FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                            August 21, 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           Aug 20, 2003 Aug 13, 2003 Aug 21, 2002 Aug 20, 2003
Federal Reserve Banks

Reserve Bank Credit                                         726,540    +  14,715    +  67,907      730,577
 Securities held outright                                   653,446    +     374    +  51,297      653,526       
    U.S. Treasury (1)                                       653,436    +     374    +  51,297      653,516
       Bills (2)                                            240,298    +     371    +  37,279      240,376
       Notes and bonds, nominal (2)                         398,853            0    +  13,129      398,853
       Notes and bonds, inflation-indexed (2)                12,814            0    +     572       12,814
       Inflation compensation (3)                             1,471    +       4    +     316        1,472
    Federal agency (2)                                           10            0            0           10      
 Repurchase agreements(4)                                    34,071    +  16,392    +  14,571       39,500
 Loans to depository institutions                               937    +     792    +     744          262
    Primary credit                                              719    +     712    +     719          105
    Secondary credit                                             66    +      66    +      66            0
    Seasonal credit                                             152    +      14    -      39          157
    Adjustment credit                                             0            0    -       2            0
 Float                                                          843    +     247    +   1,151          501
 Other Federal Reserve assets                                37,243    -   3,091    +     144       36,789
Gold stock                                                   11,043            0    +       1       11,043
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            35,163    +      14    +   1,016       35,163
       
Total factors supplying reserve funds                       774,947    +  14,730    +  68,925      778,984
                                                                   
Currency in circulation(5)                                  694,700    -     270    +  34,299      695,659
Reverse repurchase agreements (6)                            20,106    +     543    +  20,106       20,344
   Foreign official and international accounts               20,106    +     543    +  20,106       20,344
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          355    -      14    -      16          338
Deposits with F.R.Banks, other than reserve balances         17,518    +     313    +   2,630       18,247       
  U.S. Treasury, general account                              5,644    +      33    +   1,257        6,533
  Foreign official                                              238    +      89    +     109           81
  Service-related                                            11,331    +     173    +   1,170       11,331
     Required clearing balances                              10,912    -       1    +     992       10,912
     Adjustments to compensate for float                        419    +     174    +     178          419
  Other                                                         304    +      17    +      93          301
Other liabilities and capital                                20,304    +     114    +     603       19,884

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  752,983    +     685    +  57,621      754,472

Reserve balances with Federal Reserve Banks                  21,963    +  14,043    +  11,302       24,512
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)           946,182    +   6,398     ------        945,863
     U.S. Treasury                                          760,488    +   6,951     ------        759,937
     Federal agency                                         185,695    -     551     ------        185,925
  Securities lent to dealers                                  4,232    +   2,101    +   3,452        2,196   


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 Aug 20, 2003     Aug 13, 2003     Aug 21, 2002

Assets
Gold certificate account                                        11,039                0        +       1
Special drawing rights certificate account                       2,200                0                0
Coin                                                               897        +       9        -     120
Securities, repurchase agreements, and loans                   693,288        +  20,837        +  64,905
   Securities held outright                                    653,526        +     238        +  50,597
      U.S. Treasury (1)                                        653,516        +     238        +  50,597       
         Bills (2)                                             240,376        +     234        +  37,237
         Notes and bonds, nominal (2)                          398,853                0        +  12,471
         Notes and bonds, inflation-indexed (2)                 12,814                0        +     572
         Inflation compensation (3)                              1,472        +       3        +     316
      Federal agency (2)                                            10                0                0
   Repurchase agreements (4)                                    39,500        +  20,500        +  14,250    
   Loans                                                           262        +      98        +      58
Items in process of collection                    (1,167)        7,556        -   1,728        +     565
Bank premises                                                    1,590        +       3        +      68
Other assets (5)                                                35,154        -   3,651        -     583
      Total assets                                (1,167)      751,724        +  15,469        +  64,836
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  661,727        -     287        +  33,540
Reverse repurchase agreements (6)                               20,344        +   1,206        +  20,344
Deposits                                              (0)       42,103        +  14,888        +   9,910       
  Depository institutions                                       35,188        +  14,498        +   7,915
  U.S. Treasury, general account                                 6,533        +     813        +   1,904
  Foreign official                                                  81        -     444        -       8
  Other                                               (0)          301        +      20        +      99
Deferred availability cash items                  (1,167)        7,667        -     177        +     365
Other liabilities and accrued dividends (7)                      2,162        +       3        -     226
      Total liabilities                           (1,167)      734,003        +  15,633        +  63,932
                          
Capital Accounts
Capital paid in                                                  8,725        +       1        +     422
Surplus                                                          8,380                0        +   1,068
Other capital accounts                                             617        -     163        -     586
      Total capital                                             17,722        -     162        +     905


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,    August 20, 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             261       49,409   -   2,742            0           0       32,500       20,344
16 days to 90 days           1      135,851   -     733            0           0        7,000            0
91 days to 1 year            0      160,914   -   1,151           10           0     ------      ------
Over 1 to 5 years     ------        180,032   +   2,347            0           0     ------      ------
Over 5 to 10 years    ------         50,383   +   5,558            0           0     ------      ------
Over 10 years         ------         76,928   -   3,039            0           0     ------      ------
                   		 	
All                        262      653,516   +     238           10           0       39,500      20,344

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    August 20, 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                                             897         32         33         48         42        112        113        114         61         32         58        155         98
Securities, repurchase agreements,
      and loans                              693,288     31,597    319,199     20,432     30,623     50,258     44,163     66,076     20,584     14,645     17,583     25,613     52,515
   Securities held outright                  653,526     31,595    279,599     20,432     30,623     50,258     44,150     66,039     20,561     14,588     17,563     25,611     52,507
      U.S. Treasury (1)                      653,516     31,595    279,595     20,432     30,622     50,257     44,149     66,038     20,560     14,587     17,563     25,611     52,506
         Bills (2)                           240,376     11,621    102,841      7,515     11,263     18,486     16,239     24,290      7,563      5,366      6,460      9,420     19,313
         Notes and bonds(3)                  413,140     19,973    176,754     12,916     19,359     31,772     27,910     41,748     12,998      9,222     11,103     16,191     33,193
         Federal agency (2)                       10          0          4          0          0          1          1          1          0          0          0          0          1
      Repurchase agreements(4)                39,500          0     39,500          0          0          0          0          0          0          0          0          0          0
      Loans                                      262          2        100          0          0          0         13         37         23         57         20          2          8
Items in process of collection                 8,723        403        693        423        363        646        774      1,069        340        453        549        420      2,590
Bank premises                                  1,590         91        186         52        152        143        278        119         43        126         54        170        176
Other assets(5)                               35,154      1,620     12,618        970      2,208      5,679      2,019      3,249        898      1,059        835        988      3,011
Interdistrict settlement account                   0    - 1,460    + 3,703    - 1,377    - 2,072    + 1,273    + 1,003    - 6,213    - 1,045    +   371    -   615    + 2,560    + 3,871
          Total Assets                       752,891     32,893    342,012     21,011     31,897     59,065     49,379     65,609     21,282     16,939     18,834     30,513     63,457

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    August 20, 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             779,566     31,508    332,447     26,450     31,897     58,618     64,542     67,105     23,531     15,658     21,531     35,480     70,798
  Less: notes held by F.R. Banks              117,839      5,156     23,893      8,009      5,648     10,689     20,434      9,720      4,720      1,603      4,925      7,591     15,452
    Federal Reserve notes, net                661,727     26,353    308,554     18,440     26,249     47,930     44,108     57,385     18,811     14,055     16,606     27,889     55,346
Reverse repurchase agreements (1)              20,344        984      8,704        636        953      1,565      1,374      2,056        640        454        547        797      1,635
Deposits                                       42,103      4,014     18,996        748      2,733      4,565      1,801      3,379        952      1,098        722        879      2,216
  Depository institutions                      35,188      3,987     12,252        747      2,730      4,445      1,799      3,375        946      1,097        720        878      2,212
  U.S. Treasury, general account                6,533          0      6,533          0          0          0          0          0          0          0          0          0          0
  Foreign official                                 81          2         57          1          3          7          2          3          1          1          1          1          3
  Other                                           301         26        153          0          1        112          0          0          6          0          1          1          0
Deferred availability cash items                8,834        514      1,035        582        422        600        948        716        316        549        474        458      2,219
Other liabilities and accrued                 
  dividends (2)                                 2,162        126        675         91        115        219        175        219         95         85         86        110        165
   
    Total liabilities                         735,170     31,990    337,964     20,497     30,473     54,878     48,407     63,755     20,815     16,241     18,435     30,133     61,581
                              
Capital                    
Capital paid in                                 8,725        446      1,952        253        710      2,089        477        915        228        348        193        183        931
Surplus                                         8,380        436      1,809        233        702      2,073        475        858        199        340        201        186        868
Other capital                                     617         21        288         29         11         25         20         81         40         10          6         10         77
     Total liabilities and capital            752,891     32,893    342,012     21,011     31,897     59,065     49,379     65,609     21,282     16,939     18,834     30,513     63,457
                              

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
                                          Aug 20, 2003
              
Federal Reserve notes outstanding             779,566
   Less: Notes held by F.R. Banks
         not subject to collateralization     113,140
      Federal Reserve Notes to be
         collateralized                       666,426 
Collateral held against Federal Reserve            
   notes                                      666,426
   Gold certificate account                    11,039
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              653,187
   Other eligible assets                            0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         693,026
   Less:face value of securities under
         reverse repurchase agreements         20,349
      U.S. Treasury and agency securities
             eligible to be pledged           672,677
   

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.