Reserve Bank credit, related items, and

reserve balances of depository institutions

at Federal Reserve Banks

Reserve Bank credit 729,489 - 13,812 + 36,493 731,822

Securities held outright 666,798 + 94 + 37,382 666,798

U.S. Treasury1 666,798 + 94 + 37,392 666,798

Bills2 244,981 + 104 + 18,299 244,985

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

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

Inflation compensation3 1,649 - 10 + 386 1,646

Federal agency2 0 0 - 10 0

Repurchase agreements4 21,143 - 13,536 - 3,285 24,000

Loans to depository institutions 45 + 21 + 29 14

Primary credit 39 + 27 + 33 7

Secondary credit 0 0 0 0

Seasonal credit 6 - 5 - 5 7

Float 331 - 1,018 + 622 -328

Other Federal Reserve assets 41,172 + 626 + 1,746 41,337

Gold stock 11,043 0 0 11,043

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

Treasury currency outstanding5 35,503 + 14 + 906 35,503

Total factors supplying reserve funds 778,235 - 13,798 + 37,399 780,568

Currency in circulation5 713,146 - 8,016 + 36,720 711,863

Reverse repurchase agreements6 20,443 - 2,034 + 2,291 20,721

Foreign official and international accounts 19,479 - 2,641 + 1,327 20,721

Dealers 964 + 607 + 964 0

Treasury cash holdings 324 + 3 - 45 332

Deposits with F.R. Banks, other than reserve balances 15,807 - 2,276 - 948 16,343

U.S. Treasury, general account 4,886 - 433 - 358 5,398

Foreign official 87 - 8 - 86 81

Service-related 10,536 - 1,485 - 592 10,536

Required clearing balances 10,184 - 1,646 - 354 10,184

Adjustments to compensate for float 352 + 160 - 238 352

Other 298 - 349 + 88 328

Other liabilities and capital 20,682 + 557 + 944 20,321

Total factors, other than reserve balances,

absorbing reserve funds 770,403 - 11,765 + 38,963 769,581

Reserve balances with Federal Reserve Banks 7,832 - 2,033 - 1,563 10,987

Memo (off-balance-sheet items):

Marketable securities held in custody for foreign

 official and international accounts2,7 1,082,931 + 10,271 + 223,918 1,094,529

U.S. Treasury 865,630 + 3,626 + 171,533 876,794

Federal agency 217,302 + 6,646 + 52,386 217,735

Securities lent to dealers 2,456 - 744 + 1,877 497

FEDERAL RESERVE statistical release

 January 15, 2004

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

 Jan 14, 2004 Week ended

 Jan 14, 2004 Jan 7, 2004 Jan 15, 2003
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 752 + 27 - 291

Securities, repurchase agreements, and loans 690,812 + 81 + 31,381

Securities held outright 666,798 + 78 + 37,382

U.S. Treasury1 666,798 + 78 + 37,392

Bills2 244,985 + 88 + 18,303

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

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

Inflation compensation3 1,646 - 9 + 383

Federal agency2 0 0 - 10

Repurchase agreements4 24,000 0 - 6,000

Loans 14 + 3 - 1

Items in process of collection (1,307) 7,567 - 3,674 - 588

Bank premises 1,625 + 1 + 83

Other assets5 39,704 + 545 + 2,016

Total assets (1,307) 753,699 - 3,019 + 32,601

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 677,440 - 5,951 + 34,553

Reverse repurchase agreements6 20,721 + 1,134 + 2,908

Deposits ( 0 ) 27,310 + 2,230 - 5,338

Depository institutions 21,503 + 1,647 - 5,488

U.S. Treasury, general account 5,398 + 483 + 206

Foreign official 81 - 3 - 172

Other ( 0 ) 328 + 103 + 115

Deferred availability cash items (1,307) 7,907 - 372 - 212

Other liabilities and accrued dividends7 2,180 + 78 - 55

Total liabilities (1,307) 735,559 - 2,879 + 31,857

Capital accounts

Capital paid in 8,875 + 24 + 486

Surplus 8,847 0 + 369

Other capital accounts 419 - 164 - 109

Total capital 18,141 - 140 + 746

H.4.1

2. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Wednesday

 Jan 15, 2003

Eliminations from

consolidation Wednesday

 Jan 14, 2004

Wednesday

 Jan 7, 2004

3. Maturity Distribution of Loans and Securities, January 14, 2004

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 9 49,096 + 649 0 0 24,000 20,721

16 days to 90 days 5 146,987 - 451 0 0 0 0

91 days to 1 year 0 162,203 - 110 0 0 . . . . . . 

Over 1 year to 5 years . . . 180,069 - 2 0 0 . . . . . . 

Over 5 years to 10 years . . . 51,305 - 4 0 0 . . . . . . 

Over 10 years . . . 77,139 - 3 0 0 . . . . . . 

All 14 666,798 + 78 0 0 24,000 20,721

Assets, liabilities, and capital

Maturity
H.4.1

4. Statement of Condition of Each Federal Reserve Bank on January 14, 2004Millions 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 2,200 752 690,812 666,798 666,798 244,985 421,813 0 24,000 14 8,874 1,625 39,704 0 755,006

Assets, liabilities, and capital

 4,706 874 31 309,278 285,278 285,278 104,812 180,465 0 24,000 0 764 189 13,985 - 4,392 325,434

 495 115 24 32,237 32,237 32,237 11,844 20,393 0 0 0 544 93 1,847 + 1,907 37,262

 380 83 37 20,850 20,847 20,847 7,659 13,188 0 0 4 543 53 1,171 + 103 23,220

 477 104 33 31,245 31,245 31,245 11,479 19,765 0 0 0 460 151 2,519 - 2,959 32,031

 808 147 87 51,279 51,279 51,279 18,840 32,439 0 0 0 714 145 6,448 - 447 59,182

 863 166 83 45,048 45,046 45,046 16,550 28,496 0 0 2 541 278 2,308 + 1,537 50,824

 982 212 98 67,385 67,380 67,380 24,756 42,624 0 0 5 628 125 3,710 - 7,451 65,689

 331 71 54 20,978 20,978 20,978 7,708 13,271 0 0 0 426 49 1,015 - 1,616 21,308

 2   14,8 14,8 14,8 5,4 9,4    4 1 1,2 - 5 16,3
 799,600

 122,160 677,440 677,440 11,039 2,200 664,201 0 690,798 20,726 670,072

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.

 799,600 122,160 677,440 20,721 27,310 21,503 5,398 81 328 9,214 2,180 736,865 8,875 8,847 419 755,006

 38,771 5,320 33,451 1,002 1,131 1,088 0 2 41 638 124 36,345 448 448 20 37,262

 324,848 26,398 298,450 8,865 12,063 6,445 5,398 57 163 1,118 706 321,203 2,031 2,031 170 325,434

 29,619 9,156 20,463 648 967 966 0 1 1 509 92 22,679 271 259 12 23,220

 32,996 5,212 27,784 971 1,241 1,237 0 3 2 443 114 30,554 727 727 23 32,031

 60,097 10,344 49,753 1,594 2,799 2,673 0 7 118 630 215 54,990 2,075 2,074 43 59,182

 66,112 20,259 45,852 1,400 1,497 1,495 0 2 0 889 179 49,818 490 489 28 50,824

 67,035 8,909 58,126 2,094 2,643 2,640 0 3 0 706 219 63,788 931 924 47 65,689

 23,410 4,318 19,092 652 685 683 0 1 1 311 101 20,841 227 228 11 21,308

 15,5 1,5 13,9 4 5 5    5  15,6 3 3  16,3

H.4.1

4. Statement of Condition of Each Federal Reserve Bank on January 14, 2004 (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

 Jan 14, 2004

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.