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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
                                                                                          November 20, 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           Nov 19, 2003 Nov 12, 2003 Nov 20, 2002 Nov 19, 2003
Federal Reserve Banks

Reserve Bank Credit                                         727,983    +   5,744    +  61,911      723,987
 Securities held outright                                   661,963    +   1,750    +  53,900      662,713       
    U.S. Treasury (1)                                       661,953    +   1,750    +  53,900      662,703
       Bills (2)                                            242,886    +     166    +  36,871      242,958
       Notes and bonds, nominal (2)                         403,995    +   1,573    +  15,429      404,669
       Notes and bonds, inflation-indexed (2)                13,454            0    +   1,212       13,454
       Inflation compensation (3)                             1,617    +      11    +     388        1,621
    Federal agency (2)                                           10            0            0           10      
 Repurchase agreements(4)                                    24,071    +   3,607    +   3,142       22,000
 Loans to depository institutions                                65    +      13    -     306           47
    Primary credit                                               22    +      19    +      22            3
    Secondary credit                                              0            0            0            0
    Seasonal credit                                              43    -       5    -      17           44
    Adjustment credit                                             0            0    -     310            0
 Float                                                        1,834    +   1,372    +   2,144        1,265
 Other Federal Reserve assets                                40,049    -     998    +   3,029       37,962
Gold stock                                                   11,043            0    +       1       11,043
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            35,391    +      14    +     963       35,391
       
Total factors supplying reserve funds                       776,618    +   5,759    +  62,875      772,622
                                                                   
Currency in circulation(5)                                  706,844    +     479    +  39,031      707,714
Reverse repurchase agreements (6)                            19,227    +   1,673    +  19,227       17,902
   Foreign official and international accounts               19,227    +   1,673    +  19,227       17,902
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          342    -      33    -      45          305
Deposits with F.R.Banks, other than reserve balances         17,270    +     415    +   1,543       17,759       
  U.S. Treasury, general account                              4,651    -     225    -     217        5,175
  Foreign official                                               80    -      11    -      67           76
  Service-related                                            12,200    +     621    +   1,739       12,200
     Required clearing balances                              11,849    +     424    +   1,566       11,849
     Adjustments to compensate for float                        351    +     197    +     173          351
  Other                                                         339    +      30    +      89          308
Other liabilities and capital                                20,746    +     503    +     955       20,474

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  764,429    +   3,037    +  60,711      764,155

Reserve balances with Federal Reserve Banks                  12,189    +   2,721    +   2,164        8,467
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)         1,014,143    +  11,890     ------      1,021,962
     U.S. Treasury                                          804,680    +   5,226     ------        811,119
     Federal agency                                         209,462    +   6,663     ------        210,843
  Securities lent to dealers                                  1,946    +     444    -     271        3,565   


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 Nov 19, 2003     Nov 12, 2003     Nov 20, 2002

Assets
Gold certificate account                                        11,039                0        +       1
Special drawing rights certificate account                       2,200                0                0
Coin                                                               810        -       9        -     266
Securities, repurchase agreements, and loans                   684,760        +     420        +  59,048
   Securities held outright                                    662,713        +   2,424        +  56,307
      U.S. Treasury (1)                                        662,703        +   2,424        +  56,307       
         Bills (2)                                             242,958        +     166        +  38,603
         Notes and bonds, nominal (2)                          404,669        +   2,247        +  16,103
         Notes and bonds, inflation-indexed (2)                 13,454                0        +   1,212
         Inflation compensation (3)                              1,621        +      11        +     389
      Federal agency (2)                                            10                0                0
   Repurchase agreements (4)                                    22,000        -   2,000        +   2,750    
   Loans                                                            47        -       4        -      10
Items in process of collection                    (1,079)        8,698        +   1,911        +     462
Bank premises                                                    1,602        +       2        +      69
Other assets (5)                                                36,324        -   3,392        +   1,330
      Total assets                                (1,079)      745,433        -   1,068        +  60,645
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  673,434        -     935        +  37,536
Reverse repurchase agreements (6)                               17,902        +     516        +  17,902
Deposits                                              (0)       25,924        -   1,800        +   4,160       
  Depository institutions                                       20,365        -   2,285        +   3,422
  U.S. Treasury, general account                                 5,175        +     561        +     656
  Foreign official                                                  76        -      71        +       4
  Other                                               (0)          308        -       6        +      77
Deferred availability cash items                  (1,079)        7,699        +   1,123        -     121
Other liabilities and accrued dividends (7)                      2,309        -       5        -     112
      Total liabilities                           (1,079)      727,268        -   1,101        +  59,365
                          
Capital Accounts
Capital paid in                                                  8,786        +       2        +     482
Surplus                                                          8,380                0        +   1,068
Other capital accounts                                             999        +      31        -     271
      Total capital                                             18,165        +      33        +   1,280


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 collateralized 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,  November 19, 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              45       50,010   +  15,415            0           0       18,000       17,902
16 days to 90 days           2      142,633   -  16,688           10           0        4,000            0
91 days to 1 year            0      164,942   +   6,967            0           0     ------      ------
Over 1 to 5 years     ------        177,811   -   1,492            0           0     ------      ------
Over 5 to 10 years    ------         50,183   -   1,783            0           0     ------      ------
Over 10 years         ------         77,123   +       4            0           0     ------      ------
                   		 	
All                         47      662,703   +   2,424           10           0       22,000      17,902

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  November 19, 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        495      4,706        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                                             810         25         33         45         37         93         98         96         55         25         48        150        104
Securities, repurchase agreements,
      and loans                              684,760     32,039    305,530     20,722     31,053     50,965     44,770     66,976     20,851     14,812     17,823     25,971     53,246
   Securities held outright                  662,713     32,039    283,530     20,719     31,053     50,965     44,770     66,967     20,850     14,793     17,810     25,971     53,245
      U.S. Treasury (1)                      662,703     32,039    283,526     20,719     31,053     50,964     44,770     66,966     20,849     14,792     17,810     25,971     53,244
         Bills (2)                           242,958     11,746    103,945      7,596     11,384     18,684     16,413     24,551      7,644      5,423      6,529      9,521     19,520
         Notes and bonds(3)                  419,745     20,293    179,580     13,123     19,668     32,280     28,356     42,415     13,206      9,369     11,280     16,450     33,724
         Federal agency (2)                       10          0          4          0          0          1          1          1          0          0          0          0          1
      Repurchase agreements(4)                22,000          0     22,000          0          0          0          0          0          0          0          0          0          0
      Loans                                       47          0          0          3          0          0          0          8          2         19         13          0          1
Items in process of collection                 9,777        455        771        539      1,152        540        814        821        419        475        573        536      2,681
Bank premises                                  1,602         92        190         52        150        144        278        121         43        125         55        174        177
Other assets(5)                               36,324      1,678     12,847        998      2,321      5,998      2,078      3,364        925      1,107        856      1,011      3,141
Interdistrict settlement account                   0    +   187    - 2,553    -   389    - 3,664    + 3,666    + 1,907    - 8,240    - 1,861    -   242    -   732    + 4,297    + 7,623
          Total Assets                       746,511     35,087    322,399     22,430     31,630     62,361     50,974     64,333     20,835     16,557     18,992     32,745     68,169

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  November 19, 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             793,540     37,373    326,172     28,541     33,002     59,403     66,116     66,695     23,259     15,643     21,457     38,021     77,858
  Less: notes held by F.R. Banks              120,107      5,548     24,766      8,625      5,530     10,124     19,856      9,640      4,459      1,405      4,590      7,709     17,854
    Federal Reserve notes, net                673,434     31,825    301,406     19,915     27,472     49,279     46,260     57,055     18,800     14,238     16,867     30,312     60,004
Reverse repurchase agreements (1)              17,902        865      7,659        560        839      1,377      1,209      1,809        563        400        481        702      1,438
Deposits                                       25,924        809      7,347        803      1,141      6,681      1,466      2,601        614        606        756        780      2,320
  Depository institutions                      20,365        800      1,963        802      1,138      6,538      1,464      2,598        610        604        754        778      2,316
  U.S. Treasury, general account                5,175          0      5,175          0          0          0          0          0          0          0          0          0          0
  Foreign official                                 76          2         52          1          3          7          2          3          1          1          1          1          3
  Other                                           308          8        157          0          1        135          1          0          3          0          1          1          0
Deferred availability cash items                8,778        533      1,047        520        567        562        848        739        272        519        389        447      2,334
Other liabilities and accrued                 
  dividends (2)                                 2,309        129        709         96        128        253        185        236        104         84         87        116        183
   
    Total liabilities                         728,347     34,162    318,169     21,893     30,147     58,151     49,969     62,440     20,353     15,846     18,579     32,356     66,280
                              
Capital                    
Capital paid in                                 8,786        448      2,003        259        725      2,067        485        919        231        348        197        184        920
Surplus                                         8,380        436      1,809        233        702      2,073        475        858        199        340        201        186        868
Other capital                                     999         41        418         44         56         69         44        116         52         23         15         18        101
     Total liabilities and capital            746,511     35,087    322,399     22,430     31,630     62,361     50,974     64,333     20,835     16,557     18,992     32,745     68,169
                              

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
                                          Nov 19, 2003
              
Federal Reserve notes outstanding             793,540
   Less: Notes held by F.R. Banks
         not subject to collateralization     120,107
      Federal Reserve Notes to be
         collateralized                       673,434 
Collateral held against Federal Reserve            
   notes                                      673,434
   Gold certificate account                    11,039
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              660,195
   Other assets pledged                             0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         684,713
   Less:face value of securities under
         reverse repurchase agreements         17,923
      U.S. Treasury and agency securities
             eligible to be pledged           666,790
   

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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