Reserve Bank credit, related items, and

reserve balances of depository institutions

at Federal Reserve Banks

Reserve Bank credit 746,570 + 7,055 + 39,836 750,176

Securities held outright 666,402 + 368 + 36,987 666,665

U.S. Treasury1 666,402 + 368 + 36,997 666,665

Bills2 244,569 + 372 + 17,887 244,833

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 1,666 - 4 + 405 1,665

Federal agency2 0 0 - 10 0

Repurchase agreements4 38,679 + 5,500 + 572 43,750

Loans to depository institutions 65 - 5 + 20 62

Primary credit 32 - 1 + 32 41

Secondary credit 0 0 0 0

Seasonal credit 33 - 4 - 7 22

Adjustment credit 0 0 - 5 0

Float 1,183 + 761 + 1,090 -315

Other Federal Reserve assets 40,242 + 432 + 1,169 40,014

Gold stock 11,043 0 0 11,043

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

Treasury currency outstanding5 35,475 + 14 + 878 35,475

Total factors supplying reserve funds 795,289 + 7,070 + 40,715 798,894

Currency in circulation5 723,714 + 5,068 + 37,029 724,196

Reverse repurchase agreements6 21,635 + 2,205 + 770 25,652

Foreign official and international accounts 21,635 + 2,205 + 770 25,652

Dealers 0 0 0 0

Treasury cash holdings 319 0 - 49 319

Deposits with F.R. Banks, other than reserve balances 18,380 + 1,183 + 2,102 18,715

U.S. Treasury, general account 5,850 + 1,149 + 834 5,723

Foreign official 99 + 3 - 38 162

Service-related 12,112 - 42 + 1,464 12,112

Required clearing balances 11,834 - 12 + 1,300 11,834

Adjustments to compensate for float 278 - 30 + 164 278

Other 319 + 72 - 157 717

Other liabilities and capital 20,589 - 170 + 671 19,793

Total factors, other than reserve balances,

absorbing reserve funds 784,636 + 8,284 + 40,523 788,674

Reserve balances with Federal Reserve Banks 10,653 - 1,214 + 192 10,220

Memo (off-balance-sheet items):

Marketable securities held in custody for foreign

 official and international accounts2,7 1,066,742 + 6,221 + 216,055 1,072,420

U.S. Treasury 855,872 + 8,152 + 169,127 862,355

Federal agency 210,869 - 1,932 + 46,926 210,065

Securities lent to dealers 3,086 + 1,023 + 2,027 4,426

FEDERAL RESERVE statistical release

 January 2, 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

 Dec 31, 2003 Week ended

 Dec 31, 2003 Dec 24, 2003 Jan 1, 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 722 - 25 - 266

Securities, repurchase agreements, and loans 710,477 + 7,586 + 41,521

Securities held outright 666,665 + 449 + 37,249

U.S. Treasury1 666,665 + 449 + 37,259

Bills2 244,833 + 452 + 18,151

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

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

Inflation compensation3 1,665 - 3 + 402

Federal agency2 0 0 - 10

Repurchase agreements4 43,750 + 7,250 + 4,250

Loans 62 - 113 + 22

Items in process of collection (1,444) 7,793 - 3,103 - 2,498

Bank premises 1,628 + 5 + 85

Other assets5 38,586 + 89 + 1,555

Total assets (1,444) 772,444 + 4,552 + 40,396

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 689,757 + 1,007 + 35,485

Reverse repurchase agreements6 25,652 + 5,888 + 4,561

Deposits ( 0 ) 29,660 - 633 + 1,411

Depository institutions 23,058 - 2,184 + 517

U.S. Treasury, general account 5,723 + 1,053 + 1,303

Foreign official 162 + 34 + 26

Other ( 0 ) 717 + 464 - 435

Deferred availability cash items (1,444) 7,582 - 980 - 1,877

Other liabilities and accrued dividends7 2,100 - 267 - 117

Total liabilities (1,444) 754,750 + 5,013 + 39,462

Capital accounts

Capital paid in 8,847 + 4 + 467

Surplus 8,847 + 467 + 467

Other capital accounts 0 - 931 0

Total capital 17,694 - 460 + 934

H.4.1

2. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Wednesday

 Jan 1, 2003

Eliminations from

consolidation Wednesday

 Dec 31, 2003

Wednesday

 Dec 24, 2003

3. Maturity Distribution of Loans and Securities, December 31, 2003

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 60 47,733 - 6,715 0 0 43,750 25,652

16 days to 90 days 3 139,347 - 775 0 0 0 0

91 days to 1 year 0 164,071 - 45 0 0 . . . . . . 

Over 1 year to 5 years . . . 187,056 + 7,986 0 0 . . . . . . 

Over 5 years to 10 years . . . 51,312 - 1 0 0 . . . . . . 

Over 10 years . . . 77,146 - 1 0 0 . . . . . . 

All 62 666,665 + 449 0 0 43,750 25,652

Assets, liabilities, and capital

Maturity
H.4.1

4. Statement of Condition of Each Federal Reserve Bank on December 31, 2003Millions 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 2,200 722 710,477 666,665 666,665 244,833 421,832 0 43,750 62 9,237 1,628 38,586 0 773,888

Assets, liabilities, and capital

 4,706 874 30 328,986 285,221 285,221 104,747 180,473 0 43,750 15 803 189 13,556 -17,732 331,411

 495 115 23 32,230 32,230 32,230 11,837 20,394 0 0 0 531 93 1,795 + 3,231 38,514

 380 83 37 20,843 20,843 20,843 7,654 13,188 0 0 0 493 53 1,140 + 570 23,599

 477 104 33 31,238 31,238 31,238 11,472 19,766 0 0 0 595 151 2,457 - 2,079 32,976

 808 147 83 51,269 51,269 51,269 18,828 32,440 0 0 0 714 145 6,299 + 2,981 62,446

 863 166 82 45,043 45,037 45,037 16,540 28,497 0 0 5 723 278 2,234 + 3,291 52,680

 982 212 90 67,384 67,367 67,367 24,740 42,626 0 0 17 942 124 3,605 - 6,499 66,840

 331 71 53 20,974 20,974 20,974 7,703 13,271 0 0 0 341 49 983 - 1,326 21,475

 2   14,8 14,8 14,8 5,4 9,4    4 1 1,1 - 1 16,7
 799,932

 110,176 689,757 689,757 11,039 2,200 676,518 0 710,415 25,658 684,757

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.

 799,932 110,176 689,757 25,652 29,660 23,058 5,723 162 717 9,026 2,100 756,194 8,847 8,847 0 773,888

 38,778 4,750 34,028 1,240 1,653 1,633 0 2 19 576 119 37,617 448 448 0 38,514

 326,690 23,793 302,897 10,975 11,792 5,607 5,723 139 324 1,025 661 327,350 2,031 2,031 0 331,411

 29,301 8,288 21,012 802 729 719 0 1 10 451 87 23,082 259 259 0 23,599

 33,139 4,740 28,399 1,202 1,287 1,259 0 3 25 521 112 31,522 727 727 0 32,976

 60,135 9,855 50,280 1,973 5,203 5,087 0 7 108 628 214 58,298 2,074 2,074 0 62,446

 65,728 18,415 47,314 1,733 1,630 1,608 0 2 20 855 171 51,702 489 489 0 52,680

 67,167 8,141 59,026 2,592 2,381 2,349 0 3 29 781 212 64,992 924 924 0 66,840

 23,248 3,961 19,287 807 518 509 0 1 9 308 99 21,019 228 228 0 21,475

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

H.4.1

4. Statement of Condition of Each Federal Reserve Bank on December 31, 2003 (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

 Dec 31, 2003

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.