FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                              June 24, 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           Jun 23, 2004 Jun 16, 2004 Jun 25, 2003 Jun 23, 2004
Federal Reserve Banks

Reserve Bank Credit                                         748,436    +   2,055    +  30,743      756,252
 Securities held outright                                   685,043    +      63    +  33,083      685,177       
    U.S. Treasury (1)                                       685,043    +      63    +  33,093      685,177
       Bills (2)                                            251,964    +      51    +  13,174      252,094
       Notes and bonds, nominal (2)                         416,694            0    +  17,841      416,694
       Notes and bonds, inflation-indexed (2)                14,464            0    +   1,650       14,464
       Inflation compensation (3)                             1,920    +      12    +     427        1,924
    Federal agency (2)                                            0            0    -      10            0      
 Repurchase agreements(4)                                    24,250    +   1,429    -   2,071       32,000
 Loans to depository institutions                               197    +      28    -     210          165
    Primary credit                                               54    +      20    -     268            8
    Secondary credit                                              0            0            0            0
    Seasonal credit                                             143    +       8    +      59          157
 Float                                                         -262    +      95    -     284         -443
 Other Federal Reserve assets                                39,208    +     441    +     225       39,353
Gold stock                                                   11,045            0    +       1       11,045
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            35,825    +      14    +     782       35,825
       
Total factors supplying reserve funds                       797,506    +   2,069    +  31,526      805,322
                                                                   
Currency in circulation(5)                                  724,759    +      12    +  33,613      727,776
Reverse repurchase agreements (6)                            18,722    -   1,334    -   3,992       17,465
   Foreign official and international accounts               18,722    -   1,334    -   2,314       17,465
   Dealers                                                        0            0    -   1,679            0
Treasury cash holdings                                          315    -       9    -      53          307
Deposits with F.R.Banks, other than reserve balances         17,655    +     779    -     982       17,805       
  U.S. Treasury, general account                              7,034    +     839    -     165        7,202
  Foreign official                                              103    -      29    -      59           82
  Service-related                                            10,293    -       4    -     763       10,293
     Required clearing balances                              10,293    -       4    -     537       10,293
     Adjustments to compensate for float                          0            0    -     226            0
  Other                                                         225    -      27    +       5          227
Other liabilities and capital                                21,707    +     296    +   1,601       21,639

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  783,157    -     258    +  30,186      784,993

Reserve balances with Federal Reserve Banks                  14,348    +   2,325    +   1,339       20,330
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)         1,223,940    -   3,372    + 290,761    1,218,013
     U.S. Treasury                                          990,103    -   3,382    + 240,373      987,036
     Federal agency                                         233,837    +      10    +  50,387      230,978
  Securities lent to dealers                                    980    +      54    -     377        1,591   


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 Jun 23, 2004     Jun 16, 2004     Jun 25, 2003

Assets
Gold certificate account                                        11,041                0        +       1
Special drawing rights certificate account                       2,200                0                0
Coin                                                               754        +      10        -     187
Securities, repurchase agreements, and loans                   717,342        +  13,175        +  33,243
   Securities held outright                                    685,177        +     184        +  33,174
      U.S. Treasury (1)                                        685,177        +     184        +  33,184       
         Bills (2)                                             252,094        +     172        +  13,259
         Notes and bonds, nominal (2)                          416,694                0        +  17,841
         Notes and bonds, inflation-indexed (2)                 14,464                0        +   1,650
         Inflation compensation (3)                              1,924        +      12        +     433
      Federal agency (2)                                             0                0        -      10
   Repurchase agreements (4)                                    32,000        +  13,000                0    
   Loans                                                           165        -       9        +      70
Items in process of collection                      (889)        5,560        -     317        -   1,901
Bank premises                                                    1,691        +       3        +     109
Other assets (5)                                                37,695        +     579        +      88
      Total assets                                  (889)      776,283        +  13,449        +  31,352
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  693,007        +   2,393        +  34,038
Reverse repurchase agreements (6)                               17,465        -     506        -   4,127
Deposits                                              (0)       38,169        +  11,523        +   1,183       
  Depository institutions                                       30,657        +  11,449        -     398
  U.S. Treasury, general account                                 7,202        +     135        +   1,896
  Foreign official                                                  82        -      50        -     322
  Other                                               (0)          227        -      11        +       7
Deferred availability cash items                    (889)        6,002        -     356        -   1,361
Other liabilities and accrued dividends (7)                      2,551        +      74        +     169
      Total liabilities                             (889)      757,194        +  13,129        +  29,902
                          
Capital Accounts
Capital paid in                                                  9,224        +       5        +     567
Surplus                                                          8,847                0        +     467
Other capital accounts                                           1,018        +     316        +     417
      Total capital                                             19,089        +     321        +   1,450


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,      June 23, 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             156       54,688   +     117            0           0       32,000       17,465
16 days to 90 days           9      153,424   +      48            0           0            0            0
91 days to 1 year            0      161,535   +       7            0           0     ------      ------
Over 1 to 5 years     ------        187,215   +       5            0           0     ------      ------
Over 5 to 10 years    ------         51,583   +       3            0           0     ------      ------
Over 10 years         ------         76,732   +       4            0           0     ------      ------
                   		 	
All                        165      685,177   +     184            0           0       32,000      17,465

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      June 23, 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                      11,041        494      4,651        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                                             754         26         30         40         36         70         80         89         58         24         47        144        111
Securities, repurchase agreements,
      and loans                              717,342     32,174    329,102     20,379     29,278     52,076     46,214     61,784     20,152     14,993     18,024     31,243     61,923
   Securities held outright                  685,177     32,174    297,102     20,379     29,278     52,076     46,207     61,720     20,130     14,945     18,005     31,241     61,921
      U.S. Treasury (1)                      685,177     32,174    297,102     20,379     29,278     52,076     46,207     61,720     20,130     14,945     18,005     31,241     61,921
         Bills (2)                           252,094     11,838    109,311      7,498     10,772     19,160     17,001     22,708      7,406      5,498      6,625     11,494     22,782
         Notes and bonds(3)                  433,083     20,336    187,791     12,881     18,506     32,916     29,206     39,011     12,724      9,446     11,381     19,746     39,139
         Federal agency (2)                        0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements(4)                32,000          0     32,000          0          0          0          0          0          0          0          0          0          0
      Loans                                      165          0          0          0          0          0          7         64         22         49         18          3          2
Items in process of collection                 6,449        369        332        309        324        375        894        405        403        363        329        257      2,090
Bank premises                                  1,691         96        192         52        154        145        278        135         53        124         75        207        181
Other assets(5)                               37,695      1,703     13,588      1,128      2,303      5,914      2,142      3,395        976      1,110        776        965      3,696
Interdistrict settlement account                   0    + 2,636    -28,908    + 3,081    -   224    + 1,610    + 6,267    +   599    +   353    -   578    + 1,700    + 3,394    +10,068
          Total Assets                       777,171     37,613    319,862     25,453     32,426     61,156     56,935     67,542     22,391     16,284     21,319     36,833     79,357

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      June 23, 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             812,668     37,625    318,136     31,383     33,529     60,315     69,761     67,691     23,615     15,510     23,400     41,961     89,742
  Less: notes held by F.R. Banks              119,661      4,088     29,120      8,682      5,637     11,093     18,857      7,687      3,357      1,189      4,307      7,302     18,342
    Federal Reserve notes, net                693,007     33,537    289,016     22,702     27,892     49,222     50,904     60,004     20,257     14,320     19,093     34,660     71,400
Reverse repurchase agreements (1)              17,465        820      7,573        519        746      1,327      1,178      1,573        513        381        459        796      1,578
Deposits                                       38,169      1,590     17,455        954      1,769      5,570      2,832      3,070        779        428        965        665      2,093
  Depository institutions                      30,657      1,587     10,038        953      1,765      5,498      2,831      3,067        776        426        963        664      2,089
  U.S. Treasury, general account                7,202          0      7,202          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                                           227          1        155          0          1         66          0          0          2          0          1          1          0
Deferred availability cash items                6,890        485        567        606        392        522        771        551        254        444        387        302      1,610
Other liabilities and accrued                 
  dividends (2)                                 2,551        142        806         99        133        291        196        244        109         86         91        135        218
   
    Total liabilities                         758,083     36,574    315,417     24,880     30,932     56,933     55,881     65,441     21,912     15,659     20,995     36,558     76,900
                              
Capital                    
Capital paid in                                 9,224        506      2,116        278        733      2,077        510      1,028        232        264        150        130      1,202
Surplus                                         8,847        448      2,031        259        727      2,074        489        924        228        346        162        111      1,048
Other capital                                   1,018         84        298         36         34         73         55        148         19         15         13         35        208
     Total liabilities and capital            777,171     37,613    319,862     25,453     32,426     61,156     56,935     67,542     22,391     16,284     21,319     36,833     79,357
                              

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
                                          Jun 23, 2004
              
Federal Reserve notes outstanding             812,668
   Less: Notes held by F.R. Banks
         not subject to collateralization     119,661
      Federal Reserve Notes to be
         collateralized                       693,007 
Collateral held against Federal Reserve            
   notes                                      693,007
   Gold certificate account                    11,041
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              679,767
   Other assets pledged                             0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         717,177
   Less:face value of securities under
         reverse repurchase agreements         17,470
      U.S. Treasury and agency securities
             eligible to be pledged           699,707
   

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.