Reserve Bank credit, related items, and

reserve balances of depository institutions

at Federal Reserve Banks

Reserve Bank credit 737,739 + 6,461 + 29,906 741,176

Securities held outright 674,037 + 519 + 32,726 674,084

U.S. Treasury1 674,037 + 519 + 32,736 674,084

Bills2 246,499 + 30 + 13,955 246,539

Notes and bonds, nominal2 411,388 + 471 + 16,767 411,388

Notes and bonds, inflation-indexed2 14,464 0 + 1,650 14,464

Inflation compensation3 1,686 + 18 + 364 1,692

Federal agency2 0 0 - 10 0

Repurchase agreements4 24,357 + 5,571 - 4,107 27,500

Loans to depository institutions 48 - 14 + 37 64

Primary credit 11 - 15 + 7 31

Secondary credit 0 0 0 0

Seasonal credit 36 0 + 29 33

Float -722 + 55 - 127 -586

Other Federal Reserve assets 40,019 + 329 + 1,377 40,114

Gold stock 11,045 0 + 2 11,045

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

Treasury currency outstanding5 35,657 + 14 + 859 35,657

Total factors supplying reserve funds 786,641 + 6,475 + 30,767 790,078

Currency in circulation5 714,287 + 226 + 28,403 716,052

Reverse repurchase agreements6 20,458 + 1,219 + 1,167 21,701

Foreign official and international accounts 20,458 + 1,219 + 1,167 21,701

Dealers 0 0 0 0

Treasury cash holdings 347 + 8 - 23 347

Deposits with F.R. Banks, other than reserve balances 15,983 - 275 - 1,282 16,611

U.S. Treasury, general account 5,246 - 125 - 408 5,884

Foreign official 84 + 4 - 39 83

Service-related 10,413 - 138 - 850 10,413

Required clearing balances 10,410 + 1 - 568 10,410

Adjustments to compensate for float 3 - 139 - 282 3

Other 241 - 15 + 16 231

Other liabilities and capital 20,903 - 61 + 940 20,880

Total factors, other than reserve balances,

absorbing reserve funds 771,979 + 1,118 + 29,206 775,591

Reserve balances with Federal Reserve Banks 14,662 + 5,357 + 1,562 14,487

Memo (off-balance-sheet items):

Marketable securities held in custody for foreign

 official and international accounts2,7 1,159,313 - 16,871 + 262,251 1,164,658

U.S. Treasury 925,386 - 11,265 + 207,800 934,269

Federal agency 233,927 - 5,606 + 54,451 230,388

Securities lent to dealers 895 - 846 - 972 1,939

FEDERAL RESERVE statistical release

 April 1, 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

 Mar 31, 2004 Week ended

 Mar 31, 2004 Mar 24, 2004 Apr 2, 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 11,041 0 + 3

Special drawing rights certificate account 2,200 0 0

Coin 836 + 2 - 256

Securities, repurchase agreements, and loans 701,648 + 7,855 + 29,650

Securities held outright 674,084 + 89 + 32,602

U.S. Treasury1 674,084 + 89 + 32,612

Bills2 246,539 + 70 + 13,831

Notes and bonds, nominal2 411,388 0 + 16,767

Notes and bonds, inflation-indexed2 14,464 0 + 1,650

Inflation compensation3 1,692 + 18 + 363

Federal agency2 0 0 - 10

Repurchase agreements4 27,500 + 7,750 - 3,000

Loans 64 + 16 + 49

Items in process of collection (1,017) 5,713 + 1,086 - 2,663

Bank premises 1,663 + 8 + 106

Other assets5 38,506 + 263 + 1,360

Total assets (1,017) 761,606 + 9,213 + 28,199

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 681,574 + 1,127 + 27,214

Reverse repurchase agreements6 21,701 + 1,714 + 1,972

Deposits ( 0 ) 31,153 + 5,706 + 570

Depository institutions 24,955 + 4,239 + 951

U.S. Treasury, general account 5,884 + 1,480 - 315

Foreign official 83 + 3 - 20

Other ( 0 ) 231 - 16 - 46

Deferred availability cash items (1,017) 6,298 + 493 - 2,716

Other liabilities and accrued dividends7 2,218 - 47 0

Total liabilities (1,017) 742,945 + 8,994 + 27,041

Capital accounts

Capital paid in 8,978 + 14 + 464

Surplus 8,847 0 + 467

Other capital accounts 836 + 205 + 227

Total capital 18,661 + 220 + 1,158

H.4.1

2. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Wednesday

 Apr 2, 2003

Eliminations from

consolidation Wednesday

 Mar 31, 2004

Wednesday

 Mar 24, 2004

3. Maturity Distribution of Loans and Securities, March 31, 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 60 43,703 - 7,273 0 0 27,500 21,701

16 days to 90 days 5 149,360 - 1,259 0 0 0 0

91 days to 1 year 0 169,796 + 8,481 0 0 . . . . . . 

Over 1 year to 5 years . . . 183,791 + 130 0 0 . . . . . . 

Over 5 years to 10 years . . . 50,002 + 4 0 0 . . . . . . 

Over 10 years . . . 77,432 + 6 0 0 . . . . . . 

All 64 674,084 + 89 0 0 27,500 21,701

Assets, liabilities, and capital

Maturity
H.4.1

4. Statement of Condition of Each Federal Reserve Bank on March 31, 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.

 11,041 2,200 836 701,648 674,084 674,084 246,539 427,544 0 27,500 64 6,730 1,663 38,506 0 762,624

Assets, liabilities, and capital

 4,708 874 39 315,895 288,395 288,395 105,477 182,917 0 27,500 0 487 189 13,741 -15,556 320,376

 495 115 39 32,591 32,589 32,589 11,919 20,670 0 0 2 338 95 1,767 + 2,673 38,114

 380 83 50 21,075 21,075 21,075 7,708 13,367 0 0 0 380 52 1,182 + 548 23,750

 477 104 42 31,586 31,586 31,586 11,552 20,034 0 0 0 606 152 2,419 - 3,241 32,144

 808 147 80 51,839 51,839 51,839 18,960 32,879 0 0 0 366 145 6,052 - 857 58,579

 863 166 81 45,539 45,538 45,538 16,655 28,883 0 0 1 683 278 2,201 + 2,581 52,392

 982 212 109 68,129 68,116 68,116 24,913 43,204 0 0 12 400 128 3,638 - 8,575 65,023

 331 71 64 21,215 21,208 21,208 7,756 13,451 0 0 7 271 49 1,027 - 967 22,060

 2   15,0 15,0 15,0 5,5 9,5    3 1 1,1 - 5 16,3
 803,473

 121,900 681,574 681,574 11,041 2,200 668,333 0 701,584 21,707 679,876

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.

 803,473 121,900 681,574 21,701 31,153 24,955 5,884 83 231 7,316 2,218 743,963 8,978 8,847 836 762,624

 38,954 4,973 33,982 1,049 1,434 1,429 0 2 3 579 124 37,168 462 448 36 38,114

 323,122 32,610 290,512 9,285 14,683 8,571 5,884 60 168 757 689 315,926 2,105 2,031 315 320,376

 29,559 8,365 21,194 678 790 789 0 1 0 433 90 23,185 274 259 32 23,750

 32,475 5,161 27,314 1,017 1,644 1,631 0 2 10 535 120 30,630 739 727 48 32,144

 60,050 10,626 49,424 1,669 2,518 2,457 0 7 54 506 246 54,364 2,056 2,074 86 58,579

 64,318 17,555 46,763 1,466 2,074 2,073 0 2 0 895 181 51,380 484 489 39 52,392

 66,329 8,478 57,851 2,193 2,359 2,356 0 3 0 506 216 63,125 908 924 65 65,023

 23,549 3,558 19,992 683 616 622 0 1 -7 188 103 21,581 231 228 19 22,060

 15,7 1,4 14,3 4 4 4    4  15,7 2 3  16,3

H.4.1

4. Statement of Condition of Each Federal Reserve Bank on March 31, 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

 Mar 31, 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.