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`For Release at 
4:30 P.M. Eastern time 
January 16, 2003


The H.4.1 Statistical Release ("Factors Affecting Reserve Balances of Depository
Institutions and Condition Statement of Federal Reserve Banks") has been reformatted 
to show the new types of discount window credit extended by the Federal Reserve Banks.  
(For more information on the new credit programs, see
http://www.federalreserve.gov/boarddocs/press/bcreg/2002/200210312/default.htm).

The Federal Reserve Banks began offering primary credit and secondary credit on
January 9, 2003.  The adjustment credit and extended credit programs were
discontinued.  The seasonal credit facility continues unchanged.  Table 1 of the 
release now shows amounts for each of the three types of credit currently available 
(primary, secondary, and seasonal credit).  The table still shows amounts for 
adjustment credit, even though this category is no longer offered, to provide 
a complete disaggregation of changes in total borrowing from the corresponding 
week one year ago.

FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                           January 16, 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 15, 2003  Jan 8, 2003 Jan 16, 2002 Jan 15, 2003
Federal Reserve Banks

Reserve Bank Credit                                         693,039    -   4,416    +  63,937      698,326
 Securities held outright                                   629,416            0    +  70,943      629,416       
    U.S. Treasury (1)                                       629,406            0    +  70,943      629,406
       Bills (2)                                            226,682            0    +  39,777      226,682
       Notes and bonds, nominal (2)                         389,219            0    +  28,800      389,219
       Notes and bonds, inflation-indexed (2)                12,242            0    +   2,056       12,242
       Inflation compensation (3)                             1,263            0    +     310        1,263
    Federal agency (2)                                           10            0            0           10      
 Repurchase agreements(4)                                    24,428    -   3,965    -   8,543       30,000
 Loans to depository institutions                                16    -      11    -       2           15
    Primary credit                                                6    +       6    +       6            5
    Secondary credit                                              0            0            0            0
    Seasonal credit                                              11    -       6    +       1           10
    Adjustment credit                                             0    -      10    -       8            0
 Float                                                         -250    -     970    -     167         -466
 Other Federal Reserve assets                                39,428    +     529    +   1,705       39,361
Gold stock                                                   11,043            0    -       2       11,043
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            34,525    +      14    +   1,327       34,525
       
Total factors supplying reserve funds                       740,806    -   4,403    +  65,261      746,094
                                                                   
Currency in circulation(5)                                  676,353    -   6,783    +  43,634      676,004
Reverse repurchase agreements (6)                            18,152    -     381    +  18,152       17,813
   Foreign official and international accounts               18,152    -     381    +  18,152       17,813
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          369    -       1    -      63          369
Deposits with F.R.Banks, other than reserve balances         16,755    +     722    +   1,648       16,785       
  U.S. Treasury, general account                              5,244    +     415    -     468        5,192
  Foreign official                                              173    +      66    -      98          253
  Service-related                                            11,127    +     241    +   2,235       11,127
     Required clearing balances                              10,537    +       2    +   2,134       10,537
     Adjustments to compensate for float                        590    +     239    +     101          590
  Other                                                         210    -       1    -      22          213
Other liabilities and capital                                19,738    +     521    +   2,045       19,631

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  731,367    -   5,923    +  65,416      730,601

Reserve balances with Federal Reserve Banks                   9,439    +   1,520    -     155       15,492
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)           859,013    -   2,072     ------        859,411
     U.S. Treasury                                          694,097    +      80     ------        692,999
     Federal agency                                         164,916    -   2,152     ------        166,412
  Securities lent to dealers                                    579    -     381    -   2,045          922   


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 Jan 15, 2003      Jan 8, 2003     Jan 16, 2002

Assets
Gold certificate account                                        11,039                0        -       6
Special drawing rights certificate account                       2,200                0                0
Coin                                                             1,043        +      47        -      51
Securities, repurchase agreements, and loans                   659,431        -   3,753        +  68,777
   Securities held outright                                    629,416                0        +  69,676
      U.S. Treasury (1)                                        629,406                0        +  69,676       
         Bills (2)                                             226,682                0        +  38,923
         Notes and bonds, nominal (2)                          389,219                0        +  28,384
         Notes and bonds, inflation-indexed (2)                 12,242                0        +   2,056
         Inflation compensation (3)                              1,263                0        +     312
      Federal agency (2)                                            10                0                0
   Repurchase agreements (4)                                    30,000        -   3,750        -     900    
   Loans                                                            15        -       3        +       1
Items in process of collection                    (1,251)        8,155        -     198        -     502
Bank premises                                                    1,542        +       1        +      30
Other assets (5)                                                37,688        +     205        +   1,565
      Total assets                                (1,251)      721,098        -   3,698        +  69,813
                          
Liabilities
Federal Reserve notes, net of F.R. Bank holdings               642,887        -   4,183        +  42,359
Reverse repurchase agreements (6)                               17,813        -     896        +  17,813
Deposits                                              (0)       32,648        +   1,513        +   7,733       
  Depository institutions                                       26,991        +   1,795        +   9,122
  U.S. Treasury, general account                                 5,192        -     298        -   1,527
  Foreign official                                                 253        +     154        +     165
  Other                                               (0)          213        -     137        -      25
Deferred availability cash items                  (1,251)        8,119        -     380        -     259
Other liabilities and accrued dividends (7)                      2,235        +      13        -     118
      Total liabilities                           (1,251)      703,702        -   3,933        +  67,528
                          
Capital Accounts
Capital paid in                                                  8,389        +       3        +     970
Surplus                                                          8,478        +     130        +   1,201
Other capital accounts                                             528        +     102        +     114
      Total capital                                             17,395        +     234        +   2,284


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,   January 15, 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       43,631   +   1,192            0           0       27,000       17,813
16 days to 90 days           9      136,918   -   1,595            0           0        3,000            0
91 days to 1 year            0      142,959   +     402           10           0     ------      ------
Over 1 to 5 years     ------        174,818   +   2,060            0           0     ------      ------
Over 5 to 10 years    ------         51,240   -   2,060            0           0     ------      ------
Over 10 years         ------         79,840           0            0           0     ------      ------
                   		 	
All                         15      629,406           0           10           0       30,000      17,813

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   January 15, 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                                           1,043         47         37         60         46        155        108        141         64         37         70        168        111
Securities, repurchase agreements,
      and loans                              659,431     36,062    277,651     24,203     34,728     49,090     44,817     74,076     22,382      9,842     18,606     13,969     54,005
   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)                30,000          0     30,000          0          0          0          0          0          0          0          0          0          0
      Loans                                       15          0          1          0          0          0          0          7          1          2          0          0          4
Items in process of collection                 9,406        487        678        435        387        636        727        859        535        764        719        419      2,760
Bank premises                                  1,542         92        185         50        152        129        279        116         44        127         50        141        176
Other assets(5)                               37,688      1,975     13,001      1,239      2,565      5,662      2,540      3,883        990        646        981        826      3,380
Interdistrict settlement account                   0    - 7,497    +34,354    - 5,303    - 6,378    - 2,092    - 4,873    -15,372    - 4,080    + 3,684    - 2,449    +13,559    - 3,552
          Total Assets                       722,349     31,814    331,144     21,196     32,125     54,546     44,691     64,995     20,353     15,308     18,351     29,664     58,160

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   January 15, 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             758,031     32,894    330,237     25,383     32,432     54,209     58,467     63,710     21,858     15,020     20,319     36,590     66,912
  Less: notes held by F.R. Banks              115,143      4,826     25,355      7,976      4,899      9,684     18,627      8,333      3,556      1,895      4,318      9,096     16,579
    Federal Reserve notes, net                642,887     28,068    304,883     17,408     27,533     44,525     39,840     55,377     18,301     13,125     16,001     27,494     50,333
Reverse repurchase agreements (1)              17,813      1,021      7,009        685        983      1,389      1,268      2,096        633        278        527        395      1,528
Deposits                                       32,648      1,059     13,741      1,931      1,537      3,552      1,517      4,726        506        457        876        849      1,898
  Depository institutions                      26,991      1,056      8,183      1,930      1,532      3,479      1,514      4,722        504        456        874        847      1,894
  U.S. Treasury, general account                5,192          0      5,192          0          0          0          0          0          0          0          0          0          0
  Foreign official                                253          2        229          1          3          7          2          3          1          1          1          1          3
  Other                                           213          1        138          0          3         66          1          0          1          0          1          1          1
Deferred availability cash items                9,370        624      1,006        584        494        596        891        779        394        683        441        456      2,421
Other liabilities and accrued                 
  dividends (2)                                 2,235        139        678        100        121        239        180        233        100         76         93         88        187
   
    Total liabilities                         704,953     30,911    327,317     20,707     30,668     50,301     43,697     63,210     19,934     14,620     17,938     29,283     56,368
                              
Capital                    
Capital paid in                                 8,389        436      1,809        234        707      2,073        475        859        200        340        201        186        868
Surplus                                         8,478        436      1,809        233        702      2,171        475        858        199        340        201        186        868
Other capital                                     528         31        210         22         48          0         44         69         19          9         12          9         56
     Total liabilities and capital            722,349     31,814    331,144     21,196     32,125     54,546     44,691     64,995     20,353     15,308     18,351     29,664     58,160
                              

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 15, 2003
              
Federal Reserve notes, net of F.R. 
 Bank holdings                                642,887 
Collateral held against Federal Reserve            
   notes                                      642,887
   Gold certificate account                    11,039
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              629,649
   Other eligible assets                            0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         659,416
   Less:face value of securities under
         reverse repurchase agreements         17,818
      U.S. Treasury and agency securities
             eligible to be pledged           641,598
   

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.`

Statistical releases

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