Reserve Bank credit, related items, and

reserve balances of depository institutions

at Federal Reserve Banks

Reserve Bank credit 728,183 - 10,071 + 37,609 734,460

Securities held outright 667,029 + 202 + 37,613 667,060

U.S. Treasury1 667,029 + 202 + 37,623 667,060

Bills2 245,231 + 211 + 18,549 245,266

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 1,630 - 9 + 367 1,626

Federal agency2 0 0 - 10 0

Repurchase agreements4 19,143 - 11,464 - 1,000 23,000

Loans to depository institutions 197 - 26 + 145 25

Primary credit 184 - 28 + 139 11

Secondary credit 0 0 0 0

Seasonal credit 14 + 3 + 7 14

Float 525 + 698 - 219 2,925

Other Federal Reserve assets 41,289 + 518 + 1,069 41,451

Gold stock 11,043 0 0 11,043

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

Treasury currency outstanding5 35,531 + 14 + 934 35,531

Total factors supplying reserve funds 776,957 - 10,058 + 38,543 783,234

Currency in circulation5 709,477 - 1,717 + 34,695 710,631

Reverse repurchase agreements6 20,225 + 228 + 1,828 20,694

Foreign official and international accounts 20,225 + 228 + 1,828 20,694

Dealers 0 0 0 0

Treasury cash holdings 345 + 11 - 15 356

Deposits with F.R. Banks, other than reserve balances 16,678 - 1,928 - 1,356 16,753

U.S. Treasury, general account 5,153 - 2,221 - 2,009 5,247

Foreign official 82 - 4 - 32 82

Service-related 11,046 + 314 + 508 11,046

Required clearing balances 10,619 + 435 + 264 10,619

Adjustments to compensate for float 427 - 121 + 244 427

Other 396 - 18 + 175 378

Other liabilities and capital 20,590 + 470 + 717 20,521

Total factors, other than reserve balances,

absorbing reserve funds 767,314 - 2,937 + 35,868 768,954

Reserve balances with Federal Reserve Banks 9,643 - 7,120 + 2,675 14,280

Memo (off-balance-sheet items):

Marketable securities held in custody for foreign

 official and international accounts2,7 1,112,516 + 7,414 + 254,689 1,114,004

U.S. Treasury 884,364 - 604 + 195,651 884,578

Federal agency 228,152 + 8,018 + 59,038 229,427

Securities lent to dealers 583 - 610 + 226 783

FEDERAL RESERVE statistical release

 January 29, 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 28, 2004 Week ended

 Jan 28, 2004 Jan 21, 2004 Jan 29, 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 813 + 34 - 298

Securities, repurchase agreements, and loans 690,085 - 18,879 + 40,158

Securities held outright 667,060 + 228 + 37,644

U.S. Treasury1 667,060 + 228 + 37,654

Bills2 245,266 + 238 + 18,584

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

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

Inflation compensation3 1,626 - 10 + 363

Federal agency2 0 0 - 10

Repurchase agreements4 23,000 - 19,000 + 2,500

Loans 25 - 107 + 14

Items in process of collection (1,562) 10,572 - 2,179 + 1,322

Bank premises 1,644 0 + 101

Other assets5 39,809 + 468 + 1,062

Total assets (1,562) 756,161 - 20,556 + 42,343

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 676,265 - 360 + 33,661

Reverse repurchase agreements6 20,694 + 959 + 2,228

Deposits ( 0 ) 31,035 - 17,781 + 5,364

Depository institutions 25,329 - 15,215 + 7,002

U.S. Treasury, general account 5,247 - 2,493 - 1,783

Foreign official 82 - 34 - 18

Other ( 0 ) 378 - 38 + 164

Deferred availability cash items (1,562) 7,647 - 3,761 + 144

Other liabilities and accrued dividends7 2,286 + 44 + 44

Total liabilities (1,562) 737,927 - 20,898 + 41,441

Capital accounts

Capital paid in 8,886 + 11 + 487

Surplus 8,847 0 + 467

Other capital accounts 502 + 332 - 50

Total capital 18,235 + 343 + 903

H.4.1

2. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Wednesday

 Jan 29, 2003

Eliminations from

consolidation Wednesday

 Jan 28, 2004

Wednesday

 Jan 21, 2004

3. Maturity Distribution of Loans and Securities, January 28, 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 25 53,516 - 1,081 0 0 23,000 20,694

16 days to 90 days 0 143,126 + 1,373 0 0 0 0

91 days to 1 year 0 163,330 - 55 0 0 . . . . . . 

Over 1 year to 5 years . . . 182,295 - 4 0 0 . . . . . . 

Over 5 years to 10 years . . . 47,661 - 2 0 0 . . . . . . 

Over 10 years . . . 77,131 - 4 0 0 . . . . . . 

All 25 667,060 + 228 0 0 23,000 20,694

Assets, liabilities, and capital

Maturity
H.4.1

4. Statement of Condition of Each Federal Reserve Bank on January 28, 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 2,200 813 690,085 667,060 667,060 245,266 421,794 0 23,000 25 12,134 1,644 39,809 0 757,724

Assets, liabilities, and capital

 4,706 874 32 308,390 285,390 285,390 104,933 180,457 0 23,000 0 1,947 189 14,277 - 6,213 324,201

 495 115 27 32,250 32,249 32,249 11,858 20,392 0 0 1 1,042 94 1,833 + 2,235 38,092

 380 83 43 20,855 20,855 20,855 7,668 13,187 0 0 0 1,239 52 1,174 + 1,809 25,636

 477 104 38 31,257 31,257 31,257 11,493 19,764 0 0 0 696 151 2,497 - 2,908 32,311

 808 147 89 51,299 51,299 51,299 18,862 32,437 0 0 0 840 145 6,189 - 1,177 58,340

 863 166 94 45,064 45,064 45,064 16,569 28,495 0 0 0 1,164 278 2,288 + 765 50,682

 982 212 111 67,423 67,407 67,407 24,784 42,622 0 0 16 696 126 3,774 - 6,955 66,367

 331 71 58 20,987 20,987 20,987 7,716 13,270 0 0 0 483 49 1,071 - 1,556 21,494

 2   14,8 14,8 14,8 5,4 9,4    4 1 1,1 - 4 16,4
 799,230

 122,965 676,265 676,265 11,039 2,200 663,026 0 690,060 20,698 669,362

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.

 799,230 122,965 676,265 20,694 31,035 25,329 5,247 82 378 9,209 2,286 739,489 8,886 8,847 502 757,724

 39,085 5,507 33,578 1,000 1,632 1,616 0 2 14 838 126 37,174 448 448 21 38,092

 324,701 28,378 296,323 8,853 12,917 7,461 5,247 59 151 1,065 797 319,955 2,032 2,031 184 324,201

 29,420 8,960 20,460 647 2,990 2,988 0 1 0 892 91 25,080 272 259 26 25,636

 32,958 5,133 27,825 970 1,512 1,509 0 2 1 411 114 30,832 727 727 25 32,311

 60,077 10,074 50,002 1,591 1,869 1,656 0 7 205 440 226 54,130 2,083 2,074 54 58,340

 65,430 19,785 45,645 1,398 1,563 1,561 0 2 0 890 177 49,672 490 489 31 50,682

 67,144 8,681 58,464 2,091 2,981 2,978 0 3 0 698 221 64,455 932 924 56 66,367

 23,500 4,139 19,361 651 650 648 0 1 1 262 102 21,026 227 228 12 21,494

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

H.4.1

4. Statement of Condition of Each Federal Reserve Bank on January 28, 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 28, 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.