FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                           January 15, 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           Jan 14, 2004  Jan 7, 2004 Jan 15, 2003 Jan 14, 2004
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. Treasury (1)                                       666,798    +      94    +  37,392      666,798
       Bills (2)                                            244,981    +     104    +  18,299      244,985
       Notes and bonds, nominal (2)                         406,173            0    +  16,954      406,173
       Notes and bonds, inflation-indexed (2)                13,994            0    +   1,752       13,994
       Inflation compensation (3)                             1,649    -      10    +     386        1,646
    Federal agency (2)                                            0            0    -      10            0      
 Repurchase agreements(4)                                    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 outstanding (5)                            35,503    +      14    +     906       35,503
       
Total factors supplying reserve funds                       778,235    -  13,798    +  37,399      780,568
                                                                   
Currency in circulation(5)                                  713,146    -   8,016    +  36,720      711,863
Reverse repurchase agreements (6)                            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 accounts(2,7)         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   


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 Jan 14, 2004      Jan 7, 2004     Jan 15, 2003

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. Treasury (1)                                        666,798        +      78        +  37,392       
         Bills (2)                                             244,985        +      88        +  18,303
         Notes and bonds, nominal (2)                          406,173                0        +  16,954
         Notes and bonds, inflation-indexed (2)                 13,994                0        +   1,752
         Inflation compensation (3)                              1,646        -       9        +     383
      Federal agency (2)                                             0                0        -      10
   Repurchase agreements (4)                                    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 assets (5)                                                39,704        +     545        +   2,016
      Total assets                                (1,307)      753,699        -   3,019        +  32,601
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  677,440        -   5,951        +  34,553
Reverse repurchase agreements (6)                               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 dividends (7)                      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


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,   January 14, 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               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 to 5 years     ------        180,069   -       2            0           0     ------      ------
Over 5 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

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   January 14, 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                      11,039        495      4,706        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                                             752         24         31         37         33         87         83         98         54         25         43        146         90
Securities, repurchase agreements,
      and loans                              690,812     32,237    309,278     20,850     31,245     51,279     45,048     67,385     20,978     14,884     17,923     26,132     53,573
   Securities held outright                  666,798     32,237    285,278     20,847     31,245     51,279     45,046     67,380     20,978     14,884     17,920     26,132     53,573
      U.S. Treasury (1)                      666,798     32,237    285,278     20,847     31,245     51,279     45,046     67,380     20,978     14,884     17,920     26,132     53,573
         Bills (2)                           244,985     11,844    104,812      7,659     11,479     18,840     16,550     24,756      7,708      5,468      6,584      9,601     19,683
         Notes and bonds(3)                  421,813     20,393    180,465     13,188     19,765     32,439     28,496     42,624     13,271      9,415     11,336     16,531     33,890
         Federal agency (2)                        0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements(4)                24,000          0     24,000          0          0          0          0          0          0          0          0          0          0
      Loans                                       14          0          0          4          0          0          2          5          0          0          3          0          0
Items in process of collection                 8,874        544        764        543        460        714        541        628        426        428        610        505      2,710
Bank premises                                  1,625         93        189         53        151        145        278        125         49        125         57        182        179
Other assets(5)                               39,704      1,847     13,985      1,171      2,519      6,448      2,308      3,710      1,015      1,205        946      1,116      3,432
Interdistrict settlement account                   0    + 1,907    - 4,392    +   103    - 2,959    -   447    + 1,537    - 7,451    - 1,616    -   595    -   484    + 5,780    + 8,618
          Total Assets                       755,006     37,262    325,434     23,220     32,031     59,182     50,824     65,689     21,308     16,327     19,464     34,466     69,799

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   January 14, 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             799,600     38,771    324,848     29,619     32,996     60,097     66,112     67,035     23,410     15,548     21,895     39,969     79,300
  Less: notes held by F.R. Banks              122,160      5,320     26,398      9,156      5,212     10,344     20,259      8,909      4,318      1,597      4,623      7,873     18,150
    Federal Reserve notes, net                677,440     33,451    298,450     20,463     27,784     49,753     45,852     58,126     19,092     13,951     17,272     32,096     61,150
Reverse repurchase agreements (1)              20,721      1,002      8,865        648        971      1,594      1,400      2,094        652        463        557        812      1,665
Deposits                                       27,310      1,131     12,063        967      1,241      2,799      1,497      2,643        685        535        743        823      2,182
  Depository institutions                      21,503      1,088      6,445        966      1,237      2,673      1,495      2,640        683        523        741        822      2,189
  U.S. Treasury, general account                5,398          0      5,398          0          0          0          0          0          0          0          0          0          0
  Foreign official                                 81          2         57          1          3          7          2          3          1          1          1          1          3
  Other                                           328         41        163          1          2        118          0          0          1         10          1          1        -10
Deferred availability cash items                9,214        638      1,118        509        443        630        889        706        311        597        474        390      2,508
Other liabilities and accrued                 
  dividends (2)                                 2,180        124        706         92        114        215        179        219        101         82         84        107        158
   
    Total liabilities                         736,865     36,345    321,203     22,679     30,554     54,990     49,818     63,788     20,841     15,627     19,129     34,228     67,664
                              
Capital                    
Capital paid in                                 8,875        448      2,031        271        727      2,075        490        931        227        345        160        111      1,057
Surplus                                         8,847        448      2,031        259        727      2,074        489        924        228        346        162        111      1,048
Other capital                                     419         20        170         12         23         43         28         47         11          9         12         16         29
     Total liabilities and capital            755,006     37,262    325,434     23,220     32,031     59,182     50,824     65,689     21,308     16,327     19,464     34,466     69,799
                              

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
                                          Jan 14, 2004
              
Federal Reserve notes outstanding             799,600
   Less: Notes held by F.R. Banks
         not subject to collateralization     122,160
      Federal Reserve Notes to be
         collateralized                       677,440 
Collateral held against Federal Reserve            
   notes                                      677,440
   Gold certificate account                    11,039
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              664,201
   Other assets pledged                             0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         690,798
   Less:face value of securities under
         reverse repurchase agreements         20,726
      U.S. Treasury and agency securities
             eligible to be pledged           670,072
   

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.