FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                            January 2, 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           Dec 31, 2003 Dec 24, 2003  Jan 1, 2003 Dec 31, 2003
Federal Reserve Banks

Reserve Bank Credit                                         746,570    +   7,055    +  39,836      750,176
 Securities held outright                                   666,402    +     368    +  36,987      666,665       
    U.S. Treasury (1)                                       666,402    +     368    +  36,997      666,665
       Bills (2)                                            244,569    +     372    +  17,887      244,833
       Notes and bonds, nominal (2)                         406,173            0    +  16,954      406,173
       Notes and bonds, inflation-indexed (2)                13,994            0    +   1,752       13,994
       Inflation compensation (3)                             1,666    -       4    +     405        1,665
    Federal agency (2)                                            0            0    -      10            0      
 Repurchase agreements(4)                                    38,679    +   5,500    +     572       43,750
 Loans to depository institutions                                65    -       5    +      20           62
    Primary credit                                               32    -       1    +      32           41
    Secondary credit                                              0            0            0            0
    Seasonal credit                                              33    -       4    -       7           22
    Adjustment credit                                             0            0    -       5            0
 Float                                                        1,183    +     761    +   1,090         -315
 Other Federal Reserve assets                                40,242    +     432    +   1,169       40,014
Gold stock                                                   11,043            0            0       11,043
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            35,475    +      14    +     878       35,475
       
Total factors supplying reserve funds                       795,289    +   7,070    +  40,715      798,894
                                                                   
Currency in circulation(5)                                  723,714    +   5,068    +  37,029      724,196
Reverse repurchase agreements (6)                            21,635    +   2,205    +     770       25,652
   Foreign official and international accounts               21,635    +   2,205    +     770       25,652
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          319            0    -      49          319
Deposits with F.R.Banks, other than reserve balances         18,380    +   1,183    +   2,102       18,715       
  U.S. Treasury, general account                              5,850    +   1,149    +     834        5,723
  Foreign official                                               99    +       3    -      38          162
  Service-related                                            12,112    -      42    +   1,464       12,112
     Required clearing balances                              11,834    -      12    +   1,300       11,834
     Adjustments to compensate for float                        278    -      30    +     164          278
  Other                                                         319    +      72    -     157          717
Other liabilities and capital                                20,589    -     170    +     671       19,793

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  784,636    +   8,284    +  40,523      788,674

Reserve balances with Federal Reserve Banks                  10,653    -   1,214    +     192       10,220
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)         1,066,742    +   6,221    + 216,055    1,072,420
     U.S. Treasury                                          855,872    +   8,152    + 169,127      862,355
     Federal agency                                         210,869    -   1,932    +  46,926      210,065
  Securities lent to dealers                                  3,086    +   1,023    +   2,027        4,426   


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 Dec 31, 2003     Dec 24, 2003      Jan 1, 2003

Assets
Gold certificate account                                        11,039                0                0
Special drawing rights certificate account                       2,200                0                0
Coin                                                               722        -      25        -     266
Securities, repurchase agreements, and loans                   710,477        +   7,586        +  41,521
   Securities held outright                                    666,665        +     449        +  37,249
      U.S. Treasury (1)                                        666,665        +     449        +  37,259       
         Bills (2)                                             244,833        +     452        +  18,151
         Notes and bonds, nominal (2)                          406,173                0        +  16,954
         Notes and bonds, inflation-indexed (2)                 13,994                0        +   1,752
         Inflation compensation (3)                              1,665        -       3        +     402
      Federal agency (2)                                             0                0        -      10
   Repurchase agreements (4)                                    43,750        +   7,250        +   4,250    
   Loans                                                            62        -     113        +      22
Items in process of collection                    (1,444)        7,793        -   3,103        -   2,498
Bank premises                                                    1,628        +       5        +      85
Other assets (5)                                                38,586        +      89        +   1,555
      Total assets                                (1,444)      772,444        +   4,552        +  40,396
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  689,757        +   1,007        +  35,485
Reverse repurchase agreements (6)                               25,652        +   5,888        +   4,561
Deposits                                              (0)       29,660        -     633        +   1,411       
  Depository institutions                                       23,058        -   2,184        +     517
  U.S. Treasury, general account                                 5,723        +   1,053        +   1,303
  Foreign official                                                 162        +      34        +      26
  Other                                               (0)          717        +     464        -     435
Deferred availability cash items                  (1,444)        7,582        -     980        -   1,877
Other liabilities and accrued dividends (7)                      2,100        -     267        -     117
      Total liabilities                           (1,444)      754,750        +   5,013        +  39,462
                          
Capital Accounts
Capital paid in                                                  8,847        +       4        +     467
Surplus                                                          8,847        +     467        +     467
Other capital accounts                                               0        -     931                0
      Total capital                                             17,694        -     460        +     934


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,  December 31, 2003
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              60       47,733   -   6,715            0           0       43,750       25,652
16 days to 90 days           3      139,347   -     775            0           0            0            0
91 days to 1 year            0      164,071   -      45            0           0     ------      ------
Over 1 to 5 years     ------        187,056   +   7,986            0           0     ------      ------
Over 5 to 10 years    ------         51,312   -       1            0           0     ------      ------
Over 10 years         ------         77,146   -       1            0           0     ------      ------
                   		 	
All                         62      666,665   +     449            0           0       43,750      25,652

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  December 31, 2003
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                      11,039        495      4,706        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                                             722         23         30         37         33         83         82         90         53         23         42        141         84
Securities, repurchase agreements,
      and loans                              710,477     32,230    328,986     20,843     31,238     51,269     45,043     67,384     20,974     14,883     17,919     26,126     53,583
   Securities held outright                  666,665     32,230    285,221     20,843     31,238     51,269     45,037     67,367     20,974     14,881     17,916     26,126     53,563
      U.S. Treasury (1)                      666,665     32,230    285,221     20,843     31,238     51,269     45,037     67,367     20,974     14,881     17,916     26,126     53,563
         Bills (2)                           244,833     11,837    104,747      7,654     11,472     18,828     16,540     24,740      7,703      5,465      6,580      9,595     19,671
         Notes and bonds(3)                  421,832     20,394    180,473     13,188     19,766     32,440     28,497     42,626     13,271      9,416     11,337     16,531     33,892
         Federal agency (2)                        0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements(4)                43,750          0     43,750          0          0          0          0          0          0          0          0          0          0
      Loans                                       62          0         15          0          0          0          5         17          0          2          2          0         20
Items in process of collection                 9,237        531        803        493        595        714        723        942        341        426        596        383      2,689
Bank premises                                  1,628         93        189         53        151        145        278        124         49        125         56        187        178
Other assets(5)                               38,586      1,795     13,556      1,140      2,457      6,299      2,234      3,605        983      1,173        919      1,080      3,345
Interdistrict settlement account                   0    + 3,231    -17,732    +   570    - 2,079    + 2,981    + 3,291    - 6,499    - 1,326    -   136    -    26    + 6,962    +10,764
          Total Assets                       773,888     38,514    331,411     23,599     32,976     62,446     52,680     66,840     21,475     16,749     19,874     35,484     71,840

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  December 31, 2003
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             799,932     38,778    326,690     29,301     33,139     60,135     65,728     67,167     23,248     15,521     21,549     39,749     78,926
  Less: notes held by F.R. Banks              110,176      4,750     23,793      8,288      4,740      9,855     18,415      8,141      3,961      1,335      4,083      7,129     15,685
    Federal Reserve notes, net                689,757     34,028    302,897     21,012     28,399     50,280     47,314     59,026     19,287     14,186     17,466     32,620     63,241
Reverse repurchase agreements (1)              25,652      1,240     10,975        802      1,202      1,973      1,733      2,592        807        573        689      1,005      2,061
Deposits                                       29,660      1,653     11,792        729      1,287      5,203      1,630      2,381        518        575        859      1,041      1,990
  Depository institutions                      23,058      1,633      5,607        719      1,259      5,087      1,608      2,349        509        564        813        953      1,957
  U.S. Treasury, general account                5,723          0      5,723          0          0          0          0          0          0          0          0          0          0
  Foreign official                                162          2        139          1          3          7          2          3          1          1          1          1          3
  Other                                           717         19        324         10         25        108         20         29          9         11         46         88         29
Deferred availability cash items                9,026        576      1,025        451        521        628        855        781        308        650        450        487      2,296
Other liabilities and accrued                 
  dividends (2)                                 2,100        119        661         87        112        214        171        212         99         74         85        109        156
   
    Total liabilities                         756,194     37,617    327,350     23,082     31,522     58,298     51,702     64,992     21,019     16,058     19,550     35,262     69,743
                              
Capital                    
Capital paid in                                 8,847        448      2,031        259        727      2,074        489        924        228        346        162        111      1,048
Surplus                                         8,847        448      2,031        259        727      2,074        489        924        228        346        162        111      1,048
Other capital                                       0          0          0          0          0          0          0          0          0          0          0          0          0
     Total liabilities and capital            773,888     38,514    331,411     23,599     32,976     62,446     52,680     66,840     21,475     16,749     19,874     35,484     71,840
                              

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
                                          Dec 31, 2003
              
Federal Reserve notes outstanding             799,932
   Less: Notes held by F.R. Banks
         not subject to collateralization     110,176
      Federal Reserve Notes to be
         collateralized                       689,757 
Collateral held against Federal Reserve            
   notes                                      689,757
   Gold certificate account                    11,039
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              676,518
   Other assets pledged                             0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         710,415
   Less:face value of securities under
         reverse repurchase agreements         25,658
      U.S. Treasury and agency securities
             eligible to be pledged           684,757
   

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.