FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                            January 9, 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            Jan 8, 2003  Jan 1, 2003  Jan 9, 2002  Jan 8, 2003
Federal Reserve Banks

Reserve Bank Credit                                         697,473    -   9,280    +  65,884      701,288
 Securities held outright                                   629,416    +       1    +  73,056      629,416       
    U.S. Treasury (1)                                       629,406    +       1    +  73,056      629,406
       Bills (2)                                            226,682            0    +  40,954      226,682
       Notes and bonds, nominal (2)                         389,219            0    +  29,740      389,219
       Notes and bonds, inflation-indexed (2)                12,242            0    +   2,056       12,242
       Inflation compensation (3)                             1,263    +       2    +     306        1,263
    Federal agency (2)                                           10            0            0           10      
 Repurchase agreements(4)                                    28,393    -   9,714    -   8,536       33,750
 Loans to depository institutions                                27    -      18    -     140           18
    Adjustment credit                                            10    +       5    -     145            0
    Seasonal credit                                              17    -      23    +       5           18
    Extended credit                                               0            0            0            0
 Float                                                          738    +     625    -     183       -1,013
 Other Federal Reserve assets                                38,899    -     174    +   1,686       39,117
Gold stock                                                   11,043            0    -       2       11,043
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            34,511    +      14    +   1,403       34,511
       
Total factors supplying reserve funds                       745,227    -   9,266    +  67,286      749,042
                                                                   
Currency in circulation(5)                                  683,136    -   3,448    +  44,180      680,221
Reverse repurchase agreements (6)                            18,533    -   2,332    +  18,533       18,709
   Foreign official and international accounts               18,533    -   2,332    +  18,533       18,709
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          370    +       2    -      58          369
Deposits with F.R.Banks, other than reserve balances         16,033    -     246    +   1,822       16,825       
  U.S. Treasury, general account                              4,829    -     187    -     224        5,490
  Foreign official                                              107    -      30    +       3           99
  Service-related                                            10,886    +     237    +   2,019       10,886
     Required clearing balances                              10,535            0    +   1,985       10,535
     Adjustments to compensate for float                        351    +     237    +      34          351
  Other                                                         211    -     265    +      24          350
Other liabilities and capital                                19,217    -     701    +   1,771       19,383

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  737,290    -   6,723    +  66,248      735,506

Reserve balances with Federal Reserve Banks                   7,937    -   2,542    +   1,037       13,535
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)           861,085    +  10,398    ------         859,867
     U.S. Treasury                                          694,017    +   7,272    ------         695,437
     Federal agency                                         167,068    +   3,125    ------         164,430
  Securities lent to dealers                                    960    -      99    -   3,644          474   


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 effects 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  Jan 8, 2003      Jan 1, 2003      Jan 9, 2002

Assets
Gold certificate account                                        11,039                0        -       6
Special drawing rights certificate account                       2,200                0                0
Coin                                                               996        +       8        -      57
Securities, repurchase agreements, and loans                   663,184        -   5,772        +  67,046
   Securities held outright                                    629,416                0        +  71,792
      U.S. Treasury (1)                                        629,406                0        +  71,792       
         Bills (2)                                             226,682                0        +  40,461
         Notes and bonds, nominal (2)                          389,219                0        +  28,967
         Notes and bonds, inflation-indexed (2)                 12,242                0        +   2,056
         Inflation compensation (3)                              1,263                0        +     308
      Federal agency (2)                                            10                0                0
   Repurchase agreements (4)                                    33,750        -   5,750        -   3,750    
   Loans                                                            18        -      22        -     995
Items in process of collection                    (1,140)        8,353        -   1,938        -     727
Bank premises                                                    1,541        -       2        +      30
Other assets (5)                                                37,483        +     452        +   1,510
      Total assets                                (1,140)      724,796        -   7,252        +  67,796
                          
Liabilities
Federal Reserve notes, net of F.R. Bank holdings               647,070        -   7,202        +  42,397
Reverse repurchase agreements (6)                               18,709        -   2,382        +  18,709
Deposits                                              (0)       31,135        +   2,886        +   4,192       
  Depository institutions                                       25,196        +   2,655        +   3,624
  U.S. Treasury, general account                                 5,490        +   1,070        +     383
  Foreign official                                                  99        -      37        +      18
  Other                                               (0)          350        -     802        +     166
Deferred availability cash items                  (1,140)        8,499        -     960        +     524
Other liabilities and accrued dividends (7)                      2,222        +       5        -     140
      Total liabilities                           (1,140)      707,635        -   7,653        +  65,682
                          
Capital Accounts
Capital paid in                                                  8,386        +       6        +     967
Surplus                                                          8,348        -      32        +   1,076
Other capital accounts                                             426        +     426        +      70
      Total capital                                             17,161        +     401        +   2,114


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 effects 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,    January 8, 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               8       42,439   +  14,995            0           0       30,750       18,709
16 days to 90 days          10      138,513   -  15,712            0           0        3,000            0
91 days to 1 year            0      142,557   +     717           10           0     ------      ------
Over 1 to 5 years     ------        172,758           0            0           0     ------      ------
Over 5 to 10 years    ------         53,300           0            0           0     ------      ------
Over 10 years         ------         79,840           0            0           0     ------      ------
                   		 	
All                         18      629,406           0           10           0       33,750      18,709

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 effects 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    January 8, 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        533      4,364        430        522        819        926      1,080        346        179        309        485      1,046
Special drawing rights certificate acct.       2,200        115        874         83        104        147        166        212         71         30         66         98        234
Coin                                             996         44         32         59         42        149        100        135         60         35         66        164        109
Securities, repurchase agreements,
      and loans                              663,184     36,062    281,401     24,203     34,728     49,090     44,817     74,074     22,391      9,842     18,607     13,969     54,001
   Securities held outright                  629,416     36,062    247,651     24,203     34,728     49,090     44,817     74,070     22,381      9,839     18,606     13,969     54,001
      U.S. Treasury (1)                      629,406     36,062    247,647     24,202     34,727     49,089     44,816     74,069     22,380      9,839     18,605     13,969     54,001
         Bills (2)                           226,682     12,988     89,191      8,717     12,507     17,680     16,141     26,676      8,060      3,544      6,701      5,031     19,448
         Notes and bonds(3)                  402,724     23,074    158,456     15,486     22,220     31,410     28,676     47,393     14,320      6,296     11,904      8,938     34,552
         Federal agency (2)                       10          1          4          0          1          1          1          1          0          0          0          0          1
      Repurchase agreements(4)                33,750          0     33,750          0          0          0          0          0          0          0          0          0          0
      Loans                                       18          0          0          0          0          0          0          4         10          2          1          0          0
Items in process of collection                 9,493        506        856        456        498        743        947        610        426        433        567        464      2,988
Bank premises                                  1,541         91        185         50        152        129        279        116         44        127         50        141        176
Other assets(5)                               37,483      1,958     12,963      1,266      2,538      5,607      2,523      3,856        982        640        978        822      3,349
Interdistrict settlement account                   0    - 5,506    +32,405    - 6,086    - 6,121    - 2,263    - 4,606    -16,677    - 3,472    + 3,980    - 2,524    +13,512    - 2,644
          Total Assets                       725,936     33,804    333,080     20,460     32,464     54,422     45,152     63,406     20,848     15,266     18,119     29,654     59,260

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 effects 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    January 8, 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             757,969     33,148    330,268     25,400     32,683     54,525     57,541     64,461     21,998     15,033     20,086     36,336     66,489
  Less: notes held by F.R. Banks              110,898      4,478     25,197      7,588      4,751      9,337     17,546      8,039      3,362      1,862      4,133      8,880     15,726
    Federal Reserve notes, net                647,070     28,670    305,071     17,812     27,933     45,188     39,996     56,422     18,635     13,171     15,953     27,456     50,763
Reverse repurchase agreements (1)              18,709      1,072      7,361        719      1,032      1,459      1,332      2,202        665        292        553        415      1,605
Deposits                                       31,135      2,375     15,145        835      1,369      2,766      1,678      2,062        736        398        647        828      2,296
  Depository institutions                      25,196      2,372      9,243        834      1,365      2,754      1,674      2,058        735        398        645        826      2,293
  U.S. Treasury, general account                5,490          0      5,490          0          0          0          0          0          0          0          0          0          0
  Foreign official                                 99          2         75          1          3          7          2          3          1          1          1          1          3
  Other                                           350          1        337          0          1          5          1          0          0          0          1          1          0
Deferred availability cash items                9,638        655      1,040        511        576        602        984        720        299        648        466        488      2,650
Other liabilities and accrued                 
  dividends (2)                                 2,222        137        685        102        124        240        182        234         99         75         89         85        171
   
    Total liabilities                         708,775     32,908    329,303     19,979     31,034     50,256     44,171     61,640     20,434     14,586     17,707     29,273     57,486
                              
Capital                    
Capital paid in                                 8,386        436      1,809        233        707      2,073        475        858        199        340        201        186        868
Surplus                                         8,348        436      1,809        233        702      2,041        475        858        199        340        201        186        868
Other capital                                     426         24        160         16         21         52         31         50         16          0         12          8         38
     Total liabilities and capital            725,936     33,804    333,080     20,460     32,464     54,422     45,152     63,406     20,848     15,266     18,119     29,654     59,260
                              

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
                                           Jan 8, 2003
              
Federal Reserve notes, net of F.R. 
 Bank holdings                                647,070 
Collateral held against Federal Reserve            
   notes                                      647,070
   Gold certificate account                    11,039
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              633,832
   Other eligible assets                            0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         663,166
   Less:face value of securities under
         reverse repurchase agreements         18,715
      U.S. Treasury and agency securities
             eligible to be pledged           644,451
   

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 effects of inflation on the original face 
   value of inflation-indexed securities, and cash value of repurchase agreements.