FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                             March 11, 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           Mar 10, 2004  Mar 3, 2004 Mar 12, 2003 Mar 10, 2004
Federal Reserve Banks

Reserve Bank Credit                                         729,556    -   7,040    +  33,220      730,248
 Securities held outright                                   672,592    +   1,006    +  34,006      673,039       
    U.S. Treasury (1)                                       672,592    +   1,006    +  34,016      673,039
       Bills (2)                                            246,342    +     142    +  15,170      246,372
       Notes and bonds, nominal (2)                         410,563    +     779    +  16,652      410,563
       Notes and bonds, inflation-indexed (2)                14,062    +      68    +   1,820       14,464
       Inflation compensation (3)                             1,625    +      17    +     374        1,639
    Federal agency (2)                                            0            0    -      10            0      
 Repurchase agreements(4)                                    18,000    -   8,286    -   1,214       18,750
 Loans to depository institutions                                26    +       2    -      19           19
    Primary credit                                                7    +       4    -      29            0
    Secondary credit                                              0            0            0            0
    Seasonal credit                                              19    -       2    +      10           19
 Float                                                          -39    -     190    -     511         -629
 Other Federal Reserve assets                                38,977    +     428    +     958       39,069
Gold stock                                                   11,045            0    +       2       11,045
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            35,615    +      14    +     883       35,615
       
Total factors supplying reserve funds                       778,417    -   7,025    +  34,106      779,108
                                                                   
Currency in circulation(5)                                  713,676    +     335    +  30,647      714,915
Reverse repurchase agreements (6)                            18,320    -   2,289    -      12       19,191
   Foreign official and international accounts               18,320    -   2,289    -      12       19,191
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          315    -       2    -      41          320
Deposits with F.R.Banks, other than reserve balances         16,951    +     719    +      54       15,881       
  U.S. Treasury, general account                              5,527    -      91    +     331        4,415
  Foreign official                                               94    +       3    -      11          138
  Service-related                                            11,004    +     797    -     359       11,004
     Required clearing balances                              10,885    +     806    +     513       10,885
     Adjustments to compensate for float                        119    -       9    -     872          119
  Other                                                         327    +      11    +      94          324
Other liabilities and capital                                20,207    +     240    +     192       20,242

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  769,469    -     997    +  30,840      770,548

Reserve balances with Federal Reserve Banks                   8,948    -   6,029    +   3,266        8,560
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)         1,159,797    +   8,117    + 258,032    1,165,209
     U.S. Treasury                                          925,674    +   9,176    + 202,502      931,866
     Federal agency                                         234,123    -   1,059    +  55,530      233,342
  Securities lent to dealers                                  2,510    +   1,106    +   2,064        3,026   


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 Mar 10, 2004      Mar 3, 2004     Mar 12, 2003

Assets
Gold certificate account                                        11,041                0        +       2
Special drawing rights certificate account                       2,200                0                0
Coin                                                               857        -      10        -     213
Securities, repurchase agreements, and loans                   691,808        -   3,600        +  34,325
   Securities held outright                                    673,039        +   1,407        +  34,315
      U.S. Treasury (1)                                        673,039        +   1,407        +  34,325       
         Bills (2)                                             246,372        +     132        +  15,067
         Notes and bonds, nominal (2)                          410,563        +     779        +  16,652
         Notes and bonds, inflation-indexed (2)                 14,464        +     470        +   2,222
         Inflation compensation (3)                              1,639        +      26        +     383
      Federal agency (2)                                             0                0        -      10
   Repurchase agreements (4)                                    18,750        -   5,000                0    
   Loans                                                            19        -       7        +      10
Items in process of collection                      (881)        6,157        -   1,897        -   1,733
Bank premises                                                    1,651        +       2        +      94
Other assets (5)                                                37,132        +     587        +     370
      Total assets                                  (881)      750,845        -   4,918        +  32,844
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  680,472        +     242        +  29,348
Reverse repurchase agreements (6)                               19,191        +     305        +   1,279
Deposits                                              (0)       24,155        -   4,046        +   2,812       
  Depository institutions                                       19,278        -   3,809        +   3,059
  U.S. Treasury, general account                                 4,415        -     283        -     360
  Foreign official                                                 138        +      56        +      22
  Other                                               (0)          324        -      11        +      91
Deferred availability cash items                    (881)        6,785        -   1,895        -   1,112
Other liabilities and accrued dividends (7)                      2,256        +      36        -       9
      Total liabilities                             (881)      732,859        -   5,358        +  32,318
                          
Capital Accounts
Capital paid in                                                  8,971        +       5        +     480
Surplus                                                          8,681        +     173        +     301
Other capital accounts                                             334        +     262        -     255
      Total capital                                             17,986        +     439        +     526


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,     March 10, 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               3       41,734   -     564            0           0       18,750       19,191
16 days to 90 days          16      159,765   +     533            0           0            0            0
91 days to 1 year            0      161,316   +     164            0           0     ------      ------
Over 1 to 5 years     ------        183,073   +     726            0           0     ------      ------
Over 5 to 10 years    ------         49,740   +     499            0           0     ------      ------
Over 10 years         ------         77,413   +      52            0           0     ------      ------
                   		 	
All                         19      673,039   +   1,407            0           0       18,750      19,191

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     March 10, 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        495      4,708        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                                             857         39         39         46         45         89         85        111         60         29         50        150        115
Securities, repurchase agreements,
      and loans                              691,808     32,541    306,698     21,042     31,537     51,759     45,468     68,021     21,178     15,027     18,088     26,376     54,075
   Securities held outright                  673,039     32,538    287,948     21,042     31,537     51,759     45,468     68,011     21,175     15,023     18,088     26,376     54,075
      U.S. Treasury (1)                      673,039     32,538    287,948     21,042     31,537     51,759     45,468     68,011     21,175     15,023     18,088     26,376     54,075
         Bills (2)                           246,372     11,911    105,406      7,703     11,544     18,947     16,644     24,896      7,751      5,499      6,621      9,655     19,795
         Notes and bonds(3)                  426,667     20,627    182,542     13,339     19,993     32,812     28,824     43,115     13,423      9,524     11,466     16,721     34,280
         Federal agency (2)                        0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements(4)                18,750          0     18,750          0          0          0          0          0          0          0          0          0          0
      Loans                                       19          2          0          0          0          0          0         10          3          4          0          0          0
Items in process of collection                 7,038        366        386        557        378        376        828        472        426        395        433        302      2,118
Bank premises                                  1,651         95        189         52        151        145        277        126         48        125         74        189        180
Other assets(5)                               37,132      1,697     13,275      1,144      2,330      5,850      2,117      3,500        981      1,105        775        848      3,510
Interdistrict settlement account                   0    + 1,937    - 9,712    +   986    - 3,257    - 1,403    +   579    - 8,032    - 1,424    -   800    +    13    + 7,455    +13,659
          Total Assets                       751,726     37,285    316,456     24,289     31,765     57,770     50,384     65,391     21,671     16,135     19,801     35,924     74,853

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     March 10, 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             803,019     39,204    324,147     29,547     32,793     60,287     63,991     67,002     23,558     15,859     22,139     40,397     84,096
  Less: notes held by F.R. Banks              122,547      5,186     32,421      8,184      5,111     10,358     18,343      8,528      3,778      1,604      4,329      6,725     17,978
    Federal Reserve notes, net                680,472     34,017    291,726     21,363     27,681     49,929     45,647     58,474     19,780     14,254     17,809     33,672     66,118
Reverse repurchase agreements (1)              19,191        928      8,210        600        899      1,476      1,296      1,939        604        428        516        752      1,542
Deposits                                       24,155        749     10,688        799      1,233      1,605      1,398      2,384        535        402        684        770      2,908
  Depository institutions                      19,278        746      5,999        798      1,229      1,443      1,396      2,380        530        401        682        769      2,904
  U.S. Treasury, general account                4,415          0      4,415          0          0          0          0          0          0          0          0          0          0
  Foreign official                                138          2        114          1          2          7          2          3          1          1          1          0          4
  Other                                           324          2        160          0          1        155          0          1          4          0          1          0          0
Deferred availability cash items                7,666        566        734        887        402        481        861        514        194        368        383        377      1,899
Other liabilities and accrued                 
  dividends (2)                                 2,256        128        722         92        119        236        182        224        104         78         87        110        173
   
    Total liabilities                         733,740     36,388    312,082     23,741     30,335     53,727     49,385     63,536     21,216     15,530     19,479     35,681     72,639
                              
Capital                    
Capital paid in                                 8,971        449      2,100        273        723      2,089        492        908        223        265        150        116      1,183
Surplus                                         8,681        448      2,031        259        707      1,955        489        924        228        340        159        111      1,030
Other capital                                     334          0        244         16          0          0         19         23          3          0         13         16          0
     Total liabilities and capital            751,726     37,285    316,456     24,289     31,765     57,770     50,384     65,391     21,671     16,135     19,801     35,924     74,853
                              

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
                                          Mar 10, 2004
              
Federal Reserve notes outstanding             803,019
   Less: Notes held by F.R. Banks
         not subject to collateralization     122,547
      Federal Reserve Notes to be
         collateralized                       680,472 
Collateral held against Federal Reserve            
   notes                                      680,472
   Gold certificate account                    11,041
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              667,232
   Other assets pledged                             0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         691,789
   Less:face value of securities under
         reverse repurchase agreements         19,196
      U.S. Treasury and agency securities
             eligible to be pledged           672,593
   

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.