Reserve Bank credit, related items, and

reserve balances of depository institutions

at Federal Reserve Banks

Reserve Bank credit 752,257 + 3,822 + 32,780 760,868

Securities held outright 687,099 + 2,056 + 34,937 687,391

U.S. Treasury1 687,099 + 2,056 + 34,947 687,391

Bills2 254,008 + 2,044 + 15,010 254,295

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 1,932 + 12 + 446 1,936

Federal agency2 0 0 - 10 0

Repurchase agreements4 25,250 + 1,000 - 3,464 33,500

Loans to depository institutions 222 + 25 + 34 323

Primary credit 58 + 4 - 41 154

Secondary credit 0 0 0 0

Seasonal credit 164 + 21 + 75 169

Float -6 + 257 + 621 165

Other Federal Reserve assets 39,693 + 485 + 653 39,490

Gold stock 11,045 0 + 1 11,045

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

Treasury currency outstanding5 35,954 + 14 + 889 35,954

Total factors supplying reserve funds 801,456 + 3,836 + 33,670 810,066

Currency in circulation5 729,324 + 4,450 + 35,712 733,098

Reverse repurchase agreements6 18,494 - 228 - 4,635 19,228

Foreign official and international accounts 18,494 - 228 - 4,635 19,228

Dealers 0 0 0 0

Treasury cash holdings 307 - 8 - 53 303

Deposits with F.R. Banks, other than reserve balances 17,176 - 479 - 706 17,400

U.S. Treasury, general account 5,961 - 1,073 - 126 6,032

Foreign official 118 + 15 - 294 280

Service-related 10,862 + 569 - 274 10,862

Required clearing balances 10,862 + 569 + 24 10,862

Adjustments to compensate for float 0 0 - 297 0

Other 235 + 10 - 13 226

Other liabilities and capital 21,925 + 218 + 1,880 21,198

Total factors, other than reserve balances,

absorbing reserve funds 787,226 + 3,954 + 32,198 791,228

Reserve balances with Federal Reserve Banks 14,230 - 118 + 1,472 18,839

Memo (off-balance-sheet items):

Marketable securities held in custody for foreign

 official and international accounts2,7 1,225,459 + 1,519 + 282,181 1,240,217

U.S. Treasury 991,534 + 1,431 + 234,473 1,005,658

Federal agency 233,925 + 88 + 47,708 234,559

Securities lent to dealers 2,296 + 1,316 - 2,279 5,503

FEDERAL RESERVE statistical release

 July 1, 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

 Jun 30, 2004 Week ended

 Jun 30, 2004 Jun 23, 2004 Jul 2, 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 - 1 + 1

Special drawing rights certificate account 2,200 0 0

Coin 744 - 10 - 160

Securities, repurchase agreements, and loans 721,213 + 3,871 + 42,759

Securities held outright 687,391 + 2,214 + 35,028

U.S. Treasury1 687,391 + 2,214 + 35,038

Bills2 254,295 + 2,201 + 15,094

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

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

Inflation compensation3 1,936 + 12 + 452

Federal agency2 0 0 - 10

Repurchase agreements4 33,500 + 1,500 + 7,500

Loans 323 + 158 + 231

Items in process of collection (783) 5,961 + 401 - 3,496

Bank premises 1,702 + 11 + 121

Other assets5 37,764 + 69 + 364

Total assets (783) 780,624 + 4,341 + 39,589

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 698,186 + 5,179 + 33,711

Reverse repurchase agreements6 19,228 + 1,763 - 1,817

Deposits ( 0 ) 36,166 - 2,003 + 9,744

Depository institutions 29,628 - 1,029 + 9,609

U.S. Treasury, general account 6,032 - 1,170 + 325

Foreign official 280 + 198 - 196

Other ( 0 ) 226 - 1 + 6

Deferred availability cash items (783) 5,845 - 157 - 3,612

Other liabilities and accrued dividends7 2,266 - 285 + 165

Total liabilities (783) 761,692 + 4,498 + 38,192

Capital accounts

Capital paid in 9,226 + 2 + 567

Surplus 8,847 0 + 467

Other capital accounts 859 - 159 + 363

Total capital 18,932 - 157 + 1,397

H.4.1

2. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Wednesday

 Jul 2, 2003

Eliminations from

consolidation Wednesday

 Jun 30, 2004

Wednesday

 Jun 23, 2004

3. Maturity Distribution of Loans and Securities, June 30, 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 276 47,329 - 7,359 0 0 33,500 19,228

16 days to 90 days 47 155,351 + 1,927 0 0 0 0

91 days to 1 year 0 168,585 + 7,050 0 0 . . . . . . 

Over 1 year to 5 years . . . 187,803 + 588 0 0 . . . . . . 

Over 5 years to 10 years . . . 51,586 + 3 0 0 . . . . . . 

Over 10 years . . . 76,737 + 5 0 0 . . . . . . 

All 323 687,391 + 2,214 0 0 33,500 19,228

Assets, liabilities, and capital

Maturity
H.4.1

4. Statement of Condition of Each Federal Reserve Bank on June 30, 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 2,200 744 721,213 687,391 687,391 254,295 433,095 0 33,500 323 6,744 1,702 37,764 0 781,407

Assets, liabilities, and capital

 4,650 874 31 331,562 298,062 298,062 110,266 187,796 0 33,500 0 341 191 13,606 -32,042 319,214

 494 115 27 32,278 32,278 32,278 11,941 20,337 0 0 0 449 96 1,708 + 2,943 38,110

 382 83 40 20,445 20,445 20,445 7,563 12,881 0 0 0 386 52 1,130 + 3,706 26,224

 452 104 36 29,373 29,372 29,372 10,866 18,506 0 0 1 348 154 2,309 - 116 32,660

 819 147 66 52,245 52,245 52,245 19,328 32,917 0 0 0 374 145 5,911 + 110 59,817

 894 166 79 46,363 46,356 46,356 17,149 29,207 0 0 7 783 279 2,151 + 7,425 58,140

 924 212 86 62,088 61,919 61,919 22,907 39,013 0 0 169 489 134 3,408 + 692 68,034

 325 71 57 20,219 20,195 20,195 7,471 12,724 0 0 24 361 53 978 + 1,139 23,203

 2   15,0 14,9 14,9 5,5 9,4    4 1 1,1 - 4 16,5
 815,194

 117,008 698,186 698,186 11,040 2,200 684,946 0 720,891 19,234 701,657

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.

 815,194 117,008 698,186 19,228 36,166 29,628 6,032 280 226 6,628 2,266 762,475 9,226 8,847 859 781,407

 37,572 3,910 33,662 903 1,993 1,981 0 2 10 398 124 37,079 506 448 77 38,110

 317,788 29,536 288,251 8,338 16,869 10,427 6,032 257 153 587 745 314,791 2,118 2,031 275 319,214

 31,520 8,358 23,162 572 1,366 1,365 0 1 0 468 90 25,658 278 259 29 26,224

 33,774 5,547 28,227 822 1,568 1,565 0 2 0 452 112 31,180 733 727 20 32,660

 61,152 10,762 50,390 1,461 3,021 2,957 0 7 57 536 223 55,632 2,077 2,074 34 59,817

 70,544 18,048 52,496 1,297 2,370 2,368 0 2 0 753 183 57,098 510 489 43 58,140

 67,757 7,416 60,341 1,732 3,088 3,084 0 3 1 570 213 65,944 1,028 924 138 68,034

 24,328 3,128 21,200 565 718 714 0 1 3 151 103 22,736 232 228 7 23,203

 15,4 1,1 14,3 4 4 4    5  15,8 2 3  16,5

H.4.1

4. Statement of Condition of Each Federal Reserve Bank on June 30, 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

 Jun 30, 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.