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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
                                                                                         September 25, 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           Sep 24, 2003 Sep 17, 2003 Sep 25, 2002 Sep 24, 2003
Federal Reserve Banks

Reserve Bank Credit                                         717,608    -   4,068    +  61,686      720,501
 Securities held outright                                   655,990    +     223    +  50,738      656,003       
    U.S. Treasury (1)                                       655,980    +     223    +  50,738      655,993
       Bills (2)                                            241,402    +     219    +  38,137      241,414
       Notes and bonds, nominal (2)                         399,595            0    +  11,029      399,595
       Notes and bonds, inflation-indexed (2)                13,454            0    +   1,212       13,454
       Inflation compensation (3)                             1,529    +       4    +     361        1,530
    Federal agency (2)                                           10            0            0           10      
 Repurchase agreements(4)                                    22,286    -   5,607    +  10,072       26,000
 Loans to depository institutions                               236    +      74    +      67          341
    Primary credit                                               73    +      69    +      73          172
    Secondary credit                                              0            0            0            0
    Seasonal credit                                             163    +       5    -       5          170
    Adjustment credit                                             0            0    -       1            0
 Float                                                          288    +     521    +     241         -971
 Other Federal Reserve assets                                38,809    +     722    +     570       39,128
Gold stock                                                   11,043            0    +       1       11,043
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            35,233    +      14    +     935       35,233
       
Total factors supplying reserve funds                       766,084    -   4,054    +  62,622      768,977
                                                                   
Currency in circulation(5)                                  695,933    -     255    +  36,220      697,361
Reverse repurchase agreements (6)                            20,545    +     100    +  20,545       18,801
   Foreign official and international accounts               20,545    +     100    +  20,545       18,801
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          336    +       3    -      36          341
Deposits with F.R.Banks, other than reserve balances         19,406    +   1,342    +   2,014       18,674       
  U.S. Treasury, general account                              7,540    +   1,456    +     708        6,837
  Foreign official                                              102    -     127    +      22           82
  Service-related                                            11,494    +      13    +   1,249       11,494
     Required clearing balances                              11,226    +       7    +   1,287       11,226
     Adjustments to compensate for float                        268    +       6    -      38          268
  Other                                                         270    +       1    +      36          262
Other liabilities and capital                                20,755    +     167    +   1,332       20,648

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  756,975    +   1,357    +  60,076      755,826

Reserve balances with Federal Reserve Banks                   9,109    -   5,410    +   2,546       13,151
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)           963,357    -   1,111     ------        968,067
     U.S. Treasury                                          774,795    -      22     ------        775,698
     Federal agency                                         188,561    -   1,090     ------        192,369
  Securities lent to dealers                                    615    -     942    +     147          809   


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 Sep 24, 2003     Sep 17, 2003     Sep 25, 2002

Assets
Gold certificate account                                        11,039                0        +       1
Special drawing rights certificate account                       2,200                0                0
Coin                                                               849        +       1        -     217
Securities, repurchase agreements, and loans                   682,345        -   3,022        +  60,412
   Securities held outright                                    656,003        +      50        +  49,745
      U.S. Treasury (1)                                        655,993        +      50        +  49,745       
         Bills (2)                                             241,414        +      47        +  37,145
         Notes and bonds, nominal (2)                          399,595                0        +  11,029
         Notes and bonds, inflation-indexed (2)                 13,454                0        +   1,212
         Inflation compensation (3)                              1,530        +       4        +     360
      Federal agency (2)                                            10                0                0
   Repurchase agreements (4)                                    26,000        -   3,250        +  10,500    
   Loans                                                           341        +     176        +     166
Items in process of collection                    (1,121)        6,535        -     622        -     323
Bank premises                                                    1,595        +       4        +      73
Other assets (5)                                                37,521        +     888        +     559
      Total assets                                (1,121)      742,084        -   2,751        +  60,506
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  663,314        +     387        +  35,411
Reverse repurchase agreements (6)                               18,801        -     171        +  18,801
Deposits                                              (0)       32,208        -   2,615        +   4,737       
  Depository institutions                                       25,027        -   2,007        +   5,072
  U.S. Treasury, general account                                 6,837        -     410        -     372
  Foreign official                                                  82        -     188        +       7
  Other                                               (0)          262        -      10        +      30
Deferred availability cash items                  (1,121)        7,112        -     777        +     185
Other liabilities and accrued dividends (7)                      2,245        +      41        -     187
      Total liabilities                           (1,121)      723,681        -   3,134        +  58,946
                          
Capital Accounts
Capital paid in                                                  8,758        +       3        +     504
Surplus                                                          8,380                0        +   1,068
Other capital accounts                                           1,265        +     380        -      13
      Total capital                                             18,403        +     382        +   1,559


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, September 24, 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             311       52,428   -     236            0           0       26,000       18,801
16 days to 90 days          30      137,309   +   1,361           10           0            0            0
91 days to 1 year            0      159,492   -   1,077            0           0     ------      ------
Over 1 to 5 years     ------        178,020   +       1            0           0     ------      ------
Over 5 to 10 years    ------         51,658   +       2            0           0     ------      ------
Over 10 years         ------         77,088   +       2            0           0     ------      ------
                   		 	
All                        341      655,993   +      50           10           0       26,000      18,801

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 September 24, 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                                             849         28         34         41         34        102        112        106         58         27         50        157         99
Securities, repurchase agreements,
      and loans                              682,345     31,715    306,659     20,512     30,739     50,449     44,477     66,331     20,669     14,704     17,652     25,710     52,728
   Securities held outright                  656,003     31,715    280,659     20,509     30,739     50,449     44,317     66,289     20,639     14,643     17,630     25,709     52,706
      U.S. Treasury (1)                      655,993     31,714    280,655     20,509     30,738     50,448     44,316     66,288     20,638     14,643     17,629     25,708     52,705
         Bills (2)                           241,414     11,671    103,285      7,548     11,312     18,565     16,309     24,395      7,595      5,389      6,488      9,461     19,396
         Notes and bonds(3)                  414,579     20,043    177,370     12,961     19,426     31,882     28,007     41,893     13,043      9,254     11,142     16,247     33,309
         Federal agency (2)                       10          0          4          0          0          1          1          1          0          0          0          0          1
      Repurchase agreements(4)                26,000          0     26,000          0          0          0          0          0          0          0          0          0          0
      Loans                                      341          0          0          3          0          0        160         42         31         61         22          1         22
Items in process of collection                 7,656        438        564        347        416        599        616        603        356        400        502        508      2,307
Bank premises                                  1,595         91        190         52        152        143        278        120         43        126         54        170        176
Other assets(5)                               37,521      1,731     13,451      1,106      2,342      5,981      2,167      3,487        960      1,121        892      1,065      3,218
Interdistrict settlement account                   0    - 1,888    + 2,349    - 1,189    - 2,530    - 1,129    +   842    - 3,308    - 1,496    -   406    -   549    + 1,879    + 7,426
          Total Assets                       743,205     32,726    328,827     21,333     31,734     57,100     49,521     68,533     20,992     16,226     18,969     30,093     67,151

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 September 24, 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             787,589     34,308    329,912     27,758     33,063     58,810     64,602     66,775     23,646     15,828     21,641     35,743     75,502
  Less: notes held by F.R. Banks              124,274      5,465     26,431      8,993      5,825     10,328     20,083      9,934      4,807      1,754      4,960      8,048     17,647
    Federal Reserve notes, net                663,314     28,843    303,481     18,765     27,238     48,482     44,519     56,841     18,839     14,074     16,681     27,696     57,855
Reverse repurchase agreements (1)              18,801        909      8,044        588        881      1,446      1,270      1,900        592        420        505        737      1,511
Deposits                                       32,208      1,440     11,426        884      1,489      1,973      1,718      7,013        742        466        851        762      3,443
  Depository institutions                      25,027      1,435      4,371        883      1,486      1,872      1,716      7,010        741        465        849        761      3,439
  U.S. Treasury, general account                6,837          0      6,837          0          0          0          0          0          0          0          0          0          0
  Foreign official                                 82          2         58          1          3          7          2          3          1          1          1          1          3
  Other                                           262          4        160          0          1         93          0          1          1          0          1          0          0
Deferred availability cash items                8,233        470        915        470        536        644        820        629        243        456        430        392      2,228
Other liabilities and accrued                 
  dividends (2)                                 2,245        130        686         92        120        253        184        224        101         85         85        114        170
   
    Total liabilities                         724,802     31,792    324,552     20,799     30,264     52,798     48,511     66,607     20,516     15,502     18,552     29,701     65,207
                              
Capital                    
Capital paid in                                 8,758        446      1,997        255        705      2,073        479        917        228        348        196        183        931
Surplus                                         8,380        436      1,809        233        702      2,073        475        858        199        340        201        186        868
Other capital                                   1,265         51        468         46         63        156         56        151         48         36         21         23        145
     Total liabilities and capital            743,205     32,726    328,827     21,333     31,734     57,100     49,521     68,533     20,992     16,226     18,969     30,093     67,151
                              

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
                                          Sep 24, 2003
              
Federal Reserve notes outstanding             787,589
   Less: Notes held by F.R. Banks
         not subject to collateralization     119,527
      Federal Reserve Notes to be
         collateralized                       668,062 
Collateral held against Federal Reserve            
   notes                                      668,062
   Gold certificate account                    11,039
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              654,823
   Other eligible assets                            0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         682,003
   Less:face value of securities under
         reverse repurchase agreements         18,805
      U.S. Treasury and agency securities
             eligible to be pledged           663,198
   

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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