FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                          February 12, 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           Feb 11, 2004  Feb 4, 2004 Feb 12, 2003 Feb 11, 2004
Federal Reserve Banks

Reserve Bank Credit                                         729,540    -   2,700    +  38,140      730,266
 Securities held outright                                   668,702    +   1,440    +  38,751      669,851       
    U.S. Treasury (1)                                       668,702    +   1,440    +  38,761      669,851
       Bills (2)                                            245,632    +     159    +  18,691      245,847
       Notes and bonds, nominal (2)                         407,458    +   1,285    +  17,954      408,394
       Notes and bonds, inflation-indexed (2)                13,994            0    +   1,752       13,994
       Inflation compensation (3)                             1,617    -       5    +     364        1,616
    Federal agency (2)                                            0            0    -      10            0      
 Repurchase agreements(4)                                    17,286    -   5,928    -   1,999       18,750
 Loans to depository institutions                                28    +       5    -       3           18
    Primary credit                                               19    +       9    -       9            7
    Secondary credit                                              0            0            0            0
    Seasonal credit                                               9    -       4    +       6           10
 Float                                                        1,544    +   1,210    -     154         -634
 Other Federal Reserve assets                                41,981    +     574    +   1,545       42,281
Gold stock                                                   11,043            0            0       11,043
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            35,559    +      14    +     929       35,559
       
Total factors supplying reserve funds                       778,342    -   2,686    +  39,069      779,067
                                                                   
Currency in circulation(5)                                  712,486    +   2,348    +  34,027      714,623
Reverse repurchase agreements (6)                            20,451    -     130    +   1,502       20,059
   Foreign official and international accounts               20,451    -     130    +   2,573       20,059
   Dealers                                                        0            0    -   1,071            0
Treasury cash holdings                                          352    -       4    -       4          336
Deposits with F.R.Banks, other than reserve balances         17,080    +     732    +   1,126       16,959       
  U.S. Treasury, general account                              5,352    +     451    +     671        5,247
  Foreign official                                               80    -       3    -      35           82
  Service-related                                            11,240    +     296    +     322       11,240
     Required clearing balances                              10,937    +     323    +     620       10,937
     Adjustments to compensate for float                        303    -      27    -     298          303
  Other                                                         408    -      13    +     169          390
Other liabilities and capital                                20,550    +     165    +   1,100       20,637

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  770,919    +   3,111    +  37,750      772,615

Reserve balances with Federal Reserve Banks                   7,423    -   5,796    +   1,319        6,453
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)         1,125,548    +   8,598    + 255,637    1,126,346
     U.S. Treasury                                          896,607    +   7,139    + 198,788      893,961
     Federal agency                                         228,941    +   1,460    +  56,849      232,385
  Securities lent to dealers                                  1,092    +     743    +     105        2,936   


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 Feb 11, 2004      Feb 4, 2004     Feb 12, 2003

Assets
Gold certificate account                                        11,038                0        -       1
Special drawing rights certificate account                       2,200                0                0
Coin                                                               875        +      17        -     267
Securities, repurchase agreements, and loans                   688,619        -   1,946        +  36,912
   Securities held outright                                    669,851        +   2,559        +  38,894
      U.S. Treasury (1)                                        669,851        +   2,559        +  38,904       
         Bills (2)                                             245,847        +     342        +  18,609
         Notes and bonds, nominal (2)                          408,394        +   2,221        +  18,177
         Notes and bonds, inflation-indexed (2)                 13,994                0        +   1,752
         Inflation compensation (3)                              1,616        -       4        +     366
      Federal agency (2)                                             0                0        -      10
   Repurchase agreements (4)                                    18,750        -   4,500        -   1,996    
   Loans                                                            18        -       5        +      14
Items in process of collection                    (1,244)        6,874        -   2,007        -     955
Bank premises                                                    1,645        +       1        +     104
Other assets (5)                                                40,631        +     776        +   1,798
      Total assets                                (1,244)      751,883        -   3,158        +  37,591
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  680,270        +   1,970        +  32,187
Reverse repurchase agreements (6)                               20,059        -     367        +   2,455
Deposits                                              (0)       23,408        -   4,099        +   1,843       
  Depository institutions                                       17,688        -   3,594        -      19
  U.S. Treasury, general account                                 5,247        -     481        +   1,720
  Foreign official                                                  82        +       2        -      21
  Other                                               (0)          390        -      28        +     162
Deferred availability cash items                  (1,244)        7,509        -   1,073        -     266
Other liabilities and accrued dividends (7)                      2,257        +      47        -      20
      Total liabilities                           (1,244)      733,503        -   3,522        +  36,199
                          
Capital Accounts
Capital paid in                                                  8,894        +       5        +     490
Surplus                                                          8,847                0        +     490
Other capital accounts                                             639        +     359        +     412
      Total capital                                             18,380        +     364        +   1,392


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,  February 11, 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               7       50,035   -     353            0           0       18,750       20,059
16 days to 90 days          10      148,893   +     648            0           0            0            0
91 days to 1 year            0      164,122   +   1,359            0           0     ------      ------
Over 1 to 5 years     ------        181,930   +     824            0           0     ------      ------
Over 5 to 10 years    ------         47,744   +      84            0           0     ------      ------
Over 10 years         ------         77,127   -       2            0           0     ------      ------
                   		 	
All                         18      669,851   +   2,559            0           0       18,750      20,059

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  February 11, 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                      11,038        495      4,705        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                                             875         35         40         45         44         90         98        116         65         29         55        153        104
Securities, repurchase agreements,
      and loans                              688,619     32,384    305,334     20,942     31,388     51,514     45,253     67,702     21,074     14,956     18,003     26,251     53,819
   Securities held outright                  669,851     32,384    286,584     20,942     31,388     51,514     45,253     67,689     21,074     14,952     18,002     26,251     53,819
      U.S. Treasury (1)                      669,851     32,384    286,584     20,942     31,388     51,514     45,253     67,689     21,074     14,952     18,002     26,251     53,819
         Bills (2)                           245,847     11,886    105,181      7,686     11,520     18,906     16,608     24,843      7,735      5,488      6,607      9,635     19,752
         Notes and bonds(3)                  424,004     20,499    181,403     13,256     19,868     32,607     28,644     42,846     13,340      9,464     11,395     16,617     34,066
         Federal agency (2)                        0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements(4)                18,750          0     18,750          0          0          0          0          0          0          0          0          0          0
      Loans                                       18          0          0          0          0          0          0         13          0          4          1          0          0
Items in process of collection                 8,118        408        602        498        417        422        659        683        341        394        437        554      2,705
Bank premises                                  1,645         94        189         52        151        145        278        125         48        125         74        185        179
Other assets(5)                               40,631      1,871     14,603      1,200      2,537      6,282      2,346      3,850      1,099      1,202        860        958      3,823
Interdistrict settlement account                   0    + 2,384    - 7,892    + 1,217    - 3,113    -   349    + 1,324    - 7,230    - 1,013    -   434    -   104    + 6,887    + 8,325
          Total Assets                       753,127     37,786    318,455     24,417     32,003     59,060     50,986     66,440     22,016     16,526     19,694     35,593     70,151

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  February 11, 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             799,558     39,262    324,927     29,366     32,859     60,152     64,559     67,260     23,635     15,869     22,024     40,160     79,485
  Less: notes held by F.R. Banks              119,289      5,358     29,848      8,498      4,974      9,459     18,433      8,354      3,598      1,620      4,433      6,943     17,769
    Federal Reserve notes, net                680,270     33,904    295,078     20,868     27,884     50,693     46,126     58,906     20,037     14,249     17,590     33,217     61,716
Reverse repurchase agreements (1)              20,059        970      8,582        627        940      1,543      1,355      2,027        631        448        539        786      1,612
Deposits                                       23,408      1,231      8,703      1,792      1,186      1,726      1,392      2,648        480        564        691        776      2,218
  Depository institutions                      17,688      1,228      3,240      1,791      1,182      1,493      1,390      2,644        479        563        689        775      2,215
  U.S. Treasury, general account                5,247          0      5,247          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                                           390          1        158          0          1        227          0          0          1          0          1          1          0
Deferred availability cash items                8,753        631      1,052        478        390        613        918        718        292        475        451        466      2,271
Other liabilities and accrued                 
  dividends (2)                                 2,257        125        746         91        116        235        179        219        103         81         86        109        166
   
    Total liabilities                         734,747     36,860    314,162     23,856     30,516     54,809     49,970     64,518     21,543     15,817     19,358     35,354     67,983
                              
Capital                    
Capital paid in                                 8,894        448      2,041        272        722      2,083        490        932        227        347        160        112      1,059
Surplus                                         8,847        448      2,031        259        727      2,074        489        924        228        346        162        111      1,048
Other capital                                     639         29        222         31         37         93         37         66         17         17         13         17         61
     Total liabilities and capital            753,127     37,786    318,455     24,417     32,003     59,060     50,986     66,440     22,016     16,526     19,694     35,593     70,151
                              

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
                                          Feb 11, 2004
              
Federal Reserve notes outstanding             799,558
   Less: Notes held by F.R. Banks
         not subject to collateralization     119,289
      Federal Reserve Notes to be
         collateralized                       680,270 
Collateral held against Federal Reserve            
   notes                                      680,270
   Gold certificate account                    11,038
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              667,031
   Other assets pledged                             0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         688,601
   Less:face value of securities under
         reverse repurchase agreements         20,064
      U.S. Treasury and agency securities
             eligible to be pledged           668,538
   

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.