FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                              June 17, 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           Jun 16, 2004  Jun 9, 2004 Jun 18, 2003 Jun 16, 2004
Federal Reserve Banks

Reserve Bank Credit                                         746,382    -      27    +  32,531      742,480
 Securities held outright                                   684,980    +   1,914    +  33,197      684,993       
    U.S. Treasury (1)                                       684,980    +   1,914    +  33,207      684,993
       Bills (2)                                            251,913    +       9    +  13,308      251,922
       Notes and bonds, nominal (2)                         416,694    +   1,892    +  17,841      416,694
       Notes and bonds, inflation-indexed (2)                14,464            0    +   1,650       14,464
       Inflation compensation (3)                             1,908    +      13    +     407        1,912
    Federal agency (2)                                            0            0    -      10            0      
 Repurchase agreements(4)                                    22,821    -   2,000    -     358       19,000
 Loans to depository institutions                               169    +      11    +      95          174
    Primary credit                                               34    +       2    +      31           35
    Secondary credit                                              0            0            0            0
    Seasonal credit                                             135    +       9    +      64          139
 Float                                                         -355    -     249    -     359         -480
 Other Federal Reserve assets                                38,767    +     297    -      44       38,793
Gold stock                                                   11,045            0    +       1       11,045
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            35,811    +      14    +     791       35,811
       
Total factors supplying reserve funds                       795,439    -      12    +  33,323      791,536
                                                                   
Currency in circulation(5)                                  724,747    -   1,451    +  33,207      725,369
Reverse repurchase agreements (6)                            20,056    -     248    -   1,408       17,971
   Foreign official and international accounts               20,056    -     248    -   1,086       17,971
   Dealers                                                        0            0    -     321            0
Treasury cash holdings                                          324    +       1    -      55          316
Deposits with F.R.Banks, other than reserve balances         16,876    +   1,655    -   1,679       17,735       
  U.S. Treasury, general account                              6,195    +   1,497    -     952        7,067
  Foreign official                                              132    +      40    +      44          132
  Service-related                                            10,297    +     148    -     791       10,297
     Required clearing balances                              10,297    +     148    -     533       10,297
     Adjustments to compensate for float                          0            0    -     258            0
  Other                                                         252    -      30    +      20          238
Other liabilities and capital                                21,411    -     174    +   1,089       21,245

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  783,415    -     216    +  31,155      782,636

Reserve balances with Federal Reserve Banks                  12,024    +     204    +   2,169        8,900
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)         1,227,312    -     836    + 291,412    1,224,845
     U.S. Treasury                                          993,485    -       6    + 243,347      991,966
     Federal agency                                         233,827    -     829    +  48,065      232,879
  Securities lent to dealers                                    926    -     613    +     301        1,945   


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 Jun 16, 2004      Jun 9, 2004     Jun 18, 2003

Assets
Gold certificate account                                        11,041                0        +       1
Special drawing rights certificate account                       2,200                0                0
Coin                                                               744        +      18        -     193
Securities, repurchase agreements, and loans                   704,167        -  10,172        +  29,150
   Securities held outright                                    684,993        +   1,061        +  33,061
      U.S. Treasury (1)                                        684,993        +   1,061        +  33,071       
         Bills (2)                                             251,922        +      14        +  13,166
         Notes and bonds, nominal (2)                          416,694        +   1,035        +  17,841
         Notes and bonds, inflation-indexed (2)                 14,464                0        +   1,650
         Inflation compensation (3)                              1,912        +      12        +     414
      Federal agency (2)                                             0                0        -      10
   Repurchase agreements (4)                                    19,000        -  11,250        -   4,000    
   Loans                                                           174        +      17        +      88
Items in process of collection                      (921)        5,877        -     472        -   2,955
Bank premises                                                    1,688        +       3        +     108
Other assets (5)                                                37,116        +     285        -     127
      Total assets                                  (921)      762,834        -  10,337        +  25,984
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  690,614        -   1,318        +  31,809
Reverse repurchase agreements (6)                               17,971        -   1,971        -   4,930
Deposits                                              (0)       26,646        -   6,952        -     565       
  Depository institutions                                       19,208        -   8,843        +     408
  U.S. Treasury, general account                                 7,067        +   1,852        -   1,019
  Foreign official                                                 132        +      47        +      36
  Other                                               (0)          238        -       9        +       9
Deferred availability cash items                    (921)        6,358        -     123        -   1,638
Other liabilities and accrued dividends (7)                      2,477        +       2        +     151
      Total liabilities                             (921)      744,065        -  10,363        +  24,826
                          
Capital Accounts
Capital paid in                                                  9,219        +      18        +     562
Surplus                                                          8,847                0        +     467
Other capital accounts                                             702        +       7        +     128
      Total capital                                             18,768        +      25        +   1,157


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,      June 16, 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             162       54,571   +   7,479            0           0       19,000       17,971
16 days to 90 days          11      153,376   -  13,180            0           0            0            0
91 days to 1 year            0      161,528   +   5,715            0           0     ------      ------
Over 1 to 5 years     ------        187,210   +   1,040            0           0     ------      ------
Over 5 to 10 years    ------         51,580   +       3            0           0     ------      ------
Over 10 years         ------         76,728   +       5            0           0     ------      ------
                   		 	
All                        174      684,993   +   1,061            0           0       19,000      17,971

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      June 16, 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                                             744         30         26         37         37         68         77         92         57         25         46        148        101
Securities, repurchase agreements,
      and loans                              704,167     32,165    316,022     20,374     29,270     52,065     46,198     61,764     20,139     14,984     18,016     31,234     61,935
   Securities held outright                  684,993     32,165    297,022     20,373     29,270     52,062     46,194     61,703     20,124     14,941     18,000     31,232     61,905
      U.S. Treasury (1)                      684,993     32,165    297,022     20,373     29,270     52,062     46,194     61,703     20,124     14,941     18,000     31,232     61,905
         Bills (2)                           251,922     11,830    109,237      7,493     10,765     19,147     16,989     22,693      7,401      5,495      6,620     11,486     22,767
         Notes and bonds(3)                  433,071     20,336    187,785     12,881     18,505     32,915     29,205     39,010     12,723      9,446     11,380     19,746     39,138
         Federal agency (2)                        0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements(4)                19,000          0     19,000          0          0          0          0          0          0          0          0          0          0
      Loans                                      174          0          0          1          0          3          4         61         14         43         16          1         31
Items in process of collection                 6,798        450        341        336        363        386        644        493        301        416        555        260      2,253
Bank premises                                  1,688         96        192         52        154        145        279        133         53        123         75        207        181
Other assets(5)                               37,116      1,674     13,364      1,115      2,272      5,839      2,107      3,342        960      1,094        763        944      3,641
Interdistrict settlement account                   0    + 2,540    -20,156    + 4,197    - 2,054    - 3,068    + 2,907    -    63    +   344    -   504    + 1,338    + 3,674    +10,844
          Total Assets                       763,755     37,565    315,314     26,576     30,597     56,402     53,272     66,898     22,249     16,385     21,162     37,090     80,244

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      June 16, 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             809,308     37,895    319,100     31,260     32,264     59,416     67,527     68,074     23,529     15,589     23,390     41,886     89,378
  Less: notes held by F.R. Banks              118,694      4,088     28,762      8,605      5,433     11,034     19,039      7,666      3,191      1,229      4,255      7,155     18,236
    Federal Reserve notes, net                690,614     33,807    290,338     22,655     26,830     48,382     48,487     60,408     20,339     14,360     19,135     34,731     71,142
Reverse repurchase agreements (1)              17,971        844      7,792        534        768      1,366      1,212      1,619        528        392        472        819      1,624
Deposits                                       26,646      1,113     11,421      2,249        969      1,679      1,529      1,975        582        447        714        839      3,128
  Depository institutions                      19,208      1,108      4,086      2,248      1,004      1,564      1,527      1,972        578        446        712        838      3,124
  U.S. Treasury, general account                7,067          0      7,067          0          0          0          0          0          0          0          0          0          0
  Foreign official                                132          2        109          1          2          7          2          3          1          1          1          0          4
  Other                                           238          3        158          0        -37        108          0          0          3          0          1          1          0
Deferred availability cash items                7,279        642        605        477        429        541        813        614        216        491        429        301      1,721
Other liabilities and accrued                 
  dividends (2)                                 2,477        136        783         97        130        286        195        235        107         83         88        128        211
   
    Total liabilities                         744,986     36,541    310,939     26,012     29,127     52,254     52,236     64,851     21,772     15,774     20,838     36,819     77,825
                              
Capital                    
Capital paid in                                 9,219        506      2,116        278        732      2,073        509      1,028        232        264        154        128      1,200
Surplus                                         8,847        448      2,031        259        727      2,074        489        924        228        346        162        111      1,048
Other capital                                     702         69        229         27         11          1         38         95         18          2          8         32        171
     Total liabilities and capital            763,755     37,565    315,314     26,576     30,597     56,402     53,272     66,898     22,249     16,385     21,162     37,090     80,244
                              

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
                                          Jun 16, 2004
              
Federal Reserve notes outstanding             809,308
   Less: Notes held by F.R. Banks
         not subject to collateralization     118,694
      Federal Reserve Notes to be
         collateralized                       690,614 
Collateral held against Federal Reserve            
   notes                                      690,614
   Gold certificate account                    11,041
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              677,373
   Other assets pledged                             0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         703,993
   Less:face value of securities under
         reverse repurchase agreements         17,975
      U.S. Treasury and agency securities
             eligible to be pledged           686,018
   

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.