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`FEDERAL RESERVE
These data are scheduled for release each Thursday.

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                          November 29, 2002
Millions of dollars
                                                                   Averages of daily figures
      Reserve balances of depository institutions at     Week ended   Change from week ended     Wednesday
 F.R. Banks, Reserve Bank credit, and related items     Nov 27, 2002 Nov 20, 2002 Nov 28, 2001 Nov 27, 2002

Reserve Bank Credit                                         669,038    +   2,951    +  47,930      676,131
  U.S. government securities (1)                                                   
    Bought outright-system account (2,3)                    609,235    +   1,182    +  59,741      609,614
    Held under repurchase agreements                              0            0            0            0
  Federal agency obligations (1)                                                   
    Bought outright                                              10            0            0           10
    Held under repurchase agreements                              0            0            0            0
  Repurchase agreements -- triparty (4)                      23,036    +   2,107    -  12,207       29,000
  Acceptances                                                     0            0            0            0
  Loans to depository institutions
    Adjustment credit                                             3    -     307    -       6            6
    Seasonal credit                                              54    -       6    +      21           54
    Extended credit                                               0            0            0            0
   Float                                                         29    +     325    -     650          613
   Other F.R. assets                                         36,672    -     349    +   1,033       36,834
Gold stock                                                   11,042            0    -       3       11,042
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding                                34,427    +      14    +   1,453       34,427
        Total factors supplying reserve funds               716,708    +   2,965    +  49,382      723,800
                                                                   
Currency in circulation*                                    669,912    +   2,114    +  43,820      674,291
Reverse repurchase agreements -- triparty (4)                     0            0            0            0
Treasury cash holdings*                                         384    -       3    -      45          377
Deposits,other than reserve balances,with F.R.Banks                                        
  Treasury                                                    5,016    +     148    -      58        5,082
  Foreign                                                       125    -      22    -     202          224
  Service-related balances and adjustments (5)               10,625    +     164    +   2,474       10,625
  Other                                                         180    -      70    -      83          184
Other F.R. liabilities and capital                           19,483    -     308    +   1,668       19,435
        Total factors, other than reserve balances,                                        
        absorbing reserve funds                             705,725    +   2,022    +  47,574      710,219

Reserve balances with F.R. Banks  (6)                        10,983    +     944    +   1,808       13,581
                                                                
On  November 27, 2002, the face amount of marketable U.S. government and federal agency securities held in custody by the Federal Reserve
Banks for foreign official and international accounts was $    831,289 million, a change of $  +   8,370 million for the week. The total includes
$    676,372 million of U.S. government securities and $    154,917 million of federal agency securities. The total includes the face value of
U.S. Treasury strips and other zero coupon bonds.
1  Face value of the securities.
2  Net of $     19,295 million (daily average over statement week) and $     19,114 million (outstanding on 
   Wednesday statement date) matched sale-purchase transactions, of which $     19,295 million (daily average)
   and $     19,114 million (outstanding on Wednesday statement date) were with foreign official and international
   accounts.  Includes securities loans of $      1,629 million (daily average) and $      2,200 million 
   (outstanding on Wednesday statement date) that are fully collateralized by other U.S. government securities.
3  Includes $     12,242 million of inflation-indexed securities valued at the original face amount and 
   $      1,237 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Cash value of agreements arranged through third-party custodial banks.  These agreements are collateralized 
   by U.S. government and federal agency securities.
5  Consists of required clearing balances of $     10,282 million and adjustments of $        343 million to 
   compensate for float.
6  Excludes required clearing balances and adjustments to compensate for float.

* Estimated (Treasury's figures).
Components may not add to totals due to rounding.

Worksheet for H.4.1 (a)

CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS
Millions of Dollars
                                                                                    Change Since
                                                  *          Wednesday        Wednesday        Wednesday
                                                           Nov 27, 2002     Nov 20, 2002     Nov 28, 2001
                ASSETS
Gold certificate account                                        11,038                0        -       7
Special drawing rights certificate account                       2,200                0                0
Coin                                                             1,049        -      27        +       3
Loans                                                               60        +       3        +      25
Acceptances                                                          0                0                0
Repurchase agreements -- triparty (1)                           29,000        +   9,750        -  10,350
Federal agency obligations (2)          
  Bought outright                                                   10                0                0
  Held under repurchase agreements                                   0                0                0
U.S. government securities (2)           
  Bought outright--Bills                                       207,568        +   3,213        +  22,269
                   Notes (3)                                   297,339        +       3        +  34,963
                   Bonds (4)                                   104,707        +       2        +   1,617
    Total bought outright (5)                                  609,614        +   3,218        +  58,849
  Held under repurchase agreements                                   0                0                0
     Total U.S. government securities                          609,614        +   3,218        +  58,849
       Total loans and securities                              638,684        +  12,972        +  48,523
                          
Items in process of collection                    (1,748)        8,118        -     118        +      81
Bank premises                                                    1,530        -       3        +      11
Other assets (6)                                                35,322        +     328        +     543
                TOTAL ASSETS                      (1,748)      697,941        +  13,153        +  49,154
                          
                LIABILITIES
Federal Reserve notes                                          641,286        +   5,388        +  46,066
Reverse repurchase agreements -- triparty (1)                        0                0                0
Deposits                     
  Depository institutions                                       23,972        +   7,029        +     689
  U.S. Treasury--general account                                 5,082        +     563        +     769
  Foreign--official accounts                                       224        +     152        -     127
    Other                                             (0)          184        -      47        -      88
      Total deposits                                  (0)       29,463        +   7,699        +   1,244
Deferred availability cash items                  (1,748)        7,757        -      63        +     267
Other liabilities and accrued dividends (7)                      2,427        +       6        -     260
                TOTAL LIABILITIES                 (1,748)      680,933        +  13,030        +  47,317
                          
                CAPITAL ACCOUNTS
Capital paid in                                                  8,349        +      45        +     979
Surplus                                                          7,312                0        +     579
Other capital accounts                                           1,348        +      78        +     279

*Figures in parentheses are the eliminations made in the consolidation process.
1  Cash value of agreements arranged through third-party custodial banks.
2  Face value of the securities.
3  Includes $      7,168 million of inflation-indexed securities valued at the original face amount and 
   $        695 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Includes $      5,074 million of inflation-indexed securities valued at the original face amount and 
   $        543 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
5  Net of $     19,114 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes securities loans of $      2,200 million that are fully collateralized by other
   U.S. government securities.
6  Includes assets denominated in foreign currencies, revalued daily at market exchange rates.
7  Includes exchange-translation account reflecting the daily revaluation at market exchange rates of 
   foreign exchange commitments.
Components may not add to totals due to rounding.


MATURITY DISTRIBUTION OF LOANS AND SECURITIES,  November 27, 2002



Millions of dollars
                                    U.S. government         Federal agency                      Reverse
                     Loans          securities (1,2)        obligations(2)        Repurchase   Repurchase
                                              Weekly                  Weekly      Agreements   Agreements
                                  Holdings    changes      Holdings    changes    Triparty(3)  Triparty(3)
Within 15 days              56       25,646   +   3,217            0           0       21,000           0
16 days to 90 days           4      135,245   +      59            0           0        8,000           0
91 days to 1 year            0      142,115   -      63            0           0     ------      ------
Over 1 to 5 years                   173,805   +       1           10           0     ------      ------
Over 5 to 10 years                   52,974   +       2            0           0     ------      ------
Over 10 years                        79,829   +       2            0           0     ------      ------
                   		 	
Total                       60      609,614   +   3,218           10           0       29,000           0

1  Includes $     12,242 million of inflation-indexed securities valued at the original face amount and 
   $      1,237 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
2  Includes face value of securities held under repurchase agreements classified by the remaining maturity of 
   the agreements.
3  Cash value of agreements arranged through third-party custodial banks classified by remaining maturity of 
   the agreements.
Components may not add to totals due to rounding.


H.4.1 (b)

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON  November 27, 2002
Millions of dollars
                                                                                                                                                            Kansas                 San
                                               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 certif. acct.           2,200        115        874         83        104        147        166        212         71         30         66         98        234
Coin                                           1,049         49         42         62         49        142        116        131         60         35         72        162        128
                       
Loans                                             60          0          0          0          0          0          8          7         14         10         12          4          5
Acceptances                                        0          0          0          0          0          0          0          0          0          0          0          0          0
Repurchase Agreements -- triparty(1)          29,000          0     29,000          0          0          0          0          0          0          0          0          0          0
Federal agency obligations(2)      
  Bought outright                                 10          1          4          0          1          1          1          1          0          0          0          0          1
  Held under repurchase agreements                 0          0          0          0          0          0          0          0          0          0          0          0          0
U.S. government securities(2)         
  Bought outright--Bills                     207,568     11,893     81,670      7,982     11,453     16,189     14,780     24,427      7,381      3,245      6,136      4,607     17,808
                   Notes (3)                 297,339     17,036    116,991     11,434     16,406     23,190     21,172     34,991     10,573      4,648      8,789      6,599     25,510
                   Bonds (4)                 104,707      5,999     41,198      4,026      5,777      8,166      7,456     12,322      3,723      1,637      3,095      2,324      8,983
     Total bought outright(5)                609,614     34,928    239,859     23,441     33,635     47,546     43,407     71,739     21,677      9,530     18,020     13,529     52,302
  Held under repurchase agreements                 0          0          0          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             609,614     34,928    239,859     23,441     33,635     47,546     43,407     71,739     21,677      9,530     18,020     13,529     52,302
       Total loans and securities            638,684     34,928    268,863     23,442     33,636     47,546     43,416     71,748     21,690      9,540     18,032     13,534     52,308
                       
Items in process of collection                 9,866        526        822        483        526        892        921        745        530        616        631        366      2,807
Bank premises                                  1,530         91        184         49        152        129        278        115         43        125         50        140        172
Other assets(6)                               35,322      1,838     12,357      1,115      2,404      5,279      2,362      3,605        921        604        918        774      3,146
Interdistrict settlement account                   0    - 5,971    +29,924    - 5,507    - 5,055    - 2,591    - 4,394    -14,864    - 3,322    + 4,046    - 2,370    +12,408    - 2,306
          TOTAL ASSETS                       699,689     32,110    317,430     20,156     32,338     52,364     43,792     62,772     20,340     15,175     17,709     27,968     57,535

1  Cash value of agreements arranged through third-party custodial banks.  These agreements are collateralized 
   by U.S. government and federal agency securities.
2  Face value of the securities.
3  Includes $      7,168 million of inflation-indexed securities valued at the original face amount and  $        695 million 
   of compensation that adjusts for the effects of inflation on the principal of such  securities.
4  Includes $      5,074 million of inflation-indexed securities valued at the original face amount and  $        543 million 
   of compensation that adjusts for the effects of inflation on the principal of such securities.
5  Net of $     19,114 million matched sale-purchase transactions outstanding at the end of the latest statement week.  
   Includes securities loans of $      2,200 million that are fully collateralized by other U.S. government securities.
6  Includes assets denominated in foreign currencies, revalued monthly at market exchange rates.

Components may not add to totals due to rounding.


H.4.1 (c)

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON  November 27, 2002
Millions of dollars
                                                                                                                                                            Kansas                 San
                                               Total     Boston   New York Philadelphia Cleveland   Richmond   Atlanta    Chicago   St. Louis  Minneapolis   City      Dallas   Francisco
       LIABILITIES                         
Federal Reserve notes                         641,286     28,618    298,872     17,892     28,358     45,079     39,944     57,542     18,844     13,256     15,760     26,339     50,782
Reverse repurchase agreements--triparty(1)          0          0          0          0          0          0          0          0          0          0          0          0          0
Deposits                          
  Depository institutions                      23,972      1,914      7,748      1,121      1,418      2,137      1,758      2,509        664        531      1,022        781      2,367
  U.S. Treasury--general account                5,082          0      5,082          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                      224          2        200          1          3          7          2          3          1          1          1          1          3
  Other                                           184          1        145          0          1         29          1          1          2          0          1          3          1
    Total deposits                             29,463      1,917     13,176      1,123      1,422      2,173      1,761      2,513        666        532      1,024        785      2,371
Deferred credit items                           9,504        539        904        542      1,005        704        861        719        315        669        420        378      2,447
Other liabilities and accrued                 
  dividends (2)                                 2,427        147        738        106        143        266        197        258        109         83         96         92        193
    TOTAL LIABILITIES                         682,680     31,220    313,690     19,663     30,928     48,223     42,762     61,032     19,935     14,540     17,300     27,595     55,793
                              
       CAPITAL ACCOUNTS                   
Capital paid in                                 8,349        436      1,801        242        699      2,073        473        850        199        338        200        183        854
Surplus                                         7,312        418      1,504        221        665      1,757        535        793        149        118        191        164        796
Other capital accounts                          1,348         35        436         30         46        311         22         97         57        178         17         26         93
     TOTAL LIABILITIES AND CAPITAL            
        ACCOUNTS                              699,689     32,110    317,430     20,156     32,338     52,364     43,792     62,772     20,340     15,175     17,709     27,968     57,535
                              
FEDERAL RESERVE AGENTS' ACCOUNTS              
                              
F.R. notes outstanding                        757,885     33,535    327,984     25,723     32,991     55,013     57,558     65,751     22,346     15,234     20,208     35,853     65,691
  Less--Held by F.R. Banks                    116,599      4,917     29,111      7,831      4,633      9,933     17,614      8,209      3,502      1,978      4,448      9,513     14,910
  F.R. notes, net                             641,286     28,618    298,872     17,892     28,358     45,079     39,944     57,542     18,844     13,256     15,760     26,339     50,782
Collateral held against F.R. notes            
   Gold certificate account                    11,038
   Special drawing rights                 
     certificate account                        2,200
   Other eligible assets                            0 r
   U.S. govt. and agency securities(3)        628,048 r
     Total collateral                         641,286 r

1  Cash value of agreements arranged through third-party custodial banks.  These agreements are collateralized 
   by U.S. government and federal agency securities.
2  Includes exchange translation account reflecting the monthly revaluation at market exchange rates of 
   foreign exchange commitments.
3  U.S. government and agency securities bought outright or held under repurchase agreement are valued at face amount.
   Includes cash value of repurchase agreements under triparty arrangements and excludes the par value of securities
   pledged under reverse repurchase agreements.
r  revised.  The incorrect values reported on the original release showed insufficient collateral.  In fact, an adequate 
   volume of securities was available to collateralize Federal Reserve notes.

Components may not add to totals due to rounding.`

Statistical releases

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