Reserve Bank credit, related items, and

reserve balances of depository institutions

at Federal Reserve Banks

Reserve Bank credit 740,495 - 816 + 28,693 737,621

Securities held outright 679,574 + 1,748 + 29,171 679,618

U.S. Treasury1 679,574 + 1,748 + 29,181 679,618

Bills2 250,195 + 32 + 12,805 250,230

Notes and bonds, nominal2 413,080 + 1,692 + 14,373 413,080

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

Inflation compensation3 1,835 + 24 + 353 1,844

Federal agency2 0 0 - 10 0

Repurchase agreements4 22,000 - 1,071 - 2,608 21,250

Loans to depository institutions 105 - 5 + 49 111

Primary credit 2 - 14 0 1

Secondary credit 0 0 0 0

Seasonal credit 104 + 11 + 50 110

Float -483 - 100 + 386 -729

Other Federal Reserve assets 39,299 - 1,388 + 1,696 37,370

Gold stock 11,045 0 + 2 11,045

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

Treasury currency outstanding5 35,755 + 14 + 813 35,755

Total factors supplying reserve funds 789,496 - 801 + 29,510 786,621

Currency in circulation5 719,671 + 241 + 29,735 721,297

Reverse repurchase agreements6 18,884 - 921 - 1,531 18,273

Foreign official and international accounts 18,884 - 921 - 1,531 18,273

Dealers 0 0 0 0

Treasury cash holdings 324 + 14 - 26 332

Deposits with F.R. Banks, other than reserve balances 15,688 - 682 - 2,875 14,583

U.S. Treasury, general account 5,333 - 102 - 1,566 4,451

Foreign official 282 + 179 + 166 80

Service-related 9,786 - 776 - 1,494 9,786

Required clearing balances 9,786 - 776 - 1,033 9,786

Adjustments to compensate for float 0 0 - 461 0

Other 287 + 17 + 21 266

Other liabilities and capital 20,742 - 89 + 462 21,006

Total factors, other than reserve balances,

absorbing reserve funds 775,310 - 1,436 + 25,767 775,491

Reserve balances with Federal Reserve Banks 14,185 + 634 + 3,742 11,130

Memo (off-balance-sheet items):

Marketable securities held in custody for foreign

 official and international accounts2,7 1,199,756 + 7,023 + 282,943 1,209,385

U.S. Treasury 967,313 + 3,878 + 234,330 975,668

Federal agency 232,443 + 3,145 + 48,614 233,717

Securities lent to dealers 2,422 + 1,360 + 1,394 4,914

FEDERAL RESERVE statistical release

 May 20, 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

 May 19, 2004 Week ended

 May 19, 2004 May 12, 2004 May 21, 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 757 - 20 - 193

Securities, repurchase agreements, and loans 700,979 - 4,282 + 23,938

Securities held outright 679,618 + 1,783 + 28,883

U.S. Treasury1 679,618 + 1,783 + 28,893

Bills2 250,230 + 67 + 12,662

Notes and bonds, nominal2 413,080 + 1,692 + 14,227

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

Inflation compensation3 1,844 + 24 + 355

Federal agency2 0 0 - 10

Repurchase agreements4 21,250 - 6,000 - 5,001

Loans 111 - 65 + 56

Items in process of collection (1,105) 5,504 - 224 - 1,105

Bank premises 1,676 + 4 + 95

Other assets5 35,634 - 3,398 - 574

Total assets (1,105) 757,791 - 7,920 + 22,163

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 686,626 + 565 + 28,317

Reverse repurchase agreements6 18,273 - 438 - 2,436

Deposits ( 0 ) 25,658 - 8,153 - 3,486

Depository institutions 20,861 - 7,660 - 301

U.S. Treasury, general account 4,451 - 498 - 3,157

Foreign official 80 - 3 - 46

Other ( 0 ) 266 + 7 + 19

Deferred availability cash items (1,105) 6,228 - 351 - 1,270

Other liabilities and accrued dividends7 2,341 + 24 + 37

Total liabilities (1,105) 739,127 - 8,354 + 21,163

Capital accounts

Capital paid in 9,080 + 8 + 518

Surplus 8,847 + 39 + 467

Other capital accounts 738 + 388 + 16

Total capital 18,665 + 435 + 1,001

H.4.1

2. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Wednesday

 May 21, 2003

Eliminations from

consolidation Wednesday

 May 19, 2004

Wednesday

 May 12, 2004

3. Maturity Distribution of Loans and Securities, May 19, 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 99 56,046 - 2,901 0 0 21,250 18,273

16 days to 90 days 12 147,682 + 1,374 0 0 0 0

91 days to 1 year 0 164,308 + 4,121 0 0 . . . . . . 

Over 1 year to 5 years . . . 184,387 - 494 0 0 . . . . . . 

Over 5 years to 10 years . . . 50,576 + 543 0 0 . . . . . . 

Over 10 years . . . 76,618 - 861 0 0 . . . . . . 

All 111 679,618 + 1,783 0 0 21,250 18,273

Assets, liabilities, and capital

Maturity
H.4.1

4. Statement of Condition of Each Federal Reserve Bank on May 19, 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 2,200 757 700,979 679,618 679,618 250,230 429,388 0 21,250 111 6,609 1,676 35,634 0 758,896

Assets, liabilities, and capital

 4,651 874 35 315,941 294,691 294,691 108,503 186,188 0 21,250 0 388 191 12,759 -22,878 311,961

 494 115 34 31,918 31,913 31,913 11,750 20,163 0 0 5 318 96 1,611 + 2,821 37,407

 382 83 46 20,214 20,214 20,214 7,442 12,771 0 0 0 509 52 1,040 + 2,743 25,068

 452 104 38 29,040 29,040 29,040 10,692 18,348 0 0 0 403 153 2,207 - 1,642 30,756

 819 147 68 51,654 51,654 51,654 19,019 32,635 0 0 0 326 145 5,693 + 184 59,036

 894 166 75 45,835 45,832 45,832 16,875 28,957 0 0 3 649 278 2,018 + 2,353 52,268

 924 212 97 61,265 61,219 61,219 22,540 38,679 0 0 46 462 131 3,202 + 151 66,443

 325 71 52 19,981 19,967 19,967 7,352 12,615 0 0 15 262 51 931 + 454 22,127

 2   14,8 14,8 14,8 5,4 9,3    4 1 1,0 - 4 16,2
 808,058

 121,431 686,626 686,626 11,041 2,200 673,386 0 700,868 18,277 682,591

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.

 808,058 121,431 686,626 18,273 25,658 20,861 4,451 80 266 7,332 2,341 740,231 9,080 8,847 738 758,896

 38,068 4,383 33,685 858 1,154 1,137 0 2 16 560 134 36,392 506 448 60 37,407

 320,405 29,417 290,988 7,923 7,223 2,561 4,451 57 154 674 733 307,541 2,109 2,031 280 311,961

 30,560 8,460 22,099 543 1,241 1,240 0 1 0 525 94 24,503 278 259 28 25,068

 32,000 5,678 26,321 781 1,611 1,606 0 2 2 419 123 29,255 738 727 36 30,756

 59,155 10,795 48,360 1,389 4,395 4,300 0 7 88 482 260 54,886 2,063 2,074 13 59,036

 66,175 20,213 45,962 1,232 2,981 2,979 0 2 0 876 188 51,239 502 489 38 52,268

 68,053 7,887 60,166 1,646 1,938 1,934 0 3 0 588 222 64,560 914 924 45 66,443

 23,482 3,323 20,158 537 645 641 0 1 3 199 105 21,644 232 228 22 22,127

 15,5 1,2 14,2 3 4 4    5  15,6 2 3  16,2

H.4.1

4. Statement of Condition of Each Federal Reserve Bank on May 19, 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

 May 19, 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.