FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                           January 27, 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 26, 2005 Jan 19, 2005 Jan 28, 2004 Jan 26, 2005
Federal Reserve Banks

Reserve Bank Credit                                         780,557    -   2,751    +  52,374      786,501
 Securities held outright                                   717,827    +       2    +  50,798      717,827       
    U.S. Treasury (1)                                       717,827    +       2    +  50,798      717,827
       Bills (2)                                            262,970            0    +  17,739      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)                             2,319    +       2    +     689        2,320
    Federal agency (2)                                            0            0            0            0      
 Repurchase agreements(4)                                    21,893    -   2,893    +   2,750       28,750
 Loans to depository institutions                                77    +      24    -     120           69
    Primary credit                                               55    +      20    -     129           42
    Secondary credit                                              0            0            0            0
    Seasonal credit                                              22    +       3    +       8           26
 Float                                                        1,159    +     218    +     635           45
 Other Federal Reserve assets                                39,602    -     101    -   1,687       39,811
Gold stock                                                   11,045            0    +       2       11,045
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            36,547    +      14    +   1,000       36,547
       
Total factors supplying reserve funds                       830,349    -   2,737    +  53,376      836,293
                                                                   
Currency in circulation(5)                                  746,989    -   1,954    +  37,496      747,490
Reverse repurchase agreements (6)                            27,453    -     127    +   7,228       31,074
   Foreign official and international accounts               27,453    -     127    +   7,228       31,074
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          292    +      35    -      53          269
Deposits with F.R.Banks, other than reserve balances         14,614    -     188    -   2,063       14,459       
  U.S. Treasury, general account                              5,252    +     471    +      99        5,117
  Foreign official                                               83    +       2    +       1           76
  Service-related                                             8,949    -     645    -   2,097        8,949
     Required clearing balances                               8,947    -     646    -   1,672        8,947
     Adjustments to compensate for float                          2            0    -     425            2
  Other                                                         330    -      16    -      66          317
Other liabilities and capital                                26,234    -      45    +   5,644       26,270

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  815,582    -   2,279    +  48,253      819,561

Reserve balances with Federal Reserve Banks                  14,767    -     458    +   5,123       16,732
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)         1,347,370    +   3,792    + 234,854    1,353,463
     U.S. Treasury                                        1,070,048    +   1,210    + 185,684    1,071,495
     Federal agency                                         277,322    +   2,582    +  49,170      281,968
  Securities lent to dealers                                  1,204    -     960    +     621          700   


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 26, 2005     Jan 19, 2005     Jan 28, 2004

Assets
Gold certificate account                                        11,041                0        +       2
Special drawing rights certificate account                       2,200                0                0
Coin                                                               785        +      34        -      28
Securities, repurchase agreements, and loans                   746,646        +   6,259        +  56,561
   Securities held outright                                    717,827        +       2        +  50,767
      U.S. Treasury (1)                                        717,827        +       2        +  50,767       
         Bills (2)                                             262,970                0        +  17,704
         Notes and bonds, nominal (2)                          436,429                0        +  30,256
         Notes and bonds, inflation-indexed (2)                 16,108                0        +   2,114
         Inflation compensation (3)                              2,320        +       2        +     694
      Federal agency (2)                                             0                0                0
   Repurchase agreements (4)                                    28,750        +   6,250        +   5,750    
   Loans                                                            69        +       8        +      44
Items in process of collection                      (750)        6,204        -   6,346        -   4,368
Bank premises                                                    1,778        -       1        +     134
Other assets (5)                                                40,209        +     372        +     400
      Total assets                                  (750)      808,862        +     318        +  52,701
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  711,992        -   1,472        +  35,727
Reverse repurchase agreements (6)                               31,074        +   3,480        +  10,380
Deposits                                              (0)       33,368        +   1,220        +   2,333       
  Depository institutions                                       27,858        +   1,318        +   2,529
  U.S. Treasury, general account                                 5,117        -      25        -     130
  Foreign official                                                  76        -       3        -       6
  Other                                               (0)          317        -      70        -      61
Deferred availability cash items                    (750)        6,160        -   3,202        -   1,487
Other liabilities and accrued dividends (7)                      2,836        +      52        +     550
      Total liabilities                             (750)      785,429        +      77        +  47,502
                          
Capital Accounts
Capital paid in                                                 12,020        +       5        +   3,134
Surplus                                                         10,994        +      48        +   2,147
Other capital accounts                                             420        +     189        -      82
      Total capital                                             23,433        +     241        +   5,198


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 26, 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              69       57,750   +   1,257            0           0       28,750       31,074
16 days to 90 days           0      153,159   -     848            0           0            0            0
91 days to 1 year            0      169,681   -     408            0           0     ------      ------
Over 1 to 5 years     ------        209,684   +       1            0           0     ------      ------
Over 5 to 10 years    ------         51,786           0            0           0     ------      ------
Over 10 years         ------         75,768   +       1            0           0     ------      ------
                   		 	
All                         69      717,828   +       3            0           0       28,750      31,074

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 26, 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                                             785         20         48         59         54         72         91        122         36         23         51         86        122
Securities, repurchase agreements,
      and loans                              746,646     33,711    340,012     21,358     30,673     54,558     48,409     64,675     21,089     15,662     18,867     32,729     64,902
   Securities held outright                  717,827     33,707    311,259     21,350     30,673     54,558     48,408     64,661     21,089     15,657     18,863     32,729     64,872
      U.S. Treasury (1)                      717,827     33,707    311,259     21,350     30,673     54,558     48,408     64,661     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)                  454,857     21,359    197,232     13,529     19,436     34,571     30,674     40,973     13,363      9,921     11,953     20,739     41,107
         Federal agency (2)                        0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements(4)                28,750          0     28,750          0          0          0          0          0          0          0          0          0          0
      Loans                                       69          3          3          8          0          0          0         15          0          5          4          0         30
Items in process of collection                 6,954        305        471        260        606        207        891        385        300        425        569        293      2,243
Bank premises                                  1,778        100        196         53        157        143        276        157         67        123         82        256        167
Other assets(5)                               40,209      1,836     14,378      1,168      2,495      6,305      2,341      3,641      1,053      1,188        824      1,014      3,966
Interdistrict settlement account                   0    + 3,640    -23,905    + 3,912    -   370    + 2,388    + 8,350    +   287    + 1,346    - 1,060    + 1,566    + 1,063    + 2,782
          Total Assets                       809,612     40,221    336,726     27,276     34,171     64,639     61,418     70,403     24,287     16,609     22,326     36,064     75,471

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 26, 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             852,819     39,380    341,618     32,789     34,250     64,625     73,445     72,707     24,903     16,402     24,532     40,695     87,472
  Less: notes held by F.R. Banks              140,827      4,935     42,263      8,279      5,685     12,481     18,218      9,689      2,973      1,993      4,748      7,530     22,033
    Federal Reserve notes, net                711,992     34,444    299,355     24,511     28,565     52,143     55,228     63,019     21,930     14,409     19,784     33,165     65,439
Reverse repurchase agreements (1)              31,074      1,459     13,474        924      1,328      2,362      2,096      2,799        913        678        817      1,417      2,808
Deposits                                       33,368      1,167     15,129        797      1,594      4,983      1,917      2,285        515        407        934        766      2,875
  Depository institutions                      27,858      1,144      9,783        796      1,591      4,863      1,915      2,281        513        406        932        762      2,871
  U.S. Treasury, general account                5,117          0      5,117          0          0          0          0          0          0          0          0          0          0
  Foreign official                                 76          2         53          1          2          7          2          3          1          1          1          0          4
  Other                                           317         22        175          0          1        113          0          0          1          0          1          3          0
Deferred availability cash items                6,910        418        711        337        608        581        972        428        161        514        381        288      1,511
Other liabilities and accrued                 
  dividends (2)                                 2,836        162        996        103        152        269        222        265        111         86         95        145        231
   
    Total liabilities                         786,179     37,650    329,664     26,673     32,247     60,338     60,434     68,795     23,631     16,094     22,010     35,781     72,864
                              
Capital                    
Capital paid in                                12,020      1,638      3,430        297      1,067      2,151        426        786        399        253        154        135      1,283
Surplus                                        10,994        924      3,430        294        858      2,148        516        763        236        254        153        135      1,283
Other capital                                     420          8        202         12          0          2         43         58         21          8         10         13         42
     Total liabilities and capital            809,612     40,221    336,726     27,276     34,171     64,639     61,418     70,403     24,287     16,609     22,326     36,064     75,471
                              

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 26, 2005
              
Federal Reserve notes outstanding             852,819
   Less: Notes held by F.R. Banks
         not subject to collateralization     140,827
      Federal Reserve Notes to be
         collateralized                       711,992 
Collateral held against Federal Reserve            
   notes                                      711,992
   Gold certificate account                    11,041
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              698,751
   Other assets pledged                             0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         746,577
   Less:face value of securities under
         reverse repurchase agreements         31,093
      U.S. Treasury and agency securities
             eligible to be pledged           715,485
   

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.