Reserve Bank credit, related items, and

reserve balances of depository institutions

at Federal Reserve Banks

Reserve Bank credit 742,139 - 2,616 + 33,899 738,594

Securities held outright 677,738 + 2,199 + 30,319 677,811

U.S. Treasury1 677,738 + 2,199 + 30,329 677,811

Bills2 250,101 + 2,180 + 13,726 250,163

Notes and bonds, nominal2 411,388 0 + 14,612 411,388

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

Inflation compensation3 1,785 + 19 + 342 1,796

Federal agency2 0 0 - 10 0

Repurchase agreements4 24,464 - 4,965 + 3,927 20,000

Loans to depository institutions 88 + 1 + 38 97

Primary credit 6 - 10 + 2 8

Secondary credit 0 0 0 0

Seasonal credit 82 + 11 + 36 89

Float -744 + 11 - 857 -295

Other Federal Reserve assets 40,591 + 136 + 471 40,980

Gold stock 11,045 0 + 2 11,045

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

Treasury currency outstanding5 35,727 + 14 + 820 35,727

Total factors supplying reserve funds 791,111 - 2,603 + 34,721 787,566

Currency in circulation5 718,390 + 2,172 + 29,575 720,248

Reverse repurchase agreements6 21,477 + 1,073 + 152 20,653

Foreign official and international accounts 21,477 + 1,073 + 152 20,653

Dealers 0 0 0 0

Treasury cash holdings 319 - 8 - 22 308

Deposits with F.R. Banks, other than reserve balances 17,051 - 778 - 1,542 16,886

U.S. Treasury, general account 6,025 - 1,419 - 1,088 5,960

Foreign official 130 + 27 + 28 87

Service-related 10,563 + 593 - 546 10,563

Required clearing balances 10,563 + 593 - 319 10,563

Adjustments to compensate for float 0 0 - 227 0

Other 332 + 20 + 63 275

Other liabilities and capital 20,922 + 202 + 591 21,120

Total factors, other than reserve balances,

absorbing reserve funds 778,159 + 2,661 + 28,755 779,216

Reserve balances with Federal Reserve Banks 12,952 - 5,264 + 5,965 8,350

Memo (off-balance-sheet items):

Marketable securities held in custody for foreign

 official and international accounts2,7 1,194,358 + 10,085 + 300,482 1,196,633

U.S. Treasury 964,735 + 7,739 + 252,595 966,464

Federal agency 229,623 + 2,346 + 47,887 230,169

Securities lent to dealers 3,713 + 930 + 3,253 1,827

FEDERAL RESERVE statistical release

 May 6, 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

 May 5, 2004 Week ended

 May 5, 2004 Apr 28, 2004 May 7, 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 + 2

Special drawing rights certificate account 2,200 0 0

Coin 799 - 17 - 204

Securities, repurchase agreements, and loans 697,908 - 16,057 + 28,018

Securities held outright 677,811 + 1,428 + 30,231

U.S. Treasury1 677,811 + 1,428 + 30,241

Bills2 250,163 + 1,406 + 13,634

Notes and bonds, nominal2 411,388 0 + 14,612

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

Inflation compensation3 1,796 + 22 + 346

Federal agency2 0 0 - 10

Repurchase agreements4 20,000 - 17,500 - 2,251

Loans 97 + 16 + 38

Items in process of collection (1,112) 6,843 + 1,536 - 2,713

Bank premises 1,672 + 8 + 94

Other assets5 39,247 + 447 + 106

Total assets (1,112) 759,711 - 14,081 + 25,304

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 685,624 + 1,630 + 28,407

Reverse repurchase agreements6 20,653 + 964 - 14

Deposits ( 0 ) 25,174 - 18,100 - 2,698

Depository institutions 18,852 - 17,489 - 2,565

U.S. Treasury, general account 5,960 - 580 - 90

Foreign official 87 - 13 - 58

Other ( 0 ) 275 - 18 + 16

Deferred availability cash items (1,112) 7,140 + 965 - 1,402

Other liabilities and accrued dividends7 2,271 - 23 - 23

Total liabilities (1,112) 740,863 - 14,563 + 24,271

Capital accounts

Capital paid in 9,039 + 9 + 475

Surplus 8,847 + 53 + 467

Other capital accounts 963 + 422 + 92

Total capital 18,849 + 484 + 1,033

H.4.1

2. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Wednesday

 May 7, 2003

Eliminations from

consolidation Wednesday

 May 5, 2004

Wednesday

 Apr 28, 2004

3. Maturity Distribution of Loans and Securities, May 5, 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 12 58,392 + 1,688 0 0 20,000 20,653

16 days to 90 days 85 146,267 - 2,401 0 0 0 0

91 days to 1 year 0 160,782 + 1,077 0 0 . . . . . . 

Over 1 year to 5 years . . . 184,872 + 1,049 0 0 . . . . . . 

Over 5 years to 10 years . . . 50,027 + 5 0 0 . . . . . . 

Over 10 years . . . 77,470 + 8 0 0 . . . . . . 

All 97 677,811 + 1,428 0 0 20,000 20,653

Assets, liabilities, and capital

Maturity
H.4.1

4. Statement of Condition of Each Federal Reserve Bank on May 5, 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 2,200 799 697,908 677,811 677,811 250,163 427,648 0 20,000 97 7,955 1,672 39,247 0 760,823

Assets, liabilities, and capital

 4,651 874 33 313,908 293,908 293,908 108,474 185,434 0 20,000 0 406 191 14,226 -18,429 315,860

 494 115 39 31,833 31,828 31,828 11,747 20,081 0 0 4 489 96 1,784 + 2,875 37,725

 382 83 51 20,160 20,160 20,160 7,440 12,719 0 0 0 436 52 1,145 + 2,661 24,970

 452 104 39 28,963 28,963 28,963 10,689 18,273 0 0 0 455 153 2,379 - 1,813 30,732

 819 147 78 51,517 51,517 51,517 19,013 32,503 0 0 0 612 145 6,039 - 1,998 57,358

 894 166 73 45,713 45,710 45,710 16,870 28,840 0 0 3 807 278 2,260 + 892 51,083

 924 212 106 61,089 61,056 61,056 22,534 38,522 0 0 33 426 130 3,540 + 618 67,045

 325 71 55 19,928 19,913 19,913 7,350 12,564 0 0 14 436 50 1,031 + 475 22,370

 2   14,8 14,7 14,7 5,4 9,3    4 1 1,1 - 5 16,2
 806,972

 121,348 685,624 685,624 11,041 2,200 672,383 0 697,811 20,658 677,153

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.

 806,972 121,348 685,624 20,653 25,174 18,852 5,960 87 275 8,251 2,271 741,974 9,039 8,847 963 760,823

 38,420 4,607 33,814 970 1,124 1,118 0 2 5 677 130 36,714 499 448 63 37,725

 321,884 30,808 291,075 8,956 9,896 3,709 5,960 64 162 759 706 311,392 2,106 2,031 332 315,860

 29,883 8,509 21,374 614 1,728 1,727 0 1 0 588 91 24,396 277 259 38 24,970

 32,123 5,452 26,671 883 1,092 1,090 0 2 0 450 119 29,216 739 727 49 30,732

 59,524 10,664 48,859 1,570 1,858 1,752 0 7 99 622 253 53,162 2,056 2,074 66 57,358

 64,487 19,208 45,279 1,393 2,195 2,193 0 2 0 1,011 183 50,061 486 489 46 51,083

 67,980 7,764 60,216 1,860 2,259 2,255 0 3 1 584 215 65,134 912 924 74 67,045

 23,460 3,256 20,204 607 691 689 0 1 1 281 103 21,886 232 228 23 22,370

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

H.4.1

4. Statement of Condition of Each Federal Reserve Bank on May 5, 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

 May 5, 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.