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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
                                                                                              June 19, 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 18, 2003 Jun 11, 2003 Jun 19, 2002 Jun 18, 2003
Federal Reserve Banks

Reserve Bank Credit                                         713,850    +     641    +  63,071      714,954
 Securities held outright                                   651,783    +     198    +  60,419      651,932       
    U.S. Treasury (1)                                       651,773    +     198    +  60,419      651,922
       Bills (2)                                            238,605    +     205    +  41,266      238,756
       Notes and bonds, nominal (2)                         398,853            0    +  17,619      398,853
       Notes and bonds, inflation-indexed (2)                12,814            0    +   1,212       12,814
       Inflation compensation (3)                             1,501    -       7    +     322        1,498
    Federal agency (2)                                           10            0            0           10      
 Repurchase agreements(4)                                    23,179    -     107    +   1,143       23,000
 Loans to depository institutions                                74    +      12    -      60           86
    Primary credit                                                3    +       1    +       3            3
    Secondary credit                                              0            0            0            0
    Seasonal credit                                              71    +      10    -      60           83
    Adjustment credit                                             0            0    -       3            0
 Float                                                            0    +      99    +     505        1,127
 Other Federal Reserve assets                                38,815    +     440    +   1,065       38,809
Gold stock                                                   11,044            0            0       11,044
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            34,952    +      14    +   1,019       34,952
       
Total factors supplying reserve funds                       762,046    +     655    +  64,090      763,150
                                                                   
Currency in circulation(5)                                  691,472    -     658    +  36,652      692,457
Reverse repurchase agreements (6)                            21,464    +     648    +  21,464       22,901
   Foreign official and international accounts               21,142    +     326    +  21,142       20,651
   Dealers                                                      321    +     321    +     321        2,250
Treasury cash holdings                                          379    -       6    -      28          368
Deposits with F.R.Banks, other than reserve balances         18,555    +     782    +   2,034       19,499       
  U.S. Treasury, general account                              7,147    +     632    +   1,253        8,086
  Foreign official                                               88    -      51    -      36           96
  Service-related                                            11,088    +     210    +     840       11,088
     Required clearing balances                              10,830    -       3    +     915       10,830
     Adjustments to compensate for float                        258    +     213    -      76          258
  Other                                                         232    -       9    -      23          229
Other liabilities and capital                                20,322    +     132    +     503       19,937

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  752,192    +     898    +  60,625      755,161

Reserve balances with Federal Reserve Banks                   9,855    -     242    +   3,466        7,989
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)           935,900    +     434     ------        934,711
     U.S. Treasury                                          750,138    +   3,547     ------        751,560
     Federal agency                                         185,762    -   3,113     ------        183,151
  Securities lent to dealers                                    625    -     142    -     305          792   


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 18, 2003     Jun 11, 2003     Jun 19, 2002

Assets
Gold certificate account                                        11,040                0        -       4
Special drawing rights certificate account                       2,200                0                0
Coin                                                               937        +      11        -       8
Securities, repurchase agreements, and loans                   675,017        -   9,160        +  61,920
   Securities held outright                                    651,932        +     319        +  59,735
      U.S. Treasury (1)                                        651,922        +     319        +  59,735       
         Bills (2)                                             238,756        +     326        +  40,593
         Notes and bonds, nominal (2)                          398,853                0        +  17,619
         Notes and bonds, inflation-indexed (2)                 12,814                0        +   1,212
         Inflation compensation (3)                              1,498        -       7        +     311
      Federal agency (2)                                            10                0                0
   Repurchase agreements (4)                                    23,000        -   9,500        +   2,250    
   Loans                                                            86        +      21        -      64
Items in process of collection                    (1,167)        8,832        +   1,601        +   1,716
Bank premises                                                    1,580        +       1        +      63
Other assets (5)                                                37,243        +     233        +     775
      Total assets                                (1,167)      736,850        -   7,314        +  64,463
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  658,805        -     581        +  35,282
Reverse repurchase agreements (6)                               22,901        +   1,690        +  22,901
Deposits                                              (0)       27,211        -   8,482        +   5,607       
  Depository institutions                                       18,800        -  10,549        +   4,459
  U.S. Treasury, general account                                 8,086        +   2,055        +   1,187
  Foreign official                                                  96        +      16        -      17
  Other                                               (0)          229        -       4        -      22
Deferred availability cash items                  (1,167)        7,996        +     241        +     444
Other liabilities and accrued dividends (7)                      2,326        -      29        -     228
      Total liabilities                           (1,167)      719,239        -   7,161        +  64,006
                          
Capital Accounts
Capital paid in                                                  8,657        +       1        +     337
Surplus                                                          8,380                0        +   1,068
Other capital accounts                                             574        -     154        -     949
      Total capital                                             17,611        -     153        +     457


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 18, 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              72       51,004   +   5,443            0           0       17,000       22,901
16 days to 90 days          13      137,572   -   5,710            0           0        6,000            0
91 days to 1 year            0      156,513   +     595           10           0     ------      ------
Over 1 to 5 years     ------        180,189   -       2            0           0     ------      ------
Over 5 to 10 years    ------         46,665   -       3            0           0     ------      ------
Over 10 years         ------         79,979   -       3            0           0     ------      ------
                   		 	
All                         86      651,922   +     319           10           0       23,000      22,901

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 18, 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                                             937         43         36         61         39        119        104        116         56         36         67        151        109
Securities, repurchase agreements,
      and loans                              675,017     31,521    301,917     20,382     30,548     50,136     44,047     65,891     20,530     14,580     17,528     25,552     52,385
   Securities held outright                  651,932     31,518    278,917     20,382     30,548     50,136     44,042     65,878     20,511     14,552     17,520     25,549     52,379
      U.S. Treasury (1)                      651,922     31,518    278,913     20,382     30,547     50,135     44,041     65,877     20,510     14,552     17,520     25,549     52,378
         Bills (2)                           238,756     11,543    102,148      7,465     11,188     18,361     16,129     24,126      7,512      5,329      6,416      9,357     19,183
         Notes and bonds(3)                  413,165     19,975    176,765     12,917     19,360     31,774     27,912     41,750     12,999      9,222     11,104     16,192     33,195
         Federal agency (2)                       10          0          4          0          0          1          1          1          0          0          0          0          1
      Repurchase agreements(4)                23,000          0     23,000          0          0          0          0          0          0          0          0          0          0
      Loans                                       86          3          0          0          0          0          5         13         19         28          8          3          6
Items in process of collection                 9,999        868        848        442        441        826      1,009        840        555        336        693        571      2,571
Bank premises                                  1,580         91        185         52        152        143        279        117         43        126         52        164        176
Other assets(5)                               37,243      1,724     13,399      1,035      2,328      5,914      2,161      3,459        965      1,116        890      1,061      3,192
Interdistrict settlement account                   0    - 3,565    +12,806    - 2,964    - 3,050    +   243    - 1,320    - 7,674    - 1,183    -   369    -   159    + 3,079    + 4,157
          Total Assets                       738,017     31,292    334,772     19,470     31,039     58,335     47,308     63,942     21,368     16,079     19,440     31,184     63,787

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 18, 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             763,602     31,719    331,797     24,379     30,886     55,753     61,701     63,552     22,913     15,237     21,322     35,106     69,238
  Less: notes held by F.R. Banks              104,797      4,255     23,630      7,479      4,159      8,430     19,616      7,211      3,848      1,438      4,096      6,736     13,900
    Federal Reserve notes, net                658,805     27,464    308,167     16,900     26,727     47,323     42,085     56,341     19,064     13,799     17,226     28,370     55,338
Reverse repurchase agreements (1)              22,901      1,107      9,798        716      1,073      1,761      1,547      2,314        720        511        615        897      1,840
Deposits                                       27,211      1,149     11,168        803      1,088      4,148      1,609      2,405        679        549        608        934      2,070
  Depository institutions                      18,800      1,146      2,851        802      1,085      4,079      1,607      2,401        676        548        606        933      2,067
  U.S. Treasury, general account                8,086          0      8,086          0          0          0          0          0          0          0          0          0          0
  Foreign official                                 96          2         72          1          3          7          2          3          1          1          1          1          3
  Other                                           229          2        159          0          1         62          0          1          2          0          1          0          0
Deferred availability cash items                9,163        533        976        444        605        662        913        837        334        431        504        481      2,444
Other liabilities and accrued                 
  dividends (2)                                 2,326        134        720         95        129        266        182        230         99         92         86        109        185
   
    Total liabilities                         720,406     30,387    330,829     18,957     29,623     54,160     46,336     62,128     20,898     15,382     19,039     30,792     61,876
                              
Capital                    
Capital paid in                                 8,657        446      1,894        252        704      2,090        477        884        228        347        191        189        956
Surplus                                         8,380        436      1,809        233        702      2,073        475        858        199        340        201        186        868
Other capital                                     574         22        241         28         10         12         20         73         43         10          9         17         88
     Total liabilities and capital            738,017     31,292    334,772     19,470     31,039     58,335     47,308     63,942     21,368     16,079     19,440     31,184     63,787
                              

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 18, 2003
              
Federal Reserve notes outstanding             763,602
   Less: Notes held by F.R. Banks
         not subject to collateralization     100,588
      Federal Reserve Notes to be
         collateralized                       663,014 
Collateral held against Federal Reserve            
   notes                                      663,014
   Gold certificate account                    11,040
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              649,774
   Other eligible assets                            0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         674,932
   Less:face value of securities under
         reverse repurchase agreements         22,908
      U.S. Treasury and agency securities
             eligible to be pledged           652,023
   

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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