FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                              April 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            Apr 2, 2003 Mar 26, 2003  Apr 3, 2002  Apr 2, 2003
Federal Reserve Banks

Reserve Bank Credit                                         707,835    +   8,852    +  65,702      709,679
 Securities held outright                                   641,311    +   1,182    +  65,541      641,482       
    U.S. Treasury (1)                                       641,301    +   1,182    +  65,541      641,472
       Bills (2)                                            232,544    +     652    +  39,977      232,708
       Notes and bonds, nominal (2)                         394,621            0    +  23,038      394,621
       Notes and bonds, inflation-indexed (2)                12,814    +     490    +   2,156       12,814
       Inflation compensation (3)                             1,322    +      40    +     370        1,329
    Federal agency (2)                                           10            0            0           10      
 Repurchase agreements(4)                                    28,464    +   9,178    -     322       30,500
 Loans to depository institutions                                11    +       1    -     315           15
    Primary credit                                                4    +       2    +       4            2
    Secondary credit                                              0            0            0            0
    Seasonal credit                                               7    -       1    -      19           13
    Adjustment credit                                             0            0    -     300            0
 Float                                                         -593    -   2,005    -     308         -796
 Other Federal Reserve assets                                38,642    +     496    +   1,106       38,478
Gold stock                                                   11,043            0    -       1       11,043
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            34,709    +      14    +   1,079       34,709
       
Total factors supplying reserve funds                       755,787    +   8,866    +  66,781      757,631
                                                                   
Currency in circulation(5)                                  685,796    +   1,358    +  42,866      687,628
Reverse repurchase agreements (6)                            19,291    +     971    +  19,291       19,729
   Foreign official and international accounts               19,291    +     971    +  19,291       19,729
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          370    -      24    -      40          353
Deposits with F.R.Banks, other than reserve balances         17,259    -     519    +   1,559       17,837       
  U.S. Treasury, general account                              5,654    -     262    +     259        6,199
  Foreign official                                              123    -     117    -      64          103
  Service-related                                            11,258    -     149    +   1,389       11,258
     Required clearing balances                              10,972            0    +   1,341       10,972
     Adjustments to compensate for float                        285    -     150    +      47          285
  Other                                                         225    +      10    -      24          277
Other liabilities and capital                                19,963    +     551    +   1,651       19,721

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  742,679    +   2,337    +  65,327      745,267

Reserve balances with Federal Reserve Banks                  13,108    +   6,529    +   1,453       12,363
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)           897,062    +   1,954     ------        900,133
     U.S. Treasury                                          717,586    +   2,016     ------        721,059
     Federal agency                                         179,476    -      62     ------        179,074
  Securities lent to dealers                                  1,867    -     891    +     341        1,422   


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  Apr 2, 2003     Mar 26, 2003      Apr 3, 2002

Assets
Gold certificate account                                        11,038        -       1        -       6
Special drawing rights certificate account                       2,200                0                0
Coin                                                             1,092        +      11        +      29
Securities, repurchase agreements, and loans                   671,998        +   5,590        +  65,150
   Securities held outright                                    641,482        +     581        +  64,254
      U.S. Treasury (1)                                        641,472        +     581        +  64,254       
         Bills (2)                                             232,708        +     565        +  39,887
         Notes and bonds, nominal (2)                          394,621                0        +  21,837
         Notes and bonds, inflation-indexed (2)                 12,814                0        +   2,156
         Inflation compensation (3)                              1,329        +      17        +     373
      Federal agency (2)                                            10                0                0
   Repurchase agreements (4)                                    30,500        +   5,000        +   3,000    
   Loans                                                            15        +       8        -   2,104
Items in process of collection                    (1,175)        8,376        +   1,811        +     187
Bank premises                                                    1,557        -       1        +      46
Other assets (5)                                                37,146        +      25        +   1,450
      Total assets                                (1,175)      733,407        +   7,436        +  66,856
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  654,360        +   1,430        +  41,573
Reverse repurchase agreements (6)                               19,729        +   1,498        +  19,729
Deposits                                              (0)       30,583        +   2,504        +   3,429       
  Depository institutions                                       24,004        +   2,189        +   3,241
  U.S. Treasury, general account                                 6,199        +     272        +     228
  Foreign official                                                 103        -      59        -      20
  Other                                               (0)          277        +     102        -      20
Deferred availability cash items                  (1,175)        9,014        +   1,884        +     852
Other liabilities and accrued dividends (7)                      2,218        -      30        -     218
      Total liabilities                           (1,175)      715,904        +   7,286        +  65,364
                          
Capital Accounts
Capital paid in                                                  8,514        +      21        +     511
Surplus                                                          8,380                0        +   1,108
Other capital accounts                                             609        +     129        -     127
      Total capital                                             17,503        +     151        +   1,491


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,      April 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               6       37,761   -   7,002            0           0       25,500       19,729
16 days to 90 days           9      139,767   +   6,050            0           0        5,000            0
91 days to 1 year            0      150,962   +   1,640           10           0     ------      ------
Over 1 to 5 years     ------        180,779   -     118            0           0     ------      ------
Over 5 to 10 years    ------         52,293   +       6            0           0     ------      ------
Over 10 years         ------         79,911   +       7            0           0     ------      ------
                   		 	
All                         15      641,472   +     581           10           0       30,500      19,729

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      April 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                      11,038        533      4,363        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                                           1,092         52         40         80         45        150        103        136         62         43         73        170        138
Securities, repurchase agreements,
      and loans                              671,998     36,753    282,898     24,667     35,394     50,031     45,676     75,491     22,814     10,034     18,965     14,237     55,038
   Securities held outright                  641,482     36,753    252,398     24,667     35,394     50,031     45,676     75,490     22,810     10,028     18,962     14,237     55,037
      U.S. Treasury (1)                      641,472     36,753    252,394     24,666     35,393     50,030     45,675     75,489     22,809     10,028     18,962     14,236     55,036
         Bills (2)                           232,708     13,333     91,561      8,948     12,840     18,150     16,570     27,385      8,275      3,638      6,879      5,165     19,965
         Notes and bonds(3)                  408,765     23,420    160,833     15,718     22,554     31,881     29,106     48,103     14,535      6,390     12,083      9,072     35,070
         Federal agency (2)                       10          1          4          0          1          1          1          1          0          0          0          0          1
      Repurchase agreements(4)                30,500          0     30,500          0          0          0          0          0          0          0          0          0          0
      Loans                                       15          0          0          0          0          0          0          1          5          6          2          0          1
Items in process of collection                 9,550        501        574        432        773        736        934        753        518        478        604        397      2,851
Bank premises                                  1,557         91        185         50        152        144        278        117         44        126         51        144        176
Other assets(5)                               37,146      1,860     12,968      1,180      2,419      5,756      2,228      3,721      1,023        987        933        816      3,255
Interdistrict settlement account                   0    - 8,360    +36,716    - 7,027    - 6,946    - 3,874    - 4,918    -18,552    - 4,029    + 3,963    - 1,829    +14,134    +   722
          Total Assets                       734,581     31,545    338,619     19,895     32,462     53,909     45,393     62,958     20,849     15,840     19,172     30,481     63,458

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      April 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             766,177     32,325    338,762     24,795     31,601     53,896     59,666     62,999     22,061     15,015     21,327     35,492     68,236
  Less: notes held by F.R. Banks              111,817      4,870     28,464      7,441      4,543      8,880     20,169      7,478      3,455      1,407      4,386      7,168     13,555
    Federal Reserve notes, net                654,360     27,455    310,298     17,354     27,058     45,016     39,498     55,521     18,606     13,608     16,941     28,324     54,681
Reverse repurchase agreements (1)              19,729      1,130      7,763        759      1,089      1,539      1,405      2,322        702        308        583        438      1,693
Deposits                                       30,583      1,188     14,921        620      2,119      2,163      2,176      2,285        657        765        684        670      2,335
  Depository institutions                      24,004      1,185      8,493        619      2,116      2,039      2,174      2,281        652        764        682        669      2,331
  U.S. Treasury, general account                6,199          0      6,199          0          0          0          0          0          0          0          0          0          0
  Foreign official                                103          2         80          1          3          7          2          3          1          1          1          1          3
  Other                                           277          1        150          0          0        117          0          1          5          0          1          1          0
Deferred availability cash items               10,188        723      1,036        548        632        752      1,150        791        369        384        454        580      2,772
Other liabilities and accrued                 
  dividends (2)                                 2,218        137        673         99        131        234        182        233         99         80         89         86        175
   
    Total liabilities                         717,078     30,633    334,691     19,380     31,027     49,703     44,410     61,151     20,433     15,145     18,752     30,098     61,655
                              
Capital                    
Capital paid in                                 8,514        444      1,878        250        700      2,069        475        874        200        345        204        189        887
Surplus                                         8,380        436      1,809        233        702      2,073        475        858        199        340        201        186        868
Other capital                                     609         32        241         33         32         63         33         75         17         10         15          9         48
     Total liabilities and capital            734,581     31,545    338,619     19,895     32,462     53,909     45,393     62,958     20,849     15,840     19,172     30,481     63,458
                              

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
                                           Apr 2, 2003
              
Federal Reserve notes, net of F.R. 
 Bank holdings                                654,360 
Collateral held against Federal Reserve            
   notes                                      654,360
   Gold certificate account                    11,038
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              641,122
   Other eligible assets                            0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         671,982
   Less:face value of securities under
         reverse repurchase agreements         19,736
      U.S. Treasury and agency securities
             eligible to be pledged           652,247
   

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.