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`FEDERAL RESERVE
These data are scheduled for release each Thursday.  The exact time of each release will be announced, when
the information is available, on (202) 452-3206.

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of F.R. Banks
                                                                                             March 23, 2000
Millions of dollars
                                                                   Averages of daily figures
      Reserve balances of depository institutions at     Week ended   Change from week ended     Wednesday
 F.R. Banks, Reserve Bank credit, and related items     Mar 22, 2000 Mar 15, 2000 Mar 24, 1999 Mar 22, 2000

Reserve Bank Credit                                         556,444    +   1,326    +  48,075      559,322
  U.S. government securities (1)
    Bought outright-system account (2,3)                    500,433    -   1,494    +  35,624      500,492
    Held under repurchase agreements                              0            0    -   8,006            0
  Federal agency obligations (1)
    Bought outright                                             150            0    -     161          150
    Held under repurchase agreements                              0            0    -   3,944            0
  Repurchase agreements -- triparty (4)                      21,833    +   1,729    +  21,833       22,855
  Acceptances                                                     0            0            0            0
  Loans to depository institutions
    Adjustment credit                                           236    +     206    +     149        1,551
    Seasonal credit                                              71    +       8    +      51           78
    Special Liquidity Facility                                    0    -      14            0            0
    Extended credit                                               0            0            0            0
   Float                                                        329    +     525    +     782          603
   Other F.R. assets                                         33,391    +     365    +   1,745       33,593
Gold stock                                                   11,048            0            0       11,048
Special drawing rights certificate account                    6,200            0    -   2,000        6,200
Treasury currency outstanding                                28,380    +      14    +   1,775       28,380
        Total factors supplying reserve funds               602,072    +   1,340    +  47,849      604,951

Currency in circulation*                                    562,917    -     458    +  47,805      563,711
Reverse repurchase agreements -- triparty (4)                     0            0            0            0
Treasury cash holdings*                                         168    +       4    +      34          169
Deposits,other than reserve balances,with F.R.Banks
  Treasury                                                    5,675    +     218    +     366        4,864
  Foreign                                                       102    +      17    -      64           84
  Service-related balances and adjustments (5)                6,721    -     256    -     506        6,721
  Other                                                         190    -       6    -      46          184
Other F.R. liabilities and capital                           19,106    -      46    +   1,922       18,817
        Total factors, other than reserve balances,
        absorbing reserve funds                             594,879    -     526    +  49,512      594,549

Reserve balances with F.R. Banks  (6)                         7,194    +   1,867    -   1,662       10,402

On     March 22, 2000, the face amount of marketable U.S. government and federal agency securities held in custody by the Federal Reserve
Banks for foreign official and international accounts was $    717,133 million, a change of $  +   6,000 million for the week. The total includes
$    630,751 million of U.S. government securities and $     86,382 million of federal agency securities. The total includes the face value of
U.S. Treasury strips and other zero coupon bonds.
1  Face value of the securities.
2  Net of $     18,372 million (daily average over statement week) and $     18,314 million (outstanding on
   Wednesday statement date) matched sale-purchase transactions, of which $     18,372 million (daily average)
   and $     18,314 million (outstanding on Wednesday statement date) were with foreign official and international
   accounts.  Includes securities loans of $        536 million (daily average) and $        774 million
   (outstanding on Wednesday statement date) that are fully collateralized by other U.S. government securities.
3  Includes $      5,792 million of inflation-indexed securities valued at the original face amount and
   $        242 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Cash value of agreements arranged through third-party custodial banks.  These agreements are collateralized
   by U.S. government and federal agency securities.
5  Consists of required clearing balances of $      6,495 million and adjustments of $        226 million to
   compensate for float.
6  Excludes required clearing balances and adjustments to compensate for float.

* Estimated (Treasury's figures).
Components may not add to totals due to rounding.

Worksheet for H.4.1 (a)

CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS
Millions of Dollars
                                                                                    Change Since
                                                  *          Wednesday        Wednesday        Wednesday
                                                           Mar 22, 2000     Mar 15, 2000     Mar 24, 1999
                ASSETS
Gold certificate account                                        11,048                0        +       1
Special drawing rights certificate account                       6,200                0        -   2,000
Coin                                                               438        +       6        -       8
Loans                                                            1,629        +   1,531        +   1,611
Acceptances                                                          0                0                0
Repurchase agreements -- triparty (1)                           22,855        -   2,190        +  22,855
Federal agency obligations (2)
  Bought outright                                                  150                0        -     161
  Held under repurchase agreements                                   0                0        -   4,533
U.S. government securities (2)
  Bought outright--Bills                                       197,386        -   1,725        -     347
                   Notes (3)                                   217,850        +       2        +  24,296
                   Bonds (4)                                    85,257        +       1        +  11,800
    Total bought outright (5)                                  500,492        -   1,723        +  35,748
  Held under repurchase agreements (1)                               0                0        -  17,013
     Total U.S. government securities                          500,492        -   1,723        +  18,735
       Total loans and securities                              525,126        -   2,382        +  38,507

Items in process of collection                      (895)        7,724        +      66        +   1,169
Bank premises                                                    1,384        -       1        +      80
Other assets (6)                                                32,110        +     433        +     357
                TOTAL ASSETS                        (895)      584,031        -   1,877        +  38,108

                LIABILITIES
Federal Reserve notes                                          535,938        -     542        +  45,786
Reverse repurchase agreements -- triparty (1)                        0                0                0
Deposits
  Depository institutions                                       17,256        +   1,940        -   9,110
  U.S. Treasury--general account                                 4,864        -   2,747        -     335
  Foreign--official accounts                                        84        +      13        -      85
    Other                                             (0)          184        -      12        -      36
      Total deposits                                  (0)       22,388        -     806        -   9,567
Deferred availability cash items                    (895)        6,888        -     511        +     161
Other liabilities and accrued dividends (7)                      4,811        -      41        +     362
                TOTAL LIABILITIES                   (895)      570,024        -   1,901        +  36,740

                CAPITAL ACCOUNTS
Capital paid in                                                  6,699        -       9        +     609
Surplus                                                          6,431                0        +     479
Other capital accounts                                             876        +      31        +     278

*Figures in parentheses are the eliminations made in the consolidation process.
1  Cash value of agreements arranged through third-party custodial banks.
2  Face value of the securities.
3  Includes $      4,254 million of inflation-indexed securities valued at the original face amount and
   $        189 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Includes $      1,538 million of inflation-indexed securities valued at the original face amount and
   $         53 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
5  Net of $     18,314 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes securities loans of $        774 million that are fully collateralized by other
   U.S. government securities.
6  Includes assets denominated in foreign currencies, revalued monthly at market exchange rates.
7  Includes exchange-translation account reflecting the monthly revaluation at market exchange rates of
   foreign exchange commitments.
Components may not add to totals due to rounding.


MATURITY DISTRIBUTION OF LOANS AND SECURITIES,     March 22, 2000
Holdings of securities include securitites held under repurchase agreements, which are classified according
to remaining maturity.

Millions of dollars
                                    U.S. government         Federal agency                      Reverse
                     Loans          securities (1,2)        obligations(2)        Repurchase   Repurchase
                                              Weekly                  Weekly      Agreements   Agreements
                                  Holdings    changes      Holdings    changes    Triparty(3)  Triparty(3)
Within 15 days           1,627       14,276   +   3,227            0           0        7,850           0
16 to 90 days                2      104,196   -   4,653           10           0       15,005           0
91 days to 1 year            0      139,331   -     300           10           0     ------      ------
Over 1 to 5 years                   123,948           0           10           0     ------      ------
Over 5 to 10 years                   50,946   +       2          120           0     ------      ------
Over 10 years                        67,795           0            0           0     ------      ------
                   		 	
Total                    1,629      500,492   -   1,723          150           0       22,855           0

1  Includes $      5,792 million of inflation-indexed securities valued at the original face amount and
   $        242 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
2  Includes face value of securities held under repurchase agreements classified by the remaining maturity of
   the agreements.
3  Cash value of agreements arranged through third-party custodial banks classified by remaining maturity of
   the agreements.
Components may not add to totals due to rounding.


H.4.1 (b)

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON     March 22, 2000
Millions of dollars
                                                                                                                                                            Kansas                 San
                                               Total     Boston   New York Philadelphia Cleveland   Richmond   Atlanta    Chicago   St. Louis  Minneapolis   City      Dallas   Francisco
         ASSETS
Gold certificate account                      11,048        533      4,435        319        566        834        724        993        337        140        313        575      1,279
Special drawing rights certif. acct.           6,200        307      2,431        187        299        516        450        549        175         78        175        341        692
Coin                                             438         12         22         16         19         57         47         59         23         29         35         47         71

Loans                                          1,629        414        810          1        225          2          1        127          9         17          9          0         13
Acceptances                                        0          0          0          0          0          0          0          0          0          0          0          0          0
Repurchase Agreements -- triparty(1)          22,855          0     22,855          0          0          0          0          0          0          0          0          0          0
Federal agency obligations(2)
  Bought outright                                150          8         60          4          9         11          9         14          5          2          4          7         16
  Held under repurchase agreements                 0          0          0          0          0          0          0          0          0          0          0          0          0
U.S. government securities(2)
  Bought outright--Bills                     197,386     10,207     78,608      5,912     11,426     14,849     12,015     18,539      6,493      2,361      5,919      9,835     21,222
                   Notes (3)                 217,850     11,266     86,758      6,525     12,610     16,389     13,260     20,461      7,166      2,605      6,533     10,855     23,423
                   Bonds (4)                  85,257      4,409     33,953      2,554      4,935      6,414      5,190      8,007      2,804      1,020      2,557      4,248      9,167
     Total bought outright(5)                500,492     25,882    199,319     14,991     28,971     37,652     30,465     47,006     16,463      5,986     15,009     24,938     53,811
  Held under repurchase agreements                 0          0          0          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             500,492     25,882    199,319     14,991     28,971     37,652     30,465     47,006     16,463      5,986     15,009     24,938     53,811
       Total loans and securities            525,126     26,304    223,043     14,996     29,205     37,666     30,475     47,147     16,477      6,004     15,023     24,946     53,841

Items in process of collection                 8,619        538      1,265        387        416        560        869        549        257        571        486        346      2,373
Bank premises                                  1,384         94        164         50        157        124        167        106         33        128         50        145        165
Other assets(5)                               32,110      1,441     10,851      1,000      1,941      5,216      2,023      2,728        866        763        877      1,261      3,144
Interdistrict settlement account                   0    + 5,248    - 2,845    + 4,754    +   224    - 9,964    + 5,259    +12,828    + 2,666    - 4,250    +   902    -14,289    -   533
          TOTAL ASSETS                       584,926     34,477    239,368     21,708     32,827     35,009     40,012     64,959     20,836      3,464     17,861     13,372     61,032

1  Cash value of agreements arranged through third-party custodial banks.  These agreements are collateralized
   by U.S. government and federal agency securities.
2  Face value of the securities.
3  Includes $      4,254 million of inflation-indexed securities valued at the original face amount and  $        189 million
   of compensation that adjusts for the effects of inflation on the principal of such  securities.
4  Includes $      1,538 million of inflation-indexed securities valued at the original face amount and  $         53 million
   of compensation that adjusts for the effects of inflation on the principal of such securities.
5  Net of $     18,314 million matched sale-purchase transactions outstanding at the end of the latest statement week.
   Includes securities loans of $        774 million that are fully collateralized by other U.S. government securities.
6  Includes assets denominated in foreign currencies, revalued monthly at market exchange rates.

Components may not add to totals due to rounding.


H.4.1 (c)

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON     March 22, 2000
Millions of dollars
                                                                                                                                                            Kansas                 San
                                               Total     Boston   New York Philadelphia Cleveland   Richmond   Atlanta    Chicago   St. Louis  Minneapolis   City      Dallas   Francisco
       LIABILITIES
Federal Reserve notes                         535,938     31,266    224,554     20,343     29,707     29,806     36,762     60,295     19,275      1,693     16,207     10,960     55,070
Reverse repurchase agreements--triparty(1)          0          0          0          0          0          0          0          0          0          0          0          0          0
Deposits
  Depository institutions                      17,256      1,875      3,829        430      1,534        798      1,053      2,413        805        686        726      1,328      1,779
  U.S. Treasury--general account                4,864          0      4,864          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                       84          1         60          1          2          8          2          3          1          1          1          1          3
  Other                                           184          0        136         -8         12         38          0          1          0          0          2          1          1
    Total deposits                             22,388      1,876      8,889        423      1,549        844      1,055      2,416        805        687        729      1,330      1,783
Deferred credit items                           7,783        462        975        351        369        545        867        556        237        479        376        381      2,186
Other liabilities and accrued
  dividends (2)                                 4,811        262      1,707        170        282        404        333        455        181         98        174        247        497
    TOTAL LIABILITIES                         570,920     33,867    236,126     21,288     31,906     31,598     39,018     63,722     20,498      2,957     17,486     12,918     59,536

       CAPITAL ACCOUNTS
Capital paid in                                 6,699        292      1,492        201        438      1,677        481        592        160        254        180        213        719
Surplus                                         6,431        289      1,325        199        444      1,691        460        578        158        235        179        211        660
Other capital accounts                            876         30        426         20         39         42         53         66         19         17         16         31        116
     TOTAL LIABILITIES AND CAPITAL
        ACCOUNTS                              584,926     34,477    239,368     21,708     32,827     35,009     40,012     64,959     20,836      3,464     17,861     13,372     61,032

FEDERAL RESERVE AGENTS' ACCOUNTS

F.R. notes outstanding                        791,774     40,944    316,256     30,159     38,621     51,892     60,803     75,427     25,343     10,746     23,463     35,078     83,044
  Less--Held by F.R. Banks                    255,836      9,678     91,701      9,816      8,915     22,086     24,040     15,132      6,068      9,052      7,256     24,118     27,973
  F.R. notes, net                             535,938     31,266    224,554     20,343     29,707     29,806     36,762     60,295     19,275      1,693     16,207     10,960     55,070
Collateral held against F.R. notes
   Gold certificate account                    11,048
   Special drawing rights
     certificate account                        6,200
   Other eligible assets                            0
   U.S. govt. and agency securities(3)        518,689
     Total collateral                         535,938

1  Cash value of agreements arranged through third-party custodial banks.  These agreements are collateralized
   by U.S. government and federal agency securities.
2  Includes exchange translation account reflecting the monthly revaluation at market exchange rates of
   foreign exchange commitments.
3  U.S. government and agency securities bought outright or held under repurchase agreement are valued at face amount.
   Includes cash value of repurchase agreements under triparty arrangements and excludes the par value of securities
   pledged under reverse repurchase agreements.

Components may not add to totals due to rounding.`

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