FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                            January 6, 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            Jan 5, 2005 Dec 29, 2004  Jan 7, 2004  Jan 5, 2005
Federal Reserve Banks

Reserve Bank Credit                                         791,658    +   1,033    +  48,359      793,421
 Securities held outright                                   717,819    +      92    +  51,115      717,821       
    U.S. Treasury (1)                                       717,819    +      92    +  51,115      717,821
       Bills (2)                                            262,970    +      78    +  18,093      262,970
       Notes and bonds, nominal (2)                         436,429            0    +  30,256      436,429
       Notes and bonds, inflation-indexed (2)                16,108            0    +   2,114       16,108
       Inflation compensation (3)                             2,312    +      14    +     653        2,313
    Federal agency (2)                                            0            0            0            0      
 Repurchase agreements(4)                                    33,214    +   2,143    -   1,465       34,500
 Loans to depository institutions                                53    -       1    +      29           44
    Primary credit                                               19    +      10    +       7           21
    Secondary credit                                              0            0            0            0
    Seasonal credit                                              35    -      10    +      24           23
 Float                                                          963    -   1,537    -     385        1,852
 Other Federal Reserve assets                                39,607    +     335    -     938       39,204
Gold stock                                                   11,045    +       1    +       2       11,045
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            36,490    +      14    +   1,002       36,490
       
Total factors supplying reserve funds                       841,392    +   1,048    +  49,362      843,155
                                                                   
Currency in circulation(5)                                  755,083    -   1,858    +  33,922      753,980
Reverse repurchase agreements (6)                            29,902    -     230    +   7,425       28,647
   Foreign official and international accounts               29,902    -     230    +   7,782       28,647
   Dealers                                                        0            0    -     357            0
Treasury cash holdings                                          271    +       3    -      50          276
Deposits with F.R.Banks, other than reserve balances         16,822    +   1,851    -   1,261       15,131       
  U.S. Treasury, general account                              5,650    +   1,019    +     331        4,791
  Foreign official                                              174    +      94    +      79           93
  Service-related                                            10,018    -       5    -   2,004       10,018
     Required clearing balances                              10,018    -       5    -   1,812       10,018
     Adjustments to compensate for float                          0            0    -     192            0
  Other                                                         980    +     743    +     333          229
Other liabilities and capital                                26,088    -     531    +   5,963       25,519

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  828,165    -     766    +  45,998      823,553

Reserve balances with Federal Reserve Banks                  13,227    +   1,814    +   3,364       19,602
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)         1,344,210    +   8,430    + 271,550    1,347,153
     U.S. Treasury                                        1,067,145    +   4,936    + 205,141    1,067,470
     Federal agency                                         277,065    +   3,494    +  66,409      279,683
  Securities lent to dealers                                  5,607    +   3,557    +   2,407        2,789   


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  Jan 5, 2005     Dec 29, 2004      Jan 7, 2004

Assets
Gold certificate account                                        11,041                0        +       2
Special drawing rights certificate account                       2,200                0                0
Coin                                                               719        +       2        -       6
Securities, repurchase agreements, and loans                   752,365        +   1,495        +  61,634
   Securities held outright                                    717,821        +       8        +  51,101
      U.S. Treasury (1)                                        717,821        +       8        +  51,101       
         Bills (2)                                             262,970                0        +  18,073
         Notes and bonds, nominal (2)                          436,429                0        +  30,256
         Notes and bonds, inflation-indexed (2)                 16,108                0        +   2,114
         Inflation compensation (3)                              2,313        +       7        +     658
      Federal agency (2)                                             0                0                0
   Repurchase agreements (4)                                    34,500        +   1,500        +  10,500    
   Loans                                                            44        -      13        +      33
Items in process of collection                    (1,060)        9,541        +   3,437        -   1,700
Bank premises                                                    1,774        -      13        +     150
Other assets (5)                                                39,627        -     132        +     468
      Total assets                                (1,060)      817,267        +   4,789        +  60,549
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  718,481        -   4,423        +  35,090
Reverse repurchase agreements (6)                               28,647        -   1,291        +   9,060
Deposits                                              (1)       36,930        +   9,454        +  11,850       
  Depository institutions                                       31,818        +  10,385        +  11,962
  U.S. Treasury, general account                                 4,791        -     943        -     124
  Foreign official                                                  93        +       6        +       9
  Other                                               (1)          229        +       8        +       4
Deferred availability cash items                  (1,060)        7,689        +   2,055        -     590
Other liabilities and accrued dividends (7)                      2,745        -     448        +     643
      Total liabilities                           (1,060)      794,493        +   5,348        +  56,055
                          
Capital Accounts
Capital paid in                                                 11,846        +     205        +   2,995
Surplus                                                         10,820        +   1,973        +   1,973
Other capital accounts                                             109        -   2,736        -     474
      Total capital                                             22,774        -     559        +   4,493


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,    January 5, 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              29       46,224   -   7,887            0           0       34,500       28,647
16 days to 90 days          15      162,778   +   8,372            0           0            0            0
91 days to 1 year            0      170,411   -     445            0           0     ------      ------
Over 1 to 5 years     ------        208,270   -      36            0           0     ------      ------
Over 5 to 10 years    ------         54,373   +       2            0           0     ------      ------
Over 10 years         ------         75,766   +       3            0           0     ------      ------
                   		 	
All                         44      717,821   +       8            0           0       34,500      28,647

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    January 5, 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                      11,041        494      4,651        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                                             719         18         43         55         51         63         81        113         34         22         47         88        105
Securities, repurchase agreements,
      and loans                              752,365     33,710    345,778     21,355     30,673     54,558     48,409     64,669     21,089     15,660     18,864     32,729     64,872
   Securities held outright                  717,821     33,707    311,257     21,350     30,673     54,558     48,408     64,660     21,089     15,657     18,863     32,729     64,872
      U.S. Treasury (1)                      717,821     33,707    311,257     21,350     30,673     54,558     48,408     64,660     21,089     15,657     18,863     32,729     64,872
         Bills (2)                           262,970     12,348    114,027      7,821     11,237     19,987     17,734     23,688      7,726      5,736      6,910     11,990     23,765
         Notes and bonds(3)                  454,851     21,359    197,229     13,528     19,436     34,571     30,674     40,972     13,363      9,921     11,953     20,739     41,106
         Federal agency (2)                        0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements(4)                34,500          0     34,500          0          0          0          0          0          0          0          0          0          0
      Loans                                       44          3         21          6          0          0          2          8          0          4          1          0          0
Items in process of collection                10,602        489        527        462        904        407        978      1,142        636        630        938        501      2,987
Bank premises                                  1,774         99        196         53        157        144        277        159         67        123         82        252        167
Other assets(5)                               39,627      1,799     14,124      1,153      2,468      6,279      2,286      3,595      1,036      1,180        810        989      3,909
Interdistrict settlement account                   0    + 3,134    -24,128    + 4,253    -   501    + 2,574    + 9,286    -   478    + 1,080    - 1,073    + 1,232    + 1,239    + 3,382
          Total Assets                       818,327     39,857    342,064     27,796     34,307     64,990     62,377     70,334     24,338     16,790     22,341     36,420     76,712

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    January 5, 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             848,675     38,274    338,117     32,577     34,484     64,992     72,925     72,808     24,979     16,429     24,457     40,965     87,668
  Less: notes held by F.R. Banks              130,193      4,216     36,322      8,027      5,356     12,203     17,387      9,056      2,884      1,996      4,441      7,454     20,853
    Federal Reserve notes, net                718,481     34,058    301,795     24,550     29,127     52,789     55,538     63,752     22,096     14,433     20,016     33,512     66,815
Reverse repurchase agreements (1)              28,647      1,345     12,422        852      1,224      2,177      1,932      2,580        842        625        753      1,306      2,589
Deposits                                       36,931      1,200     19,149      1,222      1,118      4,879      2,794      1,702        643        345        713        814      2,353
  Depository institutions                      31,818      1,196     14,129      1,221      1,115      4,811      2,792      1,699        640        344        711        812      2,349
  U.S. Treasury, general account                4,791          0      4,791          0          0          0          0          0          0          0          0          0          0
  Foreign official                                 93          2         70          1          2          7          2          3          1          1          1          0          4
  Other                                           230          2        159          0          0         61          0          1          2          0          2          1          0
Deferred availability cash items                8,749        578        805        485        813        646        948        498        177        800        459        365      2,173
Other liabilities and accrued                 
  dividends (2)                                 2,745        146        966         99        144        259        214        262        108         85         93        143        226
   
    Total liabilities                         795,553     37,327    335,137     27,209     32,427     60,750     61,425     68,795     23,865     16,288     22,033     36,140     74,157
                              
Capital                    
Capital paid in                                11,846      1,638      3,430        294      1,066      2,148        424        784        236        254        154        135      1,283
Surplus                                        10,820        890      3,430        293        810      2,092        516        755        236        247        153        135      1,264
Other capital                                     109          3         68          0          4          0         12          0          2          0          1         11          8
     Total liabilities and capital            818,327     39,857    342,064     27,796     34,307     64,990     62,377     70,334     24,338     16,790     22,341     36,420     76,712
                              

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
                                           Jan 5, 2005
              
Federal Reserve notes outstanding             848,675
   Less: Notes held by F.R. Banks
         not subject to collateralization     130,193
      Federal Reserve Notes to be
         collateralized                       718,481 
Collateral held against Federal Reserve            
   notes                                      718,481
   Gold certificate account                    11,041
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              705,241
   Other assets pledged                             0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         752,321
   Less:face value of securities under
         reverse repurchase agreements         28,665
      U.S. Treasury and agency securities
             eligible to be pledged           723,656
   

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.