FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                                May 8, 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            May 7, 2003 Apr 30, 2003  May 8, 2002  May 7, 2003
Federal Reserve Banks

Reserve Bank Credit                                         708,240    -   7,632    +  66,691      710,520
 Securities held outright                                   647,419    +     362    +  65,242      647,580       
    U.S. Treasury (1)                                       647,409    +     362    +  65,242      647,570
       Bills (2)                                            236,375    +     340    +  43,060      236,529
       Notes and bonds, nominal (2)                         396,776            0    +  20,608      396,776
       Notes and bonds, inflation-indexed (2)                12,814            0    +   1,212       12,814
       Inflation compensation (3)                             1,443    +      21    +     361        1,450
    Federal agency (2)                                           10            0            0           10      
 Repurchase agreements(4)                                    20,537    -   8,214    +     608       22,251
 Loans to depository institutions                                50    +      20    -      49           59
    Primary credit                                                4    +       4    +       4            6
    Secondary credit                                              0            0            0            0
    Seasonal credit                                              46    +      17    -      48           53
    Adjustment credit                                             0            0    -       5            0
 Float                                                           97    -     125    +      17          138
 Other Federal Reserve assets                                40,136    +     325    +     871       40,492
Gold stock                                                   11,043            0    -       1       11,043
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            34,836    +      14    +   1,094       34,836
       
Total factors supplying reserve funds                       756,319    -   7,618    +  67,784      758,599
                                                                   
Currency in circulation(5)                                  688,743    +   1,567    +  42,251      690,712
Reverse repurchase agreements (6)                            21,325    +     376    +  21,325       20,667
   Foreign official and international accounts               21,325    +     376    +  21,325       20,667
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          341    -       9    -      55          342
Deposits with F.R.Banks, other than reserve balances         18,592    -   1,537    +   2,971       17,564       
  U.S. Treasury, general account                              7,113    -   1,650    +   1,968        6,050
  Foreign official                                              102    -      30    +      15          145
  Service-related                                            11,109    +     100    +     981       11,109
     Required clearing balances                              10,882    +      52    +   1,021       10,882
     Adjustments to compensate for float                        227    +      48    -      41          227
  Other                                                         269    +      44    +       9          259
Other liabilities and capital                                20,331    +     166    +   1,208       20,109

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  749,332    +     562    +  67,700      749,394

Reserve balances with Federal Reserve Banks                   6,987    -   8,180    +      84        9,205
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)           893,876    +   6,854     ------        895,358
     U.S. Treasury                                          712,140    +   2,290     ------        713,153
     Federal agency                                         181,736    +   4,565     ------        182,205
  Securities lent to dealers                                    460    -      50    -     125        1,926   


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  May 7, 2003     Apr 30, 2003      May 8, 2002

Assets
Gold certificate account                                        11,039                0        -       5
Special drawing rights certificate account                       2,200                0                0
Coin                                                             1,003        -      18        +      30
Securities, repurchase agreements, and loans                   669,890        -  14,927        +  67,116
   Securities held outright                                    647,580        +     299        +  63,898
      U.S. Treasury (1)                                        647,570        +     299        +  63,898       
         Bills (2)                                             236,529        +     280        +  41,717
         Notes and bonds, nominal (2)                          396,776                0        +  20,608
         Notes and bonds, inflation-indexed (2)                 12,814                0        +   1,212
         Inflation compensation (3)                              1,450        +      19        +     361
      Federal agency (2)                                            10                0                0
   Repurchase agreements (4)                                    22,251        -  15,250        +   3,251    
   Loans                                                            59        +      24        -      33
Items in process of collection                      (924)        9,556        +   1,383        +   1,029
Bank premises                                                    1,578        +       1        +      64
Other assets (5)                                                39,141        +     729        +   1,497
      Total assets                                  (924)      734,407        -  12,832        +  69,733
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  657,217        +   1,991        +  40,938
Reverse repurchase agreements (6)                               20,667        -     147        +  20,667
Deposits                                              (0)       27,872        -  15,135        +   5,917       
  Depository institutions                                       21,417        -  10,463        +   5,248
  U.S. Treasury, general account                                 6,050        -   4,533        +     598
  Foreign official                                                 145        -     168        +      63
  Other                                               (0)          259        +      28        +       8
Deferred availability cash items                    (923)        8,542        +     400        +     856
Other liabilities and accrued dividends (7)                      2,294        +      24        -     121
      Total liabilities                             (924)      716,592        -  12,868        +  68,257
                          
Capital Accounts
Capital paid in                                                  8,564        +      19        +     463
Surplus                                                          8,380                0        +   1,077
Other capital accounts                                             871        +      17        -      65
      Total capital                                             17,816        +      37        +   1,476


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,        May 7, 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              20       46,850   +     100            0           0       18,251       20,667
16 days to 90 days          39      131,587   +   5,303            0           0        4,000            0
91 days to 1 year            0      157,125   +   3,209           10           0     ------      ------
Over 1 to 5 years     ------        180,504   -   8,328            0           0     ------      ------
Over 5 to 10 years    ------         51,544   +       6            0           0     ------      ------
Over 10 years         ------         79,960   +       8            0           0     ------      ------
                   		 	
All                         59      647,570   +     299           10           0       22,251      20,667

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        May 7, 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                                           1,003         50         37         75         40        133         95        125         57         40         68        159        125
Securities, repurchase agreements,
      and loans                              669,890     31,311    299,306     20,246     30,344     49,801     43,750     65,454     20,386     14,475     17,408     25,378     52,030
   Securities held outright                  647,580     31,308    277,055     20,246     30,344     49,801     43,748     65,438     20,374     14,455     17,403     25,378     52,029
      U.S. Treasury (1)                      647,570     31,307    277,051     20,246     30,344     49,800     43,747     65,437     20,373     14,455     17,403     25,378     52,029
         Bills (2)                           236,529     11,435    101,195      7,395     11,083     18,190     15,979     23,901      7,442      5,280      6,357      9,269     19,004
         Notes and bonds(3)                  411,041     19,872    175,856     12,851     19,260     31,610     27,768     41,536     12,932      9,175     11,046     16,109     33,025
         Federal agency (2)                       10          0          4          0          0          1          1          1          0          0          0          0          1
      Repurchase agreements(4)                22,251          0     22,251          0          0          0          0          0          0          0          0          0          0
      Loans                                       59          3          0          0          0          0          2         16         12         20          5          0          1
Items in process of collection                10,480        473        979        535        452      1,351        940        685        688        497        620        542      2,717
Bank premises                                  1,578         91        186         51        151        143        278        117         43        126         51        164        176
Other assets(5)                               39,141      1,814     14,222      1,127      2,406      6,025      2,299      3,654      1,020      1,154        941      1,141      3,339
Interdistrict settlement account                   0    - 2,365    +14,653    - 3,326    - 1,906    - 1,351    - 3,741    - 6,985    - 1,419    -   649    +     2    + 2,876    + 4,212
          Total Assets                       735,331     31,983    334,962     19,170     32,069     57,057     44,650     64,245     21,177     15,897     19,460     30,865     63,796

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        May 7, 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             761,449     31,920    335,826     24,293     31,301     53,888     59,571     62,867     22,293     15,242     21,182     35,173     67,893
  Less: notes held by F.R. Banks              104,233      4,546     25,061      7,453      4,136      7,891     19,921      6,655      3,449      1,428      4,077      6,886     12,729
    Federal Reserve notes, net                657,217     27,374    310,765     16,839     27,165     45,998     39,650     56,212     18,844     13,814     17,105     28,287     55,163
Reverse repurchase agreements (1)              20,667        999      8,842        646        968      1,589      1,396      2,088        650        461        555        810      1,661
Deposits                                       27,873      1,968      9,560        603      1,830      4,166      1,395      3,244        813        458        793        812      2,232
  Depository institutions                      21,417      1,967      3,226        602      1,827      4,065      1,393      3,240        811        456        792        811      2,228
  U.S. Treasury, general account                6,050          0      6,050          0          0          0          0          0          0          0          0          0          0
  Foreign official                                145          2        122          1          3          7          2          3          1          1          1          1          3
  Other                                           260          0        162          0          0         94          0          1          1          0          1          0          0
Deferred availability cash items                9,465        585      1,075        466        533        792      1,032        659        303        366        493        451      2,710
Other liabilities and accrued                 
  dividends (2)                                 2,294        131        713         94        126        260        184        225         98         88         88        106        180
   
    Total liabilities                         717,516     31,058    330,955     18,649     30,622     52,805     43,658     62,428     20,708     15,187     19,034     30,467     61,945
                              
Capital                    
Capital paid in                                 8,564        446      1,878        251        700      2,070        475        875        233        345        204        190        897
Surplus                                         8,380        436      1,809        233        702      2,073        475        858        199        340        201        186        868
Other capital                                     871         43        321         37         44        108         42         85         37         25         21         23         85
     Total liabilities and capital            735,331     31,983    334,962     19,170     32,069     57,057     44,650     64,245     21,177     15,897     19,460     30,865     63,796
                              

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
                                           May 7, 2003
              
Federal Reserve notes outstanding             761,449
   Less: Notes held by F.R. Banks
         not subject to collateralization     100,261
      Federal Reserve Notes to be
         collateralized                       661,189 
Collateral held against Federal Reserve            
   notes                                      661,189
   Gold certificate account                    11,039
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              647,950
   Other eligible assets                            0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         669,831
   Less:face value of securities under
         reverse repurchase agreements         20,674
      U.S. Treasury and agency securities
             eligible to be pledged           649,157
   

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.