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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
                                                                                               May 23, 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     May 22, 2002 May 15, 2002 May 23, 2001 May 22, 2002

Reserve Bank Credit                                         643,814    -   2,085    +  61,752      644,372
  U.S. government securities (1)                                                   
    Bought outright-system account (2,3)                    585,122    +   1,150    +  59,023      584,602
    Held under repurchase agreements                              0            0            0            0
  Federal agency obligations (1)                                                   
    Bought outright                                              10            0            0           10
    Held under repurchase agreements                              0            0            0            0
  Repurchase agreements -- triparty (4)                      22,893    +     106    +   1,978       23,500
  Acceptances                                                     0            0            0            0
  Loans to depository institutions
    Adjustment credit                                            12    +       6    +       9           24
    Seasonal credit                                             105    +      10    +      22          111
    Extended credit                                               0            0            0            0
   Float                                                       -748    -     654    -     878         -683
   Other F.R. assets                                         36,421    -   2,703    +   1,598       36,808
Gold stock                                                   11,044            0    -       2       11,044
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding                                33,703    +      14    +   1,199       33,703
        Total factors supplying reserve funds               690,761    -   2,070    +  62,949      691,318
                                                                   
Currency in circulation*                                    648,751    +   1,056    +  57,770      651,172
Reverse repurchase agreements -- triparty (4)                     0            0            0            0
Treasury cash holdings*                                         411    +       3    -     100          411
Deposits,other than reserve balances,with F.R.Banks                                        
  Treasury                                                    4,914    -     220    -      79        4,024
  Foreign                                                        76    -      23            0           72
  Service-related balances and adjustments (5)               10,159    +     117    +   3,072       10,159
  Other                                                         217    +       3    -     125          217
Other F.R. liabilities and capital                           19,460    +     361    +   1,516       19,406
        Total factors, other than reserve balances,                                        
        absorbing reserve funds                             683,986    +   1,294    +  62,051      685,461

Reserve balances with F.R. Banks  (6)                         6,774    -   3,365    +     897        5,857
                                                                
On       May 22, 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 $    747,170 million, a change of $  -     646 million for the week. The total includes
$    603,657 million of U.S. government securities and $    143,513 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 $     21,919 million (daily average over statement week) and $     23,291 million (outstanding on 
   Wednesday statement date) matched sale-purchase transactions, of which $     21,704 million (daily average)
   and $     21,791 million (outstanding on Wednesday statement date) were with foreign official and international
   accounts.  Includes securities loans of $      1,184 million (daily average) and $        110 million 
   (outstanding on Wednesday statement date) that are fully collateralized by other U.S. government securities.
3  Includes $     11,602 million of inflation-indexed securities valued at the original face amount and 
   $      1,122 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 $      9,768 million and adjustments of $        390 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
                                                           May 22, 2002     May 15, 2002     May 23, 2001
                ASSETS
Gold certificate account                                        11,044                0        -       2
Special drawing rights certificate account                       2,200                0                0
Coin                                                               937        -      25        -     159
Loans                                                              135        +      31        +      50
Acceptances                                                          0                0                0
Repurchase agreements -- triparty (1)                           23,500        -   4,751        -     205
Federal agency obligations (2)          
  Bought outright                                                   10                0                0
  Held under repurchase agreements                                   0                0                0
U.S. government securities (2)           
  Bought outright--Bills                                       193,218        -   2,158        +  18,192
                   Notes (3)                                   286,010        +     941        +  33,656
                   Bonds (4)                                   105,374        +      52        +   7,146
    Total bought outright (5)                                  584,602        -   1,165        +  58,994
  Held under repurchase agreements                                   0                0                0
     Total U.S. government securities                          584,602        -   1,165        +  58,994
       Total loans and securities                              608,247        -   5,885        +  58,839
                          
Items in process of collection                    (1,058)        6,470        -     113        -   1,163
Bank premises                                                    1,515        +       1        +      16
Other assets (6)                                                35,043        +     839        +   1,670
                TOTAL ASSETS                      (1,058)      665,456        -   5,183        +  59,200
                          
                LIABILITIES
Federal Reserve notes                                          618,818        +   2,052        +  56,405
Reverse repurchase agreements -- triparty (1)                        0                0                0
Deposits                     
  Depository institutions                                       15,897        -   6,357        +   2,491
  U.S. Treasury--general account                                 4,024        -     944        -     764
  Foreign--official accounts                                        72        -      36        -      12
    Other                                             (0)          217        +       1        -     111
      Total deposits                                  (0)       20,211        -   7,335        +   1,606
Deferred availability cash items                  (1,058)        7,022        -     326        -     531
Other liabilities and accrued dividends (7)                      2,469        +      22        -     929
                TOTAL LIABILITIES                 (1,058)      648,519        -   5,589        +  56,550
                          
                CAPITAL ACCOUNTS
Capital paid in                                                  8,096        +      16        +   1,036
Surplus                                                          7,312        +       2        +     770
Other capital accounts                                           1,530        +     390        +     845

*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 $      6,591 million of inflation-indexed securities valued at the original face amount and 
   $        661 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Includes $      5,011 million of inflation-indexed securities valued at the original face amount and 
   $        460 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
5  Net of $     23,291 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes securities loans of $        110 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,       May 22, 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             130       26,794   +   3,356            0           0       19,500           0
16 days to 90 days           6      126,403   -     934            0           0        4,000           0
91 days to 1 year            0      131,761   -   4,580            0           0     ------      ------
Over 1 to 5 years                   166,467   +     979           10           0     ------      ------
Over 5 to 10 years                   51,654   +       6            0           0     ------      ------
Over 10 years                        81,522   +       7            0           0     ------      ------
                   		 	
Total                      135      584,602   -   1,165           10           0       23,500           0

1  Includes $     11,602 million of inflation-indexed securities valued at the original face amount and 
   $      1,122 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       May 22, 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                      11,044        533      4,369        430        522        819        926      1,080        346        179        309        485      1,046
Special drawing rights certif. acct.           2,200        115        874         83        104        147        166        212         71         30         66         98        234
Coin                                             937         50         46         47         46        127         92        118         54         36         67        124        127
                       
Loans                                            135          6          0          0          0          0          2         34         19         37         11          2         23
Acceptances                                        0          0          0          0          0          0          0          0          0          0          0          0          0
Repurchase Agreements -- triparty(1)          23,500          0     23,500          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                     193,218     11,070     76,024      7,430     10,661     15,070     13,758     22,738      6,870      3,020      5,712      4,288     16,577
                   Notes (3)                 286,010     16,387    112,534     10,998     15,781     22,307     20,365     33,658     10,170      4,471      8,454      6,348     24,539
                   Bonds (4)                 105,374      6,037     41,460      4,052      5,814      8,218      7,503     12,400      3,747      1,647      3,115      2,339      9,041
     Total bought outright(5)                584,602     33,495    230,018     22,480     32,255     45,595     41,626     68,796     20,787      9,139     17,281     12,974     50,156
  Held under repurchase agreements                 0          0          0          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             584,602     33,495    230,018     22,480     32,255     45,595     41,626     68,796     20,787      9,139     17,281     12,974     50,156
       Total loans and securities            608,247     33,501    253,522     22,480     32,256     45,595     41,629     68,831     20,806      9,176     17,292     12,977     50,180
                       
Items in process of collection                 7,528        552        669        359        274        501        499        606        330        538        520        335      2,344
Bank premises                                  1,515         92        181         49        151        131        280        107         43        123         49        137        172
Other assets(6)                               35,043      1,829     12,275      1,152      2,354      5,139      2,351      3,595        926        601        920        773      3,128
Interdistrict settlement account                   0    - 3,500    +   942    - 2,305    - 3,445    + 2,956    + 2,035    - 4,289    - 1,628    + 4,550    -   365    + 8,195    - 3,147
          TOTAL ASSETS                       666,514     33,174    272,877     22,295     32,263     55,417     47,979     70,261     20,948     15,233     18,858     23,125     54,084

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 $      6,591 million of inflation-indexed securities valued at the original face amount and  $        661 million 
   of compensation that adjusts for the effects of inflation on the principal of such  securities.
4  Includes $      5,011 million of inflation-indexed securities valued at the original face amount and  $        460 million 
   of compensation that adjusts for the effects of inflation on the principal of such securities.
5  Net of $     23,291 million matched sale-purchase transactions outstanding at the end of the latest statement week.  
   Includes securities loans of $        110 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       May 22, 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                         618,818     30,628    260,702     20,730     28,772     47,209     44,801     65,389     19,631     13,800     17,390     21,599     48,165
Reverse repurchase agreements--triparty(1)          0          0          0          0          0          0          0          0          0          0          0          0          0
Deposits                          
  Depository institutions                      15,897        908      2,713        510      1,534      2,952      1,105      2,298        545        415        607        734      1,576
  U.S. Treasury--general account                4,024          0      4,024          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                       72          2         49          1          3          7          2          3          1          1          1          1          3
  Other                                           217         13        142          0          1         54          0          1          2          0          1          0          0
    Total deposits                             20,211        924      6,928        511      1,537      3,014      1,107      2,302        548        416        610        735      1,580
Deferred credit items                           8,080        560        850        470        383        572        821        599        223        502        356        336      2,408
Other liabilities and accrued                 
  dividends (2)                                 2,469        151        756        109        145        263        203        263        108         80         97         95        200
    TOTAL LIABILITIES                         649,577     32,263    269,237     21,820     30,837     51,058     46,931     68,553     20,510     14,798     18,452     22,766     52,353
                              
       CAPITAL ACCOUNTS                   
Capital paid in                                 8,096        430      1,683        223        684      2,115        452        810        208        304        192        169        825
Surplus                                         7,312        418      1,504        221        665      1,757        535        793        149        118        191        164        796
Other capital accounts                          1,530         62        453         30         77        486         62        105         82         13         24         26        111
     TOTAL LIABILITIES AND CAPITAL            
        ACCOUNTS                              666,514     33,174    272,877     22,295     32,263     55,417     47,979     70,261     20,948     15,233     18,858     23,125     54,084
                              
FEDERAL RESERVE AGENTS' ACCOUNTS              
                              
F.R. notes outstanding                        751,975     35,163    303,541     27,381     33,525     57,243     61,633     72,050     23,685     15,908     21,139     34,140     66,567
  Less--Held by F.R. Banks                    133,157      4,535     42,838      6,650      4,752     10,034     16,832      6,661      4,054      2,108      3,749     12,540     18,402
  F.R. notes, net                             618,818     30,628    260,702     20,730     28,772     47,209     44,801     65,389     19,631     13,800     17,390     21,599     48,165
Collateral held against F.R. notes            
   Gold certificate account                    11,044
   Special drawing rights                 
     certificate account                        2,200
   Other eligible assets                            0
   U.S. govt. and agency securities(3)        605,574
     Total collateral                         618,818

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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