FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                          November 28, 2003
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           Nov 26, 2003 Nov 19, 2003 Nov 27, 2002 Nov 26, 2003
Federal Reserve Banks

Reserve Bank Credit                                         729,194    +   1,210    +  60,171      736,524
 Securities held outright                                   663,499    +   1,536    +  54,254      664,525       
    U.S. Treasury (1)                                       663,489    +   1,536    +  54,254      664,515
       Bills (2)                                            243,194    +     308    +  36,002      243,253
       Notes and bonds, nominal (2)                         405,211    +   1,216    +  16,645      406,173
       Notes and bonds, inflation-indexed (2)                13,454            0    +   1,212       13,454
       Inflation compensation (3)                             1,629    +      12    +     394        1,634
    Federal agency (2)                                           10            0            0           10      
 Repurchase agreements(4)                                    27,393    +   3,322    +   4,357       33,500
 Loans to depository institutions                                46    -      19    -      11           43
    Primary credit                                                5    -      17    +       5            8
    Secondary credit                                              0            0            0            0
    Seasonal credit                                              42    -       1    -      12           36
    Adjustment credit                                             0            0    -       3            0
 Float                                                           64    -   1,770    +      49          -60
 Other Federal Reserve assets                                38,192    -   1,857    +   1,521       38,516
Gold stock                                                   11,043            0    +       1       11,043
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            35,405    +      14    +     955       35,405
       
Total factors supplying reserve funds                       777,842    +   1,224    +  61,126      785,173
                                                                   
Currency in circulation(5)                                  708,826    +   1,982    +  38,891      713,335
Reverse repurchase agreements (6)                            18,228    -     999    +  18,228       17,955
   Foreign official and international accounts               18,228    -     999    +  18,228       17,955
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          307    -      35    -      77          324
Deposits with F.R.Banks, other than reserve balances         17,738    +     468    +   1,792       17,882       
  U.S. Treasury, general account                              5,223    +     572    +     207        5,377
  Foreign official                                               85    +       5    -      40           82
  Service-related                                            12,167    -      33    +   1,542       12,167
     Required clearing balances                              11,851    +       2    +   1,570       11,851
     Adjustments to compensate for float                        316    -      35    -      27          316
  Other                                                         263    -      76    +      83          255
Other liabilities and capital                                20,672    -      74    +   1,189       20,405

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  765,772    +   1,343    +  60,024      769,900

Reserve balances with Federal Reserve Banks                  12,071    -     118    +   1,103       15,273
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)         1,028,504    +  14,361     ------      1,033,191
     U.S. Treasury                                          818,758    +  14,078     ------        822,102
     Federal agency                                         209,746    +     284     ------        211,089
  Securities lent to dealers                                  1,669    -     277    +      40          856   


Note: Components may not sum to totals because of rounding.
---   Not available.

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 Nov 26, 2003     Nov 19, 2003     Nov 27, 2002

Assets
Gold certificate account                                        11,039                0        +       1
Special drawing rights certificate account                       2,200                0                0
Coin                                                               777        -      33        -     272
Securities, repurchase agreements, and loans                   698,068        +  13,308        +  59,384
   Securities held outright                                    664,525        +   1,812        +  54,901
      U.S. Treasury (1)                                        664,515        +   1,812        +  54,901       
         Bills (2)                                             243,253        +     295        +  35,685
         Notes and bonds, nominal (2)                          406,173        +   1,504        +  17,607
         Notes and bonds, inflation-indexed (2)                 13,454                0        +   1,212
         Inflation compensation (3)                              1,634        +      13        +     397
      Federal agency (2)                                            10                0                0
   Repurchase agreements (4)                                    33,500        +  11,500        +   4,500    
   Loans                                                            43        -       4        -      17
Items in process of collection                    (1,119)        7,307        -   1,391        -     811
Bank premises                                                    1,605        +       3        +      75
Other assets (5)                                                36,864        +     540        +   1,542
      Total assets                                (1,119)      757,859        +  12,426        +  59,918
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  679,026        +   5,592        +  37,740
Reverse repurchase agreements (6)                               17,955        +      53        +  17,955
Deposits                                              (0)       32,954        +   7,030        +   3,491       
  Depository institutions                                       27,239        +   6,874        +   3,267
  U.S. Treasury, general account                                 5,377        +     202        +     295
  Foreign official                                                  82        +       6        -     142
  Other                                               (0)          255        -      53        +      71
Deferred availability cash items                  (1,119)        7,520        -     179        -     237
Other liabilities and accrued dividends (7)                      2,336        +      27        -      91
      Total liabilities                           (1,119)      739,791        +  12,523        +  58,858
                          
Capital Accounts
Capital paid in                                                  8,828        +      42        +     479
Surplus                                                          8,380                0        +   1,068
Other capital accounts                                             860        -     139        -     488
      Total capital                                             18,068        -      97        +   1,060


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,  November 26, 2003
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              38       50,036   +      26           10          10       29,500       17,955
16 days to 90 days           6      142,619   -      14            0   -      10        4,000            0
91 days to 1 year            0      165,225   +     283            0           0     ------      ------
Over 1 to 5 years     ------        178,532   +     721            0           0     ------      ------
Over 5 to 10 years    ------         50,975   +     792            0           0     ------      ------
Over 10 years         ------         77,128   +       5            0           0     ------      ------
                   		 	
All                         43      664,515   +   1,812           10           0       33,500      17,955

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  November 26, 2003
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                      11,039        495      4,706        380        477        808        863        982        331        224        303        507        963
Special drawing rights certificate acct.       2,200        115        874         83        104        147        166        212         71         30         66         98        234
Coin                                             777         27         32         43         34         90         92         93         54         24         45        147         97
Securities, repurchase agreements,
      and loans                              698,068     32,127    317,805     20,776     31,138     51,104     44,899     67,160     20,909     14,841     17,870     26,042     53,396
   Securities held outright                  664,525     32,127    284,305     20,776     31,138     51,104     44,893     67,150     20,907     14,833     17,859     26,042     53,391
      U.S. Treasury (1)                      664,515     32,126    284,301     20,775     31,138     51,103     44,892     67,149     20,906     14,833     17,858     26,042     53,390
         Bills (2)                           243,253     11,760    104,071      7,605     11,398     18,707     16,433     24,581      7,653      5,430      6,537      9,533     19,544
         Notes and bonds(3)                  421,262     20,366    180,229     13,170     19,739     32,396     28,459     42,569     13,253      9,403     11,321     16,509     33,846
         Federal agency (2)                       10          0          4          0          0          1          1          1          0          0          0          0          1
      Repurchase agreements(4)                33,500          0     33,500          0          0          0          0          0          0          0          0          0          0
      Loans                                       43          0          0          0          0          0          6         10          2          8         12          0          5
Items in process of collection                 8,425        521        706        414        642        690        538        723        330        391        566        359      2,544
Bank premises                                  1,605         92        189         52        150        144        277        122         44        125         55        178        176
Other assets(5)                               36,864      1,702     13,117      1,012      2,338      6,034      2,112      3,417        940      1,119        868      1,031      3,174
Interdistrict settlement account                   0    + 1,415    - 6,682    +   619    - 2,282    -   210    + 2,272    - 6,705    - 1,660    -   202    -   605    + 4,963    + 9,075
          Total Assets                       758,978     36,494    330,748     23,378     32,602     58,807     51,220     66,006     21,020     16,552     19,168     33,325     69,659

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  November 26, 2003
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             795,715     37,348    327,133     29,170     33,205     59,546     66,102     66,683     23,194     15,627     21,461     38,266     77,980
  Less: notes held by F.R. Banks              116,689      5,318     24,217      8,397      5,169     10,049     19,927      9,218      4,277      1,370      4,417      7,379     16,950
    Federal Reserve notes, net                679,026     32,029    302,915     20,773     28,036     49,497     46,176     57,465     18,917     14,257     17,043     30,886     61,030
Reverse repurchase agreements (1)              17,955        868      7,682        561        841      1,381      1,213      1,814        565        401        483        704      1,443
Deposits                                       32,954      1,985     14,166      1,026      1,669      2,736      1,748      3,909        697        621        727        884      2,786
  Depository institutions                      27,239      1,980      8,568      1,025      1,666      2,648      1,745      3,905        693        620        725        883      2,782
  U.S. Treasury, general account                5,377          0      5,377          0          0          0          0          0          0          0          0          0          0
  Foreign official                                 82          2         59          1          3          7          2          3          1          1          1          1          3
  Other                                           255          4        161          1          1         81          1          1          3          0          1          1          0
Deferred availability cash items                8,639        568      1,043        392        460        736        899        695        264        487        457        421      2,217
Other liabilities and accrued                 
  dividends (2)                                 2,336        130        708         94        129        268        188        239        108         84         86        116        186
   
    Total liabilities                         740,910     35,581    326,514     22,847     31,136     54,617     50,223     64,122     20,551     15,850     18,796     33,011     67,662
                              
Capital                    
Capital paid in                                 8,828        448      2,026        259        725      2,067        487        920        232        345        163        111      1,046
Surplus                                         8,380        436      1,809        233        702      2,073        475        858        199        340        201        186        868
Other capital                                     860         29        399         39         39         49         35        106         38         17          9         16         83
     Total liabilities and capital            758,978     36,494    330,748     23,378     32,602     58,807     51,220     66,006     21,020     16,552     19,168     33,325     69,659
                              

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
                                          Nov 26, 2003
              
Federal Reserve notes outstanding             795,715
   Less: Notes held by F.R. Banks
         not subject to collateralization     116,689
      Federal Reserve Notes to be
         collateralized                       679,026 
Collateral held against Federal Reserve            
   notes                                      679,026
   Gold certificate account                    11,039
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              665,787
   Other assets pledged                             0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         698,025
   Less:face value of securities under
         reverse repurchase agreements         17,959
      U.S. Treasury and agency securities
             eligible to be pledged           680,066
   

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.