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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
                                                                                             March 27, 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           Mar 26, 2003 Mar 19, 2003 Mar 27, 2002 Mar 26, 2003
Federal Reserve Banks

Reserve Bank Credit                                         698,983    -   5,885    +  63,782      704,129
 Securities held outright                                   640,129    +     612    +  64,379      640,901       
    U.S. Treasury (1)                                       640,119    +     612    +  64,379      640,891
       Bills (2)                                            231,892    +     411    +  38,806      232,143
       Notes and bonds, nominal (2)                         394,621    +     102    +  23,571      394,621
       Notes and bonds, inflation-indexed (2)                12,324    +      82    +   1,666       12,814
       Inflation compensation (3)                             1,282    +      18    +     336        1,312
    Federal agency (2)                                           10            0            0           10      
 Repurchase agreements(4)                                    19,286    -   7,214    -   2,928       25,500
 Loans to depository institutions                                10    -       8    -      24            7
    Primary credit                                                2    -       7    +       2            1
    Secondary credit                                              0            0            0            0
    Seasonal credit                                               8            0    -      12            6
    Adjustment credit                                             0            0    -      14            0
 Float                                                        1,412    +     604    +   1,583         -729
 Other Federal Reserve assets                                38,146    +     121    +     772       38,450
Gold stock                                                   11,043            0    -       1       11,043
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            34,695    +      14    +   1,085       34,695
       
Total factors supplying reserve funds                       746,921    -   5,871    +  64,866      752,067
                                                                   
Currency in circulation(5)                                  684,438    +     794    +  43,830      686,176
Reverse repurchase agreements (6)                            18,320    -   1,482    +  18,320       18,231
   Foreign official and international accounts               18,320    -   1,303    +  18,320       18,231
   Dealers                                                        0    -     179            0            0
Treasury cash holdings                                          394    +      22    -      28          373
Deposits with F.R.Banks, other than reserve balances         17,778    +   1,649    +   2,107       17,670       
  U.S. Treasury, general account                              5,916    +     937    +     718        5,927
  Foreign official                                              240    +      81    +     154          162
  Service-related                                            11,407    +     648    +   1,226       11,406
     Required clearing balances                              10,972    +     599    +   1,342       10,972
     Adjustments to compensate for float                        435    +      48    -     116          435
  Other                                                         215    -      16    +      10          175
Other liabilities and capital                                19,412    -     126    +   1,316       19,601

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  740,342    +     858    +  65,545      742,050

Reserve balances with Federal Reserve Banks                   6,579    -   6,729    -     679       10,016
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)           895,108    -   5,617     ------        894,732
     U.S. Treasury                                          715,570    -   6,971     ------        715,261
     Federal agency                                         179,538    +   1,354     ------        179,471
  Securities lent to dealers                                  2,758    +   1,425    +     274        2,850   


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 Mar 26, 2003     Mar 19, 2003     Mar 27, 2002

Assets
Gold certificate account                                        11,039                0        -       5
Special drawing rights certificate account                       2,200                0                0
Coin                                                             1,081        +      10        +       3
Securities, repurchase agreements, and loans                   666,408        -     507        +  66,283
   Securities held outright                                    640,901        +   1,002        +  64,798
      U.S. Treasury (1)                                        640,891        +   1,002        +  64,798       
         Bills (2)                                             232,143        +     387        +  39,039
         Notes and bonds, nominal (2)                          394,621                0        +  23,239
         Notes and bonds, inflation-indexed (2)                 12,814        +     572        +   2,156
         Inflation compensation (3)                              1,312        +      43        +     363
      Federal agency (2)                                            10                0                0
   Repurchase agreements (4)                                    25,500        -   1,500        +   1,500    
   Loans                                                             7        -      10        -      15
Items in process of collection                    (1,231)        6,565        -   4,967        -     727
Bank premises                                                    1,558        +       1        +      47
Other assets (5)                                                37,121        +     542        +   1,279
      Total assets                                (1,231)      725,971        -   4,923        +  66,879
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  652,930        +     981        +  42,391
Reverse repurchase agreements (6)                               18,231        -     199        +  18,231
Deposits                                              (0)       28,079        -   5,881        +   4,697       
  Depository institutions                                       21,815        -   8,127        +   3,716
  U.S. Treasury, general account                                 5,927        +   2,320        +     918
  Foreign official                                                 162        +      12        +      91
  Other                                               (0)          175        -      86        -      28
Deferred availability cash items                  (1,231)        7,130        -     279        -     129
Other liabilities and accrued dividends (7)                      2,248        +      24        -     192
      Total liabilities                           (1,231)      708,618        -   5,354        +  64,999
                          
Capital Accounts
Capital paid in                                                  8,493        -       1        +     843
Surplus                                                          8,380        +      83        +   1,110
Other capital accounts                                             480        +     348        -      72
      Total capital                                             17,352        +     429        +   1,879


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,     March 26, 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               7       44,763   +     713            0           0       20,500       18,231
16 days to 90 days           0      133,717   +     298            0           0        5,000            0
91 days to 1 year            0      149,322   -     624           10           0     ------      ------
Over 1 to 5 years     ------        180,897   +       4            0           0     ------      ------
Over 5 to 10 years    ------         52,287   +     549            0           0     ------      ------
Over 10 years         ------         79,904   +      62            0           0     ------      ------
                   		 	
All                          7      640,891   +   1,002           10           0       25,500      18,231

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     March 26, 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                                           1,081         51         41         77         47        150        106        139         59         41         70        169        132
Securities, repurchase agreements,
      and loans                              666,408     36,720    277,669     24,644     35,362     49,986     45,635     75,423     22,789     10,023     18,945     14,224     54,988
   Securities held outright                  640,901     36,720    252,169     24,644     35,362     49,986     45,635     75,421     22,789     10,019     18,945     14,224     54,987
      U.S. Treasury (1)                      640,891     36,720    252,165     24,644     35,361     49,985     45,634     75,420     22,789     10,019     18,945     14,224     54,986
         Bills (2)                           232,143     13,301     91,339      8,927     12,808     18,106     16,530     27,319      8,255      3,629      6,862      5,152     19,917
         Notes and bonds(3)                  408,747     23,419    160,826     15,717     22,553     31,879     29,104     48,101     14,534      6,390     12,083      9,072     35,069
         Federal agency (2)                       10          1          4          0          1          1          1          1          0          0          0          0          1
      Repurchase agreements(4)                25,500          0     25,500          0          0          0          0          0          0          0          0          0          0
      Loans                                        7          0          0          0          0          0          0          2          0          4          0          0          1
Items in process of collection                 7,796        371        545        366        549        500        722        570        382        448        653        344      2,345
Bank premises                                  1,558         91        186         50        152        144        278        117         44        127         51        144        176
Other assets(5)                               37,121      1,856     12,973      1,224      2,405      5,723      2,226      3,716      1,023        981        931        815      3,248
Interdistrict settlement account                   0    - 8,115    +36,373    - 7,136    - 7,338    - 3,049    - 5,651    -16,276    - 4,260    + 3,594    - 1,927    +13,942    -   157
          Total Assets                       727,202     31,622    333,025     19,738     31,803     54,420     44,408     64,980     20,455     15,422     19,097     30,220     62,012

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     March 26, 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             766,153     32,277    338,137     24,955     31,660     53,899     59,919     63,033     22,008     15,031     21,367     35,591     68,276
  Less: notes held by F.R. Banks              113,223      4,945     28,014      7,560      4,701      8,943     20,234      7,828      3,552      1,469      4,420      7,326     14,233
    Federal Reserve notes, net                652,930     27,332    310,123     17,395     26,959     44,956     39,685     55,205     18,456     13,562     16,947     28,266     54,043
Reverse repurchase agreements (1)              18,231      1,045      7,173        701      1,006      1,422      1,298      2,145        648        285        539        405      1,564
Deposits                                       28,079      1,656     10,219        546      1,815      3,095      1,356      4,943        547        489        628        600      2,186
  Depository institutions                      21,815      1,650      4,041        545      1,811      3,037      1,354      4,939        544        488        626        598      2,183
  U.S. Treasury, general account                5,927          0      5,927          0          0          0          0          0          0          0          0          0          0
  Foreign official                                162          2        138          1          3          7          2          3          1          1          1          1          3
  Other                                           175          4        113          0          1         51          0          1          3          0          1          1          0
Deferred availability cash items                8,361        557        932        478        471        530        900        655        288        322        477        479      2,273
Other liabilities and accrued                 
  dividends (2)                                 2,248        141        678         99        128        245        184        236        101         78         91         88        180
   
    Total liabilities                         709,849     30,731    329,126     19,219     30,378     50,248     43,422     63,186     20,040     14,736     18,682     29,836     60,245
                              
Capital                    
Capital paid in                                 8,493        435      1,854        250        700      2,092        475        873        200        345        204        188        875
Surplus                                         8,380        436      1,809        233        702      2,073        475        858        199        340        201        186        868
Other capital                                     480         20        236         36         22          6         35         64         15          1         11         10         24
     Total liabilities and capital            727,202     31,622    333,025     19,738     31,803     54,420     44,408     64,980     20,455     15,422     19,097     30,220     62,012
                              

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
                                          Mar 26, 2003
              
Federal Reserve notes, net of F.R. 
 Bank holdings                                652,930 
Collateral held against Federal Reserve            
   notes                                      652,930
   Gold certificate account                    11,039
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              639,691
   Other eligible assets                            0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         666,401
   Less:face value of securities under
         reverse repurchase agreements         18,237
      U.S. Treasury and agency securities
             eligible to be pledged           648,163
   

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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