FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                          December 11, 2003
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           Dec 10, 2003  Dec 3, 2003 Dec 11, 2002 Dec 10, 2003
Federal Reserve Banks

Reserve Bank Credit                                         731,209    -   3,770    +  60,462      735,693
 Securities held outright                                   665,488    +     789    +  55,573      665,610       
    U.S. Treasury (1)                                       665,479    +     790    +  55,574      665,610
       Bills (2)                                            243,634    +     294    +  36,435      243,767
       Notes and bonds, nominal (2)                         406,173            0    +  16,954      406,173
       Notes and bonds, inflation-indexed (2)                13,994    +     462    +   1,752       13,994
       Inflation compensation (3)                             1,678    +      34    +     433        1,676
    Federal agency (2)                                            9    -       1    -       1            0      
 Repurchase agreements(4)                                    25,893    -   4,786    +   3,893       29,250
 Loans to depository institutions                                37    +       2    -     172           32
    Primary credit                                               13    +       4    +      13            5
    Secondary credit                                              0            0            0            0
    Seasonal credit                                              24    -       2    -      22           26
    Adjustment credit                                             0            0    -     164            0
 Float                                                          754    -     249    -     718        1,658
 Other Federal Reserve assets                                39,037    +     472    +   1,887       39,144
Gold stock                                                   11,043            0            0       11,043
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            35,433    +      14    +     930       35,433
       
Total factors supplying reserve funds                       779,885    -   3,757    +  61,392      784,370
                                                                   
Currency in circulation(5)                                  711,787    -   1,465    +  37,448      712,883
Reverse repurchase agreements (6)                            19,464    +     795    +  19,464       18,964
   Foreign official and international accounts               19,464    +     795    +  19,464       18,964
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          326    +       2    -      50          324
Deposits with F.R.Banks, other than reserve balances         17,337    -     825    +   2,331       17,486       
  U.S. Treasury, general account                              4,974    -     463    +     867        5,162
  Foreign official                                               80    -       6    -      58           83
  Service-related                                            12,000    -     361    +   1,446       12,000
     Required clearing balances                              11,850    -       2    +   1,569       11,850
     Adjustments to compensate for float                        150    -     359    -     123          150
  Other                                                         284    +       5    +      76          241
Other liabilities and capital                                20,798    +     222    +     999       20,517

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  769,711    -   1,273    +  60,191      770,174

Reserve balances with Federal Reserve Banks                  10,174    -   2,484    +   1,201       14,196
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)         1,044,955    +   8,007    + 209,486    1,045,195
     U.S. Treasury                                          834,289    +   7,533    + 154,303      833,637
     Federal agency                                         210,665    +     473    +  55,182      211,559
  Securities lent to dealers                                  1,982    -      45    +   1,929        2,015   


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 Dec 10, 2003      Dec 3, 2003     Dec 11, 2002

Assets
Gold certificate account                                        11,039                0                0
Special drawing rights certificate account                       2,200                0                0
Coin                                                               754        +      10        -     278
Securities, repurchase agreements, and loans                   694,892        +   6,126        +  54,064
   Securities held outright                                    665,610        +     368        +  56,653
      U.S. Treasury (1)                                        665,610        +     378        +  56,663       
         Bills (2)                                             243,767        +     382        +  37,529
         Notes and bonds, nominal (2)                          406,173                0        +  16,954
         Notes and bonds, inflation-indexed (2)                 13,994                0        +   1,752
         Inflation compensation (3)                              1,676        -       4        +     429
      Federal agency (2)                                             0        -      10        -      10
   Repurchase agreements (4)                                    29,250        +   5,750        -   1,500    
   Loans                                                            32        +       9        -   1,089
Items in process of collection                    (1,005)        9,457        +      10        -     659
Bank premises                                                    1,608        +       2        +      76
Other assets (5)                                                37,530        +     453        +   1,651
      Total assets                                (1,005)      757,481        +   6,603        +  54,856
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  678,524        -     828        +  36,080
Reverse repurchase agreements (6)                               18,964        +     233        +  18,964
Deposits                                              (0)       31,823        +   7,390        -      48       
  Depository institutions                                       26,336        +   6,676        +     311
  U.S. Treasury, general account                                 5,162        +     788        -     344
  Foreign official                                                  83        -      33        -      56
  Other                                               (0)          241        -      41        +      40
Deferred availability cash items                  (1,005)        7,654        -     209        -     869
Other liabilities and accrued dividends (7)                      2,356        +      29        -      95
      Total liabilities                           (1,005)      739,320        +   6,615        +  54,030
                          
Capital Accounts
Capital paid in                                                  8,824        -       8        +     465
Surplus                                                          8,380                0        +   1,068
Other capital accounts                                             957        -       4        -     707
      Total capital                                             18,161        -      12        +     826


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,  December 10, 2003
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       29,607   -  14,832            0   -      10       25,250       18,964
16 days to 90 days          21      164,933   +  15,003            0           0        4,000            0
91 days to 1 year            0      163,532   +     210            0           0     ------      ------
Over 1 to 5 years     ------        179,072   -       1            0           0     ------      ------
Over 5 to 10 years    ------         51,316   -       2            0           0     ------      ------
Over 10 years         ------         77,150   -       1            0           0     ------      ------
                   		 	
All                         32      665,610   +     378            0   -      10       29,250      18,964

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  December 10, 2003
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                      11,039        495      4,706        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                                             754         25         35         37         34         84         87         91         53         24         47        146         91
Securities, repurchase agreements,
      and loans                              694,892     32,182    314,020     20,813     31,189     51,188     44,973     67,266     20,942     14,865     17,891     26,085     53,480
   Securities held outright                  665,610     32,179    284,770     20,810     31,189     51,188     44,966     67,260     20,941     14,857     17,888     26,085     53,478
      U.S. Treasury (1)                      665,610     32,179    284,770     20,810     31,189     51,188     44,966     67,260     20,941     14,857     17,888     26,085     53,478
         Bills (2)                           243,767     11,785    104,291      7,621     11,422     18,746     16,468     24,633      7,669      5,441      6,551      9,553     19,585
         Notes and bonds(3)                  421,844     20,394    180,478     13,189     19,767     32,441     28,498     42,627     13,272      9,416     11,337     16,532     33,893
         Federal agency (2)                        0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements(4)                29,250          0     29,250          0          0          0          0          0          0          0          0          0          0
      Loans                                       32          2          0          3          0          0          7          6          1          7          4          0          2
Items in process of collection                10,462        591      1,075        520        637        653        921      1,051        376        417        868        572      2,782
Bank premises                                  1,608         92        189         52        150        144        277        123         44        125         55        178        178
Other assets(5)                               37,530      1,731     13,281      1,101      2,379      6,128      2,155      3,481        948      1,139        885      1,062      3,240
Interdistrict settlement account                   0    + 3,604    - 6,315    +   313    - 2,329    +   456    + 1,520    - 8,271    - 1,957    +   130    -   813    + 5,267    + 8,395
          Total Assets                       758,486     38,834    327,864     23,299     32,641     59,608     50,962     64,936     20,807     16,953     19,304     33,915     69,362

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  December 10, 2003
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             799,205     38,041    328,094     29,272     33,271     59,874     65,631     67,220     23,201     15,600     21,475     39,112     78,414
  Less: notes held by F.R. Banks              120,682      5,278     25,481      8,567      5,247     10,686     19,721      9,575      4,451      1,483      4,444      7,821     17,927
    Federal Reserve notes, net                678,524     32,764    302,613     20,704     28,024     49,188     45,910     57,645     18,749     14,117     17,030     31,291     60,488
Reverse repurchase agreements (1)              18,964        917      8,113        593        889      1,458      1,281      1,916        597        423        510        743      1,524
Deposits                                       31,823      3,558     11,203        971      1,733      3,857      1,659      2,635        608      1,127        773        962      2,736
  Depository institutions                      26,336      3,555      5,822        970      1,729      3,778      1,657      2,631        604      1,126        772        961      2,732
  U.S. Treasury, general account                5,162          0      5,162          0          0          0          0          0          0          0          0          0          0
  Foreign official                                 83          2         60          1          3          7          2          3          1          1          1          1          3
  Other                                           241          1        160          0          1         71          0          1          3          0          1          1          1
Deferred availability cash items                8,659        548        978        405        388        652        917        629        272        496        532        492      2,351
Other liabilities and accrued                 
  dividends (2)                                 2,356        131        723         96        135        262        187        233        105         89         89        117        188
   
    Total liabilities                         740,325     37,917    323,630     22,769     31,168     55,417     49,955     63,059     20,331     16,252     18,933     33,606     67,287
                              
Capital                    
Capital paid in                                 8,824        448      2,027        258        723      2,067        490        914        232        345        163        111      1,046
Surplus                                         8,380        436      1,809        233        702      2,073        475        858        199        340        201        186        868
Other capital                                     957         32        398         39         47         50         42        105         45         16          7         12        161
     Total liabilities and capital            758,486     38,834    327,864     23,299     32,641     59,608     50,962     64,936     20,807     16,953     19,304     33,915     69,362
                              

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
                                          Dec 10, 2003
              
Federal Reserve notes outstanding             799,205
   Less: Notes held by F.R. Banks
         not subject to collateralization     120,682
      Federal Reserve Notes to be
         collateralized                       678,524 
Collateral held against Federal Reserve            
   notes                                      678,524
   Gold certificate account                    11,039
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              665,285
   Other assets pledged                             0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         694,860
   Less:face value of securities under
         reverse repurchase agreements         18,976
      U.S. Treasury and agency securities
             eligible to be pledged           675,885
   

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.