FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                          February 26, 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 25, 2004 Feb 18, 2004 Feb 26, 2003 Feb 25, 2004
Federal Reserve Banks

Reserve Bank Credit                                         732,057    -   7,633    +  35,134      730,268
 Securities held outright                                   670,909    +     792    +  35,977      671,527       
    U.S. Treasury (1)                                       670,909    +     792    +  35,987      671,527
       Bills (2)                                            246,087    +     181    +  16,057      246,141
       Notes and bonds, nominal (2)                         409,218    +     615    +  17,806      409,784
       Notes and bonds, inflation-indexed (2)                13,994            0    +   1,752       13,994
       Inflation compensation (3)                             1,609    -       4    +     371        1,608
    Federal agency (2)                                            0            0    -      10            0      
 Repurchase agreements(4)                                    23,000    -   5,429    -     321       20,000
 Loans to depository institutions                                52    +      29    +      39          270
    Primary credit                                               37    +      26    +      27          251
    Secondary credit                                              0            0            0            0
    Seasonal credit                                              16    +       5    +      12           19
 Float                                                         -538    -     267    -   1,860         -174
 Other Federal Reserve assets                                38,634    -   2,760    +   1,299       38,644
Gold stock                                                   11,043            0            0       11,043
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            35,587    +      14    +     903       35,587
       
Total factors supplying reserve funds                       780,887    -   7,619    +  36,038      779,097
                                                                   
Currency in circulation(5)                                  714,167    -   1,915    +  31,905      714,546
Reverse repurchase agreements (6)                            20,426    -   2,411    +   2,688       18,872
   Foreign official and international accounts               20,426    -   2,411    +   2,688       18,872
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          322    -      12    -      25          318
Deposits with F.R.Banks, other than reserve balances         16,264    -     442    -     246       16,336       
  U.S. Treasury, general account                              5,147    +     163    -     102        5,209
  Foreign official                                               85    +       5    -      26           80
  Service-related                                            10,717    -     607    -     187       10,717
     Required clearing balances                              10,080    -     857    -     257       10,080
     Adjustments to compensate for float                        637    +     251    +      70          637
  Other                                                         315    -       4    +      70          330
Other liabilities and capital                                20,225    -     513    +     261       19,928

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  771,404    -   5,292    +  34,584      770,000

Reserve balances with Federal Reserve Banks                   9,482    -   2,328    +   1,453        9,097
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)         1,142,863    +   8,340    + 261,479    1,144,740
     U.S. Treasury                                          909,440    +   8,670    + 204,725      908,548
     Federal agency                                         233,423    -     330    +  56,753      236,192
  Securities lent to dealers                                    679    -   1,074    +     353        1,081   


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 25, 2004     Feb 18, 2004     Feb 26, 2003

Assets
Gold certificate account                                        11,038                0        -       1
Special drawing rights certificate account                       2,200                0                0
Coin                                                               878        -       3        -     222
Securities, repurchase agreements, and loans                   691,798        -   2,508        +  30,037
   Securities held outright                                    671,527        +     741        +  35,521
      U.S. Treasury (1)                                        671,527        +     741        +  35,531       
         Bills (2)                                             246,141        +      86        +  15,535
         Notes and bonds, nominal (2)                          409,784        +     660        +  17,871
         Notes and bonds, inflation-indexed (2)                 13,994                0        +   1,752
         Inflation compensation (3)                              1,608        -       4        +     373
      Federal agency (2)                                             0                0        -      10
   Repurchase agreements (4)                                    20,000        -   3,500        -   5,750    
   Loans                                                           270        +     250        +     264
Items in process of collection                    (1,337)        6,996        -   5,500        -   2,201
Bank premises                                                    1,650        +       4        +      93
Other assets (5)                                                36,995        -      89        +     865
      Total assets                                (1,337)      751,555        -   8,096        +  28,571
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  680,151        -   2,092        +  30,481
Reverse repurchase agreements (6)                               18,872        -   1,079        +   1,451
Deposits                                              (0)       25,434        -     897        -   3,464       
  Depository institutions                                       19,815        -   1,123        -   3,741
  U.S. Treasury, general account                                 5,209        +     205        +     259
  Foreign official                                                  80        -       2        -      74
  Other                                               (0)          330        +      22        +      92
Deferred availability cash items                  (1,337)        7,170        -   3,636        -     126
Other liabilities and accrued dividends (7)                      2,239        -       5        -      37
      Total liabilities                           (1,337)      733,866        -   7,709        +  28,305
                          
Capital Accounts
Capital paid in                                                  8,905        +       7        +     465
Surplus                                                          8,700        -     147        +     320
Other capital accounts                                              84        -     248        -     519
      Total capital                                             17,689        -     387        +     266


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 25, 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             267       51,729   -   1,374            0           0       20,000       18,872
16 days to 90 days           3      151,629   +   1,254            0           0            0            0
91 days to 1 year            0      158,892   +     206            0           0     ------      ------
Over 1 to 5 years     ------        182,678   -       2            0           0     ------      ------
Over 5 to 10 years    ------         49,240   +     424            0           0     ------      ------
Over 10 years         ------         77,359   +     233            0           0     ------      ------
                   		 	
All                        270      671,527   +     741            0           0       20,000      18,872

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 25, 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                                             878         35         39         47         45         92         98        111         59         28         53        153        118
Securities, repurchase agreements,
      and loans                              691,798     32,468    307,301     20,995     31,466     51,643     45,366     67,866     21,130     14,995     18,047     26,317     54,204
   Securities held outright                  671,527     32,465    287,301     20,995     31,466     51,643     45,366     67,858     21,127     14,989     18,047     26,317     53,953
      U.S. Treasury (1)                      671,527     32,465    287,301     20,995     31,466     51,643     45,366     67,858     21,127     14,989     18,047     26,317     53,953
         Bills (2)                           246,141     11,900    105,307      7,695     11,534     18,929     16,628     24,873      7,744      5,494      6,615      9,646     19,776
         Notes and bonds(3)                  425,386     20,566    181,994     13,299     19,933     32,714     28,737     42,985     13,383      9,495     11,432     16,671     34,177
         Federal agency (2)                        0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements(4)                20,000          0     20,000          0          0          0          0          0          0          0          0          0          0
      Loans                                      270          3          0          0          0          0          0          8          3          6          0          0        250
Items in process of collection                 8,333        466        617        530        445        525        697        622        497        347        494        409      2,683
Bank premises                                  1,650         94        190         52        151        145        278        126         48        125         74        189        180
Other assets(5)                               36,995      1,701     13,150      1,091      2,348      5,899      2,101      3,486        993      1,110        767        833      3,518
Interdistrict settlement account                   0    + 2,291    -10,997    +   662    - 2,153    -   444    + 1,348    - 7,550    - 1,268    -   442    +   129    + 7,217    +11,208
          Total Assets                       752,892     37,665    315,879     23,840     32,883     58,814     50,916     65,855     21,862     16,416     19,932     35,722     73,109

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 25, 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             801,978     39,158    323,815     29,725     32,954     60,325     64,633     67,109     23,630     15,880     22,194     40,219     82,337
  Less: notes held by F.R. Banks              121,827      5,416     31,155      8,420      4,922      9,952     18,649      8,574      3,816      1,548      4,433      6,866     18,077
    Federal Reserve notes, net                680,151     33,742    292,661     21,305     28,032     50,373     45,984     58,535     19,814     14,331     17,761     33,353     64,260
Reverse repurchase agreements (1)              18,872        912      8,074        590        884      1,451      1,275      1,907        594        421        507        740      1,516
Deposits                                       25,434      1,371      9,282        865      1,924      2,143      1,646      2,653        612        559        838        864      2,680
  Depository institutions                      19,815      1,362      3,855        864      1,920      1,983      1,644      2,649        606        558        836        863      2,676
  U.S. Treasury, general account                5,209          0      5,209          0          0          0          0          0          0          0          0          0          0
  Foreign official                                 80          2         56          1          2          7          2          3          1          1          1          0          4
  Other                                           330          7        161          0          1        152          0          1          5          0          1          0          0
Deferred availability cash items                8,507        626      1,000        447        492        554        854        708        285        421        427        423      2,269
Other liabilities and accrued                 
  dividends (2)                                 2,239        128        726         91        118        219        179        223        104         81         87        109        172
   
    Total liabilities                         735,203     36,779    311,742     23,298     31,451     54,740     49,938     64,026     21,409     15,814     19,620     35,489     70,897
                              
Capital                    
Capital paid in                                 8,905        448      2,041        273        723      2,083        491        908        227        264        149        114      1,182
Surplus                                         8,700        438      2,031        259        710      1,991        487        921        225        338        162        111      1,029
Other capital                                      84          0         65          9          0          0          0          0          0          0          0          9          0
     Total liabilities and capital            752,892     37,665    315,879     23,840     32,883     58,814     50,916     65,855     21,862     16,416     19,932     35,722     73,109
                              

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 25, 2004
              
Federal Reserve notes outstanding             801,978
   Less: Notes held by F.R. Banks
         not subject to collateralization     121,827
      Federal Reserve Notes to be
         collateralized                       680,151 
Collateral held against Federal Reserve            
   notes                                      680,151
   Gold certificate account                    11,038
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              666,912
   Other assets pledged                             0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         691,527
   Less:face value of securities under
         reverse repurchase agreements         18,877
      U.S. Treasury and agency securities
             eligible to be pledged           672,651
   

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.