Reserve Bank credit, related items, and

reserve balances of depository institutions

at Federal Reserve Banks

Reserve Bank credit 736,994 + 7,438 + 32,129 741,038

Securities held outright 673,086 + 494 + 33,569 673,153

U.S. Treasury1 673,086 + 494 + 33,579 673,153

Bills2 246,408 + 66 + 14,927 246,469

Notes and bonds, nominal2 410,563 0 + 16,044 410,563

Notes and bonds, inflation-indexed2 14,464 + 402 + 2,222 14,464

Inflation compensation3 1,650 + 25 + 386 1,657

Federal agency2 0 0 - 10 0

Repurchase agreements4 25,179 + 7,179 - 1,321 28,750

Loans to depository institutions 75 + 49 + 57 347

Primary credit 48 + 41 + 39 311

Secondary credit 0 0 0 0

Seasonal credit 27 + 8 + 19 36

Float -686 - 647 - 1,491 -768

Other Federal Reserve assets 39,342 + 365 + 1,317 39,556

Gold stock 11,045 0 + 2 11,045

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

Treasury currency outstanding5 35,629 + 14 + 875 35,629

Total factors supplying reserve funds 785,869 + 7,452 + 33,007 789,912

Currency in circulation5 713,868 + 192 + 30,151 715,460

Reverse repurchase agreements6 19,095 + 775 - 707 18,770

Foreign official and international accounts 19,095 + 775 - 528 18,770

Dealers 0 0 - 179 0

Treasury cash holdings 323 + 8 - 49 338

Deposits with F.R. Banks, other than reserve balances 17,299 + 348 + 1,169 17,982

U.S. Treasury, general account 5,737 + 210 + 758 6,415

Foreign official 86 - 8 - 73 112

Service-related 11,129 + 125 + 369 11,129

Required clearing balances 10,886 + 1 + 513 10,886

Adjustments to compensate for float 243 + 124 - 144 243

Other 347 + 20 + 116 326

Other liabilities and capital 20,536 + 329 + 998 20,576

Total factors, other than reserve balances,

absorbing reserve funds 771,121 + 1,652 + 31,563 773,126

Reserve balances with Federal Reserve Banks 14,748 + 5,800 + 1,444 16,786

Memo (off-balance-sheet items):

Marketable securities held in custody for foreign

 official and international accounts2,7 1,168,270 + 8,473 + 267,545 1,172,461

U.S. Treasury 933,134 + 7,460 + 210,593 933,991

Federal agency 235,136 + 1,013 + 56,952 238,470

Securities lent to dealers 2,739 + 229 + 1,406 685

FEDERAL RESERVE statistical release

 March 18, 2004

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

 Mar 17, 2004 Week ended

 Mar 17, 2004 Mar 10, 2004 Mar 19, 2003
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 11,041 0 + 2

Special drawing rights certificate account 2,200 0 0

Coin 846 - 11 - 225

Securities, repurchase agreements, and loans 702,250 + 10,442 + 35,335

Securities held outright 673,153 + 114 + 33,254

U.S. Treasury1 673,153 + 114 + 33,264

Bills2 246,469 + 97 + 14,713

Notes and bonds, nominal2 410,563 0 + 15,942

Notes and bonds, inflation-indexed2 14,464 0 + 2,222

Inflation compensation3 1,657 + 18 + 388

Federal agency2 0 0 - 10

Repurchase agreements4 28,750 + 10,000 + 1,750

Loans 347 + 328 + 330

Items in process of collection (886) 5,915 - 242 - 5,617

Bank premises 1,653 + 2 + 96

Other assets5 37,624 + 492 + 1,045

Total assets (886) 761,529 + 10,684 + 30,635

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 681,010 + 538 + 29,061

Reverse repurchase agreements6 18,770 - 421 + 340

Deposits (10) 34,489 + 10,334 + 529

Depository institutions 27,635 + 8,357 - 2,307

U.S. Treasury, general account 6,415 + 2,000 + 2,808

Foreign official 112 - 26 - 38

Other ( 1 0 ) 326 + 2 + 65

Deferred availability cash items (876) 6,683 - 102 - 726

Other liabilities and accrued dividends7 2,226 - 30 + 2

Total liabilities (886) 743,179 + 10,320 + 29,207

Capital accounts

Capital paid in 8,997 + 26 + 503

Surplus 8,792 + 111 + 495

Other capital accounts 560 + 226 + 428

Total capital 18,350 + 364 + 1,427

H.4.1

2. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Wednesday

 Mar 19, 2003

Eliminations from

consolidation Wednesday

 Mar 17, 2004

Wednesday

 Mar 10, 2004

3. Maturity Distribution of Loans and Securities, March 17, 2004

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 343 50,381 + 8,647 0 0 28,750 18,770

16 days to 90 days 5 151,412 - 8,353 0 0 0 0

91 days to 1 year 0 161,118 - 198 0 0 . . . . . . 

Over 1 year to 5 years . . . 183,079 + 6 0 0 . . . . . . 

Over 5 years to 10 years . . . 49,744 + 4 0 0 . . . . . . 

Over 10 years . . . 77,419 + 6 0 0 . . . . . . 

All 347 673,153 + 114 0 0 28,750 18,770

Assets, liabilities, and capital

Maturity
H.4.1

4. Statement of Condition of Each Federal Reserve Bank on March 17, 2004Millions 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.

 11,041 2,200 846 702,250 673,153 673,153 246,469 426,684 0 28,750 347 6,801 1,653 37,624 0 762,415

Assets, liabilities, and capital

 4,708 874 39 317,056 287,996 287,996 105,447 182,549 0 28,750 310 584 189 13,460 -15,977 320,934

 495 115 37 32,550 32,544 32,544 11,916 20,628 0 0 6 449 95 1,723 + 2,737 38,201

 380 83 48 21,046 21,046 21,046 7,706 13,340 0 0 0 317 52 1,157 + 1,079 24,162

 477 104 44 31,542 31,542 31,542 11,549 19,993 0 0 0 388 151 2,359 - 2,969 32,097

 808 147 86 51,768 51,768 51,768 18,954 32,813 0 0 0 329 144 5,906 + 413 59,601

 863 166 83 45,476 45,476 45,476 16,650 28,825 0 0 0 754 278 2,143 + 1,352 51,115

 982 212 111 68,038 68,022 68,022 24,906 43,117 0 0 16 460 127 3,554 - 8,134 65,349

 331 71 61 21,186 21,178 21,178 7,754 13,424 0 0 8 370 49 1,002 - 1,250 21,820

 2   15,0 15,0 15,0 5,5 9,5    3 1 1,1 - 6 16,2
 803,416

 122,406 681,010 681,010 11,041 2,200 667,770 0 701,903 18,755 683,148

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.

 803,416 122,406 681,010 18,770 34,499 27,635 6,415 112 336 7,559 2,226 744,065 8,997 8,792 560 762,415

 39,286 5,109 34,176 907 1,439 1,426 0 2 12 626 128 37,276 449 448 28 38,201

 324,121 32,260 291,862 8,031 15,084 8,424 6,415 89 156 812 716 316,505 2,112 2,031 286 320,934

 29,418 8,233 21,186 587 1,134 1,133 0 1 0 599 91 23,596 273 259 34 24,162

 32,728 5,121 27,607 880 1,586 1,582 0 2 1 445 117 30,635 723 727 11 32,097

 60,186 10,633 49,553 1,443 3,827 3,669 0 7 150 433 227 55,483 2,100 2,019 0 59,601

 63,739 17,812 45,927 1,268 1,811 1,799 0 2 10 916 180 50,102 484 489 40 51,115

 66,883 8,530 58,353 1,897 2,401 2,397 0 3 0 586 222 63,459 908 924 58 65,349

 23,573 3,746 19,828 591 601 596 0 1 4 215 103 21,337 231 228 24 21,820

 15,8 1,5 14,2 4 4 4    4  15,6 2 3  16,2

H.4.1

4. Statement of Condition of Each Federal Reserve Bank on March 17, 2004 (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

 Mar 17, 2004

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.