FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                           January 29, 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 28, 2004 Jan 21, 2004 Jan 29, 2003 Jan 28, 2004
Federal Reserve Banks

Reserve Bank Credit                                         728,183    -  10,071    +  37,609      734,460
 Securities held outright                                   667,029    +     202    +  37,613      667,060       
    U.S. Treasury (1)                                       667,029    +     202    +  37,623      667,060
       Bills (2)                                            245,231    +     211    +  18,549      245,266
       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)                             1,630    -       9    +     367        1,626
    Federal agency (2)                                            0            0    -      10            0      
 Repurchase agreements(4)                                    19,143    -  11,464    -   1,000       23,000
 Loans to depository institutions                               197    -      26    +     145           25
    Primary credit                                              184    -      28    +     139           11
    Secondary credit                                              0            0            0            0
    Seasonal credit                                              14    +       3    +       7           14
 Float                                                          525    +     698    -     219        2,925
 Other Federal Reserve assets                                41,289    +     518    +   1,069       41,451
Gold stock                                                   11,043            0            0       11,043
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            35,531    +      14    +     934       35,531
       
Total factors supplying reserve funds                       776,957    -  10,058    +  38,543      783,234
                                                                   
Currency in circulation(5)                                  709,477    -   1,717    +  34,695      710,631
Reverse repurchase agreements (6)                            20,225    +     228    +   1,828       20,694
   Foreign official and international accounts               20,225    +     228    +   1,828       20,694
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          345    +      11    -      15          356
Deposits with F.R.Banks, other than reserve balances         16,678    -   1,928    -   1,356       16,753       
  U.S. Treasury, general account                              5,153    -   2,221    -   2,009        5,247
  Foreign official                                               82    -       4    -      32           82
  Service-related                                            11,046    +     314    +     508       11,046
     Required clearing balances                              10,619    +     435    +     264       10,619
     Adjustments to compensate for float                        427    -     121    +     244          427
  Other                                                         396    -      18    +     175          378
Other liabilities and capital                                20,590    +     470    +     717       20,521

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  767,314    -   2,937    +  35,868      768,954

Reserve balances with Federal Reserve Banks                   9,643    -   7,120    +   2,675       14,280
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)         1,112,516    +   7,414    + 254,689    1,114,004
     U.S. Treasury                                          884,364    -     604    + 195,651      884,578
     Federal agency                                         228,152    +   8,018    +  59,038      229,427
  Securities lent to dealers                                    583    -     610    +     226          783   


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 28, 2004     Jan 21, 2004     Jan 29, 2003

Assets
Gold certificate account                                        11,039                0                0
Special drawing rights certificate account                       2,200                0                0
Coin                                                               813        +      34        -     298
Securities, repurchase agreements, and loans                   690,085        -  18,879        +  40,158
   Securities held outright                                    667,060        +     228        +  37,644
      U.S. Treasury (1)                                        667,060        +     228        +  37,654       
         Bills (2)                                             245,266        +     238        +  18,584
         Notes and bonds, nominal (2)                          406,173                0        +  16,954
         Notes and bonds, inflation-indexed (2)                 13,994                0        +   1,752
         Inflation compensation (3)                              1,626        -      10        +     363
      Federal agency (2)                                             0                0        -      10
   Repurchase agreements (4)                                    23,000        -  19,000        +   2,500    
   Loans                                                            25        -     107        +      14
Items in process of collection                    (1,562)       10,572        -   2,179        +   1,322
Bank premises                                                    1,644                0        +     101
Other assets (5)                                                39,809        +     468        +   1,062
      Total assets                                (1,562)      756,161        -  20,556        +  42,343
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  676,265        -     360        +  33,661
Reverse repurchase agreements (6)                               20,694        +     959        +   2,228
Deposits                                              (0)       31,035        -  17,781        +   5,364       
  Depository institutions                                       25,329        -  15,215        +   7,002
  U.S. Treasury, general account                                 5,247        -   2,493        -   1,783
  Foreign official                                                  82        -      34        -      18
  Other                                               (0)          378        -      38        +     164
Deferred availability cash items                  (1,562)        7,647        -   3,761        +     144
Other liabilities and accrued dividends (7)                      2,286        +      44        +      44
      Total liabilities                           (1,562)      737,927        -  20,898        +  41,441
                          
Capital Accounts
Capital paid in                                                  8,886        +      11        +     487
Surplus                                                          8,847                0        +     467
Other capital accounts                                             502        +     332        -      50
      Total capital                                             18,235        +     343        +     903


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 28, 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              25       53,516   -   1,081            0           0       23,000       20,694
16 days to 90 days           0      143,126   +   1,373            0           0            0            0
91 days to 1 year            0      163,330   -      55            0           0     ------      ------
Over 1 to 5 years     ------        182,295   -       4            0           0     ------      ------
Over 5 to 10 years    ------         47,661   -       2            0           0     ------      ------
Over 10 years         ------         77,131   -       4            0           0     ------      ------
                   		 	
All                         25      667,060   +     228            0           0       23,000      20,694

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 28, 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                                             813         27         32         43         38         89         94        111         58         26         46        151         99
Securities, repurchase agreements,
      and loans                              690,085     32,250    308,390     20,855     31,257     51,299     45,064     67,423     20,987     14,896     17,929     26,142     53,594
   Securities held outright                  667,060     32,249    285,390     20,855     31,257     51,299     45,064     67,407     20,987     14,890     17,927     26,142     53,594
      U.S. Treasury (1)                      667,060     32,249    285,390     20,855     31,257     51,299     45,064     67,407     20,987     14,890     17,927     26,142     53,594
         Bills (2)                           245,266     11,858    104,933      7,668     11,493     18,862     16,569     24,784      7,716      5,475      6,591      9,612     19,706
         Notes and bonds(3)                  421,794     20,392    180,457     13,187     19,764     32,437     28,495     42,622     13,270      9,415     11,335     16,530     33,889
         Federal agency (2)                        0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements(4)                23,000          0     23,000          0          0          0          0          0          0          0          0          0          0
      Loans                                       25          1          0          0          0          0          0         16          0          6          2          0          0
Items in process of collection                12,134      1,042      1,947      1,239        696        840      1,164        696        483        439        496        510      2,582
Bank premises                                  1,644         94        189         52        151        145        278        126         49        125         73        183        179
Other assets(5)                               39,809      1,833     14,277      1,174      2,497      6,189      2,288      3,774      1,071      1,179        839        932      3,756
Interdistrict settlement account                   0    + 2,235    - 6,213    + 1,809    - 2,908    - 1,177    +   765    - 6,955    - 1,556    -   473    -   261    + 6,646    + 8,087
          Total Assets                       757,724     38,092    324,201     25,636     32,311     58,340     50,682     66,367     21,494     16,446     19,490     35,168     69,496

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 28, 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             799,230     39,085    324,701     29,420     32,958     60,077     65,430     67,144     23,500     15,711     21,878     40,120     79,206
  Less: notes held by F.R. Banks              122,965      5,507     28,378      8,960      5,133     10,074     19,785      8,681      4,139      1,642      4,672      7,537     18,457
    Federal Reserve notes, net                676,265     33,578    296,323     20,460     27,825     50,002     45,645     58,464     19,361     14,069     17,206     32,584     60,749
Reverse repurchase agreements (1)              20,694      1,000      8,853        647        970      1,591      1,398      2,091        651        462        556        811      1,663
Deposits                                       31,035      1,632     12,917      2,990      1,512      1,869      1,563      2,981        650        687        907        838      2,490
  Depository institutions                      25,329      1,616      7,461      2,988      1,509      1,656      1,561      2,978        648        685        905        835      2,486
  U.S. Treasury, general account                5,247          0      5,247          0          0          0          0          0          0          0          0          0          0
  Foreign official                                 82          2         59          1          2          7          2          3          1          1          1          0          4
  Other                                           378         14        151          0          1        205          0          0          1          0          1          3          0
Deferred availability cash items                9,209        838      1,065        892        411        440        890        698        262        443        405        590      2,277
Other liabilities and accrued                 
  dividends (2)                                 2,286        126        797         91        114        226        177        221        102         82         84        111        154
   
    Total liabilities                         739,489     37,174    319,955     25,080     30,832     54,130     49,672     64,455     21,026     15,743     19,157     34,933     67,332
                              
Capital                    
Capital paid in                                 8,886        448      2,032        272        727      2,083        490        932        227        346        160        111      1,057
Surplus                                         8,847        448      2,031        259        727      2,074        489        924        228        346        162        111      1,048
Other capital                                     502         21        184         26         25         54         31         56         12         11         10         13         58
     Total liabilities and capital            757,724     38,092    324,201     25,636     32,311     58,340     50,682     66,367     21,494     16,446     19,490     35,168     69,496
                              

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 28, 2004
              
Federal Reserve notes outstanding             799,230
   Less: Notes held by F.R. Banks
         not subject to collateralization     122,965
      Federal Reserve Notes to be
         collateralized                       676,265 
Collateral held against Federal Reserve            
   notes                                      676,265
   Gold certificate account                    11,039
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              663,026
   Other assets pledged                             0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         690,060
   Less:face value of securities under
         reverse repurchase agreements         20,698
      U.S. Treasury and agency securities
             eligible to be pledged           669,362
   

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.