Reserve Bank credit, related items, and

reserve balances of depository institutions

at Federal Reserve Banks

Reserve Bank credit 731,854 + 644 + 39,300 732,769

Securities held outright 665,893 + 405 + 39,414 665,953

U.S. Treasury1 665,893 + 414 + 39,424 665,953

Bills2 244,052 + 418 + 20,295 244,113

Notes and bonds, nominal2 406,173 0 + 16,954 406,173

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

Inflation compensation3 1,674 - 4 + 424 1,672

Federal agency2 0 - 9 - 10 0

Repurchase agreements4 25,571 - 322 - 2,608 25,000

Loans to depository institutions 37 0 - 18 50

Primary credit 5 - 8 + 5 16

Secondary credit 0 0 0 0

Seasonal credit 32 + 8 - 17 35

Adjustment credit 0 0 - 6 0

Float 905 + 149 + 1,066 2,100

Other Federal Reserve assets 39,448 + 411 + 1,445 39,665

Gold stock 11,043 0 0 11,043

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

Treasury currency outstanding5 35,447 + 14 + 912 35,447

Total factors supplying reserve funds 780,544 + 657 + 40,212 781,459

Currency in circulation5 713,536 + 1,749 + 38,054 716,019

Reverse repurchase agreements6 18,216 - 1,248 + 14 17,657

Foreign official and international accounts 17,966 - 1,498 - 236 17,657

Dealers 250 + 250 + 250 0

Treasury cash holdings 323 - 3 - 47 319

Deposits with F.R. Banks, other than reserve balances 17,919 + 582 + 703 19,742

U.S. Treasury, general account 5,622 + 648 - 337 7,455

Foreign official 89 + 9 - 59 83

Service-related 11,967 - 33 + 1,068 11,967

Required clearing balances 11,846 - 4 + 1,396 11,846

Adjustments to compensate for float 122 - 28 - 328 122

Other 241 - 43 + 31 236

Other liabilities and capital 20,833 + 35 + 630 20,666

Total factors, other than reserve balances,

absorbing reserve funds 770,827 + 1,115 + 39,353 774,402

Reserve balances with Federal Reserve Banks 9,717 - 458 + 859 7,057

Memo (off-balance-sheet items):

Marketable securities held in custody for foreign

 official and international accounts2,7 1,054,019 + 9,064 + 207,720 1,056,671

U.S. Treasury 841,032 + 6,743 + 155,739 842,108

Federal agency 212,988 + 2,323 + 51,983 214,564

Securities lent to dealers 1,631 - 351 + 1,480 2,081

FEDERAL RESERVE statistical release

 December 18, 2003

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

 Dec 17, 2003 Week ended

 Dec 17, 2003 Dec 10, 2003 Dec 18, 2002
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 11,039 0 0

Special drawing rights certificate account 2,200 0 0

Coin 762 + 8 - 273

Securities, repurchase agreements, and loans 691,004 - 3,888 + 31,552

Securities held outright 665,953 + 343 + 36,546

U.S. Treasury1 665,953 + 343 + 36,556

Bills2 244,113 + 346 + 17,431

Notes and bonds, nominal2 406,173 0 + 16,954

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

Inflation compensation3 1,672 - 4 + 419

Federal agency2 0 0 - 10

Repurchase agreements4 25,000 - 4,250 - 5,000

Loans 50 + 18 + 5

Items in process of collection (1,173) 10,111 + 654 + 1,311

Bank premises 1,610 + 2 + 76

Other assets5 38,088 + 558 + 1,548

Total assets (1,173) 754,812 - 2,669 + 34,211

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 681,648 + 3,124 + 36,049

Reverse repurchase agreements6 17,657 - 1,307 - 4,248

Deposits ( 0 ) 26,510 - 5,313 + 1,587

Depository institutions 18,735 - 7,601 + 792

U.S. Treasury, general account 7,455 + 2,293 + 860

Foreign official 83 0 - 89

Other ( 0 ) 236 - 5 + 23

Deferred availability cash items (1,173) 8,332 + 678 + 66

Other liabilities and accrued dividends7 2,330 - 26 - 88

Total liabilities (1,173) 736,476 - 2,844 + 33,365

Capital accounts

Capital paid in 8,839 + 15 + 463

Surplus 8,380 0 + 1,068

Other capital accounts 1,117 + 160 - 685

Total capital 18,336 + 175 + 847

H.4.1

2. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Wednesday

 Dec 18, 2002

Eliminations from

consolidation Wednesday

 Dec 17, 2003

Wednesday

 Dec 10, 2003

3. Maturity Distribution of Loans and Securities, December 17, 2003

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 31 38,268 + 8,661 0 0 17,000 17,657

16 days to 90 days 19 155,944 - 8,989 0 0 8,000 0

91 days to 1 year 0 164,208 + 676 0 0 . . . . . . 

Over 1 year to 5 years . . . 179,071 - 1 0 0 . . . . . . 

Over 5 years to 10 years . . . 51,315 - 1 0 0 . . . . . . 

Over 10 years . . . 77,149 - 1 0 0 . . . . . . 

All 50 665,953 + 343 0 0 25,000 17,657

Assets, liabilities, and capital

Maturity
H.4.1

4. Statement of Condition of Each Federal Reserve Bank on December 17, 2003Millions 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.

 11,039 2,200 762 691,004 665,953 665,953 244,113 421,840 0 25,000 50 11,283 1,610 38,088 0 755,985

Assets, liabilities, and capital

 4,706 874 34 309,916 284,916 284,916 104,440 180,477 0 25,000 0 1,102 189 13,478 - 2,595 327,705

 495 115 27 32,200 32,196 32,196 11,802 20,394 0 0 4 920 92 1,761 + 1,562 37,172

 380 83 40 20,824 20,820 20,820 7,632 13,188 0 0 4 559 52 1,119 + 541 23,599

 477 104 38 31,205 31,205 31,205 11,439 19,766 0 0 0 896 151 2,410 - 3,394 31,887

 808 147 87 51,214 51,214 51,214 18,773 32,441 0 0 0 695 144 6,209 - 1,816 57,488

 863 166 87 44,994 44,989 44,989 16,491 28,498 0 0 5 900 278 2,191 + 2,112 51,590

 982 212 92 67,305 67,295 67,295 24,668 42,627 0 0 10 901 123 3,534 - 7,457 65,692

 331 71 53 20,953 20,952 20,952 7,680 13,272 0 0 1 525 44 974 - 2,007 20,944

 2   14,8 14,8 14,8 5,4 9,4    4 1 1,1 - 5 16,2
 801,429

 119,781 681,648 681,648 11,039 2,200 668,409 0 690,953 17,664 673,289

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.

 801,429 119,781 681,648 17,657 26,510 18,735 7,455 83 236 9,504 2,330 737,648 8,839 8,380 1,117 755,985

 38,696 5,183 33,512 854 1,127 1,124 0 2 2 624 131 36,248 448 436 40 37,172

 327,074 24,793 302,281 7,554 11,735 4,059 7,455 60 161 1,150 719 323,439 2,027 1,809 430 327,705

 29,451 8,531 20,920 552 1,001 999 0 1 1 499 94 23,065 258 233 42 23,599

 33,325 5,266 28,059 827 971 968 0 3 1 419 130 30,407 727 702 51 31,887

 60,135 10,869 49,266 1,358 1,712 1,639 0 7 66 667 264 53,268 2,072 2,073 74 57,488

 66,327 19,481 46,846 1,193 1,392 1,390 0 2 0 957 184 50,572 490 475 52 51,590

 67,215 9,452 57,763 1,784 3,257 3,253 0 3 1 765 229 63,799 920 858 116 65,692

 23,246 4,323 18,923 555 577 574 0 1 2 303 103 20,461 232 199 52 20,944

 15,5 1,5 14,0 3 6 6    4  15,5 3 3  16,2

H.4.1

4. Statement of Condition of Each Federal Reserve Bank on December 17, 2003 (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

 Dec 17, 2003

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.