FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                         September 30, 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 29, 2004 Sep 22, 2004  Oct 1, 2003 Sep 29, 2004
Federal Reserve Banks

Reserve Bank Credit                                         765,836    -   1,645    +  38,657      767,461
 Securities held outright                                   698,602    +   1,578    +  42,483      698,617       
    U.S. Treasury (1)                                       698,602    +   1,578    +  42,493      698,617
       Bills (2)                                            257,062    +   1,149    +  15,535      257,079
       Notes and bonds, nominal (2)                         424,141            0    +  24,546      424,141
       Notes and bonds, inflation-indexed (2)                15,262    +     400    +   1,808       15,262
       Inflation compensation (3)                             2,137    +      30    +     604        2,135
    Federal agency (2)                                            0            0    -      10            0      
 Repurchase agreements(4)                                    27,571    -   3,715    -   4,536       29,500
 Loans to depository institutions                               254    -     338    +      76          251
    Primary credit                                                9    -     343    -      14            6
    Secondary credit                                              0            0            0            0
    Seasonal credit                                             245    +       5    +      90          245
 Float                                                          140    +     408    +     755         -353
 Other Federal Reserve assets                                39,269    +     422    -     120       39,445
Gold stock                                                   11,043            0            0       11,043
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            36,199    +      14    +     926       36,199
       
Total factors supplying reserve funds                       815,279    -   1,630    +  39,584      816,903
                                                                   
Currency in circulation(5)                                  736,774    -     664    +  39,992      738,586
Reverse repurchase agreements (6)                            24,291    -     523    +   2,907       24,337
   Foreign official and international accounts               24,291    -     523    +   2,907       24,337
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          299    -      13    -      44          291
Deposits with F.R.Banks, other than reserve balances         15,639    -   1,863    -   3,501       15,925       
  U.S. Treasury, general account                              5,118    -   1,861    -   1,804        5,436
  Foreign official                                              110    +      29    -     349           81
  Service-related                                            10,163    -       2    -   1,352       10,163
     Required clearing balances                              10,163    -       2    -   1,062       10,163
     Adjustments to compensate for float                          0            0    -     290            0
  Other                                                         247    -      31    +       4          245
Other liabilities and capital                                23,394    +     171    +   2,479       23,175

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  800,397    -   2,892    +  41,833      802,314

Reserve balances with Federal Reserve Banks                  14,882    +   1,262    -   2,248       14,590
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)         1,291,580    +   1,389    + 318,050    1,291,141
     U.S. Treasury                                        1,047,639    +      76    + 265,913    1,049,079
     Federal agency                                         243,941    +   1,313    +  52,137      242,062
  Securities lent to dealers                                  1,486    +     491    -   2,203        2,645   


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 29, 2004     Sep 22, 2004      Oct 1, 2003

Assets
Gold certificate account                                        11,039                0                0
Special drawing rights certificate account                       2,200                0                0
Coin                                                               777        +       4        -      62
Securities, repurchase agreements, and loans                   728,368        +   3,452        +  35,271
   Securities held outright                                    698,617        +     456        +  42,421
      U.S. Treasury (1)                                        698,617        +     456        +  42,431       
         Bills (2)                                             257,079        +      26        +  15,478
         Notes and bonds, nominal (2)                          424,141                0        +  24,546
         Notes and bonds, inflation-indexed (2)                 15,262        +     400        +   1,808
         Inflation compensation (3)                              2,135        +      30        +     600
      Federal agency (2)                                             0                0        -      10
   Repurchase agreements (4)                                    29,500        +   3,000        -   7,250    
   Loans                                                           251        -       4        +     100
Items in process of collection                    (1,080)        5,602        +     308        -   1,797
Bank premises                                                    1,731        +       8        +     137
Other assets (5)                                                37,887        +     440        +      11
      Total assets                                (1,080)      787,605        +   4,214        +  33,560
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  703,451        +     692        +  38,639
Reverse repurchase agreements (6)                               24,337        -     219        +   2,247
Deposits                                              (0)       30,704        +   3,617        -   7,844       
  Depository institutions                                       24,943        +   3,030        -   7,851
  U.S. Treasury, general account                                 5,436        +     591        +     514
  Foreign official                                                  81        +       3        -     415
  Other                                               (0)          245        -       7        -      91
Deferred availability cash items                  (1,080)        5,938        +     100        -   2,260
Other liabilities and accrued dividends (7)                      2,759        +      74        +     549
      Total liabilities                           (1,080)      767,188        +   4,262        +  31,331
                          
Capital Accounts
Capital paid in                                                 10,502        +       1        +   1,756
Surplus                                                          8,847                0        +     467
Other capital accounts                                           1,068        -      49        +       7
      Total capital                                             20,416        -      50        +   2,229


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 29, 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             236       53,247   -     822            0           0       29,500       24,337
16 days to 90 days          15      152,822   +     631            0           0            0            0
91 days to 1 year            0      166,092   +     217            0           0     ------      ------
Over 1 to 5 years     ------        199,624   +     113            0           0     ------      ------
Over 5 to 10 years    ------         50,517   +     314            0           0     ------      ------
Over 10 years         ------         76,315   +       3            0           0     ------      ------
                   		 	
All                        251      698,617   +     456            0           0       29,500      24,337

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 29, 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                                             777         20         43         41         44         76         87        101         51         23         51        128        113
Securities, repurchase agreements,
      and loans                              728,368     32,810    332,430     20,790     29,852     53,098     47,128     63,004     20,552     15,318     18,393     31,857     63,136
   Securities held outright                  698,617     32,805    302,930     20,779     29,852     53,098     47,113     62,930     20,525     15,238     18,358     31,854     63,136
      U.S. Treasury (1)                      698,617     32,805    302,930     20,779     29,852     53,098     47,113     62,930     20,525     15,238     18,358     31,854     63,136
         Bills (2)                           257,079     12,072    111,473      7,646     10,985     19,539     17,337     23,157      7,553      5,607      6,756     11,722     23,233
         Notes and bonds(3)                  441,538     20,733    191,457     13,132     18,867     33,559     29,776     39,773     12,972      9,631     11,603     20,132     39,903
         Federal agency (2)                        0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements(4)                29,500          0     29,500          0          0          0          0          0          0          0          0          0          0
      Loans                                      251          5          0         11          0          0         15         74         28         80         34          4          0
Items in process of collection                 6,682        347        507        484        371        446        673        458        301        492        433        203      1,969
Bank premises                                  1,731         97        191         51        155        144        279        145         59        124         76        230        180
Other assets(5)                               37,887      1,712     13,634      1,139      2,326      5,929      2,164      3,413        987      1,117        782        973      3,710
Interdistrict settlement account                   0    + 3,558    -37,286    + 3,517    + 1,057    + 1,866    +11,330    -    66    + 1,659    -   468    + 2,310    + 3,209    + 9,316
          Total Assets                       788,685     39,153    315,042     26,488     34,359     62,526     62,720     68,191     24,004     16,854     22,413     37,224     79,712

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 September 29, 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             830,341     38,135    320,002     32,775     35,035     64,214     73,203     68,979     25,239     16,166     24,574     42,447     89,572
  Less: notes held by F.R. Banks              126,891      4,463     34,988      8,949      5,774     11,669     16,387      8,368      3,295      1,622      4,630      7,842     18,904
    Federal Reserve notes, net                703,451     33,671    285,014     23,826     29,261     52,544     56,817     60,611     21,945     14,544     19,944     34,605     70,668
Reverse repurchase agreements (1)              24,337      1,143     10,553        724      1,040      1,850      1,641      2,192        715        531        640      1,110      2,199
Deposits                                       30,704      1,439     13,426        774      1,975      3,183      2,145      2,500        547        464      1,012        708      2,530
  Depository institutions                      24,943      1,436      7,767        773      1,970      3,107      2,142      2,497        545        462      1,010        707      2,526
  U.S. Treasury, general account                5,436          0      5,436          0          0          0          0          0          0          0          0          0          0
  Foreign official                                 81          2         58          1          2          7          2          3          1          1          1          0          4
  Other                                           245          1        165          0          3         69          2          0          1          0          1          0          0
Deferred availability cash items                7,018        515        670        478        404        437        829        548        200        607        394        381      1,555
Other liabilities and accrued                 
  dividends (2)                                 2,759        161        878        105        138        303        227        256        120         92        102        147        231
   
    Total liabilities                         768,269     36,929    310,542     25,907     32,819     58,316     61,659     66,106     23,526     16,237     22,093     36,950     77,184
                              
Capital                    
Capital paid in                                10,502      1,634      2,159        285        762      2,089        517      1,025        238        263        149        131      1,249
Surplus                                         8,847        448      2,031        259        727      2,074        489        924        228        346        162        111      1,048
Other capital                                   1,068        142        310         37         51         46         55        135         11          8          8         32        232
     Total liabilities and capital            788,685     39,153    315,042     26,488     34,359     62,526     62,720     68,191     24,004     16,854     22,413     37,224     79,712
                              

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
                                          Sep 29, 2004
              
Federal Reserve notes outstanding             830,341
   Less: Notes held by F.R. Banks
         not subject to collateralization     126,891
      Federal Reserve Notes to be
         collateralized                       703,451 
Collateral held against Federal Reserve            
   notes                                      703,451
   Gold certificate account                    11,039
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              690,212
   Other assets pledged                             0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         728,117
   Less:face value of securities under
         reverse repurchase agreements         24,348
      U.S. Treasury and agency securities
             eligible to be pledged           703,769
   

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.