FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                           October 23, 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           Oct 22, 2003 Oct 15, 2003 Oct 23, 2002 Oct 22, 2003
Federal Reserve Banks

Reserve Bank Credit                                         721,122    -   1,710    +  63,440      722,682
 Securities held outright                                   656,625    +     209    +  46,342      656,764       
    U.S. Treasury (1)                                       656,615    +     209    +  46,342      656,754
       Bills (2)                                            241,997    +     198    +  33,733      242,131
       Notes and bonds, nominal (2)                         399,595            0    +  11,029      399,595
       Notes and bonds, inflation-indexed (2)                13,454            0    +   1,212       13,454
       Inflation compensation (3)                             1,569    +      12    +     369        1,574
    Federal agency (2)                                           10            0            0           10      
 Repurchase agreements(4)                                    24,571    -   1,822    +  16,428       25,500
 Loans to depository institutions                               100    -       2    -      20           94
    Primary credit                                               14    +      10    +      14           11
    Secondary credit                                              0            0            0            0
    Seasonal credit                                              86    -      12    -      30           83
    Adjustment credit                                             0            0    -       4            0
 Float                                                         -331    +       5    -     697         -132
 Other Federal Reserve assets                                40,156    -     102    +   1,385       40,456
Gold stock                                                   11,043            0    +       1       11,043
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            35,299    +      14    +     942       35,299
       
Total factors supplying reserve funds                       769,664    -   1,696    +  64,383      771,225
                                                                   
Currency in circulation(5)                                  702,634    -     482    +  39,779      703,300
Reverse repurchase agreements (6)                            18,633    -     462    +  18,633       18,111
   Foreign official and international accounts               18,633    -     462    +  18,633       18,111
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          389    +      16    -      10          400
Deposits with F.R.Banks, other than reserve balances         17,314    +   1,748    +   1,401       17,025       
  U.S. Treasury, general account                              5,403    +   1,658    +     339        5,123
  Foreign official                                               97    -      42    -     244           99
  Service-related                                            11,524    +     154    +   1,227       11,524
     Required clearing balances                              11,340    +      88    +   1,370       11,340
     Adjustments to compensate for float                        184    +      66    -     143          184
  Other                                                         289    -      23    +      77          279
Other liabilities and capital                                20,236    -     287    +     845       20,327

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  759,206    +     534    +  60,648      759,163

Reserve balances with Federal Reserve Banks                  10,459    -   2,229    +   3,736       12,062
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)           995,396    +   4,613     ------        993,247
     U.S. Treasury                                          799,036    +   1,240     ------        793,691
     Federal agency                                         196,360    +   3,373     ------        199,555
  Securities lent to dealers                                  1,915    +     956    +     735        1,442   


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 Oct 22, 2003     Oct 15, 2003     Oct 23, 2002

Assets
Gold certificate account                                        11,039                0        +       1
Special drawing rights certificate account                       2,200                0                0
Coin                                                               810        -       3        -     264
Securities, repurchase agreements, and loans                   682,358        -   4,501        +  64,510
   Securities held outright                                    656,764        +     265        +  46,523
      U.S. Treasury (1)                                        656,754        +     265        +  46,523       
         Bills (2)                                             242,131        +     252        +  33,914
         Notes and bonds, nominal (2)                          399,595                0        +  11,029
         Notes and bonds, inflation-indexed (2)                 13,454                0        +   1,212
         Inflation compensation (3)                              1,574        +      13        +     369
      Federal agency (2)                                            10                0                0
   Repurchase agreements (4)                                    25,500        -   4,750        +  18,000    
   Loans                                                            94        -      16        -      13
Items in process of collection                    (1,273)        7,605        -   6,697        -     234
Bank premises                                                    1,597        +       1        +      69
Other assets (5)                                                38,852        +     546        +   1,339
      Total assets                                (1,273)      744,462        -  10,652        +  65,422
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  669,207        -     854        +  38,790
Reverse repurchase agreements (6)                               18,111        -     531        +  18,111
Deposits                                              (0)       29,303        -   5,827        +   7,330       
  Depository institutions                                       23,802        -   6,018        +   7,875
  U.S. Treasury, general account                                 5,123        +     266        -     590
  Foreign official                                                  99        -      66        -      29
  Other                                               (0)          279        -      10        +      74
Deferred availability cash items                  (1,273)        7,513        -   3,794        +     235
Other liabilities and accrued dividends (7)                      2,263        +      24        -     161
      Total liabilities                           (1,273)      726,398        -  10,981        +  64,306
                          
Capital Accounts
Capital paid in                                                  8,734        -       5        +     459
Surplus                                                          8,380        +       5        +   1,068
Other capital accounts                                             950        +     329        -     412
      Total capital                                             18,063        +     328        +   1,115


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,   October 22, 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              83       50,429   +   5,401            0           0       25,500       18,111
16 days to 90 days          11      142,802   -   4,878           10           0            0            0
91 days to 1 year            0      157,831   -     272            0           0     ------      ------
Over 1 to 5 years     ------        176,914   +       4            0           0     ------      ------
Over 5 to 10 years    ------         51,673   +       4            0           0     ------      ------
Over 10 years         ------         77,105   +       5            0           0     ------      ------
                   		 	
All                         94      656,754   +     265           10           0       25,500      18,111

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   October 22, 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                                             810         23         36         39         32         96        106         98         59         23         45        151        103
Securities, repurchase agreements,
      and loans                              682,358     31,752    306,485     20,533     30,774     50,507     44,374     66,395     20,676     14,685     17,668     25,738     52,770
   Securities held outright                  656,764     31,752    280,985     20,533     30,774     50,507     44,368     66,366     20,663     14,660     17,650     25,738     52,767
      U.S. Treasury (1)                      656,754     31,751    280,981     20,533     30,774     50,506     44,368     66,365     20,662     14,660     17,650     25,738     52,766
         Bills (2)                           242,131     11,706    103,591      7,570     11,346     18,621     16,357     24,467      7,618      5,405      6,507      9,489     19,454
         Notes and bonds(3)                  414,623     20,045    177,389     12,963     19,428     31,886     28,010     41,898     13,045      9,255     11,143     16,249     33,313
         Federal agency (2)                       10          0          4          0          0          1          1          1          0          0          0          0          1
      Repurchase agreements(4)                25,500          0     25,500          0          0          0          0          0          0          0          0          0          0
      Loans                                       94          0          0          0          0          0          6         29         13         25         18          0          3
Items in process of collection                 8,878        711        721        461        321        478        729        758        580        466        592        399      2,662
Bank premises                                  1,597         91        190         52        150        143        278        121         43        125         55        172        177
Other assets(5)                               38,852      1,804     13,934      1,078      2,434      6,181      2,253      3,625      1,003      1,163        924      1,111      3,342
Interdistrict settlement account                   0    - 1,126    + 1,470    - 1,092    - 2,440    + 1,527    + 2,599    - 7,328    - 1,808    -   141    -   603    + 3,027    + 5,915
          Total Assets                       745,735     33,864    328,416     21,535     31,854     59,887     51,367     64,862     20,955     16,576     19,051     31,203     66,166

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   October 22, 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             788,919     36,024    327,273     27,603     32,883     59,260     65,364     66,533     23,444     15,745     21,553     36,788     76,449
  Less: notes held by F.R. Banks              119,712      5,513     22,686      8,881      5,429     10,514     18,975     10,387      4,651      1,538      4,690      8,041     18,407
    Federal Reserve notes, net                669,207     30,511    304,587     18,723     27,455     48,747     46,389     56,146     18,793     14,207     16,863     28,746     58,041
Reverse repurchase agreements (1)              18,111        876      7,749        566        849      1,393      1,224      1,830        570        404        487        710      1,455
Deposits                                       29,303        864     10,203      1,154      1,368      4,768      1,687      4,040        751        662        736        768      2,303
  Depository institutions                      23,802        856      4,851      1,153      1,364      4,654      1,685      4,036        743        660        734        767      2,300
  U.S. Treasury, general account                5,123          0      5,123          0          0          0          0          0          0          0          0          0          0
  Foreign official                                 99          2         75          1          3          7          2          3          1          1          1          1          3
  Other                                           279          6        154          0          1        106          0          1          8          0          1          0          0
Deferred availability cash items                8,786        554        979        471        618        533        893        725        263        506        467        472      2,306
Other liabilities and accrued                 
  dividends (2)                                 2,263        134        691         94        122        244        181        229        102         88         86        116        177
   
    Total liabilities                         727,671     32,939    324,208     21,007     30,411     55,684     50,374     62,971     20,478     15,867     18,638     30,812     64,282
                              
Capital                    
Capital paid in                                 8,734        448      1,998        255        705      2,061        476        917        229        348        196        184        918
Surplus                                         8,380        436      1,809        233        702      2,073        475        858        199        340        201        186        868
Other capital                                     950         41        401         40         35         69         42        116         49         23         16         21         97
     Total liabilities and capital            745,735     33,864    328,416     21,535     31,854     59,887     51,367     64,862     20,955     16,576     19,051     31,203     66,166
                              

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
                                          Oct 22, 2003
              
Federal Reserve notes outstanding             788,919
   Less: Notes held by F.R. Banks
         not subject to collateralization     114,975
      Federal Reserve Notes to be
         collateralized                       673,944 
Collateral held against Federal Reserve            
   notes                                      673,944
   Gold certificate account                    11,039
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              660,705
   Other eligible assets                            0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         682,264
   Less:face value of securities under
         reverse repurchase agreements         18,122
      U.S. Treasury and agency securities
             eligible to be pledged           664,143
   

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.