FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                               May 15, 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           May 14, 2003  May 7, 2003 May 15, 2002 May 14, 2003
Federal Reserve Banks

Reserve Bank Credit                                         714,343    +   6,104    +  68,449      720,070
 Securities held outright                                   647,817    +     398    +  63,835      647,947       
    U.S. Treasury (1)                                       647,807    +     398    +  63,835      647,937
       Bills (2)                                            236,754    +     379    +  42,083      236,877
       Notes and bonds, nominal (2)                         396,776            0    +  20,175      396,776
       Notes and bonds, inflation-indexed (2)                12,814            0    +   1,212       12,814
       Inflation compensation (3)                             1,463    +      20    +     365        1,470
    Federal agency (2)                                           10            0            0           10      
 Repurchase agreements(4)                                    25,644    +   5,107    +   2,857       30,752
 Loans to depository institutions                                51    +       1    -      50           60
    Primary credit                                                2    -       2    +       2            4
    Secondary credit                                              0            0            0            0
    Seasonal credit                                              49    +       3    -      46           56
    Adjustment credit                                             0            0    -       6            0
 Float                                                          -25    -     121    +      74          284
 Other Federal Reserve assets                                40,855    +     719    +   1,731       41,027
Gold stock                                                   11,043            0    -       1       11,043
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            34,850    +      14    +   1,075       34,850
       
Total factors supplying reserve funds                       762,436    +   6,118    +  69,524      768,163
                                                                   
Currency in circulation(5)                                  689,648    +     905    +  41,867      690,918
Reverse repurchase agreements (6)                            20,641    -     684    +  20,641       21,073
   Foreign official and international accounts               20,641    -     684    +  20,641       21,073
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          343    +       2    -      65          349
Deposits with F.R.Banks, other than reserve balances         18,775    +     183    +   3,285       18,876       
  U.S. Treasury, general account                              7,139    +      26    +   2,005        7,199
  Foreign official                                               86    -      16    -      13          122
  Service-related                                            11,291    +     182    +   1,249       11,291
     Required clearing balances                              10,882            0    +   1,019       10,882
     Adjustments to compensate for float                        409    +     182    +     230          409
  Other                                                         259    -      10    +      45          264
Other liabilities and capital                                20,438    +     107    +   1,339       20,053

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  749,846    +     514    +  67,069      751,270

Reserve balances with Federal Reserve Banks                  12,590    +   5,604    +   2,455       16,893
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)           896,791    +   2,915     ------        901,212
     U.S. Treasury                                          714,349    +   2,209     ------        718,995
     Federal agency                                         182,442    +     706     ------        182,217
  Securities lent to dealers                                    523    +      63    -     246          558   


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 May 14, 2003      May 7, 2003     May 15, 2002

Assets
Gold certificate account                                        11,039                0        -       5
Special drawing rights certificate account                       2,200                0                0
Coin                                                               983        -      20        +      21
Securities, repurchase agreements, and loans                   678,759        +   8,869        +  64,627
   Securities held outright                                    647,947        +     367        +  62,170
      U.S. Treasury (1)                                        647,937        +     367        +  62,170       
         Bills (2)                                             236,877        +     348        +  41,501
         Notes and bonds, nominal (2)                          396,776                0        +  19,093
         Notes and bonds, inflation-indexed (2)                 12,814                0        +   1,212
         Inflation compensation (3)                              1,470        +      20        +     364
      Federal agency (2)                                            10                0                0
   Repurchase agreements (4)                                    30,752        +   8,501        +   2,501    
   Loans                                                            60        +       1        -      44
Items in process of collection                    (1,042)        7,078        -   2,478        +     495
Bank premises                                                    1,580        +       2        +      66
Other assets (5)                                                39,670        +     529        +   5,466
      Total assets                                (1,042)      741,309        +   6,902        +  70,670
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  657,396        +     179        +  40,630
Reverse repurchase agreements (6)                               21,073        +     406        +  21,073
Deposits                                              (0)       35,188        +   7,316        +   7,642       
  Depository institutions                                       27,603        +   6,186        +   5,349
  U.S. Treasury, general account                                 7,199        +   1,149        +   2,231
  Foreign official                                                 122        -      23        +      14
  Other                                               (0)          264        +       5        +      48
Deferred availability cash items                  (1,042)        7,599        -     943        +     251
Other liabilities and accrued dividends (7)                      2,333        +      39        -     114
      Total liabilities                           (1,042)      723,589        +   6,997        +  69,481
                          
Capital Accounts
Capital paid in                                                  8,568        +       4        +     488
Surplus                                                          8,380                0        +   1,070
Other capital accounts                                             772        -      99        -     368
      Total capital                                             17,720        -      96        +   1,189


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,       May 14, 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              15       46,792   -      58            0           0       25,752       21,073
16 days to 90 days          45      132,509   +     922            0           0        5,000            0
91 days to 1 year            0      156,610   -     515           10           0     ------      ------
Over 1 to 5 years     ------        180,509   +       5            0           0     ------      ------
Over 5 to 10 years    ------         51,550   +       6            0           0     ------      ------
Over 10 years         ------         79,968   +       8            0           0     ------      ------
                   		 	
All                         60      647,937   +     367           10           0       30,752      21,073

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       May 14, 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                                             983         48         34         71         39        129         98        123         55         39         67        158        121
Securities, repurchase agreements,
      and loans                              678,759     31,329    307,965     20,258     30,361     49,829     43,775     65,487     20,397     14,484     17,418     25,393     52,064
   Securities held outright                  647,947     31,325    277,213     20,257     30,361     49,829     43,773     65,475     20,385     14,463     17,413     25,393     52,059
      U.S. Treasury (1)                      647,937     31,325    277,208     20,257     30,361     49,828     43,772     65,474     20,385     14,463     17,413     25,392     52,058
         Bills (2)                           236,877     11,452    101,344      7,406     11,099     18,217     16,002     23,936      7,452      5,287      6,366      9,283     19,032
         Notes and bonds(3)                  411,060     19,873    175,865     12,851     19,261     31,612     27,770     41,538     12,932      9,175     11,047     16,109     33,026
         Federal agency (2)                       10          0          4          0          0          1          1          1          0          0          0          0          1
      Repurchase agreements(4)                30,752          0     30,752          0          0          0          0          0          0          0          0          0          0
      Loans                                       60          3          0          1          0          0          2         11         12         21          5          0          5
Items in process of collection                 8,120        462        591        384        210        676        804        676        436        409        692        350      2,430
Bank premises                                  1,580         91        186         51        151        143        279        117         43        126         51        164        176
Other assets(5)                               39,670      1,841     14,421      1,110      2,441      6,097      2,335      3,711      1,037      1,171        960      1,156      3,390
Interdistrict settlement account                   0    - 3,148    +15,899    - 3,085    - 2,327    - 1,528    - 3,414    - 7,994    - 1,205    -   175    +    25    + 2,911    + 4,041
          Total Assets                       742,351     31,233    344,675     19,252     31,457     56,301     44,904     63,315     21,166     16,309     19,583     30,736     63,419

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       May 14, 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             760,942     31,889    335,692     24,144     31,240     53,972     59,564     62,955     22,215     15,215     21,218     35,033     67,805
  Less: notes held by F.R. Banks              103,546      4,428     24,780      7,419      4,073      7,773     20,020      6,654      3,388      1,353      4,062      6,821     12,777
    Federal Reserve notes, net                657,396     27,461    310,912     16,725     27,167     46,199     39,544     56,301     18,828     13,862     17,156     28,212     55,028
Reverse repurchase agreements (1)              21,073      1,019      9,016        659        987      1,621      1,424      2,129        663        470        566        826      1,693
Deposits                                       35,188      1,110     19,113        763      1,290      3,370      1,746      2,221        799        785        900        778      2,313
  Depository institutions                      27,603      1,098     11,658        762      1,286      3,271      1,744      2,221        798        783        894        777      2,310
  U.S. Treasury, general account                7,199          0      7,199          0          0          0          0          0          0          0          0          0          0
  Foreign official                                122          2         99          1          3          7          2          3          1          1          1          1          3
  Other                                           264         10        158          0          1         91          0         -3          1          0          5          1          0
Deferred availability cash items                8,641        590        934        489        452        630      1,017        625        294        395        446        413      2,356
Other liabilities and accrued                 
  dividends (2)                                 2,333        134        721         97        128        263        187        230        100         92         88        109        185
   
    Total liabilities                         724,631     30,314    340,697     18,732     30,024     52,082     43,918     61,507     20,684     15,604     19,156     30,338     61,575
                              
Capital                    
Capital paid in                                 8,568        446      1,878        251        696      2,075        475        875        233        346        204        190        899
Surplus                                         8,380        436      1,809        233        702      2,073        475        858        199        340        201        186        868
Other capital                                     772         38        292         35         33         71         36         75         50         20         21         22         77
     Total liabilities and capital            742,351     31,233    344,675     19,252     31,457     56,301     44,904     63,315     21,166     16,309     19,583     30,736     63,419
                              

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
                                          May 14, 2003
              
Federal Reserve notes outstanding             760,942
   Less: Notes held by F.R. Banks
         not subject to collateralization      99,587
      Federal Reserve Notes to be
         collateralized                       661,356 
Collateral held against Federal Reserve            
   notes                                      661,356
   Gold certificate account                    11,039
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              648,117
   Other eligible assets                            0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         678,699
   Less:face value of securities under
         reverse repurchase agreements         21,079
      U.S. Treasury and agency securities
             eligible to be pledged           657,620
   

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.