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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
                                                                                               June 5, 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            Jun 4, 2003 May 28, 2003  Jun 5, 2002  Jun 4, 2003
Federal Reserve Banks

Reserve Bank Credit                                         716,921    -   3,554    +  65,615      708,888
 Securities held outright                                   651,202    +     350    +  63,789      651,413       
    U.S. Treasury (1)                                       651,192    +     350    +  63,789      651,403
       Bills (2)                                            238,010    +     338    +  44,025      238,223
       Notes and bonds, nominal (2)                         398,853            0    +  18,183      398,853
       Notes and bonds, inflation-indexed (2)                12,814            0    +   1,212       12,814
       Inflation compensation (3)                             1,514    +      12    +     368        1,512
    Federal agency (2)                                           10            0            0           10      
 Repurchase agreements(4)                                    27,813    -   4,044    +     884       19,000
 Loans to depository institutions                                76    +      17    -      44           65
    Primary credit                                               12    +      10    +      12            7
    Secondary credit                                              0            0            0            0
    Seasonal credit                                              64    +       7    -      56           58
    Adjustment credit                                             0            0            0            0
 Float                                                         -317    +      92    -     272          332
 Other Federal Reserve assets                                38,147    +      31    +   1,257       38,078
Gold stock                                                   11,044    +       1            0       11,044
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            34,892    +      14    +   1,021       34,892
       
Total factors supplying reserve funds                       765,057    -   3,539    +  66,636      757,025
                                                                   
Currency in circulation(5)                                  692,854    -     677    +  38,413      693,680
Reverse repurchase agreements (6)                            21,987    +     389    +  21,987       21,673
   Foreign official and international accounts               21,808    +     210    +  21,808       20,423
   Dealers                                                      179    +     179    +     179        1,250
Treasury cash holdings                                          376    +      17    -      39          385
Deposits with F.R.Banks, other than reserve balances         17,843    +     793    +   2,380       17,449       
  U.S. Treasury, general account                              6,487    +     944    +   1,149        6,126
  Foreign official                                              123    -      37    +      23           77
  Service-related                                            11,004    -     101    +   1,205       11,004
     Required clearing balances                              10,833    +      13    +   1,024       10,833
     Adjustments to compensate for float                        170    -     115    +     180          170
  Other                                                         229    -      13    +       3          243
Other liabilities and capital                                19,990    -     291    +     411       19,836

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  753,050    +     230    +  63,152      753,023

Reserve balances with Federal Reserve Banks                  12,007    -   3,770    +   3,484        4,002
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)           933,369    +   5,622     ------        935,950
     U.S. Treasury                                          743,519    +   2,580     ------        747,892
     Federal agency                                         189,850    +   3,042     ------        188,059
  Securities lent to dealers                                    814    -     104    +     563          656   


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  Jun 4, 2003     May 28, 2003      Jun 5, 2002

Assets
Gold certificate account                                        11,040        +       1        -       4
Special drawing rights certificate account                       2,200                0                0
Coin                                                               909        -      11        -      20
Securities, repurchase agreements, and loans                   670,477        -  12,454        +  59,246
   Securities held outright                                    651,413        +     544        +  63,040
      U.S. Treasury (1)                                        651,403        +     544        +  63,040       
         Bills (2)                                             238,223        +     540        +  43,851
         Notes and bonds, nominal (2)                          398,853                0        +  17,619
         Notes and bonds, inflation-indexed (2)                 12,814                0        +   1,212
         Inflation compensation (3)                              1,512        +       4        +     358
      Federal agency (2)                                            10                0                0
   Repurchase agreements (4)                                    19,000        -  13,000        -   3,750    
   Loans                                                            65        +       3        -      44
Items in process of collection                    (1,086)        9,883        -     749        +     926
Bank premises                                                    1,579        -       2        +      65
Other assets (5)                                                36,505        -       9        +     956
      Total assets                                (1,086)      732,594        -  13,223        +  61,170
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  660,078        -   1,089        +  37,251
Reverse repurchase agreements (6)                               21,673        -     184        +  21,673
Deposits                                            (-40)       22,192        -  11,366        +   1,515       
  Depository institutions                                       15,747        -  12,613        +   1,193
  U.S. Treasury, general account                                 6,126        +   1,301        +     350
  Foreign official                                                  77        -      52        -      19
  Other                                             (-40)          243                0        -       8
Deferred availability cash items                  (1,126)        8,815        -     602        +     345
Other liabilities and accrued dividends (7)                      2,305        -      21        -     203
      Total liabilities                           (1,086)      715,063        -  13,263        +  60,581
                          
Capital Accounts
Capital paid in                                                  8,584        +      10        +     302
Surplus                                                          8,380                0        +   1,068
Other capital accounts                                             566        +      29        -     783
      Total capital                                             17,530        +      39        +     588


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,       June 4, 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              23       45,801   -   5,948            0           0       14,000       21,673
16 days to 90 days          41      143,909   +   5,815            0           0        5,000            0
91 days to 1 year            0      154,845   +     951           10           0     ------      ------
Over 1 to 5 years     ------        180,193   -     277            0           0     ------      ------
Over 5 to 10 years    ------         46,670   +       1            0           0     ------      ------
Over 10 years         ------         79,985   +       2            0           0     ------      ------
                   		 	
All                         65      651,403   +     544           10           0       19,000      21,673

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       June 4, 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                      11,040        495      4,707        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                                             909         43         33         65         35        119         97        109         51         37         61        149        111
Securities, repurchase agreements,
      and loans                              670,477     31,495    297,699     20,366     30,524     50,096     44,010     65,837     20,511     14,557     17,513     25,531     52,340
   Securities held outright                  651,413     31,493    278,695     20,366     30,524     50,096     44,007     65,825     20,494     14,540     17,506     25,529     52,337
      U.S. Treasury (1)                      651,403     31,492    278,691     20,366     30,523     50,095     44,006     65,824     20,494     14,540     17,506     25,528     52,336
         Bills (2)                           238,223     11,517    101,919      7,448     11,163     18,320     16,093     24,072      7,495      5,317      6,402      9,336     19,140
         Notes and bonds(3)                  413,180     19,975    176,772     12,918     19,361     31,775     27,913     41,752     12,999      9,223     11,104     16,192     33,197
         Federal agency (2)                       10          0          4          0          0          1          1          1          0          0          0          0          1
      Repurchase agreements(4)                19,000          0     19,000          0          0          0          0          0          0          0          0          0          0
      Loans                                       65          2          4          0          0          0          3         11         16         17          6          3          3
Items in process of collection                10,969        559        923        685        614      1,038      1,038        959        657        495        644        413      2,944
Bank premises                                  1,579         91        185         52        152        143        278        117         43        126         51        164        176
Other assets(5)                               36,505      1,688     13,078      1,016      2,292      5,851      2,117      3,388        938      1,100        872      1,031      3,133
Interdistrict settlement account                   0    - 3,601    +16,545    - 3,142    - 2,731    - 2,768    - 2,997    - 6,791    - 1,544    -   581    -    36    + 2,999    + 4,647
          Total Assets                       733,679     30,885    334,045     19,505     31,467     55,434     45,572     64,813     21,057     15,988     19,474     30,892     64,549

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       June 4, 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             761,219     31,716    333,172     24,237     30,939     54,671     60,351     63,330     22,535     15,243     21,340     34,882     68,803
  Less: notes held by F.R. Banks              101,142      4,264     23,097      7,455      3,913      7,588     19,913      6,663      3,468      1,339      4,036      6,435     12,969
    Federal Reserve notes, net                660,078     27,451    310,075     16,782     27,026     47,083     40,438     56,666     19,067     13,904     17,304     28,447     55,833
Reverse repurchase agreements (1)              21,673      1,048      9,273        678      1,016      1,667      1,464      2,190        682        484        582        849      1,741
Deposits                                       22,152        730      9,025        786      1,201      1,526      1,445      2,991        463        410        621        658      2,295
  Depository institutions                      15,747        728      2,686        784      1,198      1,447      1,484      2,987        455        409        619        657      2,292
  U.S. Treasury, general account                6,126          0      6,126          0          0          0          0          0          0          0          0          0          0
  Foreign official                                 77          2         53          1          3          7          2          3          1          1          1          1          3
  Other                                           203          1        160          1          0         72        -40          0          7          0          1          0          0
Deferred availability cash items                9,941        618        996        655        691        714      1,065        915        281        401        483        439      2,684
Other liabilities and accrued                 
  dividends (2)                                 2,305        132        716         94        129        265        181        228         99         89         86        107        179
   
    Total liabilities                         716,149     29,979    330,085     18,995     30,062     51,255     44,594     62,990     20,593     15,288     19,076     30,501     62,732
                              
Capital                    
Capital paid in                                 8,584        446      1,893        251        688      2,081        478        895        228        346        191        190        897
Surplus                                         8,380        436      1,809        233        702      2,073        475        858        199        340        201        186        868
Other capital                                     566         24        258         26         14         25         26         70         37         14          7         15         51
     Total liabilities and capital            733,679     30,885    334,045     19,505     31,467     55,434     45,572     64,813     21,057     15,988     19,474     30,892     64,549
                              

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
                                           Jun 4, 2003
              
Federal Reserve notes outstanding             761,219
   Less: Notes held by F.R. Banks
         not subject to collateralization      97,120
      Federal Reserve Notes to be
         collateralized                       664,099 
Collateral held against Federal Reserve            
   notes                                      664,099
   Gold certificate account                    11,040
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              648,732
   Other eligible assets                        2,127

Memo:
Total U.S. Treasury and agency 
       securities (1)                         670,413
   Less:face value of securities under
         reverse repurchase agreements         21,680
      U.S. Treasury and agency securities
             eligible to be pledged           648,732
   

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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