Reserve Bank credit, related items, and

reserve balances of depository institutions

at Federal Reserve Banks

Reserve Bank credit 764,440 + 397 + 49,159 768,543

Securities held outright 694,871 + 20 + 40,346 694,869

U.S. Treasury1 694,871 + 20 + 40,356 694,869

Bills2 255,348 + 22 + 14,379 255,348

Notes and bonds, nominal2 422,541 0 + 23,582 422,541

Notes and bonds, inflation-indexed2 14,862 0 + 1,773 14,862

Inflation compensation3 2,119 - 2 + 620 2,117

Federal agency2 0 0 - 10 0

Repurchase agreements4 30,929 - 71 + 8,108 33,000

Loans to depository institutions 267 - 6 + 109 418

Primary credit 31 0 + 28 185

Secondary credit 0 0 0 0

Seasonal credit 236 - 6 + 81 234

Float 274 + 326 - 34 1,899

Other Federal Reserve assets 38,100 + 129 + 632 38,356

Gold stock 11,043 0 0 11,043

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

Treasury currency outstanding5 36,157 + 14 + 911 36,157

Total factors supplying reserve funds 813,841 + 411 + 50,071 817,943

Currency in circulation5 741,202 + 6,280 + 42,705 742,465

Reverse repurchase agreements6 23,521 + 1,079 + 4,176 23,882

Foreign official and international accounts 23,521 + 1,079 + 4,176 23,882

Dealers 0 0 0 0

Treasury cash holdings 321 - 7 - 16 323

Deposits with F.R. Banks, other than reserve balances 15,521 - 361 - 1,155 14,273

U.S. Treasury, general account 4,910 - 387 + 165 3,701

Foreign official 78 - 13 - 183 80

Service-related 10,225 + 18 - 1,167 10,225

Required clearing balances 10,225 + 19 - 994 10,225

Adjustments to compensate for float 0 0 - 173 0

Other 308 + 21 + 29 266

Other liabilities and capital 23,064 + 189 + 2,613 22,988

Total factors, other than reserve balances,

absorbing reserve funds 803,628 + 7,179 + 48,321 803,931

Reserve balances with Federal Reserve Banks 10,212 - 6,769 + 1,749 14,012

Memo (off-balance-sheet items):

Marketable securities held in custody for foreign

 official and international accounts2,7 1,290,924 + 8,308 + 329,637 1,291,479

U.S. Treasury 1,046,793 + 7,306 + 273,337 1,049,029

Federal agency 244,131 + 1,001 + 56,300 242,450

Securities lent to dealers 1,513 + 974 - 354 2,679

FEDERAL RESERVE statistical release

 September 9, 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

 Sep 8, 2004 Week ended

 Sep 8, 2004 Sep 1, 2004 Sep 10, 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 770 - 7 - 80

Securities, repurchase agreements, and loans 728,288 + 691 + 50,032

Securities held outright 694,869 + 11 + 39,267

U.S. Treasury1 694,869 + 11 + 39,277

Bills2 255,348 + 18 + 14,328

Notes and bonds, nominal2 422,541 0 + 22,946

Notes and bonds, inflation-indexed2 14,862 0 + 1,408

Inflation compensation3 2,117 - 7 + 594

Federal agency2 0 0 - 10

Repurchase agreements4 33,000 + 500 + 10,500

Loans 418 + 179 + 263

Items in process of collection (487) 9,080 + 2,238 + 1,067

Bank premises 1,718 0 + 128

Other assets5 36,755 + 425 + 569

Total assets (487) 789,849 + 3,346 + 51,715

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 707,397 + 4,320 + 43,339

Reverse repurchase agreements6 23,882 + 679 + 4,163

Deposits ( 0 ) 28,394 - 2,296 + 2,233

Depository institutions 24,346 + 428 + 3,591

U.S. Treasury, general account 3,701 - 2,673 - 1,338

Foreign official 80 - 1 0

Other ( 0 ) 266 - 51 - 21

Deferred availability cash items (487) 7,189 + 548 - 660

Other liabilities and accrued dividends7 2,670 + 70 + 455

Total liabilities (487) 769,532 + 3,322 + 49,529

Capital accounts

Capital paid in 10,454 + 1 + 1,699

Surplus 8,847 0 + 467

Other capital accounts 1,017 + 24 + 21

Total capital 20,317 + 24 + 2,186

H.4.1

2. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Wednesday

 Sep 10, 2003

Eliminations from

consolidation Wednesday

 Sep 8, 2004

Wednesday

 Sep 1, 2004

3. Maturity Distribution of Loans and Securities, September 8, 2004

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 220 48,287 - 1,053 0 0 33,000 23,882

16 days to 90 days 198 157,266 + 388 0 0 0 0

91 days to 1 year 0 164,877 + 683 0 0 . . . . . . 

Over 1 year to 5 years . . . 198,716 - 3 0 0 . . . . . . 

Over 5 years to 10 years . . . 49,807 - 1 0 0 . . . . . . 

Over 10 years . . . 75,917 - 2 0 0 . . . . . . 

All 418 694,869 + 11 0 0 33,000 23,882

Assets, liabilities, and capital

Maturity
H.4.1

4. Statement of Condition of Each Federal Reserve Bank on September 8, 2004Millions 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 2,200 770 728,288 694,869 694,869 255,348 439,521 0 33,000 418 9,567 1,718 36,755 0 790,336

Assets, liabilities, and capital

 4,649 874 38 334,304 301,304 301,304 110,722 190,582 0 33,000 0 679 190 13,116 -40,426 313,424

 494 115 18 32,629 32,629 32,629 11,990 20,639 0 0 0 590 97 1,658 + 3,955 39,556

 382 83 39 20,677 20,667 20,667 7,595 13,072 0 0 10 470 51 1,108 + 5,822 28,632

 452 104 47 29,692 29,692 29,692 10,911 18,781 0 0 0 544 154 2,283 + 821 34,098

 819 147 78 52,813 52,813 52,813 19,408 33,406 0 0 0 640 145 5,866 - 188 60,319

 894 166 92 46,882 46,860 46,860 17,220 29,640 0 0 22 860 279 2,108 +12,246 63,527

 924 212 101 62,651 62,593 62,593 23,001 39,591 0 0 58 807 141 3,307 + 544 68,687

 325 71 50 20,446 20,415 20,415 7,502 12,913 0 0 31 615 56 943 + 1,674 24,180

 2   15,2 15,1 15,1 5,5 9,5    4 1 1,0 - 4 16,7
 827,538

 120,141 707,397 707,397 11,039 2,200 694,158 0 727,869 23,892 703,977

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.

 827,538 120,141 707,397 23,882 28,394 24,346 3,701 80 266 7,676 2,670 770,019 10,454 8,847 1,017 790,336

 38,607 4,165 34,442 1,121 1,085 1,076 0 2 7 591 154 37,394 1,618 448 96 39,556

 318,054 33,332 284,723 10,355 12,239 8,311 3,701 57 169 783 855 308,954 2,144 2,031 295 313,424

 32,918 8,594 24,324 710 2,384 2,383 0 1 0 532 102 28,053 284 259 36 28,632

 35,154 5,597 29,557 1,020 1,331 1,328 0 2 1 504 134 32,546 762 727 62 34,098

 63,309 11,318 51,991 1,815 1,542 1,452 0 7 83 465 299 56,112 2,088 2,074 45 60,319

 73,070 14,985 58,085 1,611 1,747 1,744 0 2 2 809 221 62,473 517 489 47 63,527

 68,055 7,583 60,472 2,151 3,196 3,193 0 3 0 536 246 66,601 1,025 924 136 68,687

 25,284 3,167 22,116 702 618 615 0 1 2 154 114 23,704 232 228 15 24,180

 16,1 1,5 14,5 5 4 4    5  16,1 2 3  16,7

H.4.1

4. Statement of Condition of Each Federal Reserve Bank on September 8, 2004 (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

 Sep 8, 2004

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.