FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                          February 24, 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           Feb 23, 2005 Feb 16, 2005 Feb 25, 2004 Feb 23, 2005
Federal Reserve Banks

Reserve Bank Credit                                         780,772    -   2,931    +  48,717      783,514
 Securities held outright                                   717,845    -      21    +  46,936      717,839       
    U.S. Treasury (1)                                       717,845    -      21    +  46,936      717,839
       Bills (2)                                            263,005            0    +  16,918      263,005
       Notes and bonds, nominal (2)                         433,429            0    +  24,211      433,429
       Notes and bonds, inflation-indexed (2)                19,108            0    +   5,114       19,108
       Inflation compensation (3)                             2,303    -      21    +     694        2,297
    Federal agency (2)                                            0            0            0            0      
 Repurchase agreements(4)                                    23,964    +      35    +     964       25,250
 Loans to depository institutions                                21    -       2    -      31           24
    Primary credit                                                5    -       4    -      32            6
    Secondary credit                                              0            0            0            0
    Seasonal credit                                              16    +       2            0           19
 Float                                                         -308    -     720    +     233          913
 Other Federal Reserve assets                                39,250    -   2,223    +     615       39,488
Gold stock                                                   11,042            0    -       1       11,042
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            36,532    +      14    +     903       36,532
       
Total factors supplying reserve funds                       830,547    -   2,916    +  49,620      833,289
                                                                   
Currency in circulation(5)                                  753,257    +   2,087    +  39,048      753,834
Reverse repurchase agreements (6)                            23,857    -   3,187    +   3,431       23,474
   Foreign official and international accounts               23,857    -   3,187    +   3,431       23,474
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          269    -      11    -      53          263
Deposits with F.R.Banks, other than reserve balances         14,300    -     773    -   1,964       13,515       
  U.S. Treasury, general account                              5,250    +     326    +     103        4,487
  Foreign official                                               81    -       1    -       4           81
  Service-related                                             8,672    -   1,100    -   2,045        8,672
     Required clearing balances                               8,671    -   1,101    -   1,409        8,671
     Adjustments to compensate for float                          0            0    -     637            0
  Other                                                         296            0    -      19          275
Other liabilities and capital                                27,435    +     485    +   7,210       27,300

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  819,119    -   1,399    +  47,673      818,387

Reserve balances with Federal Reserve Banks                  11,428    -   1,517    +   1,947       14,902
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)         1,364,705    +  22,426    + 221,842    1,370,033
     U.S. Treasury                                        1,077,357    +  20,310    + 167,917    1,080,307
     Federal agency                                         287,347    +   2,115    +  53,924      289,726
  Securities lent to dealers                                  2,966    -     475    +   2,287        3,508   


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 Feb 23, 2005     Feb 16, 2005     Feb 25, 2004

Assets
Gold certificate account                                        11,038                0                0
Special drawing rights certificate account                       2,200                0                0
Coin                                                               810        -      18        -      68
Securities, repurchase agreements, and loans                   743,114        +   6,729        +  51,316
   Securities held outright                                    717,839        -      20        +  46,312
      U.S. Treasury (1)                                        717,839        -      20        +  46,312       
         Bills (2)                                             263,005                0        +  16,864
         Notes and bonds, nominal (2)                          433,429                0        +  23,645
         Notes and bonds, inflation-indexed (2)                 19,108                0        +   5,114
         Inflation compensation (3)                              2,297        -      19        +     689
      Federal agency (2)                                             0                0                0
   Repurchase agreements (4)                                    25,250        +   6,750        +   5,250    
   Loans                                                            24        -       3        -     246
Items in process of collection                    (1,151)        9,655        +   1,652        +   2,659
Bank premises                                                    1,784        +       1        +     134
Other assets (5)                                                37,671        +     622        +     676
      Total assets                                (1,151)      806,272        +   8,986        +  54,717
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  718,371        +   1,006        +  38,220
Reverse repurchase agreements (6)                               23,474        +     128        +   4,602
Deposits                                              (0)       28,345        +   5,886        +   2,911       
  Depository institutions                                       23,502        +   6,435        +   3,687
  U.S. Treasury, general account                                 4,487        -     523        -     722
  Foreign official                                                  81        -       4        +       1
  Other                                               (0)          275        -      22        -      55
Deferred availability cash items                  (1,151)        8,781        +   1,632        +   1,611
Other liabilities and accrued dividends (7)                      3,011        +      85        +     772
      Total liabilities                           (1,151)      781,982        +   8,737        +  48,116
                          
Capital Accounts
Capital paid in                                                 12,508        +      64        +   3,603
Surplus                                                         11,114        +      85        +   2,414
Other capital accounts                                             668        +     100        +     584
      Total capital                                             24,290        +     249        +   6,601


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,  February 23, 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              24       56,852   -     840            0           0       25,250       23,474
16 days to 90 days           0      163,184   +   1,695            0           0            0            0
91 days to 1 year            0      157,795   -     856            0           0     ------      ------
Over 1 to 5 years     ------        212,794   -       8            0           0     ------      ------
Over 5 to 10 years    ------         50,279   +   3,054            0           0     ------      ------
Over 10 years         ------         76,934   -   3,066            0           0     ------      ------
                   		 	
All                         24      717,839   -      20            0           0       25,250      23,474

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  February 23, 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                      11,038        494      4,648        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                                             810         23         52         61         61         74         89        123         36         26         58         82        128
Securities, repurchase agreements,
      and loans                              743,114     33,708    336,515     21,351     30,673     54,559     48,410     64,669     21,089     15,666     18,865     32,730     64,879
   Securities held outright                  717,839     33,708    311,265     21,350     30,673     54,559     48,409     64,662     21,089     15,657     18,864     32,730     64,873
      U.S. Treasury (1)                      717,839     33,708    311,265     21,350     30,673     54,559     48,409     64,662     21,089     15,657     18,864     32,730     64,873
         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)                  454,834     21,358    197,222     13,528     19,435     34,569     30,673     40,971     13,363      9,921     11,952     20,738     41,105
         Federal agency (2)                        0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements(4)                25,250          0     25,250          0          0          0          0          0          0          0          0          0          0
      Loans                                       24          0          0          1          0          0          0          7          0          9          1          0          5
Items in process of collection                10,806        613        610        592        873        688      1,057      1,038        460        625        917        475      2,859
Bank premises                                  1,784        101        198         53        157        143        276        165         64        122         82        256        167
Other assets(5)                               37,671      3,311     14,564      1,006      2,557      5,027      1,930      2,583        865        769        644        880      3,532
Interdistrict settlement account                   0    + 3,192    -31,659    + 6,689    +   514    + 5,022    + 7,498    +   945    + 1,517    -   954    + 1,756    + 1,481    + 3,999
          Total Assets                       807,423     41,556    325,801     30,218     35,392     66,478     60,320     70,659     24,429     16,503     22,689     36,526     76,852

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  February 23, 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             855,791     40,161    341,176     35,156     35,398     64,565     73,518     72,510     24,795     16,341     24,428     40,411     87,333
  Less: notes held by F.R. Banks              137,420      4,738     43,578      7,967      5,257     12,198     18,743      8,955      2,817      2,010      4,305      6,684     20,169
    Federal Reserve notes, net                718,371     35,423    297,598     27,189     30,142     52,368     54,775     63,555     21,977     14,331     20,123     33,726     67,165
Reverse repurchase agreements (1)              23,474      1,102     10,179        698      1,003      1,784      1,583      2,115        690        512        617      1,070      2,121
Deposits                                       28,345      1,371      8,982        756      1,380      6,529      1,637      2,364        724        386        875        812      2,528
  Depository institutions                      23,502      1,359      4,269        755      1,376      6,435      1,635      2,361        719        385        874        811      2,523
  U.S. Treasury, general account                4,487          0      4,487          0          0          0          0          0          0          0          0          0          0
  Foreign official                                 81          5         53          1          4          7          2          3          1          1          1          0          4
  Other                                           275          7        174          0          1         86          0          0          4          0          1          1          0
Deferred availability cash items                9,932        861        803        857        695        727      1,104        719        224        658        657        478      2,148
Other liabilities and accrued                 
  dividends (2)                                 3,011        169      1,057        107        163        291        230        282        118         96         98        147        253
   
    Total liabilities                         783,134     38,927    318,619     29,606     33,383     61,699     59,329     69,035     23,733     15,983     22,369     36,234     74,216
                              
Capital                    
Capital paid in                                12,508      1,639      3,488        298      1,098      2,538        428        786        401        253        155        136      1,288
Surplus                                        11,114        991      3,430        294        911      2,148        516        763        236        254        153        135      1,283
Other capital                                     668          0        265         20          0         93         46         74         59         12         12         21         65
     Total liabilities and capital            807,423     41,556    325,801     30,218     35,392     66,478     60,320     70,659     24,429     16,503     22,689     36,526     76,852
                              

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
                                          Feb 23, 2005
              
Federal Reserve notes outstanding             855,791
   Less: Notes held by F.R. Banks
         not subject to collateralization     137,420
      Federal Reserve Notes to be
         collateralized                       718,371 
Collateral held against Federal Reserve            
   notes                                      718,371
   Gold certificate account                    11,038
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              705,133
   Other assets pledged                             0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         743,089
   Less:face value of securities under
         reverse repurchase agreements         23,489
      U.S. Treasury and agency securities
             eligible to be pledged           719,600
   

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.