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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 18, 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 17, 2003 Dec 10, 2003 Dec 18, 2002 Dec 17, 2003
Federal Reserve Banks

Reserve Bank Credit                                         731,854    +     644    +  39,300      732,769
 Securities held outright                                   665,893    +     405    +  39,414      665,953       
    U.S. Treasury (1)                                       665,893    +     414    +  39,424      665,953
       Bills (2)                                            244,052    +     418    +  20,295      244,113
       Notes and bonds, nominal (2)                         406,173            0    +  16,954      406,173
       Notes and bonds, inflation-indexed (2)                13,994            0    +   1,752       13,994
       Inflation compensation (3)                             1,674    -       4    +     424        1,672
    Federal agency (2)                                            0    -       9    -      10            0      
 Repurchase agreements(4)                                    25,571    -     322    -   2,608       25,000
 Loans to depository institutions                                37            0    -      18           50
    Primary credit                                                5    -       8    +       5           16
    Secondary credit                                              0            0            0            0
    Seasonal credit                                              32    +       8    -      17           35
    Adjustment credit                                             0            0    -       6            0
 Float                                                          905    +     149    +   1,066        2,100
 Other Federal Reserve assets                                39,448    +     411    +   1,445       39,665
Gold stock                                                   11,043            0            0       11,043
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            35,447    +      14    +     912       35,447
       
Total factors supplying reserve funds                       780,544    +     657    +  40,212      781,459
                                                                   
Currency in circulation(5)                                  713,536    +   1,749    +  38,054      716,019
Reverse repurchase agreements (6)                            18,216    -   1,248    +      14       17,657
   Foreign official and international accounts               17,966    -   1,498    -     236       17,657
   Dealers                                                      250    +     250    +     250            0
Treasury cash holdings                                          323    -       3    -      47          319
Deposits with F.R.Banks, other than reserve balances         17,919    +     582    +     703       19,742       
  U.S. Treasury, general account                              5,622    +     648    -     337        7,455
  Foreign official                                               89    +       9    -      59           83
  Service-related                                            11,967    -      33    +   1,068       11,967
     Required clearing balances                              11,846    -       4    +   1,396       11,846
     Adjustments to compensate for float                        122    -      28    -     328          122
  Other                                                         241    -      43    +      31          236
Other liabilities and capital                                20,833    +      35    +     630       20,666

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  770,827    +   1,115    +  39,353      774,402

Reserve balances with Federal Reserve Banks                   9,717    -     458    +     859        7,057
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)         1,054,019    +   9,064    + 207,720    1,056,671
     U.S. Treasury                                          841,032    +   6,743    + 155,739      842,108
     Federal agency                                         212,988    +   2,323    +  51,983      214,564
  Securities lent to dealers                                  1,631    -     351    +   1,480        2,081   


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 Dec 17, 2003     Dec 10, 2003     Dec 18, 2002

Assets
Gold certificate account                                        11,039                0                0
Special drawing rights certificate account                       2,200                0                0
Coin                                                               762        +       8        -     273
Securities, repurchase agreements, and loans                   691,004        -   3,888        +  31,552
   Securities held outright                                    665,953        +     343        +  36,546
      U.S. Treasury (1)                                        665,953        +     343        +  36,556       
         Bills (2)                                             244,113        +     346        +  17,431
         Notes and bonds, nominal (2)                          406,173                0        +  16,954
         Notes and bonds, inflation-indexed (2)                 13,994                0        +   1,752
         Inflation compensation (3)                              1,672        -       4        +     419
      Federal agency (2)                                             0                0        -      10
   Repurchase agreements (4)                                    25,000        -   4,250        -   5,000    
   Loans                                                            50        +      18        +       5
Items in process of collection                    (1,173)       10,111        +     654        +   1,311
Bank premises                                                    1,610        +       2        +      76
Other assets (5)                                                38,088        +     558        +   1,548
      Total assets                                (1,173)      754,812        -   2,669        +  34,211
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  681,648        +   3,124        +  36,049
Reverse repurchase agreements (6)                               17,657        -   1,307        -   4,248
Deposits                                              (0)       26,510        -   5,313        +   1,587       
  Depository institutions                                       18,735        -   7,601        +     792
  U.S. Treasury, general account                                 7,455        +   2,293        +     860
  Foreign official                                                  83                0        -      89
  Other                                               (0)          236        -       5        +      23
Deferred availability cash items                  (1,173)        8,332        +     678        +      66
Other liabilities and accrued dividends (7)                      2,330        -      26        -      88
      Total liabilities                           (1,173)      736,476        -   2,844        +  33,365
                          
Capital Accounts
Capital paid in                                                  8,839        +      15        +     463
Surplus                                                          8,380                0        +   1,068
Other capital accounts                                           1,117        +     160        -     685
      Total capital                                             18,336        +     175        +     847


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 17, 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              31       38,268   +   8,661            0           0       17,000       17,657
16 days to 90 days          19      155,944   -   8,989            0           0        8,000            0
91 days to 1 year            0      164,208   +     676            0           0     ------      ------
Over 1 to 5 years     ------        179,071   -       1            0           0     ------      ------
Over 5 to 10 years    ------         51,315   -       1            0           0     ------      ------
Over 10 years         ------         77,149   -       1            0           0     ------      ------
                   		 	
All                         50      665,953   +     343            0           0       25,000      17,657

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 17, 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                                             762         27         34         40         38         87         87         92         53         24         45        142         93
Securities, repurchase agreements,
      and loans                              691,004     32,200    309,916     20,824     31,205     51,214     44,994     67,305     20,953     14,875     17,902     26,098     53,518
   Securities held outright                  665,953     32,196    284,916     20,820     31,205     51,214     44,989     67,295     20,952     14,865     17,897     26,098     53,506
      U.S. Treasury (1)                      665,953     32,196    284,916     20,820     31,205     51,214     44,989     67,295     20,952     14,865     17,897     26,098     53,506
         Bills (2)                           244,113     11,802    104,440      7,632     11,439     18,773     16,491     24,668      7,680      5,449      6,560      9,567     19,613
         Notes and bonds(3)                  421,840     20,394    180,477     13,188     19,766     32,441     28,498     42,627     13,272      9,416     11,337     16,532     33,892
         Federal agency (2)                        0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements(4)                25,000          0     25,000          0          0          0          0          0          0          0          0          0          0
      Loans                                       50          4          0          4          0          0          5         10          1         10          4          0         12
Items in process of collection                11,283        920      1,102        559        896        695        900        901        525        415        681        510      3,180
Bank premises                                  1,610         92        189         52        151        144        278        123         44        125         55        178        178
Other assets(5)                               38,088      1,761     13,478      1,119      2,410      6,209      2,191      3,534        974      1,152        897      1,068      3,294
Interdistrict settlement account                   0    + 1,562    - 2,595    +   541    - 3,394    - 1,816    + 2,112    - 7,457    - 2,007    -   569    -   663    + 5,824    + 8,462
          Total Assets                       755,985     37,172    327,705     23,599     31,887     57,488     51,590     65,692     20,944     16,277     19,286     34,425     69,921

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 17, 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             801,429     38,696    327,074     29,451     33,325     60,135     66,327     67,215     23,246     15,554     21,546     39,632     79,229
  Less: notes held by F.R. Banks              119,781      5,183     24,793      8,531      5,266     10,869     19,481      9,452      4,323      1,520      4,362      7,692     18,309
    Federal Reserve notes, net                681,648     33,512    302,281     20,920     28,059     49,266     46,846     57,763     18,923     14,033     17,184     31,940     60,920
Reverse repurchase agreements (1)              17,657        854      7,554        552        827      1,358      1,193      1,784        555        394        475        692      1,419
Deposits                                       26,510      1,127     11,735      1,001        971      1,712      1,392      3,257        577        628        673        853      2,584
  Depository institutions                      18,735      1,124      4,059        999        968      1,639      1,390      3,253        574        627        671        851      2,580
  U.S. Treasury, general account                7,455          0      7,455          0          0          0          0          0          0          0          0          0          0
  Foreign official                                 83          2         60          1          3          7          2          3          1          1          1          1          3
  Other                                           236          2        161          1          1         66          0          1          2          0          1          1          0
Deferred availability cash items                9,504        624      1,150        499        419        667        957        765        303        429        494        512      2,686
Other liabilities and accrued                 
  dividends (2)                                 2,330        131        719         94        130        264        184        229        103         87         86        115        187
   
    Total liabilities                         737,648     36,248    323,439     23,065     30,407     53,268     50,572     63,799     20,461     15,572     18,912     34,111     67,795
                              
Capital                    
Capital paid in                                 8,839        448      2,027        258        727      2,072        490        920        232        345        162        111      1,046
Surplus                                         8,380        436      1,809        233        702      2,073        475        858        199        340        201        186        868
Other capital                                   1,117         40        430         42         51         74         52        116         52         21         12         18        211
     Total liabilities and capital            755,985     37,172    327,705     23,599     31,887     57,488     51,590     65,692     20,944     16,277     19,286     34,425     69,921
                              

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 17, 2003
              
Federal Reserve notes outstanding             801,429
   Less: Notes held by F.R. Banks
         not subject to collateralization     119,781
      Federal Reserve Notes to be
         collateralized                       681,648 
Collateral held against Federal Reserve            
   notes                                      681,648
   Gold certificate account                    11,039
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              668,409
   Other assets pledged                             0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         690,953
   Less:face value of securities under
         reverse repurchase agreements         17,664
      U.S. Treasury and agency securities
             eligible to be pledged           673,289
   

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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