Reserve Bank credit, related items, and

reserve balances of depository institutions

at Federal Reserve Banks

Reserve Bank credit 732,057 - 7,633 + 35,134 730,268

Securities held outright 670,909 + 792 + 35,977 671,527

U.S. Treasury1 670,909 + 792 + 35,987 671,527

Bills2 246,087 + 181 + 16,057 246,141

Notes and bonds, nominal2 409,218 + 615 + 17,806 409,784

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

Inflation compensation3 1,609 - 4 + 371 1,608

Federal agency2 0 0 - 10 0

Repurchase agreements4 23,000 - 5,429 - 321 20,000

Loans to depository institutions 52 + 29 + 39 270

Primary credit 37 + 26 + 27 251

Secondary credit 0 0 0 0

Seasonal credit 16 + 5 + 12 19

Float -538 - 267 - 1,860 -174

Other Federal Reserve assets 38,634 - 2,760 + 1,299 38,644

Gold stock 11,043 0 0 11,043

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

Treasury currency outstanding5 35,587 + 14 + 903 35,587

Total factors supplying reserve funds 780,887 - 7,619 + 36,038 779,097

Currency in circulation5 714,167 - 1,915 + 31,905 714,546

Reverse repurchase agreements6 20,426 - 2,411 + 2,688 18,872

Foreign official and international accounts 20,426 - 2,411 + 2,688 18,872

Dealers 0 0 0 0

Treasury cash holdings 322 - 12 - 25 318

Deposits with F.R. Banks, other than reserve balances 16,264 - 442 - 246 16,336

U.S. Treasury, general account 5,147 + 163 - 102 5,209

Foreign official 85 + 5 - 26 80

Service-related 10,717 - 607 - 187 10,717

Required clearing balances 10,080 - 857 - 257 10,080

Adjustments to compensate for float 637 + 251 + 70 637

Other 315 - 4 + 70 330

Other liabilities and capital 20,225 - 513 + 261 19,928

Total factors, other than reserve balances,

absorbing reserve funds 771,404 - 5,292 + 34,584 770,000

Reserve balances with Federal Reserve Banks 9,482 - 2,328 + 1,453 9,097

Memo (off-balance-sheet items):

Marketable securities held in custody for foreign

 official and international accounts2,7 1,142,863 + 8,340 + 261,479 1,144,740

U.S. Treasury 909,440 + 8,670 + 204,725 908,548

Federal agency 233,423 - 330 + 56,753 236,192

Securities lent to dealers 679 - 1,074 + 353 1,081

FEDERAL RESERVE statistical release

 February 26, 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

 Feb 25, 2004 Week ended

 Feb 25, 2004 Feb 18, 2004 Feb 26, 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 11,038 0 - 1

Special drawing rights certificate account 2,200 0 0

Coin 878 - 3 - 222

Securities, repurchase agreements, and loans 691,798 - 2,508 + 30,037

Securities held outright 671,527 + 741 + 35,521

U.S. Treasury1 671,527 + 741 + 35,531

Bills2 246,141 + 86 + 15,535

Notes and bonds, nominal2 409,784 + 660 + 17,871

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

Inflation compensation3 1,608 - 4 + 373

Federal agency2 0 0 - 10

Repurchase agreements4 20,000 - 3,500 - 5,750

Loans 270 + 250 + 264

Items in process of collection (1,337) 6,996 - 5,500 - 2,201

Bank premises 1,650 + 4 + 93

Other assets5 36,995 - 89 + 865

Total assets (1,337) 751,555 - 8,096 + 28,571

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 680,151 - 2,092 + 30,481

Reverse repurchase agreements6 18,872 - 1,079 + 1,451

Deposits ( 0 ) 25,434 - 897 - 3,464

Depository institutions 19,815 - 1,123 - 3,741

U.S. Treasury, general account 5,209 + 205 + 259

Foreign official 80 - 2 - 74

Other ( 0 ) 330 + 22 + 92

Deferred availability cash items (1,337) 7,170 - 3,636 - 126

Other liabilities and accrued dividends7 2,239 - 5 - 37

Total liabilities (1,337) 733,866 - 7,709 + 28,305

Capital accounts

Capital paid in 8,905 + 7 + 465

Surplus 8,700 - 147 + 320

Other capital accounts 84 - 248 - 519

Total capital 17,689 - 387 + 266

H.4.1

2. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Wednesday

 Feb 26, 2003

Eliminations from

consolidation Wednesday

 Feb 25, 2004

Wednesday

 Feb 18, 2004

3. Maturity Distribution of Loans and Securities, February 25, 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 267 51,729 - 1,374 0 0 20,000 18,872

16 days to 90 days 3 151,629 + 1,254 0 0 0 0

91 days to 1 year 0 158,892 + 206 0 0 . . . . . . 

Over 1 year to 5 years . . . 182,678 - 2 0 0 . . . . . . 

Over 5 years to 10 years . . . 49,240 + 424 0 0 . . . . . . 

Over 10 years . . . 77,359 + 233 0 0 . . . . . . 

All 270 671,527 + 741 0 0 20,000 18,872

Assets, liabilities, and capital

Maturity
H.4.1

4. Statement of Condition of Each Federal Reserve Bank on February 25, 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.

 11,038 2,200 878 691,798 671,527 671,527 246,141 425,386 0 20,000 270 8,333 1,650 36,995 0 752,892

Assets, liabilities, and capital

 4,705 874 39 307,301 287,301 287,301 105,307 181,994 0 20,000 0 617 190 13,150 -10,997 315,879

 495 115 35 32,468 32,465 32,465 11,900 20,566 0 0 3 466 94 1,701 + 2,291 37,665

 380 83 47 20,995 20,995 20,995 7,695 13,299 0 0 0 530 52 1,091 + 662 23,840

 477 104 45 31,466 31,466 31,466 11,534 19,933 0 0 0 445 151 2,348 - 2,153 32,883

 808 147 92 51,643 51,643 51,643 18,929 32,714 0 0 0 525 145 5,899 - 444 58,814

 863 166 98 45,366 45,366 45,366 16,628 28,737 0 0 0 697 278 2,101 + 1,348 50,916

 982 212 111 67,866 67,858 67,858 24,873 42,985 0 0 8 622 126 3,486 - 7,550 65,855

 331 71 59 21,130 21,127 21,127 7,744 13,383 0 0 3 497 48 993 - 1,268 21,862

 2   14,9 14,9 14,9 5,4 9,4    3 1 1,1 - 4 16,4
 801,978

 121,827 680,151 680,151 11,038 2,200 666,912 0 691,527 18,877 672,651

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.

 801,978 121,827 680,151 18,872 25,434 19,815 5,209 80 330 8,507 2,239 735,203 8,905 8,700 84 752,892

 39,158 5,416 33,742 912 1,371 1,362 0 2 7 626 128 36,779 448 438 0 37,665

 323,815 31,155 292,661 8,074 9,282 3,855 5,209 56 161 1,000 726 311,742 2,041 2,031 65 315,879

 29,725 8,420 21,305 590 865 864 0 1 0 447 91 23,298 273 259 9 23,840

 32,954 4,922 28,032 884 1,924 1,920 0 2 1 492 118 31,451 723 710 0 32,883

 60,325 9,952 50,373 1,451 2,143 1,983 0 7 152 554 219 54,740 2,083 1,991 0 58,814

 64,633 18,649 45,984 1,275 1,646 1,644 0 2 0 854 179 49,938 491 487 0 50,916

 67,109 8,574 58,535 1,907 2,653 2,649 0 3 1 708 223 64,026 908 921 0 65,855

 23,630 3,816 19,814 594 612 606 0 1 5 285 104 21,409 227 225 0 21,862

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

H.4.1

4. Statement of Condition of Each Federal Reserve Bank on February 25, 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

 Feb 25, 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.