Reserve Bank credit, related items, and

reserve balances of depository institutions

at Federal Reserve Banks

Reserve Bank credit 734,979 + 5,786 + 62,357 728,736

Securities held outright 664,699 + 1,200 + 55,103 665,242

U.S. Treasury1 664,689 + 1,200 + 55,103 665,232

Bills2 243,340 + 146 + 35,896 243,385

Notes and bonds, nominal2 406,173 + 962 + 17,514 406,173

Notes and bonds, inflation-indexed2 13,532 + 78 + 1,290 13,994

Inflation compensation3 1,644 + 15 + 404 1,680

Federal agency2 10 0 0 10

Repurchase agreements4 30,679 + 3,286 + 4,822 23,500

Loans to depository institutions 35 - 11 - 21 23

Primary credit 9 + 4 + 9 0

Secondary credit 0 0 0 0

Seasonal credit 26 - 16 - 28 23

Adjustment credit 0 0 - 2 0

Float 1,003 + 940 + 737 1,269

Other Federal Reserve assets 38,565 + 373 + 1,718 38,701

Gold stock 11,043 0 + 1 11,043

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

Treasury currency outstanding5 35,419 + 14 + 947 35,419

Total factors supplying reserve funds 783,642 + 5,800 + 63,306 777,398

Currency in circulation5 713,252 + 4,426 + 38,708 713,706

Reverse repurchase agreements6 18,669 + 441 + 18,669 18,731

Foreign official and international accounts 18,669 + 441 + 18,669 18,731

Dealers 0 0 0 0

Treasury cash holdings 324 + 17 - 53 326

Deposits with F.R. Banks, other than reserve balances 18,162 + 424 + 2,458 17,133

U.S. Treasury, general account 5,437 + 214 + 773 4,374

Foreign official 86 + 1 - 41 116

Service-related 12,361 + 194 + 1,677 12,361

Required clearing balances 11,852 + 1 + 1,572 11,852

Adjustments to compensate for float 509 + 193 + 105 509

Other 279 + 16 + 51 282

Other liabilities and capital 20,576 - 96 + 1,005 20,500

Total factors, other than reserve balances,

absorbing reserve funds 770,984 + 5,212 + 60,787 770,395

Reserve balances with Federal Reserve Banks 12,658 + 588 + 2,519 7,003

Memo (off-balance-sheet items):

Marketable securities held in custody for foreign

 official and international accounts2,7 1,036,948 + 8,444 . . . 1,045,093

U.S. Treasury 826,756 + 7,998 . . . 835,140

Federal agency 210,192 + 446 . . . 209,954

Securities lent to dealers 2,027 + 358 + 1,453 4,884

FEDERAL RESERVE statistical release

 December 4, 2003

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.

. . . 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.

Change from week ended Wednesday

 Dec 3, 2003 Week ended

 Dec 3, 2003 Nov 26, 2003 Dec 4, 2002
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 744 - 33 - 284

Securities, repurchase agreements, and loans 688,766 - 9,302 + 59,828

Securities held outright 665,242 + 717 + 54,356

U.S. Treasury1 665,232 + 717 + 54,356

Bills2 243,385 + 132 + 35,213

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

Notes and bonds, inflation-indexed2 13,994 + 540 + 1,752

Inflation compensation3 1,680 + 46 + 438

Federal agency2 10 0 0

Repurchase agreements4 23,500 - 10,000 + 5,500

Loans 23 - 20 - 29

Items in process of collection (1,073) 9,447 + 2,140 - 142

Bank premises 1,606 + 1 + 76

Other assets5 37,077 + 213 + 1,755

Total assets (1,073) 750,878 - 6,981 + 61,233

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 679,352 + 326 + 37,024

Reverse repurchase agreements6 18,731 + 776 + 18,731

Deposits ( 0 ) 24,433 - 8,521 + 4,898

Depository institutions 19,660 - 7,579 + 3,990

U.S. Treasury, general account 4,374 - 1,003 + 870

Foreign official 116 + 34 - 37

Other ( 0 ) 282 + 27 + 75

Deferred availability cash items (1,073) 7,863 + 343 - 466

Other liabilities and accrued dividends7 2,327 - 9 - 98

Total liabilities (1,073) 732,705 - 7,086 + 60,087

Capital accounts

Capital paid in 8,832 + 4 + 479

Surplus 8,380 0 + 1,068

Other capital accounts 961 + 101 - 401

Total capital 18,173 + 105 + 1,146

H.4.1

2. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Wednesday

 Dec 4, 2002

Eliminations from

consolidation Wednesday

 Dec 3, 2003

Wednesday

 Nov 26, 2003

3. Maturity Distribution of Loans and Securities, December 3, 2003

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 0 44,439 - 5,597 10 0 19,500 18,731

16 days to 90 days 23 149,930 + 7,311 0 0 4,000 0

91 days to 1 year 0 163,322 - 1,903 0 0 . . . . . . 

Over 1 year to 5 years . . . 179,073 + 541 0 0 . . . . . . 

Over 5 years to 10 years . . . 51,318 + 343 0 0 . . . . . . 

Over 10 years . . . 77,151 + 23 0 0 . . . . . . 

All 23 665,232 + 717 10 0 23,500 18,731

Assets, liabilities, and capital

Maturity
H.4.1

4. Statement of Condition of Each Federal Reserve Bank on December 3, 2003Millions 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 2,200 744 688,766 665,242 665,232 243,385 421,848 10 23,500 23 10,519 1,606 37,077 0 751,950

Assets, liabilities, and capital

 4,706 874 32 308,112 284,612 284,608 104,128 180,480 4 23,500 0 856 189 13,105 - 3,861 324,012

 495 115 25 32,162 32,162 32,161 11,767 20,394 0 0 0 818 92 1,708 + 573 35,987

 380 83 38 20,798 20,798 20,798 7,609 13,189 0 0 0 553 52 1,092 + 229 23,225

 477 104 32 31,172 31,172 31,171 11,404 19,767 0 0 0 613 150 2,359 - 2,552 32,355

 808 147 86 51,159 51,159 51,158 18,717 32,441 1 0 0 643 144 6,076 + 1,265 60,329

 863 166 87 44,946 44,941 44,940 16,442 28,498 1 0 5 851 277 2,124 + 1,589 50,904

 982 212 88 67,229 67,223 67,222 24,594 42,628 1 0 6 800 123 3,446 - 7,303 65,576

 331 71 52 20,930 20,929 20,929 7,657 13,272 0 0 1 368 44 933 - 1,920 20,809

 2   14,8 14,8 14,8 5,4 9,4    4 1 1,1 - 3 16,4
 796,773

 117,421 679,352 679,352 11,039 2,200 666,113 0 688,742 18,746 669,997

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.

 796,773 117,421 679,352 18,731 24,433 19,660 4,374 116 282 8,935 2,327 733,778 8,832 8,380 961 751,950

 37,337 5,244 32,093 906 1,375 1,371 0 2 2 568 128 35,069 448 436 34 35,987

 327,739 24,542 303,197 8,014 6,830 2,208 4,374 93 155 1,036 713 319,789 2,026 1,809 389 324,012

 29,095 8,499 20,596 586 991 989 0 1 1 430 94 22,696 259 233 37 23,225

 33,181 5,051 28,130 878 1,328 1,326 0 3 0 402 137 30,875 725 702 53 32,355

 59,568 9,935 49,633 1,440 4,163 4,039 0 7 116 619 260 56,114 2,067 2,073 74 60,329

 65,854 19,663 46,191 1,265 1,391 1,389 0 2 1 866 185 49,898 490 475 41 50,904

 66,910 9,195 57,716 1,893 3,203 3,199 0 3 1 636 238 63,685 920 858 113 65,576

 23,165 4,453 18,713 589 649 645 0 1 3 274 104 20,328 232 199 50 20,809

 15,6 1,3 14,2 4 4 4    5  15,7 3 3  16,4

H.4.1

4. Statement of Condition of Each Federal Reserve Bank on December 3, 2003 (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

 Dec 3, 2003

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.