FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                              July 31, 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 30, 2003 Jul 23, 2003 Jul 31, 2002 Jul 30, 2003
Federal Reserve Banks

Reserve Bank Credit                                         713,408    -   3,314    +  57,913      718,092
 Securities held outright                                   652,843    +      79    +  52,691      652,866       
    U.S. Treasury (1)                                       652,833    +      79    +  52,691      652,856
       Bills (2)                                            239,701    +      85    +  37,045      239,726
       Notes and bonds, nominal (2)                         398,853            0    +  14,760      398,853
       Notes and bonds, inflation-indexed (2)                12,814            0    +     572       12,814
       Inflation compensation (3)                             1,465    -       5    +     314        1,463
    Federal agency (2)                                           10            0            0           10      
 Repurchase agreements(4)                                    20,857    -   3,393    +   5,428       26,250
 Loans to depository institutions                               126    +       7    -      77          141
    Primary credit                                                1    -       3    +       1            5
    Secondary credit                                              0            0            0            0
    Seasonal credit                                             125    +      10    -      55          137
    Adjustment credit                                             0            0    -      23            0
 Float                                                         -450    -     495    +      39       -1,160
 Other Federal Reserve assets                                40,032    +     487    -     168       39,995
Gold stock                                                   11,044            0            0       11,043
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            35,088    +      14    +   1,093       35,088
       
Total factors supplying reserve funds                       761,739    -   3,301    +  59,005      766,423
                                                                   
Currency in circulation(5)                                  692,525    -     155    +  32,935      694,545
Reverse repurchase agreements (6)                            19,916    +     239    +  19,916       19,316
   Foreign official and international accounts               19,916    +     239    +  19,916       19,316
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          343    +      13    -      38          364
Deposits with F.R.Banks, other than reserve balances         18,006    -      90    +   1,696       18,563       
  U.S. Treasury, general account                              6,205    +     138    +     426        6,174
  Foreign official                                              259    +     135    +     165          852
  Service-related                                            11,291    -     108    +   1,071       11,291
     Required clearing balances                              10,897    +      35    +     936       10,898
     Adjustments to compensate for float                        394    -     144    +     135          394
  Other                                                         251    -     255    +      35          246
Other liabilities and capital                                20,228    +     228    +   1,027       19,745

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  751,018    +     234    +  55,537      752,533

Reserve balances with Federal Reserve Banks                  10,722    -   3,534    +   3,469       13,891
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)           931,754    -   5,239     ------        930,019
     U.S. Treasury                                          748,110    -   5,634     ------        746,813
     Federal agency                                         183,644    +     395     ------        183,207
  Securities lent to dealers                                  2,056    +     755    -     147        2,534   


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 30, 2003     Jul 23, 2003     Jul 31, 2002

Assets
Gold certificate account                                        11,039                0        +       1
Special drawing rights certificate account                       2,200                0                0
Coin                                                               869        -       3        -      78
Securities, repurchase agreements, and loans                   679,257        -   5,699        +  59,106
   Securities held outright                                    652,866        +      29        +  52,401
      U.S. Treasury (1)                                        652,856        +      29        +  52,401       
         Bills (2)                                             239,726        +      34        +  36,757
         Notes and bonds, nominal (2)                          398,853                0        +  14,760
         Notes and bonds, inflation-indexed (2)                 12,814                0        +     572
         Inflation compensation (3)                              1,463        -       5        +     312
      Federal agency (2)                                            10                0                0
   Repurchase agreements (4)                                    26,250        -   5,750        +   6,750    
   Loans                                                           141        +      23        -      45
Items in process of collection                    (1,264)        7,843        +     163        +   1,345
Bank premises                                                    1,586        -       2        +      67
Other assets (5)                                                38,377        +     161        +     184
      Total assets                                (1,264)      741,172        -   5,378        +  60,626
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  660,686        +     961        +  32,218
Reverse repurchase agreements (6)                               19,316        -     356        +  19,316
Deposits                                              (0)       33,151        -   6,301        +   7,326       
  Depository institutions                                       25,879        -   6,958        +   6,696
  U.S. Treasury, general account                                 6,174        +     116        -      68
  Foreign official                                                 852        +     718        +     688
  Other                                               (0)          246        -     177        +      10
Deferred availability cash items                  (1,264)        8,275        +     658        +     962
Other liabilities and accrued dividends (7)                      2,151        +      13        -     212
      Total liabilities                           (1,264)      723,578        -   5,025        +  59,609
                          
Capital Accounts
Capital paid in                                                  8,719        +       5        +     453
Surplus                                                          8,363        -      17        +   1,051
Other capital accounts                                             513        -     339        -     486
      Total capital                                             17,594        -     353        +   1,017


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 30, 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             116       46,048   -     112            0           0       24,250       19,316
16 days to 90 days          25      141,180   +     258            0           0        2,000            0
91 days to 1 year            0      159,660   -     113           10           0     ------      ------
Over 1 to 5 years     ------        179,349   -       1            0           0     ------      ------
Over 5 to 10 years    ------         46,654   -       2            0           0     ------      ------
Over 10 years         ------         79,965   -       2            0           0     ------      ------
                   		 	
All                        141      652,856   +      29           10           0       26,250      19,316

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 30, 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                                             869         35         30         46         38        109        115        108         53         32         56        150         98
Securities, repurchase agreements,
      and loans                              679,257     31,563    305,568     20,411     30,592     50,207     44,120     65,999     20,565     14,623     17,562     25,589     52,458
   Securities held outright                  652,866     31,563    279,317     20,411     30,592     50,207     44,105     65,972     20,540     14,573     17,545     25,586     52,454
      U.S. Treasury (1)                      652,856     31,563    279,313     20,411     30,591     50,207     44,104     65,971     20,540     14,573     17,545     25,585     52,453
         Bills (2)                           239,726     11,590    102,562      7,495     11,233     18,436     16,195     24,224      7,542      5,351      6,442      9,395     19,261
         Notes and bonds(3)                  413,130     19,973    176,750     12,916     19,358     31,771     27,909     41,747     12,998      9,222     11,103     16,190     33,193
         Federal agency (2)                       10          0          4          0          0          1          1          1          0          0          0          0          1
      Repurchase agreements(4)                26,250          0     26,250          0          0          0          0          0          0          0          0          0          0
      Loans                                      141          0          1          0          0          0         15         26         25         50         17          3          4
Items in process of collection                 9,107        694        687        391        425        699        770        626        413        591        636        433      2,740
Bank premises                                  1,586         91        186         52        152        142        279        119         43        126         54        168        176
Other assets(5)                               38,377      1,775     13,944      1,132      2,361      5,933      2,240      3,568        994      1,132        921      1,110      3,268
Interdistrict settlement account                   0    - 4,549    +13,674    -   875    - 3,738    -   232    -   557    - 6,461    - 1,299    -   758    -   809    + 2,713    + 2,890
          Total Assets                       742,436     30,219    339,669     21,622     30,410     57,813     47,995     65,152     21,171     16,000     18,789     30,767     62,828

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 30, 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             774,095     31,577    332,601     25,402     31,159     58,324     63,604     66,433     23,460     15,086     21,311     35,387     69,753
  Less: notes held by F.R. Banks              113,409      5,094     22,721      7,933      4,971      9,894     20,866      9,070      4,403      1,377      4,714      7,228     15,138
    Federal Reserve notes, net                660,686     26,482    309,880     17,469     26,187     48,430     42,738     57,364     19,057     13,708     16,597     28,159     54,615
Reverse repurchase agreements (1)              19,316        934      8,264        604        905      1,485      1,305      1,952        608        431        519        757      1,552
Deposits                                       33,151      1,014     15,980      2,376      1,159      2,909      1,833      3,051        686        520        639        809      2,173
  Depository institutions                      25,879      1,012      8,824      2,375      1,156      2,817      1,831      3,048        684        519        637        808      2,170
  U.S. Treasury, general account                6,174          0      6,174          0          0          0          0          0          0          0          0          0          0
  Foreign official                                852          2        829          1          3          7          2          3          1          1          1          1          3
  Other                                           246          1        153          0          1         85          0          1          1          0          1          1          0
Deferred availability cash items                9,539        766        846        571        636        614        976        733        265        563        553        557      2,460
Other liabilities and accrued                 
  dividends (2)                                 2,151        124        672         90        115        227        178        209         99         84         87        106        161
   
    Total liabilities                         724,842     29,321    335,641     21,110     29,003     53,665     47,030     63,309     20,714     15,306     18,394     30,387     60,961
                              
Capital                    
Capital paid in                                 8,719        446      1,952        252        707      2,091        477        914        228        348        191        183        931
Surplus                                         8,363        436      1,809        233        701      2,057        475        858        199        340        201        186        868
Other capital                                     513         16        268         26          0          0         13         71         30          6          3         11         68
     Total liabilities and capital            742,436     30,219    339,669     21,622     30,410     57,813     47,995     65,152     21,171     16,000     18,789     30,767     62,828
                              

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 30, 2003
              
Federal Reserve notes outstanding             774,095
   Less: Notes held by F.R. Banks
         not subject to collateralization     108,713
      Federal Reserve Notes to be
         collateralized                       665,381 
Collateral held against Federal Reserve            
   notes                                      665,381
   Gold certificate account                    11,039
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              652,142
   Other eligible assets                            0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         679,116
   Less:face value of securities under
         reverse repurchase agreements         19,321
      U.S. Treasury and agency securities
             eligible to be pledged           659,795
   

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.