FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                             March 25, 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           Mar 24, 2004 Mar 17, 2004 Mar 26, 2003 Mar 24, 2004
Federal Reserve Banks

Reserve Bank Credit                                         731,279    -   5,713    +  32,298      732,458
 Securities held outright                                   673,518    +     432    +  33,389      673,995       
    U.S. Treasury (1)                                       673,518    +     432    +  33,399      673,995
       Bills (2)                                            246,469    +      61    +  14,577      246,469
       Notes and bonds, nominal (2)                         410,917    +     354    +  16,296      411,388
       Notes and bonds, inflation-indexed (2)                14,464            0    +   2,140       14,464
       Inflation compensation (3)                             1,668    +      18    +     386        1,674
    Federal agency (2)                                            0            0    -      10            0      
 Repurchase agreements(4)                                    18,786    -   6,393    -     500       19,750
 Loans to depository institutions                                62    -      13    +      52           48
    Primary credit                                               26    -      22    +      24            6
    Secondary credit                                              0            0            0            0
    Seasonal credit                                              36    +       9    +      28           42
 Float                                                         -776    -      88    -   2,185       -1,179
 Other Federal Reserve assets                                39,690    +     349    +   1,543       39,844
Gold stock                                                   11,045            0    +       2       11,045
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            35,643    +      14    +     867       35,643
       
Total factors supplying reserve funds                       780,167    -   5,700    +  33,167      781,347
                                                                   
Currency in circulation(5)                                  714,061    +     193    +  29,542      714,914
Reverse repurchase agreements (6)                            19,239    +     144    +     919       19,987
   Foreign official and international accounts               19,239    +     144    +     919       19,987
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          339    +      16    -      55          347
Deposits with F.R.Banks, other than reserve balances         16,258    -   1,041    -   1,525       15,282       
  U.S. Treasury, general account                              5,371    -     366    -     545        4,404
  Foreign official                                               80    -       6    -     160           80
  Service-related                                            10,551    -     578    -     861       10,551
     Required clearing balances                              10,409    -     477    -     568       10,409
     Adjustments to compensate for float                        142    -     101    -     293          142
  Other                                                         256    -      91    +      41          247
Other liabilities and capital                                20,964    +     428    +   1,552       20,707

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  770,861    -     260    +  30,433      771,236

Reserve balances with Federal Reserve Banks                   9,306    -   5,440    +   2,735       10,111
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)         1,176,184    +   7,914    + 281,076    1,170,893
     U.S. Treasury                                          936,651    +   3,517    + 221,081      932,809
     Federal agency                                         239,533    +   4,397    +  59,995      238,084
  Securities lent to dealers                                  1,741    -     998    -   1,017        1,667   


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 Mar 24, 2004     Mar 17, 2004     Mar 26, 2003

Assets
Gold certificate account                                        11,041                0        +       2
Special drawing rights certificate account                       2,200                0                0
Coin                                                               834        -      12        -     247
Securities, repurchase agreements, and loans                   693,793        -   8,457        +  27,385
   Securities held outright                                    673,995        +     842        +  33,094
      U.S. Treasury (1)                                        673,995        +     842        +  33,104       
         Bills (2)                                             246,469                0        +  14,326
         Notes and bonds, nominal (2)                          411,388        +     825        +  16,767
         Notes and bonds, inflation-indexed (2)                 14,464                0        +   1,650
         Inflation compensation (3)                              1,674        +      17        +     362
      Federal agency (2)                                             0                0        -      10
   Repurchase agreements (4)                                    19,750        -   9,000        -   5,750    
   Loans                                                            48        -     299        +      41
Items in process of collection                      (961)        4,627        -   1,288        -   1,938
Bank premises                                                    1,655        +       2        +      97
Other assets (5)                                                38,243        +     619        +   1,122
      Total assets                                  (961)      752,393        -   9,136        +  26,422
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  680,447        -     563        +  27,517
Reverse repurchase agreements (6)                               19,987        +   1,217        +   1,756
Deposits                                              (0)       25,447        -   9,042        -   2,632       
  Depository institutions                                       20,716        -   6,919        -   1,099
  U.S. Treasury, general account                                 4,404        -   2,011        -   1,523
  Foreign official                                                  80        -      32        -      82
  Other                                               (0)          247        -      79        +      72
Deferred availability cash items                    (961)        5,805        -     878        -   1,325
Other liabilities and accrued dividends (7)                      2,265        +      39        +      17
      Total liabilities                             (961)      733,951        -   9,228        +  25,333
                          
Capital Accounts
Capital paid in                                                  8,964        -      33        +     471
Surplus                                                          8,847        +      55        +     467
Other capital accounts                                             631        +      71        +     151
      Total capital                                             18,441        +      91        +   1,089


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,     March 24, 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              42       50,976   +     595            0           0       19,750       19,987
16 days to 90 days           6      150,619   -     793            0           0            0            0
91 days to 1 year            0      161,315   +     197            0           0     ------      ------
Over 1 to 5 years     ------        183,661   +     582            0           0     ------      ------
Over 5 to 10 years    ------         49,998   +     254            0           0     ------      ------
Over 10 years         ------         77,426   +       7            0           0     ------      ------
                   		 	
All                         48      673,995   +     842            0           0       19,750      19,987

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     March 24, 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                      11,041        495      4,708        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                                             834         39         39         49         43         85         78        107         60         30         49        145        111
Securities, repurchase agreements,
      and loans                              693,793     32,592    308,107     21,076     31,582     51,832     45,534     68,123     21,214     15,053     18,115     26,414     54,152
   Securities held outright                  673,995     32,585    288,357     21,072     31,582     51,832     45,532     68,107     21,205     15,045     18,113     26,414     54,152
      U.S. Treasury (1)                      673,995     32,585    288,357     21,072     31,582     51,832     45,532     68,107     21,205     15,045     18,113     26,414     54,152
         Bills (2)                           246,469     11,916    105,447      7,706     11,549     18,954     16,650     24,906      7,754      5,502      6,624      9,659     19,802
         Notes and bonds(3)                  427,527     20,669    182,910     13,366     20,033     32,878     28,882     43,202     13,451      9,543     11,490     16,755     34,349
         Federal agency (2)                        0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements(4)                19,750          0     19,750          0          0          0          0          0          0          0          0          0          0
      Loans                                       48          7          0          4          0          0          1         15          9          8          2          0          0
Items in process of collection                 5,588        314        536        267        295        285        432        417        216        357        417        281      1,773
Bank premises                                  1,655         96        189         52        151        144        278        127         49        125         74        189        180
Other assets(5)                               38,243      1,754     13,681      1,177      2,396      5,985      2,183      3,614      1,020      1,135        801        883      3,615
Interdistrict settlement account                   0    + 2,321    -13,329    + 1,410    - 4,035    -    42    + 2,086    - 9,192    - 1,102    -   647    +   376    + 8,508    +13,646
          Total Assets                       753,354     37,724    314,804     24,493     31,013     59,245     51,620     64,391     21,859     16,306     20,201     37,025     74,674

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     March 24, 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             803,674     38,988    323,134     29,581     32,542     60,162     64,470     66,429     23,573     15,771     22,353     41,742     84,928
  Less: notes held by F.R. Banks              123,226      5,058     32,444      8,320      5,306     11,035     17,538      8,674      3,682      1,495      4,282      7,045     18,349
    Federal Reserve notes, net                680,447     33,930    290,690     21,261     27,237     49,128     46,933     57,755     19,890     14,277     18,071     34,697     66,578
Reverse repurchase agreements (1)              19,987        966      8,551        625        937      1,537      1,350      2,020        629        446        537        783      1,606
Deposits                                       25,447      1,270      9,749      1,403        838      3,756      1,381      1,993        570        432        790        838      2,427
  Depository institutions                      20,716      1,264      5,123      1,402        834      3,681      1,379      1,989        565        431        789        837      2,423
  U.S. Treasury, general account                4,404          0      4,404          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                                           247          5        165          0          1         68          0          0          4          0          1          1          0
Deferred availability cash items                6,766        505        672        549        383        428        769        510        196        449        391        343      1,571
Other liabilities and accrued                 
  dividends (2)                                 2,265        131        715         93        120        246        183        222        104         77         86        112        176
   
    Total liabilities                         734,913     36,803    310,377     23,930     29,515     55,095     50,615     62,500     21,389     15,681     19,876     36,773     72,358
                              
Capital                    
Capital paid in                                 8,964        449      2,105        273        739      2,056        484        908        231        265        151        119      1,183
Surplus                                         8,847        448      2,031        259        727      2,074        489        924        228        346        162        111      1,048
Other capital                                     631         24        291         31         32         19         32         58         11         15         12         22         84
     Total liabilities and capital            753,354     37,724    314,804     24,493     31,013     59,245     51,620     64,391     21,859     16,306     20,201     37,025     74,674
                              

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
                                          Mar 24, 2004
              
Federal Reserve notes outstanding             803,674
   Less: Notes held by F.R. Banks
         not subject to collateralization     123,226
      Federal Reserve Notes to be
         collateralized                       680,447 
Collateral held against Federal Reserve            
   notes                                      680,447
   Gold certificate account                    11,041
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              667,207
   Other assets pledged                             0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         693,745
   Less:face value of securities under
         reverse repurchase agreements         19,992
      U.S. Treasury and agency securities
             eligible to be pledged           673,753
   

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.