Reserve Bank credit, related items, and

reserve balances of depository institutions

at Federal Reserve Banks

Reserve Bank credit 719,541 + 1,852 + 59,762 717,405

Securities held outright 652,162 + 202 + 61,298 652,363

U.S. Treasury1 652,152 + 202 + 61,298 652,353

Bills2 238,998 + 208 + 42,342 239,201

Notes and bonds, nominal2 398,853 0 + 17,470 398,853

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

Inflation compensation3 1,486 - 7 + 275 1,484

Federal agency2 10 0 0 10

Repurchase agreements4 28,714 + 2,393 - 1,286 26,000

Loans to depository institutions 188 - 219 + 10 92

Primary credit 99 - 223 + 99 1

Secondary credit 0 0 0 0

Seasonal credit 89 + 5 - 79 91

Adjustment credit 0 0 - 9 0

Float -566 - 584 - 335 -82

Other Federal Reserve assets 39,043 + 60 + 75 39,033

Gold stock 11,044 0 0 11,044

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

Treasury currency outstanding5 34,980 + 14 + 985 34,980

Total factors supplying reserve funds 767,765 + 1,866 + 60,747 765,628

Currency in circulation5 693,527 + 2,457 + 33,543 698,229

Reverse repurchase agreements6 23,129 + 415 + 23,129 21,045

Foreign official and international accounts 23,129 + 2,093 + 23,129 21,045

Dealers 0 - 1,679 0 0

Treasury cash holdings 360 - 8 - 34 327

Deposits with F.R. Banks, other than reserve balances 17,882 - 755 + 1,285 17,539

U.S. Treasury, general account 6,087 - 1,112 - 61 5,707

Foreign official 412 + 250 + 329 476

Service-related 11,136 + 79 + 1,001 11,136

Required clearing balances 10,839 + 9 + 936 10,839

Adjustments to compensate for float 297 + 71 + 64 297

Other 248 + 28 + 17 220

Other liabilities and capital 20,045 - 61 - 61 19,635

Total factors, other than reserve balances,

absorbing reserve funds 754,943 + 2,048 + 57,862 756,775

Reserve balances with Federal Reserve Banks 12,822 - 183 + 2,886 8,854

Memo (off-balance-sheet items):

Marketable securities held in custody for foreign

 official and international accounts2,7 943,278 + 10,099 . . . 951,017

U.S. Treasury 757,061 + 7,331 . . . 763,039

Federal agency 186,217 + 2,767 . . . 187,977

Securities lent to dealers 4,575 + 3,218 + 3,146 2,461

FEDERAL RESERVE statistical release

 July 3, 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

 Jul 2, 2003 Week ended

 Jul 2, 2003 Jun 25, 2003 Jul 3, 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 - 1 - 5

Special drawing rights certificate account 2,200 0 0

Coin 904 - 37 - 1

Securities, repurchase agreements, and loans 678,454 - 5,645 + 60,524

Securities held outright 652,363 + 360 + 61,097

U.S. Treasury1 652,353 + 360 + 61,097

Bills2 239,201 + 366 + 43,037

Notes and bonds, nominal2 398,853 0 + 16,579

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

Inflation compensation3 1,484 - 7 + 268

Federal agency2 10 0 0

Repurchase agreements4 26,000 - 6,000 - 500

Loans 92 - 3 - 72

Items in process of collection (1,244) 9,457 + 1,996 + 504

Bank premises 1,581 - 1 + 63

Other assets5 37,400 - 207 + 171

Total assets (1,244) 741,035 - 3,896 + 61,256

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 664,475 + 5,506 + 32,804

Reverse repurchase agreements6 21,045 - 547 + 21,045

Deposits ( 0 ) 26,422 - 10,564 + 6,314

Depository institutions 20,019 - 11,036 + 5,406

U.S. Treasury, general account 5,707 + 401 + 533

Foreign official 476 + 72 + 397

Other ( 0 ) 220 0 - 23

Deferred availability cash items (1,244) 9,457 + 2,094 + 811

Other liabilities and accrued dividends7 2,101 - 281 - 216

Total liabilities (1,244) 723,500 - 3,792 + 60,758

Capital accounts

Capital paid in 8,659 + 2 + 325

Surplus 8,380 0 + 1,068

Other capital accounts 496 - 105 - 895

Total capital 17,535 - 104 + 498

H.4.1

2. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Wednesday

 Jul 3, 2002

Eliminations from

consolidation Wednesday

 Jul 2, 2003

Wednesday

 Jun 25, 2003

3. Maturity Distribution of Loans and Securities, July 2, 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 13 41,102 - 7,922 0 0 21,000 21,045

16 days to 90 days 79 146,726 + 7,331 0 0 5,000 0

91 days to 1 year 0 158,535 + 1,787 10 0 . . . . . . 

Over 1 year to 5 years . . . 179,355 - 832 0 0 . . . . . . 

Over 5 years to 10 years . . . 46,661 - 2 0 0 . . . . . . 

Over 10 years . . . 79,973 - 3 0 0 . . . . . . 

All 92 652,353 + 360 10 0 26,000 21,045

Assets, liabilities, and capital

Maturity
H.4.1

4. Statement of Condition of Each Federal Reserve Bank on July 2, 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 2,200 904 678,454 652,363 652,353 239,201 413,151 10 26,000 92 10,701 1,581 37,400 0 742,279

Assets, liabilities, and capital

 4,706 874 31 305,102 279,102 279,097 102,338 176,759 4 26,000 0 617 185 13,493 +10,590 335,598

 495 115 41 31,539 31,539 31,538 11,564 19,974 0 0 0 568 91 1,724 - 3,595 30,978

 380 83 59 20,396 20,396 20,395 7,478 12,917 0 0 0 404 52 1,103 - 2,733 19,745

 477 104 38 30,568 30,568 30,568 11,208 19,359 0 0 0 517 152 2,320 - 3,063 31,114

 808 147 112 50,169 50,169 50,168 18,395 31,773 1 0 0 905 143 5,886 + 331 58,499

 863 166 105 44,080 44,071 44,070 16,160 27,911 1 0 9 958 278 2,173 - 490 48,134

 982 212 112 65,940 65,921 65,920 24,171 41,749 1 0 18 849 118 3,474 - 6,930 64,757

 331 71 54 20,529 20,524 20,524 7,526 12,998 0 0 4 595 43 963 - 1,127 21,459

 2   14,6 14,5 14,5 5,3 9,2    5 1 1,1 - 6 16,0
 767,466

 98,395 669,071 669,071 11,039 2,200 655,832 0 678,363 21,050 657,313

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.

 767,466 102,991 664,475 21,045 26,422 20,019 5,707 476 220 10,701 2,101 724,744 8,659 8,380 496 742,279

 31,625 4,344 27,281 1,017 899 890 0 2 7 762 119 30,079 446 436 17 30,978

 332,520 23,312 309,208 9,004 11,753 5,446 5,707 453 149 1,029 664 331,659 1,899 1,809 232 335,598

 24,084 7,114 16,971 658 1,021 1,020 0 1 0 500 87 19,237 252 233 23 19,745

 31,000 4,213 26,787 986 1,147 1,144 0 3 0 648 134 29,702 705 702 4 31,114

 57,783 8,545 49,238 1,618 2,553 2,486 0 7 60 713 210 54,333 2,090 2,073 3 58,499

 62,284 19,364 42,919 1,422 1,556 1,554 0 2 0 1,092 171 47,160 477 475 22 48,134

 64,087 7,133 56,953 2,127 2,728 2,724 0 3 1 929 204 62,940 911 858 47 64,757

 22,954 3,716 19,238 662 575 574 0 1 1 429 94 20,998 228 199 34 21,459

 15,2 1,4 13,7 4 4 4    5  15,3 3 3  16,0

H.4.1

4. Statement of Condition of Each Federal Reserve Bank on July 2, 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

 Jul 2, 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.