Reserve Bank credit, related items, and

reserve balances of depository institutions

at Federal Reserve Banks

Reserve Bank credit 743,669 + 3,174 + 23,197 752,122

Securities held outright 680,027 + 453 + 29,175 680,633

U.S. Treasury1 680,027 + 453 + 29,185 680,633

Bills2 250,400 + 205 + 12,728 250,439

Notes and bonds, nominal2 413,304 + 224 + 14,451 413,863

Notes and bonds, inflation-indexed2 14,464 0 + 1,650 14,464

Inflation compensation3 1,859 + 24 + 357 1,867

Federal agency2 0 0 - 10 0

Repurchase agreements4 26,107 + 4,107 - 5,750 33,750

Loans to depository institutions 118 + 13 + 59 128

Primary credit 4 + 2 + 2 10

Secondary credit 0 0 0 0

Seasonal credit 114 + 10 + 57 117

Float -220 + 263 + 193 -280

Other Federal Reserve assets 37,637 - 1,662 - 479 37,892

Gold stock 11,045 0 + 2 11,045

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

Treasury currency outstanding5 35,769 + 14 + 810 35,769

Total factors supplying reserve funds 792,684 + 3,188 + 24,011 801,136

Currency in circulation5 720,728 + 1,057 + 27,116 723,757

Reverse repurchase agreements6 19,191 + 307 - 2,407 19,331

Foreign official and international accounts 19,191 + 307 - 2,407 19,331

Dealers 0 0 0 0

Treasury cash holdings 330 + 6 - 29 320

Deposits with F.R. Banks, other than reserve balances 15,336 - 352 - 1,713 14,978

U.S. Treasury, general account 5,212 - 121 - 331 4,844

Foreign official 83 - 199 - 77 85

Service-related 9,787 + 1 - 1,317 9,787

Required clearing balances 9,787 + 1 - 1,032 9,787

Adjustments to compensate for float 0 0 - 285 0

Other 254 - 33 + 12 263

Other liabilities and capital 21,284 + 542 + 1,003 21,193

Total factors, other than reserve balances,

absorbing reserve funds 776,869 + 1,559 + 23,970 779,579

Reserve balances with Federal Reserve Banks 15,814 + 1,629 + 40 21,558

Memo (off-balance-sheet items):

Marketable securities held in custody for foreign

 official and international accounts2,7 1,210,617 + 10,861 + 282,870 1,214,232

U.S. Treasury 978,460 + 11,147 + 237,521 980,378

Federal agency 232,157 - 286 + 45,349 233,854

Securities lent to dealers 3,404 + 982 + 2,486 2,291

FEDERAL RESERVE statistical release

 May 27, 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

 May 26, 2004 Week ended

 May 26, 2004 May 19, 2004 May 28, 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 11,041 0 + 2

Special drawing rights certificate account 2,200 0 0

Coin 741 - 16 - 179

Securities, repurchase agreements, and loans 714,511 + 13,532 + 31,580

Securities held outright 680,633 + 1,015 + 29,764

U.S. Treasury1 680,633 + 1,015 + 29,774

Bills2 250,439 + 209 + 12,756

Notes and bonds, nominal2 413,863 + 783 + 15,010

Notes and bonds, inflation-indexed2 14,464 0 + 1,650

Inflation compensation3 1,867 + 23 + 359

Federal agency2 0 0 - 10

Repurchase agreements4 33,750 + 12,500 + 1,750

Loans 128 + 17 + 66

Items in process of collection (784) 5,712 + 208 - 4,920

Bank premises 1,678 + 2 + 97

Other assets5 36,151 + 517 - 363

Total assets (784) 772,033 + 14,242 + 26,216

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 689,044 + 2,418 + 27,877

Reverse repurchase agreements6 19,331 + 1,058 - 2,526

Deposits ( 0 ) 36,473 + 10,815 + 2,915

Depository institutions 31,282 + 10,421 + 2,922

U.S. Treasury, general account 4,844 + 393 + 19

Foreign official 85 + 5 - 44

Other ( 0 ) 263 - 3 + 20

Deferred availability cash items (784) 5,992 - 236 - 3,425

Other liabilities and accrued dividends7 2,389 + 48 + 63

Total liabilities (784) 753,230 + 14,103 + 24,904

Capital accounts

Capital paid in 9,095 + 15 + 521

Surplus 8,847 0 + 467

Other capital accounts 862 + 124 + 325

Total capital 18,804 + 139 + 1,313

H.4.1

2. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Wednesday

 May 28, 2003

Eliminations from

consolidation Wednesday

 May 26, 2004

Wednesday

 May 19, 2004

3. Maturity Distribution of Loans and Securities, May 26, 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 125 55,260 - 786 0 0 33,750 19,331

16 days to 90 days 3 149,402 + 1,720 0 0 0 0

91 days to 1 year 0 163,583 - 725 0 0 . . . . . . 

Over 1 year to 5 years . . . 185,179 + 792 0 0 . . . . . . 

Over 5 years to 10 years . . . 50,582 + 6 0 0 . . . . . . 

Over 10 years . . . 76,627 + 9 0 0 . . . . . . 

All 128 680,633 + 1,015 0 0 33,750 19,331

Assets, liabilities, and capital

Maturity
H.4.1

4. Statement of Condition of Each Federal Reserve Bank on May 26, 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.

 11,041 2,200 741 714,511 680,633 680,633 250,439 430,195 0 33,750 128 6,496 1,678 36,151 0 772,818

Assets, liabilities, and capital

 4,651 874 30 328,882 295,132 295,132 108,593 186,538 0 33,750 0 471 192 12,978 -22,395 325,681

 494 115 34 31,964 31,961 31,961 11,760 20,201 0 0 4 330 96 1,639 + 3,419 38,092

 382 83 45 20,244 20,244 20,244 7,449 12,795 0 0 0 282 52 1,007 + 3,122 25,216

 452 104 38 29,084 29,084 29,084 10,701 18,382 0 0 0 404 154 2,236 - 1,901 30,571

 819 147 68 51,731 51,731 51,731 19,034 32,697 0 0 0 317 144 5,749 - 1,639 57,336

 894 166 75 45,904 45,900 45,900 16,889 29,011 0 0 4 702 278 2,049 + 2,560 52,628

 924 212 88 61,363 61,310 61,310 22,559 38,751 0 0 53 443 132 3,266 + 358 66,786

 325 71 50 20,016 19,996 19,996 7,358 12,639 0 0 20 287 51 947 + 542 22,288

 2   14,8 14,8 14,8 5,4 9,3    4 1 1,0 - 4 16,3
 807,653

 118,608 689,044 689,044 11,041 2,200 675,804 0 714,383 19,335 695,048

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.

 807,653 118,608 689,044 19,331 36,473 31,282 4,844 85 263 6,777 2,389 754,014 9,095 8,847 862 772,818

 38,033 4,189 33,844 908 1,689 1,682 0 2 5 480 134 37,055 506 448 82 38,092

 320,034 28,789 291,245 8,382 20,231 15,158 4,844 62 168 645 745 321,248 2,113 2,031 289 325,681

 30,687 8,356 22,331 575 1,198 1,197 0 1 0 447 93 24,645 278 259 35 25,216

 31,937 5,545 26,392 826 1,304 1,300 0 2 1 422 127 29,070 738 727 36 30,571

 59,042 10,563 48,479 1,469 2,476 2,385 0 7 84 439 276 53,139 2,064 2,074 60 57,336

 66,162 19,328 46,833 1,304 2,437 2,436 0 2 0 825 190 51,589 505 489 45 52,628

 67,989 7,651 60,338 1,741 2,081 2,078 0 3 1 506 224 64,891 914 924 57 66,786

 23,505 3,291 20,214 568 795 793 0 1 2 133 107 21,818 232 228 11 22,288

 15,5 1,3 14,2 4 4 4    5  15,7 2 3  16,3

H.4.1

4. Statement of Condition of Each Federal Reserve Bank on May 26, 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

 May 26, 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.