FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                              April 1, 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           Mar 31, 2004 Mar 24, 2004  Apr 2, 2003 Mar 31, 2004
Federal Reserve Banks

Reserve Bank Credit                                         737,739    +   6,461    +  29,906      741,176
 Securities held outright                                   674,037    +     519    +  32,726      674,084       
    U.S. Treasury (1)                                       674,037    +     519    +  32,736      674,084
       Bills (2)                                            246,499    +      30    +  13,955      246,539
       Notes and bonds, nominal (2)                         411,388    +     471    +  16,767      411,388
       Notes and bonds, inflation-indexed (2)                14,464            0    +   1,650       14,464
       Inflation compensation (3)                             1,686    +      18    +     364        1,692
    Federal agency (2)                                            0            0    -      10            0      
 Repurchase agreements(4)                                    24,357    +   5,571    -   4,107       27,500
 Loans to depository institutions                                48    -      14    +      37           64
    Primary credit                                               11    -      15    +       7           31
    Secondary credit                                              0            0            0            0
    Seasonal credit                                              36            0    +      29           33
 Float                                                         -722    +      55    -     127         -586
 Other Federal Reserve assets                                40,019    +     329    +   1,377       40,114
Gold stock                                                   11,045            0    +       2       11,045
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            35,657    +      14    +     859       35,657
       
Total factors supplying reserve funds                       786,641    +   6,475    +  30,767      790,078
                                                                   
Currency in circulation(5)                                  714,287    +     226    +  28,403      716,052
Reverse repurchase agreements (6)                            20,458    +   1,219    +   1,167       21,701
   Foreign official and international accounts               20,458    +   1,219    +   1,167       21,701
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          347    +       8    -      23          347
Deposits with F.R.Banks, other than reserve balances         15,983    -     275    -   1,282       16,611       
  U.S. Treasury, general account                              5,246    -     125    -     408        5,884
  Foreign official                                               84    +       4    -      39           83
  Service-related                                            10,413    -     138    -     850       10,413
     Required clearing balances                              10,410    +       1    -     568       10,410
     Adjustments to compensate for float                          3    -     139    -     282            3
  Other                                                         241    -      15    +      16          231
Other liabilities and capital                                20,903    -      61    +     940       20,880

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  771,979    +   1,118    +  29,206      775,591

Reserve balances with Federal Reserve Banks                  14,662    +   5,357    +   1,562       14,487
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)         1,159,313    -  16,871    + 262,251    1,164,658
     U.S. Treasury                                          925,386    -  11,265    + 207,800      934,269
     Federal agency                                         233,927    -   5,606    +  54,451      230,388
  Securities lent to dealers                                    895    -     846    -     972        1,939   


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 Mar 31, 2004     Mar 24, 2004      Apr 2, 2003

Assets
Gold certificate account                                        11,041                0        +       3
Special drawing rights certificate account                       2,200                0                0
Coin                                                               836        +       2        -     256
Securities, repurchase agreements, and loans                   701,648        +   7,855        +  29,650
   Securities held outright                                    674,084        +      89        +  32,602
      U.S. Treasury (1)                                        674,084        +      89        +  32,612       
         Bills (2)                                             246,539        +      70        +  13,831
         Notes and bonds, nominal (2)                          411,388                0        +  16,767
         Notes and bonds, inflation-indexed (2)                 14,464                0        +   1,650
         Inflation compensation (3)                              1,692        +      18        +     363
      Federal agency (2)                                             0                0        -      10
   Repurchase agreements (4)                                    27,500        +   7,750        -   3,000    
   Loans                                                            64        +      16        +      49
Items in process of collection                    (1,017)        5,713        +   1,086        -   2,663
Bank premises                                                    1,663        +       8        +     106
Other assets (5)                                                38,506        +     263        +   1,360
      Total assets                                (1,017)      761,606        +   9,213        +  28,199
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  681,574        +   1,127        +  27,214
Reverse repurchase agreements (6)                               21,701        +   1,714        +   1,972
Deposits                                              (0)       31,153        +   5,706        +     570       
  Depository institutions                                       24,955        +   4,239        +     951
  U.S. Treasury, general account                                 5,884        +   1,480        -     315
  Foreign official                                                  83        +       3        -      20
  Other                                               (0)          231        -      16        -      46
Deferred availability cash items                  (1,017)        6,298        +     493        -   2,716
Other liabilities and accrued dividends (7)                      2,218        -      47                0
      Total liabilities                           (1,017)      742,945        +   8,994        +  27,041
                          
Capital Accounts
Capital paid in                                                  8,978        +      14        +     464
Surplus                                                          8,847                0        +     467
Other capital accounts                                             836        +     205        +     227
      Total capital                                             18,661        +     220        +   1,158


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,     March 31, 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              60       43,703   -   7,273            0           0       27,500       21,701
16 days to 90 days           5      149,360   -   1,259            0           0            0            0
91 days to 1 year            0      169,796   +   8,481            0           0     ------      ------
Over 1 to 5 years     ------        183,791   +     130            0           0     ------      ------
Over 5 to 10 years    ------         50,002   +       4            0           0     ------      ------
Over 10 years         ------         77,432   +       6            0           0     ------      ------
                   		 	
All                         64      674,084   +      89            0           0       27,500      21,701

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     March 31, 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        495      4,708        380        477        808        863        982        331        224        303        507        963
Special drawing rights certificate acct.       2,200        115        874         83        104        147        166        212         71         30         66         98        234
Coin                                             836         39         39         50         42         80         81        109         64         30         48        145        109
Securities, repurchase agreements,
      and loans                              701,648     32,591    315,895     21,075     31,586     51,839     45,539     68,129     21,215     15,057     18,117     26,417     54,189
   Securities held outright                  674,084     32,589    288,395     21,075     31,586     51,839     45,538     68,116     21,208     15,047     18,116     26,417     54,159
      U.S. Treasury (1)                      674,084     32,589    288,395     21,075     31,586     51,839     45,538     68,116     21,208     15,047     18,116     26,417     54,159
         Bills (2)                           246,539     11,919    105,477      7,708     11,552     18,960     16,655     24,913      7,756      5,503      6,626      9,662     19,808
         Notes and bonds(3)                  427,544     20,670    182,917     13,367     20,034     32,879     28,883     43,204     13,451      9,543     11,490     16,755     34,351
         Federal agency (2)                        0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements(4)                27,500          0     27,500          0          0          0          0          0          0          0          0          0          0
      Loans                                       64          2          0          0          0          0          1         12          7         10          2          0         30
Items in process of collection                 6,730        338        487        380        606        366        683        400        271        346        422        299      2,133
Bank premises                                  1,663         95        189         52        152        145        278        128         49        124         74        198        180
Other assets(5)                               38,506      1,767     13,741      1,182      2,419      6,052      2,201      3,638      1,027      1,145        804        887      3,643
Interdistrict settlement account                   0    + 2,673    -15,556    +   548    - 3,241    -   857    + 2,581    - 8,575    -   967    -   590    +   482    + 8,634    +14,867
          Total Assets                       762,624     38,114    320,376     23,750     32,144     58,579     52,392     65,023     22,060     16,365     20,316     37,185     76,318

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     March 31, 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             803,473     38,954    323,122     29,559     32,475     60,050     64,318     66,329     23,549     15,760     22,310     41,661     85,385
  Less: notes held by F.R. Banks              121,900      4,973     32,610      8,365      5,161     10,626     17,555      8,478      3,558      1,433      4,189      6,973     17,980
    Federal Reserve notes, net                681,574     33,982    290,512     21,194     27,314     49,424     46,763     57,851     19,992     14,327     18,121     34,688     67,405
Reverse repurchase agreements (1)              21,701      1,049      9,285        678      1,017      1,669      1,466      2,193        683        484        583        850      1,744
Deposits                                       31,153      1,434     14,683        790      1,644      2,518      2,074      2,359        616        450        813        894      2,878
  Depository institutions                      24,955      1,429      8,571        789      1,631      2,457      2,073      2,356        622        449        811        893      2,874
  U.S. Treasury, general account                5,884          0      5,884          0          0          0          0          0          0          0          0          0          0
  Foreign official                                 83          2         60          1          2          7          2          3          1          1          1          0          4
  Other                                           231          3        168          0         10         54          0          0         -7          0          1          1          0
Deferred availability cash items                7,316        579        757        433        535        506        895        506        188        401        390        379      1,746
Other liabilities and accrued                 
  dividends (2)                                 2,218        124        689         90        120        246        181        216        103         77         84        119        170
   
    Total liabilities                         743,963     37,168    315,926     23,185     30,630     54,364     51,380     63,125     21,581     15,740     19,991     36,930     73,943
                              
Capital                    
Capital paid in                                 8,978        462      2,105        274        739      2,056        484        908        231        265        151        119      1,183
Surplus                                         8,847        448      2,031        259        727      2,074        489        924        228        346        162        111      1,048
Other capital                                     836         36        315         32         48         86         39         65         19         15         12         26        143
     Total liabilities and capital            762,624     38,114    320,376     23,750     32,144     58,579     52,392     65,023     22,060     16,365     20,316     37,185     76,318
                              

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
                                          Mar 31, 2004
              
Federal Reserve notes outstanding             803,473
   Less: Notes held by F.R. Banks
         not subject to collateralization     121,900
      Federal Reserve Notes to be
         collateralized                       681,574 
Collateral held against Federal Reserve            
   notes                                      681,574
   Gold certificate account                    11,041
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              668,333
   Other assets pledged                             0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         701,584
   Less:face value of securities under
         reverse repurchase agreements         21,707
      U.S. Treasury and agency securities
             eligible to be pledged           679,876
   

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.