FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                          September 9, 2004
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            Sep 8, 2004  Sep 1, 2004 Sep 10, 2003  Sep 8, 2004
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. Treasury (1)                                       694,871    +      20    +  40,356      694,869
       Bills (2)                                            255,348    +      22    +  14,379      255,348
       Notes and bonds, nominal (2)                         422,541            0    +  23,582      422,541
       Notes and bonds, inflation-indexed (2)                14,862            0    +   1,773       14,862
       Inflation compensation (3)                             2,119    -       2    +     620        2,117
    Federal agency (2)                                            0            0    -      10            0      
 Repurchase agreements(4)                                    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 outstanding (5)                            36,157    +      14    +     911       36,157
       
Total factors supplying reserve funds                       813,841    +     411    +  50,071      817,943
                                                                   
Currency in circulation(5)                                  741,202    +   6,280    +  42,705      742,465
Reverse repurchase agreements (6)                            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 accounts(2,7)         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   


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  Sep 8, 2004      Sep 1, 2004     Sep 10, 2003

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. Treasury (1)                                        694,869        +      11        +  39,277       
         Bills (2)                                             255,348        +      18        +  14,328
         Notes and bonds, nominal (2)                          422,541                0        +  22,946
         Notes and bonds, inflation-indexed (2)                 14,862                0        +   1,408
         Inflation compensation (3)                              2,117        -       7        +     594
      Federal agency (2)                                             0                0        -      10
   Repurchase agreements (4)                                    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 assets (5)                                                36,755        +     425        +     569
      Total assets                                  (487)      789,849        +   3,346        +  51,715
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  707,397        +   4,320        +  43,339
Reverse repurchase agreements (6)                               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 dividends (7)                      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


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,  September 8, 2004
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             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 to 5 years     ------        198,716   -       3            0           0     ------      ------
Over 5 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

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  September 8, 2004
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        494      4,649        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                                             770         18         38         39         47         78         92        101         50         22         52        125        106
Securities, repurchase agreements,
      and loans                              728,288     32,629    334,304     20,677     29,692     52,813     46,882     62,651     20,446     15,241     18,467     31,687     62,799
   Securities held outright                  694,869     32,629    301,304     20,667     29,692     52,813     46,860     62,593     20,415     15,156     18,260     31,683     62,797
      U.S. Treasury (1)                      694,869     32,629    301,304     20,667     29,692     52,813     46,860     62,593     20,415     15,156     18,260     31,683     62,797
         Bills (2)                           255,348     11,990    110,722      7,595     10,911     19,408     17,220     23,001      7,502      5,569      6,710     11,643     23,077
         Notes and bonds(3)                  439,521     20,639    190,582     13,072     18,781     33,406     29,640     39,591     12,913      9,587     11,550     20,040     39,721
         Federal agency (2)                        0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements(4)                33,000          0     33,000          0          0          0          0          0          0          0          0          0          0
      Loans                                      418          0          0         10          0          0         22         58         31         85        207          4          2
Items in process of collection                 9,567        590        679        470        544        640        860        807        615        477        766        458      2,661
Bank premises                                  1,718         97        190         51        154        145        279        141         56        124         76        225        180
Other assets(5)                               36,755      1,658     13,116      1,108      2,283      5,866      2,108      3,307        943      1,093        754        917      3,603
Interdistrict settlement account                   0    + 3,955    -40,426    + 5,822    +   821    -   188    +12,246    +   544    + 1,674    -   451    + 1,816    + 3,487    +10,701
          Total Assets                       790,336     39,556    313,424     28,632     34,098     60,319     63,527     68,687     24,180     16,754     22,299     37,522     81,338

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  September 8, 2004
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             827,538     38,607    318,054     32,918     35,154     63,309     73,070     68,055     25,284     16,151     24,467     42,779     89,690
  Less: notes held by F.R. Banks              120,141      4,165     33,332      8,594      5,597     11,318     14,985      7,583      3,167      1,572      4,493      7,843     17,492
    Federal Reserve notes, net                707,397     34,442    284,723     24,324     29,557     51,991     58,085     60,472     22,116     14,578     19,973     34,937     72,198
Reverse repurchase agreements (1)              23,882      1,121     10,355        710      1,020      1,815      1,611      2,151        702        521        628      1,089      2,158
Deposits                                       28,394      1,085     12,239      2,384      1,331      1,542      1,747      3,196        618        436        799        757      2,260
  Depository institutions                      24,346      1,076      8,311      2,383      1,328      1,452      1,744      3,193        615        434        797        756      2,256
  U.S. Treasury, general account                3,701          0      3,701          0          0          0          0          0          0          0          0          0          0
  Foreign official                                 80          2         57          1          2          7          2          3          1          1          1          0          4
  Other                                           266          7        169          0          1         83          2          0          2          0          1          0          0
Deferred availability cash items                7,676        591        783        532        504        465        809        536        154        513        476        323      1,989
Other liabilities and accrued                 
  dividends (2)                                 2,670        154        855        102        134        299        221        246        114         90         99        141        216
   
    Total liabilities                         770,019     37,394    308,954     28,053     32,546     56,112     62,473     66,601     23,704     16,138     21,974     37,247     78,822
                              
Capital                    
Capital paid in                                10,454      1,618      2,144        284        762      2,088        517      1,025        232        262        148        130      1,241
Surplus                                         8,847        448      2,031        259        727      2,074        489        924        228        346        162        111      1,048
Other capital                                   1,017         96        295         36         62         45         47        136         15          8         14         35        227
     Total liabilities and capital            790,336     39,556    313,424     28,632     34,098     60,319     63,527     68,687     24,180     16,754     22,299     37,522     81,338
                              

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
                                           Sep 8, 2004
              
Federal Reserve notes outstanding             827,538
   Less: Notes held by F.R. Banks
         not subject to collateralization     120,141
      Federal Reserve Notes to be
         collateralized                       707,397 
Collateral held against Federal Reserve            
   notes                                      707,397
   Gold certificate account                    11,039
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              694,158
   Other assets pledged                             0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         727,869
   Less:face value of securities under
         reverse repurchase agreements         23,892
      U.S. Treasury and agency securities
             eligible to be pledged           703,977
   

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.