Reserve Bank credit, related items, and

reserve balances of depository institutions

at Federal Reserve Banks

Reserve Bank credit 756,215 + 719 + 39,509 758,049

Securities held outright 692,281 + 2,507 + 39,517 692,299

U.S. Treasury1 692,281 + 2,507 + 39,527 692,299

Bills2 255,238 + 214 + 15,622 255,248

Notes and bonds, nominal2 420,150 + 1,899 + 21,297 420,150

Notes and bonds, inflation-indexed2 14,862 + 341 + 2,048 14,862

Inflation compensation3 2,031 + 54 + 561 2,039

Federal agency2 0 0 - 10 0

Repurchase agreements4 23,536 - 1,714 - 714 25,500

Loans to depository institutions 240 - 3 + 121 233

Primary credit 26 - 27 + 22 7

Secondary credit 0 0 0 0

Seasonal credit 214 + 23 + 99 226

Float -260 - 58 - 302 -305

Other Federal Reserve assets 40,418 - 13 + 887 40,322

Gold stock 11,045 0 + 1 11,045

Special drawing rights certificate account 2,200 0 0 2,200

Treasury currency outstanding5 36,022 + 14 + 909 36,022

Total factors supplying reserve funds 805,481 + 733 + 40,419 807,315

Currency in circulation5 733,684 - 2,515 + 40,965 734,178

Reverse repurchase agreements6 19,884 + 117 + 207 19,906

Foreign official and international accounts 19,884 + 117 + 207 19,906

Dealers 0 0 0 0

Treasury cash holdings 300 - 2 - 30 290

Deposits with F.R. Banks, other than reserve balances 16,305 + 679 - 1,793 15,687

U.S. Treasury, general account 5,509 + 675 - 558 4,879

Foreign official 84 + 4 - 40 99

Service-related 10,421 - 3 - 980 10,421

Required clearing balances 10,421 - 3 - 442 10,421

Adjustments to compensate for float 0 0 - 538 0

Other 290 + 2 - 216 287

Other liabilities and capital 21,539 - 174 + 1,539 21,151

Total factors, other than reserve balances,

absorbing reserve funds 791,713 - 1,895 + 40,888 791,213

Reserve balances with Federal Reserve Banks 13,768 + 2,628 - 470 16,102

Memo (off-balance-sheet items):

Marketable securities held in custody for foreign

 official and international accounts2,7 1,238,739 + 4,731 + 301,746 1,235,793

U.S. Treasury 1,001,870 + 4,822 + 248,126 1,002,873

Federal agency 236,869 - 91 + 53,620 232,920

Securities lent to dealers 432 - 143 - 869 1,418

FEDERAL RESERVE statistical release

 July 22, 2004

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Averages of daily figures

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

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

2. Face value of the securities.

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

4. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.

5. Estimated.

6. Cash value of agreements, which are collateralized by U.S. Treasury securities.

7. Includes U.S. Treasury STRIPS and other zero coupon bonds at face value.

Sources: Federal Reserve Banks and the U.S. Department of the Treasury.

Change from week ended Wednesday

 Jul 21, 2004 Week ended

 Jul 21, 2004 Jul 14, 2004 Jul 23, 2003
Note: Components may not sum to totals because of rounding.

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

2. Face value of the securities.

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

4. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.

5. Includes assets denominated in foreign currencies, which are revalued daily at market exchange rates.

6. Cash value of agreements, which are collateralized by U.S. Treasury securities.

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

Assets

Gold certificate account 11,040 0 + 1

Special drawing rights certificate account 2,200 0 0

Coin 725 + 15 - 147

Securities, repurchase agreements, and loans 718,032 + 1,963 + 33,076

Securities held outright 692,299 + 1,990 + 39,462

U.S. Treasury1 692,299 + 1,990 + 39,472

Bills2 255,248 + 70 + 15,556

Notes and bonds, nominal2 420,150 + 1,899 + 21,297

Notes and bonds, inflation-indexed2 14,862 0 + 2,048

Inflation compensation3 2,039 + 22 + 571

Federal agency2 0 0 - 10

Repurchase agreements4 25,500 0 - 6,500

Loans 233 - 27 + 115

Items in process of collection (827) 5,558 - 446 - 2,122

Bank premises 1,700 + 3 + 112

Other assets5 38,606 - 292 + 390

Total assets (827) 777,861 + 1,243 + 31,311

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 699,168 - 1,959 + 39,443

Reverse repurchase agreements6 19,906 + 71 + 234

Deposits ( 0 ) 31,774 + 3,543 - 7,678

Depository institutions 26,508 + 4,077 - 6,329

U.S. Treasury, general account 4,879 - 490 - 1,179

Foreign official 99 + 18 - 35

Other ( 0 ) 287 - 62 - 136

Deferred availability cash items (827) 5,862 - 246 - 1,755

Other liabilities and accrued dividends7 2,375 - 11 + 237

Total liabilities (827) 759,085 + 1,398 + 30,482

Capital accounts

Capital paid in 9,245 - 6 + 531

Surplus 8,827 - 20 + 447

Other capital accounts 705 - 128 - 147

Total capital 18,777 - 154 + 830

H.4.1

2. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Wednesday

 Jul 23, 2003

Eliminations from

consolidation Wednesday

 Jul 21, 2004

Wednesday

 Jul 14, 2004

3. Maturity Distribution of Loans and Securities, July 21, 2004

Millions of dollars

 Federal agency

securities

Weekly

changes Holdings

 U.S. Treasury

securities1

Holdings Weekly

changes

Loans Repurchase

agreements2

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

 . . . Not applicable.

1. Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the original

face value of such securities.

2. Cash value of agreements classified by remaining maturity of the agreements.

Reverse

repurchase

agreements2

Within 15 days 230 55,036 + 7,888 0 0 25,500 19,906

16 days to 90 days 3 154,431 - 8,754 0 0 0 0

91 days to 1 year 0 164,648 + 2,833 0 0 . . . . . . 

Over 1 year to 5 years . . . 189,529 + 9 0 0 . . . . . . 

Over 5 years to 10 years . . . 51,859 + 5 0 0 . . . . . . 

Over 10 years . . . 76,794 + 8 0 0 . . . . . . 

All 233 692,299 + 1,990 0 0 25,500 19,906

Assets, liabilities, and capital

Maturity
H.4.1

4. Statement of Condition of Each Federal Reserve Bank on July 21, 2004Millions of dollars

Total Boston Cleveland Richmond Atlanta Chicago St. Louis New York Philadelphia Minneap

AssetsGold certificate accountSpecial drawing rights certificate acct.CoinSecurities, repurchase agreements,

and loans

Securities held outright

U.S. Treasury1

Bills2Notes and bonds3

Federal agency2

Repurchase agreements4Loans

Items in process of collectionBank premisesOther assets5Interdistrict settlement account

Total assets

Note: Components may not sum to totals because of rounding.1. Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities.2. Face value of the securities.3. Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the original face value of such sec

4. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.5. Includes assets denominated in foreign currencies, which are revalued daily at market exchange rates.

 11,040 2,200 725 718,032 692,299 692,299 255,248 437,051 0 25,500 233 6,384 1,700 38,606 0 778,688

Assets, liabilities, and capital

 4,650 874 30 325,693 300,190 300,190 110,679 189,511 0 25,500 3 374 191 13,949 -31,047 314,715

 494 115 22 32,509 32,509 32,509 11,986 20,523 0 0 0 332 96 1,763 + 3,539 38,870

 382 83 37 20,595 20,591 20,591 7,592 12,999 0 0 4 325 51 1,153 + 3,445 26,070

 452 104 35 29,586 29,582 29,582 10,907 18,675 0 0 4 393 154 2,345 + 449 33,518

 819 147 66 52,618 52,618 52,618 19,400 33,218 0 0 0 321 145 5,979 - 900 59,194

 894 166 88 46,698 46,687 46,687 17,213 29,474 0 0 11 664 279 2,205 + 9,710 60,703

 924 212 88 62,433 62,361 62,361 22,992 39,369 0 0 72 426 135 3,478 - 639 67,057

 325 71 55 20,369 20,339 20,339 7,499 12,840 0 0 30 230 55 1,008 + 1,460 23,572

 2   15,1 15,1 15,1 5,5 9,5    4 1 1,1 - 6 16,4
 819,229

 120,061 699,168 699,168 11,040 2,200 685,928 0 717,799 19,912 697,887

Total Boston Cleveland Richmond Atlanta Chicago St. Louis New York Philadelphia Minneap

LiabilitiesFederal Reserve notes outstanding

Less: notes held by F.R. Banks

Federal Reserve notes, net

Reverse repurchase agreements1

Deposits

Depository institutionsU.S. Treasury, general accountForeign officialOther

Deferred availability cash itemsOther liabilities and accrued

dividends2

Total liabilities

CapitalCapital paid inSurplusOther capital

Total liabilities and capital

Note: Components may not sum to totals because of rounding.1. Cash value of agreements, which are collateralized by U.S. Treasury securities.2. Includes exchange-translation account reflecting the daily revaluation at market exchange rates of foreign exchange commitments.

 819,229 120,061 699,168 19,906 31,774 26,508 4,879 99 287 6,689 2,375 759,911 9,245 8,827 705 778,688

 38,315 4,046 34,269 935 2,085 2,082 0 2 1 432 130 37,851 506 448 64 38,870

 316,043 30,477 285,565 8,631 14,758 9,634 4,879 76 169 621 776 310,352 2,116 2,031 216 314,715

 32,037 8,613 23,424 592 968 967 0 1 0 434 93 25,510 278 259 23 26,070

 34,584 5,673 28,911 851 1,647 1,643 0 2 1 475 119 32,003 758 727 29 33,518

 61,337 11,222 50,115 1,513 2,660 2,541 0 7 112 541 233 55,063 2,077 2,054 0 59,194

 72,542 17,446 55,096 1,342 2,302 2,299 0 2 1 741 193 59,675 506 489 33 60,703

 67,756 7,716 60,039 1,793 2,401 2,397 0 3 1 528 227 64,988 1,026 924 119 67,057

 24,931 3,305 21,626 585 616 614 0 1 1 165 105 23,096 232 228 15 23,572

 15,6 1,1 14,5 4 4 4    4  15,8 2 3  16,4

H.4.1

4. Statement of Condition of Each Federal Reserve Bank on July 21, 2004 (continued)Millions of dollars

Assets, liabilities, and capital

Federal Reserve notes outstanding

Less: Notes held by F.R. Banks

not subject to collateralization

Federal Reserve notes to be collateralized

Collateral held against Federal Reserve notes

Gold certificate accountSpecial drawing rights certificate accountU.S. Treasury and agency securities pledged1Other assets pledged

Memo:Total U.S. Treasury and agency securities1

Less: face value of securities under

reverse repurchase agreements

U.S. Treasury and agency securities

eligible to be pledged

5. Collateral Held against Federal Reserve Notes:Federal Reserve Agents' AccountsMillions of dollarsFederal Reserve notes and collateral Wednesday

 Jul 21, 2004

Note: Components may not sum to totals because of rounding.1. Includes face value of U.S. Treasury and agency securities held outright,

compensation to adjust for the effect of inflation on the original face value ofinflation-indexed securities, and cash value of repurchase agreements.