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`FEDERAL RESERVE
These data are scheduled for release each Thursday.  The exact time of each release will be announced, when
the information is available, on (202) 452-3206.

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                          December 20, 2001
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     Dec 19, 2001 Dec 12, 2001 Dec 20, 2000 Dec 19, 2001

Reserve Bank Credit                                         627,352    +   7,607    +  49,070      629,353
  U.S. government securities (1)                                                   
    Bought outright-system account (2,3)                    554,231    +   2,718    +  39,494      555,584
    Held under repurchase agreements                              0            0            0            0
  Federal agency obligations (1)                                                   
    Bought outright                                              10            0    -     120           10
    Held under repurchase agreements                              0            0            0            0
  Repurchase agreements -- triparty (4)                      36,593    +   5,093    +  11,572       37,700
  Acceptances                                                     0            0            0            0
  Loans to depository institutions
    Adjustment credit                                            12    -      31    -     283           10
    Seasonal credit                                              35    +       1    -      86           34
    Extended credit                                               0            0            0            0
   Float                                                        732    +     348    -   2,243           27
   Other F.R. assets                                         35,738    -     523    +     736       35,989
Gold stock                                                   11,045            0    -       1       11,045
Special drawing rights certificate account                    2,200            0    -     143        2,200
Treasury currency outstanding                                33,167    +      14    +   1,624       33,167
        Total factors supplying reserve funds               673,764    +   7,621    +  50,551      675,765
                                                                   
Currency in circulation*                                    630,596    +   3,558    +  47,391      634,598
Reverse repurchase agreements -- triparty (4)                     0            0            0            0
Treasury cash holdings*                                         440    -       1    +      36          425
Deposits,other than reserve balances,with F.R.Banks                                        
  Treasury                                                    5,864    +     856    -   2,241        7,174
  Foreign                                                       290    +     136    +     130          622
  Service-related balances and adjustments (5)                9,136    +     380    +   2,439        9,136
  Other                                                         221    -      19    -       1          208
Other F.R. liabilities and capital                           17,966    +      81    -     615       17,698
        Total factors, other than reserve balances,                                        
        absorbing reserve funds                             664,514    +   4,993    +  47,140      669,861

Reserve balances with F.R. Banks  (6)                         9,250    +   2,628    +   3,410        5,903
                                                                
On  December 19, 2001, 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 $    733,833 million, a change of $  +     346 million for the week. The total includes
$    600,626 million of U.S. government securities and $    133,207 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 $     18,807 million (daily average over statement week) and $     18,728 million (outstanding on 
   Wednesday statement date) matched sale-purchase transactions, of which $     18,807 million (daily average)
   and $     18,728 million (outstanding on Wednesday statement date) were with foreign official and international
   accounts.  Includes securities loans of $      2,926 million (daily average) and $      2,204 million 
   (outstanding on Wednesday statement date) that are fully collateralized by other U.S. government securities.
3  Includes $      9,711 million of inflation-indexed securities valued at the original face amount and 
   $        935 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 $      8,583 million and adjustments of $        553 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
                                                           Dec 19, 2001     Dec 12, 2001     Dec 20, 2000
                ASSETS
Gold certificate account                                        11,045                0        -       1
Special drawing rights certificate account                       2,200                0                0
Coin                                                             1,079        +       9        +     125
Loans                                                               44        -      74        -      81
Acceptances                                                          0                0                0
Repurchase agreements -- triparty (1)                           37,700        -   4,800        +  11,990
Federal agency obligations (2)          
  Bought outright                                                   10                0        -     120
  Held under repurchase agreements                                   0                0                0
U.S. government securities (2)           
  Bought outright--Bills                                       186,484        -     107        +   3,857
                   Notes (3)                                   265,920        +   2,074        +  26,791
                   Bonds (4)                                   103,179        +      92        +  10,396
    Total bought outright (5)                                  555,584        +   2,060        +  41,045
  Held under repurchase agreements                                   0                0                0
     Total U.S. government securities                          555,584        +   2,060        +  41,045
       Total loans and securities                              593,338        -   2,814        +  52,834
                          
Items in process of collection                    (1,026)        9,101        -     968        -   3,233
Bank premises                                                    1,518                0        +      66
Other assets (6)                                                35,527        +     591        +   1,807
                TOTAL ASSETS                      (1,026)      653,807        -   3,182        +  51,597
                          
                LIABILITIES
Federal Reserve notes                                          602,936        +   4,755        +  46,146
Reverse repurchase agreements -- triparty (1)                        0                0                0
Deposits                     
  Depository institutions                                       16,772        -  10,959        +   2,906
  U.S. Treasury--general account                                 7,174        +   2,582        +   2,393
  Foreign--official accounts                                       622        +     328        +     395
    Other                                             (0)          208        -       8        -       3
      Total deposits                                  (0)       24,775        -   8,059        +   5,691
Deferred availability cash items                  (1,026)        8,398        +     188        +     201
Other liabilities and accrued dividends (7)                      2,605        -      59        -   1,770
                TOTAL LIABILITIES                 (1,026)      638,714        -   3,175        +  50,268
                          
                CAPITAL ACCOUNTS
Capital paid in                                                  7,355        -      10        +     333
Surplus                                                          6,725        -       3        +   4,046
Other capital accounts                                           1,012        +       5        -   3,051

*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 $      5,739 million of inflation-indexed securities valued at the original face amount and 
   $        573 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Includes $      3,972 million of inflation-indexed securities valued at the original face amount and 
   $        362 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
5  Net of $     18,728 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes securities loans of $      2,204 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,  December 19, 2001



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              40       21,405   +   5,465            0           0       25,700           0
16 days to 90 days           3      118,662   -   6,150            0           0       12,000           0
91 days to 1 year            0      131,635   +   2,044            0           0     ------      ------
Over 1 to 5 years                   151,727   +     634           10           0     ------      ------
Over 5 to 10 years                   53,317   +      70            0           0     ------      ------
Over 10 years                        78,838   -       4            0           0     ------      ------
                   		 	
Total                       44      555,584   +   2,060           10           0       37,700           0

1  Includes $      9,711 million of inflation-indexed securities valued at the original face amount and 
   $        935 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  December 19, 2001
Millions of dollars
                                                                                                                                                            Kansas                 San
                                               Total     Boston   New York Philadelphia Cleveland   Richmond   Atlanta    Chicago   St. Louis  Minneapolis   City      Dallas   Francisco
         ASSETS                        
Gold certificate account                      11,045        546      4,451        454        538        741        871      1,028        343        143        317        477      1,136
Special drawing rights certif. acct.           2,200        115        874         83        104        147        166        212         71         30         66         98        234
Coin                                           1,079         56         68         42         63        168        121        120         60         34         72        130        146
                       
Loans                                             44          4          0          0          1          0          3         12          3          4          8          0          9
Acceptances                                        0          0          0          0          0          0          0          0          0          0          0          0          0
Repurchase Agreements -- triparty(1)          37,700          0     37,700          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                     186,484     11,204     76,390      7,660     10,918     11,141     12,823     21,121      6,721        582      5,756      3,381     18,788
                   Notes (3)                 265,920     15,977    108,930     10,922     15,568     15,886     18,286     30,118      9,585        830      8,208      4,821     26,791
                   Bonds (4)                 103,179      6,199     42,266      4,238      6,041      6,164      7,095     11,686      3,719        322      3,185      1,870     10,395
     Total bought outright(5)                555,584     33,381    227,586     22,820     32,527     33,191     38,204     62,924     20,025      1,733     17,148     10,072     55,974
  Held under repurchase agreements                 0          0          0          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             555,584     33,381    227,586     22,820     32,527     33,191     38,204     62,924     20,025      1,733     17,148     10,072     55,974
       Total loans and securities            593,338     33,385    265,290     22,821     32,528     33,191     38,207     62,937     20,029      1,737     17,157     10,072     55,984
                       
Items in process of collection                10,127        541      1,092        529        509        730      1,017        653        588        742        567        340      2,820
Bank premises                                  1,518         92        178         49        152        133        285        106         42        123         49        137        172
Other assets(6)                               35,527      1,825     12,902      1,295      2,085      4,794      2,326      3,343        947        661        954        903      3,493
Interdistrict settlement account                   0    - 2,690    -18,943    - 1,644    - 1,854    +10,920    + 5,553    + 4,629    +   182    +11,750    - 1,043    + 2,978    - 9,838
          TOTAL ASSETS                       654,833     33,869    265,911     23,629     34,124     50,824     48,545     73,028     22,262     15,220     18,139     15,136     54,147

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 $      5,739 million of inflation-indexed securities valued at the original face amount and  $        573 million 
   of compensation that adjusts for the effects of inflation on the principal of such  securities.
4  Includes $      3,972 million of inflation-indexed securities valued at the original face amount and  $        362 million 
   of compensation that adjusts for the effects of inflation on the principal of such securities.
5  Net of $     18,728 million matched sale-purchase transactions outstanding at the end of the latest statement week.  
   Includes securities loans of $      2,204 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  December 19, 2001
Millions of dollars
                                                                                                                                                            Kansas                 San
                                               Total     Boston   New York Philadelphia Cleveland   Richmond   Atlanta    Chicago   St. Louis  Minneapolis   City      Dallas   Francisco
       LIABILITIES                         
Federal Reserve notes                         602,936     31,306    249,555     21,731     30,463     44,296     45,127     67,625     21,172     13,862     16,714     13,628     47,458
Reverse repurchase agreements--triparty(1)          0          0          0          0          0          0          0          0          0          0          0          0          0
Deposits                          
  Depository institutions                      16,772        925      3,274        764      1,677      1,962      1,179      2,728        385        437        550        669      2,220
  U.S. Treasury--general account                7,174          0      7,174          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                      622          2        598          1          2          7          2          3          1          1          1          1          3
  Other                                           208          1        130          1          2         52          0          8          1          0         10          2          2
    Total deposits                             24,775        928     11,175        766      1,681      2,022      1,182      2,739        386        439        561        672      2,225
Deferred credit items                           9,424        612      1,136        546        471        748        923        788        278        578        367        388      2,588
Other liabilities and accrued                 
  dividends (2)                                 2,605        165        829        118        157        240        217        277        111         65        105         90        230
    TOTAL LIABILITIES                         639,740     33,011    262,695     23,160     32,772     47,305     47,449     71,428     21,948     14,944     17,747     14,778     52,502
                              
       CAPITAL ACCOUNTS                   
Capital paid in                                 7,355        418      1,504        221        665      1,756        534        775        149        180        191        163        798
Surplus                                         6,725        358      1,468        228        472      1,679        495        632        138         96        179        188        792
Other capital accounts                          1,012         81        244         19        215         83         67        193         27          0         22          6         55
     TOTAL LIABILITIES AND CAPITAL            
        ACCOUNTS                              654,833     33,869    265,911     23,629     34,124     50,824     48,545     73,028     22,262     15,220     18,139     15,136     54,147
                              
FEDERAL RESERVE AGENTS' ACCOUNTS              
                              
F.R. notes outstanding                        753,040     35,907    293,928     28,468     35,167     55,510     64,779     75,036     24,095     16,066     21,175     33,219     69,689
  Less--Held by F.R. Banks                    150,104      4,601     44,373      6,737      4,704     11,215     19,652      7,411      2,923      2,204      4,462     19,591     22,231
  F.R. notes, net                             602,936     31,306    249,555     21,731     30,463     44,296     45,127     67,625     21,172     13,862     16,714     13,628     47,458
Collateral held against F.R. notes            
   Gold certificate account                    11,045
   Special drawing rights                 
     certificate account                        2,200
   Other eligible assets                            0
   U.S. govt. and agency securities(3)        589,691
     Total collateral                         602,936

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.

Components may not add to totals due to rounding.`

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