FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                            August 26, 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           Aug 25, 2004 Aug 18, 2004 Aug 27, 2003 Aug 25, 2004
Federal Reserve Banks

Reserve Bank Credit                                         755,206    +     969    +  39,803      757,041
 Securities held outright                                   694,794    +     753    +  41,150      694,840       
    U.S. Treasury (1)                                       694,794    +     753    +  41,160      694,840
       Bills (2)                                            255,281    +      30    +  14,789      255,322
       Notes and bonds, nominal (2)                         422,541    +     711    +  23,688      422,541
       Notes and bonds, inflation-indexed (2)                14,862            0    +   2,048       14,862
       Inflation compensation (3)                             2,110    +      12    +     636        2,114
    Federal agency (2)                                            0            0    -      10            0      
 Repurchase agreements(4)                                    22,786    +   2,250    -   1,821       24,500
 Loans to depository institutions                               241    -       5    +      84          236
    Primary credit                                                6    -       6    +       5            5
    Secondary credit                                              0            0            0            0
    Seasonal credit                                             234    -       1    +      78          230
 Float                                                         -461    -      72    -     621         -310
 Other Federal Reserve assets                                37,846    -   1,957    +   1,012       37,775
Gold stock                                                   11,044            0    +       1       11,044
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            36,129    +      14    +     915       36,129
       
Total factors supplying reserve funds                       804,579    +     983    +  40,719      806,414
                                                                   
Currency in circulation(5)                                  734,390    -     640    +  39,625      735,462
Reverse repurchase agreements (6)                            20,967    -     761    +   1,744       20,922
   Foreign official and international accounts               20,967    -     761    +   1,744       20,922
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          321    +      15    -      17          330
Deposits with F.R.Banks, other than reserve balances         15,434    +       5    -   2,180       14,387       
  U.S. Treasury, general account                              4,789    +     333    -   1,185        3,668
  Foreign official                                              102    -       9    +      16          229
  Service-related                                            10,208    -     319    -   1,040       10,208
     Required clearing balances                              10,207    -     320    -     705       10,207
     Adjustments to compensate for float                          0            0    -     337            0
  Other                                                         336            0    +      30          283
Other liabilities and capital                                22,440    +     475    +   2,443       22,557

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  793,553    -     905    +  41,615      793,658

Reserve balances with Federal Reserve Banks                  11,026    +   1,888    -     896       12,755
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)         1,277,669    +  12,119    + 328,919    1,279,748
     U.S. Treasury                                        1,035,943    +  10,500    + 274,175    1,035,965
     Federal agency                                         241,727    +   1,620    +  54,745      243,783
  Securities lent to dealers                                    767    -     318    -     862        1,527   


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 Aug 25, 2004     Aug 18, 2004     Aug 27, 2003

Assets
Gold certificate account                                        11,040                0        +       1
Special drawing rights certificate account                       2,200                0                0
Coin                                                               764        +      10        -     123
Securities, repurchase agreements, and loans                   719,576        +   8,074        +  36,734
   Securities held outright                                    694,840        +      80        +  41,159
      U.S. Treasury (1)                                        694,840        +      80        +  41,169       
         Bills (2)                                             255,322        +      68        +  14,794
         Notes and bonds, nominal (2)                          422,541                0        +  23,688
         Notes and bonds, inflation-indexed (2)                 14,862                0        +   2,048
         Inflation compensation (3)                              2,114        +      12        +     638
      Federal agency (2)                                             0                0        -      10
   Repurchase agreements (4)                                    24,500        +   8,000        -   4,500    
   Loans                                                           236        -       5        +      75
Items in process of collection                      (779)        5,215        -     356        -   2,371
Bank premises                                                    1,718        +       7        +     128
Other assets (5)                                                36,122        +     124        +     733
      Total assets                                  (779)      776,634        +   7,859        +  35,100
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  700,422        -     491        +  37,004
Reverse repurchase agreements (6)                               20,922        -     452        +   1,803
Deposits                                              (0)       27,208        +   8,143        -   4,523       
  Depository institutions                                       23,028        +   9,027        -   2,899
  U.S. Treasury, general account                                 3,668        -     997        -   1,773
  Foreign official                                                 229        +     125        +     148
  Other                                               (0)          283        -      11        +       1
Deferred availability cash items                    (779)        5,525        -     215        -   1,830
Other liabilities and accrued dividends (7)                      2,592        +      72        +     388
      Total liabilities                             (779)      756,669        +   7,057        +  32,844
                          
Capital Accounts
Capital paid in                                                 10,452        +   1,190        +   1,704
Surplus                                                          8,834        -      13        +     454
Other capital accounts                                             678        -     376        +      98
      Total capital                                             19,965        +     802        +   2,257


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,    August 25, 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             215       57,989   -      76            0           0       24,500       20,922
16 days to 90 days          21      150,619   -     573            0           0            0            0
91 days to 1 year            0      162,874   +     717            0           0     ------      ------
Over 1 to 5 years     ------        197,636   +       4            0           0     ------      ------
Over 5 to 10 years    ------         49,806   +       3            0           0     ------      ------
Over 10 years         ------         75,916   +       5            0           0     ------      ------
                   		 	
All                        236      694,840   +      80            0           0       24,500      20,922

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    August 25, 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                      11,040        494      4,650        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                                             764         20         37         37         43         75         96         97         52         22         47        129        108
Securities, repurchase agreements,
      and loans                              719,576     32,628    325,792     20,676     29,691     52,811     46,869     62,650     20,443     15,239     18,290     31,686     62,801
   Securities held outright                  694,840     32,628    301,292     20,666     29,691     52,811     46,858     62,590     20,414     15,155     18,259     31,681     62,795
      U.S. Treasury (1)                      694,840     32,628    301,292     20,666     29,691     52,811     46,858     62,590     20,414     15,155     18,259     31,681     62,795
         Bills (2)                           255,322     11,989    110,711      7,594     10,910     19,406     17,218     22,999      7,501      5,569      6,709     11,641     23,074
         Notes and bonds(3)                  439,518     20,639    190,581     13,072     18,781     33,405     29,640     39,591     12,913      9,586     11,550     20,040     39,721
         Federal agency (2)                        0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements(4)                24,500          0     24,500          0          0          0          0          0          0          0          0          0          0
      Loans                                      236          0          0         10          0          0         10         60         29         83         31          5          6
Items in process of collection                 5,994        270        460        326        279        331        534        417        399        427        374        230      1,947
Bank premises                                  1,718         97        191         51        155        144        279        140         56        124         76        226        180
Other assets(5)                               36,122      1,634     12,935      1,003      2,249      5,769      2,048      3,263        946      1,081        740        900      3,554
Interdistrict settlement account                   0    + 4,163    -36,565    + 4,860    +   995    + 1,714    +10,122    - 1,321    + 1,644    -   592    + 1,331    + 3,372    +10,277
          Total Assets                       777,413     39,421    308,374     27,418     33,968     61,811     61,007     66,381     23,936     16,549     21,227     37,166     80,156

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    August 25, 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             826,371     38,721    317,193     33,032     35,111     62,706     73,277     67,751     25,331     15,962     24,141     42,988     90,159
  Less: notes held by F.R. Banks              125,949      4,338     32,667      8,740      5,908     11,800     17,669      8,110      3,447      1,434      4,905      8,223     18,708
    Federal Reserve notes, net                700,422     34,383    284,525     24,292     29,202     50,905     55,608     59,641     21,883     14,528     19,236     34,766     71,451
Reverse repurchase agreements (1)              20,922        982      9,072        622        894      1,590      1,411      1,885        615        456        550        954      1,891
Deposits                                       27,208      1,354      8,949      1,388      1,826      4,525      2,003      2,014        596        432        738        767      2,615
  Depository institutions                      23,028      1,334      4,901      1,387      1,822      4,434      2,001      2,010        594        431        736        766      2,611
  U.S. Treasury, general account                3,668          0      3,668          0          0          0          0          0          0          0          0          0          0
  Foreign official                                229          2        206          1          2          7          2          3          1          1          1          0          4
  Other                                           283         18        175          0          1         84          0          1          2          0          1          0          0
Deferred availability cash items                6,305        427        594        441        400        377        744        535        261        438        286        262      1,539
Other liabilities and accrued                 
  dividends (2)                                 2,592        152        842        102        130        263        205        246        112         88         97        143        213
   
    Total liabilities                         757,448     37,298    303,983     26,846     32,452     57,660     59,971     64,321     23,468     15,943     20,907     36,892     77,709
                              
Capital                    
Capital paid in                                10,452      1,617      2,144        284        761      2,088        515      1,025        232        262        153        131      1,239
Surplus                                         8,834        448      2,031        259        727      2,062        489        924        228        344        162        111      1,048
Other capital                                     678         57        216         29         28          0         32        111          8          0          5         33        160
     Total liabilities and capital            777,413     39,421    308,374     27,418     33,968     61,811     61,007     66,381     23,936     16,549     21,227     37,166     80,156
                              

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
                                          Aug 25, 2004
              
Federal Reserve notes outstanding             826,371
   Less: Notes held by F.R. Banks
         not subject to collateralization     125,949
      Federal Reserve Notes to be
         collateralized                       700,422 
Collateral held against Federal Reserve            
   notes                                      700,422
   Gold certificate account                    11,040
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              687,182
   Other assets pledged                             0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         719,340
   Less:face value of securities under
         reverse repurchase agreements         20,930
      U.S. Treasury and agency securities
             eligible to be pledged           698,410
   

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.