FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                          September 4, 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            Sep 3, 2003 Aug 27, 2003  Sep 4, 2002  Sep 3, 2003
Federal Reserve Banks

Reserve Bank Credit                                         725,331    +   9,905    +  60,220      726,579
 Securities held outright                                   653,881    +     237    +  50,788      653,941       
    U.S. Treasury (1)                                       653,871    +     237    +  50,788      653,931
       Bills (2)                                            240,726    +     234    +  38,273      240,785
       Notes and bonds, nominal (2)                         398,853            0    +  11,624      398,853
       Notes and bonds, inflation-indexed (2)                12,814            0    +     572       12,814
       Inflation compensation (3)                             1,478    +       4    +     320        1,479
    Federal agency (2)                                           10            0            0           10      
 Repurchase agreements(4)                                    34,429    +   9,822    +  10,608       33,250
 Loans to depository institutions                               166    +       9    -     104          180
    Primary credit                                                9    +       8    +       9           27
    Secondary credit                                              0            0            0            0
    Seasonal credit                                             157    +       1    -      20          153
    Adjustment credit                                             0            0    -      93            0
 Float                                                         -467    -     650    -     578        2,018
 Other Federal Reserve assets                                37,323    +     489    -     493       37,189
Gold stock                                                   11,043            0    +       1       11,043
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            35,191    +      14    +     944       35,191
       
Total factors supplying reserve funds                       773,765    +   9,919    +  61,164      775,013
                                                                   
Currency in circulation(5)                                  700,065    +   5,337    +  35,736      701,211
Reverse repurchase agreements (6)                            20,022    +     799    +  20,022       18,757
   Foreign official and international accounts               20,022    +     799    +  20,022       18,757
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          335    -       3    -      26          338
Deposits with F.R.Banks, other than reserve balances         16,788    -     825    +   1,511       16,905       
  U.S. Treasury, general account                              4,843    -   1,131    +      48        4,525
  Foreign official                                              248    +     162    +     154          686
  Service-related                                            11,453    +     207    +   1,269       11,453
     Required clearing balances                              10,910            0    +     989       10,910
     Adjustments to compensate for float                        543    +     206    +     280          543
  Other                                                         244    -      62    +      39          240
Other liabilities and capital                                20,194    +     197    +     637       20,080

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  757,405    +   5,506    +  57,881      757,290

Reserve balances with Federal Reserve Banks                  16,361    +   4,414    +   3,285       17,722
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)           953,188    +   4,438     ------        961,027
     U.S. Treasury                                          766,604    +   4,836     ------        772,567
     Federal agency                                         186,584    -     398     ------        188,460
  Securities lent to dealers                                  2,500    +     871    +   2,354        2,201   


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  Sep 3, 2003     Aug 27, 2003      Sep 4, 2002

Assets
Gold certificate account                                        11,039                0        +       1
Special drawing rights certificate account                       2,200                0                0
Coin                                                               858        -      29        -     162
Securities, repurchase agreements, and loans                   687,371        +   4,529        +  58,463
   Securities held outright                                    653,941        +     260        +  50,244
      U.S. Treasury (1)                                        653,931        +     260        +  50,244       
         Bills (2)                                             240,785        +     257        +  37,730
         Notes and bonds, nominal (2)                          398,853                0        +  11,624
         Notes and bonds, inflation-indexed (2)                 12,814                0        +     572
         Inflation compensation (3)                              1,479        +       3        +     319
      Federal agency (2)                                            10                0                0
   Repurchase agreements (4)                                    33,250        +   4,250        +   8,250    
   Loans                                                           180        +      19        -      31
Items in process of collection                      (892)       12,854        +   5,268        -     359
Bank premises                                                    1,589        -       1        +      69
Other assets (5)                                                35,449        +      60        -     681
      Total assets                                  (892)      751,360        +   9,826        +  57,331
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  667,212        +   3,794        +  34,224
Reverse repurchase agreements (6)                               18,757        -     362        +  18,757
Deposits                                              (0)       34,317        +   2,586        +   3,695       
  Depository institutions                                       28,866        +   2,939        +   3,198
  U.S. Treasury, general account                                 4,525        -     916        -      76
  Foreign official                                                 686        +     605        +     558
  Other                                               (0)          240        -      42        +      17
Deferred availability cash items                    (892)       10,994        +   3,639        -      48
Other liabilities and accrued dividends (7)                      2,195        -       9        -     210
      Total liabilities                             (892)      733,475        +   9,650        +  56,418
                          
Capital Accounts
Capital paid in                                                  8,752        +       4        +     504
Surplus                                                          8,380                0        +   1,068
Other capital accounts                                             752        +     172        -     661
      Total capital                                             17,885        +     177        +     913


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,  September 3, 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              35       45,481   -   4,710            0           0       29,250       18,757
16 days to 90 days         145      140,939   +   5,635            0           0        4,000            0
91 days to 1 year            0      162,179   +   1,349           10           0     ------      ------
Over 1 to 5 years     ------        178,017   -   2,016            0           0     ------      ------
Over 5 to 10 years    ------         50,385   +       1            0           0     ------      ------
Over 10 years         ------         76,931   +       2            0           0     ------      ------
                   		 	
All                        180      653,931   +     260           10           0       33,250      18,757

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  September 3, 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                                             858         30         31         47         36        106        109        105         58         29         52        154        101
Securities, repurchase agreements,
      and loans                              687,371     31,616    313,027     20,450     30,642     50,305     44,190     66,117     20,601     14,645     17,594     25,630     52,553
   Securities held outright                  653,941     31,615    279,777     20,445     30,642     50,290     44,178     66,081     20,574     14,597     17,574     25,628     52,540
      U.S. Treasury (1)                      653,931     31,615    279,773     20,445     30,642     50,289     44,177     66,080     20,574     14,597     17,574     25,627     52,540
         Bills (2)                           240,785     11,641    103,015      7,528     11,283     18,517     16,266     24,331      7,575      5,375      6,471      9,436     19,346
         Notes and bonds(3)                  413,147     19,974    176,757     12,917     19,359     31,772     27,911     41,749     12,998      9,222     11,103     16,191     33,194
         Federal agency (2)                       10          0          4          0          0          1          1          1          0          0          0          0          1
      Repurchase agreements(4)                33,250          0     33,250          0          0          0          0          0          0          0          0          0          0
      Loans                                      180          1          0          6          0         15         12         36         27         48         20          3         13
Items in process of collection                13,746      1,227        871        656        723      1,091      1,058      1,506        680        575        902        677      3,780
Bank premises                                  1,589         91        187         52        151        142        278        119         43        126         54        170        176
Other assets(5)                               35,449      1,626     12,750      1,050      2,223      5,665      2,044      3,275        895      1,058        840        998      3,025
Interdistrict settlement account                   0    -    58    -   451    -    78    - 2,220    -    74    + 1,227    - 5,374    - 1,277    +    61    -   638    + 2,758    + 6,125
          Total Assets                       752,252     35,142    331,994     22,639     32,136     58,191     49,935     66,942     21,402     16,748     19,173     30,992     66,957

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  September 3, 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             781,724     31,522    332,008     27,233     32,070     58,653     64,257     67,164     23,650     15,876     21,439     35,433     72,418
  Less: notes held by F.R. Banks              114,512      4,925     23,890      8,017      5,287     10,151     20,138      9,140      4,569      1,528      4,756      7,205     14,906
    Federal Reserve notes, net                667,212     26,597    308,119     19,216     26,783     48,503     44,118     58,025     19,080     14,347     16,683     28,228     57,512
Reverse repurchase agreements (1)              18,757        907      8,025        586        879      1,443      1,267      1,895        590        419        504        735      1,507
Deposits                                       34,317      5,763      9,854      1,544      2,184      2,903      2,141      3,968        777        711        954        941      2,578
  Depository institutions                      28,866      5,752      4,553      1,543      2,181      2,786      2,139      3,962        773        710        952        940      2,575
  U.S. Treasury, general account                4,525          0      4,525          0          0          0          0          0          0          0          0          0          0
  Foreign official                                686          2        662          1          3          7          2          3          1          1          1          1          3
  Other                                           240          9        114          0          0        109          0          3          3          0          1          0          0
Deferred availability cash items               11,886        842      1,150        687        738        935      1,248        967        393        481        543        598      3,304
Other liabilities and accrued                 
  dividends (2)                                 2,195        125        677         92        125        230        180        219         99         85         87        109        167
   
    Total liabilities                         734,367     34,234    327,825     22,125     30,709     54,013     48,954     65,075     20,940     16,044     18,771     30,611     65,067
                              
Capital                    
Capital paid in                                 8,752        446      1,998        253        704      2,072        478        917        228        348        193        183        931
Surplus                                         8,380        436      1,809        233        702      2,073        475        858        199        340        201        186        868
Other capital                                     752         26        361         28         21         34         28         93         35         17          8         11         91
     Total liabilities and capital            752,252     35,142    331,994     22,639     32,136     58,191     49,935     66,942     21,402     16,748     19,173     30,992     66,957
                              

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
                                           Sep 3, 2003
              
Federal Reserve notes outstanding             781,724
   Less: Notes held by F.R. Banks
         not subject to collateralization     109,755
      Federal Reserve Notes to be
         collateralized                       671,969 
Collateral held against Federal Reserve            
   notes                                      671,969
   Gold certificate account                    11,039
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              658,730
   Other eligible assets                            0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         687,191
   Less:face value of securities under
         reverse repurchase agreements         18,762
      U.S. Treasury and agency securities
             eligible to be pledged           668,429
   

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.