Reserve Bank credit, related items, and

reserve balances of depository institutions

at Federal Reserve Banks

Reserve Bank credit 739,526 + 7,672 + 35,949 745,003

Securities held outright 666,034 + 141 + 36,624 666,216

U.S. Treasury1 666,034 + 141 + 36,634 666,216

Bills2 244,197 + 145 + 17,515 244,381

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

Notes and bonds, inflation-indexed2 13,994 0 + 1,752 13,994

Inflation compensation3 1,670 - 4 + 414 1,668

Federal agency2 0 0 - 10 0

Repurchase agreements4 33,179 + 7,608 - 1,142 36,500

Loans to depository institutions 70 + 33 + 11 175

Primary credit 33 + 28 + 33 135

Secondary credit 0 0 0 0

Seasonal credit 37 + 5 - 9 39

Adjustment credit 0 0 - 13 0

Float 434 - 471 - 644 2,061

Other Federal Reserve assets 39,810 + 362 + 1,102 40,051

Gold stock 11,043 0 0 11,043

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

Treasury currency outstanding5 35,461 + 14 + 895 35,461

Total factors supplying reserve funds 788,230 + 7,686 + 36,844 793,707

Currency in circulation5 718,646 + 5,110 + 37,123 723,150

Reverse repurchase agreements6 19,430 + 1,214 - 1,478 19,764

Foreign official and international accounts 19,430 + 1,464 - 1,478 19,764

Dealers 0 - 250 0 0

Treasury cash holdings 319 - 4 - 42 319

Deposits with F.R. Banks, other than reserve balances 17,197 - 722 + 1,012 17,205

U.S. Treasury, general account 4,701 - 921 + 23 4,670

Foreign official 96 + 7 - 18 128

Service-related 12,154 + 187 + 973 12,154

Required clearing balances 11,846 0 + 1,394 11,846

Adjustments to compensate for float 308 + 186 - 421 308

Other 247 + 6 + 35 253

Other liabilities and capital 20,759 - 74 + 318 20,521

Total factors, other than reserve balances,

absorbing reserve funds 776,352 + 5,525 + 36,935 780,960

Reserve balances with Federal Reserve Banks 11,878 + 2,161 - 91 12,747

Memo (off-balance-sheet items):

Marketable securities held in custody for foreign

 official and international accounts2,7 1,060,521 + 6,502 + 211,654 1,061,848

U.S. Treasury 847,720 + 6,688 + 161,723 851,119

Federal agency 212,801 - 187 + 49,931 210,729

Securities lent to dealers 2,063 + 432 + 1,759 2,884

FEDERAL RESERVE statistical release

 December 26, 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.

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 24, 2003 Week ended

 Dec 24, 2003 Dec 17, 2003 Dec 25, 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 747 - 15 - 264

Securities, repurchase agreements, and loans 702,891 + 11,887 + 36,170

Securities held outright 666,216 + 263 + 36,804

U.S. Treasury1 666,216 + 263 + 36,814

Bills2 244,381 + 268 + 17,699

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

Notes and bonds, inflation-indexed2 13,994 0 + 1,752

Inflation compensation3 1,668 - 4 + 410

Federal agency2 0 0 - 10

Repurchase agreements4 36,500 + 11,500 - 750

Loans 175 + 125 + 116

Items in process of collection (967) 10,896 + 785 - 2,343

Bank premises 1,623 + 13 + 83

Other assets5 38,497 + 409 + 1,140

Total assets (967) 767,892 + 13,080 + 34,785

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 688,750 + 7,102 + 36,859

Reverse repurchase agreements6 19,764 + 2,107 - 632

Deposits ( 0 ) 30,293 + 3,783 + 589

Depository institutions 25,242 + 6,507 + 541

U.S. Treasury, general account 4,670 - 2,785 + 8

Foreign official 128 + 45 - 11

Other ( 0 ) 253 + 17 + 50

Deferred availability cash items (967) 8,562 + 230 - 1,885

Other liabilities and accrued dividends7 2,367 + 37 - 94

Total liabilities (967) 749,737 + 13,260 + 34,839

Capital accounts

Capital paid in 8,843 + 4 + 461

Surplus 8,380 0 + 1,068

Other capital accounts 931 - 186 - 1,585

Total capital 18,154 - 182 - 55

H.4.1

2. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Wednesday

 Dec 25, 2002

Eliminations from

consolidation Wednesday

 Dec 24, 2003

Wednesday

 Dec 17, 2003

3. Maturity Distribution of Loans and Securities, December 24, 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 175 54,448 + 16,180 0 0 36,500 19,764

16 days to 90 days 0 140,122 - 15,822 0 0 0 0

91 days to 1 year 0 164,116 - 92 0 0 . . . . . . 

Over 1 year to 5 years . . . 179,070 - 1 0 0 . . . . . . 

Over 5 years to 10 years . . . 51,313 - 2 0 0 . . . . . . 

Over 10 years . . . 77,147 - 2 0 0 . . . . . . 

All 175 666,216 + 263 0 0 36,500 19,764

Assets, liabilities, and capital

Maturity
H.4.1

4. Statement of Condition of Each Federal Reserve Bank on December 24, 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 2,200 747 702,891 666,216 666,216 244,381 421,836 0 36,500 175 11,863 1,623 38,497 0 768,859

Assets, liabilities, and capital

 4,706 874 33 321,529 285,029 285,029 104,554 180,475 0 36,500 0 1,281 190 13,536 -11,592 330,556

 495 115 25 32,209 32,209 32,209 11,815 20,394 0 0 0 1,034 92 1,790 + 2,952 38,712

 380 83 39 20,829 20,829 20,829 7,640 13,188 0 0 0 684 53 1,138 + 901 24,106

 477 104 36 31,217 31,217 31,217 11,451 19,766 0 0 0 1,078 150 2,439 - 2,318 33,184

 808 147 84 51,234 51,234 51,234 18,794 32,440 0 0 0 662 144 6,256 - 264 59,070

 863 166 86 45,012 45,007 45,007 16,509 28,498 0 0 5 1,212 277 2,226 + 3,221 53,063

 982 212 92 67,344 67,321 67,321 24,695 42,627 0 0 22 849 124 3,588 - 6,897 66,294

 331 71 53 20,960 20,960 20,960 7,689 13,271 0 0 0 639 51 987 - 1,693 21,400

 2   14,8 14,8 14,8 5,4 9,4    4 1 1,1 - 4 16,4
 801,244

 112,494 688,750 688,750 11,039 2,200 675,512 0 702,716 19,769 682,947

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.

 801,244 112,494 688,750 19,764 30,293 25,242 4,670 128 253 9,529 2,367 750,704 8,843 8,380 931 768,859

 38,808 4,823 33,985 956 2,054 2,051 0 2 1 666 134 37,794 448 436 33 38,712

 326,915 24,006 302,908 8,456 13,184 8,253 4,670 105 155 1,162 720 326,429 2,028 1,809 290 330,556

 29,391 8,293 21,098 618 1,385 1,383 0 1 1 378 94 23,573 259 233 42 24,106

 33,214 4,900 28,314 926 1,678 1,673 0 3 3 654 130 31,703 729 702 50 33,184

 60,221 10,260 49,961 1,520 2,462 2,368 0 7 86 652 275 54,869 2,074 2,073 54 59,070

 65,999 18,415 47,583 1,335 1,923 1,921 0 2 0 1,022 187 52,051 490 475 46 53,063

 67,283 8,550 58,733 1,997 2,606 2,601 0 3 1 836 235 64,407 917 858 113 66,294

 23,289 4,085 19,204 622 670 667 0 1 2 327 106 20,928 232 199 40 21,400

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

H.4.1

4. Statement of Condition of Each Federal Reserve Bank on December 24, 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 24, 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.