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`FEDERAL RESERVE Statistical Release H.4.1Factors Affecting Reserve Balances of Depository Institutions andCondition Statement of Federal Reserve Banks                                                                                          December 26, 20031. Factors Affecting Reserve Balances of Depository InstitutionsMillions of dollars`

|Reserve Bank credit, related items, and                reserve balances of depository institutions at         Federal Reserve Banks | Averages of daily figures | Wednesday Dec 24, 2003
|----------------------------------------------------------------------------------------------------------------------------------- | ------------------------- | ----------------------
|
|
|                                                                                                                                    |                           |                       
|739,526                                                                                                                             | +   7,672                 | +  35,949             
|666,034                                                                                                                             | +     141                 | +  36,624             
|666,034                                                                                                                             | +     141                 | +  36,634             
|244,197                                                                                                                             | +     145                 | +  17,515             
|406,173                                                                                                                             | 0                         | +  16,954             
|13,994                                                                                                                              | 0                         | +   1,752             
|1,670                                                                                                                               | -       4                 | +     414             
|0                                                                                                                                   | 0                         | -      10             
|33,179                                                                                                                              | +   7,608                 | -   1,142             
|70                                                                                                                                  | +      33                 | +      11             
|33                                                                                                                                  | +      28                 | +      33             
|0                                                                                                                                   | 0                         | 0                     
|37                                                                                                                                  | +       5                 | -       9             
|0                                                                                                                                   | 0                         | -      13             
|434                                                                                                                                 | -     471                 | -     644             
|39,810                                                                                                                              | +     362                 | +   1,102             
|11,043                                                                                                                              | 0                         | 0                     
|2,200                                                                                                                               | 0                         | 0                     
|35,461                                                                                                                              | +      14                 | +     895             
|                                                                                                                                    |                           |                       
|788,230                                                                                                                             | +   7,686                 | +  36,844             
|                                                                                                                                    |                           |                       
|718,646                                                                                                                             | +   5,110                 | +  37,123             
|19,430                                                                                                                              | +   1,214                 | -   1,478             
|19,430                                                                                                                              | +   1,464                 | -   1,478             
|0                                                                                                                                   | -     250                 | 0                     
|319                                                                                                                                 | -       4                 | -      42             
|17,197                                                                                                                              | -     722                 | +   1,012             
|4,701                                                                                                                               | -     921                 | +      23             
|96                                                                                                                                  | +       7                 | -      18             
|12,154                                                                                                                              | +     187                 | +     973             
|11,846                                                                                                                              | 0                         | +   1,394             
|308                                                                                                                                 | +     186                 | -     421             
|247                                                                                                                                 | +       6                 | +      35             
|20,759                                                                                                                              | -      74                 | +     318             
|                                                                                                                                    |                           |                       
|                                                                                                                                    |                           |                       
|776,352                                                                                                                             | +   5,525                 | +  36,935             
|                                                                                                                                    |                           |                       
|11,878                                                                                                                              | +   2,161                 | -      91             
|                                                                                                                                    |                           |                       
|                                                                                                                                    |                           |                       
|                                                                                                                                    |                           |                       
|                                                                                                                                    |                           |                       
|1,060,521                                                                                                                           | +   6,502                 | + 211,654             
|847,720                                                                                                                             | +   6,688                 | + 161,723             
|212,801                                                                                                                             | -     187                 | +  49,931             
|2,063                                                                                                                               | +     432                 | +   1,759             

`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 BanksMillions of Dollars`

|Assets, liabilities, and capital | Eliminationsfromconsolidation |           | Change Since
|-------------------------------- | ----------------------------- | --------- | ------------
|
|                                 |                               |           |             
|                                 | 11,039                        | 0         | 0           
|                                 | 2,200                         | 0         | 0           
|                                 | 747                           | -      15 | -     264   
|                                 | 702,891                       | +  11,887 | +  36,170   
|                                 | 666,216                       | +     263 | +  36,804   
|                                 | 666,216                       | +     263 | +  36,814   
|                                 | 244,381                       | +     268 | +  17,699   
|                                 | 406,173                       | 0         | +  16,954   
|                                 | 13,994                        | 0         | +   1,752   
|                                 | 1,668                         | -       4 | +     410   
|                                 | 0                             | 0         | -      10   
|                                 | 36,500                        | +  11,500 | -     750   
|                                 | 175                           | +     125 | +     116   
|(967)                            | 10,896                        | +     785 | -   2,343   
|                                 | 1,623                         | +      13 | +      83   
|                                 | 38,497                        | +     409 | +   1,140   
|(967)                            | 767,892                       | +  13,080 | +  34,785   
|                                 |                               |           |             
|                                 |                               |           |             
|                                 | 688,750                       | +   7,102 | +  36,859   
|                                 | 19,764                        | +   2,107 | -     632   
|(0)                              | 30,293                        | +   3,783 | +     589   
|                                 | 25,242                        | +   6,507 | +     541   
|                                 | 4,670                         | -   2,785 | +       8   
|                                 | 128                           | +      45 | -      11   
|(0)                              | 253                           | +      17 | +      50   
|(967)                            | 8,562                         | +     230 | -   1,885   
|                                 | 2,367                         | +      37 | -      94   
|(967)                            | 749,737                       | +  13,260 | +  34,839   
|                                 |                               |           |             
|                                 |                               |           |             
|                                 | 8,843                         | +       4 | +     461   
|                                 | 8,380                         | 0         | +   1,068   
|                                 | 931                           | -     186 | -   1,585   
|                                 | 18,154                        | -     182 | -      55   

`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 24, 2003Millions of dollars`

|Maturity | Loans   | U.S. Treasury   securities (1) | Federal agency securities | Repurchaseagreements(2) | Reverserepurchaseagreements(2)
|-------- | ------- | ------------------------------ | ------------------------- | ----------------------- | ------------------------------
|
|175      | 54,448  | +  16,180                      | 0                         | 0                       | 36,500                        
|0        | 140,122 | -  15,822                      | 0                         | 0                       | 0                             
|0        | 164,116 | -      92                      | 0                         | 0                       | ------                        
|------   | 179,070 | -       1                      | 0                         | 0                       | ------                        
|------   | 51,313  | -       2                      | 0                         | 0                       | ------                        
|------   | 77,147  | -       2                      | 0                         | 0                       | ------                        
|         |         |                                |                           |                         |                               
|175      | 666,216 | +     263                      | 0                         | 0                       | 36,500                        

`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 24, 2003Millions of dollars`

|Assets, liabilities, and capital | Total   | Boston  | New York | Philadelphia | Cleveland | Richmond | Atlanta | Chicago | St. Louis | Minneapolis | Kansas City | Dallas  | SanFrancisco
|-------------------------------- | ------- | ------- | -------- | ------------ | --------- | -------- | ------- | ------- | --------- | ----------- | ----------- | ------- | ------------
|                                 |         |         |          |              |           |          |         |         |           |             |             |        
|11,039                           | 495     | 4,706   | 380      | 477          | 808       | 863      | 982     | 331     | 224       | 303         | 507         | 963    
|2,200                            | 115     | 874     | 83       | 104          | 147       | 166      | 212     | 71      | 30        | 66          | 98          | 234    
|747                              | 25      | 33      | 39       | 36           | 84        | 86       | 92      | 53      | 24        | 43          | 143         | 89     
|                                 |         |         |          |              |           |          |         |         |           |             |             |        
|702,891                          | 32,209  | 321,529 | 20,829   | 31,217       | 51,234    | 45,012   | 67,344  | 20,960  | 14,882    | 17,911      | 26,109      | 53,657 
|666,216                          | 32,209  | 285,029 | 20,829   | 31,217       | 51,234    | 45,007   | 67,321  | 20,960  | 14,871    | 17,904      | 26,109      | 53,527 
|666,216                          | 32,209  | 285,029 | 20,829   | 31,217       | 51,234    | 45,007   | 67,321  | 20,960  | 14,871    | 17,904      | 26,109      | 53,527 
|244,381                          | 11,815  | 104,554 | 7,640    | 11,451       | 18,794    | 16,509   | 24,695  | 7,689   | 5,455     | 6,568       | 9,577       | 19,635 
|421,836                          | 20,394  | 180,475 | 13,188   | 19,766       | 32,440    | 28,498   | 42,627  | 13,271  | 9,416     | 11,337      | 16,532      | 33,892 
|0                                | 0       | 0       | 0        | 0            | 0         | 0        | 0       | 0       | 0         | 0           | 0           | 0      
|36,500                           | 0       | 36,500  | 0        | 0            | 0         | 0        | 0       | 0       | 0         | 0           | 0           | 0      
|175                              | 0       | 0       | 0        | 0            | 0         | 5        | 22      | 0       | 11        | 6           | 0           | 130    
|11,863                           | 1,034   | 1,281   | 684      | 1,078        | 662       | 1,212    | 849     | 639     | 433       | 647         | 438         | 2,905  
|1,623                            | 92      | 190     | 53       | 150          | 144       | 277      | 124     | 51      | 125       | 56          | 181         | 178    
|38,497                           | 1,790   | 13,536  | 1,138    | 2,439        | 6,256     | 2,226    | 3,588   | 987     | 1,182     | 924         | 1,093       | 3,338  
|0                                | + 2,952 | -11,592 | +   901  | - 2,318      | -   264   | + 3,221  | - 6,897 | - 1,693 | -   453   | -   213     | + 6,570     | + 9,787
|768,859                          | 38,712  | 330,556 | 24,106   | 33,184       | 59,070    | 53,063   | 66,294  | 21,400  | 16,446    | 19,738      | 35,139      | 71,151 

`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 24, 2003Millions of dollars`

|Assets, liabilities, and capital | Total  | Boston  | New York | Philadelphia | Cleveland | Richmond | Atlanta | Chicago | St. Louis | Minneapolis | KansasCity | Dallas | SanFrancisco
|-------------------------------- | ------ | ------- | -------- | ------------ | --------- | -------- | ------- | ------- | --------- | ----------- | ---------- | ------ | ------------
|                                 |        |         |          |              |           |          |         |         |           |             |            |       
|801,244                          | 38,808 | 326,915 | 29,391   | 33,214       | 60,221    | 65,999   | 67,283  | 23,289  | 15,538    | 21,601      | 39,830     | 79,156
|112,494                          | 4,823  | 24,006  | 8,293    | 4,900        | 10,260    | 18,415   | 8,550   | 4,085   | 1,400     | 4,126       | 7,179      | 16,456
|688,750                          | 33,985 | 302,908 | 21,098   | 28,314       | 49,961    | 47,583   | 58,733  | 19,204  | 14,138    | 17,475      | 32,651     | 62,700
|19,764                           | 956    | 8,456   | 618      | 926          | 1,520     | 1,335    | 1,997   | 622     | 441       | 531         | 775        | 1,588 
|30,293                           | 2,054  | 13,184  | 1,385    | 1,678        | 2,462     | 1,923    | 2,606   | 670     | 711       | 827         | 764        | 2,030 
|25,242                           | 2,051  | 8,253   | 1,383    | 1,673        | 2,368     | 1,921    | 2,601   | 667     | 710       | 825         | 763        | 2,027 
|4,670                            | 0      | 4,670   | 0        | 0            | 0         | 0        | 0       | 0       | 0         | 0           | 0          | 0     
|128                              | 2      | 105     | 1        | 3            | 7         | 2        | 3       | 1       | 1         | 1           | 1          | 3     
|253                              | 1      | 155     | 1        | 3            | 86        | 0        | 1       | 2       | 0         | 1           | 1          | 0     
|9,529                            | 666    | 1,162   | 378      | 654          | 652       | 1,022    | 836     | 327     | 366       | 441         | 518        | 2,508 
|                                 |        |         |          |              |           |          |         |         |           |             |            |       
|2,367                            | 134    | 720     | 94       | 130          | 275       | 187      | 235     | 106     | 88        | 88          | 120        | 191   
|                                 |        |         |          |              |           |          |         |         |           |             |            |       
|750,704                          | 37,794 | 326,429 | 23,573   | 31,703       | 54,869    | 52,051   | 64,407  | 20,928  | 15,744    | 19,362      | 34,827     | 69,017
|                                 |        |         |          |              |           |          |         |         |           |             |            |       
|                                 |        |         |          |              |           |          |         |         |           |             |            |       
|8,843                            | 448    | 2,028   | 259      | 729          | 2,074     | 490      | 917     | 232     | 345       | 162         | 111        | 1,048 
|8,380                            | 436    | 1,809   | 233      | 702          | 2,073     | 475      | 858     | 199     | 340       | 201         | 186        | 868   
|931                              | 33     | 290     | 42       | 50           | 54        | 46       | 113     | 40      | 18        | 13          | 15         | 218   
|768,859                          | 38,712 | 330,556 | 24,106   | 33,184       | 59,070    | 53,063   | 66,294  | 21,400  | 16,446    | 19,738      | 35,139     | 71,151

`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' AccountsMillions of dollars`

|Federal Reserve notes and collateral | Wednesday Dec 24, 2003
|------------------------------------ | ----------------------
|801,244                             
|                                    
|112,494                             
|                                    
|688,750                             
|                                    
|688,750                             
|11,039                              
|                                    
|2,200                               
|                                    
|675,512                             
|0                                   
|                                    
|                                    
|                                    
|702,716                             
|                                    
|19,769                              
|                                    
|682,947                             

`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.`

Statistical releases

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