FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                            January 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            Jan 7, 2004 Dec 31, 2003  Jan 8, 2003  Jan 7, 2004
Federal Reserve Banks

Reserve Bank Credit                                         743,299    -   3,268    +  45,841      733,683
 Securities held outright                                   666,704    +     302    +  37,288      666,720       
    U.S. Treasury (1)                                       666,704    +     302    +  37,298      666,720
       Bills (2)                                            244,877    +     308    +  18,195      244,897
       Notes and bonds, nominal (2)                         406,173            0    +  16,954      406,173
       Notes and bonds, inflation-indexed (2)                13,994            0    +   1,752       13,994
       Inflation compensation (3)                             1,659    -       7    +     396        1,655
    Federal agency (2)                                            0            0    -      10            0      
 Repurchase agreements(4)                                    34,679    -   4,000    +   6,286       24,000
 Loans to depository institutions                                24    -      41    -       3           11
    Primary credit                                               12    -      20    +      12            1
    Secondary credit                                              0            0            0            0
    Seasonal credit                                              11    -      22    -       6           10
    Adjustment credit                                             0            0    -      10            0
 Float                                                        1,349    +     169    +     631        2,144
 Other Federal Reserve assets                                40,544    +     302    +   1,640       40,808
Gold stock                                                   11,043            0            0       11,043
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            35,489    +      14    +     892       35,489
       
Total factors supplying reserve funds                       792,031    -   3,255    +  46,733      782,415
                                                                   
Currency in circulation(5)                                  721,162    -   2,551    +  37,939      717,836
Reverse repurchase agreements (6)                            22,477    +     842    +   3,944       19,587
   Foreign official and international accounts               22,120    +     485    +   3,587       19,587
   Dealers                                                      357    +     357    +     357            0
Treasury cash holdings                                          321    +       2    -      49          323
Deposits with F.R.Banks, other than reserve balances         18,083    -     293    +   2,050       17,245       
  U.S. Treasury, general account                              5,319    -     531    +     490        4,915
  Foreign official                                               95    -       4    -      12           84
  Service-related                                            12,021    -      88    +   1,135       12,021
     Required clearing balances                              11,830    -       1    +   1,295       11,830
     Adjustments to compensate for float                        192    -      86    -     159          192
  Other                                                         647    +     328    +     436          225
Other liabilities and capital                                20,125    -     464    +     908       20,382

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  782,168    -   2,465    +  44,792      775,374

Reserve balances with Federal Reserve Banks                   9,863    -     790    +   1,941        7,041
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)         1,072,660    +   5,918    + 211,575    1,074,509
     U.S. Treasury                                          862,004    +   6,132    + 167,987      861,930
     Federal agency                                         210,656    -     213    +  43,588      212,579
  Securities lent to dealers                                  3,200    +     114    +   2,240        2,328   


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  Jan 7, 2004     Dec 31, 2003      Jan 8, 2003

Assets
Gold certificate account                                        11,039                0                0
Special drawing rights certificate account                       2,200                0                0
Coin                                                               725        +       3        -     271
Securities, repurchase agreements, and loans                   690,731        -  19,746        +  27,547
   Securities held outright                                    666,720        +      55        +  37,304
      U.S. Treasury (1)                                        666,720        +      55        +  37,314       
         Bills (2)                                             244,897        +      64        +  18,215
         Notes and bonds, nominal (2)                          406,173                0        +  16,954
         Notes and bonds, inflation-indexed (2)                 13,994                0        +   1,752
         Inflation compensation (3)                              1,655        -      10        +     392
      Federal agency (2)                                             0                0        -      10
   Repurchase agreements (4)                                    24,000        -  19,750        -   9,750    
   Loans                                                            11        -      51        -       7
Items in process of collection                    (1,002)       11,241        +   3,448        +   2,888
Bank premises                                                    1,624        -       4        +      83
Other assets (5)                                                39,159        +     573        +   1,676
      Total assets                                (1,002)      756,718        -  15,726        +  31,922
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  683,391        -   6,366        +  36,321
Reverse repurchase agreements (6)                               19,587        -   6,065        +     878
Deposits                                              (0)       25,080        -   4,580        -   6,055       
  Depository institutions                                       19,856        -   3,202        -   5,340
  U.S. Treasury, general account                                 4,915        -     808        -     575
  Foreign official                                                  84        -      78        -      15
  Other                                               (0)          225        -     492        -     125
Deferred availability cash items                  (1,002)        8,279        +     697        -     220
Other liabilities and accrued dividends (7)                      2,102        +       2        -     120
      Total liabilities                           (1,002)      738,438        -  16,312        +  30,803
                          
Capital Accounts
Capital paid in                                                  8,851        +       4        +     465
Surplus                                                          8,847                0        +     499
Other capital accounts                                             583        +     583        +     157
      Total capital                                             18,281        +     587        +   1,120


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,    January 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               1       48,447   +     714            0           0       24,000       19,587
16 days to 90 days          10      147,438   +   8,091            0           0            0            0
91 days to 1 year            0      162,313   -   1,758            0           0     ------      ------
Over 1 to 5 years     ------        180,071   -   6,985            0           0     ------      ------
Over 5 to 10 years    ------         51,309   -       3            0           0     ------      ------
Over 10 years         ------         77,142   -       4            0           0     ------      ------
                   		 	
All                         11      666,720   +      55            0           0       24,000      19,587

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    January 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                      11,039        495      4,706        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                                             725         25         29         37         32         83         81         92         53         24         42        140         86
Securities, repurchase agreements,
      and loans                              690,731     32,233    309,244     20,844     31,241     51,273     45,043     67,380     20,976     14,882     17,919     26,129     53,568
   Securities held outright                  666,720     32,233    285,244     20,844     31,241     51,273     45,041     67,372     20,976     14,882     17,918     26,129     53,567
      U.S. Treasury (1)                      666,720     32,233    285,244     20,844     31,241     51,273     45,041     67,372     20,976     14,882     17,918     26,129     53,567
         Bills (2)                           244,897     11,840    104,775      7,656     11,475     18,833     16,544     24,747      7,705      5,466      6,581      9,597     19,676
         Notes and bonds(3)                  421,823     20,393    180,469     13,188     19,766     32,439     28,497     42,625     13,271      9,416     11,336     16,531     33,891
         Federal agency (2)                        0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements(4)                24,000          0     24,000          0          0          0          0          0          0          0          0          0          0
      Loans                                       11          0          0          0          0          0          2          7          0          0          1          0          0
Items in process of collection                12,243        680      1,035        612        459        559        988      1,347        562        708        680        722      3,892
Bank premises                                  1,624         93        189         53        151        145        278        125         49        125         57        182        178
Other assets(5)                               39,159      1,821     13,806      1,156      2,485      6,358      2,271      3,655        999      1,189        929      1,098      3,392
Interdistrict settlement account                   0    + 2,263    - 5,022    -    22    - 2,309    +   222    + 1,532    - 7,854    - 1,748    -   686    -   603    + 5,584    + 8,641
          Total Assets                       757,721     37,725    324,863     23,143     32,640     59,595     51,221     65,939     21,292     16,496     19,393     34,460     70,954

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    January 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             799,397     38,741    326,440     29,309     33,026     60,125     65,473     67,259     23,290     15,595     21,594     39,747     78,796
  Less: notes held by F.R. Banks              116,006      5,070     24,809      8,833      4,900      9,939     19,369      8,608      4,127      1,519      4,278      7,585     16,968
    Federal Reserve notes, net                683,391     33,671    301,631     20,476     28,126     50,186     46,104     58,652     19,163     14,075     17,317     32,162     61,828
Reverse repurchase agreements (1)              19,587        947      8,380        612        918      1,506      1,323      1,979        616        437        526        768      1,574
Deposits                                       25,080      1,398      8,644      1,066      1,505      2,822      1,654      2,397        671        691        594        697      2,941
  Depository institutions                      19,856      1,396      3,508      1,065      1,501      2,756      1,653      2,394        668        690        592        696      2,938
  U.S. Treasury, general account                4,915          0      4,915          0          0          0          0          0          0          0          0          0          0
  Foreign official                                 84          2         60          1          3          7          2          3          1          1          1          1          3
  Other                                           225          1        161          0          1         58          0          0          1          0          1          1          0
Deferred availability cash items                9,281        666      1,221        368        498        662        953        790        273        511        537        490      2,312
Other liabilities and accrued                 
  dividends (2)                                 2,102        122        661         90        110        210        175        215         98         78         81        106        156
   
    Total liabilities                         739,440     36,804    320,537     22,612     31,156     55,386     50,209     64,033     20,821     15,793     19,054     34,223     68,811
                              
Capital                    
Capital paid in                                 8,851        448      2,031        259        727      2,074        490        931        227        345        160        111      1,048
Surplus                                         8,847        448      2,031        259        727      2,074        489        924        228        346        162        111      1,048
Other capital                                     583         24        264         14         30         61         33         50         16         13         15         16         47
     Total liabilities and capital            757,721     37,725    324,863     23,143     32,640     59,595     51,221     65,939     21,292     16,496     19,393     34,460     70,954
                              

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
                                           Jan 7, 2004
              
Federal Reserve notes outstanding             799,397
   Less: Notes held by F.R. Banks
         not subject to collateralization     116,006
      Federal Reserve Notes to be
         collateralized                       683,391 
Collateral held against Federal Reserve            
   notes                                      683,391
   Gold certificate account                    11,039
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              670,152
   Other assets pledged                             0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         690,720
   Less:face value of securities under
         reverse repurchase agreements         19,592
      U.S. Treasury and agency securities
             eligible to be pledged           671,128
   

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.