FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                              April 8, 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            Apr 7, 2004 Mar 31, 2004  Apr 9, 2003  Apr 7, 2004
Federal Reserve Banks

Reserve Bank Credit                                         733,554    -   4,184    +  29,147      734,127
 Securities held outright                                   674,201    +     164    +  30,261      674,294       
    U.S. Treasury (1)                                       674,201    +     164    +  30,271      674,294
       Bills (2)                                            246,644    +     145    +  11,599      246,729
       Notes and bonds, nominal (2)                         411,388            0    +  16,663      411,388
       Notes and bonds, inflation-indexed (2)                14,464            0    +   1,650       14,464
       Inflation compensation (3)                             1,705    +      19    +     360        1,713
    Federal agency (2)                                            0            0    -      10            0      
 Repurchase agreements(4)                                    19,571    -   4,786    -   2,322       19,750
 Loans to depository institutions                                73    +      25    +      44           79
    Primary credit                                               36    +      25    +      23           33
    Secondary credit                                              0            0            0            0
    Seasonal credit                                              37    +       1    +      21           47
 Float                                                         -497    +     226    -     439         -340
 Other Federal Reserve assets                                40,205    +     186    +   1,602       40,344
Gold stock                                                   11,045            0    +       2       11,045
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            35,671    +      14    +     850       35,671
       
Total factors supplying reserve funds                       782,471    -   4,169    +  30,000      783,043
                                                                   
Currency in circulation(5)                                  716,143    +   1,859    +  29,169      718,264
Reverse repurchase agreements (6)                            19,399    -   1,059    -   1,254       19,072
   Foreign official and international accounts               19,399    -   1,059    -     932       19,072
   Dealers                                                        0            0    -     321            0
Treasury cash holdings                                          363    +      13    +      10          346
Deposits with F.R.Banks, other than reserve balances         16,019    +      36    -   2,651       15,563       
  U.S. Treasury, general account                              5,010    -     236    -   1,518        4,561
  Foreign official                                               93    +       9    -      25           96
  Service-related                                            10,568    +     155    -   1,176       10,568
     Required clearing balances                              10,562    +     152    -     258       10,562
     Adjustments to compensate for float                          5    +       2    -     918            5
  Other                                                         348    +     107    +      67          338
Other liabilities and capital                                20,831    -      72    +     971       20,527

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  772,755    +     776    +  26,245      773,773

Reserve balances with Federal Reserve Banks                   9,715    -   4,946    +   3,755        9,270
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)         1,176,054    +  16,741    + 277,488    1,179,325
     U.S. Treasury                                          941,640    +  16,254    + 221,058      946,587
     Federal agency                                         234,415    +     488    +  56,431      232,738
  Securities lent to dealers                                  1,944    +   1,049    +   1,628        2,109   


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  Apr 7, 2004     Mar 31, 2004      Apr 9, 2003

Assets
Gold certificate account                                        11,041                0        +       3
Special drawing rights certificate account                       2,200                0                0
Coin                                                               844        +       8        -     234
Securities, repurchase agreements, and loans                   694,123        -   7,525        +  27,756
   Securities held outright                                    674,294        +     210        +  29,210
      U.S. Treasury (1)                                        674,294        +     210        +  29,220       
         Bills (2)                                             246,729        +     190        +  11,179
         Notes and bonds, nominal (2)                          411,388                0        +  16,034
         Notes and bonds, inflation-indexed (2)                 14,464                0        +   1,650
         Inflation compensation (3)                              1,713        +      21        +     358
      Federal agency (2)                                             0                0        -      10
   Repurchase agreements (4)                                    19,750        -   7,750        -   1,500    
   Loans                                                            79        +      15        +      46
Items in process of collection                      (786)        6,360        +     647        -   2,683
Bank premises                                                    1,658        -       5        +     100
Other assets (5)                                                38,734        +     228        +   1,238
      Total assets                                  (786)      754,960        -   6,646        +  26,180
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  683,778        +   2,204        +  28,674
Reverse repurchase agreements (6)                               19,072        -   2,629        -   1,219
Deposits                                              (0)       24,882        -   6,271        -     427       
  Depository institutions                                       19,886        -   5,069        +   1,828
  U.S. Treasury, general account                                 4,561        -   1,323        -   2,311
  Foreign official                                                  96        +      13        -       6
  Other                                               (0)          338        +     107        +      61
Deferred availability cash items                    (786)        6,700        +     402        -   1,760
Other liabilities and accrued dividends (7)                      2,233        +      15        -      31
      Total liabilities                             (786)      736,665        -   6,280        +  25,238
                          
Capital Accounts
Capital paid in                                                  8,982        +       4        +     461
Surplus                                                          8,847                0        +     467
Other capital accounts                                             466        -     370        +      14
      Total capital                                             18,295        -     366        +     943


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,      April 7, 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              35       44,834   +   1,131            0           0       19,750       19,072
16 days to 90 days          44      156,195   +   6,835            0           0            0            0
91 days to 1 year            0      162,020   -   7,776            0           0     ------      ------
Over 1 to 5 years     ------        183,799   +       8            0           0     ------      ------
Over 5 to 10 years    ------         50,007   +       5            0           0     ------      ------
Over 10 years         ------         77,440   +       8            0           0     ------      ------
                   		 	
All                         79      674,294   +     210            0           0       19,750      19,072

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      April 7, 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                      11,041        494      4,651        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                                             844         41         36         51         40         78         85        111         66         30         48        149        108
Securities, repurchase agreements,
      and loans                              694,123     31,665    312,133     20,055     28,813     51,249     45,474     60,758     19,820     14,720     17,724     30,745     60,968
   Securities held outright                  674,294     31,663    292,383     20,055     28,813     51,249     45,473     60,739     19,810     14,707     17,719     30,745     60,938
      U.S. Treasury (1)                      674,294     31,663    292,383     20,055     28,813     51,249     45,473     60,739     19,810     14,707     17,719     30,745     60,938
         Bills (2)                           246,729     11,586    106,985      7,338     10,543     18,752     16,639     22,225      7,249      5,381      6,484     11,250     22,298
         Notes and bonds(3)                  427,565     20,077    185,398     12,717     18,270     32,497     28,834     38,514     12,561      9,326     11,236     19,495     38,640
         Federal agency (2)                        0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements(4)                19,750          0     19,750          0          0          0          0          0          0          0          0          0          0
      Loans                                       79          2          0          0          0          0          1         19         10         13          5          0         30
Items in process of collection                 7,145        440        498        489        208        400        835        351        415        358        453        332      2,365
Bank premises                                  1,658         95        189         52        152        144        278        128         49        124         74        193        180
Other assets(5)                               38,734      1,757     13,945      1,165      2,365      6,026      2,221      3,494      1,013      1,143        803        997      3,807
Interdistrict settlement account                   0    + 3,186    -17,019    + 1,452    - 1,236    +   689    + 1,516    - 1,891    +   116    -   467    +   674    + 4,024    + 8,954
          Total Assets                       755,745     37,794    315,308     23,730     30,897     59,554     51,469     64,087     21,875     16,156     20,143     37,062     77,671

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      April 7, 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             804,607     38,897    323,270     29,509     32,427     59,986     64,039     66,317     23,511     15,764     22,320     41,544     87,024
  Less: notes held by F.R. Banks              120,828      4,837     31,933      8,352      5,195     10,732     17,374      8,369      3,603      1,484      4,173      6,938     17,837
    Federal Reserve notes, net                683,778     34,060    291,337     21,157     27,231     49,254     46,665     57,948     19,908     14,280     18,147     34,605     69,187
Reverse repurchase agreements (1)              19,072        896      8,270        567        815      1,450      1,286      1,718        560        416        501        870      1,724
Deposits                                       24,882      1,166     10,009        884        901      3,902      1,420      1,802        636        422        686        803      2,251
  Depository institutions                      19,886      1,162      5,207        883        899      3,732      1,418      1,798        633        421        684        802      2,247
  U.S. Treasury, general account                4,561          0      4,561          0          0          0          0          0          0          0          0          0          0
  Foreign official                                 96          2         73          1          2          7          2          3          1          1          1          0          4
  Other                                           338          2        168          0          0        163          0          0          3          0          1          1          0
Deferred availability cash items                7,485        620        668        479        352        555        928        557        200        340        407        417      1,960
Other liabilities and accrued                 
  dividends (2)                                 2,233        126        702         91        118        234        185        211        102         81         83        118        184
   
    Total liabilities                         737,451     36,867    310,986     23,178     29,418     55,394     50,483     62,235     21,407     15,539     19,824     36,814     75,306
                              
Capital                    
Capital paid in                                 8,982        462      2,105        275        739      2,057        485        909        232        265        151        120      1,183
Surplus                                         8,847        448      2,031        259        727      2,074        489        924        228        346        162        111      1,048
Other capital                                     466         17        186         18         13         29         12         19          8          6          6         17        134
     Total liabilities and capital            755,745     37,794    315,308     23,730     30,897     59,554     51,469     64,087     21,875     16,156     20,143     37,062     77,671
                              

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
                                           Apr 7, 2004
              
Federal Reserve notes outstanding             804,607
   Less: Notes held by F.R. Banks
         not subject to collateralization     120,828
      Federal Reserve Notes to be
         collateralized                       683,778 
Collateral held against Federal Reserve            
   notes                                      683,778
   Gold certificate account                    11,041
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              670,538
   Other assets pledged                             0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         694,044
   Less:face value of securities under
         reverse repurchase agreements         19,077
      U.S. Treasury and agency securities
             eligible to be pledged           674,966
   

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.