FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                          December 26, 2003
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           Dec 24, 2003 Dec 17, 2003 Dec 25, 2002 Dec 24, 2003
Federal Reserve Banks

Reserve Bank Credit                                         739,526    +   7,672    +  35,949      745,003
 Securities held outright                                   666,034    +     141    +  36,624      666,216       
    U.S. Treasury (1)                                       666,034    +     141    +  36,634      666,216
       Bills (2)                                            244,197    +     145    +  17,515      244,381
       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)                             1,670    -       4    +     414        1,668
    Federal agency (2)                                            0            0    -      10            0      
 Repurchase agreements(4)                                    33,179    +   7,608    -   1,142       36,500
 Loans to depository institutions                                70    +      33    +      11          175
    Primary credit                                               33    +      28    +      33          135
    Secondary credit                                              0            0            0            0
    Seasonal credit                                              37    +       5    -       9           39
    Adjustment credit                                             0            0    -      13            0
 Float                                                          434    -     471    -     644        2,061
 Other Federal Reserve assets                                39,810    +     362    +   1,102       40,051
Gold stock                                                   11,043            0            0       11,043
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            35,461    +      14    +     895       35,461
       
Total factors supplying reserve funds                       788,230    +   7,686    +  36,844      793,707
                                                                   
Currency in circulation(5)                                  718,646    +   5,110    +  37,123      723,150
Reverse repurchase agreements (6)                            19,430    +   1,214    -   1,478       19,764
   Foreign official and international accounts               19,430    +   1,464    -   1,478       19,764
   Dealers                                                        0    -     250            0            0
Treasury cash holdings                                          319    -       4    -      42          319
Deposits with F.R.Banks, other than reserve balances         17,197    -     722    +   1,012       17,205       
  U.S. Treasury, general account                              4,701    -     921    +      23        4,670
  Foreign official                                               96    +       7    -      18          128
  Service-related                                            12,154    +     187    +     973       12,154
     Required clearing balances                              11,846            0    +   1,394       11,846
     Adjustments to compensate for float                        308    +     186    -     421          308
  Other                                                         247    +       6    +      35          253
Other liabilities and capital                                20,759    -      74    +     318       20,521

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  776,352    +   5,525    +  36,935      780,960

Reserve balances with Federal Reserve Banks                  11,878    +   2,161    -      91       12,747
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)         1,060,521    +   6,502    + 211,654    1,061,848
     U.S. Treasury                                          847,720    +   6,688    + 161,723      851,119
     Federal agency                                         212,801    -     187    +  49,931      210,729
  Securities lent to dealers                                  2,063    +     432    +   1,759        2,884   


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 Dec 24, 2003     Dec 17, 2003     Dec 25, 2002

Assets
Gold certificate account                                        11,039                0                0
Special drawing rights certificate account                       2,200                0                0
Coin                                                               747        -      15        -     264
Securities, repurchase agreements, and loans                   702,891        +  11,887        +  36,170
   Securities held outright                                    666,216        +     263        +  36,804
      U.S. Treasury (1)                                        666,216        +     263        +  36,814       
         Bills (2)                                             244,381        +     268        +  17,699
         Notes and bonds, nominal (2)                          406,173                0        +  16,954
         Notes and bonds, inflation-indexed (2)                 13,994                0        +   1,752
         Inflation compensation (3)                              1,668        -       4        +     410
      Federal agency (2)                                             0                0        -      10
   Repurchase agreements (4)                                    36,500        +  11,500        -     750    
   Loans                                                           175        +     125        +     116
Items in process of collection                      (967)       10,896        +     785        -   2,343
Bank premises                                                    1,623        +      13        +      83
Other assets (5)                                                38,497        +     409        +   1,140
      Total assets                                  (967)      767,892        +  13,080        +  34,785
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  688,750        +   7,102        +  36,859
Reverse repurchase agreements (6)                               19,764        +   2,107        -     632
Deposits                                              (0)       30,293        +   3,783        +     589       
  Depository institutions                                       25,242        +   6,507        +     541
  U.S. Treasury, general account                                 4,670        -   2,785        +       8
  Foreign official                                                 128        +      45        -      11
  Other                                               (0)          253        +      17        +      50
Deferred availability cash items                    (967)        8,562        +     230        -   1,885
Other liabilities and accrued dividends (7)                      2,367        +      37        -      94
      Total liabilities                             (967)      749,737        +  13,260        +  34,839
                          
Capital Accounts
Capital paid in                                                  8,843        +       4        +     461
Surplus                                                          8,380                0        +   1,068
Other capital accounts                                             931        -     186        -   1,585
      Total capital                                             18,154        -     182        -      55


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,  December 24, 2003
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             175       54,448   +  16,180            0           0       36,500       19,764
16 days to 90 days           0      140,122   -  15,822            0           0            0            0
91 days to 1 year            0      164,116   -      92            0           0     ------      ------
Over 1 to 5 years     ------        179,070   -       1            0           0     ------      ------
Over 5 to 10 years    ------         51,313   -       2            0           0     ------      ------
Over 10 years         ------         77,147   -       2            0           0     ------      ------
                   		 	
All                        175      666,216   +     263            0           0       36,500      19,764

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  December 24, 2003
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                                             747         25         33         39         36         84         86         92         53         24         43        143         89
Securities, repurchase agreements,
      and loans                              702,891     32,209    321,529     20,829     31,217     51,234     45,012     67,344     20,960     14,882     17,911     26,109     53,657
   Securities held outright                  666,216     32,209    285,029     20,829     31,217     51,234     45,007     67,321     20,960     14,871     17,904     26,109     53,527
      U.S. Treasury (1)                      666,216     32,209    285,029     20,829     31,217     51,234     45,007     67,321     20,960     14,871     17,904     26,109     53,527
         Bills (2)                           244,381     11,815    104,554      7,640     11,451     18,794     16,509     24,695      7,689      5,455      6,568      9,577     19,635
         Notes and bonds(3)                  421,836     20,394    180,475     13,188     19,766     32,440     28,498     42,627     13,271      9,416     11,337     16,532     33,892
         Federal agency (2)                        0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements(4)                36,500          0     36,500          0          0          0          0          0          0          0          0          0          0
      Loans                                      175          0          0          0          0          0          5         22          0         11          6          0        130
Items in process of collection                11,863      1,034      1,281        684      1,078        662      1,212        849        639        433        647        438      2,905
Bank premises                                  1,623         92        190         53        150        144        277        124         51        125         56        181        178
Other assets(5)                               38,497      1,790     13,536      1,138      2,439      6,256      2,226      3,588        987      1,182        924      1,093      3,338
Interdistrict settlement account                   0    + 2,952    -11,592    +   901    - 2,318    -   264    + 3,221    - 6,897    - 1,693    -   453    -   213    + 6,570    + 9,787
          Total Assets                       768,859     38,712    330,556     24,106     33,184     59,070     53,063     66,294     21,400     16,446     19,738     35,139     71,151

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  December 24, 2003
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             801,244     38,808    326,915     29,391     33,214     60,221     65,999     67,283     23,289     15,538     21,601     39,830     79,156
  Less: notes held by F.R. Banks              112,494      4,823     24,006      8,293      4,900     10,260     18,415      8,550      4,085      1,400      4,126      7,179     16,456
    Federal Reserve notes, net                688,750     33,985    302,908     21,098     28,314     49,961     47,583     58,733     19,204     14,138     17,475     32,651     62,700
Reverse repurchase agreements (1)              19,764        956      8,456        618        926      1,520      1,335      1,997        622        441        531        775      1,588
Deposits                                       30,293      2,054     13,184      1,385      1,678      2,462      1,923      2,606        670        711        827        764      2,030
  Depository institutions                      25,242      2,051      8,253      1,383      1,673      2,368      1,921      2,601        667        710        825        763      2,027
  U.S. Treasury, general account                4,670          0      4,670          0          0          0          0          0          0          0          0          0          0
  Foreign official                                128          2        105          1          3          7          2          3          1          1          1          1          3
  Other                                           253          1        155          1          3         86          0          1          2          0          1          1          0
Deferred availability cash items                9,529        666      1,162        378        654        652      1,022        836        327        366        441        518      2,508
Other liabilities and accrued                 
  dividends (2)                                 2,367        134        720         94        130        275        187        235        106         88         88        120        191
   
    Total liabilities                         750,704     37,794    326,429     23,573     31,703     54,869     52,051     64,407     20,928     15,744     19,362     34,827     69,017
                              
Capital                    
Capital paid in                                 8,843        448      2,028        259        729      2,074        490        917        232        345        162        111      1,048
Surplus                                         8,380        436      1,809        233        702      2,073        475        858        199        340        201        186        868
Other capital                                     931         33        290         42         50         54         46        113         40         18         13         15        218
     Total liabilities and capital            768,859     38,712    330,556     24,106     33,184     59,070     53,063     66,294     21,400     16,446     19,738     35,139     71,151
                              

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
                                          Dec 24, 2003
              
Federal Reserve notes outstanding             801,244
   Less: Notes held by F.R. Banks
         not subject to collateralization     112,494
      Federal Reserve Notes to be
         collateralized                       688,750 
Collateral held against Federal Reserve            
   notes                                      688,750
   Gold certificate account                    11,039
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              675,512
   Other assets pledged                             0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         702,716
   Less:face value of securities under
         reverse repurchase agreements         19,769
      U.S. Treasury and agency securities
             eligible to be pledged           682,947
   

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.