FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                               May 22, 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 21, 2003 May 14, 2003 May 22, 2002 May 21, 2003
Federal Reserve Banks

Reserve Bank Credit                                         711,816    -   2,521    +  68,005      713,804
 Securities held outright                                   650,403    +   2,586    +  65,271      650,735       
    U.S. Treasury (1)                                       650,393    +   2,586    +  65,271      650,725
       Bills (2)                                            237,390    +     636    +  42,807      237,568
       Notes and bonds, nominal (2)                         398,707    +   1,931    +  20,884      398,853
       Notes and bonds, inflation-indexed (2)                12,814            0    +   1,212       12,814
       Inflation compensation (3)                             1,482    +      19    +     368        1,489
    Federal agency (2)                                           10            0            0           10      
 Repurchase agreements(4)                                    24,608    -   1,036    +   1,715       26,251
 Loans to depository institutions                                56    +       5    -      61           55
    Primary credit                                                2            0    +       2            1
    Secondary credit                                              0            0            0            0
    Seasonal credit                                              54    +       5    -      51           54
    Adjustment credit                                             0            0    -      12            0
 Float                                                         -871    -     857    -     118       -1,036
 Other Federal Reserve assets                                37,620    -   3,219    +   1,198       37,799
Gold stock                                                   11,043            0    -       1       11,043
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            34,864    +      14    +   1,057       34,864
       
Total factors supplying reserve funds                       759,923    -   2,507    +  69,062      761,911
                                                                   
Currency in circulation(5)                                  689,859    +     211    +  41,004      691,870
Reverse repurchase agreements (6)                            20,415    -     226    +  20,415       20,709
   Foreign official and international accounts               20,415    -     226    +  20,415       20,709
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          350    +       7    -      61          356
Deposits with F.R.Banks, other than reserve balances         18,564    -     211    +   3,199       19,263       
  U.S. Treasury, general account                              6,899    -     240    +   1,985        7,608
  Foreign official                                              116    +      30    +      40          126
  Service-related                                            11,281    -      10    +   1,122       11,281
     Required clearing balances                              10,820    -      62    +   1,051       10,820
     Adjustments to compensate for float                        461    +      52    +      71          461
  Other                                                         266    +       7    +      49          247
Other liabilities and capital                                20,280    -     158    +     820       19,968

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  749,467    -     379    +  65,376      752,167

Reserve balances with Federal Reserve Banks                  10,456    -   2,129    +   3,685        9,744
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)           916,813    +  20,022     ------        924,397
     U.S. Treasury                                          732,983    +  18,634     ------        740,006
     Federal agency                                         183,829    +   1,387     ------        184,391
  Securities lent to dealers                                  1,028    +     505    -     156          218   


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 21, 2003     May 14, 2003     May 22, 2002

Assets
Gold certificate account                                        11,039                0        -       5
Special drawing rights certificate account                       2,200                0                0
Coin                                                               950        -      33        +      13
Securities, repurchase agreements, and loans                   677,041        -   1,718        +  68,794
   Securities held outright                                    650,735        +   2,788        +  66,123
      U.S. Treasury (1)                                        650,725        +   2,788        +  66,123       
         Bills (2)                                             237,568        +     691        +  44,350
         Notes and bonds, nominal (2)                          398,853        +   2,077        +  20,193
         Notes and bonds, inflation-indexed (2)                 12,814                0        +   1,212
         Inflation compensation (3)                              1,489        +      19        +     367
      Federal agency (2)                                            10                0                0
   Repurchase agreements (4)                                    26,251        -   4,501        +   2,751    
   Loans                                                            55        -       5        -      80
Items in process of collection                    (1,154)        6,609        -     469        +     139
Bank premises                                                    1,581        +       1        +      66
Other assets (5)                                                36,208        -   3,462        +   1,165
      Total assets                                (1,154)      735,628        -   5,681        +  70,172
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  658,309        +     913        +  39,491
Reverse repurchase agreements (6)                               20,709        -     364        +  20,709
Deposits                                              (0)       29,144        -   6,044        +   8,933       
  Depository institutions                                       21,162        -   6,441        +   5,265
  U.S. Treasury, general account                                 7,608        +     409        +   3,584
  Foreign official                                                 126        +       4        +      54
  Other                                               (0)          247        -      17        +      30
Deferred availability cash items                  (1,154)        7,498        -     101        +     476
Other liabilities and accrued dividends (7)                      2,304        -      29        -     165
      Total liabilities                           (1,154)      717,964        -   5,625        +  69,445
                          
Capital Accounts
Capital paid in                                                  8,562        -       6        +     466
Surplus                                                          8,380                0        +   1,068
Other capital accounts                                             722        -      50        -     808
      Total capital                                             17,664        -      56        +     727


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 21, 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              42       51,747   +   4,955            0           0       20,251       20,709
16 days to 90 days          13      137,386   +   4,877            0           0        6,000            0
91 days to 1 year            0      154,489   -   2,121           10           0     ------      ------
Over 1 to 5 years     ------        180,465   -      44            0           0     ------      ------
Over 5 to 10 years    ------         46,663   -   4,887            0           0     ------      ------
Over 10 years         ------         79,975   +       7            0           0     ------      ------
                   		 	
All                         55      650,725   +   2,788           10           0       26,251      20,709

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 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 21, 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                                             950         46         35         68         38        124         95        116         53         38         64        154        119
Securities, repurchase agreements,
      and loans                              677,041     31,463    304,656     20,345     30,492     50,044     43,964     65,764     20,484     14,548     17,494     25,502     52,284
   Securities held outright                  650,735     31,460    278,405     20,345     30,492     50,044     43,961     65,757     20,473     14,525     17,488     25,502     52,283
      U.S. Treasury (1)                      650,725     31,460    278,401     20,344     30,491     50,043     43,960     65,756     20,473     14,525     17,488     25,502     52,282
         Bills (2)                           237,568     11,485    101,639      7,427     11,132     18,270     16,049     24,006      7,474      5,303      6,385      9,310     19,087
         Notes and bonds(3)                  413,156     19,974    176,762     12,917     19,360     31,773     27,911     41,750     12,998      9,222     11,103     16,191     33,195
         Federal agency (2)                       10          0          4          0          0          1          1          1          0          0          0          0          1
      Repurchase agreements(4)                26,251          0     26,251          0          0          0          0          0          0          0          0          0          0
      Loans                                       55          3          0          0          0          0          3          7         11         23          6          0          1
Items in process of collection                 7,763        408        534        401        405        663        858        448        377        405        548        351      2,364
Bank premises                                  1,581         91        186         51        151        143        279        117         44        126         51        164        177
Other assets(5)                               36,208      1,676     12,933      1,002      2,281      5,848      2,094      3,359        928      1,093        862      1,018      3,115
Interdistrict settlement account                   0    - 3,077    +12,678    - 2,147    - 2,652    - 1,770    - 2,663    - 6,350    - 1,249    -   498    +    76    + 3,060    + 4,592
          Total Assets                       736,782     31,218    336,602     20,183     31,297     56,007     45,656     64,647     21,039     15,967     19,464     30,854     63,849

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 21, 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             760,386     31,729    334,120     24,410     31,012     53,881     60,322     62,840     22,291     15,151     21,292     34,984     68,353
  Less: notes held by F.R. Banks              102,078      4,362     24,102      7,374      4,029      7,619     19,941      6,672      3,387      1,295      4,013      6,651     12,632
    Federal Reserve notes, net                658,309     27,367    310,018     17,036     26,983     46,262     40,381     56,168     18,904     13,856     17,279     28,333     55,721
Reverse repurchase agreements (1)              20,709      1,001      8,860        647        970      1,593      1,399      2,093        652        462        557        812      1,664
Deposits                                       29,144      1,232     12,164      1,366      1,294      3,043      1,691      3,663        627        468        673        786      2,137
  Depository institutions                      21,162      1,229      4,299      1,364      1,290      2,949      1,689      3,659        625        467        671        784      2,134
  U.S. Treasury, general account                7,608          0      7,608          0          0          0          0          0          0          0          0          0          0
  Foreign official                                126          2        103          1          3          7          2          3          1          1          1          1          3
  Other                                           247          1        154          0          1         87          0          1          1          0          1          1          0
Deferred availability cash items                8,652        568        877        519        505        645      1,015        675        279        386        462        418      2,303
Other liabilities and accrued                 
  dividends (2)                                 2,304        133        714         95        125        258        184        228         98         91         87        109        183
   
    Total liabilities                         719,118     30,301    332,633     19,663     29,878     51,801     44,670     62,826     20,560     15,263     19,058     30,457     62,008
                              
Capital                    
Capital paid in                                 8,562        446      1,878        251        688      2,075        475        895        227        346        191        190        900
Surplus                                         8,380        436      1,809        233        702      2,073        475        858        199        340        201        186        868
Other capital                                     722         34        283         35         29         58         35         68         53         18         14         21         73
     Total liabilities and capital            736,782     31,218    336,602     20,183     31,297     56,007     45,656     64,647     21,039     15,967     19,464     30,854     63,849
                              

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 21, 2003
              
Federal Reserve notes outstanding             760,386
   Less: Notes held by F.R. Banks
         not subject to collateralization      97,941
      Federal Reserve Notes to be
         collateralized                       662,445 
Collateral held against Federal Reserve            
   notes                                      662,445
   Gold certificate account                    11,039
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              649,206
   Other eligible assets                            0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         676,986
   Less:face value of securities under
         reverse repurchase agreements         20,715
      U.S. Treasury and agency securities
             eligible to be pledged           656,271
   

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.