                      29,942      3,520     11,041        551      2,334      2,011      2,331      2,565        972        606        984        825      2,203
  U.S. Treasury, general account                3,607          0      3,607          0          0          0          0          0          0          0          0          0          0
  Foreign official                                150          2        127          1          3          7          2          3          1          1          1          1          3
  Other                                           261          2        192          1          1         59          0          1          2          0          1          1          0
Deferred availability cash items                8,486        562        903        680        538        567        927        695        318        375        227        408      2,285
Other liabilities and accrued                 
  dividends (2)                                 2,224        142        677         99        129        227        185        234         99         80         89         86        178
   
    Total liabilities                         715,048     32,698    333,213     19,555     30,967     49,029     44,694     60,758     20,355     14,865     18,861     29,961     60,092
                              
Capital                    
Capital paid in                                 8,494        438      1,854        251        700      2,092        475        873        200        343        204        188        875
Surplus                                         8,297        431      1,809        233        699      2,026        475        858        199        332        201        186        849
Other capital                                     132          0         99         20          0          0          0          5          6          0          0          1          0
     Total liabilities and capital            731,971     33,566    336,975     20,059     32,365     53,147     45,645     62,494     20,760     15,541     19,266     30,337     61,816
                              

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
                                          Mar 19, 2003
              
Federal Reserve notes, net of F.R. 
 Bank holdings                                651,949 
Collateral held against Federal Reserve            
   notes                                      651,949
   Gold certificate account                    11,039
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              638,710
   Other eligible assets                            0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         666,899
   Less:face value of securities under
         reverse repurchase agreements         18,436
      U.S. Treasury and agency securities
             eligible to be pledged           648,462
   

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.