Reserve Bank credit, related items, and

reserve balances of depository institutions

at Federal Reserve Banks

Reserve Bank credit 741,313 - 816 + 26,969 745,174

Securities held outright 677,826 + 88 + 30,009 677,835

U.S. Treasury1 677,826 + 88 + 30,019 677,835

Bills2 250,163 + 62 + 13,409 250,163

Notes and bonds, nominal2 411,388 0 + 14,612 411,388

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

Inflation compensation3 1,811 + 26 + 348 1,820

Federal agency2 0 0 - 10 0

Repurchase agreements4 23,071 - 1,393 - 2,573 27,250

Loans to depository institutions 110 + 22 + 59 176

Primary credit 16 + 10 + 14 80

Secondary credit 0 0 0 0

Seasonal credit 93 + 11 + 44 96

Float -381 + 363 - 374 -853

Other Federal Reserve assets 40,687 + 105 - 152 40,766

Gold stock 11,045 0 + 2 11,045

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

Treasury currency outstanding5 35,741 + 14 + 816 35,741

Total factors supplying reserve funds 790,299 - 803 + 27,788 794,160

Currency in circulation5 719,430 + 1,040 + 29,708 720,707

Reverse repurchase agreements6 19,805 - 1,672 - 836 18,711

Foreign official and international accounts 19,805 - 1,672 - 836 18,711

Dealers 0 0 0 0

Treasury cash holdings 310 - 9 - 33 323

Deposits with F.R. Banks, other than reserve balances 16,370 - 681 - 2,405 15,852

U.S. Treasury, general account 5,435 - 590 - 1,704 4,949

Foreign official 103 - 27 + 17 83

Service-related 10,562 - 1 - 729 10,562

Required clearing balances 10,562 - 1 - 320 10,562

Adjustments to compensate for float 0 0 - 409 0

Other 270 - 62 + 11 259

Other liabilities and capital 20,831 - 91 + 393 20,548

Total factors, other than reserve balances,

absorbing reserve funds 776,746 - 1,413 + 26,826 776,141

Reserve balances with Federal Reserve Banks 13,553 + 610 + 961 18,019

Memo (off-balance-sheet items):

Marketable securities held in custody for foreign

 official and international accounts2,7 1,192,733 - 1,625 + 295,942 1,191,675

U.S. Treasury 963,435 - 1,300 + 249,086 962,080

Federal agency 229,298 - 325 + 46,856 229,595

Securities lent to dealers 1,062 - 2,651 + 539 2,033

FEDERAL RESERVE statistical release

 May 13, 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 12, 2004 Week ended

 May 12, 2004 May 5, 2004 May 14, 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 777 - 22 - 206

Securities, repurchase agreements, and loans 705,261 + 7,353 + 26,502

Securities held outright 677,835 + 24 + 29,888

U.S. Treasury1 677,835 + 24 + 29,898

Bills2 250,163 0 + 13,286

Notes and bonds, nominal2 411,388 0 + 14,612

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

Inflation compensation3 1,820 + 24 + 350

Federal agency2 0 0 - 10

Repurchase agreements4 27,250 + 7,250 - 3,502

Loans 176 + 79 + 116

Items in process of collection (975) 5,728 - 1,115 - 1,350

Bank premises 1,672 0 + 92

Other assets5 39,032 - 215 - 638

Total assets (975) 765,711 + 6,000 + 24,402

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 686,061 + 437 + 28,665

Reverse repurchase agreements6 18,711 - 1,942 - 2,362

Deposits ( 0 ) 33,811 + 8,637 - 1,377

Depository institutions 28,521 + 9,669 + 918

U.S. Treasury, general account 4,949 - 1,011 - 2,250

Foreign official 83 - 4 - 39

Other ( 0 ) 259 - 16 - 5

Deferred availability cash items (975) 6,579 - 561 - 1,020

Other liabilities and accrued dividends7 2,317 + 46 - 16

Total liabilities (975) 747,481 + 6,618 + 23,892

Capital accounts

Capital paid in 9,072 + 33 + 504

Surplus 8,808 - 39 + 428

Other capital accounts 350 - 613 - 422

Total capital 18,230 - 619 + 510

H.4.1

2. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Wednesday

 May 14, 2003

Eliminations from

consolidation Wednesday

 May 12, 2004

Wednesday

 May 5, 2004

3. Maturity Distribution of Loans and Securities, May 12, 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 86 58,947 + 555 0 0 27,250 18,711

16 days to 90 days 90 146,308 + 41 0 0 0 0

91 days to 1 year 0 160,187 - 595 0 0 . . . . . . 

Over 1 year to 5 years . . . 184,881 + 9 0 0 . . . . . . 

Over 5 years to 10 years . . . 50,033 + 6 0 0 . . . . . . 

Over 10 years . . . 77,479 + 9 0 0 . . . . . . 

All 176 677,835 + 24 0 0 27,250 18,711

Assets, liabilities, and capital

Maturity
H.4.1

4. Statement of Condition of Each Federal Reserve Bank on May 12, 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 2,200 777 705,261 677,835 677,835 250,163 427,672 0 27,250 176 6,703 1,672 39,032 0 766,686

Assets, liabilities, and capital

 4,651 874 33 321,168 293,918 293,918 108,474 185,444 0 27,250 0 376 191 14,245 -18,797 322,741

 494 115 37 31,832 31,829 31,829 11,747 20,082 0 0 3 328 96 1,770 + 3,218 37,890

 382 83 49 20,161 20,160 20,160 7,440 12,720 0 0 1 462 52 1,142 + 2,111 24,442

 452 104 37 29,041 28,964 28,964 10,689 18,274 0 0 77 390 153 2,347 - 649 31,874

 819 147 73 51,518 51,518 51,518 19,013 32,505 0 0 0 362 145 5,940 - 1,808 57,197

 894 166 76 45,714 45,711 45,711 16,870 28,841 0 0 3 646 278 2,252 + 313 50,339

 924 212 103 61,096 61,058 61,058 22,534 38,524 0 0 38 285 129 3,508 + 297 66,554

 325 71 52 19,929 19,914 19,914 7,350 12,565 0 0 14 373 50 1,027 + 435 22,261

 2   14,8 14,7 14,7 5,4 9,3    4 1 1,1 - 3 16,3
 807,594

 121,533 686,061 686,061 11,041 2,200 672,820 0 705,085 18,715 686,369

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.

 807,594 121,533 686,061 18,711 33,811 28,521 4,949 83 259 7,555 2,317 748,456 9,072 8,808 350 766,686

 38,365 4,468 33,897 879 1,469 1,465 0 2 3 529 133 36,907 499 448 36 37,890

 321,524 30,376 291,148 8,114 17,826 12,661 4,949 60 158 674 719 318,480 2,109 2,031 121 322,741

 30,247 8,397 21,850 557 920 919 0 1 0 471 94 23,891 278 259 14 24,442

 32,067 5,519 26,548 800 2,489 2,486 0 2 1 440 121 30,398 738 727 12 31,874

 59,438 10,856 48,582 1,422 2,351 2,251 0 7 93 483 260 53,098 2,063 2,035 0 57,197

 64,907 19,828 45,079 1,262 1,961 1,959 0 2 0 851 188 49,342 502 489 6 50,339

 68,147 7,759 60,387 1,686 1,834 1,830 0 3 1 574 218 64,699 913 924 18 66,554

 23,478 3,330 20,148 550 729 727 0 1 1 266 105 21,798 232 228 3 22,261

 15,6 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 12, 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 12, 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.