Reserve Bank credit, related items, and

reserve balances of depository institutions

at Federal Reserve Banks

Reserve Bank credit 743,299 - 3,268 + 45,841 733,683

Securities held outright 666,704 + 302 + 37,288 666,720

U.S. Treasury1 666,704 + 302 + 37,298 666,720

Bills2 244,877 + 308 + 18,195 244,897

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 1,659 - 7 + 396 1,655

Federal agency2 0 0 - 10 0

Repurchase agreements4 34,679 - 4,000 + 6,286 24,000

Loans to depository institutions 24 - 41 - 3 11

Primary credit 12 - 20 + 12 1

Secondary credit 0 0 0 0

Seasonal credit 11 - 22 - 6 10

Adjustment credit 0 0 - 10 0

Float 1,349 + 169 + 631 2,144

Other Federal Reserve assets 40,544 + 302 + 1,640 40,808

Gold stock 11,043 0 0 11,043

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

Treasury currency outstanding5 35,489 + 14 + 892 35,489

Total factors supplying reserve funds 792,031 - 3,255 + 46,733 782,415

Currency in circulation5 721,162 - 2,551 + 37,939 717,836

Reverse repurchase agreements6 22,477 + 842 + 3,944 19,587

Foreign official and international accounts 22,120 + 485 + 3,587 19,587

Dealers 357 + 357 + 357 0

Treasury cash holdings 321 + 2 - 49 323

Deposits with F.R. Banks, other than reserve balances 18,083 - 293 + 2,050 17,245

U.S. Treasury, general account 5,319 - 531 + 490 4,915

Foreign official 95 - 4 - 12 84

Service-related 12,021 - 88 + 1,135 12,021

Required clearing balances 11,830 - 1 + 1,295 11,830

Adjustments to compensate for float 192 - 86 - 159 192

Other 647 + 328 + 436 225

Other liabilities and capital 20,125 - 464 + 908 20,382

Total factors, other than reserve balances,

absorbing reserve funds 782,168 - 2,465 + 44,792 775,374

Reserve balances with Federal Reserve Banks 9,863 - 790 + 1,941 7,041

Memo (off-balance-sheet items):

Marketable securities held in custody for foreign

 official and international accounts2,7 1,072,660 + 5,918 + 211,575 1,074,509

U.S. Treasury 862,004 + 6,132 + 167,987 861,930

Federal agency 210,656 - 213 + 43,588 212,579

Securities lent to dealers 3,200 + 114 + 2,240 2,328

FEDERAL RESERVE statistical release

 January 8, 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 7, 2004 Week ended

 Jan 7, 2004 Dec 31, 2003 Jan 8, 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 725 + 3 - 271

Securities, repurchase agreements, and loans 690,731 - 19,746 + 27,547

Securities held outright 666,720 + 55 + 37,304

U.S. Treasury1 666,720 + 55 + 37,314

Bills2 244,897 + 64 + 18,215

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

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

Inflation compensation3 1,655 - 10 + 392

Federal agency2 0 0 - 10

Repurchase agreements4 24,000 - 19,750 - 9,750

Loans 11 - 51 - 7

Items in process of collection (1,002) 11,241 + 3,448 + 2,888

Bank premises 1,624 - 4 + 83

Other assets5 39,159 + 573 + 1,676

Total assets (1,002) 756,718 - 15,726 + 31,922

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 683,391 - 6,366 + 36,321

Reverse repurchase agreements6 19,587 - 6,065 + 878

Deposits ( 0 ) 25,080 - 4,580 - 6,055

Depository institutions 19,856 - 3,202 - 5,340

U.S. Treasury, general account 4,915 - 808 - 575

Foreign official 84 - 78 - 15

Other ( 0 ) 225 - 492 - 125

Deferred availability cash items (1,002) 8,279 + 697 - 220

Other liabilities and accrued dividends7 2,102 + 2 - 120

Total liabilities (1,002) 738,438 - 16,312 + 30,803

Capital accounts

Capital paid in 8,851 + 4 + 465

Surplus 8,847 0 + 499

Other capital accounts 583 + 583 + 157

Total capital 18,281 + 587 + 1,120

H.4.1

2. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Wednesday

 Jan 8, 2003

Eliminations from

consolidation Wednesday

 Jan 7, 2004

Wednesday

 Dec 31, 2003

3. Maturity Distribution of Loans and Securities, January 7, 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 1 48,447 + 714 0 0 24,000 19,587

16 days to 90 days 10 147,438 + 8,091 0 0 0 0

91 days to 1 year 0 162,313 - 1,758 0 0 . . . . . . 

Over 1 year to 5 years . . . 180,071 - 6,985 0 0 . . . . . . 

Over 5 years to 10 years . . . 51,309 - 3 0 0 . . . . . . 

Over 10 years . . . 77,142 - 4 0 0 . . . . . . 

All 11 666,720 + 55 0 0 24,000 19,587

Assets, liabilities, and capital

Maturity
H.4.1

4. Statement of Condition of Each Federal Reserve Bank on January 7, 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 2,200 725 690,731 666,720 666,720 244,897 421,823 0 24,000 11 12,243 1,624 39,159 0 757,721

Assets, liabilities, and capital

 4,706 874 29 309,244 285,244 285,244 104,775 180,469 0 24,000 0 1,035 189 13,806 - 5,022 324,863

 495 115 25 32,233 32,233 32,233 11,840 20,393 0 0 0 680 93 1,821 + 2,263 37,725

 380 83 37 20,844 20,844 20,844 7,656 13,188 0 0 0 612 53 1,156 - 22 23,143

 477 104 32 31,241 31,241 31,241 11,475 19,766 0 0 0 459 151 2,485 - 2,309 32,640

 808 147 83 51,273 51,273 51,273 18,833 32,439 0 0 0 559 145 6,358 + 222 59,595

 863 166 81 45,043 45,041 45,041 16,544 28,497 0 0 2 988 278 2,271 + 1,532 51,221

 982 212 92 67,380 67,372 67,372 24,747 42,625 0 0 7 1,347 125 3,655 - 7,854 65,939

 331 71 53 20,976 20,976 20,976 7,705 13,271 0 0 0 562 49 999 - 1,748 21,292

 2   14,8 14,8 14,8 5,4 9,4    7 1 1,1 - 6 16,4
 799,397

 116,006 683,391 683,391 11,039 2,200 670,152 0 690,720 19,592 671,128

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.

 799,397 116,006 683,391 19,587 25,080 19,856 4,915 84 225 9,281 2,102 739,440 8,851 8,847 583 757,721

 38,741 5,070 33,671 947 1,398 1,396 0 2 1 666 122 36,804 448 448 24 37,725

 326,440 24,809 301,631 8,380 8,644 3,508 4,915 60 161 1,221 661 320,537 2,031 2,031 264 324,863

 29,309 8,833 20,476 612 1,066 1,065 0 1 0 368 90 22,612 259 259 14 23,143

 33,026 4,900 28,126 918 1,505 1,501 0 3 1 498 110 31,156 727 727 30 32,640

 60,125 9,939 50,186 1,506 2,822 2,756 0 7 58 662 210 55,386 2,074 2,074 61 59,595

 65,473 19,369 46,104 1,323 1,654 1,653 0 2 0 953 175 50,209 490 489 33 51,221

 67,259 8,608 58,652 1,979 2,397 2,394 0 3 0 790 215 64,033 931 924 50 65,939

 23,290 4,127 19,163 616 671 668 0 1 1 273 98 20,821 227 228 16 21,292

 15,5 1,5 14,0 4 6 6    5  15,7 3 3  16,4

H.4.1

4. Statement of Condition of Each Federal Reserve Bank on January 7, 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 7, 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.