Reserve Bank credit, related items, and

reserve balances of depository institutions

at Federal Reserve Banks

Reserve Bank credit 731,209 - 3,770 + 60,462 735,693

Securities held outright 665,488 + 789 + 55,573 665,610

U.S. Treasury1 665,479 + 790 + 55,574 665,610

Bills2 243,634 + 294 + 36,435 243,767

Notes and bonds, nominal2 406,173 0 + 16,954 406,173

Notes and bonds, inflation-indexed2 13,994 + 462 + 1,752 13,994

Inflation compensation3 1,678 + 34 + 433 1,676

Federal agency2 9 - 1 - 1 0

Repurchase agreements4 25,893 - 4,786 + 3,893 29,250

Loans to depository institutions 37 + 2 - 172 32

Primary credit 13 + 4 + 13 5

Secondary credit 0 0 0 0

Seasonal credit 24 - 2 - 22 26

Adjustment credit 0 0 - 164 0

Float 754 - 249 - 718 1,658

Other Federal Reserve assets 39,037 + 472 + 1,887 39,144

Gold stock 11,043 0 0 11,043

Special drawing rights certificate account 2,200 0 0 2,200

Treasury currency outstanding5 35,433 + 14 + 930 35,433

Total factors supplying reserve funds 779,885 - 3,757 + 61,392 784,370

Currency in circulation5 711,787 - 1,465 + 37,448 712,883

Reverse repurchase agreements6 19,464 + 795 + 19,464 18,964

Foreign official and international accounts 19,464 + 795 + 19,464 18,964

Dealers 0 0 0 0

Treasury cash holdings 326 + 2 - 50 324

Deposits with F.R. Banks, other than reserve balances 17,337 - 825 + 2,331 17,486

U.S. Treasury, general account 4,974 - 463 + 867 5,162

Foreign official 80 - 6 - 58 83

Service-related 12,000 - 361 + 1,446 12,000

Required clearing balances 11,850 - 2 + 1,569 11,850

Adjustments to compensate for float 150 - 359 - 123 150

Other 284 + 5 + 76 241

Other liabilities and capital 20,798 + 222 + 999 20,517

Total factors, other than reserve balances,

absorbing reserve funds 769,711 - 1,273 + 60,191 770,174

Reserve balances with Federal Reserve Banks 10,174 - 2,484 + 1,201 14,196

Memo (off-balance-sheet items):

Marketable securities held in custody for foreign

 official and international accounts2,7 1,044,955 + 8,007 + 209,486 1,045,195

U.S. Treasury 834,289 + 7,533 + 154,303 833,637

Federal agency 210,665 + 473 + 55,182 211,559

Securities lent to dealers 1,982 - 45 + 1,929 2,015

FEDERAL RESERVE statistical release

 December 11, 2003

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Averages of daily figures

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.

Change from week ended Wednesday

 Dec 10, 2003 Week ended

 Dec 10, 2003 Dec 3, 2003 Dec 11, 2002
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. 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.

Assets

Gold certificate account 11,039 0 0

Special drawing rights certificate account 2,200 0 0

Coin 754 + 10 - 278

Securities, repurchase agreements, and loans 694,892 + 6,126 + 54,064

Securities held outright 665,610 + 368 + 56,653

U.S. Treasury1 665,610 + 378 + 56,663

Bills2 243,767 + 382 + 37,529

Notes and bonds, nominal2 406,173 0 + 16,954

Notes and bonds, inflation-indexed2 13,994 0 + 1,752

Inflation compensation3 1,676 - 4 + 429

Federal agency2 0 - 10 - 10

Repurchase agreements4 29,250 + 5,750 - 1,500

Loans 32 + 9 - 1,089

Items in process of collection (1,005) 9,457 + 10 - 659

Bank premises 1,608 + 2 + 76

Other assets5 37,530 + 453 + 1,651

Total assets (1,005) 757,481 + 6,603 + 54,856

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 678,524 - 828 + 36,080

Reverse repurchase agreements6 18,964 + 233 + 18,964

Deposits ( 0 ) 31,823 + 7,390 - 48

Depository institutions 26,336 + 6,676 + 311

U.S. Treasury, general account 5,162 + 788 - 344

Foreign official 83 - 33 - 56

Other ( 0 ) 241 - 41 + 40

Deferred availability cash items (1,005) 7,654 - 209 - 869

Other liabilities and accrued dividends7 2,356 + 29 - 95

Total liabilities (1,005) 739,320 + 6,615 + 54,030

Capital accounts

Capital paid in 8,824 - 8 + 465

Surplus 8,380 0 + 1,068

Other capital accounts 957 - 4 - 707

Total capital 18,161 - 12 + 826

H.4.1

2. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Wednesday

 Dec 11, 2002

Eliminations from

consolidation Wednesday

 Dec 10, 2003

Wednesday

 Dec 3, 2003

3. Maturity Distribution of Loans and Securities, December 10, 2003

Millions of dollars

 Federal agency

securities

Weekly

changes Holdings

 U.S. Treasury

securities1

Holdings Weekly

changes

Loans Repurchase

agreements2

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.

Reverse

repurchase

agreements2

Within 15 days 11 29,607 - 14,832 0 - 10 25,250 18,964

16 days to 90 days 21 164,933 + 15,003 0 0 4,000 0

91 days to 1 year 0 163,532 + 210 0 0 . . . . . . 

Over 1 year to 5 years . . . 179,072 - 1 0 0 . . . . . . 

Over 5 years to 10 years . . . 51,316 - 2 0 0 . . . . . . 

Over 10 years . . . 77,150 - 1 0 0 . . . . . . 

All 32 665,610 + 378 0 - 10 29,250 18,964

Assets, liabilities, and capital

Maturity
H.4.1

4. Statement of Condition of Each Federal Reserve Bank on December 10, 2003Millions of dollars

Total Boston Cleveland Richmond Atlanta Chicago St. Louis New York Philadelphia Minneap

AssetsGold certificate accountSpecial drawing rights certificate acct.CoinSecurities, repurchase agreements,

and loans

Securities held outright

U.S. Treasury1

Bills2Notes and bonds3

Federal agency2

Repurchase agreements4Loans

Items in process of collectionBank premisesOther assets5Interdistrict settlement account

Total assets

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 sec

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.

 11,039 2,200 754 694,892 665,610 665,610 243,767 421,844 0 29,250 32 10,462 1,608 37,530 0 758,486

Assets, liabilities, and capital

 4,706 874 35 314,020 284,770 284,770 104,291 180,478 0 29,250 0 1,075 189 13,281 - 6,315 327,864

 495 115 25 32,182 32,179 32,179 11,785 20,394 0 0 2 591 92 1,731 + 3,604 38,834

 380 83 37 20,813 20,810 20,810 7,621 13,189 0 0 3 520 52 1,101 + 313 23,299

 477 104 34 31,189 31,189 31,189 11,422 19,767 0 0 0 637 150 2,379 - 2,329 32,641

 808 147 84 51,188 51,188 51,188 18,746 32,441 0 0 0 653 144 6,128 + 456 59,608

 863 166 87 44,973 44,966 44,966 16,468 28,498 0 0 7 921 277 2,155 + 1,520 50,962

 982 212 91 67,266 67,260 67,260 24,633 42,627 0 0 6 1,051 123 3,481 - 8,271 64,936

 331 71 53 20,942 20,941 20,941 7,669 13,272 0 0 1 376 44 948 - 1,957 20,807

 2   14,8 14,8 14,8 5,4 9,4    4 1 1,1 + 1 16,9
 799,205

 120,682 678,524 678,524 11,039 2,200 665,285 0 694,860 18,976 675,885

Total Boston Cleveland Richmond Atlanta Chicago St. Louis New York Philadelphia Minneap

LiabilitiesFederal Reserve notes outstanding

Less: notes held by F.R. Banks

Federal Reserve notes, net

Reverse repurchase agreements1

Deposits

Depository institutionsU.S. Treasury, general accountForeign officialOther

Deferred availability cash itemsOther liabilities and accrued

dividends2

Total liabilities

CapitalCapital paid inSurplusOther capital

Total liabilities and capital

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.

 799,205 120,682 678,524 18,964 31,823 26,336 5,162 83 241 8,659 2,356 740,325 8,824 8,380 957 758,486

 38,041 5,278 32,764 917 3,558 3,555 0 2 1 548 131 37,917 448 436 32 38,834

 328,094 25,481 302,613 8,113 11,203 5,822 5,162 60 160 978 723 323,630 2,027 1,809 398 327,864

 29,272 8,567 20,704 593 971 970 0 1 0 405 96 22,769 258 233 39 23,299

 33,271 5,247 28,024 889 1,733 1,729 0 3 1 388 135 31,168 723 702 47 32,641

 59,874 10,686 49,188 1,458 3,857 3,778 0 7 71 652 262 55,417 2,067 2,073 50 59,608

 65,631 19,721 45,910 1,281 1,659 1,657 0 2 0 917 187 49,955 490 475 42 50,962

 67,220 9,575 57,645 1,916 2,635 2,631 0 3 1 629 233 63,059 914 858 105 64,936

 23,201 4,451 18,749 597 608 604 0 1 3 272 105 20,331 232 199 45 20,807

 15,6 1,4 14,1 4 1,1 1,1    4  16,2 3 3  16,9

H.4.1

4. Statement of Condition of Each Federal Reserve Bank on December 10, 2003 (continued)Millions of dollars

Assets, liabilities, and capital

Federal Reserve notes outstanding

Less: Notes held by F.R. Banks

not subject to collateralization

Federal Reserve notes to be collateralized

Collateral held against Federal Reserve notes

Gold certificate accountSpecial drawing rights certificate accountU.S. Treasury and agency securities pledged1Other assets pledged

Memo:Total U.S. Treasury and agency securities1

Less: face value of securities under

reverse repurchase agreements

U.S. Treasury and agency securities

eligible to be pledged

5. Collateral Held against Federal Reserve Notes:Federal Reserve Agents' AccountsMillions of dollarsFederal Reserve notes and collateral Wednesday

 Dec 10, 2003

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 ofinflation-indexed securities, and cash value of repurchase agreements.