FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                              July 24, 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 23, 2003 Jul 16, 2003 Jul 24, 2002 Jul 23, 2003
Federal Reserve Banks

Reserve Bank Credit                                         716,729    +   1,237    +  58,066      724,788
 Securities held outright                                   652,764    +     226    +  55,138      652,837       
    U.S. Treasury (1)                                       652,754    +     226    +  55,138      652,827
       Bills (2)                                            239,616    +     231    +  38,836      239,692
       Notes and bonds, nominal (2)                         398,853            0    +  14,918      398,853
       Notes and bonds, inflation-indexed (2)                12,814            0    +   1,026       12,814
       Inflation compensation (3)                             1,470    -       5    +     358        1,468
    Federal agency (2)                                           10            0            0           10      
 Repurchase agreements(4)                                    24,250    +   1,357    +   3,143       32,000
 Loans to depository institutions                               119    +       5    -      79          118
    Primary credit                                                4    -       2    +       4            1
    Secondary credit                                              0    -       1            0            0
    Seasonal credit                                             115    +       8    -      68          118
    Adjustment credit                                             0            0    -      15            0
 Float                                                           52    -     410    +     459          -23
 Other Federal Reserve assets                                39,545    +      59    -     593       39,855
Gold stock                                                   11,044            0            0       11,044
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            35,022    +      14    +   1,026       35,022
       
Total factors supplying reserve funds                       764,995    +   1,251    +  59,093      773,053
                                                                   
Currency in circulation(5)                                  692,628    -   1,809    +  32,943      693,541
Reverse repurchase agreements (6)                            19,677    -     390    +  19,677       19,672
   Foreign official and international accounts               19,677    -     390    +  19,677       19,672
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          330    +       3    -      48          339
Deposits with F.R.Banks, other than reserve balances         18,096    +     141    +   2,252       18,014       
  U.S. Treasury, general account                              6,067    -     412    +     756        6,058
  Foreign official                                              124    +      15    +      47          134
  Service-related                                            11,399    +     340    +   1,162       11,399
     Required clearing balances                              10,862    +       2    +     956       10,862
     Adjustments to compensate for float                        538    +     339    +     207          538
  Other                                                         506    +     199    +     288          423
Other liabilities and capital                                20,000    +     122    +     235       20,085

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  750,732    -   1,932    +  55,061      751,650

Reserve balances with Federal Reserve Banks                  14,262    +   3,182    +   4,032       21,403
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)           936,993    -   4,460     ------        931,836
     U.S. Treasury                                          753,744    -   3,875     ------        749,564
     Federal agency                                         183,249    -     585     ------        182,272
  Securities lent to dealers                                  1,301    +     433    -     776        1,688   


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 23, 2003     Jul 16, 2003     Jul 24, 2002

Assets
Gold certificate account                                        11,039                0                0
Special drawing rights certificate account                       2,200                0                0
Coin                                                               872                0        -      50
Securities, repurchase agreements, and loans                   684,956        +   8,134        +  57,397
   Securities held outright                                    652,837        +     137        +  52,317
      U.S. Treasury (1)                                        652,827        +     137        +  52,317       
         Bills (2)                                             239,692        +     142        +  36,668
         Notes and bonds, nominal (2)                          398,853                0        +  14,760
         Notes and bonds, inflation-indexed (2)                 12,814                0        +     572
         Inflation compensation (3)                              1,468        -       5        +     317
      Federal agency (2)                                            10                0                0
   Repurchase agreements (4)                                    32,000        +   8,000        +   5,250    
   Loans                                                           118        -       3        -     170
Items in process of collection                    (1,228)        7,680        -     854        +     789
Bank premises                                                    1,588        +       3        +      66
Other assets (5)                                                38,216        +     609        -     503
      Total assets                                (1,228)      746,550        +   7,892        +  57,698
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  659,725        -   1,126        +  31,791
Reverse repurchase agreements (6)                               19,672        -     674        +  19,672
Deposits                                              (0)       39,452        +   9,852        +   4,713       
  Depository institutions                                       32,837        +   9,408        +   3,488
  U.S. Treasury, general account                                 6,058        +     334        +     973
  Foreign official                                                 134        +       6        +      56
  Other                                               (0)          423        +     105        +     196
Deferred availability cash items                  (1,228)        7,617        -     594        +     665
Other liabilities and accrued dividends (7)                      2,138        +      58        -     253
      Total liabilities                           (1,228)      728,603        +   7,514        +  56,586
                          
Capital Accounts
Capital paid in                                                  8,714        +      52        +     449
Surplus                                                          8,380        +       2        +   1,068
Other capital accounts                                             852        +     323        -     406
      Total capital                                             17,947        +     378        +   1,113


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 23, 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             102       46,160   +      39            0           0       29,000       19,672
16 days to 90 days          16      140,922   -     677            0           0        3,000            0
91 days to 1 year            0      159,773   +     780           10           0     ------      ------
Over 1 to 5 years     ------        179,350   -       2            0           0     ------      ------
Over 5 to 10 years    ------         46,656   -       1            0           0     ------      ------
Over 10 years         ------         79,967   -       2            0           0     ------      ------
                   		 	
All                        118      652,827   +     137           10           0       32,000      19,672

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 23, 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         30         47         37        108        113        107         53         33         60        148         97
Securities, repurchase agreements,
      and loans                              684,956     31,562    311,305     20,410     30,590     50,205     44,115     65,994     20,547     14,623     17,560     25,587     52,456
   Securities held outright                  652,837     31,562    279,305     20,410     30,590     50,205     44,103     65,969     20,539     14,572     17,545     25,584     52,452
      U.S. Treasury (1)                      652,827     31,561    279,301     20,410     30,590     50,204     44,102     65,968     20,539     14,572     17,544     25,584     52,451
         Bills (2)                           239,692     11,588    102,548      7,494     11,231     18,433     16,193     24,221      7,541      5,350      6,442      9,393     19,258
         Notes and bonds(3)                  413,136     19,973    176,753     12,916     19,359     31,771     27,910     41,747     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)                32,000          0     32,000          0          0          0          0          0          0          0          0          0          0
      Loans                                      118          0          0          0          0          0         12         25          8         50         16          3          4
Items in process of collection                 8,907        545        618        583        501        593        915        381        394        443        590        551      2,793
Bank premises                                  1,588         91        186         52        151        143        279        118         43        126         54        168        176
Other assets(5)                               38,216      1,765     13,832      1,125      2,361      5,962      2,224      3,553        988      1,132        915      1,099      3,260
Interdistrict settlement account                   0    -   160    + 6,767    - 3,046    - 1,663    -   508    -   155    - 6,059    -   572    -   411    -   212    + 2,875    + 3,142
          Total Assets                       747,777     34,450    338,318     19,636     32,560     57,458     48,520     65,287     21,854     16,200     19,337     31,034     63,122

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 23, 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             772,010     31,659    332,006     24,854     30,927     58,199     63,583     65,712     23,511     15,075     21,371     35,224     69,890
  Less: notes held by F.R. Banks              112,285      5,035     23,297      7,828      4,813      9,814     20,775      8,538      4,269      1,363      4,588      6,995     14,969
    Federal Reserve notes, net                659,725     26,624    308,709     17,025     26,114     48,385     42,808     57,174     19,242     13,712     16,783     28,229     54,921
Reverse repurchase agreements (1)              19,672        951      8,416        615        922      1,513      1,329      1,988        619        439        529        771      1,581
Deposits                                       39,452      5,213     15,597        831      3,463      2,517      2,306      3,317      1,164        773        994        963      2,314
  Depository institutions                      32,837      5,211      9,139        829      3,459      2,383      2,304      3,313      1,162        772        992        962      2,310
  U.S. Treasury, general account                6,058          0      6,058          0          0          0          0          0          0          0          0          0          0
  Foreign official                                134          2        110          1          3          7          2          3          1          1          1          1          3
  Other                                           423          0        290          0          1        127          0          1          1          0          1          0          0
Deferred availability cash items                8,844        619        862        556        504        573        912        719        267        480        540        580      2,233
Other liabilities and accrued                 
  dividends (2)                                 2,138        124        670         89        112        231        175        209         94         85         85        105        159
   
    Total liabilities                         729,831     33,532    334,254     19,116     31,115     53,219     47,530     63,406     21,385     15,489     18,930     30,649     61,207
                              
Capital                    
Capital paid in                                 8,714        446      1,951        252        706      2,090        477        912        228        348        192        182        931
Surplus                                         8,380        436      1,809        233        702      2,073        475        858        199        340        201        186        868
Other capital                                     852         36        304         35         37         76         38        112         42         23         15         17        116
     Total liabilities and capital            747,777     34,450    338,318     19,636     32,560     57,458     48,520     65,287     21,854     16,200     19,337     31,034     63,122
                              

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 23, 2003
              
Federal Reserve notes outstanding             772,010
   Less: Notes held by F.R. Banks
         not subject to collateralization     107,559
      Federal Reserve Notes to be
         collateralized                       664,451 
Collateral held against Federal Reserve            
   notes                                      664,451
   Gold certificate account                    11,039
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              651,211
   Other eligible assets                            0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         684,837
   Less:face value of securities under
         reverse repurchase agreements         19,677
      U.S. Treasury and agency securities
             eligible to be pledged           665,161
   

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.