FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                              July 29, 2004
1. Factors Affecting Reserve Balances of Depository Institutions
Millions of dollars
                                                                   Averages of daily figures
Reserve Bank credit, related items, and                   Week ended   Change from week ended     Wednesday
reserve balances of depository institutions at           Jul 28, 2004 Jul 21, 2004 Jul 30, 2003 Jul 28, 2004
Federal Reserve Banks

Reserve Bank Credit                                         752,230    -   3,980    +  38,848      755,216
 Securities held outright                                   693,510    +   1,229    +  40,667      693,717       
    U.S. Treasury (1)                                       693,510    +   1,229    +  40,677      693,717
       Bills (2)                                            255,248    +      10    +  15,547      255,248
       Notes and bonds, nominal (2)                         421,346    +   1,196    +  22,493      421,546
       Notes and bonds, inflation-indexed (2)                14,862            0    +   2,048       14,862
       Inflation compensation (3)                             2,053    +      22    +     588        2,061
    Federal agency (2)                                            0            0    -      10            0      
 Repurchase agreements(4)                                    18,607    -   4,929    -   2,250       21,500
 Loans to depository institutions                               263    +      23    +     137          432
    Primary credit                                               37    +      11    +      36          193
    Secondary credit                                              0            0            0            0
    Seasonal credit                                             226    +      12    +     101          239
 Float                                                         -513    -     247    -      36         -781
 Other Federal Reserve assets                                40,363    -      57    +     330       40,349
Gold stock                                                   11,045            0    +       1       11,045
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            36,036    +      14    +     907       36,036
       
Total factors supplying reserve funds                       801,510    -   3,966    +  39,756      804,497
                                                                   
Currency in circulation(5)                                  732,994    -     690    +  40,428      734,335
Reverse repurchase agreements (6)                            19,959    +      75    +      43       19,363
   Foreign official and international accounts               19,959    +      75    +      43       19,363
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          289    -      11    -      54          283
Deposits with F.R.Banks, other than reserve balances         15,136    -   1,169    -   2,869       14,617       
  U.S. Treasury, general account                              4,956    -     553    -   1,249        4,447
  Foreign official                                               77    -       7    -     182           81
  Service-related                                             9,802    -     619    -   1,488        9,802
     Required clearing balances                               9,802    -     619    -   1,094        9,802
     Adjustments to compensate for float                          0            0    -     394            0
  Other                                                         300    +      10    +      49          286
Other liabilities and capital                                21,326    -     213    +   1,098       21,117

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  789,705    -   2,008    +  38,647      789,714

Reserve balances with Federal Reserve Banks                  11,805    -   1,959    +   1,109       14,783
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)         1,239,426    +     687    + 307,672    1,239,479
     U.S. Treasury                                        1,005,071    +   3,201    + 256,961    1,006,486
     Federal agency                                         234,356    -   2,513    +  50,712      232,994
  Securities lent to dealers                                  1,063    +     631    -     993        1,525   


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.


2. Consolidated Statement of Condition of All Federal Reserve Banks
Millions of Dollars
                                              Eliminations                          Change Since
                                                  from       Wednesday        Wednesday        Wednesday
Assets, liabilities, and capital             consolidation Jul 28, 2004     Jul 21, 2004     Jul 30, 2003

Assets
Gold certificate account                                        11,040                0        +       1
Special drawing rights certificate account                       2,200                0                0
Coin                                                               735        +      10        -     134
Securities, repurchase agreements, and loans                   715,649        -   2,383        +  36,392
   Securities held outright                                    693,717        +   1,418        +  40,851
      U.S. Treasury (1)                                        693,717        +   1,418        +  40,861       
         Bills (2)                                             255,248                0        +  15,522
         Notes and bonds, nominal (2)                          421,546        +   1,396        +  22,693
         Notes and bonds, inflation-indexed (2)                 14,862                0        +   2,048
         Inflation compensation (3)                              2,061        +      22        +     598
      Federal agency (2)                                             0                0        -      10
   Repurchase agreements (4)                                    21,500        -   4,000        -   4,750    
   Loans                                                           432        +     199        +     291
Items in process of collection                      (645)        4,983        -     575        -   2,860
Bank premises                                                    1,707        +       7        +     121
Other assets (5)                                                38,711        +     105        +     334
      Total assets                                  (645)      775,026        -   2,835        +  33,854
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  699,312        +     144        +  38,626
Reverse repurchase agreements (6)                               19,363        -     543        +      47
Deposits                                              (0)       29,469        -   2,305        -   3,682       
  Depository institutions                                       24,655        -   1,853        -   1,224
  U.S. Treasury, general account                                 4,447        -     432        -   1,727
  Foreign official                                                  81        -      18        -     771
  Other                                               (0)          286        -       1        +      40
Deferred availability cash items                    (645)        5,764        -      98        -   2,511
Other liabilities and accrued dividends (7)                      2,465        +      90        +     314
      Total liabilities                             (645)      756,374        -   2,711        +  32,796
                          
Capital Accounts
Capital paid in                                                  9,246        +       1        +     527
Surplus                                                          8,779        -      48        +     416
Other capital accounts                                             627        -      78        +     114
      Total capital                                             18,652        -     125        +   1,058


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 securites.
5  Includes assets denominated in foreign currencies, which are revalued daily at market exchange rates. 
6  Cash value of agreements, which are collateralized by U.S. Treasury securities.
7  Includes exchange-translation account reflecting the daily revaluation at market exchange rates of 
   foreign exchange commitments.



3. Maturity Distribution of Loans and Securities,      July 28, 2004
Millions of dollars
                                    U.S. Treasury           Federal agency                      Reverse
Maturity             Loans           securities (1)          securities           Repurchase   repurchase
                                              Weekly                    Weekly    agreements(2)agreements(2)
                                  Holdings    changes      Holdings    changes    
Within 15 days             420       55,955   +     919            0           0       21,500       19,363
16 days to 90 days          11      153,010   -   1,421            0           0            0            0
91 days to 1 year            0      165,151   +     503            0           0     ------      ------
Over 1 to 5 years     ------        190,934   +   1,405            0           0     ------      ------
Over 5 to 10 years    ------         51,865   +       6            0           0     ------      ------
Over 10 years         ------         76,802   +       8            0           0     ------      ------
                   		 	
All                        432      693,717   +   1,418            0           0       21,500      19,363

Note: Components may not sum to totals because of rounding.
---   Not applicable.

1  Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the original face 
   value of such securities. 
2  Cash value of agreements classified by remaining maturity of the agreements.



4. Statement of Condition of Each Federal Reserve Bank on      July 28, 2004
Millions of dollars
                                                                                                                                                            Kansas                 San
Assets, liabilities, and capital               Total     Boston   New York Philadelphia Cleveland   Richmond   Atlanta    Chicago   St. Louis  Minneapolis   City      Dallas   Francisco

Assets                        
Gold certificate account                      11,040        494      4,650        382        452        819        894        924        325        218        302        525      1,055
Special drawing rights certificate acct.       2,200        115        874         83        104        147        166        212         71         30         66         98        234
Coin                                             735         21         32         37         39         66         92         90         52         20         45        135        105
Securities, repurchase agreements,
      and loans                              715,649     32,575    322,468     20,640     29,643     52,729     46,794     62,563     20,418     15,215     18,259     31,632     62,714
   Securities held outright                  693,717     32,575    300,805     20,633     29,643     52,726     46,783     62,489     20,381     15,131     18,230     31,630     62,693
      U.S. Treasury (1)                      693,717     32,575    300,805     20,633     29,643     52,726     46,783     62,489     20,381     15,131     18,230     31,630     62,693
         Bills (2)                           255,248     11,986    110,679      7,592     10,907     19,400     17,213     22,992      7,499      5,567      6,707     11,638     23,067
         Notes and bonds(3)                  438,470     20,589    190,126     13,041     18,736     33,326     29,569     39,497     12,882      9,564     11,522     19,992     39,626
         Federal agency (2)                        0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements(4)                21,500          0     21,500          0          0          0          0          0          0          0          0          0          0
      Loans                                      432          0        163          7          0          3         11         74         37         84         29          2         21
Items in process of collection                 5,628        299        130        358        364        304        511        412        299        401        370        186      1,995
Bank premises                                  1,707         96        192         51        154        145        279        135         55        124         76        220        180
Other assets(5)                               38,711      1,752     14,067      1,126      2,344      5,950      2,219      3,491      1,015      1,133        808      1,022      3,784
Interdistrict settlement account                   0    + 2,944    -30,250    + 4,239    +   316    -   158    + 8,974    -   981    + 1,113    -   474    + 1,232    + 3,303    + 9,741
          Total Assets                       775,671     38,297    312,163     26,917     33,416     60,002     59,927     66,845     23,349     16,668     21,157     37,121     79,808

Note: Components may not sum to totals because of rounding.

1  Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities.
2  Face value of the securities.
3  Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the original face 
   value of such securities. 
4  Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
5  Includes assets denominated in foreign currencies, which are revalued daily at market exchange rates.




4. Statement of Condition of Each Federal Reserve Bank on      July 28, 2004
Millions of dollars
                                                                                                                                                            Kansas                 San
Assets, liabilities, and capital                Total     Boston   New York Philadelphia Cleveland   Richmond   Atlanta    Chicago   St. Louis  Minneapolis   City      Dallas   Francisco

Liabilities                         
Federal Reserve notes outstanding             819,935     38,532    315,791     32,426     34,911     61,418     72,475     67,832     24,917     15,781     23,867     42,248     89,737
  Less: notes held by F.R. Banks              120,623      3,960     30,788      8,568      5,648     11,235     17,377      8,132      3,553      1,077      4,651      7,425     18,208
    Federal Reserve notes, net                699,312     34,572    285,003     23,858     29,263     50,182     55,098     59,700     21,363     14,704     19,216     34,823     71,529
Reverse repurchase agreements (1)              19,363        909      8,396        576        827      1,472      1,306      1,744        569        422        509        883      1,750
Deposits                                       29,469      1,210     13,038      1,370      1,203      3,525      1,572      2,612        718        435        748        755      2,285
  Depository institutions                      24,655      1,207      8,356      1,369      1,199      3,415      1,570      2,608        716        434        747        754      2,281
  U.S. Treasury, general account                4,447          0      4,447          0          0          0          0          0          0          0          0          0          0
  Foreign official                                 81          2         58          1          2          7          2          3          1          1          1          0          4
  Other                                           286          1        177          0          2        103          0          1          1          0          1          0          0
Deferred availability cash items                6,409        462        582        460        493        467        734        499        128        419        276        250      1,639
Other liabilities and accrued                 
  dividends (2)                                 2,465        135        791         94        122        269        195        232        109         84         93        142        199
   
    Total liabilities                         757,019     37,287    307,810     26,358     31,909     55,915     58,905     64,788     22,887     16,065     20,842     36,852     77,402
                              
Capital                    
Capital paid in                                 9,246        506      2,116        278        758      2,077        506      1,026        232        262        151        130      1,203
Surplus                                         8,779        448      2,031        259        727      2,010        489        924        228        341        162        111      1,048
Other capital                                     627         55        206         23         22          0         27        108          2          0          2         28        154
     Total liabilities and capital            775,671     38,297    312,163     26,917     33,416     60,002     59,927     66,845     23,349     16,668     21,157     37,121     79,808
                              

Note: Components may not sum to totals because of rounding.

1  Cash value of agreements, which are collateralized by U.S. Treasury securities.
2  Includes exchange-translation account reflecting the daily revaluation at market exchange rates of foreign exchange commitments.


5. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts
Millions of dollars



Federal Reserve notes and collateral        Wednesday
                                          Jul 28, 2004
              
Federal Reserve notes outstanding             819,935
   Less: Notes held by F.R. Banks
         not subject to collateralization     120,623
      Federal Reserve Notes to be
         collateralized                       699,312 
Collateral held against Federal Reserve            
   notes                                      699,312
   Gold certificate account                    11,040
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              686,072
   Other assets pledged                             0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         715,217
   Less:face value of securities under
         reverse repurchase agreements         19,369
      U.S. Treasury and agency securities
             eligible to be pledged           695,848
   

Note: Components may not sum to totals because of rounding.

1  Includes face value of U.S. Treasury and agency securities held outright, compensation to adjust for the effect of inflation on the original face 
   value of inflation-indexed securities, and cash value of repurchase agreements.