Reserve Bank credit, related items, and

reserve balances of depository institutions

at Federal Reserve Banks

Reserve Bank credit 736,597 + 4,540 + 34,628 732,974

Securities held outright 671,586 + 677 + 34,713 671,632

U.S. Treasury1 671,586 + 677 + 34,723 671,632

Bills2 246,200 + 113 + 15,311 246,240

Notes and bonds, nominal2 409,784 + 566 + 17,288 409,784

Notes and bonds, inflation-indexed2 13,994 0 + 1,752 13,994

Inflation compensation3 1,608 - 1 + 372 1,613

Federal agency2 0 0 - 10 0

Repurchase agreements4 26,286 + 3,286 - 850 23,750

Loans to depository institutions 24 - 28 - 5 26

Primary credit 3 - 34 - 21 5

Secondary credit 0 0 0 0

Seasonal credit 21 + 5 + 15 22

Float 153 + 691 - 331 -632

Other Federal Reserve assets 38,548 - 86 + 1,101 38,199

Gold stock 11,045 + 2 + 2 11,045

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

Treasury currency outstanding5 35,601 + 14 + 891 35,601

Total factors supplying reserve funds 785,442 + 4,555 + 35,520 781,820

Currency in circulation5 713,341 - 826 + 30,954 714,655

Reverse repurchase agreements6 20,609 + 183 + 2,531 18,886

Foreign official and international accounts 20,609 + 183 + 2,531 18,886

Dealers 0 0 0 0

Treasury cash holdings 317 - 5 - 28 314

Deposits with F.R. Banks, other than reserve balances 16,232 - 32 + 204 15,321

U.S. Treasury, general account 5,618 + 471 + 709 4,698

Foreign official 91 + 6 - 95 82

Service-related 10,207 - 510 - 514 10,207

Required clearing balances 10,079 - 1 - 257 10,079

Adjustments to compensate for float 128 - 509 - 257 128

Other 316 + 1 + 104 335

Other liabilities and capital 19,967 - 258 + 162 19,767

Total factors, other than reserve balances,

absorbing reserve funds 770,466 - 938 + 33,823 768,943

Reserve balances with Federal Reserve Banks 14,977 + 5,495 + 1,698 12,877

Memo (off-balance-sheet items):

Marketable securities held in custody for foreign

 official and international accounts2,7 1,151,680 + 8,817 + 261,002 1,158,993

U.S. Treasury 916,498 + 7,058 + 204,144 922,603

Federal agency 235,182 + 1,759 + 56,858 236,390

Securities lent to dealers 1,404 + 725 + 925 1,739

FEDERAL RESERVE statistical release

 March 4, 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

 Mar 3, 2004 Week ended

 Mar 3, 2004 Feb 25, 2004 Mar 5, 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 + 3 + 2

Special drawing rights certificate account 2,200 0 0

Coin 867 - 11 - 213

Securities, repurchase agreements, and loans 695,408 + 3,610 + 34,999

Securities held outright 671,632 + 105 + 34,483

U.S. Treasury1 671,632 + 105 + 34,493

Bills2 246,240 + 99 + 15,179

Notes and bonds, nominal2 409,784 0 + 17,191

Notes and bonds, inflation-indexed2 13,994 0 + 1,752

Inflation compensation3 1,613 + 5 + 371

Federal agency2 0 0 - 10

Repurchase agreements4 23,750 + 3,750 + 500

Loans 26 - 244 + 15

Items in process of collection (1,332) 8,054 + 1,058 - 2,930

Bank premises 1,649 - 1 + 94

Other assets5 36,545 - 450 + 165

Total assets (1,332) 755,763 + 4,208 + 32,115

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 680,230 + 79 + 29,832

Reverse repurchase agreements6 18,886 + 14 + 927

Deposits ( 0 ) 28,201 + 2,767 + 1,376

Depository institutions 23,087 + 3,272 + 2,107

U.S. Treasury, general account 4,698 - 511 - 803

Foreign official 82 + 2 - 23

Other ( 0 ) 335 + 5 + 97

Deferred availability cash items (1,332) 8,680 + 1,510 - 93

Other liabilities and accrued dividends7 2,220 - 19 - 30

Total liabilities (1,332) 738,217 + 4,351 + 32,012

Capital accounts

Capital paid in 8,966 + 61 + 488

Surplus 8,508 - 192 + 128

Other capital accounts 72 - 12 - 512

Total capital 17,547 - 142 + 105

H.4.1

2. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Wednesday

 Mar 5, 2003

Eliminations from

consolidation Wednesday

 Mar 3, 2004

Wednesday

 Feb 25, 2004

3. Maturity Distribution of Loans and Securities, March 3, 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 5 42,298 - 9,431 0 0 23,750 18,886

16 days to 90 days 21 159,232 + 7,603 0 0 0 0

91 days to 1 year 0 161,152 + 2,260 0 0 . . . . . . 

Over 1 year to 5 years . . . 182,347 - 331 0 0 . . . . . . 

Over 5 years to 10 years . . . 49,241 + 1 0 0 . . . . . . 

Over 10 years . . . 77,361 + 2 0 0 . . . . . . 

All 26 671,632 + 105 0 0 23,750 18,886

Assets, liabilities, and capital

Maturity
H.4.1

4. Statement of Condition of Each Federal Reserve Bank on March 3, 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 2,200 867 695,408 671,632 671,632 246,240 425,391 0 23,750 26 9,386 1,649 36,545 0 757,095

Assets, liabilities, and capital

 4,708 874 39 311,099 287,346 287,346 105,349 181,996 0 23,750 4 581 189 13,055 -15,242 315,303

 495 115 37 32,473 32,470 32,470 11,905 20,566 0 0 3 530 94 1,675 + 3,686 39,105

 380 83 47 20,998 20,998 20,998 7,698 13,299 0 0 0 513 52 1,039 + 1,310 24,422

 477 104 45 31,471 31,471 31,471 11,538 19,933 0 0 0 628 151 2,311 - 2,599 32,587

 808 147 92 51,651 51,651 51,651 18,937 32,714 0 0 0 694 145 5,804 + 1,409 60,750

 863 166 92 45,373 45,373 45,373 16,635 28,738 0 0 0 758 278 2,083 + 1,276 50,888

 982 212 110 67,881 67,869 67,869 24,883 42,986 0 0 12 714 126 3,440 - 7,971 65,494

 331 71 59 21,133 21,130 21,130 7,747 13,383 0 0 3 491 48 985 - 1,181 21,937

 2   14,9 14,9 14,9 5,4 9,4    3 1 1,0 - 6 16,2
 802,369

 122,140 680,230 680,230 11,041 2,200 666,989 0 695,382 18,891 676,490

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.

 802,369 122,140 680,230 18,886 28,201 23,087 4,698 82 335 10,012 2,220 739,549 8,966 8,508 72 757,095

 39,183 5,346 33,837 913 2,638 2,633 0 2 3 716 124 38,228 449 428 0 39,105

 324,067 31,823 292,244 8,080 8,858 3,940 4,698 59 161 1,220 712 311,114 2,098 2,031 60 315,303

 29,623 8,322 21,302 590 1,500 1,499 0 1 0 404 90 23,886 273 259 4 24,422

 32,868 5,026 27,842 885 1,794 1,791 0 2 0 541 118 31,179 723 685 0 32,587

 60,265 10,114 50,151 1,452 4,165 4,002 0 7 156 747 233 56,748 2,089 1,912 0 60,750

 64,289 18,579 45,710 1,276 1,619 1,618 0 2 0 1,131 179 49,916 491 481 0 50,888

 66,967 8,599 58,368 1,908 2,377 2,374 0 3 0 809 220 63,682 908 903 0 65,494

 23,597 3,753 19,844 594 636 623 0 1 12 319 103 21,496 223 219 0 21,937

 15,8 1,5 14,2 4 3 3    4  15,6 2 3  16,2

H.4.1

4. Statement of Condition of Each Federal Reserve Bank on March 3, 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

 Mar 3, 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.