Reserve Bank credit, related items, and

reserve balances of depository institutions

at Federal Reserve Banks

Reserve Bank credit 738,254 + 8,765 + 41,261 751,276

Securities held outright 666,827 + 29 + 37,411 666,832

U.S. Treasury1 666,827 + 29 + 37,421 666,832

Bills2 245,020 + 39 + 18,338 245,028

Notes and bonds, nominal2 406,173 0 + 16,954 406,173

Notes and bonds, inflation-indexed2 13,994 0 + 1,752 13,994

Inflation compensation3 1,639 - 10 + 376 1,636

Federal agency2 0 0 - 10 0

Repurchase agreements4 30,607 + 9,464 + 3,571 42,000

Loans to depository institutions 223 + 178 + 204 132

Primary credit 212 + 173 + 200 120

Secondary credit 0 0 0 0

Seasonal credit 11 + 5 + 4 12

Float -173 - 504 - 987 1,318

Other Federal Reserve assets 40,771 - 401 + 1,063 40,994

Gold stock 11,043 0 0 11,043

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

Treasury currency outstanding5 35,517 + 14 + 920 35,517

Total factors supplying reserve funds 787,015 + 8,780 + 42,182 800,036

Currency in circulation5 711,194 - 1,952 + 35,253 711,024

Reverse repurchase agreements6 19,997 - 446 + 1,430 19,735

Foreign official and international accounts 19,997 + 518 + 1,430 19,735

Dealers 0 - 964 0 0

Treasury cash holdings 334 + 10 - 34 343

Deposits with F.R. Banks, other than reserve balances 18,606 + 2,799 + 969 19,004

U.S. Treasury, general account 7,374 + 2,488 + 1,241 7,740

Foreign official 86 - 1 - 27 116

Service-related 10,732 + 196 - 434 10,732

Required clearing balances 10,184 0 - 355 10,184

Adjustments to compensate for float 548 + 196 - 79 548

Other 414 + 116 + 189 416

Other liabilities and capital 20,120 - 562 + 204 20,134

Total factors, other than reserve balances,

absorbing reserve funds 770,251 - 152 + 37,823 770,240

Reserve balances with Federal Reserve Banks 16,763 + 8,931 + 4,358 29,796

Memo (off-balance-sheet items):

Marketable securities held in custody for foreign

 official and international accounts2,7 1,105,102 + 22,171 + 247,337 1,108,391

U.S. Treasury 884,968 + 19,338 + 193,823 884,037

Federal agency 220,134 + 2,832 + 53,514 224,355

Securities lent to dealers 1,193 - 1,263 + 773 1,752

FEDERAL RESERVE statistical release

 January 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

 Jan 21, 2004 Week ended

 Jan 21, 2004 Jan 14, 2004 Jan 22, 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 11,039 0 0

Special drawing rights certificate account 2,200 0 0

Coin 779 + 27 - 306

Securities, repurchase agreements, and loans 708,964 + 18,152 + 42,785

Securities held outright 666,832 + 34 + 37,416

U.S. Treasury1 666,832 + 34 + 37,426

Bills2 245,028 + 43 + 18,346

Notes and bonds, nominal2 406,173 0 + 16,954

Notes and bonds, inflation-indexed2 13,994 0 + 1,752

Inflation compensation3 1,636 - 10 + 373

Federal agency2 0 0 - 10

Repurchase agreements4 42,000 + 18,000 + 5,250

Loans 132 + 118 + 119

Items in process of collection (1,226) 12,751 + 5,184 - 3,901

Bank premises 1,644 + 19 + 103

Other assets5 39,341 - 363 + 1,068

Total assets (1,226) 776,717 + 23,018 + 39,748

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 676,625 - 815 + 33,344

Reverse repurchase agreements6 19,735 - 986 + 1,212

Deposits (85) 48,816 + 21,506 + 4,718

Depository institutions 40,544 + 19,041 + 2,915

U.S. Treasury, general account 7,740 + 2,342 + 1,621

Foreign official 116 + 35 - 6

Other ( 8 5 ) 416 + 88 + 188

Deferred availability cash items (1,141) 11,408 + 3,501 - 111

Other liabilities and accrued dividends7 2,242 + 62 + 29

Total liabilities (1,226) 758,825 + 23,266 + 39,191

Capital accounts

Capital paid in 8,875 0 + 485

Surplus 8,847 0 + 467

Other capital accounts 170 - 249 - 395

Total capital 17,892 - 249 + 557

H.4.1

2. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Wednesday

 Jan 22, 2003

Eliminations from

consolidation Wednesday

 Jan 21, 2004

Wednesday

 Jan 14, 2004

3. Maturity Distribution of Loans and Securities, January 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 132 54,597 + 5,501 0 0 42,000 19,735

16 days to 90 days 0 141,753 - 5,234 0 0 0 0

91 days to 1 year 0 163,385 + 1,182 0 0 . . . . . . 

Over 1 year to 5 years . . . 182,299 + 2,230 0 0 . . . . . . 

Over 5 years to 10 years . . . 47,663 - 3,642 0 0 . . . . . . 

Over 10 years . . . 77,135 - 4 0 0 . . . . . . 

All 132 666,832 + 34 0 0 42,000 19,735

Assets, liabilities, and capital

Maturity
H.4.1

4. Statement of Condition of Each Federal Reserve Bank on January 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.

 11,039 2,200 779 708,964 666,832 666,832 245,028 421,804 0 42,000 132 13,977 1,644 39,341 0 777,943

Assets, liabilities, and capital

 4,706 874 32 327,292 285,292 285,292 104,831 180,461 0 42,000 0 1,178 189 13,824 -17,088 331,007

 495 115 27 32,312 32,238 32,238 11,846 20,392 0 0 74 1,029 94 1,838 + 4,259 40,170

 380 83 39 20,848 20,848 20,848 7,661 13,187 0 0 0 729 53 1,163 - 434 22,861

 477 104 36 31,246 31,246 31,246 11,481 19,765 0 0 0 830 151 2,500 - 1,993 33,352

 808 147 87 51,315 51,281 51,281 18,843 32,438 0 0 34 1,000 145 6,379 + 6,764 66,645

 863 166 87 45,051 45,049 45,049 16,553 28,495 0 0 2 1,357 278 2,286 + 2,630 52,718

 982 212 102 67,390 67,384 67,384 24,760 42,623 0 0 7 1,027 125 3,679 - 7,083 66,435

 331 71 56 20,980 20,979 20,979 7,709 13,270 0 0 0 673 49 1,015 - 1,603 21,572

 2   14,8 14,8 14,8 5,4 9,4    6 1 1,1 - 3 16,8
 800,000

 123,375 676,625 676,625 11,039 2,200 663,386 0 708,832 19,739 689,093

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.

 800,000 123,375 676,625 19,735 48,901 40,544 7,740 116 501 12,549 2,242 760,051 8,875 8,847 170 777,943

 39,045 5,443 33,602 954 3,545 3,501 0 2 42 1,039 124 39,264 448 448 9 40,170

 324,856 27,936 296,920 8,443 19,353 11,281 7,740 93 239 1,427 777 326,920 2,032 2,031 25 331,007

 29,523 9,105 20,418 617 720 718 0 1 1 470 90 22,315 271 259 17 22,861

 32,942 5,260 27,682 925 2,436 2,433 0 3 1 731 115 31,888 727 727 9 33,352

 60,096 10,234 49,863 1,518 9,924 9,704 0 7 213 960 215 62,480 2,075 2,074 16 66,645

 65,836 19,999 45,837 1,333 3,119 3,079 0 2 39 1,258 174 51,722 490 489 16 52,718

 67,192 8,874 58,318 1,994 3,003 3,000 0 3 0 1,023 217 64,555 931 924 24 66,435

 23,552 4,347 19,205 621 710 709 0 1 1 467 100 21,103 227 228 14 21,572

 15,7 1,5 14,1 4 9 9    5  16,1 3 3  16,8

H.4.1

4. Statement of Condition of Each Federal Reserve Bank on January 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

 Jan 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.