FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                             March 18, 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 17, 2004 Mar 10, 2004 Mar 19, 2003 Mar 17, 2004
Federal Reserve Banks

Reserve Bank Credit                                         736,994    +   7,438    +  32,129      741,038
 Securities held outright                                   673,086    +     494    +  33,569      673,153       
    U.S. Treasury (1)                                       673,086    +     494    +  33,579      673,153
       Bills (2)                                            246,408    +      66    +  14,927      246,469
       Notes and bonds, nominal (2)                         410,563            0    +  16,044      410,563
       Notes and bonds, inflation-indexed (2)                14,464    +     402    +   2,222       14,464
       Inflation compensation (3)                             1,650    +      25    +     386        1,657
    Federal agency (2)                                            0            0    -      10            0      
 Repurchase agreements(4)                                    25,179    +   7,179    -   1,321       28,750
 Loans to depository institutions                                75    +      49    +      57          347
    Primary credit                                               48    +      41    +      39          311
    Secondary credit                                              0            0            0            0
    Seasonal credit                                              27    +       8    +      19           36
 Float                                                         -686    -     647    -   1,491         -768
 Other Federal Reserve assets                                39,342    +     365    +   1,317       39,556
Gold stock                                                   11,045            0    +       2       11,045
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            35,629    +      14    +     875       35,629
       
Total factors supplying reserve funds                       785,869    +   7,452    +  33,007      789,912
                                                                   
Currency in circulation(5)                                  713,868    +     192    +  30,151      715,460
Reverse repurchase agreements (6)                            19,095    +     775    -     707       18,770
   Foreign official and international accounts               19,095    +     775    -     528       18,770
   Dealers                                                        0            0    -     179            0
Treasury cash holdings                                          323    +       8    -      49          338
Deposits with F.R.Banks, other than reserve balances         17,299    +     348    +   1,169       17,982       
  U.S. Treasury, general account                              5,737    +     210    +     758        6,415
  Foreign official                                               86    -       8    -      73          112
  Service-related                                            11,129    +     125    +     369       11,129
     Required clearing balances                              10,886    +       1    +     513       10,886
     Adjustments to compensate for float                        243    +     124    -     144          243
  Other                                                         347    +      20    +     116          326
Other liabilities and capital                                20,536    +     329    +     998       20,576

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  771,121    +   1,652    +  31,563      773,126

Reserve balances with Federal Reserve Banks                  14,748    +   5,800    +   1,444       16,786
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)         1,168,270    +   8,473    + 267,545    1,172,461
     U.S. Treasury                                          933,134    +   7,460    + 210,593      933,991
     Federal agency                                         235,136    +   1,013    +  56,952      238,470
  Securities lent to dealers                                  2,739    +     229    +   1,406          685   


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 17, 2004     Mar 10, 2004     Mar 19, 2003

Assets
Gold certificate account                                        11,041                0        +       2
Special drawing rights certificate account                       2,200                0                0
Coin                                                               846        -      11        -     225
Securities, repurchase agreements, and loans                   702,250        +  10,442        +  35,335
   Securities held outright                                    673,153        +     114        +  33,254
      U.S. Treasury (1)                                        673,153        +     114        +  33,264       
         Bills (2)                                             246,469        +      97        +  14,713
         Notes and bonds, nominal (2)                          410,563                0        +  15,942
         Notes and bonds, inflation-indexed (2)                 14,464                0        +   2,222
         Inflation compensation (3)                              1,657        +      18        +     388
      Federal agency (2)                                             0                0        -      10
   Repurchase agreements (4)                                    28,750        +  10,000        +   1,750    
   Loans                                                           347        +     328        +     330
Items in process of collection                      (886)        5,915        -     242        -   5,617
Bank premises                                                    1,653        +       2        +      96
Other assets (5)                                                37,624        +     492        +   1,045
      Total assets                                  (886)      761,529        +  10,684        +  30,635
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  681,010        +     538        +  29,061
Reverse repurchase agreements (6)                               18,770        -     421        +     340
Deposits                                             (10)       34,489        +  10,334        +     529       
  Depository institutions                                       27,635        +   8,357        -   2,307
  U.S. Treasury, general account                                 6,415        +   2,000        +   2,808
  Foreign official                                                 112        -      26        -      38
  Other                                              (10)          326        +       2        +      65
Deferred availability cash items                    (876)        6,683        -     102        -     726
Other liabilities and accrued dividends (7)                      2,226        -      30        +       2
      Total liabilities                             (886)      743,179        +  10,320        +  29,207
                          
Capital Accounts
Capital paid in                                                  8,997        +      26        +     503
Surplus                                                          8,792        +     111        +     495
Other capital accounts                                             560        +     226        +     428
      Total capital                                             18,350        +     364        +   1,427


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 17, 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             343       50,381   +   8,647            0           0       28,750       18,770
16 days to 90 days           5      151,412   -   8,353            0           0            0            0
91 days to 1 year            0      161,118   -     198            0           0     ------      ------
Over 1 to 5 years     ------        183,079   +       6            0           0     ------      ------
Over 5 to 10 years    ------         49,744   +       4            0           0     ------      ------
Over 10 years         ------         77,419   +       6            0           0     ------      ------
                   		 	
All                        347      673,153   +     114            0           0       28,750      18,770

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 17, 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                                             846         37         39         48         44         86         83        111         61         29         51        147        111
Securities, repurchase agreements,
      and loans                              702,250     32,550    317,056     21,046     31,542     51,768     45,476     68,038     21,186     15,032     18,092     26,381     54,084
   Securities held outright                  673,153     32,544    287,996     21,046     31,542     51,768     45,476     68,022     21,178     15,026     18,091     26,381     54,084
      U.S. Treasury (1)                      673,153     32,544    287,996     21,046     31,542     51,768     45,476     68,022     21,178     15,026     18,091     26,381     54,084
         Bills (2)                           246,469     11,916    105,447      7,706     11,549     18,954     16,650     24,906      7,754      5,502      6,624      9,659     19,802
         Notes and bonds(3)                  426,684     20,628    182,549     13,340     19,993     32,813     28,825     43,117     13,424      9,524     11,467     16,722     34,282
         Federal agency (2)                        0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements(4)                28,750          0     28,750          0          0          0          0          0          0          0          0          0          0
      Loans                                      347          6        310          0          0          0          0         16          8          6          1          0          0
Items in process of collection                 6,801        449        584        317        388        329        754        460        370        358        414        304      2,072
Bank premises                                  1,653         95        189         52        151        144        278        127         49        125         74        189        180
Other assets(5)                               37,624      1,723     13,460      1,157      2,359      5,906      2,143      3,554      1,002      1,117        784        862      3,558
Interdistrict settlement account                   0    + 2,737    -15,977    + 1,079    - 2,969    +   413    + 1,352    - 8,134    - 1,250    -   691    +   279    + 7,791    +15,369
          Total Assets                       762,415     38,201    320,934     24,162     32,097     59,601     51,115     65,349     21,820     16,223     20,063     36,278     76,571

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 17, 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             803,416     39,286    324,121     29,418     32,728     60,186     63,739     66,883     23,573     15,838     22,337     41,026     84,280
  Less: notes held by F.R. Banks              122,406      5,109     32,260      8,233      5,121     10,633     17,812      8,530      3,746      1,555      4,278      6,990     18,140
    Federal Reserve notes, net                681,010     34,176    291,862     21,186     27,607     49,553     45,927     58,353     19,828     14,283     18,060     34,037     66,140
Reverse repurchase agreements (1)              18,770        907      8,031        587        880      1,443      1,268      1,897        591        419        504        736      1,508
Deposits                                       34,499      1,439     15,084      1,134      1,586      3,827      1,811      2,401        601        425        717        765      4,709
  Depository institutions                      27,635      1,426      8,424      1,133      1,582      3,669      1,799      2,397        596        424        716        764      4,705
  U.S. Treasury, general account                6,415          0      6,415          0          0          0          0          0          0          0          0          0          0
  Foreign official                                112          2         89          1          2          7          2          3          1          1          1          0          4
  Other                                           336         12        156          0          1        150         10          0          4          0          1          1          0
Deferred availability cash items                7,559        626        812        599        445        433        916        586        215        400        371        380      1,775
Other liabilities and accrued                 
  dividends (2)                                 2,226        128        716         91        117        227        180        222        103         76         85        108        173
   
    Total liabilities                         744,065     37,276    316,505     23,596     30,635     55,483     50,102     63,459     21,337     15,604     19,737     36,026     74,305
                              
Capital                    
Capital paid in                                 8,997        449      2,112        273        723      2,100        484        908        231        265        150        119      1,183
Surplus                                         8,792        448      2,031        259        727      2,019        489        924        228        346        162        111      1,048
Other capital                                     560         28        286         34         11          0         40         58         24          9         13         23         34
     Total liabilities and capital            762,415     38,201    320,934     24,162     32,097     59,601     51,115     65,349     21,820     16,223     20,063     36,278     76,571
                              

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 17, 2004
              
Federal Reserve notes outstanding             803,416
   Less: Notes held by F.R. Banks
         not subject to collateralization     122,406
      Federal Reserve Notes to be
         collateralized                       681,010 
Collateral held against Federal Reserve            
   notes                                      681,010
   Gold certificate account                    11,041
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              667,770
   Other assets pledged                             0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         701,903
   Less:face value of securities under
         reverse repurchase agreements         18,755
      U.S. Treasury and agency securities
             eligible to be pledged           683,148
   

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.