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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
                                                                                            January 3, 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      Jan 2, 2002 Dec 26, 2001  Jan 3, 2001  Jan 2, 2002

Reserve Bank Credit                                         642,801    +   9,022    +  51,980      642,220
  U.S. government securities (1)                                                   
    Bought outright-system account (2,3)                    553,844    -   2,021    +  41,686      554,845
    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)                      50,714    +   8,971    +   9,775       49,500
  Acceptances                                                     0            0            0            0
  Loans to depository institutions
    Adjustment credit                                            10    -      26    -      15            5
    Seasonal credit                                              31    -       5    -      42           27
    Extended credit                                               0            0            0            0
   Float                                                      1,131    +     955    +      26          860
   Other F.R. assets                                         37,060    +   1,146    +     670       36,973
Gold stock                                                   11,045            0    -       1       11,045
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding                                33,195    +      14    +   1,552       33,195
        Total factors supplying reserve funds               689,241    +   9,035    +  53,532      688,660
                                                                   
Currency in circulation*                                    643,222    +   4,552    +  49,610      643,611
Reverse repurchase agreements -- triparty (4)                     0            0            0            0
Treasury cash holdings*                                         426    +       1    -      24          427
Deposits,other than reserve balances,with F.R.Banks                                        
  Treasury                                                    5,982    +   1,337    +     670        7,400
  Foreign                                                       130    -     214    -      26           96
  Service-related balances and adjustments (5)                9,088    +     115    +   1,660        9,088
  Other                                                         402    +     195    -     652          225
Other F.R. liabilities and capital                           17,410    -     346    -     474       17,219
        Total factors, other than reserve balances,                                        
        absorbing reserve funds                             676,660    +   5,639    +  50,763      678,067

Reserve balances with F.R. Banks  (6)                        12,582    +   3,397    +   2,770       10,593
                                                                
On    January 2, 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 $    732,642 million, a change of $  -     244 million for the week. The total includes
$    599,528 million of U.S. government securities and $    133,114 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 $     21,018 million (daily average over statement week) and $     20,016 million (outstanding on 
   Wednesday statement date) matched sale-purchase transactions, of which $     21,018 million (daily average)
   and $     20,016 million (outstanding on Wednesday statement date) were with foreign official and international
   accounts.  Includes securities loans of $      7,246 million (daily average) and $      6,959 million 
   (outstanding on Wednesday statement date) that are fully collateralized by other U.S. government securities.
3  Includes $     10,186 million of inflation-indexed securities valued at the original face amount and 
   $        960 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 $      8,551 million and adjustments of $        536 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
                                                            Jan 2, 2002     Dec 26, 2001      Jan 3, 2001
                ASSETS
Gold certificate account                                        11,045                0        -       1
Special drawing rights certificate account                       2,200                0                0
Coin                                                             1,036        -      30        +     101
Loans                                                               32        -      13        -      26
Acceptances                                                          0                0                0
Repurchase agreements -- triparty (1)                           49,500        -     750        +  19,025
Federal agency obligations (2)          
  Bought outright                                                   10                0        -     120
  Held under repurchase agreements                                   0                0                0
U.S. government securities (2)           
  Bought outright--Bills                                       185,246        -   1,143        +   3,370
                   Notes (3)                                   265,940        -       4        +  27,322
                   Bonds (4)                                   103,660        -       3        +  10,876
    Total bought outright (5)                                  554,845        -   1,152        +  41,567
  Held under repurchase agreements                                   0                0                0
     Total U.S. government securities                          554,845        -   1,152        +  41,567
       Total loans and securities                              604,387        -   1,914        +  60,446
                          
Items in process of collection                      (416)        7,463        +   2,241        -   6,421
Bank premises                                                    1,511        -       8        +      50
Other assets (6)                                                35,500        -      93        +   1,096
                TOTAL ASSETS                        (416)      663,141        +     196        +  55,270
                          
                LIABILITIES
Federal Reserve notes                                          611,879        +   1,378        +  49,000
Reverse repurchase agreements -- triparty (1)                        0                0                0
Deposits                     
  Depository institutions                                       20,400        -   5,371        +   8,342
  U.S. Treasury--general account                                 7,400        +   2,544        +   3,568
  Foreign--official accounts                                        96        -     137        +      20
    Other                                             (0)          225        +       2        +      21
      Total deposits                                  (0)       28,122        -   2,962        +  11,953
Deferred availability cash items                    (416)        5,921        +   1,989        -   5,359
Other liabilities and accrued dividends (7)                      2,376        -     218        -   1,715
                TOTAL LIABILITIES                   (416)      648,298        +     187        +  53,879
                          
                CAPITAL ACCOUNTS
Capital paid in                                                  7,374        +      17        +     377
Surplus                                                          7,283        +     571        +   1,095
Other capital accounts                                             186        -     579        -      81

*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 $      5,766 million of inflation-indexed securities valued at the original face amount and 
   $        566 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Includes $      4,420 million of inflation-indexed securities valued at the original face amount and 
   $        394 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
5  Net of $     20,016 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes securities loans of $      6,959 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,    January 2, 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              19       14,681   -   7,363            0           0       38,500           0
16 days to 90 days          12      123,723   +   6,341            0           0       11,000           0
91 days to 1 year            0      130,627   -   1,553            0           0     ------      ------
Over 1 to 5 years                   153,158   +   1,431           10           0     ------      ------
Over 5 to 10 years                   53,338   -       3            0           0     ------      ------
Over 10 years                        79,319   -       3            0           0     ------      ------
                   		 	
Total                       32      554,845   -   1,152           10           0       49,500           0

1  Includes $     10,186 million of inflation-indexed securities valued at the original face amount and 
   $        960 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    January 2, 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                      11,045        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                                           1,036         54         62         43         60        164        111        116         57         31         68        126        143
                       
Loans                                             32          2          1          0          0          0          7         14          3          0          4          0          0
Acceptances                                        0          0          0          0          0          0          0          0          0          0          0          0          0
Repurchase Agreements -- triparty(1)          49,500          0     49,500          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                     185,246     11,130     75,883      7,609     10,845     11,067     12,738     20,981      6,677        578      5,718      3,358     18,663
                   Notes (3)                 265,940     15,978    108,938     10,923     15,569     15,887     18,287     30,120      9,585        830      8,208      4,821     26,793
                   Bonds (4)                 103,660      6,228     42,462      4,258      6,069      6,193      7,128     11,740      3,736        323      3,199      1,879     10,443
     Total bought outright(5)                554,845     33,336    227,283     22,790     32,483     33,147     38,153     62,841     19,998      1,731     17,125     10,058     55,899
  Held under repurchase agreements                 0          0          0          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             554,845     33,336    227,283     22,790     32,483     33,147     38,153     62,841     19,998      1,731     17,125     10,058     55,899
       Total loans and securities            604,387     33,339    276,788     22,790     32,484     33,148     38,161     62,855     20,002      1,731     17,130     10,059     55,900
                       
Items in process of collection                 7,879        406        949        277        235        323        502        673        473        785        390        520      2,347
Bank premises                                  1,511         91        177         49        151        132        281        105         43        123         49        137        171
Other assets(6)                               35,500      1,832     12,957      1,298      2,090      4,781      2,336      3,355        953        658        958        786      3,497
Interdistrict settlement account                   0    - 2,017    -24,286    - 1,778    - 1,961    +12,805    + 6,455    + 4,836    +   544    +11,898    -   608    + 2,964    - 8,852
          TOTAL ASSETS                       663,557     34,367    271,972     23,217     33,701     52,240     48,882     73,181     22,486     15,399     18,370     15,167     54,577

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 $      5,766 million of inflation-indexed securities valued at the original face amount and  $        566 million 
   of compensation that adjusts for the effects of inflation on the principal of such  securities.
4  Includes $      4,420 million of inflation-indexed securities valued at the original face amount and  $        394 million 
   of compensation that adjusts for the effects of inflation on the principal of such securities.
5  Net of $     20,016 million matched sale-purchase transactions outstanding at the end of the latest statement week.  
   Includes securities loans of $      6,959 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    January 2, 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                         611,879     32,032    252,662     21,832     30,781     45,128     45,653     68,500     21,408     14,026     16,985     13,952     48,919
Reverse repurchase agreements--triparty(1)          0          0          0          0          0          0          0          0          0          0          0          0          0
Deposits                          
  Depository institutions                      20,400        940      7,011        558      1,146      2,991      1,747      2,341        480        403        581        555      1,647
  U.S. Treasury--general account                7,400          0      7,400          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                       96          2         73          1          2          7          2          3          1          1          1          1          3
  Other                                           225          4        162          1          3         42          3          1          0          0          6          2          1
    Total deposits                             28,122        945     14,646        560      1,151      3,041      1,752      2,344        481        404        588        558      1,652
Deferred credit items                           6,337        394        804        265        286        344        199        473        187        642        308        242      2,191
Other liabilities and accrued                 
  dividends (2)                                 2,376        147        771        110        142        203        196        257        106         57        102         82        203
    TOTAL LIABILITIES                         648,714     33,518    268,884     22,767     32,359     48,717     47,800     71,574     22,182     15,130     17,984     14,833     52,965
                              
       CAPITAL ACCOUNTS                   
Capital paid in                                 7,374        418      1,504        221        665      1,758        536        793        149        180        191        164        795
Surplus                                         7,283        418      1,504        221        665      1,757        535        793        149         89        191        164        796
Other capital accounts                            186         12         80          7         12          8         11         21          6          0          4          6         20
     TOTAL LIABILITIES AND CAPITAL            
        ACCOUNTS                              663,557     34,367    271,972     23,217     33,701     52,240     48,882     73,181     22,486     15,399     18,370     15,167     54,577
                              
FEDERAL RESERVE AGENTS' ACCOUNTS              
                              
F.R. notes outstanding                        751,220     35,822    294,050     28,342     35,071     55,360     64,296     74,835     24,002     16,036     21,087     33,031     69,287
  Less--Held by F.R. Banks                    139,341      3,789     41,388      6,509      4,291     10,232     18,643      6,335      2,595      2,010      4,102     19,079     20,368
  F.R. notes, net                             611,879     32,032    252,662     21,832     30,781     45,128     45,653     68,500     21,408     14,026     16,985     13,952     48,919
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)        598,634
     Total collateral                         611,879

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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