FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                               May 27, 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           May 26, 2004 May 19, 2004 May 28, 2003 May 26, 2004
Federal Reserve Banks

Reserve Bank Credit                                         743,669    +   3,174    +  23,197      752,122
 Securities held outright                                   680,027    +     453    +  29,175      680,633       
    U.S. Treasury (1)                                       680,027    +     453    +  29,185      680,633
       Bills (2)                                            250,400    +     205    +  12,728      250,439
       Notes and bonds, nominal (2)                         413,304    +     224    +  14,451      413,863
       Notes and bonds, inflation-indexed (2)                14,464            0    +   1,650       14,464
       Inflation compensation (3)                             1,859    +      24    +     357        1,867
    Federal agency (2)                                            0            0    -      10            0      
 Repurchase agreements(4)                                    26,107    +   4,107    -   5,750       33,750
 Loans to depository institutions                               118    +      13    +      59          128
    Primary credit                                                4    +       2    +       2           10
    Secondary credit                                              0            0            0            0
    Seasonal credit                                             114    +      10    +      57          117
 Float                                                         -220    +     263    +     193         -280
 Other Federal Reserve assets                                37,637    -   1,662    -     479       37,892
Gold stock                                                   11,045            0    +       2       11,045
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            35,769    +      14    +     810       35,769
       
Total factors supplying reserve funds                       792,684    +   3,188    +  24,011      801,136
                                                                   
Currency in circulation(5)                                  720,728    +   1,057    +  27,116      723,757
Reverse repurchase agreements (6)                            19,191    +     307    -   2,407       19,331
   Foreign official and international accounts               19,191    +     307    -   2,407       19,331
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          330    +       6    -      29          320
Deposits with F.R.Banks, other than reserve balances         15,336    -     352    -   1,713       14,978       
  U.S. Treasury, general account                              5,212    -     121    -     331        4,844
  Foreign official                                               83    -     199    -      77           85
  Service-related                                             9,787    +       1    -   1,317        9,787
     Required clearing balances                               9,787    +       1    -   1,032        9,787
     Adjustments to compensate for float                          0            0    -     285            0
  Other                                                         254    -      33    +      12          263
Other liabilities and capital                                21,284    +     542    +   1,003       21,193

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  776,869    +   1,559    +  23,970      779,579

Reserve balances with Federal Reserve Banks                  15,814    +   1,629    +      40       21,558
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)         1,210,617    +  10,861    + 282,870    1,214,232
     U.S. Treasury                                          978,460    +  11,147    + 237,521      980,378
     Federal agency                                         232,157    -     286    +  45,349      233,854
  Securities lent to dealers                                  3,404    +     982    +   2,486        2,291   


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 May 26, 2004     May 19, 2004     May 28, 2003

Assets
Gold certificate account                                        11,041                0        +       2
Special drawing rights certificate account                       2,200                0                0
Coin                                                               741        -      16        -     179
Securities, repurchase agreements, and loans                   714,511        +  13,532        +  31,580
   Securities held outright                                    680,633        +   1,015        +  29,764
      U.S. Treasury (1)                                        680,633        +   1,015        +  29,774       
         Bills (2)                                             250,439        +     209        +  12,756
         Notes and bonds, nominal (2)                          413,863        +     783        +  15,010
         Notes and bonds, inflation-indexed (2)                 14,464                0        +   1,650
         Inflation compensation (3)                              1,867        +      23        +     359
      Federal agency (2)                                             0                0        -      10
   Repurchase agreements (4)                                    33,750        +  12,500        +   1,750    
   Loans                                                           128        +      17        +      66
Items in process of collection                      (784)        5,712        +     208        -   4,920
Bank premises                                                    1,678        +       2        +      97
Other assets (5)                                                36,151        +     517        -     363
      Total assets                                  (784)      772,033        +  14,242        +  26,216
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  689,044        +   2,418        +  27,877
Reverse repurchase agreements (6)                               19,331        +   1,058        -   2,526
Deposits                                              (0)       36,473        +  10,815        +   2,915       
  Depository institutions                                       31,282        +  10,421        +   2,922
  U.S. Treasury, general account                                 4,844        +     393        +      19
  Foreign official                                                  85        +       5        -      44
  Other                                               (0)          263        -       3        +      20
Deferred availability cash items                    (784)        5,992        -     236        -   3,425
Other liabilities and accrued dividends (7)                      2,389        +      48        +      63
      Total liabilities                             (784)      753,230        +  14,103        +  24,904
                          
Capital Accounts
Capital paid in                                                  9,095        +      15        +     521
Surplus                                                          8,847                0        +     467
Other capital accounts                                             862        +     124        +     325
      Total capital                                             18,804        +     139        +   1,313


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,       May 26, 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             125       55,260   -     786            0           0       33,750       19,331
16 days to 90 days           3      149,402   +   1,720            0           0            0            0
91 days to 1 year            0      163,583   -     725            0           0     ------      ------
Over 1 to 5 years     ------        185,179   +     792            0           0     ------      ------
Over 5 to 10 years    ------         50,582   +       6            0           0     ------      ------
Over 10 years         ------         76,627   +       9            0           0     ------      ------
                   		 	
All                        128      680,633   +   1,015            0           0       33,750      19,331

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       May 26, 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                      11,041        494      4,651        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                                             741         34         30         45         38         68         75         88         50         29         42        142        100
Securities, repurchase agreements,
      and loans                              714,511     31,964    328,882     20,244     29,084     51,731     45,904     61,363     20,016     14,879     17,895     31,037     61,512
   Securities held outright                  680,633     31,961    295,132     20,244     29,084     51,731     45,900     61,310     19,996     14,845     17,886     31,034     61,511
      U.S. Treasury (1)                      680,633     31,961    295,132     20,244     29,084     51,731     45,900     61,310     19,996     14,845     17,886     31,034     61,511
         Bills (2)                           250,439     11,760    108,593      7,449     10,701     19,034     16,889     22,559      7,358      5,462      6,581     11,419     22,633
         Notes and bonds(3)                  430,195     20,201    186,538     12,795     18,382     32,697     29,011     38,751     12,639      9,383     11,305     19,615     38,878
         Federal agency (2)                        0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements(4)                33,750          0     33,750          0          0          0          0          0          0          0          0          0          0
      Loans                                      128          4          0          0          0          0          4         53         20         34         10          4          1
Items in process of collection                 6,496        330        471        282        404        317        702        443        287        408        414        324      2,113
Bank premises                                  1,678         96        192         52        154        144        278        132         51        124         74        200        181
Other assets(5)                               36,151      1,639     12,978      1,007      2,236      5,749      2,049      3,266        947      1,078        740        902      3,560
Interdistrict settlement account                   0    + 3,419    -22,395    + 3,122    - 1,901    - 1,639    + 2,560    +   358    +   542    -   408    + 1,409    + 3,973    +10,960
          Total Assets                       772,818     38,092    325,681     25,216     30,571     57,336     52,628     66,786     22,288     16,360     20,942     37,201     79,715

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       May 26, 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             807,653     38,033    320,034     30,687     31,937     59,042     66,162     67,989     23,505     15,587     23,037     41,876     89,764
  Less: notes held by F.R. Banks              118,608      4,189     28,789      8,356      5,545     10,563     19,328      7,651      3,291      1,319      4,008      7,040     18,529
    Federal Reserve notes, net                689,044     33,844    291,245     22,331     26,392     48,479     46,833     60,338     20,214     14,268     19,029     34,836     71,235
Reverse repurchase agreements (1)              19,331        908      8,382        575        826      1,469      1,304      1,741        568        422        508        881      1,747
Deposits                                       36,473      1,689     20,231      1,198      1,304      2,476      2,437      2,081        795        451        813        702      2,296
  Depository institutions                      31,282      1,682     15,158      1,197      1,300      2,385      2,436      2,078        793        450        811        701      2,292
  U.S. Treasury, general account                4,844          0      4,844          0          0          0          0          0          0          0          0          0          0
  Foreign official                                 85          2         62          1          2          7          2          3          1          1          1          0          4
  Other                                           263          5        168          0          1         84          0          1          2          0          1          0          0
Deferred availability cash items                6,777        480        645        447        422        439        825        506        133        514        182        391      1,791
Other liabilities and accrued                 
  dividends (2)                                 2,389        134        745         93        127        276        190        224        107         82         88        123        200
   
    Total liabilities                         754,014     37,055    321,248     24,645     29,070     53,139     51,589     64,891     21,818     15,737     20,619     36,932     77,270
                              
Capital                    
Capital paid in                                 9,095        506      2,113        278        738      2,064        505        914        232        264        153        127      1,200
Surplus                                         8,847        448      2,031        259        727      2,074        489        924        228        346        162        111      1,048
Other capital                                     862         82        289         35         36         60         45         57         11         14          7         31        196
     Total liabilities and capital            772,818     38,092    325,681     25,216     30,571     57,336     52,628     66,786     22,288     16,360     20,942     37,201     79,715
                              

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
                                          May 26, 2004
              
Federal Reserve notes outstanding             807,653
   Less: Notes held by F.R. Banks
         not subject to collateralization     118,608
      Federal Reserve Notes to be
         collateralized                       689,044 
Collateral held against Federal Reserve            
   notes                                      689,044
   Gold certificate account                    11,041
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              675,804
   Other assets pledged                             0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         714,383
   Less:face value of securities under
         reverse repurchase agreements         19,335
      U.S. Treasury and agency securities
             eligible to be pledged           695,048
   

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.