FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                          February 19, 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           Feb 18, 2004 Feb 11, 2004 Feb 19, 2003 Feb 18, 2004
Federal Reserve Banks

Reserve Bank Credit                                         739,691    +  10,151    +  37,925      734,406
 Securities held outright                                   670,117    +   1,415    +  39,108      670,786       
    U.S. Treasury (1)                                       670,117    +   1,415    +  39,118      670,786
       Bills (2)                                            245,906    +     274    +  18,612      246,055
       Notes and bonds, nominal (2)                         408,603    +   1,145    +  18,386      409,124
       Notes and bonds, inflation-indexed (2)                13,994            0    +   1,752       13,994
       Inflation compensation (3)                             1,613    -       4    +     368        1,612
    Federal agency (2)                                            0            0    -      10            0      
 Repurchase agreements(4)                                    28,429    +  11,143    -   1,638       23,500
 Loans to depository institutions                                23    -       5    +       4           20
    Primary credit                                               11    -       8    -       3            6
    Secondary credit                                              0            0            0            0
    Seasonal credit                                              11    +       2    +       6           14
 Float                                                         -271    -   1,815    -   1,102        1,365
 Other Federal Reserve assets                                41,394    -     587    +   1,554       38,735
Gold stock                                                   11,043            0            0       11,043
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            35,573    +      14    +     916       35,573
       
Total factors supplying reserve funds                       788,507    +  10,165    +  38,841      783,222
                                                                   
Currency in circulation(5)                                  716,082    +   3,596    +  33,252      716,616
Reverse repurchase agreements (6)                            22,837    +   2,386    +   4,912       19,951
   Foreign official and international accounts               22,837    +   2,386    +   4,912       19,951
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          334    -      18    -      24          323
Deposits with F.R.Banks, other than reserve balances         16,706    -     374    +     549       16,717       
  U.S. Treasury, general account                              4,984    -     368    -      64        5,004
  Foreign official                                               80            0    -      52           82
  Service-related                                            11,324    +      84    +     594       11,324
     Required clearing balances                              10,937            0    +     622       10,937
     Adjustments to compensate for float                        386    +      83    -      29          386
  Other                                                         319    -      89    +      72          308
Other liabilities and capital                                20,738    +     188    +   1,079       20,321

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  776,696    +   5,777    +  39,768      773,927

Reserve balances with Federal Reserve Banks                  11,810    +   4,387    -     928        9,295
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)         1,134,523    +   8,975    + 259,928    1,142,538
     U.S. Treasury                                          900,770    +   4,163    + 200,449      907,903
     Federal agency                                         233,753    +   4,812    +  59,479      234,634
  Securities lent to dealers                                  1,753    +     661    +   1,429        1,480   


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 Feb 18, 2004     Feb 11, 2004     Feb 19, 2003

Assets
Gold certificate account                                        11,038                0        -       1
Special drawing rights certificate account                       2,200                0                0
Coin                                                               881        +       6        -     242
Securities, repurchase agreements, and loans                   694,306        +   5,687        +  28,520
   Securities held outright                                    670,786        +     935        +  39,513
      U.S. Treasury (1)                                        670,786        +     935        +  39,523       
         Bills (2)                                             246,055        +     208        +  18,494
         Notes and bonds, nominal (2)                          409,124        +     730        +  18,907
         Notes and bonds, inflation-indexed (2)                 13,994                0        +   1,752
         Inflation compensation (3)                              1,612        -       4        +     370
      Federal agency (2)                                             0                0        -      10
   Repurchase agreements (4)                                    23,500        +   4,750        -  10,996    
   Loans                                                            20        +       2        +       3
Items in process of collection                      (925)       12,496        +   5,622        -   1,671
Bank premises                                                    1,646        +       1        +      89
Other assets (5)                                                37,084        -   3,547        +   1,536
      Total assets                                  (925)      759,651        +   7,768        +  28,231
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  682,243        +   1,973        +  31,207
Reverse repurchase agreements (6)                               19,951        -     108        +   2,101
Deposits                                              (0)       26,331        +   2,923        -   6,497       
  Depository institutions                                       20,938        +   3,250        -   7,068
  U.S. Treasury, general account                                 5,004        -     243        +     597
  Foreign official                                                  82                0        -      52
  Other                                               (0)          308        -      82        +      27
Deferred availability cash items                    (925)       10,806        +   3,297        +     766
Other liabilities and accrued dividends (7)                      2,244        -      13        -       5
      Total liabilities                             (925)      741,575        +   8,072        +  27,571
                          
Capital Accounts
Capital paid in                                                  8,898        +       4        +     464
Surplus                                                          8,847                0        +     467
Other capital accounts                                             332        -     307        -     271
      Total capital                                             18,076        -     304        +     660


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,  February 18, 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              20       53,103   +   3,068            0           0       23,500       19,951
16 days to 90 days           0      150,375   +   1,482            0           0            0            0
91 days to 1 year            0      158,686   -   5,436            0           0     ------      ------
Over 1 to 5 years     ------        182,680   +     750            0           0     ------      ------
Over 5 to 10 years    ------         48,816   +   1,072            0           0     ------      ------
Over 10 years         ------         77,126   -       1            0           0     ------      ------
                   		 	
All                         20      670,786   +     935            0           0       23,500      19,951

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  February 18, 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                      11,038        495      4,705        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                                             881         35         39         48         45         93         96        114         62         28         54        157        110
Securities, repurchase agreements,
      and loans                              694,306     32,433    310,484     20,972     31,431     51,586     45,316     67,792     21,104     14,977     18,030     26,288     53,895
   Securities held outright                  670,786     32,430    286,984     20,972     31,431     51,586     45,316     67,783     21,104     14,973     18,027     26,288     53,894
      U.S. Treasury (1)                      670,786     32,430    286,984     20,972     31,431     51,586     45,316     67,783     21,104     14,973     18,027     26,288     53,894
         Bills (2)                           246,055     11,896    105,270      7,693     11,530     18,922     16,623     24,864      7,741      5,492      6,613      9,643     19,769
         Notes and bonds(3)                  424,730     20,534    181,713     13,279     19,902     32,663     28,693     42,919     13,363      9,481     11,414     16,645     34,125
         Federal agency (2)                        0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements(4)                23,500          0     23,500          0          0          0          0          0          0          0          0          0          0
      Loans                                       20          3          0          0          0          0          0          8          0          4          3          0          1
Items in process of collection                13,421        834      1,154        677      1,001      1,041      1,514      1,037        662        629        792        833      3,246
Bank premises                                  1,646         94        190         52        151        145        278        125         48        125         74        185        179
Other assets(5)                               37,084      1,699     13,118      1,091      2,367      5,990      2,098      3,488        994      1,118        763        820      3,538
Interdistrict settlement account                   0    + 2,329    - 8,492    +   209    - 3,084    +   665    +   798    - 7,630    -   955    -   598    +     2    + 7,209    + 9,547
          Total Assets                       760,576     38,033    322,071     23,512     32,492     60,475     51,128     66,119     22,319     16,533     20,085     36,097     71,712

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  February 18, 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             801,092     39,390    324,977     29,344     32,985     60,328     64,272     67,363     23,662     15,959     22,135     40,228     80,449
  Less: notes held by F.R. Banks              118,849      5,382     30,118      8,368      4,843      9,494     18,473      8,237      3,608      1,595      4,340      6,741     17,649
    Federal Reserve notes, net                682,243     34,008    294,859     20,976     28,142     50,834     45,799     59,126     20,054     14,364     17,795     33,487     62,800
Reverse repurchase agreements (1)              19,951        965      8,535        624        935      1,534      1,348      2,016        628        445        536        782      1,603
Deposits                                       26,331      1,072     12,369        796      1,255      2,761      1,573      1,860        674        391        772        823      1,986
  Depository institutions                      20,938      1,053      7,149        794      1,251      2,630      1,571      1,856        668        390        770        822      1,982
  U.S. Treasury, general account                5,004          0      5,004          0          0          0          0          0          0          0          0          0          0
  Foreign official                                 82          2         59          1          2          7          2          3          1          1          1          0          4
  Other                                           308         17        158          0          1        124          0          0          5          0          1          1          0
Deferred availability cash items               11,731        956      1,329        473        585        951      1,231      1,007        392        556        566        662      3,024
Other liabilities and accrued                 
  dividends (2)                                 2,244        124        753         90        116        224        178        219        102         80         85        108        165
   
    Total liabilities                         742,500     37,124    317,846     22,959     31,033     56,303     50,129     64,228     21,849     15,837     19,754     35,862     69,578
                              
Capital                    
Capital paid in                                 8,898        448      2,041        272        722      2,083        491        934        227        347        161        112      1,060
Surplus                                         8,847        448      2,031        259        727      2,074        489        924        228        346        162        111      1,048
Other capital                                     332         12        154         23         10         15         20         33         14          4          7         13         26
     Total liabilities and capital            760,576     38,033    322,071     23,512     32,492     60,475     51,128     66,119     22,319     16,533     20,085     36,097     71,712
                              

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
                                          Feb 18, 2004
              
Federal Reserve notes outstanding             801,092
   Less: Notes held by F.R. Banks
         not subject to collateralization     118,849
      Federal Reserve Notes to be
         collateralized                       682,243 
Collateral held against Federal Reserve            
   notes                                      682,243
   Gold certificate account                    11,038
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              669,004
   Other assets pledged                             0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         694,286
   Less:face value of securities under
         reverse repurchase agreements         19,955
      U.S. Treasury and agency securities
             eligible to be pledged           674,331
   

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.