FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                             March 17, 2005
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           Mar 16, 2005  Mar 9, 2005 Mar 17, 2004 Mar 16, 2005
Federal Reserve Banks

Reserve Bank Credit                                         785,361    +   7,823    +  48,454      787,990
 Securities held outright                                   717,512    +      10    +  44,426      717,515       
    U.S. Treasury (1)                                       717,512    +      10    +  44,426      717,515
       Bills (2)                                            263,005            0    +  16,597      263,005
       Notes and bonds, nominal (2)                         433,096            0    +  22,533      433,096
       Notes and bonds, inflation-indexed (2)                19,108            0    +   4,644       19,108
       Inflation compensation (3)                             2,302    +      10    +     652        2,306
    Federal agency (2)                                            0            0            0            0      
 Repurchase agreements(4)                                    28,107    +   7,214    +   2,928       30,250
 Loans to depository institutions                                44    +      11    -      31           58
    Primary credit                                                8    +       3    -      40           20
    Secondary credit                                              0            0            0            0
    Seasonal credit                                              35    +       6    +       8           38
 Float                                                         -731    +      26    -      38         -392
 Other Federal Reserve assets                                40,430    +     563    +   1,169       40,558
Gold stock                                                   11,042            0    -       3       11,042
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            36,518    +      14    +     811       36,518
       
Total factors supplying reserve funds                       835,121    +   7,838    +  49,262      837,749
                                                                   
Currency in circulation(5)                                  751,925    +     396    +  37,979      753,306
Reverse repurchase agreements (6)                            25,365    -     266    +   6,270       24,939
   Foreign official and international accounts               25,365    -     266    +   6,270       24,939
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          252    -       5    -      71          254
Deposits with F.R.Banks, other than reserve balances         15,295    +   1,075    -   2,003       14,637       
  U.S. Treasury, general account                              5,118    +     814    -     619        4,746
  Foreign official                                               88    +       5    +       2           82
  Service-related                                             9,554            0    -   1,574        9,554
     Required clearing balances                               9,554            0    -   1,331        9,554
     Adjustments to compensate for float                          0            0    -     243            0
  Other                                                         535    +     256    +     188          254
Other liabilities and capital                                28,128    +     395    +   7,592       27,837

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  820,966    +   1,595    +  49,768      820,973

Reserve balances with Federal Reserve Banks                  14,155    +   6,242    -     506       16,776
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)         1,384,939    +   4,610    + 216,669    1,388,688
     U.S. Treasury                                        1,085,148    +   4,796    + 152,014    1,087,883
     Federal agency                                         299,791    -     186    +  64,655      300,806
  Securities lent to dealers                                  1,823    +     123    -     916        1,578   


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 Mar 16, 2005      Mar 9, 2005     Mar 17, 2004

Assets
Gold certificate account                                        11,037                0        -       4
Special drawing rights certificate account                       2,200                0                0
Coin                                                               746        -      27        -     100
Securities, repurchase agreements, and loans                   747,824        +   8,286        +  45,574
   Securities held outright                                    717,515        +      10        +  44,362
      U.S. Treasury (1)                                        717,515        +      10        +  44,362       
         Bills (2)                                             263,005                0        +  16,536
         Notes and bonds, nominal (2)                          433,096                0        +  22,533
         Notes and bonds, inflation-indexed (2)                 19,108                0        +   4,644
         Inflation compensation (3)                              2,306        +      10        +     649
      Federal agency (2)                                             0                0                0
   Repurchase agreements (4)                                    30,250        +   8,250        +   1,500    
   Loans                                                            58        +      26        -     289
Items in process of collection                      (942)        6,654        -     645        +     739
Bank premises                                                    1,797        +       4        +     144
Other assets (5)                                                38,729        +     364        +   1,105
      Total assets                                  (942)      808,987        +   7,982        +  47,458
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  717,783        +     377        +  36,773
Reverse repurchase agreements (6)                               24,939        -     491        +   6,169
Deposits                                              (0)       31,373        +   8,234        -   3,116       
  Depository institutions                                       26,291        +   8,118        -   1,344
  U.S. Treasury, general account                                 4,746        +     147        -   1,669
  Foreign official                                                  82                0        -      30
  Other                                               (0)          254        -      32        -      72
Deferred availability cash items                    (942)        7,055        -     140        +     372
Other liabilities and accrued dividends (7)                      3,088        -      21        +     862
      Total liabilities                             (942)      784,239        +   7,960        +  41,060
                          
Capital Accounts
Capital paid in                                                 12,536        +       1        +   3,539
Surplus                                                         11,247        +      31        +   2,455
Other capital accounts                                             966        -       9        +     406
      Total capital                                             24,749        +      22        +   6,399


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,     March 16, 2005
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              22       54,797   +   7,727            0           0       30,250       24,939
16 days to 90 days          37      163,608   -   7,910            0           0            0            0
91 days to 1 year            0      159,093   +     182            0           0     ------      ------
Over 1 to 5 years     ------        212,798   +       4            0           0     ------      ------
Over 5 to 10 years    ------         50,281   +       2            0           0     ------      ------
Over 10 years         ------         76,938   +       4            0           0     ------      ------
                   		 	
All                         58      717,515   +      10            0           0       30,250      24,939

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     March 16, 2005
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                      11,037        494      4,647        382        452        819        894        924        325        218        302        525      1,055
Special drawing rights certificate acct.       2,200        115        874         83        104        147        166        212         71         30         66         98        234
Coin                                             746         22         51         62         55         62         74        120         31         24         50         71        123
Securities, repurchase agreements,
      and loans                              747,824     33,693    341,374     21,341     30,660     54,534     48,387     64,655     21,082     15,664     18,855     32,715     64,863
   Securities held outright                  717,515     33,693    311,124     21,341     30,660     54,534     48,387     64,633     21,080     15,650     18,855     32,715     64,844
      U.S. Treasury (1)                      717,515     33,693    311,124     21,341     30,660     54,534     48,387     64,633     21,080     15,650     18,855     32,715     64,844
         Bills (2)                           263,005     12,350    114,042      7,822     11,238     19,990     17,736     23,691      7,727      5,736      6,911     11,992     23,769
         Notes and bonds(3)                  454,510     21,343    197,082     13,518     19,421     34,545     30,651     40,942     13,353      9,913     11,944     20,723     41,075
         Federal agency (2)                        0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements(4)                30,250          0     30,250          0          0          0          0          0          0          0          0          0          0
      Loans                                       58          1          0          0          0          0          0         23          2         14          0          0         19
Items in process of collection                 7,596        352        396        346        650        436      1,026        557        317        346        570        392      2,208
Bank premises                                  1,797        102        201         53        157        143        275        170         64        122         83        260        166
Other assets(5)                               38,729      3,383     14,983      1,037      2,610      5,147      2,000      2,662        900        793        670        917      3,626
Interdistrict settlement account                   0    + 4,112    -30,443    + 7,068    + 1,450    + 2,513    + 7,046    +   612    + 1,539    -   831    + 1,384    +   706    + 4,844
          Total Assets                       809,929     42,275    332,084     30,372     36,137     63,801     59,869     69,913     24,329     16,367     21,981     35,684     77,119

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     March 16, 2005
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             854,972     40,006    339,910     35,412     35,436     65,325     73,305     72,508     24,718     16,304     24,255     40,386     87,405
  Less: notes held by F.R. Banks              137,189      4,762     41,301      7,875      5,306     12,548     19,610      8,974      2,972      1,878      4,471      7,316     20,175
    Federal Reserve notes, net                717,783     35,244    298,609     27,537     30,131     52,777     53,695     63,534     21,745     14,426     19,784     33,071     67,230
Reverse repurchase agreements (1)              24,939      1,171     10,814        742      1,066      1,895      1,682      2,246        733        544        655      1,137      2,254
Deposits                                       31,373      2,405     13,567        744      2,184      3,398      2,176      1,630        819        346        596        670      2,837
  Depository institutions                      26,291      2,398      8,593        743      2,179      3,319      2,174      1,627        815        345        595        670      2,833
  U.S. Treasury, general account                4,746          0      4,746          0          0          0          0          0          0          0          0          0          0
  Foreign official                                 82          5         54          1          4          7          2          3          1          1          1          0          4
  Other                                           254          2        173          0          1         72          0          1          3          0          1          0          0
Deferred availability cash items                7,997        646        785        628        512        520      1,099        574        170        439        523        347      1,753
Other liabilities and accrued                 
  dividends (2)                                 3,088        175      1,099        107        167        294        230        291        118         95        100        152        260
   
    Total liabilities                         785,180     39,641    324,873     29,759     34,060     58,884     58,882     68,275     23,586     15,850     21,659     35,378     74,334
                              
Capital                    
Capital paid in                                12,536      1,554      3,492        299      1,098      2,539        428        799        403        254        155        143      1,372
Surplus                                        11,247      1,056      3,430        294        979      2,148        516        763        236        254        153        135      1,283
Other capital                                     966         23        290         20          0        230         43         76        104          8         14         28        129
     Total liabilities and capital            809,929     42,275    332,084     30,372     36,137     63,801     59,869     69,913     24,329     16,367     21,981     35,684     77,119
                              

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
                                          Mar 16, 2005
              
Federal Reserve notes outstanding             854,972
   Less: Notes held by F.R. Banks
         not subject to collateralization     137,189
      Federal Reserve Notes to be
         collateralized                       717,783 
Collateral held against Federal Reserve            
   notes                                      717,783
   Gold certificate account                    11,037
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              704,546
   Other assets pledged                             0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         747,765
   Less:face value of securities under
         reverse repurchase agreements         24,958
      U.S. Treasury and agency securities
             eligible to be pledged           722,807
   

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.