FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                               July 8, 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            Jul 7, 2004 Jun 30, 2004  Jul 9, 2003  Jul 7, 2004
Federal Reserve Banks

Reserve Bank Credit                                         754,955    +   2,698    +  36,560      757,305
 Securities held outright                                   687,668    +     569    +  35,225      687,893       
    U.S. Treasury (1)                                       687,668    +     569    +  35,235      687,893
       Bills (2)                                            254,558    +     550    +  15,273      254,776
       Notes and bonds, nominal (2)                         416,694            0    +  17,841      416,694
       Notes and bonds, inflation-indexed (2)                14,464            0    +   1,650       14,464
       Inflation compensation (3)                             1,951    +      19    +     471        1,958
    Federal agency (2)                                            0            0    -      10            0      
 Repurchase agreements(4)                                    27,179    +   1,929    +   1,179       28,000
 Loans to depository institutions                               224    +       2    +     125          225
    Primary credit                                               59    +       1    +      51           53
    Secondary credit                                              0            0            0            0
    Seasonal credit                                             165    +       1    +      74          172
 Float                                                          -17    -      10    -     637        1,075
 Other Federal Reserve assets                                39,901    +     208    +     668       40,113
Gold stock                                                   11,045            0    +       1       11,045
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            35,968    +      14    +     887       35,968
       
Total factors supplying reserve funds                       804,167    +   2,711    +  37,448      806,517
                                                                   
Currency in circulation(5)                                  736,212    +   6,888    +  38,350      738,117
Reverse repurchase agreements (6)                            19,958    +   1,464    -     886       19,828
   Foreign official and international accounts               19,958    +   1,464    -     886       19,828
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          303    -       4    -      24          302
Deposits with F.R.Banks, other than reserve balances         15,819    -   1,357    -   1,923       14,126       
  U.S. Treasury, general account                              4,541    -   1,420    -   1,677        2,915
  Foreign official                                              155    +      37    -     124           84
  Service-related                                            10,863    +       1    -     153       10,863
     Required clearing balances                              10,863    +       1    +      25       10,863
     Adjustments to compensate for float                          0            0    -     178            0
  Other                                                         261    +      26    +      32          264
Other liabilities and capital                                21,629    -     296    +   1,812       21,510

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  793,920    +   6,694    +  37,329      793,884

Reserve balances with Federal Reserve Banks                  10,247    -   3,983    +     119       12,634
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)         1,235,553    +  10,094    + 289,933    1,235,128
     U.S. Treasury                                          999,289    +   7,755    + 238,396      998,603
     Federal agency                                         236,263    +   2,338    +  51,537      236,525
  Securities lent to dealers                                  2,299    +       3    +     704          999   


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  Jul 7, 2004     Jun 30, 2004      Jul 9, 2003

Assets
Gold certificate account                                        11,040                0        +       1
Special drawing rights certificate account                       2,200                0                0
Coin                                                               712        -      32        -     162
Securities, repurchase agreements, and loans                   716,117        -   5,096        +  34,302
   Securities held outright                                    687,893        +     502        +  35,432
      U.S. Treasury (1)                                        687,893        +     502        +  35,442       
         Bills (2)                                             254,776        +     481        +  15,471
         Notes and bonds, nominal (2)                          416,694                0        +  17,841
         Notes and bonds, inflation-indexed (2)                 14,464                0        +   1,650
         Inflation compensation (3)                              1,958        +      22        +     479
      Federal agency (2)                                             0                0        -      10
   Repurchase agreements (4)                                    28,000        -   5,500        -   1,250    
   Loans                                                           225        -      98        +     121
Items in process of collection                      (521)        9,066        +   3,105        -   1,044
Bank premises                                                    1,697        -       5        +     115
Other assets (5)                                                38,395        +     631        +     683
      Total assets                                  (521)      779,227        -   1,397        +  33,895
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  703,159        +   4,973        +  39,630
Reverse repurchase agreements (6)                               19,828        +     600        -     426
Deposits                                              (0)       26,739        -   9,427        -   6,740       
  Depository institutions                                       23,476        -   6,152        -   3,095
  U.S. Treasury, general account                                 2,915        -   3,117        -   3,441
  Foreign official                                                  84        -     196        -     243
  Other                                               (0)          264        +      38        +      39
Deferred availability cash items                    (521)        7,991        +   2,146        -     404
Other liabilities and accrued dividends (7)                      2,325        +      59        +     218
      Total liabilities                             (521)      760,042        -   1,650        +  32,278
                          
Capital Accounts
Capital paid in                                                  9,251        +      25        +     591
Surplus                                                          8,847                0        +     469
Other capital accounts                                           1,087        +     228        +     558
      Total capital                                             19,185        +     253        +   1,618


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,       July 7, 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              59       46,828   -     501            0           0       28,000       19,828
16 days to 90 days         166      163,730   +   8,379            0           0            0            0
91 days to 1 year            0      161,187   -   7,398            0           0     ------      ------
Over 1 to 5 years     ------        187,811   +       8            0           0     ------      ------
Over 5 to 10 years    ------         51,591   +       5            0           0     ------      ------
Over 10 years         ------         76,745   +       8            0           0     ------      ------
                   		 	
All                        225      687,893   +     502            0           0       28,000      19,828

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       July 7, 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                      11,040        494      4,650        382        452        819        894        924        325        218        302        525      1,055
Special drawing rights certificate acct.       2,200        115        874         83        104        147        166        212         71         30         66         98        234
Coin                                             712         25         29         38         33         64         77         82         57         21         44        140        101
Securities, repurchase agreements,
      and loans                              716,117     32,302    326,279     20,460     29,394     52,333     46,399     62,027     20,234     15,057     18,100     31,366     62,168
   Securities held outright                  687,893     32,302    298,279     20,460     29,394     52,283     46,390     61,964     20,210     15,004     18,077     31,365     62,167
      U.S. Treasury (1)                      687,893     32,302    298,279     20,460     29,394     52,283     46,390     61,964     20,210     15,004     18,077     31,365     62,167
         Bills (2)                           254,776     11,964    110,474      7,578     10,887     19,364     17,181     22,950      7,485      5,557      6,695     11,617     23,025
         Notes and bonds(3)                  433,117     20,338    187,805     12,882     18,507     32,919     29,208     39,015     12,725      9,447     11,382     19,748     39,142
         Federal agency (2)                        0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements(4)                28,000          0     28,000          0          0          0          0          0          0          0          0          0          0
      Loans                                      225          0          0          0          0         50          9         62         24         53         23          2          1
Items in process of collection                 9,586        762        440        492      1,016        574        850        595        425        496        842        451      2,644
Bank premises                                  1,697         96        191         52        154        145        279        135         53        124         75        213        181
Other assets(5)                               38,395      1,739     13,818      1,148      2,347      5,999      2,195      3,468        999      1,133        795        990      3,765
Interdistrict settlement account                   0    + 2,753    -32,342    + 3,647    +   286    +   341    + 8,275    +   557    + 1,265    -   532    + 1,182    + 3,783    +10,786
          Total Assets                       779,748     38,286    313,941     26,302     33,786     60,421     59,133     67,999     23,428     16,547     21,405     37,565     80,934

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       July 7, 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             815,593     37,518    317,556     31,418     34,153     61,305     70,896     67,717     24,459     15,489     23,577     41,889     89,615
  Less: notes held by F.R. Banks              112,434      3,689     28,772      8,134      5,381     10,487     17,029      6,897      3,082      1,052      4,152      6,756     17,003
    Federal Reserve notes, net                703,159     33,829    288,784     23,284     28,773     50,818     53,867     60,820     21,377     14,437     19,425     35,134     72,612
Reverse repurchase agreements (1)              19,828        931      8,598        590        847      1,507      1,337      1,786        583        432        521        904      1,792
Deposits                                       26,739      1,654     10,576      1,204      1,783      3,081      1,792      2,376        633        448        678        704      1,809
  Depository institutions                      23,476      1,650      7,440      1,202      1,781      2,979      1,790      2,372        630        446        677        703      1,806
  U.S. Treasury, general account                2,915          0      2,915          0          0          0          0          0          0          0          0          0          0
  Foreign official                                 84          2         61          1          2          7          2          3          1          1          1          0          4
  Other                                           264          3        161          1          0         95          0          1          2          0          1          1          0
Deferred availability cash items                8,512        702        758        559        740        547        891        683        250        524        368        416      2,074
Other liabilities and accrued                 
  dividends (2)                                 2,325        128        757         92        116        233        189        224        104         79         88        128        186
   
    Total liabilities                         760,563     37,244    309,473     25,729     32,259     56,185     58,078     65,889     22,946     15,920     21,080     37,286     78,473
                              
Capital                    
Capital paid in                                 9,251        506      2,116        278        758      2,077        510      1,028        232        264        150        130      1,202
Surplus                                         8,847        448      2,031        259        727      2,074        489        924        228        346        162        111      1,048
Other capital                                   1,087         87        321         36         42         85         57        158         21         17         13         39        210
     Total liabilities and capital            779,748     38,286    313,941     26,302     33,786     60,421     59,133     67,999     23,428     16,547     21,405     37,565     80,934
                              

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
                                           Jul 7, 2004
              
Federal Reserve notes outstanding             815,593
   Less: Notes held by F.R. Banks
         not subject to collateralization     112,434
      Federal Reserve Notes to be
         collateralized                       703,159 
Collateral held against Federal Reserve            
   notes                                      703,159
   Gold certificate account                    11,040
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              689,919
   Other assets pledged                             0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         715,893
   Less:face value of securities under
         reverse repurchase agreements         19,834
      U.S. Treasury and agency securities
             eligible to be pledged           696,059
   

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.