FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                              July 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           Jul 14, 2004  Jul 7, 2004 Jul 16, 2003 Jul 14, 2004
Federal Reserve Banks

Reserve Bank Credit                                         755,496    +     542    +  40,027      756,575
 Securities held outright                                   689,774    +   2,106    +  37,236      690,309       
    U.S. Treasury (1)                                       689,774    +   2,106    +  37,246      690,309
       Bills (2)                                            255,024    +     466    +  15,639      255,178
       Notes and bonds, nominal (2)                         418,251    +   1,557    +  19,398      418,251
       Notes and bonds, inflation-indexed (2)                14,521    +      57    +   1,707       14,862
       Inflation compensation (3)                             1,977    +      26    +     502        2,017
    Federal agency (2)                                            0            0    -      10            0      
 Repurchase agreements(4)                                    25,250    -   1,929    +   2,357       25,500
 Loans to depository institutions                               243    +      19    +     129          260
    Primary credit                                               53    -       6    +      47           51
    Secondary credit                                              0            0    -       1            0
    Seasonal credit                                             191    +      26    +      84          209
 Float                                                         -202    -     184    -     654         -104
 Other Federal Reserve assets                                40,431    +     530    +     959       40,611
Gold stock                                                   11,045            0    +       1       11,045
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            36,008    +      14    +     911       36,008
       
Total factors supplying reserve funds                       804,749    +     557    +  40,939      805,827
                                                                   
Currency in circulation(5)                                  736,199    -      38    +  41,673      736,127
Reverse repurchase agreements (6)                            19,767    -     191    -     300       19,835
   Foreign official and international accounts               19,767    -     191    -     300       19,835
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          302    -       1    -      25          302
Deposits with F.R.Banks, other than reserve balances         15,626    -     193    -   2,331       16,223       
  U.S. Treasury, general account                              4,834    +     293    -   1,645        5,369
  Foreign official                                               80    -      75    -      29           81
  Service-related                                            10,424    -     439    -     638       10,424
     Required clearing balances                              10,424    -     439    -     439       10,424
     Adjustments to compensate for float                          0            0    -     199            0
  Other                                                         288    +      27    -      19          349
Other liabilities and capital                                21,713    +      84    +   1,835       21,318

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  793,608    -     338    +  40,853      793,804

Reserve balances with Federal Reserve Banks                  11,141    +     895    +      87       12,023
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)         1,234,008    -   1,545    + 292,555    1,236,684
     U.S. Treasury                                          997,048    -   2,241    + 239,429      999,349
     Federal agency                                         236,960    +     697    +  53,126      237,335
  Securities lent to dealers                                    575    -   1,724    -     293          269   


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 Jul 14, 2004      Jul 7, 2004     Jul 16, 2003

Assets
Gold certificate account                                        11,040                0        +       1
Special drawing rights certificate account                       2,200                0                0
Coin                                                               710        -       2        -     162
Securities, repurchase agreements, and loans                   716,069        -      48        +  39,247
   Securities held outright                                    690,309        +   2,416        +  37,609
      U.S. Treasury (1)                                        690,309        +   2,416        +  37,619       
         Bills (2)                                             255,178        +     402        +  15,628
         Notes and bonds, nominal (2)                          418,251        +   1,557        +  19,398
         Notes and bonds, inflation-indexed (2)                 14,862        +     398        +   2,048
         Inflation compensation (3)                              2,017        +      59        +     544
      Federal agency (2)                                             0                0        -      10
   Repurchase agreements (4)                                    25,500        -   2,500        +   1,500    
   Loans                                                           260        +      35        +     139
Items in process of collection                      (726)        6,004        -   3,062        -   2,530
Bank premises                                                    1,697                0        +     112
Other assets (5)                                                38,898        +     503        +   1,291
      Total assets                                  (726)      776,618        -   2,609        +  37,960
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  701,127        -   2,032        +  40,276
Reverse repurchase agreements (6)                               19,835        +       7        -     511
Deposits                                              (0)       28,231        +   1,492        -   1,369       
  Depository institutions                                       22,431        -   1,045        -     998
  U.S. Treasury, general account                                 5,369        +   2,454        -     355
  Foreign official                                                  81        -       3        -      47
  Other                                               (0)          349        +      85        +      31
Deferred availability cash items                    (726)        6,108        -   1,883        -   2,103
Other liabilities and accrued dividends (7)                      2,386        +      61        +     306
      Total liabilities                             (726)      757,687        -   2,355        +  36,598
                          
Capital Accounts
Capital paid in                                                  9,251                0        +     589
Surplus                                                          8,847                0        +     469
Other capital accounts                                             833        -     254        +     304
      Total capital                                             18,931        -     254        +   1,362


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,      July 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              68       47,148   +     320            0           0       25,500       19,835
16 days to 90 days         192      163,185   -     545            0           0            0            0
91 days to 1 year            0      161,815   +     628            0           0     ------      ------
Over 1 to 5 years     ------        189,520   +   1,709            0           0     ------      ------
Over 5 to 10 years    ------         51,854   +     263            0           0     ------      ------
Over 10 years         ------         76,786   +      41            0           0     ------      ------
                   		 	
All                        260      690,309   +   2,416            0           0       25,500      19,835

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      July 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                      11,040        494      4,650        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                                             710         24         29         35         35         62         80         87         56         20         43        138        100
Securities, repurchase agreements,
      and loans                              716,069     32,415    324,827     20,533     29,497     52,516     46,562     62,250     20,310     15,127     18,166     31,477     62,388
   Securities held outright                  690,309     32,415    299,327     20,531     29,497     52,466     46,553     62,182     20,281     15,057     18,140     31,475     62,385
      U.S. Treasury (1)                      690,309     32,415    299,327     20,531     29,497     52,466     46,553     62,182     20,281     15,057     18,140     31,475     62,385
         Bills (2)                           255,178     11,983    110,649      7,590     10,904     19,395     17,209     22,986      7,497      5,566      6,706     11,635     23,061
         Notes and bonds(3)                  435,131     20,433    188,678     12,942     18,593     33,072     29,344     39,196     12,784      9,491     11,434     19,840     39,324
         Federal agency (2)                        0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements(4)                25,500          0     25,500          0          0          0          0          0          0          0          0          0          0
      Loans                                      260          0          0          2          0         50          9         68         30         70         26          3          3
Items in process of collection                 6,730        388        475        546        398        354        579        470        298        415        437        307      2,064
Bank premises                                  1,697         96        191         51        154        145        279        135         53        124         75        213        181
Other assets(5)                               38,898      1,762     14,017      1,162      2,368      6,054      2,230      3,510      1,011      1,146        809      1,011      3,817
Interdistrict settlement account                   0    + 2,380    -28,075    + 2,945    +     5    - 1,201    + 8,416    -   119    + 1,401    -   430    + 1,283    + 3,293    +10,102
          Total Assets                       777,344     37,674    316,989     25,738     33,013     58,896     59,206     67,469     23,525     16,649     21,182     37,062     79,941

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      July 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             817,731     37,935    317,210     31,593     34,429     61,548     71,408     68,090     24,771     15,695     23,642     42,034     89,376
  Less: notes held by F.R. Banks              116,604      3,833     29,600      8,416      5,523     10,918     17,063      7,376      3,216      1,183      4,422      7,218     17,837
    Federal Reserve notes, net                701,127     34,102    287,610     23,178     28,905     50,630     54,345     60,714     21,555     14,511     19,220     34,816     71,539
Reverse repurchase agreements (1)              19,835        931      8,601        590        848      1,508      1,338      1,787        583        433        521        904      1,793
Deposits                                       28,231      1,002     14,947        891      1,102      1,855      1,542      2,125        623        438        672        748      2,285
  Depository institutions                      22,431      1,000      9,289        889      1,098      1,737      1,540      2,122        620        437        670        747      2,282
  U.S. Treasury, general account                5,369          0      5,369          0          0          0          0          0          0          0          0          0          0
  Foreign official                                 81          2         58          1          2          7          2          3          1          1          1          0          4
  Other                                           349          1        231          0          1        112          0          0          2          0          1          1          0
Deferred availability cash items                6,834        480        660        421        515        488        745        531        185        568        357        186      1,698
Other liabilities and accrued                 
  dividends (2)                                 2,386        128        777         93        118        238        195        231        107         84         89        134        193
   
    Total liabilities                         758,413     36,643    312,595     25,172     31,488     54,719     58,165     65,388     23,053     16,035     20,859     36,789     77,507
                              
Capital                    
Capital paid in                                 9,251        506      2,116        278        758      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                                     833         76        247         30         40         26         42        129         13          5         10         33        183
     Total liabilities and capital            777,344     37,674    316,989     25,738     33,013     58,896     59,206     67,469     23,525     16,649     21,182     37,062     79,941
                              

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
                                          Jul 14, 2004
              
Federal Reserve notes outstanding             817,731
   Less: Notes held by F.R. Banks
         not subject to collateralization     116,604
      Federal Reserve Notes to be
         collateralized                       701,127 
Collateral held against Federal Reserve            
   notes                                      701,127
   Gold certificate account                    11,040
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              687,886
   Other assets pledged                             0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         715,809
   Less:face value of securities under
         reverse repurchase agreements         19,841
      U.S. Treasury and agency securities
             eligible to be pledged           695,968
   

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.