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<FONT SIZE=+1><I>Release Date: January 23, 2003</I></FONT><BR>

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<PRE>
FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                           January 23, 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 22, 2003 Jan 15, 2003 Jan 23, 2002 Jan 22, 2003
Federal Reserve Banks

Reserve Bank Credit                                         697,026    +   3,987    +  65,111      711,477
 Securities held outright                                   629,416            0    +  71,477      629,416       
    U.S. Treasury (1)                                       629,406            0    +  71,477      629,406
       Bills (2)                                            226,682            0    +  41,642      226,682
       Notes and bonds, nominal (2)                         389,219            0    +  27,465      389,219
       Notes and bonds, inflation-indexed (2)                12,242            0    +   2,056       12,242
       Inflation compensation (3)                             1,263            0    +     314        1,263
    Federal agency (2)                                           10            0            0           10      
 Repurchase agreements(4)                                    27,036    +   2,608    -   8,893       36,750
 Loans to depository institutions                                19    +       3    -      19           13
    Primary credit                                               12    +       6    +      12            6
    Secondary credit                                              0            0            0            0
    Seasonal credit                                               7    -       4    -      10            7
    Adjustment credit                                             0            0    -      21            0
 Float                                                          827    +   1,077    +     731        5,412
 Other Federal Reserve assets                                39,728    +     300    +   1,815       39,886
Gold stock                                                   11,043            0    -       2       11,043
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            34,539    +      14    +   1,250       34,539
       
Total factors supplying reserve funds                       744,808    +   4,001    +  66,359      759,259
                                                                   
Currency in circulation(5)                                  675,882    -     471    +  43,865      676,379
Reverse repurchase agreements (6)                            18,567    +     415    +  18,567       18,523
   Foreign official and international accounts               18,567    +     415    +  18,567       18,523
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          368    -       1    -      49          360
Deposits with F.R.Banks, other than reserve balances         17,638    +     883    +     975       17,636       
  U.S. Treasury, general account                              6,133    +     889    -     966        6,119
  Foreign official                                              113    -      60    -      22          122
  Service-related                                            11,167    +      40    +   1,961       11,167
     Required clearing balances                              10,540    +       3    +   2,144       10,540
     Adjustments to compensate for float                        627    +      37    -     183          627
  Other                                                         225    +      15    +       2          228
Other liabilities and capital                                19,916    +     178    +   2,322       19,549

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  732,371    +   1,004    +  65,680      732,446

Reserve balances with Federal Reserve Banks                  12,437    +   2,998    +     679       26,813
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)           857,765    -   1,248     ------        859,073
     U.S. Treasury                                          691,145    -   2,952     ------        691,275
     Federal agency                                         166,620    +   1,704     ------        167,798
  Securities lent to dealers                                    420    -     159    -   2,053          400   


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 22, 2003     Jan 15, 2003     Jan 23, 2002

Assets
Gold certificate account                                        11,039                0        -       6
Special drawing rights certificate account                       2,200                0                0
Coin                                                             1,085        +      42        -      35
Securities, repurchase agreements, and loans                   666,179        +   6,748        +  49,413
   Securities held outright                                    629,416                0        +  69,211
      U.S. Treasury (1)                                        629,406                0        +  69,211       
         Bills (2)                                             226,682                0        +  39,528
         Notes and bonds, nominal (2)                          389,219                0        +  27,311
         Notes and bonds, inflation-indexed (2)                 12,242                0        +   2,056
         Inflation compensation (3)                              1,263                0        +     316
      Federal agency (2)                                            10                0                0
   Repurchase agreements (4)                                    36,750        +   6,750        -  19,750    
   Loans                                                            13        -       2        -      49
Items in process of collection                    (1,116)       16,652        +   8,497        +   1,919
Bank premises                                                    1,541        -       1        +      28
Other assets (5)                                                38,273        +     585        +   1,756
      Total assets                                (1,116)      736,969        +  15,871        +  53,075
                          
Liabilities
Federal Reserve notes, net of F.R. Bank holdings               643,281        +     394        +  42,630
Reverse repurchase agreements (6)                               18,523        +     710        +  18,523
Deposits                                             (69)       44,098        +  11,450        -  10,713       
  Depository institutions                                       37,629        +  10,638        -   6,827
  U.S. Treasury, general account                                 6,119        +     927        -   3,731
  Foreign official                                                 122        -     131        -     162
  Other                                              (69)          228        +      15        +       8
Deferred availability cash items                  (1,047)       11,519        +   3,400        +     489
Other liabilities and accrued dividends (7)                      2,213        -      22        -      96
      Total liabilities                           (1,116)      719,634        +  15,932        +  50,833
                          
Capital Accounts
Capital paid in                                                  8,390        +       1        +     970
Surplus                                                          8,380        -      98        +   1,108
Other capital accounts                                             565        +      37        +     164
      Total capital                                             17,335        -      60        +   2,241


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 22, 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              13       50,618   +   6,987            0           0       32,750       18,523
16 days to 90 days           0      129,676   -   7,242            0           0        4,000            0
91 days to 1 year            0      143,215   +     256           10           0     ------      ------
Over 1 to 5 years     ------        174,818           0            0           0     ------      ------
Over 5 to 10 years    ------         51,240           0            0           0     ------      ------
Over 10 years         ------         79,840           0            0           0     ------      ------
                   		 	
All                         13      629,406           0           10           0       36,750      18,523

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 22, 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                                           1,085         48         39         62         48        161        114        146         64         39         75        173        117
Securities, repurchase agreements,
      and loans                              666,179     36,062    284,402     24,203     34,728     49,090     44,817     74,073     22,382      9,842     18,609     13,969     54,002
   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)                36,750          0     36,750          0          0          0          0          0          0          0          0          0          0
      Loans                                       13          0          1          1          0          0          0          4          1          2          3          0          1
Items in process of collection                17,768      1,217      1,371        640        963      1,637      2,150      1,731        893        960      1,119      1,177      3,911
Bank premises                                  1,541         92        185         50        152        129        279        115         44        127         50        141        176
Other assets(5)                               38,273      2,008     13,178      1,256      2,594      5,724      2,579      3,945      1,008        656        999        895      3,432
Interdistrict settlement account                   0    -   648    +31,254    - 6,984    - 6,598    - 2,579    - 5,292    -17,044    - 3,990    + 3,623    - 2,911    +13,020    - 1,851
          Total Assets                       738,085     39,427    335,666     19,741     32,512     55,128     45,740     64,259     20,819     15,456     18,316     29,957     61,066

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 22, 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             758,979     32,856    331,278     25,266     32,390     54,135     58,378     63,649     21,833     15,004     20,485     36,482     67,222
  Less: notes held by F.R. Banks              115,698      4,921     26,076      8,005      5,045      9,522     18,619      8,295      3,583      1,868      4,424      8,888     16,453
    Federal Reserve notes, net                643,281     27,935    305,202     17,261     27,345     44,614     39,760     55,354     18,250     13,136     16,062     27,593     50,769
Reverse repurchase agreements (1)              18,523      1,061      7,288        712      1,022      1,445      1,319      2,180        659        290        548        411      1,589
Deposits                                       44,167      8,453     17,241        659      1,719      3,680      2,208      3,668        952        558        700        850      3,480
  Depository institutions                      37,629      8,451     10,881        658      1,715      3,596      2,136      3,664        950        557        698        849      3,475
  U.S. Treasury, general account                6,119          0      6,119          0          0          0          0          0          0          0          0          0          0
  Foreign official                                122          2         98          1          3          7          2          3          1          1          1          1          3
  Other                                           297          1        143          0          1         77         70          1          1          0          1          0          1
Deferred availability cash items               12,566        930      1,441        520        860        942      1,283      1,046        439        707        497        631      3,270
Other liabilities and accrued                 
  dividends (2)                                 2,213        141        678        101        122        241        178        232         98         79         86         85        172
   
    Total liabilities                         720,750     38,520    331,850     19,254     31,067     50,922     44,748     62,480     20,398     14,768     17,893     29,570     59,279
                              
Capital                    
Capital paid in                                 8,390        437      1,809        234        707      2,073        475        859        200        340        201        186        868
Surplus                                         8,380        436      1,809        233        702      2,073        475        858        199        340        201        186        868
Other capital                                     565         33        198         20         35         60         42         62         22          8         21         14         51
     Total liabilities and capital            738,085     39,427    335,666     19,741     32,512     55,128     45,740     64,259     20,819     15,456     18,316     29,957     61,066
                              

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 22, 2003
              
Federal Reserve notes, net of F.R. 
 Bank holdings                                643,281 
Collateral held against Federal Reserve            
   notes                                      643,281
   Gold certificate account                    11,039
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              630,042
   Other eligible assets                            0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         666,166
   Less:face value of securities under
         reverse repurchase agreements         18,528
      U.S. Treasury and agency securities
             eligible to be pledged           647,638
   

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.

</PRE>


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