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`FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                           December 4, 2003
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            Dec 3, 2003 Nov 26, 2003  Dec 4, 2002  Dec 3, 2003
Federal Reserve Banks

Reserve Bank Credit                                         734,979    +   5,786    +  62,357      728,736
 Securities held outright                                   664,699    +   1,200    +  55,103      665,242       
    U.S. Treasury (1)                                       664,689    +   1,200    +  55,103      665,232
       Bills (2)                                            243,340    +     146    +  35,896      243,385
       Notes and bonds, nominal (2)                         406,173    +     962    +  17,514      406,173
       Notes and bonds, inflation-indexed (2)                13,532    +      78    +   1,290       13,994
       Inflation compensation (3)                             1,644    +      15    +     404        1,680
    Federal agency (2)                                           10            0            0           10      
 Repurchase agreements(4)                                    30,679    +   3,286    +   4,822       23,500
 Loans to depository institutions                                35    -      11    -      21           23
    Primary credit                                                9    +       4    +       9            0
    Secondary credit                                              0            0            0            0
    Seasonal credit                                              26    -      16    -      28           23
    Adjustment credit                                             0            0    -       2            0
 Float                                                        1,003    +     940    +     737        1,269
 Other Federal Reserve assets                                38,565    +     373    +   1,718       38,701
Gold stock                                                   11,043            0    +       1       11,043
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            35,419    +      14    +     947       35,419
       
Total factors supplying reserve funds                       783,642    +   5,800    +  63,306      777,398
                                                                   
Currency in circulation(5)                                  713,252    +   4,426    +  38,708      713,706
Reverse repurchase agreements (6)                            18,669    +     441    +  18,669       18,731
   Foreign official and international accounts               18,669    +     441    +  18,669       18,731
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          324    +      17    -      53          326
Deposits with F.R.Banks, other than reserve balances         18,162    +     424    +   2,458       17,133       
  U.S. Treasury, general account                              5,437    +     214    +     773        4,374
  Foreign official                                               86    +       1    -      41          116
  Service-related                                            12,361    +     194    +   1,677       12,361
     Required clearing balances                              11,852    +       1    +   1,572       11,852
     Adjustments to compensate for float                        509    +     193    +     105          509
  Other                                                         279    +      16    +      51          282
Other liabilities and capital                                20,576    -      96    +   1,005       20,500

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  770,984    +   5,212    +  60,787      770,395

Reserve balances with Federal Reserve Banks                  12,658    +     588    +   2,519        7,003
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)         1,036,948    +   8,444     ------      1,045,093
     U.S. Treasury                                          826,756    +   7,998     ------        835,140
     Federal agency                                         210,192    +     446     ------        209,954
  Securities lent to dealers                                  2,027    +     358    +   1,453        4,884   


Note: Components may not sum to totals because of rounding.
---   Not available.

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  Dec 3, 2003     Nov 26, 2003      Dec 4, 2002

Assets
Gold certificate account                                        11,039                0                0
Special drawing rights certificate account                       2,200                0                0
Coin                                                               744        -      33        -     284
Securities, repurchase agreements, and loans                   688,766        -   9,302        +  59,828
   Securities held outright                                    665,242        +     717        +  54,356
      U.S. Treasury (1)                                        665,232        +     717        +  54,356       
         Bills (2)                                             243,385        +     132        +  35,213
         Notes and bonds, nominal (2)                          406,173                0        +  16,954
         Notes and bonds, inflation-indexed (2)                 13,994        +     540        +   1,752
         Inflation compensation (3)                              1,680        +      46        +     438
      Federal agency (2)                                            10                0                0
   Repurchase agreements (4)                                    23,500        -  10,000        +   5,500    
   Loans                                                            23        -      20        -      29
Items in process of collection                    (1,073)        9,447        +   2,140        -     142
Bank premises                                                    1,606        +       1        +      76
Other assets (5)                                                37,077        +     213        +   1,755
      Total assets                                (1,073)      750,878        -   6,981        +  61,233
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  679,352        +     326        +  37,024
Reverse repurchase agreements (6)                               18,731        +     776        +  18,731
Deposits                                              (0)       24,433        -   8,521        +   4,898       
  Depository institutions                                       19,660        -   7,579        +   3,990
  U.S. Treasury, general account                                 4,374        -   1,003        +     870
  Foreign official                                                 116        +      34        -      37
  Other                                               (0)          282        +      27        +      75
Deferred availability cash items                  (1,073)        7,863        +     343        -     466
Other liabilities and accrued dividends (7)                      2,327        -       9        -      98
      Total liabilities                           (1,073)      732,705        -   7,086        +  60,087
                          
Capital Accounts
Capital paid in                                                  8,832        +       4        +     479
Surplus                                                          8,380                0        +   1,068
Other capital accounts                                             961        +     101        -     401
      Total capital                                             18,173        +     105        +   1,146


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,   December 3, 2003
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               0       44,439   -   5,597           10           0       19,500       18,731
16 days to 90 days          23      149,930   +   7,311            0           0        4,000            0
91 days to 1 year            0      163,322   -   1,903            0           0     ------      ------
Over 1 to 5 years     ------        179,073   +     541            0           0     ------      ------
Over 5 to 10 years    ------         51,318   +     343            0           0     ------      ------
Over 10 years         ------         77,151   +      23            0           0     ------      ------
                   		 	
All                         23      665,232   +     717           10           0       23,500      18,731

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   December 3, 2003
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                      11,039        495      4,706        380        477        808        863        982        331        224        303        507        963
Special drawing rights certificate acct.       2,200        115        874         83        104        147        166        212         71         30         66         98        234
Coin                                             744         25         32         38         32         86         87         88         52         23         44        145         93
Securities, repurchase agreements,
      and loans                              688,766     32,162    308,112     20,798     31,172     51,159     44,946     67,229     20,930     14,855     17,883     26,071     53,448
   Securities held outright                  665,242     32,162    284,612     20,798     31,172     51,159     44,941     67,223     20,929     14,849     17,878     26,071     53,448
      U.S. Treasury (1)                      665,232     32,161    284,608     20,798     31,171     51,158     44,940     67,222     20,929     14,849     17,878     26,070     53,448
         Bills (2)                           243,385     11,767    104,128      7,609     11,404     18,717     16,442     24,594      7,657      5,433      6,541      9,538     19,555
         Notes and bonds(3)                  421,848     20,394    180,480     13,189     19,767     32,441     28,498     42,628     13,272      9,416     11,337     16,532     33,893
         Federal agency (2)                       10          0          4          0          0          1          1          1          0          0          0          0          1
      Repurchase agreements(4)                23,500          0     23,500          0          0          0          0          0          0          0          0          0          0
      Loans                                       23          0          0          0          0          0          5          6          1          6          5          0          0
Items in process of collection                10,519        818        856        553        613        643        851        800        368        463        606        639      3,308
Bank premises                                  1,606         92        189         52        150        144        277        123         44        125         55        178        177
Other assets(5)                               37,077      1,708     13,105      1,092      2,359      6,076      2,124      3,446        933      1,124        875      1,037      3,197
Interdistrict settlement account                   0    +   573    - 3,861    +   229    - 2,552    + 1,265    + 1,589    - 7,303    - 1,920    -   380    -   522    + 4,619    + 8,263
          Total Assets                       751,950     35,987    324,012     23,225     32,355     60,329     50,904     65,576     20,809     16,464     19,311     33,294     69,684

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   December 3, 2003
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             796,773     37,337    327,739     29,095     33,181     59,568     65,854     66,910     23,165     15,626     21,517     38,535     78,246
  Less: notes held by F.R. Banks              117,421      5,244     24,542      8,499      5,051      9,935     19,663      9,195      4,453      1,374      4,398      7,662     17,405
    Federal Reserve notes, net                679,352     32,093    303,197     20,596     28,130     49,633     46,191     57,716     18,713     14,252     17,119     30,873     60,841
Reverse repurchase agreements (1)              18,731        906      8,014        586        878      1,440      1,265      1,893        589        418        503        734      1,505
Deposits                                       24,433      1,375      6,830        991      1,328      4,163      1,391      3,203        649        470        717        834      2,482
  Depository institutions                      19,660      1,371      2,208        989      1,326      4,039      1,389      3,199        645        469        715        833      2,478
  U.S. Treasury, general account                4,374          0      4,374          0          0          0          0          0          0          0          0          0          0
  Foreign official                                116          2         93          1          3          7          2          3          1          1          1          1          3
  Other                                           282          2        155          1          0        116          1          1          3          0          1          1          1
Deferred availability cash items                8,935        568      1,036        430        402        619        866        636        274        536        510        427      2,633
Other liabilities and accrued                 
  dividends (2)                                 2,327        128        713         94        137        260        185        238        104         84         85        115        184
   
    Total liabilities                         733,778     35,069    319,789     22,696     30,875     56,114     49,898     63,685     20,328     15,761     18,934     32,982     67,645
                              
Capital                    
Capital paid in                                 8,832        448      2,026        259        725      2,067        490        920        232        345        163        111      1,047
Surplus                                         8,380        436      1,809        233        702      2,073        475        858        199        340        201        186        868
Other capital                                     961         34        389         37         53         74         41        113         50         17         13         14        124
     Total liabilities and capital            751,950     35,987    324,012     23,225     32,355     60,329     50,904     65,576     20,809     16,464     19,311     33,294     69,684
                              

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
                                           Dec 3, 2003
              
Federal Reserve notes outstanding             796,773
   Less: Notes held by F.R. Banks
         not subject to collateralization     117,421
      Federal Reserve Notes to be
         collateralized                       679,352 
Collateral held against Federal Reserve            
   notes                                      679,352
   Gold certificate account                    11,039
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              666,113
   Other assets pledged                             0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         688,742
   Less:face value of securities under
         reverse repurchase agreements         18,746
      U.S. Treasury and agency securities
             eligible to be pledged           669,997
   

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.`

Statistical releases

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