Reserve Bank credit, related items, and

reserve balances of depository institutions

at Federal Reserve Banks

Reserve Bank credit 704,886 + 8,527 + 67,616 708,965

Securities held outright 639,517 + 931 + 65,409 639,899

U.S. Treasury1 639,507 + 931 + 65,409 639,889

Bills2 231,481 + 309 + 39,678 231,756

Notes and bonds, nominal2 394,519 + 608 + 23,822 394,621

Notes and bonds, inflation-indexed2 12,242 0 + 1,584 12,242

Inflation compensation3 1,264 + 13 + 324 1,269

Federal agency2 10 0 0 10

Repurchase agreements4 26,500 + 7,286 - 114 27,000

Loans to depository institutions 18 - 27 - 8 17

Primary credit 9 - 27 + 9 11

Secondary credit 0 0 0 0

Seasonal credit 8 - 1 - 12 6

Adjustment credit 0 0 - 6 0

Float 826 + 333 + 1,202 4,086

Other Federal Reserve assets 38,026 + 7 + 1,129 37,964

Gold stock 11,043 0 - 1 11,043

Special drawing rights certificate account 2,200 0 0 2,200

Treasury currency outstanding5 34,681 + 14 + 1,091 34,681

Total factors supplying reserve funds 752,810 + 8,542 + 68,706 756,889

Currency in circulation5 683,644 + 680 + 43,621 685,165

Reverse repurchase agreements6 19,802 + 1,470 + 19,802 18,430

Foreign official and international accounts 19,623 + 1,291 + 19,623 17,180

Dealers 179 + 179 + 179 1,250

Treasury cash holdings 372 + 16 - 57 398

Deposits with F.R. Banks, other than reserve balances 16,129 - 767 + 82 14,777

U.S. Treasury, general account 4,979 - 217 - 1,532 3,607

Foreign official 159 + 54 + 64 150

Service-related 10,759 - 604 + 1,525 10,759

Required clearing balances 10,373 + 2 + 1,438 10,373

Adjustments to compensate for float 387 - 604 + 88 387

Other 231 - 2 + 24 261

Other liabilities and capital 19,538 - 477 + 1,262 19,147

Total factors, other than reserve balances,

absorbing reserve funds 739,484 + 920 + 64,709 737,917

Reserve balances with Federal Reserve Banks 13,327 + 7,622 + 3,997 18,973

Memo (off-balance-sheet items):

Marketable securities held in custody for foreign

 official and international accounts2,7 900,725 - 1,040 . . . 894,699

U.S. Treasury 722,541 - 631 . . . 716,749

Federal agency 178,184 - 409 . . . 177,950

Securities lent to dealers 1,333 + 887 - 73 2,673

FEDERAL RESERVE statistical release

 March 20, 2003

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Averages of daily figures

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.

Change from week ended Wednesday

 Mar 19, 2003 Week ended

 Mar 19, 2003 Mar 12, 2003 Mar 20, 2002
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 collateralized by U.S. Treasury and federal agency securities.

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.

Assets

Gold certificate account 11,039 0 - 5

Special drawing rights certificate account 2,200 0 0

Coin 1,071 + 1 - 14

Securities, repurchase agreements, and loans 666,915 + 9,432 + 64,486

Securities held outright 639,899 + 1,175 + 66,045

U.S. Treasury1 639,889 + 1,175 + 66,045

Bills2 231,756 + 451 + 40,313

Notes and bonds, nominal2 394,621 + 710 + 23,820

Notes and bonds, inflation-indexed2 12,242 0 + 1,584

Inflation compensation3 1,269 + 13 + 326

Federal agency2 10 0 0

Repurchase agreements4 27,000 + 8,250 - 1,550

Loans 17 + 8 - 7

Items in process of collection (1,077) 11,532 + 3,642 + 2,616

Bank premises 1,557 0 + 46

Other assets5 36,579 - 183 + 1,046

Total assets (1,077) 730,894 + 12,893 + 68,176

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 651,949 + 825 + 42,817

Reverse repurchase agreements6 18,430 + 518 + 18,430

Deposits ( 0 ) 33,960 + 12,617 + 5,921

Depository institutions 29,942 + 13,723 + 7,796

U.S. Treasury, general account 3,607 - 1,168 - 1,993

Foreign official 150 + 34 + 76

Other ( 0 ) 261 + 28 + 42

Deferred availability cash items (1,077) 7,409 - 488 - 188

Other liabilities and accrued dividends7 2,224 - 41 - 157

Total liabilities (1,077) 713,972 + 13,431 + 66,823

Capital accounts

Capital paid in 8,494 + 3 + 848

Surplus 8,297 - 83 + 1,024

Other capital accounts 132 - 457 - 517

Total capital 16,923 - 537 + 1,355

H.4.1

2. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Wednesday

 Mar 20, 2002

Eliminations from

consolidation Wednesday

 Mar 19, 2003

Wednesday

 Mar 12, 2003

3. Maturity Distribution of Loans and Securities, March 19, 2003

Millions of dollars

 Federal agency

securities

Weekly

changes Holdings

 U.S. Treasury

securities1

Holdings Weekly

changes

Loans Repurchase

agreements2

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.

Reverse

repurchase

agreements2

Within 15 days 17 44,050 + 8,743 0 0 23,000 18,430

16 days to 90 days 0 133,419 - 8,402 0 0 4,000 0

91 days to 1 year 0 149,946 + 109 10 0 . . . . . . 

Over 1 year to 5 years . . . 180,893 + 714 0 0 . . . . . . 

Over 5 years to 10 years . . . 51,738 + 4 0 0 . . . . . . 

Over 10 years . . . 79,842 + 5 0 0 . . . . . . 

All 17 639,889 + 1,175 10 0 27,000 18,430

Assets, liabilities, and capital

Maturity
H.4.1

4. Statement of Condition of Each Federal Reserve Bank on March 19, 2003Millions of dollars

Total Boston Cleveland Richmond Atlanta Chicago St. Louis New York Philadelphia Minneap

AssetsGold certificate accountSpecial drawing rights certificate acct.CoinSecurities, repurchase agreements,

and loans

Securities held outright

U.S. Treasury1

Bills2Notes and bonds3

Federal agency2

Repurchase agreements4Loans

Items in process of collectionBank premisesOther assets5Interdistrict settlement account

Total assets

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 sec

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.

 11,039 2,200 1,071 666,915 639,899 639,889 231,756 408,132 10 27,000 17 12,609 1,557 36,579 0 731,971

Assets, liabilities, and capital

 4,364 874 39 278,775 251,775 251,771 91,187 160,584 4 27,000 0 926 186 12,779 +39,033 336,975

 533 115 50 36,663 36,663 36,662 13,278 23,384 1 0 0 655 91 1,825 - 6,366 33,566

 430 83 75 24,606 24,606 24,606 8,912 15,694 0 0 0 696 50 1,206 - 7,086 20,059

 522 104 44 35,306 35,306 35,306 12,787 22,519 1 0 0 537 152 2,376 - 6,676 32,365

 819 147 149 49,907 49,907 49,907 18,075 31,831 1 0 0 868 144 5,664 - 4,551 53,147

 926 166 104 45,563 45,563 45,563 16,502 29,061 1 0 0 1,244 278 2,185 - 4,822 45,645

 1,080 212 138 75,303 75,303 75,302 27,273 48,029 1 0 0 1,538 117 3,652 -19,546 62,494

 346 71 60 22,755 22,753 22,753 8,241 14,512 0 0 2 595 44 1,005 - 4,115 20,760

 1   10,0 10,0 10,0 3,6 6,3    9 1 9 + 3,2 15,5
 651,949

 651,949 11,039 2,200 638,710 0 666,899 18,436 648,462

Total Boston Cleveland Richmond Atlanta Chicago St. Louis New York Philadelphia Minneap

LiabilitiesFederal Reserve notes outstanding

Less: notes held by F.R. Banks

Federal Reserve notes, net

Reverse repurchase agreements1

Deposits

Depository institutionsU.S. Treasury, general accountForeign officialOther

Deferred availability cash itemsOther liabilities and accrued

dividends2

Total liabilities

CapitalCapital paid inSurplusOther capital

Total liabilities and capital

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.

 765,780 113,832 651,949 18,430 33,960 29,942 3,607 150 261 8,486 2,224 715,048 8,494 8,297 132 731,971

 32,321 4,906 27,415 1,056 3,523 3,520 0 2 2 562 142 32,698 438 431 0 33,566

 337,229 27,814 309,414 7,251 14,967 11,041 3,607 127 192 903 677 333,213 1,854 1,809 99 336,975

 25,081 7,566 17,515 709 553 551 0 1 1 680 99 19,555 251 233 20 20,059

 31,727 4,782 26,945 1,017 2,338 2,334 0 3 1 538 129 30,967 700 699 0 32,365

 53,795 9,074 44,721 1,437 2,078 2,011 0 7 59 567 227 49,029 2,092 2,026 0 53,147

 60,063 20,127 39,936 1,312 2,333 2,331 0 2 0 927 185 44,694 475 475 0 45,645

 63,007 7,915 55,092 2,169 2,568 2,565 0 3 1 695 234 60,758 873 858 5 62,494

 21,939 3,631 18,308 655 974 972 0 1 2 318 99 20,355 200 199 6 20,760

 15,0 1,5 13,5 2 6 6    3  14,8 3 3  15,5

H.4.1

4. Statement of Condition of Each Federal Reserve Bank on March 19, 2003 (continued)Millions of dollars

Assets, liabilities, and capital

Federal Reserve notes, net of F.R. Bank holdingsCollateral held against Federal Reserve notes

Gold certificate accountSpecial drawing rights certificate accountU.S. Treasury and agency securities pledged1Other eligible assets

Memo:Total U.S. Treasury and agency securities1

Less: face value of securities under

reverse repurchase agreements

U.S. Treasury and agency securities

eligible to be pledged

5. Collateral Held against Federal Reserve Notes:Federal Reserve Agents' AccountsMillions of dollarsFederal Reserve notes and collateral Wednesday

 Mar 19, 2003

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 ofinflation-indexed securities, and cash value of repurchase agreements.