FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                             March 31, 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 30, 2005 Mar 23, 2005 Mar 31, 2004 Mar 30, 2005
Federal Reserve Banks

Reserve Bank Credit                                         782,330    -   1,165    +  44,593      789,052
 Securities held outright                                   717,532    +      10    +  43,495      717,536       
    U.S. Treasury (1)                                       717,532    +      10    +  43,495      717,536
       Bills (2)                                            263,005            0    +  16,506      263,005
       Notes and bonds, nominal (2)                         433,096            0    +  21,708      433,096
       Notes and bonds, inflation-indexed (2)                19,108            0    +   4,644       19,108
       Inflation compensation (3)                             2,322    +      10    +     636        2,326
    Federal agency (2)                                            0            0            0            0      
 Repurchase agreements(4)                                    24,643    -   1,321    +     286       31,750
 Loans to depository institutions                                59    +      16    +      11           62
    Primary credit                                               13    +       8    +       2           10
    Secondary credit                                              0            0            0            0
    Seasonal credit                                              46    +       8    +      10           52
 Float                                                         -517    +     204    +     207         -999
 Other Federal Reserve assets                                40,614    -      73    +     595       40,703
Gold stock                                                   11,041    -       1    -       4       11,041
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            36,546    +      14    +     785       36,546
       
Total factors supplying reserve funds                       832,118    -   1,151    +  45,376      838,839
                                                                   
Currency in circulation(5)                                  753,037    +   1,053    +  38,649      755,241
Reverse repurchase agreements (6)                            24,679    -   1,369    +   4,221       23,691
   Foreign official and international accounts               24,679    -   1,369    +   4,221       23,691
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          275    +      18    -      75          284
Deposits with F.R.Banks, other than reserve balances         13,642    -     399    -   2,341       14,267       
  U.S. Treasury, general account                              4,592    -     376    -     654        5,198
  Foreign official                                               83    -       5    -       1          102
  Service-related                                             8,733            0    -   1,680        8,733
     Required clearing balances                               8,732    -       1    -   1,678        8,732
     Adjustments to compensate for float                          0            0    -       3            0
  Other                                                         235    -      17    -       6          235
Other liabilities and capital                                27,686    -     289    +   6,783       27,674

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  819,319    -     984    +  47,237      821,157

Reserve balances with Federal Reserve Banks                  12,799    -     166    -   1,861       17,682
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)         1,391,680    +   2,994    + 232,367    1,391,196
     U.S. Treasury                                        1,085,048    -     424    + 159,662    1,081,549
     Federal agency                                         306,632    +   3,419    +  72,705      309,647
  Securities lent to dealers                                  3,276    +     586    +   2,381        7,588   


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 30, 2005     Mar 23, 2005     Mar 31, 2004

Assets
Gold certificate account                                        11,037                0        -       4
Special drawing rights certificate account                       2,200                0                0
Coin                                                               713        -      17        -     123
Securities, repurchase agreements, and loans                   749,348        +  12,529        +  47,700
   Securities held outright                                    717,536        +      10        +  43,452
      U.S. Treasury (1)                                        717,536        +      10        +  43,452       
         Bills (2)                                             263,005                0        +  16,466
         Notes and bonds, nominal (2)                          433,096                0        +  21,708
         Notes and bonds, inflation-indexed (2)                 19,108                0        +   4,644
         Inflation compensation (3)                              2,326        +      10        +     634
      Federal agency (2)                                             0                0                0
   Repurchase agreements (4)                                    31,750        +  12,500        +   4,250    
   Loans                                                            62        +      19        -       2
Items in process of collection                      (935)        5,529        -   2,192        -     184
Bank premises                                                    1,806        +       5        +     143
Other assets (5)                                                38,731        +     149        +     225
      Total assets                                  (935)      809,365        +  10,476        +  47,759
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  719,688        +   2,116        +  38,114
Reverse repurchase agreements (6)                               23,691        -     800        +   1,990
Deposits                                              (0)       31,783        +   9,092        +     630       
  Depository institutions                                       26,249        +   8,556        +   1,294
  U.S. Treasury, general account                                 5,198        +     521        -     686
  Foreign official                                                 102        +      19        +      19
  Other                                               (0)          235        -       4        +       4
Deferred availability cash items                    (935)        6,529        -     126        +     231
Other liabilities and accrued dividends (7)                      3,225        +      45        +   1,007
      Total liabilities                             (935)      784,916        +  10,327        +  41,971
                          
Capital Accounts
Capital paid in                                                 12,559        +       1        +   3,581
Surplus                                                         11,177        -      23        +   2,330
Other capital accounts                                             714        +     172        -     122
      Total capital                                             24,449        +     149        +   5,788


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 30, 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              58       54,851   +      86            0           0       31,750       23,691
16 days to 90 days           4      162,697   -     421            0           0            0            0
91 days to 1 year            0      159,950   +     335            0           0     ------      ------
Over 1 to 5 years     ------        212,806   +       4            0           0     ------      ------
Over 5 to 10 years    ------         50,284   +       1            0           0     ------      ------
Over 10 years         ------         76,947   +       4            0           0     ------      ------
                   		 	
All                         62      717,536   +      10            0           0       31,750      23,691

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 30, 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                                             713         22         45         64         52         59         70        118         32         26         49         62        114
Securities, repurchase agreements,
      and loans                              749,348     33,697    342,883     21,341     30,660     54,541     48,389     64,660     21,085     15,667     18,858     32,716     64,851
   Securities held outright                  717,536     33,694    311,133     21,341     30,660     54,536     48,389     64,634     21,080     15,650     18,856     32,716     64,846
      U.S. Treasury (1)                      717,536     33,694    311,133     21,341     30,660     54,536     48,389     64,634     21,080     15,650     18,856     32,716     64,846
         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)                  454,531     21,344    197,090     13,519     19,422     34,546     30,652     40,943     13,354      9,914     11,944     20,724     41,077
         Federal agency (2)                        0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements(4)                31,750          0     31,750          0          0          0          0          0          0          0          0          0          0
      Loans                                       62          3          0          0          0          5          0         25          4         16          3          0          6
Items in process of collection                 6,465        361        441        298        730        346        716        486        227        247        459        252      1,902
Bank premises                                  1,806        103        199         53        157        143        275        175         65        122         83        263        167
Other assets(5)                               38,731      3,319     15,059      1,128      2,564      5,069      2,017      2,682        877        788        675        938      3,613
Interdistrict settlement account                   0    + 2,611    -25,813    + 7,532    +   549    +   442    + 6,876    +   853    + 1,465    -   540    + 1,358    +   544    + 4,122
          Total Assets                       810,300     40,722    338,335     30,883     35,270     61,566     59,403     70,109     24,147     16,558     21,851     35,398     76,058

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 30, 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             854,507     40,080    339,212     35,685     35,414     65,600     72,813     72,875     24,741     16,334     24,344     40,196     87,213
  Less: notes held by F.R. Banks              134,820      4,729     38,448      7,787      5,302     12,695     19,806      9,066      2,951      1,807      4,647      7,405     20,175
    Federal Reserve notes, net                719,688     35,351    300,763     27,898     30,112     52,906     53,007     63,810     21,790     14,526     19,696     32,790     67,038
Reverse repurchase agreements (1)              23,691      1,112     10,273        705      1,012      1,801      1,598      2,134        696        517        623      1,080      2,141
Deposits                                       31,783        917     18,370        997      1,444      1,264      2,522      1,684        650        383        696        675      2,183
  Depository institutions                      26,249        908     12,930        995      1,439      1,201      2,520      1,681        645        382        694        674      2,179
  U.S. Treasury, general account                5,198          0      5,198          0          0          0          0          0          0          0          0          0          0
  Foreign official                                102          5         74          1          4          7          2          3          1          1          1          0          4
  Other                                           235          4        168          1          1         55          0          0          4          0          1          0          0
Deferred availability cash items                7,464        582        664        565        479        436      1,060        526        143        524        419        389      1,675
Other liabilities and accrued                 
  dividends (2)                                 3,225        180      1,140        112        175        312        239        308        125         97        102        158        276
   
    Total liabilities                         785,851     38,142    331,209     30,277     33,222     56,718     58,426     68,462     23,404     16,048     21,536     35,093     73,314
                              
Capital                    
Capital paid in                                12,559      1,554      3,491        300      1,099      2,539        428        817        405        254        155        143      1,372
Surplus                                        11,177      1,016      3,430        294        949      2,148        516        763        236        254        153        135      1,283
Other capital                                     714         10        205         12          0        160         33         66        102          2          7         27         89
     Total liabilities and capital            810,300     40,722    338,335     30,883     35,270     61,566     59,403     70,109     24,147     16,558     21,851     35,398     76,058
                              

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 30, 2005
              
Federal Reserve notes outstanding             854,507
   Less: Notes held by F.R. Banks
         not subject to collateralization     134,820
      Federal Reserve Notes to be
         collateralized                       719,688 
Collateral held against Federal Reserve            
   notes                                      719,688
   Gold certificate account                    11,037
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              706,451
   Other assets pledged                             0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         749,286
   Less:face value of securities under
         reverse repurchase agreements         23,708
      U.S. Treasury and agency securities
             eligible to be pledged           725,577
   

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.