FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                              July 22, 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           Jul 21, 2004 Jul 14, 2004 Jul 23, 2003 Jul 21, 2004
Federal Reserve Banks

Reserve Bank Credit                                         756,215    +     719    +  39,509      758,049
 Securities held outright                                   692,281    +   2,507    +  39,517      692,299       
    U.S. Treasury (1)                                       692,281    +   2,507    +  39,527      692,299
       Bills (2)                                            255,238    +     214    +  15,622      255,248
       Notes and bonds, nominal (2)                         420,150    +   1,899    +  21,297      420,150
       Notes and bonds, inflation-indexed (2)                14,862    +     341    +   2,048       14,862
       Inflation compensation (3)                             2,031    +      54    +     561        2,039
    Federal agency (2)                                            0            0    -      10            0      
 Repurchase agreements(4)                                    23,536    -   1,714    -     714       25,500
 Loans to depository institutions                               240    -       3    +     121          233
    Primary credit                                               26    -      27    +      22            7
    Secondary credit                                              0            0            0            0
    Seasonal credit                                             214    +      23    +      99          226
 Float                                                         -260    -      58    -     302         -305
 Other Federal Reserve assets                                40,418    -      13    +     887       40,322
Gold stock                                                   11,045            0    +       1       11,045
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            36,022    +      14    +     909       36,022
       
Total factors supplying reserve funds                       805,481    +     733    +  40,419      807,315
                                                                   
Currency in circulation(5)                                  733,684    -   2,515    +  40,965      734,178
Reverse repurchase agreements (6)                            19,884    +     117    +     207       19,906
   Foreign official and international accounts               19,884    +     117    +     207       19,906
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          300    -       2    -      30          290
Deposits with F.R.Banks, other than reserve balances         16,305    +     679    -   1,793       15,687       
  U.S. Treasury, general account                              5,509    +     675    -     558        4,879
  Foreign official                                               84    +       4    -      40           99
  Service-related                                            10,421    -       3    -     980       10,421
     Required clearing balances                              10,421    -       3    -     442       10,421
     Adjustments to compensate for float                          0            0    -     538            0
  Other                                                         290    +       2    -     216          287
Other liabilities and capital                                21,539    -     174    +   1,539       21,151

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  791,713    -   1,895    +  40,888      791,213

Reserve balances with Federal Reserve Banks                  13,768    +   2,628    -     470       16,102
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)         1,238,739    +   4,731    + 301,746    1,235,793
     U.S. Treasury                                        1,001,870    +   4,822    + 248,126    1,002,873
     Federal agency                                         236,869    -      91    +  53,620      232,920
  Securities lent to dealers                                    432    -     143    -     869        1,418   


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 Jul 21, 2004     Jul 14, 2004     Jul 23, 2003

Assets
Gold certificate account                                        11,040                0        +       1
Special drawing rights certificate account                       2,200                0                0
Coin                                                               725        +      15        -     147
Securities, repurchase agreements, and loans                   718,032        +   1,963        +  33,076
   Securities held outright                                    692,299        +   1,990        +  39,462
      U.S. Treasury (1)                                        692,299        +   1,990        +  39,472       
         Bills (2)                                             255,248        +      70        +  15,556
         Notes and bonds, nominal (2)                          420,150        +   1,899        +  21,297
         Notes and bonds, inflation-indexed (2)                 14,862                0        +   2,048
         Inflation compensation (3)                              2,039        +      22        +     571
      Federal agency (2)                                             0                0        -      10
   Repurchase agreements (4)                                    25,500                0        -   6,500    
   Loans                                                           233        -      27        +     115
Items in process of collection                      (827)        5,558        -     446        -   2,122
Bank premises                                                    1,700        +       3        +     112
Other assets (5)                                                38,606        -     292        +     390
      Total assets                                  (827)      777,861        +   1,243        +  31,311
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  699,168        -   1,959        +  39,443
Reverse repurchase agreements (6)                               19,906        +      71        +     234
Deposits                                              (0)       31,774        +   3,543        -   7,678       
  Depository institutions                                       26,508        +   4,077        -   6,329
  U.S. Treasury, general account                                 4,879        -     490        -   1,179
  Foreign official                                                  99        +      18        -      35
  Other                                               (0)          287        -      62        -     136
Deferred availability cash items                    (827)        5,862        -     246        -   1,755
Other liabilities and accrued dividends (7)                      2,375        -      11        +     237
      Total liabilities                             (827)      759,085        +   1,398        +  30,482
                          
Capital Accounts
Capital paid in                                                  9,245        -       6        +     531
Surplus                                                          8,827        -      20        +     447
Other capital accounts                                             705        -     128        -     147
      Total capital                                             18,777        -     154        +     830


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,      July 21, 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             230       55,036   +   7,888            0           0       25,500       19,906
16 days to 90 days           3      154,431   -   8,754            0           0            0            0
91 days to 1 year            0      164,648   +   2,833            0           0     ------      ------
Over 1 to 5 years     ------        189,529   +       9            0           0     ------      ------
Over 5 to 10 years    ------         51,859   +       5            0           0     ------      ------
Over 10 years         ------         76,794   +       8            0           0     ------      ------
                   		 	
All                        233      692,299   +   1,990            0           0       25,500      19,906

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      July 21, 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                      11,040        494      4,650        382        452        819        894        924        325        218        302        525      1,055
Special drawing rights certificate acct.       2,200        115        874         83        104        147        166        212         71         30         66         98        234
Coin                                             725         22         30         37         35         66         88         88         55         21         44        136        105
Securities, repurchase agreements,
      and loans                              718,032     32,509    325,693     20,595     29,586     52,618     46,698     62,433     20,369     15,177     18,221     31,568     62,567
   Securities held outright                  692,299     32,509    300,190     20,591     29,582     52,618     46,687     62,361     20,339     15,100     18,192     31,565     62,565
      U.S. Treasury (1)                      692,299     32,509    300,190     20,591     29,582     52,618     46,687     62,361     20,339     15,100     18,192     31,565     62,565
         Bills (2)                           255,248     11,986    110,679      7,592     10,907     19,400     17,213     22,992      7,499      5,567      6,707     11,638     23,067
         Notes and bonds(3)                  437,051     20,523    189,511     12,999     18,675     33,218     29,474     39,369     12,840      9,533     11,485     19,927     39,498
         Federal agency (2)                        0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements(4)                25,500          0     25,500          0          0          0          0          0          0          0          0          0          0
      Loans                                      233          0          3          4          4          0         11         72         30         77         29          3          2
Items in process of collection                 6,384        332        374        325        393        321        664        426        230        417        443        300      2,159
Bank premises                                  1,700         96        191         51        154        145        279        135         55        124         76        213        180
Other assets(5)                               38,606      1,763     13,949      1,153      2,345      5,979      2,205      3,478      1,008      1,134        802      1,011      3,779
Interdistrict settlement account                   0    + 3,539    -31,047    + 3,445    +   449    -   900    + 9,710    -   639    + 1,460    -   634    + 1,333    + 3,327    + 9,959
          Total Assets                       778,688     38,870    314,715     26,070     33,518     59,194     60,703     67,057     23,572     16,486     21,286     37,180     80,037

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      July 21, 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             819,229     38,315    316,043     32,037     34,584     61,337     72,542     67,756     24,931     15,617     23,790     42,313     89,965
  Less: notes held by F.R. Banks              120,061      4,046     30,477      8,613      5,673     11,222     17,446      7,716      3,305      1,115      4,652      7,489     18,307
    Federal Reserve notes, net                699,168     34,269    285,565     23,424     28,911     50,115     55,096     60,039     21,626     14,502     19,138     34,824     71,658
Reverse repurchase agreements (1)              19,906        935      8,631        592        851      1,513      1,342      1,793        585        434        523        908      1,799
Deposits                                       31,774      2,085     14,758        968      1,647      2,660      2,302      2,401        616        412        820        771      2,336
  Depository institutions                      26,508      2,082      9,634        967      1,643      2,541      2,299      2,397        614        410        818        770      2,333
  U.S. Treasury, general account                4,879          0      4,879          0          0          0          0          0          0          0          0          0          0
  Foreign official                                 99          2         76          1          2          7          2          3          1          1          1          0          4
  Other                                           287          1        169          0          1        112          1          1          1          0          1          0          0
Deferred availability cash items                6,689        432        621        434        475        541        741        528        165        449        396        268      1,639
Other liabilities and accrued                 
  dividends (2)                                 2,375        130        776         93        119        233        193        227        105         83         91        131        192
   
    Total liabilities                         759,911     37,851    310,352     25,510     32,003     55,063     59,675     64,988     23,096     15,880     20,968     36,901     77,624
                              
Capital                    
Capital paid in                                 9,245        506      2,116        278        758      2,077        506      1,026        232        262        151        130      1,202
Surplus                                         8,827        448      2,031        259        727      2,054        489        924        228        345        162        111      1,048
Other capital                                     705         64        216         23         29          0         33        119         15          0          5         38        162
     Total liabilities and capital            778,688     38,870    314,715     26,070     33,518     59,194     60,703     67,057     23,572     16,486     21,286     37,180     80,037
                              

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
                                          Jul 21, 2004
              
Federal Reserve notes outstanding             819,229
   Less: Notes held by F.R. Banks
         not subject to collateralization     120,061
      Federal Reserve Notes to be
         collateralized                       699,168 
Collateral held against Federal Reserve            
   notes                                      699,168
   Gold certificate account                    11,040
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              685,928
   Other assets pledged                             0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         717,799
   Less:face value of securities under
         reverse repurchase agreements         19,912
      U.S. Treasury and agency securities
             eligible to be pledged           697,887
   

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.