FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                                May 6, 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            May 5, 2004 Apr 28, 2004  May 7, 2003  May 5, 2004
Federal Reserve Banks

Reserve Bank Credit                                         742,139    -   2,616    +  33,899      738,594
 Securities held outright                                   677,738    +   2,199    +  30,319      677,811       
    U.S. Treasury (1)                                       677,738    +   2,199    +  30,329      677,811
       Bills (2)                                            250,101    +   2,180    +  13,726      250,163
       Notes and bonds, nominal (2)                         411,388            0    +  14,612      411,388
       Notes and bonds, inflation-indexed (2)                14,464            0    +   1,650       14,464
       Inflation compensation (3)                             1,785    +      19    +     342        1,796
    Federal agency (2)                                            0            0    -      10            0      
 Repurchase agreements(4)                                    24,464    -   4,965    +   3,927       20,000
 Loans to depository institutions                                88    +       1    +      38           97
    Primary credit                                                6    -      10    +       2            8
    Secondary credit                                              0            0            0            0
    Seasonal credit                                              82    +      11    +      36           89
 Float                                                         -744    +      11    -     857         -295
 Other Federal Reserve assets                                40,591    +     136    +     471       40,980
Gold stock                                                   11,045            0    +       2       11,045
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            35,727    +      14    +     820       35,727
       
Total factors supplying reserve funds                       791,111    -   2,603    +  34,721      787,566
                                                                   
Currency in circulation(5)                                  718,390    +   2,172    +  29,575      720,248
Reverse repurchase agreements (6)                            21,477    +   1,073    +     152       20,653
   Foreign official and international accounts               21,477    +   1,073    +     152       20,653
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          319    -       8    -      22          308
Deposits with F.R.Banks, other than reserve balances         17,051    -     778    -   1,542       16,886       
  U.S. Treasury, general account                              6,025    -   1,419    -   1,088        5,960
  Foreign official                                              130    +      27    +      28           87
  Service-related                                            10,563    +     593    -     546       10,563
     Required clearing balances                              10,563    +     593    -     319       10,563
     Adjustments to compensate for float                          0            0    -     227            0
  Other                                                         332    +      20    +      63          275
Other liabilities and capital                                20,922    +     202    +     591       21,120

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  778,159    +   2,661    +  28,755      779,216

Reserve balances with Federal Reserve Banks                  12,952    -   5,264    +   5,965        8,350
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)         1,194,358    +  10,085    + 300,482    1,196,633
     U.S. Treasury                                          964,735    +   7,739    + 252,595      966,464
     Federal agency                                         229,623    +   2,346    +  47,887      230,169
  Securities lent to dealers                                  3,713    +     930    +   3,253        1,827   


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  May 5, 2004     Apr 28, 2004      May 7, 2003

Assets
Gold certificate account                                        11,041                0        +       2
Special drawing rights certificate account                       2,200                0                0
Coin                                                               799        -      17        -     204
Securities, repurchase agreements, and loans                   697,908        -  16,057        +  28,018
   Securities held outright                                    677,811        +   1,428        +  30,231
      U.S. Treasury (1)                                        677,811        +   1,428        +  30,241       
         Bills (2)                                             250,163        +   1,406        +  13,634
         Notes and bonds, nominal (2)                          411,388                0        +  14,612
         Notes and bonds, inflation-indexed (2)                 14,464                0        +   1,650
         Inflation compensation (3)                              1,796        +      22        +     346
      Federal agency (2)                                             0                0        -      10
   Repurchase agreements (4)                                    20,000        -  17,500        -   2,251    
   Loans                                                            97        +      16        +      38
Items in process of collection                    (1,112)        6,843        +   1,536        -   2,713
Bank premises                                                    1,672        +       8        +      94
Other assets (5)                                                39,247        +     447        +     106
      Total assets                                (1,112)      759,711        -  14,081        +  25,304
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  685,624        +   1,630        +  28,407
Reverse repurchase agreements (6)                               20,653        +     964        -      14
Deposits                                              (0)       25,174        -  18,100        -   2,698       
  Depository institutions                                       18,852        -  17,489        -   2,565
  U.S. Treasury, general account                                 5,960        -     580        -      90
  Foreign official                                                  87        -      13        -      58
  Other                                               (0)          275        -      18        +      16
Deferred availability cash items                  (1,112)        7,140        +     965        -   1,402
Other liabilities and accrued dividends (7)                      2,271        -      23        -      23
      Total liabilities                           (1,112)      740,863        -  14,563        +  24,271
                          
Capital Accounts
Capital paid in                                                  9,039        +       9        +     475
Surplus                                                          8,847        +      53        +     467
Other capital accounts                                             963        +     422        +      92
      Total capital                                             18,849        +     484        +   1,033


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,        May 5, 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              12       58,392   +   1,688            0           0       20,000       20,653
16 days to 90 days          85      146,267   -   2,401            0           0            0            0
91 days to 1 year            0      160,782   +   1,077            0           0     ------      ------
Over 1 to 5 years     ------        184,872   +   1,049            0           0     ------      ------
Over 5 to 10 years    ------         50,027   +       5            0           0     ------      ------
Over 10 years         ------         77,470   +       8            0           0     ------      ------
                   		 	
All                         97      677,811   +   1,428            0           0       20,000      20,653

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        May 5, 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        494      4,651        382        452        819        894        924        325        218        302        525      1,055
Special drawing rights certificate acct.       2,200        115        874         83        104        147        166        212         71         30         66         98        234
Coin                                             799         39         33         51         39         78         73        106         55         30         48        144        105
Securities, repurchase agreements,
      and loans                              697,908     31,833    313,908     20,160     28,963     51,517     45,713     61,089     19,928     14,812     17,819     30,905     61,264
   Securities held outright                  677,811     31,828    293,908     20,160     28,963     51,517     45,710     61,056     19,913     14,784     17,812     30,905     61,256
      U.S. Treasury (1)                      677,811     31,828    293,908     20,160     28,963     51,517     45,710     61,056     19,913     14,784     17,812     30,905     61,256
         Bills (2)                           250,163     11,747    108,474      7,440     10,689     19,013     16,870     22,534      7,350      5,456      6,574     11,406     22,608
         Notes and bonds(3)                  427,648     20,081    185,434     12,719     18,273     32,503     28,840     38,522     12,564      9,328     11,238     19,499     38,648
         Federal agency (2)                        0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements(4)                20,000          0     20,000          0          0          0          0          0          0          0          0          0          0
      Loans                                       97          4          0          0          0          0          3         33         14         28          7          0          8
Items in process of collection                 7,955        489        406        436        455        612        807        426        436        432        606        447      2,405
Bank premises                                  1,672         96        191         52        153        145        278        130         50        124         74        199        180
Other assets(5)                               39,247      1,784     14,226      1,145      2,379      6,039      2,260      3,540      1,031      1,150        817      1,031      3,844
Interdistrict settlement account                   0    + 2,875    -18,429    + 2,661    - 1,813    - 1,998    +   892    +   618    +   475    -   501    +   849    + 3,939    +10,433
          Total Assets                       760,823     37,725    315,860     24,970     30,732     57,358     51,083     67,045     22,370     16,294     20,580     37,288     79,519

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        May 5, 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             806,972     38,420    321,884     29,883     32,123     59,524     64,487     67,980     23,460     15,639     22,599     41,743     89,229
  Less: notes held by F.R. Banks              121,348      4,607     30,808      8,509      5,452     10,664     19,208      7,764      3,256      1,396      4,101      7,009     18,573
    Federal Reserve notes, net                685,624     33,814    291,075     21,374     26,671     48,859     45,279     60,216     20,204     14,243     18,498     34,734     70,657
Reverse repurchase agreements (1)              20,653        970      8,956        614        883      1,570      1,393      1,860        607        450        543        942      1,867
Deposits                                       25,174      1,124      9,896      1,728      1,092      1,858      2,195      2,259        691        429        678        772      2,451
  Depository institutions                      18,852      1,118      3,709      1,727      1,090      1,752      2,193      2,255        689        424        677        772      2,448
  U.S. Treasury, general account                5,960          0      5,960          0          0          0          0          0          0          0          0          0          0
  Foreign official                                 87          2         64          1          2          7          2          3          1          1          1          0          4
  Other                                           275          5        162          0          0         99          0          1          1          4          1          0          0
Deferred availability cash items                8,251        677        759        588        450        622      1,011        584        281        461        450        457      1,911
Other liabilities and accrued                 
  dividends (2)                                 2,271        130        706         91        119        253        183        215        103         78         85        119        188
   
    Total liabilities                         741,974     36,714    311,392     24,396     29,216     53,162     50,061     65,134     21,886     15,661     20,254     37,024     77,074
                              
Capital                    
Capital paid in                                 9,039        499      2,106        277        739      2,056        486        912        232        265        152        127      1,187
Surplus                                         8,847        448      2,031        259        727      2,074        489        924        228        346        162        111      1,048
Other capital                                     963         63        332         38         49         66         46         74         23         23         13         26        210
     Total liabilities and capital            760,823     37,725    315,860     24,970     30,732     57,358     51,083     67,045     22,370     16,294     20,580     37,288     79,519
                              

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
                                           May 5, 2004
              
Federal Reserve notes outstanding             806,972
   Less: Notes held by F.R. Banks
         not subject to collateralization     121,348
      Federal Reserve Notes to be
         collateralized                       685,624 
Collateral held against Federal Reserve            
   notes                                      685,624
   Gold certificate account                    11,041
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              672,383
   Other assets pledged                             0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         697,811
   Less:face value of securities under
         reverse repurchase agreements         20,658
      U.S. Treasury and agency securities
             eligible to be pledged           677,153
   

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.