FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                           January 22, 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           Jan 21, 2004 Jan 14, 2004 Jan 22, 2003 Jan 21, 2004
Federal Reserve Banks

Reserve Bank Credit                                         738,254    +   8,765    +  41,261      751,276
 Securities held outright                                   666,827    +      29    +  37,411      666,832       
    U.S. Treasury (1)                                       666,827    +      29    +  37,421      666,832
       Bills (2)                                            245,020    +      39    +  18,338      245,028
       Notes and bonds, nominal (2)                         406,173            0    +  16,954      406,173
       Notes and bonds, inflation-indexed (2)                13,994            0    +   1,752       13,994
       Inflation compensation (3)                             1,639    -      10    +     376        1,636
    Federal agency (2)                                            0            0    -      10            0      
 Repurchase agreements(4)                                    30,607    +   9,464    +   3,571       42,000
 Loans to depository institutions                               223    +     178    +     204          132
    Primary credit                                              212    +     173    +     200          120
    Secondary credit                                              0            0            0            0
    Seasonal credit                                              11    +       5    +       4           12
 Float                                                         -173    -     504    -     987        1,318
 Other Federal Reserve assets                                40,771    -     401    +   1,063       40,994
Gold stock                                                   11,043            0            0       11,043
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            35,517    +      14    +     920       35,517
       
Total factors supplying reserve funds                       787,015    +   8,780    +  42,182      800,036
                                                                   
Currency in circulation(5)                                  711,194    -   1,952    +  35,253      711,024
Reverse repurchase agreements (6)                            19,997    -     446    +   1,430       19,735
   Foreign official and international accounts               19,997    +     518    +   1,430       19,735
   Dealers                                                        0    -     964            0            0
Treasury cash holdings                                          334    +      10    -      34          343
Deposits with F.R.Banks, other than reserve balances         18,606    +   2,799    +     969       19,004       
  U.S. Treasury, general account                              7,374    +   2,488    +   1,241        7,740
  Foreign official                                               86    -       1    -      27          116
  Service-related                                            10,732    +     196    -     434       10,732
     Required clearing balances                              10,184            0    -     355       10,184
     Adjustments to compensate for float                        548    +     196    -      79          548
  Other                                                         414    +     116    +     189          416
Other liabilities and capital                                20,120    -     562    +     204       20,134

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  770,251    -     152    +  37,823      770,240

Reserve balances with Federal Reserve Banks                  16,763    +   8,931    +   4,358       29,796
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)         1,105,102    +  22,171    + 247,337    1,108,391
     U.S. Treasury                                          884,968    +  19,338    + 193,823      884,037
     Federal agency                                         220,134    +   2,832    +  53,514      224,355
  Securities lent to dealers                                  1,193    -   1,263    +     773        1,752   


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 Jan 21, 2004     Jan 14, 2004     Jan 22, 2003

Assets
Gold certificate account                                        11,039                0                0
Special drawing rights certificate account                       2,200                0                0
Coin                                                               779        +      27        -     306
Securities, repurchase agreements, and loans                   708,964        +  18,152        +  42,785
   Securities held outright                                    666,832        +      34        +  37,416
      U.S. Treasury (1)                                        666,832        +      34        +  37,426       
         Bills (2)                                             245,028        +      43        +  18,346
         Notes and bonds, nominal (2)                          406,173                0        +  16,954
         Notes and bonds, inflation-indexed (2)                 13,994                0        +   1,752
         Inflation compensation (3)                              1,636        -      10        +     373
      Federal agency (2)                                             0                0        -      10
   Repurchase agreements (4)                                    42,000        +  18,000        +   5,250    
   Loans                                                           132        +     118        +     119
Items in process of collection                    (1,226)       12,751        +   5,184        -   3,901
Bank premises                                                    1,644        +      19        +     103
Other assets (5)                                                39,341        -     363        +   1,068
      Total assets                                (1,226)      776,717        +  23,018        +  39,748
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  676,625        -     815        +  33,344
Reverse repurchase agreements (6)                               19,735        -     986        +   1,212
Deposits                                             (85)       48,816        +  21,506        +   4,718       
  Depository institutions                                       40,544        +  19,041        +   2,915
  U.S. Treasury, general account                                 7,740        +   2,342        +   1,621
  Foreign official                                                 116        +      35        -       6
  Other                                              (85)          416        +      88        +     188
Deferred availability cash items                  (1,141)       11,408        +   3,501        -     111
Other liabilities and accrued dividends (7)                      2,242        +      62        +      29
      Total liabilities                           (1,226)      758,825        +  23,266        +  39,191
                          
Capital Accounts
Capital paid in                                                  8,875                0        +     485
Surplus                                                          8,847                0        +     467
Other capital accounts                                             170        -     249        -     395
      Total capital                                             17,892        -     249        +     557


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,   January 21, 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             132       54,597   +   5,501            0           0       42,000       19,735
16 days to 90 days           0      141,753   -   5,234            0           0            0            0
91 days to 1 year            0      163,385   +   1,182            0           0     ------      ------
Over 1 to 5 years     ------        182,299   +   2,230            0           0     ------      ------
Over 5 to 10 years    ------         47,663   -   3,642            0           0     ------      ------
Over 10 years         ------         77,135   -       4            0           0     ------      ------
                   		 	
All                        132      666,832   +      34            0           0       42,000      19,735

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   January 21, 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                      11,039        495      4,706        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                                             779         27         32         39         36         87         87        102         56         26         44        147         95
Securities, repurchase agreements,
      and loans                              708,964     32,312    327,292     20,848     31,246     51,315     45,051     67,390     20,980     14,887     17,928     26,133     53,581
   Securities held outright                  666,832     32,238    285,292     20,848     31,246     51,281     45,049     67,384     20,979     14,885     17,921     26,133     53,576
      U.S. Treasury (1)                      666,832     32,238    285,292     20,848     31,246     51,281     45,049     67,384     20,979     14,885     17,921     26,133     53,576
         Bills (2)                           245,028     11,846    104,831      7,661     11,481     18,843     16,553     24,760      7,709      5,469      6,585      9,603     19,687
         Notes and bonds(3)                  421,804     20,392    180,461     13,187     19,765     32,438     28,495     42,623     13,270      9,415     11,336     16,530     33,889
         Federal agency (2)                        0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements(4)                42,000          0     42,000          0          0          0          0          0          0          0          0          0          0
      Loans                                      132         74          0          0          0         34          2          7          0          3          7          0          5
Items in process of collection                13,977      1,029      1,178        729        830      1,000      1,357      1,027        673        645      1,060        763      3,685
Bank premises                                  1,644         94        189         53        151        145        278        125         49        125         73        182        179
Other assets(5)                               39,341      1,838     13,824      1,163      2,500      6,379      2,286      3,679      1,015      1,194        938      1,109      3,417
Interdistrict settlement account                   0    + 4,259    -17,088    -   434    - 1,993    + 6,764    + 2,630    - 7,083    - 1,603    -   301    -   466    + 5,886    + 9,428
          Total Assets                       777,943     40,170    331,007     22,861     33,352     66,645     52,718     66,435     21,572     16,830     19,946     34,826     71,583

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   January 21, 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             800,000     39,045    324,856     29,523     32,942     60,096     65,836     67,192     23,552     15,725     21,840     40,013     79,379
  Less: notes held by F.R. Banks              123,375      5,443     27,936      9,105      5,260     10,234     19,999      8,874      4,347      1,577      4,537      7,703     18,359
    Federal Reserve notes, net                676,625     33,602    296,920     20,418     27,682     49,863     45,837     58,318     19,205     14,148     17,304     32,310     61,020
Reverse repurchase agreements (1)              19,735        954      8,443        617        925      1,518      1,333      1,994        621        441        530        773      1,586
Deposits                                       48,901      3,545     19,353        720      2,436      9,924      3,119      3,003        710        924        980        783      3,403
  Depository institutions                      40,544      3,501     11,281        718      2,433      9,704      3,079      3,000        709        922        978        781      3,437
  U.S. Treasury, general account                7,740          0      7,740          0          0          0          0          0          0          0          0          0          0
  Foreign official                                116          2         93          1          3          7          2          3          1          1          1          1          3
  Other                                           501         42        239          1          1        213         39          0          1          0          1          1        -38
Deferred availability cash items               12,549      1,039      1,427        470        731        960      1,258      1,023        467        545        722        621      3,286
Other liabilities and accrued                 
  dividends (2)                                 2,242        124        777         90        115        215        174        217        100         81         82        108        158
   
    Total liabilities                         760,051     39,264    326,920     22,315     31,888     62,480     51,722     64,555     21,103     16,139     19,619     34,596     69,452
                              
Capital                    
Capital paid in                                 8,875        448      2,032        271        727      2,075        490        931        227        345        160        111      1,057
Surplus                                         8,847        448      2,031        259        727      2,074        489        924        228        346        162        111      1,048
Other capital                                     170          9         25         17          9         16         16         24         14          0          4          9         25
     Total liabilities and capital            777,943     40,170    331,007     22,861     33,352     66,645     52,718     66,435     21,572     16,830     19,946     34,826     71,583
                              

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
                                          Jan 21, 2004
              
Federal Reserve notes outstanding             800,000
   Less: Notes held by F.R. Banks
         not subject to collateralization     123,375
      Federal Reserve Notes to be
         collateralized                       676,625 
Collateral held against Federal Reserve            
   notes                                      676,625
   Gold certificate account                    11,039
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              663,386
   Other assets pledged                             0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         708,832
   Less:face value of securities under
         reverse repurchase agreements         19,739
      U.S. Treasury and agency securities
             eligible to be pledged           689,093
   

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.