FEDERAL RESERVE
These data are scheduled for release each Thursday.

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                          November 21, 2002
Millions of dollars
                                                                   Averages of daily figures
      Reserve balances of depository institutions at     Week ended   Change from week ended     Wednesday
 F.R. Banks, Reserve Bank credit, and related items     Nov 20, 2002 Nov 13, 2002 Nov 21, 2001 Nov 20, 2002

Reserve Bank Credit                                         666,088    -     264    +  46,885      663,006
  U.S. government securities (1)                                                   
    Bought outright-system account (2,3)                    608,053    -     427    +  58,985      606,396
    Held under repurchase agreements                              0            0            0            0
  Federal agency obligations (1)                                                   
    Bought outright                                              10            0            0           10
    Held under repurchase agreements                              0            0            0            0
  Repurchase agreements -- triparty (4)                      20,929    +   4,108    -  13,328       19,250
  Acceptances                                                     0            0            0            0
  Loans to depository institutions
    Adjustment credit                                           310    +      68    +     277            1
    Seasonal credit                                              60    -       6    +      30           56
    Extended credit                                               0            0            0            0
   Float                                                       -295    -     947    -     873          766
   Other F.R. assets                                         37,021    -   3,059    +   1,794       36,528
Gold stock                                                   11,042            0    -       3       11,042
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding                                34,401    +      14    +   1,427       34,401
        Total factors supplying reserve funds               713,731    -     250    +  48,309      710,650
                                                                   
Currency in circulation*                                    667,786    -     274    +  44,939      668,842
Reverse repurchase agreements -- triparty (4)                     0            0            0            0
Treasury cash holdings*                                         387    +       1    -      49          386
Deposits,other than reserve balances,with F.R.Banks                                        
  Treasury                                                    4,868    -     145    -     735        4,519
  Foreign                                                       147    +      70    -      25           72
  Service-related balances and adjustments (5)               10,461    +     134    +   2,224       10,461
  Other                                                         250    +      14    -      24          231
Other F.R. liabilities and capital                           19,791    -     221    +   2,025       19,307
        Total factors, other than reserve balances,                                        
        absorbing reserve funds                             703,692    -     420    +  48,358      703,817

Reserve balances with F.R. Banks  (6)                        10,040    +     171    -      47        6,833
                                                                
On  November 20, 2002, the face amount of marketable U.S. government and federal agency securities held in custody by the Federal Reserve
Banks for foreign official and international accounts was $    822,919 million, a change of $  +  13,032 million for the week. The total includes
$    672,769 million of U.S. government securities and $    150,150 million of federal agency securities. The total includes the face value of
U.S. Treasury strips and other zero coupon bonds.
1  Face value of the securities.
2  Net of $     20,417 million (daily average over statement week) and $     22,078 million (outstanding on 
   Wednesday statement date) matched sale-purchase transactions, of which $     19,882 million (daily average)
   and $     19,578 million (outstanding on Wednesday statement date) were with foreign official and international
   accounts.  Includes securities loans of $      2,217 million (daily average) and $      2,188 million 
   (outstanding on Wednesday statement date) that are fully collateralized by other U.S. government securities.
3  Includes $     12,242 million of inflation-indexed securities valued at the original face amount and 
   $      1,232 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Cash value of agreements arranged through third-party custodial banks.  These agreements are collateralized 
   by U.S. government and federal agency securities.
5  Consists of required clearing balances of $     10,283 million and adjustments of $        178 million to 
   compensate for float.
6  Excludes required clearing balances and adjustments to compensate for float.

* Estimated (Treasury's figures).
Components may not add to totals due to rounding.

Worksheet for H.4.1 (a)

CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS
Millions of Dollars
                                                                                    Change Since
                                                  *          Wednesday        Wednesday        Wednesday
                                                           Nov 20, 2002     Nov 13, 2002     Nov 21, 2001
                ASSETS
Gold certificate account                                        11,038                0        -       7
Special drawing rights certificate account                       2,200                0                0
Coin                                                             1,076        -       4        +       2
Loans                                                               57        -      10        +      22
Acceptances                                                          0                0                0
Repurchase agreements -- triparty (1)                           19,250        -   1,750        -  17,000
Federal agency obligations (2)          
  Bought outright                                                   10                0                0
  Held under repurchase agreements                                   0                0                0
U.S. government securities (2)           
  Bought outright--Bills                                       204,355        -   2,594        +  19,700
                   Notes (3)                                   297,336        +   1,422        +  35,861
                   Bonds (4)                                   104,705        -   1,417        +   1,670
    Total bought outright (5)                                  606,396        -   2,588        +  57,230
  Held under repurchase agreements                                   0                0                0
     Total U.S. government securities                          606,396        -   2,588        +  57,230
       Total loans and securities                              625,712        -   4,349        +  40,252
                          
Items in process of collection                    (1,280)        8,236        -   7,345        -   1,372
Bank premises                                                    1,533        +       3        +      14
Other assets (6)                                                34,994        -   3,742        +     769
                TOTAL ASSETS                      (1,280)      684,788        -  15,439        +  39,657
                          
                LIABILITIES
Federal Reserve notes                                          635,898        -     603        +  41,225
Reverse repurchase agreements -- triparty (1)                        0                0                0
Deposits                     
  Depository institutions                                       16,943        -  10,302        -   2,684
  U.S. Treasury--general account                                 4,519        -      73        -     108
  Foreign--official accounts                                        72        -       4        -      91
    Other                                             (0)          231        -       7        -      26
      Total deposits                                  (0)       21,764        -  10,387        -   2,910
Deferred availability cash items                  (1,280)        7,820        -   4,062        -     358
Other liabilities and accrued dividends (7)                      2,421        -      48        -     275
                TOTAL LIABILITIES                 (1,280)      667,903        -  15,100        +  37,682
                          
                CAPITAL ACCOUNTS
Capital paid in                                                  8,304        +      19        +   1,023
Surplus                                                          7,312                0        +     582
Other capital accounts                                           1,270        -     357        +     371

*Figures in parentheses are the eliminations made in the consolidation process.
1  Cash value of agreements arranged through third-party custodial banks.
2  Face value of the securities.
3  Includes $      7,168 million of inflation-indexed securities valued at the original face amount and 
   $        692 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Includes $      5,074 million of inflation-indexed securities valued at the original face amount and 
   $        541 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
5  Net of $     22,078 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes securities loans of $      2,188 million that are fully collateralized by other
   U.S. government securities.
6  Includes assets denominated in foreign currencies, revalued daily at market exchange rates.
7  Includes exchange-translation account reflecting the daily revaluation at market exchange rates of 
   foreign exchange commitments.
Components may not add to totals due to rounding.


MATURITY DISTRIBUTION OF LOANS AND SECURITIES,  November 20, 2002



Millions of dollars
                                    U.S. government         Federal agency                      Reverse
                     Loans          securities (1,2)        obligations(2)        Repurchase   Repurchase
                                              Weekly                  Weekly      Agreements   Agreements
                                  Holdings    changes      Holdings    changes    Triparty(3)  Triparty(3)
Within 15 days              45       22,429   +   7,606            0           0       14,250           0
16 days to 90 days          12      135,186   -   6,671            0           0        5,000           0
91 days to 1 year            0      142,178   -   1,259            0           0     ------      ------
Over 1 to 5 years                   173,804   -   2,379           10           0     ------      ------
Over 5 to 10 years                   52,972   +   2,032            0           0     ------      ------
Over 10 years                        79,827   -   1,916            0           0     ------      ------
                   		 	
Total                       57      606,396   -   2,588           10           0       19,250           0

1  Includes $     12,242 million of inflation-indexed securities valued at the original face amount and 
   $      1,232 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
2  Includes face value of securities held under repurchase agreements classified by the remaining maturity of 
   the agreements.
3  Cash value of agreements arranged through third-party custodial banks classified by remaining maturity of 
   the agreements.
Components may not add to totals due to rounding.


H.4.1 (b)

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON  November 20, 2002
Millions of dollars
                                                                                                                                                            Kansas                 San
                                               Total     Boston   New York Philadelphia Cleveland   Richmond   Atlanta    Chicago   St. Louis  Minneapolis   City      Dallas   Francisco
         ASSETS                        
Gold certificate account                      11,038        533      4,363        430        522        819        926      1,080        346        179        309        485      1,046
Special drawing rights certif. acct.           2,200        115        874         83        104        147        166        212         71         30         66         98        234
Coin                                           1,076         52         48         63         50        141        122        136         62         35         74        162        131
                       
Loans                                             57          0          0          1          0          0          7          3         14         15         13          5          0
Acceptances                                        0          0          0          0          0          0          0          0          0          0          0          0          0
Repurchase Agreements -- triparty(1)          19,250          0     19,250          0          0          0          0          0          0          0          0          0          0
Federal agency obligations(2)      
  Bought outright                                 10          1          4          0          1          1          1          1          0          0          0          0          1
  Held under repurchase agreements                 0          0          0          0          0          0          0          0          0          0          0          0          0
U.S. government securities(2)         
  Bought outright--Bills                     204,355     11,708     80,406      7,858     11,275     15,938     14,551     24,049      7,266      3,195      6,041      4,535     17,533
                   Notes (3)                 297,336     17,036    116,990     11,433     16,405     23,190     21,171     34,991     10,573      4,648      8,789      6,599     25,510
                   Bonds (4)                 104,705      5,999     41,197      4,026      5,777      8,166      7,455     12,322      3,723      1,637      3,095      2,324      8,983
     Total bought outright(5)                606,396     34,743    238,593     23,318     33,458     47,294     43,178     71,361     21,562      9,480     17,925     13,458     52,026
  Held under repurchase agreements                 0          0          0          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             606,396     34,743    238,593     23,318     33,458     47,294     43,178     71,361     21,562      9,480     17,925     13,458     52,026
       Total loans and securities            625,712     34,744    257,847     23,319     33,458     47,295     43,185     71,365     21,576      9,494     17,938     13,464     52,027
                       
Items in process of collection                 9,515        602      1,018        521        463        643        903        831        491        651        547        427      2,418
Bank premises                                  1,533         91        185         49        153        129        279        116         43        125         50        140        173
Other assets(6)                               34,994      1,819     12,213      1,103      2,376      5,274      2,341      3,566        909        597        908        765      3,122
Interdistrict settlement account                   0    - 6,976    +32,721    - 4,768    - 6,120    - 1,493    - 4,930    -14,849    - 3,301    + 4,011    - 2,941    +11,688    - 3,043
          TOTAL ASSETS                       686,068     30,979    309,270     20,799     31,007     52,955     42,992     62,457     20,197     15,123     16,950     27,229     56,108

1  Cash value of agreements arranged through third-party custodial banks.  These agreements are collateralized 
   by U.S. government and federal agency securities.
2  Face value of the securities.
3  Includes $      7,168 million of inflation-indexed securities valued at the original face amount and  $        692 million 
   of compensation that adjusts for the effects of inflation on the principal of such  securities.
4  Includes $      5,074 million of inflation-indexed securities valued at the original face amount and  $        541 million 
   of compensation that adjusts for the effects of inflation on the principal of such securities.
5  Net of $     22,078 million matched sale-purchase transactions outstanding at the end of the latest statement week.  
   Includes securities loans of $      2,188 million that are fully collateralized by other U.S. government securities.
6  Includes assets denominated in foreign currencies, revalued monthly at market exchange rates.

Components may not add to totals due to rounding.


H.4.1 (c)

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON  November 20, 2002
Millions of dollars
                                                                                                                                                            Kansas                 San
                                               Total     Boston   New York Philadelphia Cleveland   Richmond   Atlanta    Chicago   St. Louis  Minneapolis   City      Dallas   Francisco
       LIABILITIES                         
Federal Reserve notes                         635,898     28,322    297,015     17,745     27,968     44,884     39,654     57,220     18,919     13,350     15,532     25,568     49,721
Reverse repurchase agreements--triparty(1)          0          0          0          0          0          0          0          0          0          0          0          0          0
Deposits                          
  Depository institutions                      16,943      1,098      2,218      1,878        960      2,945      1,289      2,495        500        389        520        744      1,906
  U.S. Treasury--general account                4,519          0      4,519          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                       72          2         48          1          3          7          2          3          1          1          1          1          3
  Other                                           231          3        143          0          1         74          1          4          1          0          1          3          1
    Total deposits                             21,764      1,103      6,927      1,879        964      3,026      1,292      2,502        502        390        522        747      1,910
Deferred credit items                           9,099        524        895        580        534        664        826        750        255        671        392        453      2,556
Other liabilities and accrued                 
  dividends (2)                                 2,421        148        739        107        141        253        196        258        105         81         94         91        206
    TOTAL LIABILITIES                         669,183     30,097    305,576     20,311     29,607     48,827     41,969     60,730     19,781     14,492     16,541     26,858     54,393
                              
       CAPITAL ACCOUNTS                   
Capital paid in                                 8,304        434      1,773        238        699      2,069        472        848        199        338        200        183        850
Surplus                                         7,312        418      1,504        221        665      1,757        535        793        149        118        191        164        796
Other capital accounts                          1,270         30        416         29         37        302         17         86         68        174         18         23         69
     TOTAL LIABILITIES AND CAPITAL            
        ACCOUNTS                              686,068     30,979    309,270     20,799     31,007     52,955     42,992     62,457     20,197     15,123     16,950     27,229     56,108
                              
FEDERAL RESERVE AGENTS' ACCOUNTS              
                              
F.R. notes outstanding                        757,439     33,535    327,518     25,848     32,887     55,128     57,715     65,867     22,388     15,267     20,250     35,439     65,597
  Less--Held by F.R. Banks                    121,541      5,213     30,503      8,102      4,920     10,244     18,061      8,648      3,469      1,917      4,718      9,871     15,876
  F.R. notes, net                             635,898     28,322    297,015     17,745     27,968     44,884     39,654     57,220     18,919     13,350     15,532     25,568     49,721
Collateral held against F.R. notes            
   Gold certificate account                    11,038
   Special drawing rights                 
     certificate account                        2,200
   Other eligible assets                            0
   U.S. govt. and agency securities(3)        622,660
     Total collateral                         635,898

1  Cash value of agreements arranged through third-party custodial banks.  These agreements are collateralized 
   by U.S. government and federal agency securities.
2  Includes exchange translation account reflecting the monthly revaluation at market exchange rates of 
   foreign exchange commitments.
3  U.S. government and agency securities bought outright or held under repurchase agreement are valued at face amount.
   Includes cash value of repurchase agreements under triparty arrangements and excludes the par value of securities
   pledged under reverse repurchase agreements.

Components may not add to totals due to rounding.