FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                             April 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           Apr 21, 2004 Apr 14, 2004 Apr 23, 2003 Apr 21, 2004
Federal Reserve Banks

Reserve Bank Credit                                         739,030    -   1,186    +  29,315      738,002
 Securities held outright                                   674,786    +     266    +  27,934      674,937       
    U.S. Treasury (1)                                       674,786    +     266    +  27,944      674,937
       Bills (2)                                            247,188    +     246    +  11,333      247,332
       Notes and bonds, nominal (2)                         411,388            0    +  14,612      411,388
       Notes and bonds, inflation-indexed (2)                14,464            0    +   1,650       14,464
       Inflation compensation (3)                             1,746    +      21    +     350        1,753
    Federal agency (2)                                            0            0    -      10            0      
 Repurchase agreements(4)                                    24,529    -   1,200    +     636       22,750
 Loans to depository institutions                                95    +      10    +      67           83
    Primary credit                                               34    +       1    +      30           18
    Secondary credit                                              0            0            0            0
    Seasonal credit                                              61    +       9    +      37           65
 Float                                                         -688    -     223    -     283          -22
 Other Federal Reserve assets                                40,308    -      39    +     961       40,253
Gold stock                                                   11,045            0    +       2       11,045
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            35,699    +      14    +     832       35,699
       
Total factors supplying reserve funds                       787,974    -   1,172    +  30,149      786,946
                                                                   
Currency in circulation(5)                                  716,814    -     685    +  29,273      717,070
Reverse repurchase agreements (6)                            19,420    -     716    -   1,132       19,260
   Foreign official and international accounts               19,420    -     716    -   1,132       19,260
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          338    -       7    -      22          328
Deposits with F.R.Banks, other than reserve balances         17,010    +     864    -   3,669       16,318       
  U.S. Treasury, general account                              6,630    +   1,472    -   2,297        5,886
  Foreign official                                               96    +      13    -      10          165
  Service-related                                             9,970    -     598    -   1,343        9,970
     Required clearing balances                               9,970    -     597    -     859        9,970
     Adjustments to compensate for float                          0    -       2    -     484            0
  Other                                                         313    -      25    -      20          297
Other liabilities and capital                                20,562    +       6    +     417       20,462

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  774,144    -     539    +  24,867      773,438

Reserve balances with Federal Reserve Banks                  13,830    -     633    +   5,282       13,508
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)         1,186,135    +   5,757    + 293,051    1,186,773
     U.S. Treasury                                          956,043    +   6,468    + 238,811      957,442
     Federal agency                                         230,093    -     710    +  54,241      229,331
  Securities lent to dealers                                  2,671    +   1,712    +   2,571        2,235   


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 Apr 21, 2004     Apr 14, 2004     Apr 23, 2003

Assets
Gold certificate account                                        11,041                0        +       3
Special drawing rights certificate account                       2,200                0                0
Coin                                                               831        -       3        -     212
Securities, repurchase agreements, and loans                   697,770        -   6,733        +  26,339
   Securities held outright                                    674,937        +     220        +  28,036
      U.S. Treasury (1)                                        674,937        +     220        +  28,046       
         Bills (2)                                             247,332        +     200        +  11,437
         Notes and bonds, nominal (2)                          411,388                0        +  14,612
         Notes and bonds, inflation-indexed (2)                 14,464                0        +   1,650
         Inflation compensation (3)                              1,753        +      20        +     347
      Federal agency (2)                                             0                0        -      10
   Repurchase agreements (4)                                    22,750        -   6,950        -   1,750    
   Loans                                                            83        -       3        +      53
Items in process of collection                    (1,028)        6,844        +   1,123        -     745
Bank premises                                                    1,663        +       1        +     103
Other assets (5)                                                38,500        -     144        +     204
      Total assets                                (1,028)      758,849        -   5,756        +  25,692
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  682,526        -   1,738        +  27,501
Reverse repurchase agreements (6)                               19,260        -     210        -     731
Deposits                                              (0)       29,736        -   4,322        -     633       
  Depository institutions                                       23,388        -   5,334        +   2,643
  U.S. Treasury, general account                                 5,886        +     984        -   3,399
  Foreign official                                                 165        +      80        +      60
  Other                                               (0)          297        -      53        +      63
Deferred availability cash items                  (1,028)        6,865        +     368        -   1,103
Other liabilities and accrued dividends (7)                      2,242        -      27        -      33
      Total liabilities                           (1,028)      740,629        -   5,930        +  25,001
                          
Capital Accounts
Capital paid in                                                  9,023        +      40        +     497
Surplus                                                          8,768        +       1        +     388
Other capital accounts                                             429        +     133        -     194
      Total capital                                             18,220        +     174        +     691


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,     April 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              83       55,679   +   9,394            0           0       22,750       19,260
16 days to 90 days           0      147,434   -   8,272            0           0            0            0
91 days to 1 year            0      160,538   -     922            0           0     ------      ------
Over 1 to 5 years     ------        183,815   +       8            0           0     ------      ------
Over 5 to 10 years    ------         50,017   +       5            0           0     ------      ------
Over 10 years         ------         77,455   +       8            0           0     ------      ------
                   		 	
All                         83      674,937   +     220            0           0       22,750      19,260

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     April 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                      11,041        494      4,651        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                                             831         38         37         53         42         83         77        113         59         31         51        146        102
Securities, repurchase agreements,
      and loans                              697,770     31,702    315,412     20,074     28,840     51,298     45,516     60,818     19,843     14,737     17,743     30,774     61,014
   Securities held outright                  674,937     31,693    292,662     20,074     28,840     51,298     45,516     60,797     19,829     14,721     17,736     30,774     60,996
      U.S. Treasury (1)                      674,937     31,693    292,662     20,074     28,840     51,298     45,516     60,797     19,829     14,721     17,736     30,774     60,996
         Bills (2)                           247,332     11,614    107,246      7,356     10,569     18,798     16,679     22,279      7,266      5,395      6,499     11,277     22,352
         Notes and bonds(3)                  427,605     20,079    185,415     12,718     18,272     32,500     28,837     38,518     12,563      9,327     11,237     19,497     38,644
         Federal agency (2)                        0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements(4)                22,750          0     22,750          0          0          0          0          0          0          0          0          0          0
      Loans                                       83          8          0          0          0          0          0         20         14         16          7          0         18
Items in process of collection                 7,872        794        399        326        462        836        658        442        335        400        461        436      2,323
Bank premises                                  1,663         96        191         52        152        144        279        128         49        124         74        194        180
Other assets(5)                               38,500      1,745     13,972      1,159      2,330      5,918      2,204      3,462      1,009      1,124        802      1,007      3,769
Interdistrict settlement account                   0    + 2,793    -19,003    + 1,518    - 1,639    + 1,579    +   316    +   184    +   237    -   378    +   693    + 3,772    + 9,928
          Total Assets                       759,877     37,776    316,531     23,648     30,743     60,825     50,109     66,282     21,928     16,286     20,192     36,952     78,605

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     April 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             806,847     38,798    323,155     29,453     32,297     59,820     63,964     67,868     23,430     15,740     22,287     41,414     88,621
  Less: notes held by F.R. Banks              124,321      4,839     32,008      8,491      5,435     11,291     19,244      7,898      3,516      1,430      4,219      7,001     18,949
    Federal Reserve notes, net                682,526     33,959    291,147     20,962     26,862     48,529     44,720     59,970     19,914     14,310     18,068     34,413     69,672
Reverse repurchase agreements (1)              19,260        904      8,351        573        823      1,464      1,299      1,735        566        420        506        878      1,741
Deposits                                       29,736      1,248     11,356      1,002        984      6,038      1,985      1,928        603        433        822        734      2,603
  Depository institutions                      23,388      1,232      5,165      1,001        980      5,920      1,983      1,924        600        432        820        732      2,599
  U.S. Treasury, general account                5,886          0      5,886          0          0          0          0          0          0          0          0          0          0
  Foreign official                                165          2        141          1          2          7          2          3          1          1          1          0          4
  Other                                           297         15        164          0          2        111          0          0          2          0          1          1          0
Deferred availability cash items                7,894        574        635        468        494        493        939        592        265        437        393        557      2,047
Other liabilities and accrued                 
  dividends (2)                                 2,242        129        694         91        121        234        185        215        102         81         85        116        188
   
    Total liabilities                         741,657     36,815    312,184     23,095     29,285     56,758     49,128     64,440     21,450     15,680     19,874     36,697     76,250
                              
Capital                    
Capital paid in                                 9,023        499      2,106        275        739      2,058        486        909        232        265        151        120      1,184
Surplus                                         8,768        448      2,031        259        719      2,009        489        924        228        340        162        111      1,048
Other capital                                     429         14        212         20          0          0          7          8         18          0          4         24        123
     Total liabilities and capital            759,877     37,776    316,531     23,648     30,743     60,825     50,109     66,282     21,928     16,286     20,192     36,952     78,605
                              

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
                                          Apr 21, 2004
              
Federal Reserve notes outstanding             806,847
   Less: Notes held by F.R. Banks
         not subject to collateralization     124,321
      Federal Reserve Notes to be
         collateralized                       682,526 
Collateral held against Federal Reserve            
   notes                                      682,526
   Gold certificate account                    11,041
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              669,285
   Other assets pledged                             0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         697,687
   Less:face value of securities under
         reverse repurchase agreements         19,265
      U.S. Treasury and agency securities
             eligible to be pledged           678,423
   

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.