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`FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                              June 26, 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           Jun 25, 2003 Jun 18, 2003 Jun 26, 2002 Jun 25, 2003
Federal Reserve Banks

Reserve Bank Credit                                         717,692    +   3,842    +  61,637      723,423
 Securities held outright                                   651,960    +     177    +  60,262      652,003       
    U.S. Treasury (1)                                       651,950    +     177    +  60,262      651,993
       Bills (2)                                            238,790    +     185    +  41,134      238,835
       Notes and bonds, nominal (2)                         398,853            0    +  17,619      398,853
       Notes and bonds, inflation-indexed (2)                12,814            0    +   1,212       12,814
       Inflation compensation (3)                             1,493    -       8    +     297        1,491
    Federal agency (2)                                           10            0            0           10      
 Repurchase agreements(4)                                    26,321    +   3,142    +     500       32,000
 Loans to depository institutions                               407    +     333    +     240           95
    Primary credit                                              322    +     319    +     322            3
    Secondary credit                                              0            0            0            0
    Seasonal credit                                              84    +      13    -      78           92
    Adjustment credit                                             0            0    -       5            0
 Float                                                           18    +      18    +     168          319
 Other Federal Reserve assets                                38,986    +     171    +     468       39,006
Gold stock                                                   11,044            0            0       11,044
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            34,966    +      14    +   1,002       34,966
       
Total factors supplying reserve funds                       765,902    +   3,856    +  62,640      771,633
                                                                   
Currency in circulation(5)                                  691,070    -     402    +  35,634      692,633
Reverse repurchase agreements (6)                            22,714    +   1,250    +  22,714       21,592
   Foreign official and international accounts               21,036    -     106    +  21,036       21,592
   Dealers                                                    1,679    +   1,358    +   1,679            0
Treasury cash holdings                                          368    -      11    -      29          365
Deposits with F.R.Banks, other than reserve balances         18,637    +      82    +   1,031       16,988       
  U.S. Treasury, general account                              7,199    +      52    +     236        5,306
  Foreign official                                              162    +      74    +      58          404
  Service-related                                            11,057    -      31    +     754       11,057
     Required clearing balances                              10,830            0    +     913       10,830
     Adjustments to compensate for float                        226    -      32    -     160          226
  Other                                                         220    -      12    -      17          220
Other liabilities and capital                                20,106    -     216    -     147       20,021

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  752,895    +     703    +  59,203      751,598

Reserve balances with Federal Reserve Banks                  13,008    +   3,153    +   3,437       20,035
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)           933,179    -   2,721     ------        931,901
     U.S. Treasury                                          749,730    -     408     ------        748,986
     Federal agency                                         183,450    -   2,312     ------        182,915
  Securities lent to dealers                                  1,357    +     732    -     138        1,497   


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 Jun 25, 2003     Jun 18, 2003     Jun 26, 2002

Assets
Gold certificate account                                        11,040                0        -       4
Special drawing rights certificate account                       2,200                0                0
Coin                                                               941        +       4        +      10
Securities, repurchase agreements, and loans                   684,099        +   9,082        +  57,269
   Securities held outright                                    652,003        +      71        +  59,603
      U.S. Treasury (1)                                        651,993        +      71        +  59,603       
         Bills (2)                                             238,835        +      79        +  40,485
         Notes and bonds, nominal (2)                          398,853                0        +  17,619
         Notes and bonds, inflation-indexed (2)                 12,814                0        +   1,212
         Inflation compensation (3)                              1,491        -       7        +     287
      Federal agency (2)                                            10                0                0
   Repurchase agreements (4)                                    32,000        +   9,000        -   2,250    
   Loans                                                            95        +       9        -      85
Items in process of collection                    (1,248)        7,461        -   1,371        +     223
Bank premises                                                    1,582        +       2        +      64
Other assets (5)                                                37,607        +     364        +     208
      Total assets                                (1,248)      744,931        +   8,081        +  57,771
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  658,969        +     164        +  33,574
Reverse repurchase agreements (6)                               21,592        -   1,309        +  21,592
Deposits                                              (0)       36,986        +   9,775        +   2,450       
  Depository institutions                                       31,055        +  12,255        +   4,452
  U.S. Treasury, general account                                 5,306        -   2,780        -   2,314
  Foreign official                                                 404        +     308        +     330
  Other                                               (0)          220        -       9        -      19
Deferred availability cash items                  (1,248)        7,363        -     633        +     264
Other liabilities and accrued dividends (7)                      2,382        +      56        -     201
      Total liabilities                           (1,248)      727,292        +   8,053        +  57,678
                          
Capital Accounts
Capital paid in                                                  8,657                0        +     327
Surplus                                                          8,380                0        +   1,068
Other capital accounts                                             601        +      27        -   1,304
      Total capital                                             17,639        +      28        +      93


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,      June 25, 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              85       49,024   -   1,980            0           0       29,000       21,592
16 days to 90 days          10      139,395   +   1,823            0           0        3,000            0
91 days to 1 year            0      156,748   +     235           10           0     ------      ------
Over 1 to 5 years     ------        180,187   -       2            0           0     ------      ------
Over 5 to 10 years    ------         46,663   -       2            0           0     ------      ------
Over 10 years         ------         79,976   -       3            0           0     ------      ------
                   		 	
All                         95      651,993   +      71           10           0       32,000      21,592

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      June 25, 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                      11,040        495      4,707        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                                             941         44         32         60         42        119        107        115         56         37         66        152        111
Securities, repurchase agreements,
      and loans                              684,099     31,523    310,948     20,385     30,551     50,142     44,054     65,901     20,526     14,593     17,532     25,554     52,390
   Securities held outright                  652,003     31,521    278,948     20,384     30,551     50,141     44,047     65,885     20,513     14,554     17,522     25,552     52,385
      U.S. Treasury (1)                      651,993     31,521    278,944     20,384     30,551     50,140     44,046     65,884     20,513     14,553     17,522     25,551     52,384
         Bills (2)                           238,835     11,547    102,181      7,467     11,191     18,367     16,135     24,134      7,514      5,331      6,419      9,360     19,189
         Notes and bonds(3)                  413,158     19,974    176,762     12,917     19,360     31,773     27,911     41,750     12,998      9,222     11,103     16,192     33,195
         Federal agency (2)                       10          0          4          0          0          1          1          1          0          0          0          0          1
      Repurchase agreements(4)                32,000          0     32,000          0          0          0          0          0          0          0          0          0          0
      Loans                                       95          2          0          0          0          1          8         16         13         40          9          3          5
Items in process of collection                 8,709        423        690        355        478        616        674        825        354        858        619        336      2,482
Bank premises                                  1,582         91        185         52        152        143        279        118         43        126         52        165        176
Other assets(5)                               37,607      1,734     13,542      1,115      2,341      5,930      2,184      3,493        965      1,119        895      1,073      3,216
Interdistrict settlement account                   0    - 2,059    + 9,932    - 2,117    - 2,411    - 1,051    -   541    - 7,668    -   958    -   185    -    69    + 3,111    + 4,016
          Total Assets                       746,178     32,366    340,910     20,312     31,734     56,854     47,786     63,977     21,387     16,802     19,464     30,997     63,588

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      June 25, 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             765,633     31,651    332,011     24,205     30,949     57,066     62,073     63,844     23,009     15,231     21,366     35,123     69,105
  Less: notes held by F.R. Banks              106,664      4,406     23,753      7,397      4,324      8,830     19,685      7,457      3,983      1,517      4,386      6,883     14,041
    Federal Reserve notes, net                658,969     27,246    308,258     16,808     26,625     48,235     42,387     56,387     19,026     13,714     16,979     28,240     55,064
Reverse repurchase agreements (1)              21,592      1,044      9,238        675      1,012      1,660      1,459      2,182        679        482        580        846      1,735
Deposits                                       36,986      2,514     17,862      1,674      1,933      1,897      1,880      2,608        826      1,361        925      1,005      2,502
  Depository institutions                      31,055      2,512     12,022      1,673      1,929      1,829      1,878      2,604        823      1,359        923      1,004      2,499
  U.S. Treasury, general account                5,306          0      5,306          0          0          0          0          0          0          0          0          0          0
  Foreign official                                404          2        380          1          3          7          2          3          1          1          1          1          3
  Other                                           220          0        153          0          1         60          0          1          2          0          1          0          0
Deferred availability cash items                8,611        521        872        547        609        581        900        765        293        453        494        405      2,170
Other liabilities and accrued                 
  dividends (2)                                 2,382        134        721         95        137        287        195        232        101         92         89        110        188
   
    Total liabilities                         728,540     31,459    336,950     19,799     30,315     52,661     46,821     62,174     20,926     16,102     19,068     30,606     61,659
                              
Capital                    
Capital paid in                                 8,657        446      1,899        252        704      2,090        477        884        228        347        191        190        950
Surplus                                         8,380        436      1,809        233        702      2,073        475        858        199        340        201        186        868
Other capital                                     601         25        252         29         12         30         13         62         35         13          5         15        111
     Total liabilities and capital            746,178     32,366    340,910     20,312     31,734     56,854     47,786     63,977     21,387     16,802     19,464     30,997     63,588
                              

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
                                          Jun 25, 2003
              
Federal Reserve notes outstanding             765,633
   Less: Notes held by F.R. Banks
         not subject to collateralization     102,310
      Federal Reserve Notes to be
         collateralized                       663,323 
Collateral held against Federal Reserve            
   notes                                      663,323
   Gold certificate account                    11,040
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              650,083
   Other eligible assets                            0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         684,003
   Less:face value of securities under
         reverse repurchase agreements         21,597
      U.S. Treasury and agency securities
             eligible to be pledged           662,406
   

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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