FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                               July 3, 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 2, 2003 Jun 25, 2003  Jul 3, 2002  Jul 2, 2003
Federal Reserve Banks

Reserve Bank Credit                                         719,541    +   1,852    +  59,762      717,405
 Securities held outright                                   652,162    +     202    +  61,298      652,363       
    U.S. Treasury (1)                                       652,152    +     202    +  61,298      652,353
       Bills (2)                                            238,998    +     208    +  42,342      239,201
       Notes and bonds, nominal (2)                         398,853            0    +  17,470      398,853
       Notes and bonds, inflation-indexed (2)                12,814            0    +   1,212       12,814
       Inflation compensation (3)                             1,486    -       7    +     275        1,484
    Federal agency (2)                                           10            0            0           10      
 Repurchase agreements(4)                                    28,714    +   2,393    -   1,286       26,000
 Loans to depository institutions                               188    -     219    +      10           92
    Primary credit                                               99    -     223    +      99            1
    Secondary credit                                              0            0            0            0
    Seasonal credit                                              89    +       5    -      79           91
    Adjustment credit                                             0            0    -       9            0
 Float                                                         -566    -     584    -     335          -82
 Other Federal Reserve assets                                39,043    +      60    +      75       39,033
Gold stock                                                   11,044            0            0       11,044
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            34,980    +      14    +     985       34,980
       
Total factors supplying reserve funds                       767,765    +   1,866    +  60,747      765,628
                                                                   
Currency in circulation(5)                                  693,527    +   2,457    +  33,543      698,229
Reverse repurchase agreements (6)                            23,129    +     415    +  23,129       21,045
   Foreign official and international accounts               23,129    +   2,093    +  23,129       21,045
   Dealers                                                        0    -   1,679            0            0
Treasury cash holdings                                          360    -       8    -      34          327
Deposits with F.R.Banks, other than reserve balances         17,882    -     755    +   1,285       17,539       
  U.S. Treasury, general account                              6,087    -   1,112    -      61        5,707
  Foreign official                                              412    +     250    +     329          476
  Service-related                                            11,136    +      79    +   1,001       11,136
     Required clearing balances                              10,839    +       9    +     936       10,839
     Adjustments to compensate for float                        297    +      71    +      64          297
  Other                                                         248    +      28    +      17          220
Other liabilities and capital                                20,045    -      61    -      61       19,635

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  754,943    +   2,048    +  57,862      756,775

Reserve balances with Federal Reserve Banks                  12,822    -     183    +   2,886        8,854
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)           943,278    +  10,099     ------        951,017
     U.S. Treasury                                          757,061    +   7,331     ------        763,039
     Federal agency                                         186,217    +   2,767     ------        187,977
  Securities lent to dealers                                  4,575    +   3,218    +   3,146        2,461   


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 2, 2003     Jun 25, 2003      Jul 3, 2002

Assets
Gold certificate account                                        11,039        -       1        -       5
Special drawing rights certificate account                       2,200                0                0
Coin                                                               904        -      37        -       1
Securities, repurchase agreements, and loans                   678,454        -   5,645        +  60,524
   Securities held outright                                    652,363        +     360        +  61,097
      U.S. Treasury (1)                                        652,353        +     360        +  61,097       
         Bills (2)                                             239,201        +     366        +  43,037
         Notes and bonds, nominal (2)                          398,853                0        +  16,579
         Notes and bonds, inflation-indexed (2)                 12,814                0        +   1,212
         Inflation compensation (3)                              1,484        -       7        +     268
      Federal agency (2)                                            10                0                0
   Repurchase agreements (4)                                    26,000        -   6,000        -     500    
   Loans                                                            92        -       3        -      72
Items in process of collection                    (1,244)        9,457        +   1,996        +     504
Bank premises                                                    1,581        -       1        +      63
Other assets (5)                                                37,400        -     207        +     171
      Total assets                                (1,244)      741,035        -   3,896        +  61,256
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  664,475        +   5,506        +  32,804
Reverse repurchase agreements (6)                               21,045        -     547        +  21,045
Deposits                                              (0)       26,422        -  10,564        +   6,314       
  Depository institutions                                       20,019        -  11,036        +   5,406
  U.S. Treasury, general account                                 5,707        +     401        +     533
  Foreign official                                                 476        +      72        +     397
  Other                                               (0)          220                0        -      23
Deferred availability cash items                  (1,244)        9,457        +   2,094        +     811
Other liabilities and accrued dividends (7)                      2,101        -     281        -     216
      Total liabilities                           (1,244)      723,500        -   3,792        +  60,758
                          
Capital Accounts
Capital paid in                                                  8,659        +       2        +     325
Surplus                                                          8,380                0        +   1,068
Other capital accounts                                             496        -     105        -     895
      Total capital                                             17,535        -     104        +     498


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 2, 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              13       41,102   -   7,922            0           0       21,000       21,045
16 days to 90 days          79      146,726   +   7,331            0           0        5,000            0
91 days to 1 year            0      158,535   +   1,787           10           0     ------      ------
Over 1 to 5 years     ------        179,355   -     832            0           0     ------      ------
Over 5 to 10 years    ------         46,661   -       2            0           0     ------      ------
Over 10 years         ------         79,973   -       3            0           0     ------      ------
                   		 	
All                         92      652,353   +     360           10           0       26,000      21,045

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 2, 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                                             904         41         31         59         38        112        105        112         54         36         61        149        104
Securities, repurchase agreements,
      and loans                              678,454     31,539    305,102     20,396     30,568     50,169     44,080     65,940     20,529     14,604     17,541     25,568     52,419
   Securities held outright                  652,363     31,539    279,102     20,396     30,568     50,169     44,071     65,921     20,524     14,562     17,532     25,566     52,414
      U.S. Treasury (1)                      652,353     31,538    279,097     20,395     30,568     50,168     44,070     65,920     20,524     14,561     17,532     25,565     52,413
         Bills (2)                           239,201     11,564    102,338      7,478     11,208     18,395     16,160     24,171      7,526      5,339      6,428      9,374     19,218
         Notes and bonds(3)                  413,151     19,974    176,759     12,917     19,359     31,773     27,911     41,749     12,998      9,222     11,103     16,191     33,194
         Federal agency (2)                       10          0          4          0          0          1          1          1          0          0          0          0          1
      Repurchase agreements(4)                26,000          0     26,000          0          0          0          0          0          0          0          0          0          0
      Loans                                       92          0          0          0          0          0          9         18          4         43          9          3          6
Items in process of collection                10,701        568        617        404        517        905        958        849        595        519        801        521      3,446
Bank premises                                  1,581         91        185         52        152        143        278        118         43        126         52        165        176
Other assets(5)                               37,400      1,724     13,493      1,103      2,320      5,886      2,173      3,474        963      1,113        891      1,067      3,193
Interdistrict settlement account                   0    - 3,595    +10,590    - 2,733    - 3,063    +   331    -   490    - 6,930    - 1,127    -   644    -   237    + 3,104    + 4,795
          Total Assets                       742,279     30,978    335,598     19,745     31,114     58,499     48,134     64,757     21,459     16,008     19,478     31,180     65,330

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 2, 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             767,466     31,625    332,520     24,084     31,000     57,783     62,284     64,087     22,954     15,202     21,311     35,211     69,404
  Less: notes held by F.R. Banks              102,991      4,344     23,312      7,114      4,213      8,545     19,364      7,133      3,716      1,432      4,164      6,704     12,948
    Federal Reserve notes, net                664,475     27,281    309,208     16,971     26,787     49,238     42,919     56,953     19,238     13,770     17,146     28,506     56,456
Reverse repurchase agreements (1)              21,045      1,017      9,004        658        986      1,618      1,422      2,127        662        470        566        825      1,691
Deposits                                       26,422        899     11,753      1,021      1,147      2,553      1,556      2,728        575        422        667        755      2,346
  Depository institutions                      20,019        890      5,446      1,020      1,144      2,486      1,554      2,724        574        421        665        754      2,343
  U.S. Treasury, general account                5,707          0      5,707          0          0          0          0          0          0          0          0          0          0
  Foreign official                                476          2        453          1          3          7          2          3          1          1          1          1          3
  Other                                           220          7        149          0          0         60          0          1          1          0          1          1          0
Deferred availability cash items               10,701        762      1,029        500        648        713      1,092        929        429        570        622        613      2,794
Other liabilities and accrued                 
  dividends (2)                                 2,101        119        664         87        134        210        171        204         94         81         81        102        153
   
    Total liabilities                         724,744     30,079    331,659     19,237     29,702     54,333     47,160     62,940     20,998     15,313     19,083     30,801     63,440
                              
Capital                    
Capital paid in                                 8,659        446      1,899        252        705      2,090        477        911        228        347        191        182        931
Surplus                                         8,380        436      1,809        233        702      2,073        475        858        199        340        201        186        868
Other capital                                     496         17        232         23          4          3         22         47         34          8          3         11         91
     Total liabilities and capital            742,279     30,978    335,598     19,745     31,114     58,499     48,134     64,757     21,459     16,008     19,478     31,180     65,330
                              

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 2, 2003
              
Federal Reserve notes outstanding             767,466
   Less: Notes held by F.R. Banks
         not subject to collateralization      98,395
      Federal Reserve Notes to be
         collateralized                       669,071 
Collateral held against Federal Reserve            
   notes                                      669,071
   Gold certificate account                    11,039
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              655,832
   Other eligible assets                            0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         678,363
   Less:face value of securities under
         reverse repurchase agreements         21,050
      U.S. Treasury and agency securities
             eligible to be pledged           657,313
   

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.