Reserve Bank credit, related items, and

reserve balances of depository institutions

at Federal Reserve Banks

Reserve Bank credit 754,955 + 2,698 + 36,560 757,305

Securities held outright 687,668 + 569 + 35,225 687,893

U.S. Treasury1 687,668 + 569 + 35,235 687,893

Bills2 254,558 + 550 + 15,273 254,776

Notes and bonds, nominal2 416,694 0 + 17,841 416,694

Notes and bonds, inflation-indexed2 14,464 0 + 1,650 14,464

Inflation compensation3 1,951 + 19 + 471 1,958

Federal agency2 0 0 - 10 0

Repurchase agreements4 27,179 + 1,929 + 1,179 28,000

Loans to depository institutions 224 + 2 + 125 225

Primary credit 59 + 1 + 51 53

Secondary credit 0 0 0 0

Seasonal credit 165 + 1 + 74 172

Float -17 - 10 - 637 1,075

Other Federal Reserve assets 39,901 + 208 + 668 40,113

Gold stock 11,045 0 + 1 11,045

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

Treasury currency outstanding5 35,968 + 14 + 887 35,968

Total factors supplying reserve funds 804,167 + 2,711 + 37,448 806,517

Currency in circulation5 736,212 + 6,888 + 38,350 738,117

Reverse repurchase agreements6 19,958 + 1,464 - 886 19,828

Foreign official and international accounts 19,958 + 1,464 - 886 19,828

Dealers 0 0 0 0

Treasury cash holdings 303 - 4 - 24 302

Deposits with F.R. Banks, other than reserve balances 15,819 - 1,357 - 1,923 14,126

U.S. Treasury, general account 4,541 - 1,420 - 1,677 2,915

Foreign official 155 + 37 - 124 84

Service-related 10,863 + 1 - 153 10,863

Required clearing balances 10,863 + 1 + 25 10,863

Adjustments to compensate for float 0 0 - 178 0

Other 261 + 26 + 32 264

Other liabilities and capital 21,629 - 296 + 1,812 21,510

Total factors, other than reserve balances,

absorbing reserve funds 793,920 + 6,694 + 37,329 793,884

Reserve balances with Federal Reserve Banks 10,247 - 3,983 + 119 12,634

Memo (off-balance-sheet items):

Marketable securities held in custody for foreign

 official and international accounts2,7 1,235,553 + 10,094 + 289,933 1,235,128

U.S. Treasury 999,289 + 7,755 + 238,396 998,603

Federal agency 236,263 + 2,338 + 51,537 236,525

Securities lent to dealers 2,299 + 3 + 704 999

FEDERAL RESERVE statistical release

 July 8, 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

 Jul 7, 2004 Week ended

 Jul 7, 2004 Jun 30, 2004 Jul 9, 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 11,040 0 + 1

Special drawing rights certificate account 2,200 0 0

Coin 712 - 32 - 162

Securities, repurchase agreements, and loans 716,117 - 5,096 + 34,302

Securities held outright 687,893 + 502 + 35,432

U.S. Treasury1 687,893 + 502 + 35,442

Bills2 254,776 + 481 + 15,471

Notes and bonds, nominal2 416,694 0 + 17,841

Notes and bonds, inflation-indexed2 14,464 0 + 1,650

Inflation compensation3 1,958 + 22 + 479

Federal agency2 0 0 - 10

Repurchase agreements4 28,000 - 5,500 - 1,250

Loans 225 - 98 + 121

Items in process of collection (521) 9,066 + 3,105 - 1,044

Bank premises 1,697 - 5 + 115

Other assets5 38,395 + 631 + 683

Total assets (521) 779,227 - 1,397 + 33,895

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 703,159 + 4,973 + 39,630

Reverse repurchase agreements6 19,828 + 600 - 426

Deposits ( 0 ) 26,739 - 9,427 - 6,740

Depository institutions 23,476 - 6,152 - 3,095

U.S. Treasury, general account 2,915 - 3,117 - 3,441

Foreign official 84 - 196 - 243

Other ( 0 ) 264 + 38 + 39

Deferred availability cash items (521) 7,991 + 2,146 - 404

Other liabilities and accrued dividends7 2,325 + 59 + 218

Total liabilities (521) 760,042 - 1,650 + 32,278

Capital accounts

Capital paid in 9,251 + 25 + 591

Surplus 8,847 0 + 469

Other capital accounts 1,087 + 228 + 558

Total capital 19,185 + 253 + 1,618

H.4.1

2. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Wednesday

 Jul 9, 2003

Eliminations from

consolidation Wednesday

 Jul 7, 2004

Wednesday

 Jun 30, 2004

3. Maturity Distribution of Loans and Securities, July 7, 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 59 46,828 - 501 0 0 28,000 19,828

16 days to 90 days 166 163,730 + 8,379 0 0 0 0

91 days to 1 year 0 161,187 - 7,398 0 0 . . . . . . 

Over 1 year to 5 years . . . 187,811 + 8 0 0 . . . . . . 

Over 5 years to 10 years . . . 51,591 + 5 0 0 . . . . . . 

Over 10 years . . . 76,745 + 8 0 0 . . . . . . 

All 225 687,893 + 502 0 0 28,000 19,828

Assets, liabilities, and capital

Maturity
H.4.1

4. Statement of Condition of Each Federal Reserve Bank on July 7, 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.

 11,040 2,200 712 716,117 687,893 687,893 254,776 433,117 0 28,000 225 9,586 1,697 38,395 0 779,748

Assets, liabilities, and capital

 4,650 874 29 326,279 298,279 298,279 110,474 187,805 0 28,000 0 440 191 13,818 -32,342 313,941

 494 115 25 32,302 32,302 32,302 11,964 20,338 0 0 0 762 96 1,739 + 2,753 38,286

 382 83 38 20,460 20,460 20,460 7,578 12,882 0 0 0 492 52 1,148 + 3,647 26,302

 452 104 33 29,394 29,394 29,394 10,887 18,507 0 0 0 1,016 154 2,347 + 286 33,786

 819 147 64 52,333 52,283 52,283 19,364 32,919 0 0 50 574 145 5,999 + 341 60,421

 894 166 77 46,399 46,390 46,390 17,181 29,208 0 0 9 850 279 2,195 + 8,275 59,133

 924 212 82 62,027 61,964 61,964 22,950 39,015 0 0 62 595 135 3,468 + 557 67,999

 325 71 57 20,234 20,210 20,210 7,485 12,725 0 0 24 425 53 999 + 1,265 23,428

 2   15,0 15,0 15,0 5,5 9,4    4 1 1,1 - 5 16,5
 815,593

 112,434 703,159 703,159 11,040 2,200 689,919 0 715,893 19,834 696,059

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.

 815,593 112,434 703,159 19,828 26,739 23,476 2,915 84 264 8,512 2,325 760,563 9,251 8,847 1,087 779,748

 37,518 3,689 33,829 931 1,654 1,650 0 2 3 702 128 37,244 506 448 87 38,286

 317,556 28,772 288,784 8,598 10,576 7,440 2,915 61 161 758 757 309,473 2,116 2,031 321 313,941

 31,418 8,134 23,284 590 1,204 1,202 0 1 1 559 92 25,729 278 259 36 26,302

 34,153 5,381 28,773 847 1,783 1,781 0 2 0 740 116 32,259 758 727 42 33,786

 61,305 10,487 50,818 1,507 3,081 2,979 0 7 95 547 233 56,185 2,077 2,074 85 60,421

 70,896 17,029 53,867 1,337 1,792 1,790 0 2 0 891 189 58,078 510 489 57 59,133

 67,717 6,897 60,820 1,786 2,376 2,372 0 3 1 683 224 65,889 1,028 924 158 67,999

 24,459 3,082 21,377 583 633 630 0 1 2 250 104 22,946 232 228 21 23,428

 15,4 1,0 14,4 4 4 4    5  15,9 2 3  16,5

H.4.1

4. Statement of Condition of Each Federal Reserve Bank on July 7, 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

 Jul 7, 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.