FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                               May 20, 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           May 19, 2004 May 12, 2004 May 21, 2003 May 19, 2004
Federal Reserve Banks

Reserve Bank Credit                                         740,495    -     816    +  28,693      737,621
 Securities held outright                                   679,574    +   1,748    +  29,171      679,618       
    U.S. Treasury (1)                                       679,574    +   1,748    +  29,181      679,618
       Bills (2)                                            250,195    +      32    +  12,805      250,230
       Notes and bonds, nominal (2)                         413,080    +   1,692    +  14,373      413,080
       Notes and bonds, inflation-indexed (2)                14,464            0    +   1,650       14,464
       Inflation compensation (3)                             1,835    +      24    +     353        1,844
    Federal agency (2)                                            0            0    -      10            0      
 Repurchase agreements(4)                                    22,000    -   1,071    -   2,608       21,250
 Loans to depository institutions                               105    -       5    +      49          111
    Primary credit                                                2    -      14            0            1
    Secondary credit                                              0            0            0            0
    Seasonal credit                                             104    +      11    +      50          110
 Float                                                         -483    -     100    +     386         -729
 Other Federal Reserve assets                                39,299    -   1,388    +   1,696       37,370
Gold stock                                                   11,045            0    +       2       11,045
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            35,755    +      14    +     813       35,755
       
Total factors supplying reserve funds                       789,496    -     801    +  29,510      786,621
                                                                   
Currency in circulation(5)                                  719,671    +     241    +  29,735      721,297
Reverse repurchase agreements (6)                            18,884    -     921    -   1,531       18,273
   Foreign official and international accounts               18,884    -     921    -   1,531       18,273
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          324    +      14    -      26          332
Deposits with F.R.Banks, other than reserve balances         15,688    -     682    -   2,875       14,583       
  U.S. Treasury, general account                              5,333    -     102    -   1,566        4,451
  Foreign official                                              282    +     179    +     166           80
  Service-related                                             9,786    -     776    -   1,494        9,786
     Required clearing balances                               9,786    -     776    -   1,033        9,786
     Adjustments to compensate for float                          0            0    -     461            0
  Other                                                         287    +      17    +      21          266
Other liabilities and capital                                20,742    -      89    +     462       21,006

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  775,310    -   1,436    +  25,767      775,491

Reserve balances with Federal Reserve Banks                  14,185    +     634    +   3,742       11,130
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)         1,199,756    +   7,023    + 282,943    1,209,385
     U.S. Treasury                                          967,313    +   3,878    + 234,330      975,668
     Federal agency                                         232,443    +   3,145    +  48,614      233,717
  Securities lent to dealers                                  2,422    +   1,360    +   1,394        4,914   


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 May 19, 2004     May 12, 2004     May 21, 2003

Assets
Gold certificate account                                        11,041                0        +       2
Special drawing rights certificate account                       2,200                0                0
Coin                                                               757        -      20        -     193
Securities, repurchase agreements, and loans                   700,979        -   4,282        +  23,938
   Securities held outright                                    679,618        +   1,783        +  28,883
      U.S. Treasury (1)                                        679,618        +   1,783        +  28,893       
         Bills (2)                                             250,230        +      67        +  12,662
         Notes and bonds, nominal (2)                          413,080        +   1,692        +  14,227
         Notes and bonds, inflation-indexed (2)                 14,464                0        +   1,650
         Inflation compensation (3)                              1,844        +      24        +     355
      Federal agency (2)                                             0                0        -      10
   Repurchase agreements (4)                                    21,250        -   6,000        -   5,001    
   Loans                                                           111        -      65        +      56
Items in process of collection                    (1,105)        5,504        -     224        -   1,105
Bank premises                                                    1,676        +       4        +      95
Other assets (5)                                                35,634        -   3,398        -     574
      Total assets                                (1,105)      757,791        -   7,920        +  22,163
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  686,626        +     565        +  28,317
Reverse repurchase agreements (6)                               18,273        -     438        -   2,436
Deposits                                              (0)       25,658        -   8,153        -   3,486       
  Depository institutions                                       20,861        -   7,660        -     301
  U.S. Treasury, general account                                 4,451        -     498        -   3,157
  Foreign official                                                  80        -       3        -      46
  Other                                               (0)          266        +       7        +      19
Deferred availability cash items                  (1,105)        6,228        -     351        -   1,270
Other liabilities and accrued dividends (7)                      2,341        +      24        +      37
      Total liabilities                           (1,105)      739,127        -   8,354        +  21,163
                          
Capital Accounts
Capital paid in                                                  9,080        +       8        +     518
Surplus                                                          8,847        +      39        +     467
Other capital accounts                                             738        +     388        +      16
      Total capital                                             18,665        +     435        +   1,001


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,       May 19, 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              99       56,046   -   2,901            0           0       21,250       18,273
16 days to 90 days          12      147,682   +   1,374            0           0            0            0
91 days to 1 year            0      164,308   +   4,121            0           0     ------      ------
Over 1 to 5 years     ------        184,387   -     494            0           0     ------      ------
Over 5 to 10 years    ------         50,576   +     543            0           0     ------      ------
Over 10 years         ------         76,618   -     861            0           0     ------      ------
                   		 	
All                        111      679,618   +   1,783            0           0       21,250      18,273

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       May 19, 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                                             757         34         35         46         38         68         75         97         52         27         44        140        103
Securities, repurchase agreements,
      and loans                              700,979     31,918    315,941     20,214     29,040     51,654     45,835     61,265     19,981     14,857     17,867     30,988     61,420
   Securities held outright                  679,618     31,913    294,691     20,214     29,040     51,654     45,832     61,219     19,967     14,823     17,859     30,987     61,419
      U.S. Treasury (1)                      679,618     31,913    294,691     20,214     29,040     51,654     45,832     61,219     19,967     14,823     17,859     30,987     61,419
         Bills (2)                           250,230     11,750    108,503      7,442     10,692     19,019     16,875     22,540      7,352      5,458      6,576     11,409     22,614
         Notes and bonds(3)                  429,388     20,163    186,188     12,771     18,348     32,635     28,957     38,679     12,615      9,366     11,284     19,578     38,805
         Federal agency (2)                        0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements(4)                21,250          0     21,250          0          0          0          0          0          0          0          0          0          0
      Loans                                      111          5          0          0          0          0          3         46         15         33          7          1          1
Items in process of collection                 6,609        318        388        509        403        326        649        462        262        404        388        353      2,146
Bank premises                                  1,676         96        191         52        153        145        278        131         51        124         74        200        180
Other assets(5)                               35,634      1,611     12,759      1,040      2,207      5,693      2,018      3,202        931      1,063        728        882      3,502
Interdistrict settlement account                   0    + 2,821    -22,878    + 2,743    - 1,642    +   184    + 2,353    +   151    +   454    -   428    + 1,517    + 3,898    +10,828
          Total Assets                       758,896     37,407    311,961     25,068     30,756     59,036     52,268     66,443     22,127     16,294     20,986     37,084     79,468

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       May 19, 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             808,058     38,068    320,405     30,560     32,000     59,155     66,175     68,053     23,482     15,533     23,021     41,898     89,709
  Less: notes held by F.R. Banks              121,431      4,383     29,417      8,460      5,678     10,795     20,213      7,887      3,323      1,287      4,139      7,133     18,715
    Federal Reserve notes, net                686,626     33,685    290,988     22,099     26,321     48,360     45,962     60,166     20,158     14,247     18,883     34,764     70,994
Reverse repurchase agreements (1)              18,273        858      7,923        543        781      1,389      1,232      1,646        537        399        480        833      1,651
Deposits                                       25,658      1,154      7,223      1,241      1,611      4,395      2,981      1,938        645        433        763        746      2,529
  Depository institutions                      20,861      1,137      2,561      1,240      1,606      4,300      2,979      1,934        641        432        761        745      2,525
  U.S. Treasury, general account                4,451          0      4,451          0          0          0          0          0          0          0          0          0          0
  Foreign official                                 80          2         57          1          2          7          2          3          1          1          1          0          4
  Other                                           266         16        154          0          2         88          0          0          3          0          1          0          0
Deferred availability cash items                7,332        560        674        525        419        482        876        588        199        506        450        346      1,707
Other liabilities and accrued                 
  dividends (2)                                 2,341        134        733         94        123        260        188        222        105         82         84        122        193
   
    Total liabilities                         740,231     36,392    307,541     24,503     29,255     54,886     51,239     64,560     21,644     15,666     20,660     36,811     77,074
                              
Capital                    
Capital paid in                                 9,080        506      2,109        278        738      2,063        502        914        232        266        152        127      1,193
Surplus                                         8,847        448      2,031        259        727      2,074        489        924        228        346        162        111      1,048
Other capital                                     738         60        280         28         36         13         38         45         22         17         11         36        152
     Total liabilities and capital            758,896     37,407    311,961     25,068     30,756     59,036     52,268     66,443     22,127     16,294     20,986     37,084     79,468
                              

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
                                          May 19, 2004
              
Federal Reserve notes outstanding             808,058
   Less: Notes held by F.R. Banks
         not subject to collateralization     121,431
      Federal Reserve Notes to be
         collateralized                       686,626 
Collateral held against Federal Reserve            
   notes                                      686,626
   Gold certificate account                    11,041
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              673,386
   Other assets pledged                             0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         700,868
   Less:face value of securities under
         reverse repurchase agreements         18,277
      U.S. Treasury and agency securities
             eligible to be pledged           682,591
   

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.