FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                           February 5, 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 4, 2004 Jan 28, 2004  Feb 5, 2003  Feb 4, 2004
Federal Reserve Banks

Reserve Bank Credit                                         732,240    +   4,057    +  37,766      732,359
 Securities held outright                                   667,262    +     233    +  37,847      667,292       
    U.S. Treasury (1)                                       667,262    +     233    +  37,857      667,292
       Bills (2)                                            245,473    +     242    +  18,791      245,505
       Notes and bonds, nominal (2)                         406,173            0    +  16,954      406,173
       Notes and bonds, inflation-indexed (2)                13,994            0    +   1,752       13,994
       Inflation compensation (3)                             1,622    -       8    +     361        1,620
    Federal agency (2)                                            0            0    -      10            0      
 Repurchase agreements(4)                                    23,214    +   4,071    -   1,179       23,250
 Loans to depository institutions                                23    -     174    +       8           23
    Primary credit                                               10    -     174    -       1           13
    Secondary credit                                              0            0            0            0
    Seasonal credit                                              13    -       1    +       9           10
 Float                                                          335    -     190    -     242          298
 Other Federal Reserve assets                                41,406    +     117    +   1,332       41,496
Gold stock                                                   11,043            0            0       11,043
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            35,545    +      14    +     948       35,545
       
Total factors supplying reserve funds                       781,028    +   4,071    +  38,714      781,147
                                                                   
Currency in circulation(5)                                  710,138    +     661    +  34,360      712,636
Reverse repurchase agreements (6)                            20,581    +     356    +   2,098       20,426
   Foreign official and international accounts               20,581    +     356    +   2,098       20,426
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          356    +      11    -       4          355
Deposits with F.R.Banks, other than reserve balances         16,348    -     330    -     108       17,169       
  U.S. Treasury, general account                              4,901    -     252    -     491        5,728
  Foreign official                                               83    +       1    -      25           80
  Service-related                                            10,944    -     102    +     220       10,944
     Required clearing balances                              10,614    -       5    +     259       10,614
     Adjustments to compensate for float                        330    -      97    -      38          330
  Other                                                         421    +      25    +     189          418
Other liabilities and capital                                20,385    -     205    +     872       20,226

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  767,808    +     494    +  37,218      770,812

Reserve balances with Federal Reserve Banks                  13,220    +   3,577    +   1,496       10,335
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)         1,116,950    +   4,434    + 251,584    1,121,982
     U.S. Treasury                                          889,468    +   5,104    + 193,468      894,193
     Federal agency                                         227,481    -     671    +  58,114      227,789
  Securities lent to dealers                                    349    -     234    -      59          581   


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 4, 2004     Jan 28, 2004      Feb 5, 2003

Assets
Gold certificate account                                        11,038        -       1        -       1
Special drawing rights certificate account                       2,200                0                0
Coin                                                               858        +      45        -     276
Securities, repurchase agreements, and loans                   690,565        +     480        +  33,388
   Securities held outright                                    667,292        +     232        +  37,881
      U.S. Treasury (1)                                        667,292        +     232        +  37,891       
         Bills (2)                                             245,505        +     239        +  18,823
         Notes and bonds, nominal (2)                          406,173                0        +  16,954
         Notes and bonds, inflation-indexed (2)                 13,994                0        +   1,752
         Inflation compensation (3)                              1,620        -       6        +     363
      Federal agency (2)                                             0                0        -      10
   Repurchase agreements (4)                                    23,250        +     250        -   4,500    
   Loans                                                            23        -       2        +       8
Items in process of collection                    (1,292)        8,881        -   1,691        -      78
Bank premises                                                    1,644                0        +     105
Other assets (5)                                                39,855        +      46        +   1,244
      Total assets                                (1,292)      755,041        -   1,120        +  34,382
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  678,300        +   2,035        +  33,420
Reverse repurchase agreements (6)                               20,426        -     268        +   2,440
Deposits                                              (0)       27,507        -   3,528        -   2,307       
  Depository institutions                                       21,282        -   4,047        -   2,474
  U.S. Treasury, general account                                 5,728        +     481        +      64
  Foreign official                                                  80        -       2        -      68
  Other                                               (0)          418        +      40        +     172
Deferred availability cash items                  (1,292)        8,582        +     935        -     122
Other liabilities and accrued dividends (7)                      2,210        -      76        -      21
      Total liabilities                           (1,292)      737,025        -     902        +  33,409
                          
Capital Accounts
Capital paid in                                                  8,889        +       3        +     485
Surplus                                                          8,847                0        +     467
Other capital accounts                                             280        -     222        +      20
      Total capital                                             18,016        -     219        +     973


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 4, 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              11       50,388   -   3,128            0           0       23,250       20,426
16 days to 90 days          11      148,245   +   5,119            0           0            0            0
91 days to 1 year            0      162,763   -     567            0           0     ------      ------
Over 1 to 5 years     ------        181,106   -   1,189            0           0     ------      ------
Over 5 to 10 years    ------         47,660   -       1            0           0     ------      ------
Over 10 years         ------         77,129   -       2            0           0     ------      ------
                   		 	
All                         23      667,292   +     232            0           0       23,250      20,426

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 4, 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                                             858         31         34         44         44         87        100        118         65         28         49        154        103
Securities, repurchase agreements,
      and loans                              690,565     32,261    308,739     20,862     31,268     51,317     45,080     67,437     20,994     14,900     17,933     26,151     53,624
   Securities held outright                  667,292     32,261    285,489     20,862     31,268     51,317     45,080     67,430     20,994     14,895     17,933     26,151     53,613
      U.S. Treasury (1)                      667,292     32,261    285,489     20,862     31,268     51,317     45,080     67,430     20,994     14,895     17,933     26,151     53,613
         Bills (2)                           245,505     11,869    105,035      7,675     11,504     18,880     16,585     24,808      7,724      5,480      6,598      9,621     19,725
         Notes and bonds(3)                  421,788     20,392    180,454     13,187     19,764     32,437     28,494     42,622     13,270      9,415     11,335     16,530     33,888
         Federal agency (2)                        0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements(4)                23,250          0     23,250          0          0          0          0          0          0          0          0          0          0
      Loans                                       23          0          0          0          0          0          0          7          0          5          0          0         11
Items in process of collection                10,173        538        902        472        726        671      1,037        719        436        438        696        648      2,889
Bank premises                                  1,644         94        189         52        151        145        278        125         48        125         74        185        179
Other assets(5)                               39,855      1,835     14,312      1,177      2,492      6,175      2,298      3,779      1,076      1,180        842        936      3,755
Interdistrict settlement account                   0    + 2,355    - 8,438    +   139    - 2,498    +   545    + 1,236    - 6,787    - 1,202    -   454    -   399    + 6,944    + 8,559
          Total Assets                       756,333     37,723    321,317     23,210     32,763     59,896     51,057     66,585     21,819     16,470     19,565     35,621     70,307

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 4, 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             798,664     39,139    324,691     29,249     32,874     60,050     64,947     67,123     23,444     15,687     21,974     40,141     79,344
  Less: notes held by F.R. Banks              120,364      5,465     28,848      8,718      4,920      9,710     19,303      8,280      3,806      1,604      4,530      7,147     18,033
    Federal Reserve notes, net                678,300     33,674    295,843     20,531     27,954     50,341     45,644     58,842     19,638     14,083     17,443     32,995     61,311
Reverse repurchase agreements (1)              20,426        987      8,739        639        957      1,571      1,380      2,064        643        456        549        800      1,641
Deposits                                       27,507      1,323     10,558        905      1,799      2,857      1,768      2,723        667        716        680        924      2,588
  Depository institutions                      21,282      1,312      4,608        904      1,796      2,613      1,767      2,718        665        714        678        923      2,584
  U.S. Treasury, general account                5,728          0      5,728          0          0          0          0          0          0          0          0          0          0
  Foreign official                                 80          2         57          1          2          7          2          3          1          1          1          0          4
  Other                                           418         10        165          0          1        236          0          2          1          0          1          1          0
Deferred availability cash items                9,874        708      1,226        494        480        731      1,093        851        309        443        483        561      2,496
Other liabilities and accrued                 
  dividends (2)                                 2,210        122        738         89        115        226        176        215        101         77         84        109        158
   
    Total liabilities                         738,317     36,815    317,104     22,658     31,306     55,725     50,061     64,695     21,357     15,775     19,239     35,389     68,193
                              
Capital                    
Capital paid in                                 8,889        448      2,041        272        721      2,083        490        932        227        346        160        111      1,057
Surplus                                         8,847        448      2,031        259        727      2,074        489        924        228        346        162        111      1,048
Other capital                                     280         11        141         22          9         13         17         33          7          4          3         11          9
     Total liabilities and capital            756,333     37,723    321,317     23,210     32,763     59,896     51,057     66,585     21,819     16,470     19,565     35,621     70,307
                              

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 4, 2004
              
Federal Reserve notes outstanding             798,664
   Less: Notes held by F.R. Banks
         not subject to collateralization     120,364
      Federal Reserve Notes to be
         collateralized                       678,300 
Collateral held against Federal Reserve            
   notes                                      678,300
   Gold certificate account                    11,038
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              665,061
   Other assets pledged                             0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         690,542
   Less:face value of securities under
         reverse repurchase agreements         20,430
      U.S. Treasury and agency securities
             eligible to be pledged           670,112
   

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.