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Financial and business statistics.


A3    GUIDE TO TABLES

      DOMESTIC FINANCIAL STATISTICS

      Money Stock and Bank Credit

A4    Reserves and money stock measures
A5    Reserves of depository institutions and Reserve Bank
      credit
A6    Reserves and borrowings--Depository
      institutions

      Policy Instruments

A7    Federal Reserve Bank interest rates
A8    Reserve requirements of depository institutions
A9    Federal Reserve open market transactions

      Federal Reserve Banks

A10   Condition and Federal Reserve note statements
A11   Maturity distribution of loans and securities

      Monetary and Credit Aggregates

A12   Aggregate reserves of depository institutions
      and monetary base
A13   Money stock measures

      Commercial Banking Institutions--Assets
      and Liabilities

A15   All commercial banks in the United States
A16   Domestically chartered commercial banks
A17   Large domestically chartered commercial banks
A19   Small domestically chartered commercial banks
A20   Foreign-related institutions

      Financial Markets

A22   Commercial paper outstanding
A22   Prime rate charged by banks on short-term
      business loans
A23   Interest rates--Money and capital markets
A24   Stock market--Selected statistics

      Federal Finance

A25   Federal debt subject to statutory limitation
A25   Gross public debt of U.S. Treasury--Types
      and ownership
A26   U.S. government securities
      dealers--Transactions
A27   U.S. government securities dealers--Positions
      and financing
A28   Federal and federally sponsored credit
      agencies--Debt outstanding

      Securities Markets and Corporate Finance

A29   New security issues Tax-exempt state and local
      governments and U.S. corporations
A30   Open-end investment companies--Net sales
      and assets
A30   Domestic finance companies--Assets and liabilities
A31   Domestic finance companies--Owned and managed
      receivables

      Real Estate

A32   Mortgage markets--New homes
A33   Mortgage debt outstanding

      Consumer Credit

A34   Total outstanding
A34   Terms

      Flow of Funds

A35   Funds raised in U.S. credit markets
A37   Summary of financial transactions
A38   Summary of credit market debt outstanding
A39   Summary of financial assets and liabilities

      DOMESTIC NONFINANCIAL STATISTICS

      Selected Measures

A40   Output, capacity, and capacity utilization
A42   Industrial production--Indexes and gross value

      INTERNATIONAL STATISTICS

      Summary Statistics

A44   U.S. international transactions
A44   U.S. reserve assets
A45   Foreign official assets held at Federal Reserve
      Banks
A45   Selected U.S. liabilities to foreign official
      institutions

      Reported by Banks in the United States

A45   Liabilities to, and claims on, foreigners
A46   Liabilities to foreigners
A48   Banks' own claims on foreigners
A49   Banks' own and domestic customers' claims on
      foreigners

      Reported by Nonbanking Business
      Enterprises in the United States

A50   Liabilities to unaffiliated foreigners
A52   Claims on unaffiliated foreigners

      Securities Holdings and Transactions

A54   Foreign transactions in securities
A55   Marketable U.S. Treasury bonds and
      notes--Foreign transactions

      Interest and Exchange Rates

A56   Foreign exchange rates
A57   GUIDE TO SPECIAL TABLES AND
      STATISTICAL RELEASES

A70   INDEX TO STATISTICAL TABLES

A72   BOARD OF GOVERNORS AND STAFF

A74   FEDERAL OPEN MARKET COMMITTEE AND
      STAFF; ADVISORY COUNCILS

A76   FEDERAL RESERVE BOARD PUBLICATIONS

A78   MAPS OF THE FEDERAL RESERVE SYSTEM

A80   FEDERAL RESERVE BANKS, BRANCHES,
      AND OFFICES

Guide to Tables

SYMBOLS AND ABBREVIATIONS

c        Corrected
e        Estimated
n.a.     Not available
n.e.c.   Not elsewhere classified
p        Preliminary
r        Revised (Notation appears in column beading
           when about half the figures in the column have
           been revised from the most recently published
           table.)
*        Amount insignificant in terms of the last decimal
           place shown in the table (for example, less than
           500,000 when the smallest unit given is in millions)
0        Calculated to be zero
...      Cell not applicable
ABS      Asset-backed security
ATS      Automatic transfer service
BIF      Bank insurance fund
CD       Certificate of deposit
CMO      Collateralized mortgage obligation
CRA      Community Reinvestment Act of 1977
FAMC     Federal Agricultural Mortgage Corporation
FFB      Federal Financing Bank
FFIEC    Federal Financial Institutions Examination Council
FHA      Federal Housing Administration
FHLBB    Federal Home Loan Bank Board
FHLMC    Federal Home Loan Mortgage Corporation
FmHA     Farmers Home Administration
FNMA     Federal National Mortgage Association
FSA      Farm Service Agency
FSLIC    Federal Savings and Loan Insurance Corporation
G-7      Group of Seven
G- 10    Group of Ten
GDP      Gross domestic product
GNMA     Government National Mortgage Association
GSE      Government-sponsored enterprise
HUD      Department of Housing and Urban
           Development
IMF      International Monetary Fund
IOs      Interest only, stripped, mortgage-backed securities
IPCs     Individuals, partnerships, and corporations
IRA      Individual retirement account
MMDA     Money market deposit account
MSA      Metropolitan statistical area
NAICS    North American Industry Classification System
NOW      Negotiable order of withdrawal
OCDs     Other checkable deposits
OPEC     Organization of Petroleum Exporting Countries
OTS      Office of Thrift Supervision
PMI      Private mortgage insurance
POs      Principal only, stripped, mortgage-backed securities
REIT     Real estate investment trust
REMICs   Real estate mortgage investment conduits
RHS      Rural Housing Service
RP       Repurchase agreement
RTC      Resolution Trust Corporation
SCO      Securitized credit obligation
SDR      Special drawing right
SIC      Standard Industrial Classification
TIIS     Treasury inflation-indexed securities
VA       Department of Veterans Affairs


GENERAL INFORMATION

In many of the tables, components do not sum to totals because of rounding.

Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow.

"U.S. government securities" may include guaranteed issues of U.S. government agencies (the flow of funds figures also include not fully guaranteed issues) as well as direct obligations of the U.S. Treasury.

"State and local government" also includes municipalities, special districts, and other political subdivisions.
1.10 RESERVES AND MONEY STOCK MEASURES
Percent annual rate of change, seasonally adjusted (1)

Monetary or credit aggregate         2002           2003
                                   Q3    Q4      Q1      Q2
Reserves of depository
institutions (3)

1 Total                          -2.2    1.0    11.3     6.7
2 Required                       -1.9   -1.4    11.4     8.1
3 Nonbonuwed                     -3.7    1.9    12.8     6.2
4 Monclary bane                   6.9    5.1     7.6     5.9

Cormepty of money (4)

5 M1                              3.0    4.9     7.5     9.2
6 M2                              8.8    7.0     6.4     8.4
7 M3                              7.2    7.8     5.6     6.3

Nontransaction components

8 In M2 (5)                      10.4    7.6     6.0     8.2
9 In M3 only (6)                  3.6    9.5     3.9     1.8

Time and savings deposits
Commercial banks

10 Saving, including MMDAs       20.1   16.8    13.6    16.5
11 Small time (7)                -4.0   -7.4    -7.1    -8.6
12 Large time (8,9)                .5   -5.6    -4.5     2.1

Thirft institutions

13 Saving including MMDAs        20.6   20.0    21.9    24.6
14 Small time (7)               -10.5   -6.0    -6.6    -9.0
15 Large time (8)                -2.6   11.9     8.9    -2.1

Money market mutual
funds

16 Retail                          .9   -6.3   -10.0    -8.2
17 Institution-only               -.7    2.1    -4.9   -14.7

Repurchase agreements
and eurodollars

19 Repurchase agreements (10)    28.7   47.7    31.4    27.8
19 Eurodollar  (10)              -3.5   28.9    19.2    32.1 (r)

Monetary or credit aggregate
                                   Apr.     May          June
Reserves of depository
institutions (3)

1 Total                          4.9         5.3        53.0
2 Required                       -1.9        2.8        48.0
3 Nonbonuwed                     -5.1        4.5        49.9
4 Monclary bane                   5.3        5.1         3.4

Cormepty of money (4)

5 M1                               .4       20.3        13.3
6 M2                              4.6       17.8         9.5
7 M3                              2.5 (r)   12.9 (r)     9.1 (r)

Nontransaction components

8 In M2 (5)                       5.8       17.1         8.5
9 In M3 only (6)                 -2.2 (r)   -2.2 (r)     8.2 (r)

Time and savings deposits
Commercial banks

10 Saving, including MMDAs       17.7        23.5       21.5
11 Small time (7)                -8.5       -10.2      -10.9
12 Large time (8,9)              -1.0         7.0       -6.6

Thirft institutions

13 Saving including MMDAs        19.1        40.5       13.2
14 Small time (7)                -7.3       -11.8      -13.2
15 Large time (8)                 2.0       -10.2       11.3

Money market mutual
funds

16 Retail                        -20.1        9.1       -7.9
17 Institution-only              -22.4       20.1       20.3

Repurchase agreements
and eurodollars

18 Repurchase agreements (10)     23.8       19.3        6.3
19 Eurodollar  (10)               37.1 (r)   62.3 (r)   -1.8 (r)

                                      2003
Monetary or credit aggregate      July      Aug.

Reserves of depository
institutions (3)

1 Total                          31.7       64.7
2 Required                       31.1 (r)   14.8
3 Nonbonuwed                     32.7       59.4
4 Monclary bane                    .6        9.7

Cormepty of money (4)

5 M1                              5.3       7.0
6 M2                              9.6       7.9
7 M3                             22.0       3.2

Nontransaction components

8 In M2 (5)                      10.8       8.1
9 In M3 only (6)                 49.4 (r)  -7.0

Time and savings deposits
Commercial banks

10 Saving, including MMDAs       28.1       18.9
11 Small time (7)               -19.1      -16.8
12 Large time (8,9)             153.1 (r)   -2.5

Thirft institutions

13 Saving including MMDAs        21.4       22.2
14 Small time (7)               -14.6      -16.8
15 Large time (8)                34.6       15.8

Money market mutual
funds

16 Retail                       -15.0       -9.0
17 Institution-only              42.1      -19.6

Repurchase agreements
and eurodollars

18 Repurchase agreements (10)   -57.9       -8.5
19 Eurodollar  (10)              29.2 (r)   29.4

(1.) Unless otherwise noted rates of change are calculated from
average amounts outstand-ing during preceding month or quarter.

(2.) Figures incorporate adjustments (See also table 1.20).

(3.) The seasonally adjusted, break-adjusted monetary base consists of
(1) seasonally adjusted currency component of the money stock, plus
(3) (for all quarterly reporters on teh "Report of Transaction
Accounts, Other Deposits and Vault Cash" and for all weekly reporters
whose vault cash exceeds their required reserves) the seasonally
adjusted, break-adjusted difference between current vault cash and
the amount applied to satisfy current reserve requirements.

(4) Composition of the money stock measures is as follows:
MI: (1) currency outside the U.S. Treasury, Federal Reserve Banks,
and the vaults of depository institutions, (2) travelers checks of
nonbank issuers, (3) demand deposits at all commercial banks other
than those owed to depository institutions, the U.S. government,
and foreign banks and official institutions, less cash items in the
process of collection and Federal Reserve float, and (4) other
checkabel deposits (OCDs), consisting of negotiable order of
withdrawal (NOW) and automatic transfer service (ATS) accounts at
depository institutions, credit union share draft accounts, and demand
deposits at thrift institutions. Seasonally adjusted MI is computed
by summing currency, travelers checks, demand deposits, and OCDs,
each seasonally adjusted separately.

M2: M1 plus (1) savings (including MMDAs), (2) small-denomination time
deposits (time deposits--including retail RPs--in amounts of less than
$100,000), and (3) balances in retail money market mutual funds.
Excludes individual retirement accoutns (IRAs) and Keogh balances at
depository institutions and money market funds.

Seasonally adjusted M2 is calculated by summing savings deposits,
small-denomination time deposits, and retail money fund balances, each
seasonally adjusted separetely, and adding this result to seasonally
adjusted MI.

M3: M2 plus (1) large-denomination time deposits (in amounts of
$100,000 or more), (2) balances in institutional money funds, (3) RP
liabilities (overnight and term) issued by all depository institutions,
and (4) eurodollars (overnight and term) held by U.S. residents at
foreign branches of U.S. banks worldwide and at al banking offices
in the United Kingdom and Canada. Excludes amounts held by depository
institutions, the U.S. government, money market funds, and foreign
banks and official institutions. Seasonally adjusted M3 is calculated
by summing large time deposits, institutional money fund balances, RP
liabilities, and eurodollars, each seasonally adjusted separately, and
adding this result to seasonally adjusted M2.

(5.) Sum of (1) savings deposits (including MMDAs) (2) small time
deposits, and (3) retail money fund balances, each seasonally adjusted
separately.

(6.) Sum of (1) large time deposits (2) institutional money fund
balances, (3) RP liabilities (overnight and term) issued by depository
institutions, and (4) eurodollars (overnight and term) of U.S.
addresses, each seasonally adjusted separately.

(7.) Small time deposits--including retail RPs--are those issued in
amounts of less than $100,000. All IRA and Keogh account balances at
commercial banks and thrift institutions are subtracted from small
time deposits.

(8.) Large time deposits are those issued in amounts of $100,000 or
more, excluding those booked at international banking facilities.

(9.) Large time deposits at commercial banks less those held by
money market funds, depository institutions, the U.S. government, and
foreign banks and official institutions.

(10.) Includes both overnight and term.

1.11 RESERVE BALANCES OF DEPOSITORY INSTITUTIONS (1)
Millions of dollars

                                           Average of daily figures
Factor                                              2003
                                         June      July         Aug

SUPPLYING RESERVE FUNDS

1  Reserve Bank credit outstanding     715,547   716,576       718,212
2   Securities held outright           651,774   692,630       653,374
3     U.S. Treasury (2)                651,764   652,620       653,364
4     Bills (3)                        238,596   239,480       240,227
5     Notes and bonds nominal (3)      398,853   398,853       398,853
6     Notes and bond, inflation-
      indexed (3)                       12,814    12,814        12,814
7     Inflation compensation (4)         1,500     1,473         1,470
8     Federal agency (3)                    10        10            10
9   Repurchase agreements (5)           25,074    24,153        25,774
10  Loans to depository institutions       174       114           330
11   Primary credit                        100         5           168
12   Secondary credit                        0         0             0
13   Seasonal credit                        74       109           147
14  Float                                 -166       147           346
14  Other Federal Reserve Assets        38,692    39,532        38,387
16 Gold stock                           11,044    11,044        11,043
17 Special drawing right certificate
   account                               2,200     2,200         2,200
18 Treasury currency oulstanding        35,022    35,104 (r)    35,171

ABSORBING RESERVE FUNDS

19 Currency in circulation             691,893   694,590 (r)   695,319
20 Reverse repurchase agreements (6)    22,038    20,180        19,541
21  Foreign official and
    international accounts              21,530    20,180        19,541
22  Dealers                                508         0             0
23 Treasury holdings                       375       334           354
24 Deposits with Federal Reserve
   Banks, other than
   reserve balances                     18,169    17,943        17,322
25  U.S. Treasury, general account       6,747     6,213         5,599
26  Foreign official                       157       224           151
27  Service-related                     11,028    11,192        11,280
28   Required clearing balances         10,832    10,864        10,909
29   Adjustments to compensate
     for float                             196       327           372
30 Other                                   237       315           292
31 Other liabilities and capital        20,170    19,956        20,112
32 Reserve balances with Federal
   Reserve Banks (7)                    11,168    11,921        13,958

                                               End-of-month figures

                                         June      July         Aug
SUPPLYING RESERVE FUNDS

1  Reserve Bank credit outstanding     722,933   721,467       726,172
2   Securities held outright           652,128   652,913       653,909
3    U.S. Treasury (2)                 652,118   652,903       653,899
4     Bills (3)                        238,965   239,773       240,754
5     Notes and bonds, nominal (3)     398,893   398,853       398,853
6     Note and bonds, inflation-
      indexed (3)                       12,814    12,814        12,814
7     Inflation compensation (3)         1,485     1,462         1,478
9    Federal agency (3)                     10        10            10
9   Repurchase agreements (5)           31,750    29,000        35,005
10  Loans to depository institutions       768       145           158
11   Primary credit                        686        11             0
12   Secondary credit                        0         0             0
13   Seasonal credit                        82       133           158
14  Float                                 -525      -195          -265
15  Other Federal Reserve assets        38,812    39,605        37,171
16 Gold stuck                           11,044    11,0143       11,043
17 Special drawing rights
   certificate account                   2,200     2,200         2,201
I8 Treasury currency outstanding        35,065    35,145 (r)    35,201

ABSORBING RESERVE FUNDS

19 Currency Incirculation              693,315   694,073 (r)   700,102
20 Reverse repurchase
   agreements (6)                       22,080    19,827        20,190
21  Foreign official and
    international accounts              22,080    19,827        20,190
    Dealers                                  0         0             0
23 Treasury cash holdings                  365       364           335
24 Deposits with Federal
   Reserve Banks, other than
   reserve balances                     19,222    18,219        16,735
25  U.S. Treasury, general account       6,939     6,356         4,589
26  Foreign official                       898       318            81
27  Service-related                     11,136    11,288 (r)    11,455
28   Required clearing balances         10,835    10,898        10,912
29   Adjustments to compensate
     for float                             297       390           543
30  Other                                  249       258           225
31 Other liabilities and capital        19,898    19,674        20,251
32 Reserve balances with Federal
   Reserve Bank (7)                     16,364    17,696 (r)    17,387

                                       Average of daily figures for week
                                             ending on date indicated

Factor                                              2003
                                       July 16       July 23

SUPPLYING RESERVE FUNDS

1  Reserve Bank credit outstanding     715,976       711,824
2   Securities held outright           652,496       652,764
3     U.S. Treasury (2)                652,986       652,754
4     Bills (3)                        239,385       239,616
5     Notes and bonds nominal (3)      398,853       398,853
6     Notes and bond, inflation-
      indexed (3)                       12,814        12,814
7     Inflation compensation (4)         1,475         1,470
8     Federal agency (3)                    10            10
9   Repurchase agreements (5)           22,893        24,250
10  Loans to depository institutions       114           114
11   Primary credit                          6             4
12   Secondary credit                        1             0
13   Seasonal credit                       107           115
14  Float                                  452            42
14  Other Federal Reserve Assets        39,472        39,531
16 Gold stock                           11,044        11,044
17 Special drawing right certificate
   account                               2,200         2,200
18 Treasury currency oulstanding        35,097 (r)    35,113 (r)

ABSORBING RESERVE FUNDS

19 Currency in circulation             694,526 (r)   692,719 (r)
20 Reverse repurchase agreements (6)    20,067        19,677
21  Foreign official and
    international accounts              20,067        19,677
22  Dealers                                  0             0
23 Treasury holdings                       327           330
24 Deposits with Federal Reserve
   Banks, other than
   reserve balances                     17,957        18,098
25  U.S. Treasury, general account       6,479         6,067
26  Foreign official                       109           124
27  Service-related                     11,062        11,400
28   Required clearing balances         10,863        10,863
29   Adjustments to compensate
     for float                             199           538
30 Other                                   307           506
31 Other liabilities and capital        19,878        20,000
32 Reserve balances with Federal
   Reserve Banks (7)                    11,054        14,238

                                       End-of-month figures

                                       July 16       July 23
SUPPLYING RESERVE FUNDS

1  Reserve Bank credit outstanding     716,149       724,764
2   Securities held outright           652,700       652,837
3    U.S. Treasury (2)                 652,690       652,827
4     Bills (3)                        239,550       239,692
5     Notes and bonds, nominal (3)     398,853       398,853
6     Note and bonds, inflation-
      indexed (3)                       12,814        12,814
7     Inflation compensation (3)         1,473         1,468
9    Federal agency (3)                     10            10
9   Repurchase agreements (5)           24,000        32,000
10  Loans to depository institutions       121           118
11   Primary credit                          8             1
12   Secondary credit                        0             0
13   Seasonal credit                       113           118
14  Float                                   97           -32
15  Other I cvlcral Reserve assets      39,230        39,841
16 Gold stuck                           11,044        11,044
17 Special drawing rights
   certificate account                   2,200         2,200
18 Treasury currency outstanding        35,097 (r)    35,113 (r)

ABSORBING RESERVE FUNDS

19 Currency Incirculation              694,752 (r)   693,632 (r)
20 Reverse repurchase
   agreements (6)                       20,346        19,672
21  Foreign official and
    international accounts              20,346        19,672
    Dealers
23 Treasury cash holdings                  329           339
24 Deposits with Federal
   Reserve Banks. other than
   reserve balances                     17,233        18,014
25  U.S. Treasury, general account       5,724         6,058
26  Foreign official                       128           134
27  Service-related                     11,062        11,400
28   Required clearing balances         10,863        10,862
29   Adjustments to compensate
     for float                             199           538
30  Other
31 Other liabilities and capital           318           423
32 Reserve balances with Federal        19,649        20,085
   Reserve Bank (7)                     12,180        21,380

                                       Average of daily figures for week
                                             ending on date indicated

Factor                                              2003

                                       July 30        Aug. 6     Aug. 13

SUPPLYING RESERVE FUNDS

1  Reserve Bank credit outstanding     726,539       715,976   711,824
2   Securities held outright           652,843       652,996   653,072
3     U.S. Treasury (2)                652,833       652,986   653,062
4     Bills (3)                        239,701       239,855   239,927
5     Notes and bonds nominal (3)      398,853       398,853   398,853
6     Notes and bond, inflation-
      indexed (3)                       12,814        12,814    12,814
7     Inflation compensation (4)         1,465         1,464     1,467
8     Federal agency (3)                    10            10        10
9   Repurchase agreements (5)           20,857        22,500    17,679
10  Loans to depository institutions       126           154       145
11   Primary credit                          1            21         7
12   Secondary credit                        0             0         0
13   Seasonal credit                       125           133       138
14  Float                                 -477           470       595
14  Other Federal Reserve Assets        40,033        39,856    40,334
16 Gold stock                           11,044        11,013    11,043
17 Special drawing right certificate
   account                               2,200         2,200     2,200
18 Treasury currency oulstanding        35,129 (r)    35,145    35,159

ABSORBING RESERVE FUNDS

19 Currency in circulation             692,566 (r)   694,304   694,979
20 Reverse repurchase agreements (6)    19,916        18,946    19,563
21  Foreign official and
    international accounts              19,916        18,946    19,563
22  Dealers                                  0             0         0
23 Treasury holdings                       343           365       369
24 Deposits with Federal Reserve
   Banks, other than
   reserve balances                     18,005        17,399    17,205
25  U.S. Treasury, general account       6,205         5,639     5,611
26  Foreign official                       259           177       149
27  Service-related                     11,290        11,288    11,157
28   Required clearing balances         10,896        10,898    10,912
29   Adjustments to compensate
     for float                             394           390       245
30 Other                                   251           294       287
31 Other liabilities and capital        20,228        19,850    20,190
32 Reserve balances with Federal
   Reserve Banks (7)                    10,696        13,500     7,919

                                       Wednesday figures

                                       July 30      Aug. 6     Aug. 13
SUPPLYING RESERVE FUNDS

1  Reserve Bank credit outstanding     718,066       711,908   715,472
2   Securities held outright           652,866       653,034   653,288
3    U.S. Treasury (2)                 652,856       653,024   653,278
4     Bills (3)                        239,726       239,892   240,142
5     Notes and bonds, nominal (3)     398,853       398,853   398,853
6     Note and bonds, inflation-
      indexed (3)                       12,814        12,814    12,814
7     Inflation compensation (3)         1,463         1,465     1,469
9    Federal agency (3)                     10            10        10
9   Repurchase agreements (5)           26,250        18,250    19,000
10  Loans to depository institutions       141           143       164
11   Primary credit                          5             3        16
12   Secondary credit                        0             0         0
13   Seasonal credit                       137           140       148
14  Float                               -1,187           429     2,583
15  Other I cvlcral Reserve assets      39,996        40,053    40,438
16 Gold stuck                           11,043        11,043    11,043
17 Special drawing rights
   certificate account                   2,200         2,200     2,200
18 Treasury currency outstanding        35,129 (r)    35,145    35,159

ABSORBING RESERVE FUNDS

19 Currency Incirculation               694,586      696,134   695,930
                                          (r)
20 Reverse repurchase
   agreements (6)                        19,316       19,062    19,138
21  Foreign official and
    international accounts               19,316       19,062    19,138
    Dealers
23 Treasury cash holdings                   364          371       358
24 Deposits with Federal
   Reserve Banks. other than
   reserve balances                      18,561       18,135    17,683
25  U.S. Treasury, general account        6,174        6,400     5,720
26  Foreign official                        852          141       525
27  Service-related                      11,290       11,288    11,157
28   Required clearing balances          10,896       10,898    10,912
29   Adjustments to compensate
     for float                              394          390       245
30  Other
31 Other liabilities and capital            246          307       281
32 Reserve balances with Federal         19,745       19,872    20,043
   Reserve Bank (7)                      13,866        6,722    10,722

                                       Average of daily figures for week
                                             ending on date indicated

Factor                                              2003

                                       Aug. 20    Aug. 27

SUPPLYING RESERVE FUNDS

1  Reserve Bank credit outstanding     726,539   715,403
2   Securities held outright           653,446   653,644
3     U.S. Treasury (2)                653,436   653,634
4     Bills (3)                        240,298   241,492
5     Notes and bonds nominal (3)      398,853   398,853
6     Notes and bond, inflation-
      indexed (3)                       12,814    12,814
7     Inflation compensation (4)         1,471     1,474
8     Federal agency (3)                    10        10
9   Repurchase agreements (5)           34,071    24,067
10  Loans to depository institutions       937       157
11   Primary credit                        719         1
12   Secondary credit                       66         0
13   Seasonal credit                       152       156
14  Float                                  842       160
14  Other Federal Reserve Assets        37,243    36,834
16 Gold stock                           11,049    11,143
17 Special drawing right certificate
   account                               2,200     2,200
18 Treasury currency oulstanding        35,173    35,187

ABSORBING RESERVE FUNDS

19 Currency in circulation             694,709   694,738
20 Reverse repurchase agreements (6)    20,106    19,223
21  Foreign official and
    international accounts              20,115    19,223
22  Dealers                                  0         0
23 Treasury holdings                       355       338
24 Deposits with Federal Reserve
   Banks, other than
   reserve balances                     17,518    17,612
25  U.S. Treasury, general account       5,644     5,974
26  Foreign official                       238        86
27  Service-related                     11,131    11,246
28   Required clearing balances         10,912    10,911
29   Adjustments to compensate
     for float                             419       337
30 Other                                   304       316
31 Other liabilities and capital        20,304    19,997
32 Reserve balances with Federal
   Reserve Banks (7)                    21,963    11,924

                                       Wednesday figures

                                       Aug. 20    Aug. 27
SUPPLYING RESERVE FUNDS

1  Reserve Bank credit outstanding     730,576    718.942
2   Securities held outright           651,526    653,681
3    U.S. Treasury (2)                 653,516    653,671
4     Bills (3)                        240,376    240,528
5     Notes and bonds, nominal (3)     398,853    398,853
6     Note and bonds, inflation-
      indexed (3)                       12,514     12,814
7     Inflation compensation (3)         1,472      1,476
9    Federal agency (3)                     10         10
9   Repurchase agreements (5)           39,500     29,000
10  Loans to depository institutions       262        161
11   Primary credit                        105          2
12   Secondary credit                        0          0
13   Seasonal credit                       157        159
14  Float                                  499       -458
15  Other I cvlcral Reserve assets      36,789     36,558
16 Gold stuck                           11,043     11,043
17 Special drawing rights
   certificate account                   2,200      2,200
18 Treasury currency outstanding        35,173     35,187

ABSORBING RESERVE FUNDS

19 Currency Incirculation               695,668   697,386
20 Reverse repurchase
   agreements (6)                        20,344    19,119
21  Foreign official and
    international accounts               20,344    19,119
    Dealers
23 Treasury cash holdings                   338       335
24 Deposits with Federal
   Reserve Banks. other than
   reserve balances                      18,246    17,050
25  U.S. Treasury, general account        6,533     5,441
26  Foreign official                         81        81
27  Service-related                      11,331    11,246
28   Required clearing balances          10,912    10,910
29   Adjustments to compensate
     for float                              419       337
30  Other
31 Other liabilities and capital            301       282
32 Reserve balances with Federal         19,884    19,912
   Reserve Bank (7)                      24,511    13,570

(1.) Amounts of value cash held as reserves are shown in 1.12, line 2.

(2.) Includes securities lent to dealers, which are fully collteralized
by othe U.S. treasury securities.

(3.) Face value of the securities.

(4.) Compensation that adjust for the effect of inflation on the
original face value of inflation-indexed securities.

(5.) Cash value of agreements, which are fully collaterized by U.S.
Treasury and federal agency securities.

(6.) Cash value of agreements, which are fully collaterized by U.S.
Treasury securities.

(7.) Excludes required clearing balances and adjustments to compensate
for float.

1.12 RESERVES AND BORROWINGS Depository Institutions (1)
Millions of dollars

                               Prorated monthly averages of biweekly
                                              avarges

Reserve classification         2000     2001      2002
                               Dec.     Dec.      Dec.     Feb.
1  Reserve balances with
   Reserve Banks  (2)          7,022     9,053    9,926    9,860
2  Total vault cash (3)       45,246    43,918   43,368   45,942
3    Applied vault cash (4)   31,451    32,024   30,347   32,079
4    Surplus vault cash (5)   13,795    11,894   13,021   13,863
5  Total reserves (6)         38,473    41,077   40,274   41,939
6    Required reserves        37,046    39,428   38,264   39,973
7    Excess reserve
     balances at Reserve
     Bunks (7)                 1,427     1,649   20,119    1,965
8  Total borrowing at
   Reserve Banks                 210        67       80       25
9    Primary                     ...       ...      ...       21
10   Secondary                   ...       ...      ...        0
11   Seasonal                    111        73       45        5
12   Adjustment                   99        34       35      ...

                              Biweekly averages of daily figures for
                                  two-week periods ending on dates
                                              indicated
                                                2003
                              Apr. 30   May 14   May 28   June 11

1  Reserve balances with
   Reserve Banks (2)          11,852     9,772   13,116   11,050
2  Total vault cash (3)       42,024    41,432   41,968   41,040
3    Applied vault cash (4)   31,136    29,696   31,211   29,854
4    Surplus vault cash (5)   10,889    11,736   10,758   11,186
5  Total reserves (6)         42,987    39,468   44,326   40,904
6    Required reserves        41,436    37,924   42,712   38,909
7    Excess reserve
     balances at Reserve
     Banks (7)                 1,551     1,543    1,614    1,994
8  Total borrowing at
   Reserve Banks                  29        51       58       69
9    Primary                       2         3        2        7
10   Secondary                     0         0       -1        0
11   Seasonal                     27        48       56       63
12   Adjustment                  ...       ...      ...      ...

                               Prorated monthly averages of biweekly
                                              avarges

Reserve classification                            2003
                               Mar.      Apr.      May     June
1  Reserve balances with
   Reserve Banks  (2)          7,022     9,053    9,926     9,860
2  Total vault cash (3)       43,088    41,991    41,636   41,961
3    Applied vault cash (4)   30,757    30,574    30,395   30,574
4    Surplus vault cash (5)   12,331    11,417    11,241   11,386
5  Total reserves (6)         40,597    41,172    41,801   41,872
6    Required reserves        38,961    39,640    40,182   40,018
7    Excess reserve
     balances at Reserve
     Bunks (7)                 1,636      15,32    1,619    1,854
8  Total borrowing at
   Reserve Banks                   2         29       55      161
9    Primary                      14          8        3       87
10   Secondary                    -1          0        0        0
11   Seasonal                      8         21       53       74
12   Adjustment                  ...        ...      ...      ...

                              Biweekly averages of daily figures for
                                 two-week periods ending on dates
                                              indicated
                                                2003
                              June 25   July 9   July 23   Aug. 6 (r)

1  Reserve balances with
   Reserve Banks (2)          11,437    11,453    12,674   12,099
2  Total vault cash (3)       42,303    43,030    41,789   43,758
3    Applied vault cash (4)   30,798    31,534    30,545   32,890
4    Surplus vault cash (5)   11,505    11,497    11,244   10,869
5  Total reserves (6)         42,235    42,986    43,189   44,988
6    Required reserves        40,631    40,744    41,601   42,836
7    Excess reserve
     balances at Reserve
     Banks (7)                 1,604     2,242     1,588    2,152
8  Total borrowing at
   Reserve Banks                 241       144       117      140
9    Primary                     163        54         5       11
10   Secondary                     0         0         1        0
11   Seasonal                     78        90       111      129
12   Adjustment                  ...       ...       ...      ...

                               Prorated monthly averages of biweekly
                                              avarges

Reserve classification                            2003
                               July       Aug.
1  Reserve balances with
   Reserve Banks  (2)         12,157     14,107
2  Total vault cash (3)       42,657     43,034
3    Applied vault cash (4)   31,437     31,989
4    Surplus vault cash (5)   11,220     11,046
5  Total reserves (6)         43,594     46,096
6    Required reserves        41,671     42,322
7    Excess reserve
     balances at Reserve
     Bunks (7)                 1,924      3,773
8  Total borrowing at
   Reserve Banks                 130        329
9    Primary                      21        168
10   Secondary                    11         15
11   Seasonal                    110        146
12   Adjustment                  ...        ...

                              Biweekly averages of daily figures for
                              two-week periods ending on dates indicated
                                                2003

                              Aug. 20   Sept. 3

1  Reserve balances with
   Reserve Banks (2)          14,940     14,142
2  Total vault cash (3)       43,490     42,060
3    Applied vault cash (4)   31,553     32,052
4    Surplus vault cash (5)   11,937     10,007
5  Total reserves (6)         46,493     46,194
6    Required reserves        40,806     43,973
7    Excess reserve
     balances at Reserve
     Banks (7)                 5,687      2,221
8  Total borrowing at
   Reserve Banks                 541        162
9    Primary                     363          5
10   Secondary                    33          0
11   Seasonal                    145        157
12   Adjustment                  ...        ...

(1.) Data in this table also appear in the Board's H.3 (502) weekly
statistical release. For ordering address, see inside front cover.
Data are not break adjusted or seasonally adjusted.

(2.) Excludes required clearing balances and adjustments to compensate
for float and includes other olf-balance-sheet "as-of" adjustments.

(3.) Vault cash eligible to satisfy reserve requirements. It includes
only vault cash held by those banks and thrift institutions that are
not exempt from reserve requoentenls. Dates refer to the maintenance
periods in which the vault cash can he used to satisfy reserve
requirements.

(4.) All vault cash held during the lagged computation period by
"bound" institutions (that is, those whose required reserves exceed
their vault cash) plus the amount of vault cash applied during the
maintenance period by "nonhound" institutions (that is, those whose
vault cash exceeds their required reserves) to satisfy current reserve
requirements.

(5.) Total vital cash (line 2) less applied vault cash (line 3).

(6.) Reserve balances with Federal Reserve Banks (line 1) plus applied
vault cash (line 3).

(7.) Total reserves (line 5) less required reserves (line 6).

1.14 FEDERAL RESERVE BANK INTEREST RATES
Percent per year

                                   Current and previous levels

                                     Primary credit (1)

Federal Reserve      On
     Bank         10/17/03   Effective date          Previous rate

Boston              2.00       6/25/03                    2.25
New York                       6/25/03
Philadelphia                   6/26/03
Cleveland                      6/26/03
Richmond                       6/26/03
Atlanta                        6/26/03
Chicago                        6/26/03
St. Louis                      6/26/83
Minneapolis                    6/26/03
Kansas City                    6/25/03
Dallas                         6/26/03
San Francisco       2.00       6/25/03                    2.25

                                   Current and previous levels

                                     Secondary credit (2)

Federal Reserve      On
     Bank         10/17/03   Effective date   Previous rate

Boston              2.50        6/25/03           2.75
New York                        6/25/03
Philadelphia                    6/26/03
Cleveland                       6/26/03
Richmond                        6/26/03
Atlanta                         6/26/03
Chicago                         6/26/03
St. Louis                       6/26/03
Minneapolis                     6/26/03
Kansas City                     6/25/03
Dallas                          6/26/03
San Francisco       2.50        6/25/03           2.75

                                   Current and previous levels

                                     Seasonal credit (3)

Federal Reserve      On
     Bank         10/17/03   Effective date   Previous rate

Boston              1.05         9/4/03          1.10
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco       1.05         9/4/03          1.10

                                   Range of rates for primary credit

                             Range (or     F.R. Bank
Effective date               level)--All      of       Effective date
                             FR. Banks        N.Y.

In effect Jan. 9, 2003         2.25          2.25
(beginning of program)

2003--June 25                2.00-2.25       2.00
           26                   2.00         2.00
In effect October 17, 2003      2.00         2.00

                                   Range of rates for primary credit

                             Range (or    F.R. Bank
Effective date               level)-All      of       Effective date
                             FR. Bank,      N.Y.

In effect Jan. 9, 2003
(beginning of program)

2003--June 25
           26
In effect October 17, 2003

                                   Range of rates for primary credit

                             Range (or     F.R. Bank
Effective date               level)--All      of
                             F.R. Banks      N.Y.

In effect Jan. 9, 2003
(beginning of program)

2003--June 25
           26
In effect October 17, 2003

                              Range of rates for adjustment credit in
                                           recent years (4)

                          Range (or     FR. Bank
Effective date            level)--All      of      Effective date
                          F.R. Banks      N.Y.

In effect Dec. 31, 1995      5.25         5.25     2000--Feb.  2
                                                               4
   1996--Jan. 31          5.00-5.25       5.00           Mar. 21
         Feb.  3             5.00         5.00                23
                                                         May  16
   1998--Oct. 15          4.75-5.01       4.75                19
              16             4.75         4.75
         Nov. 17          4.50-4.75       4.50     2001--Jan.  3
              19             4.50         4.50                 4
                                                               5
   1999-Aug. 24           4.50-4.75       4.75                31
             26              4.75         4.75           Feb.  1
        Nov. 16           4.75-5.00       4.75           Mar. 20
             19              5.00         5.00                21
                                                         Apr. 18
                                                              20
                                                   2001--May  15
                                                              17

                              Range of rates for adjustment credit in
                                           recent years (4)

                          Range for     F.R. Bank
Effective date            level)--All      of       Effective date
                          F.R. Banks      N.Y.

In effect Dec. 31, 1995   5.00-5.25       5.25      2001--June  17
                             5.25         5.25                  29
   1996--Jan. 31          5.25-5.50       5.50            Aug.  21
         Feb.  3             5.50         5.50                  23
                          5.50-6.00       5.50            Sept. 17
   1998--Oct. 15             6.00         6.00                  18
              16                                          Oct.   2
         Nov. 17          5.75-6.00       5.75                   4
              19          5.50-5.75       5.50             Nov.  6
                             5.50         5.50                   8
   1999-Aug. 24           5.00-5.50       5.50             Dec. 11
             26              5.00         5.50                  13
        Nov. 16           4.50-5.00       4.50
             19              4.50         4.50      2002--Nov.   6
                          4.00-4.50       4.00                   7
                             4.00         4.00
                          3.50-4.00       3.50      In effect Jan. 8.
                             3.50         3.50           2003
                                                    (end of program)

                              Range of rates for adjustment credit in
                                           recent years (4)

                          Range (or     FR. Bank
Effective date            level)--All      of
                          F.R. Banks      N.Y.

In effect Dec. 31, 1995   3.25-3.50       3.25
                             3.25         3.25
   1996--Jan. 31          3.00-3.25       3.00
         Feb.  3             3.00         3.00
                          2.50-3.00       2.50
   1998--Oct. 15             2.50         2.50
              16          2.00-2.50       2.00
         Nov. 17             2.00         2.00
              19          1.50-2.00       1.50
                             1.50         1.50
   1999-Aug. 24           1.25-1.50       1.25
             26              1.25         1.25
        Nov. 16
             19           0.75-1.25       0.75
                             0.75         0.75

                             0.75         0.75

(1.) Available for every short terms as a backup of liquidity to
depository institutions that are in generally sound financial condition
in the judgment of the lending Federal Reserve Bank.

(2.) Available in appropriate circumstance, to depository institutions
that do not qualify for primary credit.

(3.) Available to help relatively small depository institutions meet
regular. seasonal needs for funds that arise from a clear pattern of
intrayearly movements in then deposits and loans and that cannot he
met through special industry lender. The discount rule on seasonal
credit takes into account rates charged by market sources of funds
and ordinarily is reestablished on the first business day of each
two-week reserve maintenance period.

(4.) Was available until January 8, 2003, to help depository
institutions meet temporary needs lot funds that could not be met
through reasonable alternative source. For earlier data, see the
following publications of the Board of Governors: Banking and Monetary
Statistics 1914-1941. and 1941-1970; and the Souisrical Digest,
1970-1979, 1980-19899, and 1990-1995. See also the Board's Statistics:
Releases and Historical Data web pages (http://www.federalreserve.
gov/ieleases/H15/data.htm).

1.15 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS (1)

                                                  Requirement

Type of deposit                              Percentage   Effective
                                              deposits      date

Net transaction accounts (2)

1 $0 million-$6.6 million (3)                     0       12/25/03
2 More heat 36.6 million-$45.4 million (4)        3       12/25/03
3 More than $45.4 million                        10       12/25/03
4 Nonpersonal time deposits (6)                   0       12/27/03
5 Eurocurrency                                    0       12/27/03

(1.) Required reserves must be held in the form of deposits with
Federal Reserves Banks or vault rash. Nonmember institutions may
maintain reserve balances with a Federal Reserve Bank indirectly, on
a pass-through basis, with certain approved insulations, For previous
reserve requirements, see earlier editions of the Annual Report or the
Federal Reserve Bulletin. Under the Monetary Control of Act of 1980,
depository institutions include commercial banks, savings hanks,
savings and loan associations, credit unions, agencies and branches of
foreign banks, and Edge Act corporations.

(2.) Transaction recoil 111S Itslude all deposits against which the
account holder is permitted to make withdrawals by negotiable or
transferable instruments, payment orders of withdrawal, or telephone
or preauthorized transfers for the purpose of making payments to third
persons or others. However, accounts subject to the rules that permit
no more than six preauthorized, automatic, or other similar order
payable directly to third parties) are savings deposits, not transaction
accounts.

(3.) Under the Garn-St. Germain Depository Institutions Act of 1982,
the Board adjust the amount of reservable liabilities subject to a
zero percent reserve requirement each year for the succeeding calendar
year by 80 percent of the percentage increase in the total reservable
liabilities of all depository institutions, measured on an annual basis
as of June 30. No corresponding adjustment is made in the event of a
decrease. The exemption applies only to accounts that would be subject
to a 3 percent reserve requirement. Effective with the reserve weekly,
and with the period beginning January 15, 2004, for institutions that
report quarterly, the exemption was raised from $6.0 million to
$6.6 million.

(4.) The Monetary Control Act of 1980 requires that the amount of
transaction account against which the 3 percent reserve requirement
applies be modified annually by 80 percent of the percentage change in
trasaction accounts held by all depository institutions, determined
December 25, 2003, for depository institutions that report weekly, the
amount was increased from $42.1 million to $45.4 million.

(5.) The reserve requirement was reduced from 12 percent on April 2,
for institutions that report weekly, and April 16, 1992, for
installations that report quarterly.

(6.) For institutions that report weekly, the reserve requirements on
nonpersonal time deposits with an original maturity of less than
1.5 years was reduced from 3 percent to 1.5 percent for the maintenance
period that began Dec. 27, 1990. For institutions that report
quarterly, the resereve requirement on nonpersonal time deposits with
an original maturity of less than 1.5 years was reduced from 3 percent
to zero since October 6, 1983.

(7.) The reserve requirement on eurocurrency liabilities was reduced
from 3 percent to zero in the same manner and on the same dates as the
reserve requirement on nonpersonal time deposits with an original
maturity of less than 1.5 years (see note 5.)

1.17 FEDERAL RESERVE OPEN MARKET TRANSACTIONS (1)
Millions of dollars

Type of transaction               2000        2001        2002
   and maturity

U.S. TREASURY SECURITIES (2)

   Outright transactions
   Treasure bills
 1   Gross purchases               8,676      15,503      21,421
 2   Gross sales                       0           0           0
 3   Exchange                    477,904     542,736     657,931
 4   For new bills               477,904     542,736     657,931
 5   Redemptions                  24,522      10,095           0
   Others within one year
 6   Gross purchases               8,809      15,663      12,720
 7   Gross sales                       0           0           0
 8   Maturity shifts              62,025      70,336      89,108
 9   Exchanges                   -54,656     -72,004     -92,075
10   Redemption                    3,779      16,802           0
   One to five years
11   Gross purchases              14,482      22,814      12,748
12   Gross sales                       0           0           0
13   Maturity shifts             -52,068     -45,211     -73,093
14   Exchanges                    46,177      64,519      88,276
   Five to ten years
15   Gross purchases               5,871       6,003       5,074
16   Gross sales                       0           0           0
17   Maturity shifts              -6,801     -21,063     -11,588
18   Exchanges                     6,585       6,063       3,800
   More than ten years
19   Gross purchase                5,833       8,531       2,280
20   Gross sales                       0           0           0
21   Maturity shifts              -3,155      -4,062      -4,427
22   Exchanges                     1,894       1,423           0
   All maturities
23   Gross purchases              43,670      68,513      54,242
24   Gross sales                       0           0           0
25   Redemptions                  28,301      26,897           0

26 Net change in U.S.
     Treasury securities          15,369      41,616      54,242

 FEDERAL AGENCY OBLIGATIONS

   Outright transactions
27 Gross purchases                     0           0           0
28 Gross sales                         0           0           0
29 Redemptions                        51         120           0

30 Net change in federal
     agency obligations              -51        -120           0

   TEMPORARY TRANSACTIONS

   Repurchase agreements (3)
31 Gross purchases               890,236   1,497,713   1,143,126
32 Gross sales                   987,501   1,490,838   1,153,876

   Matched sale--purchase
     agreements
33 Gross purchases             4,415,905   4,722,667   4,981,624
34 Gross sales                 4,397,835   4,724,743   4,958,437

   Reverse repurchase
     agreements (4)
35 Gross purchase                      0           0     231,272
36 Gross sales                         0           0     252,363

37 Net change in temporary
     transactions                -79,195       4,800      -8,653

38 Total net change in
     System Open Market
     Account                     -63,877      46,295      45,589

                                              2003
Type of transaction
   and maturity                 Jan.      Feb.      Mar.      Apr.

U.S. TREASURY SECURITIES (2)

   Outright transactions
   Treasure bills
 1   Gross purchases                 0     4,161     1,863     3,543
 2   Gross sales                     0         0         0         0
 3   Exchange                   71,075    53,860    47,424    51,834
 4   For new bills              71,075    53,860    47,424    51,834
 5   Redemptions                     0         0         0         0
   Others within one year
 6   Gross purchases                 0       478     1,318     1,422
 7   Gross sales                     0         0         0         0
 8   Maturity shifts             6,216     3,214     8,334     8,333
 9   Exchanges                  -6,834   -13,313    -8,211    -7,293
10   Redemption                      0         0         0         0
   One to five years
11   Gross purchases                 0     2,127       710       733
12   Gross sales                     0         0         0         0
13   Maturity shifts            -6,216     2,160    -8,334    -8,333
14   Exchanges                   6,834    11,817     8,211     7,293
   Five to ten years
15   Gross purchases                 0       769       522         0
16   Gross sales                     0         0         0         0
17   Maturity shifts                 0    -3,877         0         0
18   Exchanges                       0     1,497         0         0
   More than ten years
19   Gross purchase                  0         0        50         0
20   Gross sales                     0         0         0         0
21   Maturity shifts                 0    -1,497         0         0
22   Exchanges                       0         0         0         0
   All maturities
23   Gross purchases                 0     7,534     4,463     5,699
24   Gross sales                     0         0         0         0
25   Redemptions                     0         0         0         0

26 Net change in U.S.
     Treasury securities             0     7,534     4,463     5,699

 FEDERAL AGENCY OBLIGATIONS

   Outright transactions
27 Gross purchases                   0         0         0         0
28 Gross sales                       0         0         0         0
29 Redemptions                       0         0         0         0

30 Net change in federal
     agency obligations              0         0         0         0

   TEMPORARY TRANSACTIONS

   Repurchase agreements (3)
31 Gross purchases             135,749   121,896    95,001   112,251
32 Gross sales                 150,499   119,746    90,151   106,500

   Matched sale--purchase
     agreements
33 Gross purchases                   0         0         0         0
34 Gross sales                       0         0         0         0

   Reverse repurchase
     agreements (4)
35 Gross purchase              392,530   343,748   388,069   451,149
36 Gross sales                 389,810   343,395   389,469   452,545

37 Net change in temporary
     transactions              -12,029         2     2,200     2,104

38 Total net change in
     System Open Market
     Account                   -12,029     7,537     6,664     7,803

                                          2003
Type of transaction
   and maturity                 May       June      July

U.S. TREASURY SECURITIES (2)

   Outright transactions
   Treasure bills
 1   Gross purchases             1,684     1,032       808
 2   Gross sales                     0         0         0
 3   Exchange                   76,354    60,706    68,544
 4   For new bills              76,354    60,706    68,544
 5   Redemptions                     0         0         0
   Others within one year
 6   Gross purchases               786         0         0
 7   Gross sales                     0         0         0
 8   Maturity shifts             7,228     7,511     6,662
 9   Exchanges                  -6,999    -6,700    -4,996
10   Redemption                      0         0         0
   One to five years
11   Gross purchases             1,057         0         0
12   Gross sales                     0         0         0
13   Maturity shifts            -1,513    -7,531    -6,662
14   Exchanges                   6,747    67,081     4,996
   Five to ten years
15   Gross purchases               234         0         0
16   Gross sales                     0         0         0
17   Maturity shifts            -5,463         0         0
18   Exchanges                     252         0         0
   More than ten years
19   Gross purchase                  0         0         0
20   Gross sales                     0         0         0
21   Maturity shifts              -252         0         0
22   Exchanges                       0         0         0
   All maturities
23   Gross purchases             3,761     1,032       808
24   Gross sales                     0         0         0
25   Redemptions                     0         0         0

26 Net change in U.S.
     Treasury securities         3,761     1,032       808

 FEDERAL AGENCY OBLIGATIONS

   Outright transactions
27 Gross purchases                   0         0         0
28 Gross sales                       0         0         0
29 Redemptions                       0         0         0

30 Net change in federal
     agency obligations              0         0         0

   TEMPORARY TRANSACTIONS

   Repurchase agreements (3)
31 Gross purchases             124,741    90,500   145,750
32 Gross sales                 132,002    88,990   148,500

   Matched sale--purchase
     agreements
33 Gross purchases                   0         0         0
34 Gross sales                       0         0         0

   Reverse repurchase
     agreements (4)
35 Gross purchase              441,555   456,652   445,346
36 Gross sales                 443,025   456,447   443,093

37 Net change in temporary
     transactions               -8,731    -6,535      -497

38 Total net change in
     System Open Market
     Account                    -4,971    -5,504       311

(1.) Sales, redemptions, and negative figures reduce holdings of the
System Open Market Account; all other figures increase such holdings.

(2.) Transactions exclude changes in compensation for the effects of
inflation on the principal of inflation-indexed securities.
Transactions include the rollover of inflation compensation into new
securities.

(3.) Cash value of agreements, which are collateralized by U.S.
government and federal agency obligations.

(4.) Cash value of agreements, which are collateralized by U.S.
Treasury securities.

1.18 FEDERAL RESERVE BANKS Condition and Federal Reserve Note
Statements (1)
Millions of dollars

                                               Wednesday

                                                 2003

Account                          July 30    Aug. 6   Aug. 13   Aug. 20

                                    Consolidated condition statement

            ASSETS

 1 Gold certificate account       11,039    11,039    11,039    11,039
 2 Special drawing rights
     certificate account           2,200     2,200     2,200     2,200
 3 Coin                              869       870       888       897
 4 Securities, repurchase
     agreements, and loans       679,257   671,427   672,451   693,288
 5   Securities held outright    652,866   653,034   653,288   653,526
 6     U.S. Treasury (2)         652,856   653,024   653,278   653,516
 7       Bills (3)               239,726   239,892   240,142   240,376
 8       Notes and bonds,
           nominal (3)           398,853   398,953   398,853   398,853
 9       Notes and bonds,
           inflation-indexed
           (3)                    12,814    12,814    12,814    12,814
10       Inflation
           compensation (4)        1,463     1,465     1,469     1,472
11     Federal agency (3)             10        10        10        10
12   Repurchase agreements
       (5)                        26,250    18,250    19,000    39,511
13   Loans                           141       143       164       262
14 Items in process of
     collection                    7,843     9,337     9,284     7,556
15 Bank premises                   1,586     1,586     1,587     1,590
16 Other assets                   38,377    38,431    38,805    35,154
17   Denominated in foreign
       currencies (6)             17,707    17,717    17,770    17,646
18   All other (7)                20,670    20,714    21,035    17,509

19 Total assets                  741,172   734,891   736,255   751,724

         LIABILITIES

20 Federal Reserve notes, net
     of F.R. Bank holdings       660,686   662,226   662,014   661,727
21 Reverse repurchase
     agreements (8)               19,316    19,062    19,138    20,344
22 Deposits                       33,151    25,188    27,215    42,103
23   Depository institutions      25,879    18,340    20,690    35,188
24   U.S. Treasury, general
       account                     6,174     6,400     5,720     6,533
25   Foreign official                852       141       525        81
26   Other                           246       307       281       301
27 Deferred availability cash
     items                         8,275     8,543     7,844     7,667
28 Other liabilities and
     accrued dividends (9)         2,151     2,125     2,159     2,162

29 Total liabilities             723,578   717,144   718,370   734,003

       CAPITAL ACCOUNTS

30 Capital paid in                 8,719     8,721     8,724     8,725
31 Surplus                         8,363     8,380     8,380     8,380
32 Other capital accounts            513       646       780       617

33 Total capital                  17,594    17,747    17,884    17,722

   MEMO
34 Marketable securities held
     in custody for foreign
     official and
     international accounts
     (3,10)                      930,019   935,715   937,857   945,863
35   U.S. treasury               746,813   753,009   751,156   759,937
36   Federal agency              183,207   182,707   186,701   185,925
37 Securities lent to dealers      2,534     4,784     2,689     2,196

                                  Federal Reserve notes and collateral
                                                statement

38 Federal Reserve notes
     outstanding                 774,095   775,502   777,982   779,566
39   Less: Notes held by F.R.
       Banks not subject to
       collateralization         108,713   108,511   111,177   113,140
40     Federal Reserve notes
         to be collateralized    665,381   666,991   666,805   666,426
41 Collateral held against
     Federal Reserve notes       665,381   666,991   666,805   666,426
42   Gold certificate account     11,039    11,039    11,039    11,039
43   Special drawing rights
       certificate account         2,200     2,200     2,200     2,200
44   U.S. Treasury and agency
       securities pledged
       (11)                      652,142   652,217   653,145   653,187
45   Other eligible assets             0     1,534       420         0

   MEMO
46 Total U.S. Treasury and
     agency securities (11)      679,116   671,284   672,288   693,026
47   Less: face value of
       securities under
       reverse repurchase
       agreements (12)            19,321    19,067    19,142    20,349
48 U.S. Treasury and agency
     securities eligible
     to be pledged               659,795   652.217   653,145   672,677

                                Wednesday         End of month

                                  2003                2003

Account                          Aug. 27    June      July      Aug.

                                   Consolidated condition statement

            ASSETS

 1 Gold certificate account       11,039    11,040    11,039    11,039
 2 Special drawing rights
     certificate account           2,200     2,200     2,200     2,200
 3 Coin                              887       942       878       881
 4 Securities, repurchase
     agreements, and loans       682,842   684,646   682,057   689,066
 5   Securities held outright    653,681   652,128   652,913   653,909
 6     U.S. Treasury (2)         653,671   652,118   652,903   653,899
 7       Bills (3)               240,528   238,965   239,773   240,754
 8       Notes and bonds,
           nominal (3)           398,853   398,853   398,853   398,853
 9       Notes and bonds,
           inflation-indexed
           (3)                    12,814    12,814    12,814    12,814
10       Inflation
           compensation (4)        1,476     1,485     1,462     1,478
11     Federal agency (3)             10        10        10        10
12   Repurchase agreements
       (5)                        29,000    31,750    29,000    35,000
13   Loans                           161       768       145       158
14 Items in process of
     collection                    7,586     2,330     6,558     5,997
15 Bank premises                   1,590     1,580     1,586     1,590
16 Other assets                   35,389    37,195    38,004    35,729
17   Denominated in foreign
       currencies (6)             17,511    17,849    17,598    17,654
18   All other (7)                17,878    19,346    20,406    18,075

19 Total assets                  741,534   739,932   742,321   746,503

         LIABILITIES

20 Federal Reserve notes, net
     of F.R. Bank holdings       663,418   659,552   660,167   666,113
21 Reverse repurchase
     agreements (8)               19,119    22,080    19,827    20,190
22 Deposits                       31,731    35,806    35,972    33,793
23   Depository institutions      25,927    27,720    29,041    28,898
24   U.S. Treasury, general
       account                     5,441     6,939     6,356     4,589
25   Foreign official                 81       898       318        81
26   Other                           282       249       258       225
27 Deferred availability cash
     items                         7,355     2,596     6,681     6,155
28 Other liabilities and
     accrued dividends (9)         2,204     2,227     2,143     2,195

29 Total liabilities             723,825   722,262   724,789   728,446

       CAPITAL ACCOUNTS

30 Capital paid in                 8,748     8,657     8,719     8,750
31 Surplus                         8,380     8,356     8,327     8,380
32 Other capital accounts            580       657       486       927

33 Total capital                  17,708    17,670    17,532    18,057

   MEMO
34 Marketable securities held
     in custody for foreign
     official and
     international accounts
     (3,10)                      949,401   945,930   936,251   951.036
35   U.S. treasury               761,587   760,406   754,101   765,022
36   Federal agency              187,814   185,524   182,150   186,013
37 Securities lent to dealers      2,346     4,950     2,390     2,631

                                  Federal Reserve notes and collateral
                                                statement

38 Federal Reserve notes
     outstanding                 780,878   766,845   774,672   780,991
39   Less: Notes held by F.R.
       Banks not subject to
       collateralization         112,697   102,691   109,856   110,234
40     Federal Reserve notes
         to be collateralized    668,181   664,155   664,816   670,757
41 Collateral held against
     Federal Reserve notes       668,181   664,155   664,816   670,757
42   Gold certificate account     11,039    11,040    11,039    11,039
43   Special drawing rights
       certificate account         2,200     2,200     2,200     2,200
44   U.S. Treasury and agency
       securities pledged
       (11)                      654,942   650,915   651,577   657,518
45   Other eligible assets             0         0         0         0

   MEMO
46 Total U.S. Treasury and
     agency securities (11)      682,681   683,878   681,913   688,909
47   Less: face value of
       securities under
       reverse repurchase
       agreements (12)            19,124    22,086    19,831    20,198
48 U.S. Treasury and agency
     securities eligible
     to be pledged               663,558   661,792   662,081   668,711

(1.) Some of the data in this table also appear in the Board's H.4.1
(503) weekly statistical release. For ordering address, see inside
front cover.

(2.) Includes securities lent to dealers, which are fully
collateralized by other U.S. Treasury securities.

(3.) Face value of the securities.

(4.) Compensation that adjusts for the effect of inflation on the
original face value of inflation-indexed securities.

(5.) Cash value of agreements, which are fully collateralized by U.S.
Treasury and federal agency securities.

(6.) Valued daily at market exchange rates.

(7.) Includes special investment account at the Federal Reserve Bank of
Chicago in Treasury bills maturing within ninety days.

(8.) Cash value of agreements, which are fully collateralized by U.S.
Treasury securities.

(9.) Includes exchange-translation account reflecting the daily
revaluation at market exchange rates of foreign exchange commitments.

(10.) Includes U.S. Treasury STRIPS and other zero coupon bonds at face
value.

(11.) 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.

(12.) Face value of agreements, which are fully collateralized by U.S.
Treasury securities.

1.19 FEDERAL RESERVE BANKS Maturity Distribution of Loans and
Securities
Millions of dollars

                                              Wednesday

                                                2003

Type of holding and maturity   July 30    Aug. 6   Aug. 13   Aug. 20

 1 Total loans                     141       103       164       262

 2 Within 15 days                  116        37        40       261
 3 16 days to 90 days               25       106       123         1
 4 91 days to 1 year                 0         0         0         0

 5 Total U.S. Treasury
     securities (1)            652,856   653,024   653,278   653,516

 6 Within 15 days               46,148    51,281    52,151    49,409
 7 16 days to 90 days          141,180   137,369   136,584   135,851
 8 91 days to 1 year           159,660   161,900   162,065   160,914
 9 Over 1 year to 5 years      179,349   177,684   177,685   180,032
10 Over 5 years to 10 years     46,654    44,824    44,825    50,383
11 Over 10 years                79,965    79,966    79,967    76,928

12 Total federal agency
     securities                     10        10        10        10

13 Within 15 days                    0         0         0         0
14 16 days to 90 days                0         0         0         0
15 91 days to 1 year                10        10        10        10
16 Over 1 year to 5 years            0         0         0         0
17 Over 5 years to 10 years          0         0         0         0
18 Over 10 years                     0         0         0         0

19 Total repurchase
     agreements (2)             26,250    18,250    19,000    39,500

20 Within 15 days               24,250    15,250    14,000    32,500
21 16 days to 90 days            2,000     3,000     5,000     7,000

22 Total reverse repurchase
     agreements (2)             19,316    19,062    19,138    20,344

23 Within 15 days               19,316    19,062    19,138    20,344
24 16 days to 90 days                0         0         0         0

                               Wednesday         End of month

                                 2003                2003

Type of holding and maturity    Aug. 27    June      July      Aug.

 1 Total loans                      161       768       145       158

 2 Within 15 days                   138       752        99       109
 3 16 days to 90 days                23        16        45        48
 4 91 days to 1 year                  0         0         0         0

 5 Total U.S. Treasury
     securities (1)             653,671   652,118   652,903   653,899

 6 Within 15 days                50,191    27,419    36,979    35,599
 7 16 days to 90 days           135,304   153,840   134,047   138,773
 8 91 days to 1 year            160,830   157,337   172,745   172,179
 9 Over 1 year to 5 years       180,032   186,886   184,345   180,033
10 Over 5 years to 10 years      50,384    46,661    44,823    50,384
11 Over 10 years                 76,929    79,974    79,965    76 930

12 Total federal agency
     securities                      10        10        10        10

13 Within 15 days                     0         0         0         0
14 16 days to 90 days                 0         0         0         0
15 91 days to 1 year                 10        10        10        10
16 Over 1 year to 5 years             0         0         0         0
17 Over 5 years to 10 years           0         0         0         0
18 Over 10 years                      0         0         0         0

19 Total repurchase
     agreements (2)              29,000    31,750    29,000    35,000

20 Within 15 days                24,000    23,750    24,000    26,000
21 16 days to 90 days             5,000     8,000     5,000     9,000

22 Total reverse repurchase
     agreements (2)              19,119    22,080    19,827    20,190

23 Within 15 days                19,119    22,080    19,827    20,190
24 16 days to 90 days                 0         0         0         0

Note. Components may not sum to totals because of rounding.

(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.

1.20 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY
BASE (1)
Billions of dollars, averages of daily figures

                               1999     2000     2001     2002
Item                           Dec.     Dec.     Dec.     Dec.

                                     Seasonally adjusted

  ADJUSTED FOR CHANGES IN
  RESERVE REQUIREMENTS (2)

 1 Total reserves (3)          41.81    38.54    41.24    40.22
 2 Nonborrowed reserves (4)    41.49    38.33    41.18    40.14
 3 Required reserves           40.51    32.11    39.60    38.21
 4 Monetary base (5)          593.16   584.77   635.62   681.90

                                    Not seasonally adjusted

 5 Total reserves (6)          41.89    38.53    41.20    40.13
 6 Nonborrowed reserves        41.57    38.32    41.13    40.05
 7 Required rescrves (7)       40.59    37.10    39.55    38.12
 8 Monetary base (8)          600.72   590.06   639.91   686.23

NOT ADJUSTED FOR CHANGES IN
 RESERVE REQUIREMENTS (9)

 9 Total reserves (10)         41.65    38.47    41.08    40.27
10 Nonborrowed reserves        41.31    38.26    41.01    40.19
11 Required reserves           40.36    37.05    39.43    38.26
12 Monetary base (11)         608.02   596.98   648.74   697.15
13 Excess reserves (12)         1.30     1.43     1.65     2.01
14 Borrowings from the
     Federal Reserve             .32      .21      .07      .08

                                            2003

Item                           Jan.     Feb.     Mar.     Apr.

                                    Seasonally adjusted

  ADJUSTED FOR CHANGES IN
  RESERVE REQUIREMENTS (2)

 1 Total reserves (3)          40.73    40.82    40.97    40.81
 2 Nonborrowed reserves (4)    40.70    40.80    40.95    40.78
 3 Required reserves           39.02    38.86    39.34    39.27
 4 Monetary base (5)          685.72   691.31   695.14   698.23

                                   Not seasonally adjusted

 5 Total reserves (6)          42.85    41.94    40.60    41.16
 6 Nonborrowed reserves        42.83    41.91    40.57    41.14
 7 Required rescrves (7)       41.15    39.97    38.96    39.63
 8 Monetary base (8)          688.33   690.25   693.91   697.83

NOT ADJUSTED FOR CHANGES IN
 RESERVE REQUIREMENTS (9)

 9 Total reserves (10)         42.87    41.94    40.60    41.17
10 Nonborrowed reserves        42.84    41.91    40.58    41.14
11 Required reserves           41.16    39.97    38.96    39.64
12 Monetary base (11)         699.25   701.04   705.14   709.10
13 Excess reserves (12)         1.71     1.97     1.64     1.53
14 Borrowings from the
     Federal Reserve             .03      .03      .02      .03

                                              2003

Item                           May      June     July         Aug.

                                       Seasonally adjusted

  ADJUSTED FOR CHANGES IN
  RESERVE REQUIREMENTS (2)

 1 Total reserves (3)          40.81    42.80    43.93        46.29
 2 Nonborrowed reserves (4)    40.93    42.63    43.80        45.97
 3 Required reserves           39.37    40.94    42.00 (r)    42.52
 4 Monetary base (5)          701.18   703.17   703.53       709.21

                                     Not seasonally adjusted

 5 Total reserves (6)          41.79    41.86    43.58        46.07
 6 Nonborrowed reserves        41.73    41.70    43.41 (r)    45.74
 7 Required rescrves (7)       40.17    40.00    41.65 (r)    42.30
 8 Monetary base (8)          701.58   703.33   705.80       709.18

NOT ADJUSTED FOR CHANGES IN
 RESERVE REQUIREMENTS (9)

 9 Total reserves (10)         41.80    41.87    43.59 (r)    46.10
10 Nonborrowed reserves        41.75    41.71    43.46 (r)    45.77
11 Required reserves           40.18    40.02    41.67 (r)    42.32
12 Monetary base (11)         712.76   714.36   717.01       720.49
13 Excess reserves (12)         1.62     1.85     1.92         3.77
14 Borrowings from the
     Federal Reserve             .06      .16      .13          .33

(1.) Latest monthly and biweekly figures are available from the Board's
H.3 (502) weekly statistical release. Historical data starting in 1959
and estimates of the effect on required reserves of changes in reserve
requirements are available from the Money and Reserves Projections
Section. Division of Monetary Affairs, Board of Governors of the
Federal Reserve System, Washington, DC 20551.

(2.) Figures reflect adjustments for discontinuities, or "breaks,"
associated with regulatory changes in reserve requirements. (See also
table 1.10.)

(3.) Seasonally adjusted, break-adjusted total reserves equal
seasonally adjusted, break-adjusted required reserves (line 4) plus
excess reserves (line 16).

(4.) Seasonally adjusted, break-adjusted nonborrowed reserves equal
seasonally adjusted, break-adjusted total reserves (line 1) less total
borrowings of depository institutions from the Federal Reserve (line
17).

(5.) The seasonally adjusted, break-adjusted monetary base consists of
(1) seasonally adjusted, break-adjusted total reserves (line 1), plus
(2) the seasonally adjusted currency component of the money stock, plus
(3) (for all quarterly reporters on the "Report of Transaction
Accounts, Other Deposits and Vault Cash" and for all those weekly
reporters whose vault cash exceeds their required reserves) the
seasonally adjusted, break-adjusted difference between current vault
cash and the amount applied to satisfy current reserve requirements.

(6.) Break-adjusted total reserves equal break-adjusted required
reserves (line 9) plus excess reserves (line 16).

(7.) To adjust required reserves for discontinuities that are due to
regulatory changes in reserve requirements, a multiplicative procedure
is used to estimate what required reserves would have been in past
periods had current reserve requirements been in effect. Break-adjusted
required reserves include required reserves against transactions
deposits and nonpersonal time and savings deposits (but not reservable
nondeposit liabilities).

(8.) The break-adjusted monetary base equals (1) break-adjusted total
reserves (line 6), plus (2) the (unadjusted) currency component of the
money stock, plus (3) (for all quarterly reporters on the "Report of
Transaction Accounts, Other Deposits and Vault Cash" and for all
those weekly reporters whose vault cash exceeds their required
reserves) the break-adjusted difference between current vault cash and
the amount applied to satisfy current reserve requirements.

(9.) Reflects actual reserve requirements, including those on
nondeposit liabilities, with no adjustments to eliminate the effects of
discontinuities associated with regulatory changes in reserve
requirements.

(10.) Reserve balances with Federal Reserve Banks plus vault cash used
to satisfy reserve requirements.

(11.) The monetary base, not break-adjusted and not seasonally
adjusted, consist of (1) total reserves (line 11), plus (2) required
clearing balances and adjustments to compensate for float at Federal
Reserve Banks, plus (3) the currency component of the money stock, plus
(4) (for all quarterly reporters on the "Report of Transaction Account,
Other Deposits and Vault Cash" and for all those weekly reporters whose
whose vault cash exceeds their required reserves (the difference
between current vault cash and the amount applied to satisfy current
reserve requirements. Since February 1984, currency and vault cash
figures have been measured over the computation periods ending on
Mondays.

(12.) Unadjusted total reserves (line 11) less unadjusted required
reserves (line 14).

1.21 MONEY STOCK MEASURES (1)
Billions of dollars, averages of daily figures

                                1999      2000      2001      2002
Item                            Dec.      Dec.      Dec.      Dec.

                                         Seasonally adjusted

   Measures (2)
 1 M1                          1,121.4   1,084.7   1,172.9   1,210.4
 2 M2                          4,649.7   4,931.5   5,444.6   5,791.8
 3 M3                          6,534.9   7,099.4   8,004.5   8,522.7

   M1 components
 4 Currency (3)                  517.7     531.5     581.9     627.3
 5 Travelers checks (4)            8.3       8.0       7.8       7.5
 6 Demand deposits (5)           352.1     306.9     326.1     297.1
 7 Other checkable deposits
     (6)                         243.4     238.7     257.2     278.5

   Nontransaction components
 8 In M2 (7)                   3,528.3   3,846.8   4,271.7   4,581.4
 9 In M3 only (8)              1,885.1   2,167.9   2,559.9   2,730.9

   Commercial banks
10 Savings deposits,
     including MMDAs           1,288.8   1,422.9   1,734.6   2,047.9
11 Small time deposits (9)       634.6     699.5     634.2     591.0
12 Large time deposits
     (10,11)                     652.2     718.3     671.1     676.6

   Thrift institutions
13 Savings deposits,
     including MMDAs             452.0     454.3     572.4     714.5
14 Small time deposits (9)       319.5     344.8     339.1     302.2
15 Large time deposits (10)       91.9     103.0     114.9     117.3

   Money market mutual funds
16 Retail                        833.4     925.4     991.5     925.9
17 Institution-only              634.8     788.8   1,190.3   1,234.5

   Repurchase agreements and
     eurodollars
18 Repurchase agreements
     (12)                        335.7     363.5   3,751.1     474.6
19 Eurodollars (12)              170.5     194.3     208.6     227.9

                                      Not seasonally adjusted

   Measures (2)
20 M1                          1,147.8   1,112.1   1.211.2   1,240.3
21 M2                          4,676.8   4,966.9   5,487.6   5,841.1
22 M3                          6,577.5   7,154.0   8,076.3   8,600.3

   M1 components
23 Currency (3)                  521.7     535.6     585.4     630.6
24 Travelers checks (4)            8.4       8.1       7.9       7.7
25 Demand deposits (5)           371.7     326.7     348.1     317.5
26 Other checkable deposits
     (6)                         246.0     241.6     261.5     284.5

   Nontransaction components
27 In M2 (7)                   3,529.0   3,854.8   4,284.6   4,600.8
28 In M3 only (8)              1,900.7   2,187.1   2,588.7   2,759.2

   Commercial banks
29 Savings deposits,
     including MMDAs           1,288.7   1,427.5   1,742.4   2,060.4
30 Small time deposits (9)       635.6     700.6     635.1     591.7
31 Large time deposits
     (10,11)                     653.6     718.5     670.0     675.0

   Thrift institutions
32 Savings deposits,
     including MMDAs             451.9     455.8     575.0     718.9
33 Small time deposits (9)       320.0     345.4     339.6     302.5
34 Large time deposits (10)       92.1     103.0     114.7     117.0

   Money market mutual funds
35 Retail                        832.7     925.5     992.5     927.4
36 Institution-only              648.6     806.1   1,218.3   1,262.3

   Repurchase agreements and
     eurodollars
37 Repurchase agreements
     (12)                        334.7     364.2     376.5     476.4
38 Eurodollars (12)              171.7     195.2     209.1     228.5

                                               2003

Item                             May           June          July

                                         Seasonally adjusted

   Measures (2)
 1 M1                          1,158.3       1,272.2       1,277.8
 2 M2                          5,996.2       6,043.6       6,092.1
 3 M3                          8,706.1 (r)   8,772.1 (r)   8,932.9 (r)

   M1 components
 4 Currency (3)                  645.8         646.5         646.2
 5 Travelers checks (4)            7.5           7.9           8.2
 6 Demand deposits (5)           315.4         322.5         322.5
 7 Other checkable deposits
     (6)                         289.6         295.3         300.9

   Nontransaction components
 8 In M2 (7)                   4,737.9       4,771.4       4,814.3
 9 In M3 only (8)              2,709.9 (r)   2,728.5 (r)   2,840.9 (r)

   Commercial banks
10 Savings deposits,
     including MMDAs           2,188.4       2,227.6       2,279.8
11 Small time deposits (9)       571.6         566.4         557.4
12 Large time deposits
     (10,11)                     691.1         687.3         775.0 (r)

   Thrift institutions
13 Savings deposits,
     including MMDAs             793.3         802.0         816.3
14 Small time deposits (9)       291.7         288.5         285.0
15 Large time deposits (10)      116.9         118.0         121.4

   Money market mutual funds
16 Retail                        892.8         886.9         875.8
17 Institution-only            1,124.8       1,143.8       1,183.9

   Repurchase agreements and
     eurodollars
18 Repurchase agreements
     (12)                        517.5         520.2         495.1
19 Eurodollars (12)              259.5 (r)     259.1 (r)     265.4 (r)

                                      Not seasonally adjusted

   Measures (2)
20 M1                          1,251.8       1,269.4       1,274.2
21 M2                          5,961.6       6,012.6       6,058.1
22 M3                          8,681.8 (r)   8,741.1 (r)   8,874.3 (r)

   M1 components
23 Currency (3)                  646.5         647.7         648.7
24 Travelers checks (4)            7.5           7.7           7.8
25 Demand deposits (5)           308.0         318.8         319.9
26 Other checkable deposits
     (6)                         289.7         295.2         297.8

   Nontransaction components
27 In M2 (7)                   4,709.8       4,743.3       4,783.8
28 In M3 only (8)              2,720.3 (r)   2,728.5 (r)   2,816.2 (r)

   Commercial banks
29 Savings deposits,
     including MMDAs           2,177.5       2,217.5       2,263.9
30 Small time deposits (9)       571.0         565.8         557.2
31 Large time deposits
     (10,11)                     696.9         691.8 (r)     774.9 (r)

   Thrift institutions
32 Savings deposits,
     including MMDAs             789.4         798.3         810.7
33 Small time deposits (9)       291.3         288.1         284.9
34 Large time deposits (10)      117.9         118.8         121.4

   Money market mutual funds
35 Retail                        880.6         873.5         867.2
36 Institution-only            1,118.9       1,131.0       1,161.6

   Repurchase agreements and
     eurodollars
37 Repurchase agreements
     (12)                        525.0         529.5         496.6
38 Eurodollars (12)              261.5 (r)     257.4 (r)     261.8 (r)

                                 2003

Item                             Aug.

                               Seasonally
                                adjusted

   Measures (2)
 1 M1                          1,285.3
 2 M2                          6,132.2
 3 M3                          8,956.7

   M1 components
 4 Currency (3)                  649.2
 5 Travelers checks (4)            8.0
 6 Demand deposits (5)           321.9
 7 Other checkable deposits
     (6)                         306.2

   Nontransaction components
 8 In M2 (7)                   4,846.9
 9 In M3 only (8)              2,824.4

   Commercial banks
10 Savings deposits,
     including MMDAs           2,315.8
11 Small time deposits (9)       549.6
12 Large time deposits
     (10,11)                     773.4

   Thrift institutions
13 Savings deposits,
     including MMDAs             831.4
14 Small time deposits (9)       281.0
15 Large time deposits (10)      123.0

   Money market mutual funds
16 Retail                        869.2
17 Institution-only            1,164.6

   Repurchase agreements and
     eurodollars
18 Repurchase agreements
     (12)                        491.6
19 Eurodollars (12)              271.9

                               Not seasonally
                                  adjusted

   Measures (2)
20 M1                          1,279.2
21 M2                          6,111.5
22 M3                          8,906.7

   M1 components
23 Currency (3)                  650.4
24 Travelers checks (4)            7.8
25 Demand deposits (5)           320.9
26 Other checkable deposits
     (6)                         300.0

   Nontransaction components
27 In M2 (7)                   4,832.3
28 In M3 only (8)              2,795.2

   Commercial banks
29 Savings deposits,
     including MMDAs           2,307.3
30 Small time deposits (9)       549.9
31 Large time deposits
     (10,11)                     772.2

   Thrift institutions
32 Savings deposits,
     including MMDAs             828.4
33 Small time deposits (9)       281.1
34 Large time deposits (10)      122.8

   Money market mutual funds
35 Retail                        865.6
36 Institution-only            1,144.1

   Repurchase agreements and
     eurodollars
37 Repurchase agreements
     (12)                        488.1
38 Eurodollars (12)              267.9

NOTES TO TABLE 1.21

(1.) Latest monthly and weekly figures are available from the Board's
H.6 (508) weekly statistical release. Historical data starting in 1959
are available from the Money and Reserves Projections Section, Division
of Monetary Affairs, Board of Governors of the Federal Reserve System,
Washington. DC 20551.

(2.) Composition of the money stock measures is as follows:

M1: (1) currency outside the U.S. Treasury, Federal Reserve Banks, and
the vaults of depository institutions, (2) travelers checks of nonbank
issuers, (3) demand deposits at all commercial banks other than those
owed to depository institutions, the U.S. government, and foreign banks
and official institutions, less cash items in the process of collection
and Federal Reserve float, and (4) other checkable deposits (OCDs),
consisting of negotiable order of withdrawal (NOW) and automatic
transfer service (ATS) accounts at depository institutions, credit
union share draft accounts, and demand deposits at thrift institutions.
Seasonally adjusted M1 is computed by summing currency, travelers
checks, demand deposits, and OCDs, each seasonally adjusted separately.

M2: M1 plus (1) savings deposits (including MMDAs), (2) small-
denomination time deposits (time deposits--including retail RPs--in
amounts of less than $100,000), and (3) balances in retail money market
mutual funds. Excludes individual retirement accounts (IRAs) and Keogh
balances at depository institutions and money market funds. Seasonally
adjusted M2 is calculated by scanning savings deposits, small-
denomination time deposits, and retail money fund balances, each
seasonally adjusted separately, and adding this result to seasonally
adjusted M1

M3: M2 plus (1) large-denomination time deposits (in amounts of
$100,000 or more) issued by all depository institutions, (2) balances
in institutional money funds, (3) RP liabilities (overnight and term)
issued by all depository institutions, and (4) eurodollars (overnight
and term) held by U.S. residents at foreign branches of U.S. banks
worldwide and at all banking offices in the United Kingdom and Canada.
Excludes amounts held by depository institutions, the U.S. government,
money market funds, and foreign banks and official institutions.
Seasonally adjusted M3 is calculated by summing large time deposits,
institutional money fund balances, RP liabilities, and eurodollars,
each seasonally adjusted separately, and adding this result to
seasonally adjusted M2.

(3.) Currency outside the U.S. Treasury, Federal Reserve Banks, and
vaults of depository institutions.

(4.) Outstanding amount of U.S. dollar-denominated travelers checks of
nonbank issuers. Travelers checks issued by depository institutions are
included in demand deposits.

(5.) Demand deposits at commercial banks and foreign-related
institutions other than those owed to depository institutions, the U.S.
government, and foreign banks and official institutions, less cash
items in the process of collection and Federal Reserve float.

(6.) Consists of NOW and ATS account balances at all depository
institutions, credit union share draft account balances, and demand
deposits at thrift institutions.

(7.) Sum of (1) savings deposits (including MMDAs), (2) small time
deposits, and (3) retail money fund balances.

(8.) Sum of (1) large time deposits, (2) institutional money fund
balances, (3) RP liabilities (overnight and term) issued by depository
institutions, and (4) eurodollars (overnight and term) of U.S.
addressees.

(9.) Small time deposits--including retail RPs--are those issued in
amounts of less than $100,000. All IRAs and Keogh accounts at
commercial banks and thrift institutions are subtracted from small time
deposits.

(10.) Large time deposits are those issued in amounts of $100,000 or
more, excluding those booked at international banking facilities.

(11.) Large time deposits at commercial banks less those held by money
market funds, depository institutions, the U.S. government, and foreign
banks and official institutions.

(12.) Includes both overnight and term.

1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities (1)
A. All commercial banks
Billions of dollars

                                         Monthly averages

                                 2002                2003

Account                          Aug.         Feb. (r)   Mar. (r)

                                        Seasonally adjusted

   Assets
 1 Bank credit                  5,661.4       5,962.1    5,992.5
 2   Securities in bank
       credit                   1,629.5       1,754.1    1,766.1
 3     U.S. government
         securities               943.7       1,059.4    1,072.2
 4     Other                      685.8         604.7      693.9
 5   Loans and leases in bank
       credit (2)               4,031.9       4,208.0    4,226.4
 6     Commercial and
         industrial               978.4 (r)     953.4      947.8
 7     Real estate              1,903.7 (r)   2,079.9    2,095.0
 8       Revolving home
           equity                 197.3         222.7      230.5
 9       Other                  1,706.4 (r)   1,857.2    1,864.5
10     Consumer                   574.3         591.8      586.9
11     Security (3)               176.9         181.3      193.6
12     Other loans and leases     398.5         401.6      403.1
13 Interbank loans                304.1         304.2      313.1
14 Cash assets (4)                320.3         318.3      323.6
15 Other assets (5)               504.2         535.2      525.0

16 Total assets (6)             6,714.9       7,043.3    7,077.7

   Liabilities
17 Deposits                     4,462.5       4,535.3    4,585.6
18   Transaction                  598.6         613.7      619.4
19   Nontransaction             3,863.9       3,921.6    3,966.3
20     Large time               1,046.6         995.2    1,001.6
21     Other                    2,817.3       2,926.4    2,964.7
22 Borrowings                   1,290.6       1,368.7    1,389.8
23   From banks in the U.S.       403.7         388.1      397.3
24   From Others                  886.8         980.6      992.6
25 Net due to related foreign
     offices                       87.3 (r)     144.3      135.8
26 Other liabilities              430.3         455.4      449.8

27 Total liabilities            6,270.7 (r)   6,503.7    6,561.0

28 Residual (assets less
     liabilities) (7)             444.2 (r)     539.6      516.7

                                     Not seasonally adjusted

   Assets
29 Bank credit                  5,642.6       5,965.5    5,981.3
30   Securities in bank
       credit                   1,622.9       1,763.2    1,771.1
31     U.S. government
         securities               940.2       1,065.7    1,077.2
32     Other securities           682.7         697.5      693.9
33   Loans and leases in bank
       credit (2)               4,019.7       4,202.2    4,210.2
34     Commercial and
         industrial               974.3 (r)     951.5      949.2
35     Real estate              1,903.7 (r)   2,075.7    2,086.0
36       Revolving home
           equity                 197.4         223.0      228.4
37       Other                  1,706.3 (r)   1,852.6    1,857.6
38     Consumer                   571.0         595.0      584.7
39       Credit cards and
           related plans          224.1         225.8      219.6
40       Other                    346.9         369.2      365.0
41     Security (3)               172.4         183.0      189.2
42     Other loans and leases     398.4 (r)     397.2      401.2
43 Interbank loans                298.2         301.4      319.5
44 Cash asset (4)                 304.6         318.8      312.8
45 Other assets (5)               501.1         532.6      524.1

46 Total assets (6)             6,671.3       7,041.4    7,061.0

   Liabilities
47 Deposits                     4,313.8       4,556.2    4,592.8
48   Transaction                  583.8         606.1      611.0
49   Nontransaction             3,830.0       3,950.2    3,981.8
50     Large time               1,028.8       1,005.8    1,004.3
51     Other                    2,801.2       2,944.3    2,977.4
52 Borrowings                   1,273.5       1,370.9    1,386.2
53   From banks in the U.S.       399.4         391.6      400.7
54   From others                  874.1         979.3      985.5
55 Net due to related foreign
     offices                       85.4 (r)     149.6      133.9
56 Other liabilities              428.8         461.7      446.0

57 Total liabilities            6,201.4       6,538.4    6,558.9

58 Residual (assets less
     liabilities) (7)             469.8 (r)     503.0      502.1

                                      Monthly averages

                                            2003

Account                         Apr. (r)   May (r)   June (r)

                                     Seasonally adjusted

   Assets
 1 Bank credit                  6,027.0    6,134.1   6,195.8
 2   Securities in bank
       credit                   1,778.7    1,837.4   1,862.3
 3     U.S. government
         securities             1,104.4    1,135.2   1,151.4
 4     Other                      674.3      702.2     710.9
 5   Loans and leases in bank
       credit (2)               4,248.3    4,296.7   4,333.5
 6     Commercial and
         industrial               946.2      938.8     927.0
 7     Real estate              2,111.1    2,133.9   2,156.7
 8       Revolving home
           equity                 234.7      238.2     244.5
 9       Other                  1,876.4    1,895.7   1,912.2
10     Consumer                   584.6      589.9     595.8
11     Security (3)               190.6      210.3     212.2
12     Other loans and leases     415.1      423.8     441.9
13 Interbank loans                304.4      316.3     319.7
14 Cash assets (4)                319.7      318.3     331.4
15 Other assets (5)               528.7      546.1     549.6

16 Total assets (6)             7,104.6    7,239.4   7,321.2

   Liabilities
17 Deposits                     4,612.6    4,643.4   4,702.4
18   Transaction                  632.4      634.1     639.3
19   Nontransaction             3,980.2    4,009.3   4,063.1
20     Large time                 985.5      999.2   1,003.3
21     Other                    2,994.7    3,010.2   3,059.8
22 Borrowings                   1,396.7    1,438.2   1,478.1
23   From banks in the U.S.       397.1      389.8     408.6
24   From Others                  999.6    1,048.4   1,069.5
25 Net due to related foreign
     offices                      139.3      146.5     126.4
26 Other liabilities              455.0      479.0     489.3

27 Total liabilities            6,603.5    6,707.1   6,796.2

28 Residual (assets less
     liabilities) (7)             501.2      532.3     524.9

                                   Not seasonally adjusted

   Assets
29 Bank credit                  6,021.6    6,128.8   6,192.3
30   Securities in bank
       credit                   1,776.5    1,835.1   1,856.2
31     U.S. government
         securities             1,104.3    1,133.2   1,146.7
32     Other securities           672.2      702.0     709.5
33   Loans and leases in bank
       credit (2)               4,245.1    4,293.7   4,336.2
34     Commercial and
         industrial               950.7      942.5     931.0
35     Real estate              2,107.5    2,137.7   2,158.0
36       Revolving home
           equity                 234.4      239.4     245.4
37       Other                  1,873.1    1,898.3   1,912.6
38     Consumer                   581.8      588.7     592.4
39       Credit cards and
           related plans          215.6      221.5     223.2
40       Other                    366.2      367.2     369.3
41     Security (3)               189.8      202.6     210.8
42     Other loans and leases     415.3      422.1     444.0
43 Interbank loans                315.5      312.0     320.9
44 Cash asset (4)                 318.0      314.7     322.2
45 Other assets (5)               528.1      544.0     544.2

46 Total assets (6)             7,108.0    7,223.9   7,304.1

   Liabilities
47 Deposits                     4,637.7    4,636.4   4,691.4
48   Transaction                  638.3      623.9     633.9
49   Nontransaction             3,999.4    4,012.5   4,057.6
50     Large time                 989.9    1,002.8   1,001.4
51     Other                    3,009.5    3,009.6   3,056.2
52 Borrowings                   1,400.8    1,443.9   1,477.2
53   From banks in the U.S.       401.2      392.2     406.8
54   From others                  999.6    1,051.8   1,070.4
55 Net due to related foreign
     offices                      130.2      146.0     123.5
56 Other liabilities              442.5      478.2     486.1

57 Total liabilities            6,611.2    6,704.5   6,778.3

58 Residual (assets less
     liabilities) (7)             496.8      519.3     525.8

                                                     Wednesday
                                Monthly averages      figures

                                            2003

Account                         July (r)    Aug.     Aug. 6

                                    Seasonally adjusted

   Assets
 1 Bank credit                  6,237.1    6,223.3   6,252.8
 2   Securities in bank
       credit                   1,817.4    1,775.0   1,800.5
 3     U.S. government
         securities             1,114.9    1,076.4   1,107.1
 4     Other                      702.5      698.5     693.5
 5   Loans and leases in bank
       credit (2)               4,419.7    4,448.3   4,452.3
 6     Commercial and
         industrial               930.3      922.4     923.7
 7     Real estate              2,194.6    2,239.8   2,242.0
 8       Revolving home
           equity                 248.7      253.1     251.3
 9       Other                  1,945.9    1,986.7   1,990.7
10     Consumer                   596.2      596.9     594.5
11     Security (3)               214.8      207.0     210.7
12     Other loans and leases     483.8      482.2     481.5
13 Interbank loans                321.1      326.1     333.1
14 Cash assets (4)                336.4      343.8     334.1
15 Other assets (5)               555.2      568.3     573.7

16 Total assets (6)             7,374.6    7,385.4   7,418.5

   Liabilities
17 Deposits                     4,748.0    4,799.6   4,797.1
18   Transaction                  655.3      655.1     625.7
19   Nontransaction             4,092.7    4,144.5   4,171.4
20     Large time               1,020.9    1,031.6   1,040.9
21     Other                    3,071.8    3,112.9   3,130.5
22 Borrowings                   1,515.0    1,517.9   1,559.8
23   From banks in the U.S.       410.9      416.4     428.3
24   From Others                1,104.0    1,101.5   1,131.4
25 Net due to related foreign
     offices                      143.0      126.5     120.5
26 Other liabilities              458.6      448.5     449.8

27 Total liabilities            6,864.6    6,892.7   6,927.2

28 Residual (assets less
     liabilities) (7)             510.1      492.7     491.3

                                   Not seasonally adjusted

   Assets
29 Bank credit                  6,212.2    6,203.3   6,235.0
30   Securities in bank
       credit                   1,802.1    1,767.7   1,792.1
31     U.S. government
         securities             1,106.8    1,072.5   1,102.8
32     Other securities           695.3      695.2     689.3
33   Loans and leases in bank
       credit (2)               4,410.1    4,435.6   4,442.9
34     Commercial and
         industrial               931.4      918.6     922.7
35     Real estate              2,193.0    2,239.8   2,240.5
36       Revolving home
           equity                 248.7      253.2     251.0
37       Other                  1,944.3    1,986.6   1.989.5
38     Consumer                   590.6      593.2     588.0
39       Credit cards and
           related plans          219.9      220.0     217.0
40       Other                    370.7      373.3     371.0
41     Security (3)               208.7      201.7     207.9
42     Other loans and leases     486.3      482.2     483.7
43 Interbank loans                316.6      320.2     332.4
44 Cash asset (4)                 325.7      327.2     319.0
45 Other assets (5)               553.4      564.7     572.7

46 Total assets (6)             7,333.0    7,339.3   7,383.6

   Liabilities
47 Deposits                     4,718.6    4,749.6   4,771.6
48   Transaction                  646.6      638.7     614.8
49   Nontransaction             4,072.0    4,110.9   4,156.8
50     Large time               1,009.8    1,015.5   1,015.5
51     Other                    3,062.2    3,095.4   3,129.3
52 Borrowings                   1,507.9    1,497.9   1,542.7
53   From banks in the U.S.       407.6      411.9     425.7
54   From others                1,100.4    1,086.1   1,117.0
55 Net due to related foreign
     offices                      133.6      125.1     111.9
56 Other liabilities              448.7      446.7     441.2

57 Total liabilities            6,808.9    6,819.4   6,867.5

58 Residual (assets less
     liabilities) (7)             524.1      519.9     516.1

                                     Wednesday figures

                                           2003

Account                         Aug. 13   Aug. 20   Aug. 27

                                    Seasonally adjusted

   Assets
 1 Bank credit                  6,230.4   6,203.3   6,208.0
 2   Securities in bank
       credit                   1,764.2   1,771.4   1,767.8
 3     U.S. government
         securities             1,062.9   1,065.6   1,071.5
 4     Other                      701.3     705.8     696.4
 5   Loans and leases in bank
       credit (2)               4,466.2   4,431.9   4,440.2
 6     Commercial and
         industrial               921.7     921.6     923.9
 7     Real estate              2,237.6   2,234.3   2,234.7
 8       Revolving home
           equity                 252.2     253.3     254.1
 9       Other                  1,981.0   1,981.0   1,980.6
10     Consumer                   595.7     597.7     597.9
11     Security (3)               226.2     194.9     201.3
12     Other loans and leases     485.1     483.2     482.5
13 Interbank loans                334.4     325.7     323.2
14 Cash assets (4)                338.0.    345.4     350.5
15 Other assets (5)               575.6     568.3     552.0

16 Total assets (6)             7,402.2   7,366.3   7,357.6

   Liabilities
17 Deposits                     4,828.0   4,779.2   4,784.2
18   Transaction                  648.4     664.3     695.6
19   Nontransaction             4,179.6   4,114.9   4,088.6
20     Large time               1,034.8   1,027.4   1,023.8
21     Other                    3,144.8   3,087.4   3,064.8
22 Borrowings                   1,532.4   1,496.0   1,501.8
23   From banks in the U.S.       418.4     416.1     411.3
24   From Others                1,114.0   1,079.8   1,090.5
25 Net due to related foreign
     offices                       99.5     144.2     143.1
26 Other liabilities              455.4     446.5     427.7

27 Total liabilities            6,915.4   6,865.8   6,856.8

28 Residual (assets less
     liabilities) (7)             486.8     500.5     500.8

                                  Not seasonally adjusted

   Assets
29 Bank credit                  6,210.2   6,180.5   6,181.0
30   Securities in bank
       credit                   1,754.5   1,762.9   1,760.2
31     U.S. government
         securities             1,057.1   1,061.0   1,067.0
32     Other securities           697.4     701.8     693.3
33   Loans and leases in bank
       credit (2)               4,455.7   4,417.7   4,420.8
34     Commercial and
         industrial               918.4     917.8     917.2
35     Real estate              2,240.0   2,233.5   2,234.4
36       Revolving home
           equity                 252.3     253.5     254.5
37       Other                  1,987.8   1,980.1   1,979.9
38     Consumer                   591.0     594.7     596.1
39       Credit cards and
           related plans          218.3     221.2     221.2
40       Other                    372.7     373.5     375.0
41     Security (3)               222.2     188.5     194.7
42     Other loans and leases     484.1     483.2     478.4
43 Interbank loans                329.7     320.9     305.3
44 Cash asset (4)                 315.7     325.9     323.8
45 Other assets (5)               572.9     562.5     544.2

46 Total assets (6)             7,352.2   7,313.4   7,278.1

   Liabilities
47 Deposits                     4,779.6   4,720.4   4,698.3
48   Transaction                  630.4     644.2     663.4
49   Nontransaction             4,149.2   4,076.2   4,034.9
50     Large time               1,018.2   1,010.4   1,008.1
51     Other                    3,131.1   3,065.8   3,026.8
52 Borrowings                   1,508.7   1,477.7   1,476.5
53   From banks in the U.S.       413.7     412.9     404.3
54   From others                1,095.0   1,064.8   1,072.2
55 Net due to related foreign
     offices                       95.3     142.5     148.8
56 Other liabilities              450.7     444.9     433.3

57 Total liabilities            6,834.3   6,785.4   6,756.9

58 Residual (assets less
     liabilities) (7)             517.8     528.0     521.2

1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities (1)
B. Domestically chartered commercial banks
Billions of dollars

                                          Monthly averages

                                   2002              2003

Account                            Aug.          Feb.          Mar.

                                         Seasonally adjusted

   Assets
 1 Bank credit                  5,041.4 (r)   5,315.2 (r)   5,329.0
 2   Securities in bank
       credit                   1,381.4       1,474.8       1,482.3 (r)
 3     U.S. government
         securities               862.0         942.7         949.7
 4     Other securities           519.4         532.0 (r)     532.6
 5   Loans and leases in bank
       credit (2)               3,660.0       3,840.4 (r)   3,846.7
 6     Commercial and
         industrial               789.3 (r)     779.3 (r)     776.2 (r)
 7     Real estate              1,884.8 (r)   2,060.1 (r)   2,075.1 (r)
 8       Revolving home
           equity                 197.3         222.7         230.5
 9       Other                  1,687.6 (r)   1,837.4 (r)   1,844.6 (r)
10     Consumer                   574.3         591.8 (r)     586.9
11     Security (3)                85.4          73.1 (r)      72.2
12     Other loans and leases     326.1         336.0 (r)     336.3 (r)
13 Interbank loans                286.2         277.2         285.8
14 Cash assets (4)                272.5         279.6         279.7
15 Other assets (5)               476.5 (r)     500.7 (r)     495.0 (r)

16 Total assets (6)             6,001.9       6,296.6 (r)   6,313.6 (r)

   Liabilities
17 Deposits                     3,964.8       4,092.5       4,137.2
18   Transaction                  589.5         603.5         607.9
19   Nontransaction             3,376.3       3,489.0       3,529.4
20     Large time                 565.0         583.5         583.6
21     Other                    2,811.3       2,905.5       2,945.8
22 Borrowings                   1,076.7       1,093.8       1,096.7
23   From banks in the U.S.       382.4         357.0         363.6
24   From others                  694.3         736.7         733.1 (r)
25 Net due to related foreign
     offices                      173.5 (r)     222.7         219.6 (r)
26 Other liabilities              332.7         355.8         355.0

27 Total liabili