FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                              March 4, 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 3, 2004 Feb 25, 2004  Mar 5, 2003  Mar 3, 2004
Federal Reserve Banks

Reserve Bank Credit                                         736,597    +   4,540    +  34,628      732,974
 Securities held outright                                   671,586    +     677    +  34,713      671,632       
    U.S. Treasury (1)                                       671,586    +     677    +  34,723      671,632
       Bills (2)                                            246,200    +     113    +  15,311      246,240
       Notes and bonds, nominal (2)                         409,784    +     566    +  17,288      409,784
       Notes and bonds, inflation-indexed (2)                13,994            0    +   1,752       13,994
       Inflation compensation (3)                             1,608    -       1    +     372        1,613
    Federal agency (2)                                            0            0    -      10            0      
 Repurchase agreements(4)                                    26,286    +   3,286    -     850       23,750
 Loans to depository institutions                                24    -      28    -       5           26
    Primary credit                                                3    -      34    -      21            5
    Secondary credit                                              0            0            0            0
    Seasonal credit                                              21    +       5    +      15           22
 Float                                                          153    +     691    -     331         -632
 Other Federal Reserve assets                                38,548    -      86    +   1,101       38,199
Gold stock                                                   11,045    +       2    +       2       11,045
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            35,601    +      14    +     891       35,601
       
Total factors supplying reserve funds                       785,442    +   4,555    +  35,520      781,820
                                                                   
Currency in circulation(5)                                  713,341    -     826    +  30,954      714,655
Reverse repurchase agreements (6)                            20,609    +     183    +   2,531       18,886
   Foreign official and international accounts               20,609    +     183    +   2,531       18,886
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          317    -       5    -      28          314
Deposits with F.R.Banks, other than reserve balances         16,232    -      32    +     204       15,321       
  U.S. Treasury, general account                              5,618    +     471    +     709        4,698
  Foreign official                                               91    +       6    -      95           82
  Service-related                                            10,207    -     510    -     514       10,207
     Required clearing balances                              10,079    -       1    -     257       10,079
     Adjustments to compensate for float                        128    -     509    -     257          128
  Other                                                         316    +       1    +     104          335
Other liabilities and capital                                19,967    -     258    +     162       19,767

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  770,466    -     938    +  33,823      768,943

Reserve balances with Federal Reserve Banks                  14,977    +   5,495    +   1,698       12,877
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)         1,151,680    +   8,817    + 261,002    1,158,993
     U.S. Treasury                                          916,498    +   7,058    + 204,144      922,603
     Federal agency                                         235,182    +   1,759    +  56,858      236,390
  Securities lent to dealers                                  1,404    +     725    +     925        1,739   


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 3, 2004     Feb 25, 2004      Mar 5, 2003

Assets
Gold certificate account                                        11,041        +       3        +       2
Special drawing rights certificate account                       2,200                0                0
Coin                                                               867        -      11        -     213
Securities, repurchase agreements, and loans                   695,408        +   3,610        +  34,999
   Securities held outright                                    671,632        +     105        +  34,483
      U.S. Treasury (1)                                        671,632        +     105        +  34,493       
         Bills (2)                                             246,240        +      99        +  15,179
         Notes and bonds, nominal (2)                          409,784                0        +  17,191
         Notes and bonds, inflation-indexed (2)                 13,994                0        +   1,752
         Inflation compensation (3)                              1,613        +       5        +     371
      Federal agency (2)                                             0                0        -      10
   Repurchase agreements (4)                                    23,750        +   3,750        +     500    
   Loans                                                            26        -     244        +      15
Items in process of collection                    (1,332)        8,054        +   1,058        -   2,930
Bank premises                                                    1,649        -       1        +      94
Other assets (5)                                                36,545        -     450        +     165
      Total assets                                (1,332)      755,763        +   4,208        +  32,115
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  680,230        +      79        +  29,832
Reverse repurchase agreements (6)                               18,886        +      14        +     927
Deposits                                              (0)       28,201        +   2,767        +   1,376       
  Depository institutions                                       23,087        +   3,272        +   2,107
  U.S. Treasury, general account                                 4,698        -     511        -     803
  Foreign official                                                  82        +       2        -      23
  Other                                               (0)          335        +       5        +      97
Deferred availability cash items                  (1,332)        8,680        +   1,510        -      93
Other liabilities and accrued dividends (7)                      2,220        -      19        -      30
      Total liabilities                           (1,332)      738,217        +   4,351        +  32,012
                          
Capital Accounts
Capital paid in                                                  8,966        +      61        +     488
Surplus                                                          8,508        -     192        +     128
Other capital accounts                                              72        -      12        -     512
      Total capital                                             17,547        -     142        +     105


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 3, 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               5       42,298   -   9,431            0           0       23,750       18,886
16 days to 90 days          21      159,232   +   7,603            0           0            0            0
91 days to 1 year            0      161,152   +   2,260            0           0     ------      ------
Over 1 to 5 years     ------        182,347   -     331            0           0     ------      ------
Over 5 to 10 years    ------         49,241   +       1            0           0     ------      ------
Over 10 years         ------         77,361   +       2            0           0     ------      ------
                   		 	
All                         26      671,632   +     105            0           0       23,750      18,886

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 3, 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                                             867         37         39         47         45         92         92        110         59         29         51        151        116
Securities, repurchase agreements,
      and loans                              695,408     32,473    311,099     20,998     31,471     51,651     45,373     67,881     21,133     14,995     18,050     26,321     53,963
   Securities held outright                  671,632     32,470    287,346     20,998     31,471     51,651     45,373     67,869     21,130     14,992     18,050     26,321     53,962
      U.S. Treasury (1)                      671,632     32,470    287,346     20,998     31,471     51,651     45,373     67,869     21,130     14,992     18,050     26,321     53,962
         Bills (2)                           246,240     11,905    105,349      7,698     11,538     18,937     16,635     24,883      7,747      5,496      6,618      9,650     19,784
         Notes and bonds(3)                  425,391     20,566    181,996     13,299     19,933     32,714     28,738     42,986     13,383      9,495     11,432     16,671     34,178
         Federal agency (2)                        0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements(4)                23,750          0     23,750          0          0          0          0          0          0          0          0          0          0
      Loans                                       26          3          4          0          0          0          0         12          3          3          0          0          1
Items in process of collection                 9,386        530        581        513        628        694        758        714        491        393        574        445      3,064
Bank premises                                  1,649         94        189         52        151        145        278        126         48        125         74        189        180
Other assets(5)                               36,545      1,675     13,055      1,039      2,311      5,804      2,083      3,440        985      1,094        761        833      3,465
Interdistrict settlement account                   0    + 3,686    -15,242    + 1,310    - 2,599    + 1,409    + 1,276    - 7,971    - 1,181    -   669    +    49    + 7,167    +12,765
          Total Assets                       757,095     39,105    315,303     24,422     32,587     60,750     50,888     65,494     21,937     16,220     19,928     35,712     74,750

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 3, 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             802,369     39,183    324,067     29,623     32,868     60,265     64,289     66,967     23,597     15,870     22,173     40,110     83,357
  Less: notes held by F.R. Banks              122,140      5,346     31,823      8,322      5,026     10,114     18,579      8,599      3,753      1,589      4,459      6,740     17,790
    Federal Reserve notes, net                680,230     33,837    292,244     21,302     27,842     50,151     45,710     58,368     19,844     14,281     17,714     33,370     65,566
Reverse repurchase agreements (1)              18,886        913      8,080        590        885      1,452      1,276      1,908        594        422        508        740      1,517
Deposits                                       28,201      2,638      8,858      1,500      1,794      4,165      1,619      2,377        636        386        821        766      2,641
  Depository institutions                      23,087      2,633      3,940      1,499      1,791      4,002      1,618      2,374        623        385        820        765      2,638
  U.S. Treasury, general account                4,698          0      4,698          0          0          0          0          0          0          0          0          0          0
  Foreign official                                 82          2         59          1          2          7          2          3          1          1          1          0          4
  Other                                           335          3        161          0          0        156          0          0         12          0          1          0          0
Deferred availability cash items               10,012        716      1,220        404        541        747      1,131        809        319        463        491        493      2,679
Other liabilities and accrued                 
  dividends (2)                                 2,220        124        712         90        118        233        179        220        103         76         86        109        170
   
    Total liabilities                         739,549     38,228    311,114     23,886     31,179     56,748     49,916     63,682     21,496     15,627     19,620     35,478     72,573
                              
Capital                    
Capital paid in                                 8,966        449      2,098        273        723      2,089        491        908        223        264        149        114      1,183
Surplus                                         8,508        428      2,031        259        685      1,912        481        903        219        328        159        111        993
Other capital                                      72          0         60          4          0          0          0          0          0          0          0          9          0
     Total liabilities and capital            757,095     39,105    315,303     24,422     32,587     60,750     50,888     65,494     21,937     16,220     19,928     35,712     74,750
                              

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 3, 2004
              
Federal Reserve notes outstanding             802,369
   Less: Notes held by F.R. Banks
         not subject to collateralization     122,140
      Federal Reserve Notes to be
         collateralized                       680,230 
Collateral held against Federal Reserve            
   notes                                      680,230
   Gold certificate account                    11,041
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              666,989
   Other assets pledged                             0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         695,382
   Less:face value of securities under
         reverse repurchase agreements         18,891
      U.S. Treasury and agency securities
             eligible to be pledged           676,490
   

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.