Reserve Bank credit, related items, and

reserve balances of depository institutions

at Federal Reserve Banks

Reserve Bank credit 748,436 + 2,055 + 30,743 756,252

Securities held outright 685,043 + 63 + 33,083 685,177

U.S. Treasury1 685,043 + 63 + 33,093 685,177

Bills2 251,964 + 51 + 13,174 252,094

Notes and bonds, nominal2 416,694 0 + 17,841 416,694

Notes and bonds, inflation-indexed2 14,464 0 + 1,650 14,464

Inflation compensation3 1,920 + 12 + 427 1,924

Federal agency2 0 0 - 10 0

Repurchase agreements4 24,250 + 1,429 - 2,071 32,000

Loans to depository institutions 197 + 28 - 210 165

Primary credit 54 + 20 - 268 8

Secondary credit 0 0 0 0

Seasonal credit 143 + 8 + 59 157

Float -262 + 95 - 284 -443

Other Federal Reserve assets 39,208 + 441 + 225 39,353

Gold stock 11,045 0 + 1 11,045

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

Treasury currency outstanding5 35,825 + 14 + 782 35,825

Total factors supplying reserve funds 797,506 + 2,069 + 31,526 805,322

Currency in circulation5 724,759 + 12 + 33,613 727,776

Reverse repurchase agreements6 18,722 - 1,334 - 3,992 17,465

Foreign official and international accounts 18,722 - 1,334 - 2,314 17,465

Dealers 0 0 - 1,679 0

Treasury cash holdings 315 - 9 - 53 307

Deposits with F.R. Banks, other than reserve balances 17,655 + 779 - 982 17,805

U.S. Treasury, general account 7,034 + 839 - 165 7,202

Foreign official 103 - 29 - 59 82

Service-related 10,293 - 4 - 763 10,293

Required clearing balances 10,293 - 4 - 537 10,293

Adjustments to compensate for float 0 0 - 226 0

Other 225 - 27 + 5 227

Other liabilities and capital 21,707 + 296 + 1,601 21,639

Total factors, other than reserve balances,

absorbing reserve funds 783,157 - 258 + 30,186 784,993

Reserve balances with Federal Reserve Banks 14,348 + 2,325 + 1,339 20,330

Memo (off-balance-sheet items):

Marketable securities held in custody for foreign

 official and international accounts2,7 1,223,940 - 3,372 + 290,761 1,218,013

U.S. Treasury 990,103 - 3,382 + 240,373 987,036

Federal agency 233,837 + 10 + 50,387 230,978

Securities lent to dealers 980 + 54 - 377 1,591

FEDERAL RESERVE statistical release

 June 24, 2004

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

 Jun 23, 2004 Week ended

 Jun 23, 2004 Jun 16, 2004 Jun 25, 2003
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 11,041 0 + 1

Special drawing rights certificate account 2,200 0 0

Coin 754 + 10 - 187

Securities, repurchase agreements, and loans 717,342 + 13,175 + 33,243

Securities held outright 685,177 + 184 + 33,174

U.S. Treasury1 685,177 + 184 + 33,184

Bills2 252,094 + 172 + 13,259

Notes and bonds, nominal2 416,694 0 + 17,841

Notes and bonds, inflation-indexed2 14,464 0 + 1,650

Inflation compensation3 1,924 + 12 + 433

Federal agency2 0 0 - 10

Repurchase agreements4 32,000 + 13,000 0

Loans 165 - 9 + 70

Items in process of collection (889) 5,560 - 317 - 1,901

Bank premises 1,691 + 3 + 109

Other assets5 37,695 + 579 + 88

Total assets (889) 776,283 + 13,449 + 31,352

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 693,007 + 2,393 + 34,038

Reverse repurchase agreements6 17,465 - 506 - 4,127

Deposits ( 0 ) 38,169 + 11,523 + 1,183

Depository institutions 30,657 + 11,449 - 398

U.S. Treasury, general account 7,202 + 135 + 1,896

Foreign official 82 - 50 - 322

Other ( 0 ) 227 - 11 + 7

Deferred availability cash items (889) 6,002 - 356 - 1,361

Other liabilities and accrued dividends7 2,551 + 74 + 169

Total liabilities (889) 757,194 + 13,129 + 29,902

Capital accounts

Capital paid in 9,224 + 5 + 567

Surplus 8,847 0 + 467

Other capital accounts 1,018 + 316 + 417

Total capital 19,089 + 321 + 1,450

H.4.1

2. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Wednesday

 Jun 25, 2003

Eliminations from

consolidation Wednesday

 Jun 23, 2004

Wednesday

 Jun 16, 2004

3. Maturity Distribution of Loans and Securities, June 23, 2004

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 156 54,688 + 117 0 0 32,000 17,465

16 days to 90 days 9 153,424 + 48 0 0 0 0

91 days to 1 year 0 161,535 + 7 0 0 . . . . . . 

Over 1 year to 5 years . . . 187,215 + 5 0 0 . . . . . . 

Over 5 years to 10 years . . . 51,583 + 3 0 0 . . . . . . 

Over 10 years . . . 76,732 + 4 0 0 . . . . . . 

All 165 685,177 + 184 0 0 32,000 17,465

Assets, liabilities, and capital

Maturity
H.4.1

4. Statement of Condition of Each Federal Reserve Bank on June 23, 2004Millions 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.

 11,041 2,200 754 717,342 685,177 685,177 252,094 433,083 0 32,000 165 6,449 1,691 37,695 0 777,171

Assets, liabilities, and capital

 4,651 874 30 329,102 297,102 297,102 109,311 187,791 0 32,000 0 332 192 13,588 -28,908 319,862

 494 115 26 32,174 32,174 32,174 11,838 20,336 0 0 0 369 96 1,703 + 2,636 37,613

 382 83 40 20,379 20,379 20,379 7,498 12,881 0 0 0 309 52 1,128 + 3,081 25,453

 452 104 36 29,278 29,278 29,278 10,772 18,506 0 0 0 324 154 2,303 - 224 32,426

 819 147 70 52,076 52,076 52,076 19,160 32,916 0 0 0 375 145 5,914 + 1,610 61,156

 894 166 80 46,214 46,207 46,207 17,001 29,206 0 0 7 894 278 2,142 + 6,267 56,935

 924 212 89 61,784 61,720 61,720 22,708 39,011 0 0 64 405 135 3,395 + 599 67,542

 325 71 58 20,152 20,130 20,130 7,406 12,724 0 0 22 403 53 976 + 353 22,391

 2   14,9 14,9 14,9 5,4 9,4    3 1 1,1 - 5 16,2
 812,668

 119,661 693,007 693,007 11,041 2,200 679,767 0 717,177 17,470 699,707

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.

 812,668 119,661 693,007 17,465 38,169 30,657 7,202 82 227 6,890 2,551 758,083 9,224 8,847 1,018 777,171

 37,625 4,088 33,537 820 1,590 1,587 0 2 1 485 142 36,574 506 448 84 37,613

 318,136 29,120 289,016 7,573 17,455 10,038 7,202 59 155 567 806 315,417 2,116 2,031 298 319,862

 31,383 8,682 22,702 519 954 953 0 1 0 606 99 24,880 278 259 36 25,453

 33,529 5,637 27,892 746 1,769 1,765 0 2 1 392 133 30,932 733 727 34 32,426

 60,315 11,093 49,222 1,327 5,570 5,498 0 7 66 522 291 56,933 2,077 2,074 73 61,156

 69,761 18,857 50,904 1,178 2,832 2,831 0 2 0 771 196 55,881 510 489 55 56,935

 67,691 7,687 60,004 1,573 3,070 3,067 0 3 0 551 244 65,441 1,028 924 148 67,542

 23,615 3,357 20,257 513 779 776 0 1 2 254 109 21,912 232 228 19 22,391

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

H.4.1

4. Statement of Condition of Each Federal Reserve Bank on June 23, 2004 (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

 Jun 23, 2004

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.