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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
                                                                                            January 2, 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            Jan 1, 2003 Dec 25, 2002  Jan 2, 2002  Jan 1, 2003
Federal Reserve Banks

Reserve Bank Credit                                         706,754    +   3,087    +  63,960      708,491
 Securities held outright                                   629,415    +       5    +  75,561      629,416       
    U.S. Treasury (1)                                       629,405    +       5    +  75,561      629,406
       Bills (2)                                            226,682            0    +  42,441      226,682
       Notes and bonds, nominal (2)                         389,219            0    +  30,765      389,219
       Notes and bonds, inflation-indexed (2)                12,242            0    +   2,056       12,242
       Inflation compensation (3)                             1,261    +       5    +     298        1,263
    Federal agency (2)                                           10            0            0           10      
 Repurchase agreements(4)                                    38,107    +   3,786    -  12,607       39,500
 Loans to depository institutions                                45    -      14    +       3           40
    Adjustment credit                                             5    -       8    -       5            9
    Seasonal credit                                              40    -       6    +       9           31
    Extended credit                                               0            0            0            0
 Float                                                          114    -   1,054    -   1,005          832
 Other Federal Reserve assets                                39,073    +     365    +   2,008       38,702
Gold stock                                                   11,043            0    -       2       11,043
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            34,497    +      14    +   1,480       34,497
       
Total factors supplying reserve funds                       754,494    +   3,102    +  65,438      756,230
                                                                   
Currency in circulation(5)                                  686,592    +   5,151    +  43,548      687,425
Reverse repurchase agreements (6)                            20,865    -      43    +  20,865       21,091
   Foreign official and international accounts               20,865    -      43    +  20,865       21,091
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          360            0    -      66          360
Deposits with F.R.Banks, other than reserve balances         16,279    +      93    +     704       16,357       
  U.S. Treasury, general account                              5,016    +     338    -     966        4,420
  Foreign official                                              137    +      23    +       7          136
  Service-related                                            10,649    -     532    +   1,588       10,649
     Required clearing balances                              10,535    +      83    +   2,010       10,535
     Adjustments to compensate for float                        114    -     615    -     422          114
  Other                                                         476    +     264    +      74        1,152
Other liabilities and capital                                19,918    -     523    +   2,508       18,977

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  744,014    +   4,680    +  67,559      744,210

Reserve balances with Federal Reserve Banks                  10,480    -   1,578    -   2,121       12,020
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)           850,687    +   1,820    ------         855,053
     U.S. Treasury                                          686,745    +     748    ------         690,003
     Federal agency                                         163,943    +   1,073    ------         165,050
  Securities lent to dealers                                  1,059    +     755    -   6,187        1,841   


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 effects 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  Jan 1, 2003     Dec 25, 2002      Jan 2, 2002

Assets
Gold certificate account                                        11,039                0        -       6
Special drawing rights certificate account                       2,200                0                0
Coin                                                               988        -      23        -      48
Securities, repurchase agreements, and loans                   668,956        +   2,235        +  64,569
   Securities held outright                                    629,416        +       4        +  74,561
      U.S. Treasury (1)                                        629,406        +       4        +  74,561       
         Bills (2)                                             226,682                0        +  41,436
         Notes and bonds, nominal (2)                          389,219                0        +  30,765
         Notes and bonds, inflation-indexed (2)                 12,242                0        +   2,056
         Inflation compensation (3)                              1,263        +       5        +     303
      Federal agency (2)                                            10                0                0
   Repurchase agreements (4)                                    39,500        +   2,250        -  10,000    
   Loans                                                            40        -      19        +       8
Items in process of collection                    (1,207)       10,291        -   2,948        +   2,828
Bank premises                                                    1,543        +       3        +      32
Other assets (5)                                                37,031        -     326        +   1,531
      Total assets                                (1,207)      732,048        -   1,059        +  68,907
                          
Liabilities
Federal Reserve notes, net of F.R. Bank holdings               654,272        +   2,381        +  42,393
Reverse repurchase agreements (6)                               21,091        +     695        +  21,091
Deposits                                              (0)       28,249        -   1,455        +     127       
  Depository institutions                                       22,541        -   2,160        +   2,141
  U.S. Treasury, general account                                 4,420        -     242        -   2,980
  Foreign official                                                 136        -       3        +      40
  Other                                               (0)        1,152        +     949        +     927
Deferred availability cash items                  (1,207)        9,459        -     988        +   3,538
Other liabilities and accrued dividends (7)                      2,217        -     244        -     159
      Total liabilities                           (1,207)      715,288        +     390        +  66,990
                          
Capital Accounts
Capital paid in                                                  8,380        -       2        +   1,006
Surplus                                                          8,380        +   1,068        +   1,097
Other capital accounts                                               0        -   2,516        -     186
      Total capital                                             16,760        -   1,449        +   1,917


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 effects 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,    January 1, 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              35       27,444   -   6,226            0           0       25,500       21,091
16 days to 90 days           5      154,225   +   7,379            0           0       14,000            0
91 days to 1 year            0      141,840   +      25           10           0     ------      ------
Over 1 to 5 years     ------        172,758   -   1,178            0           0     ------      ------
Over 5 to 10 years    ------         53,300   +       2            0           0     ------      ------
Over 10 years         ------         79,840   +       2            0           0     ------      ------
                   		 	
All                         40      629,406   +       4           10           0       39,500      21,091

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 effects 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    January 1, 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                                             988         45         33         61         43        144        103        126         59         35         66        163        111
Securities, repurchase agreements,
      and loans                              668,956     36,062    287,151     24,203     34,728     49,090     44,825     74,076     22,392      9,846     18,608     13,969     54,006
   Securities held outright                  629,416     36,062    247,651     24,203     34,728     49,090     44,817     74,070     22,381      9,839     18,606     13,969     54,001
      U.S. Treasury (1)                      629,406     36,062    247,647     24,202     34,727     49,089     44,816     74,069     22,380      9,839     18,605     13,969     54,001
         Bills (2)                           226,682     12,988     89,191      8,717     12,507     17,680     16,141     26,676      8,060      3,544      6,701      5,031     19,448
         Notes and bonds(3)                  402,724     23,074    158,456     15,486     22,220     31,410     28,676     47,393     14,320      6,296     11,904      8,938     34,552
         Federal agency (2)                       10          1          4          0          1          1          1          1          0          0          0          0          1
      Repurchase agreements(4)                39,500          0     39,500          0          0          0          0          0          0          0          0          0          0
      Loans                                       40          0          0          0          0          0          8          6         11          7          2          0          5
Items in process of collection                11,498      1,002        992        494        764        917        748      1,170        695        612        870        624      2,608
Bank premises                                  1,543         91        185         50        153        129        279        116         44        127         51        142        176
Other assets(5)                               37,031      1,936     12,757      1,252      2,519      5,575      2,490      3,806        966        638        965        812      3,316
Interdistrict settlement account                   0    - 6,339    +25,021    - 5,447    - 5,651    - 2,806    - 2,772    -13,871    - 3,481    + 4,051    - 2,229    +13,961    -   437
          Total Assets                       733,255     33,445    331,377     21,126     33,181     54,015     46,765     66,716     21,093     15,518     18,706     30,253     61,061

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 effects 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    January 1, 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             759,255     33,188    330,195     25,461     32,754     54,616     58,046     64,617     22,076     15,078     19,994     36,494     66,738
  Less: notes held by F.R. Banks              104,983      4,065     24,922      6,893      4,417      9,023     16,757      7,397      3,088      1,785      3,854      8,424     14,359
    Federal Reserve notes, net                654,272     29,123    305,273     18,569     28,336     45,593     41,289     57,220     18,988     13,293     16,140     28,070     52,379
Reverse repurchase agreements (1)              21,091      1,208      8,299        811      1,164      1,645      1,502      2,482        750        330        623        468      1,810
Deposits                                       28,249      1,273     12,433        626      1,467      1,579      1,870      4,069        513        432        855        752      2,380
  Depository institutions                      22,541      1,212      7,571        577      1,393      1,381      1,735      3,943        480        430        822        727      2,273
  U.S. Treasury, general account                4,420          0      4,420          0          0          0          0          0          0          0          0          0          0
  Foreign official                                136          2        112          1          3          7          2          3          1          1          1          1          3
  Other                                         1,152         60        330         49         72        191        133        123         33          1         32         24        104
Deferred availability cash items               10,666        832      1,069        556        685        808        972        997        346        713        598        505      2,584
Other liabilities and accrued                 
  dividends (2)                                 2,217        135        686         99        124        243        182        232         98         72         88         85        172
   
    Total liabilities                         716,495     32,572    327,759     20,661     31,776     49,868     45,814     65,000     20,695     14,839     18,304     29,881     59,325
                              
Capital                    
Capital paid in                                 8,380        436      1,809        233        702      2,073        475        858        199        340        201        186        868
Surplus                                         8,380        436      1,809        233        702      2,073        475        858        199        340        201        186        868
Other capital                                       0          0          0          0          0          0          0          0          0          0          0          0          0
     Total liabilities and capital            733,255     33,445    331,377     21,126     33,181     54,015     46,765     66,716     21,093     15,518     18,706     30,253     61,061
                              

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
                                           Jan 1, 2003
              
Federal Reserve notes, net of F.R. 
 Bank holdings                                654,272 
Collateral held against Federal Reserve            
   notes                                      654,272
   Gold certificate account                    11,039
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              641,034
   Other eligible assets                            0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         668,916
   Less:face value of securities under
         reverse repurchase agreements         21,098
      U.S. Treasury and agency securities
             eligible to be pledged           647,818
   

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 effects of inflation on the original face 
   value of inflation-indexed securities, and cash value of repurchase agreements.`

Statistical releases

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