Reserve Bank credit, related items, and

reserve balances of depository institutions

at Federal Reserve Banks

Reserve Bank credit 731,279 - 5,713 + 32,298 732,458

Securities held outright 673,518 + 432 + 33,389 673,995

U.S. Treasury1 673,518 + 432 + 33,399 673,995

Bills2 246,469 + 61 + 14,577 246,469

Notes and bonds, nominal2 410,917 + 354 + 16,296 411,388

Notes and bonds, inflation-indexed2 14,464 0 + 2,140 14,464

Inflation compensation3 1,668 + 18 + 386 1,674

Federal agency2 0 0 - 10 0

Repurchase agreements4 18,786 - 6,393 - 500 19,750

Loans to depository institutions 62 - 13 + 52 48

Primary credit 26 - 22 + 24 6

Secondary credit 0 0 0 0

Seasonal credit 36 + 9 + 28 42

Float -776 - 88 - 2,185 -1,179

Other Federal Reserve assets 39,690 + 349 + 1,543 39,844

Gold stock 11,045 0 + 2 11,045

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

Treasury currency outstanding5 35,643 + 14 + 867 35,643

Total factors supplying reserve funds 780,167 - 5,700 + 33,167 781,347

Currency in circulation5 714,061 + 193 + 29,542 714,914

Reverse repurchase agreements6 19,239 + 144 + 919 19,987

Foreign official and international accounts 19,239 + 144 + 919 19,987

Dealers 0 0 0 0

Treasury cash holdings 339 + 16 - 55 347

Deposits with F.R. Banks, other than reserve balances 16,258 - 1,041 - 1,525 15,282

U.S. Treasury, general account 5,371 - 366 - 545 4,404

Foreign official 80 - 6 - 160 80

Service-related 10,551 - 578 - 861 10,551

Required clearing balances 10,409 - 477 - 568 10,409

Adjustments to compensate for float 142 - 101 - 293 142

Other 256 - 91 + 41 247

Other liabilities and capital 20,964 + 428 + 1,552 20,707

Total factors, other than reserve balances,

absorbing reserve funds 770,861 - 260 + 30,433 771,236

Reserve balances with Federal Reserve Banks 9,306 - 5,440 + 2,735 10,111

Memo (off-balance-sheet items):

Marketable securities held in custody for foreign

 official and international accounts2,7 1,176,184 + 7,914 + 281,076 1,170,893

U.S. Treasury 936,651 + 3,517 + 221,081 932,809

Federal agency 239,533 + 4,397 + 59,995 238,084

Securities lent to dealers 1,741 - 998 - 1,017 1,667

FEDERAL RESERVE statistical release

 March 25, 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

 Mar 24, 2004 Week ended

 Mar 24, 2004 Mar 17, 2004 Mar 26, 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 11,041 0 + 2

Special drawing rights certificate account 2,200 0 0

Coin 834 - 12 - 247

Securities, repurchase agreements, and loans 693,793 - 8,457 + 27,385

Securities held outright 673,995 + 842 + 33,094

U.S. Treasury1 673,995 + 842 + 33,104

Bills2 246,469 0 + 14,326

Notes and bonds, nominal2 411,388 + 825 + 16,767

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

Inflation compensation3 1,674 + 17 + 362

Federal agency2 0 0 - 10

Repurchase agreements4 19,750 - 9,000 - 5,750

Loans 48 - 299 + 41

Items in process of collection (961) 4,627 - 1,288 - 1,938

Bank premises 1,655 + 2 + 97

Other assets5 38,243 + 619 + 1,122

Total assets (961) 752,393 - 9,136 + 26,422

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 680,447 - 563 + 27,517

Reverse repurchase agreements6 19,987 + 1,217 + 1,756

Deposits ( 0 ) 25,447 - 9,042 - 2,632

Depository institutions 20,716 - 6,919 - 1,099

U.S. Treasury, general account 4,404 - 2,011 - 1,523

Foreign official 80 - 32 - 82

Other ( 0 ) 247 - 79 + 72

Deferred availability cash items (961) 5,805 - 878 - 1,325

Other liabilities and accrued dividends7 2,265 + 39 + 17

Total liabilities (961) 733,951 - 9,228 + 25,333

Capital accounts

Capital paid in 8,964 - 33 + 471

Surplus 8,847 + 55 + 467

Other capital accounts 631 + 71 + 151

Total capital 18,441 + 91 + 1,089

H.4.1

2. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Wednesday

 Mar 26, 2003

Eliminations from

consolidation Wednesday

 Mar 24, 2004

Wednesday

 Mar 17, 2004

3. Maturity Distribution of Loans and Securities, March 24, 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 42 50,976 + 595 0 0 19,750 19,987

16 days to 90 days 6 150,619 - 793 0 0 0 0

91 days to 1 year 0 161,315 + 197 0 0 . . . . . . 

Over 1 year to 5 years . . . 183,661 + 582 0 0 . . . . . . 

Over 5 years to 10 years . . . 49,998 + 254 0 0 . . . . . . 

Over 10 years . . . 77,426 + 7 0 0 . . . . . . 

All 48 673,995 + 842 0 0 19,750 19,987

Assets, liabilities, and capital

Maturity
H.4.1

4. Statement of Condition of Each Federal Reserve Bank on March 24, 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.

 11,041 2,200 834 693,793 673,995 673,995 246,469 427,527 0 19,750 48 5,588 1,655 38,243 0 753,354

Assets, liabilities, and capital

 4,708 874 39 308,107 288,357 288,357 105,447 182,910 0 19,750 0 536 189 13,681 -13,329 314,804

 495 115 39 32,592 32,585 32,585 11,916 20,669 0 0 7 314 96 1,754 + 2,321 37,724

 380 83 49 21,076 21,072 21,072 7,706 13,366 0 0 4 267 52 1,177 + 1,410 24,493

 477 104 43 31,582 31,582 31,582 11,549 20,033 0 0 0 295 151 2,396 - 4,035 31,013

 808 147 85 51,832 51,832 51,832 18,954 32,878 0 0 0 285 144 5,985 - 42 59,245

 863 166 78 45,534 45,532 45,532 16,650 28,882 0 0 1 432 278 2,183 + 2,086 51,620

 982 212 107 68,123 68,107 68,107 24,906 43,202 0 0 15 417 127 3,614 - 9,192 64,391

 331 71 60 21,214 21,205 21,205 7,754 13,451 0 0 9 216 49 1,020 - 1,102 21,859

 2   15,0 15,0 15,0 5,5 9,5    3 1 1,1 - 6 16,3
 803,674

 123,226 680,447 680,447 11,041 2,200 667,207 0 693,745 19,992 673,753

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.

 803,674 123,226 680,447 19,987 25,447 20,716 4,404 80 247 6,766 2,265 734,913 8,964 8,847 631 753,354

 38,988 5,058 33,930 966 1,270 1,264 0 2 5 505 131 36,803 449 448 24 37,724

 323,134 32,444 290,690 8,551 9,749 5,123 4,404 57 165 672 715 310,377 2,105 2,031 291 314,804

 29,581 8,320 21,261 625 1,403 1,402 0 1 0 549 93 23,930 273 259 31 24,493

 32,542 5,306 27,237 937 838 834 0 2 1 383 120 29,515 739 727 32 31,013

 60,162 11,035 49,128 1,537 3,756 3,681 0 7 68 428 246 55,095 2,056 2,074 19 59,245

 64,470 17,538 46,933 1,350 1,381 1,379 0 2 0 769 183 50,615 484 489 32 51,620

 66,429 8,674 57,755 2,020 1,993 1,989 0 3 0 510 222 62,500 908 924 58 64,391

 23,573 3,682 19,890 629 570 565 0 1 4 196 104 21,389 231 228 11 21,859

 15,7 1,4 14,2 4 4 4    4  15,6 2 3  16,3

H.4.1

4. Statement of Condition of Each Federal Reserve Bank on March 24, 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

 Mar 24, 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.