FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                           December 2, 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            Dec 1, 2004 Nov 24, 2004  Dec 3, 2003  Dec 1, 2004
Federal Reserve Banks

Reserve Bank Credit                                         785,515    +   5,644    +  50,539      787,483
 Securities held outright                                   711,968    +     704    +  47,269      712,891       
    U.S. Treasury (1)                                       711,968    +     704    +  47,279      712,891
       Bills (2)                                            261,558    +     694    +  18,218      262,477
       Notes and bonds, nominal (2)                         432,526            0    +  26,353      432,526
       Notes and bonds, inflation-indexed (2)                15,683            0    +   2,151       15,683
       Inflation compensation (3)                             2,200    +       9    +     556        2,205
    Federal agency (2)                                            0            0    -      10            0      
 Repurchase agreements(4)                                    33,643    +   5,036    +   2,964       33,750
 Loans to depository institutions                                73    -       3    +      38           56
    Primary credit                                                6    +       1    -       3            1
    Secondary credit                                              0            0            0            0
    Seasonal credit                                              67    -       4    +      41           54
 Float                                                         -106    -     615    -   1,106          902
 Other Federal Reserve assets                                39,938    +     524    +   1,373       39,884
Gold stock                                                   11,043            0            0       11,043
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            36,391    +      14    +     956       36,391
       
Total factors supplying reserve funds                       835,149    +   5,658    +  51,495      837,117
                                                                   
Currency in circulation(5)                                  753,836    +   4,053    +  40,568      753,660
Reverse repurchase agreements (6)                            28,086    +     431    +   9,417       27,539
   Foreign official and international accounts               28,086    +     431    +   9,417       27,539
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          279    -      14    -      45          259
Deposits with F.R.Banks, other than reserve balances         15,635    +     876    -   2,526       15,693       
  U.S. Treasury, general account                              5,217    +     798    -     220        5,264
  Foreign official                                               88    +       6    +       2           84
  Service-related                                            10,027    +      64    -   2,332       10,027
     Required clearing balances                              10,027    +      64    -   1,823       10,027
     Adjustments to compensate for float                          0            0    -     509            0
  Other                                                         303    +       9    +      24          318
Other liabilities and capital                                25,528    +     161    +   4,952       25,241

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  823,364    +   5,506    +  52,366      822,392

Reserve balances with Federal Reserve Banks                  11,785    +     152    -     871       14,724
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)         1,322,634    +   5,887    + 285,686    1,326,221
     U.S. Treasury                                        1,062,215    +   1,004    + 235,459    1,063,580
     Federal agency                                         260,419    +   4,884    +  50,227      262,641
  Securities lent to dealers                                  1,587    -   2,732    -     440        3,532   


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  Dec 1, 2004     Nov 24, 2004      Dec 3, 2003

Assets
Gold certificate account                                        11,039                0                0
Special drawing rights certificate account                       2,200                0                0
Coin                                                               703        -      36        -      41
Securities, repurchase agreements, and loans                   746,697        -   3,970        +  57,931
   Securities held outright                                    712,891        +   1,296        +  47,649
      U.S. Treasury (1)                                        712,891        +   1,296        +  47,659       
         Bills (2)                                             262,477        +   1,287        +  19,092
         Notes and bonds, nominal (2)                          432,526                0        +  26,353
         Notes and bonds, inflation-indexed (2)                 15,683                0        +   1,689
         Inflation compensation (3)                              2,205        +       9        +     525
      Federal agency (2)                                             0                0        -      10
   Repurchase agreements (4)                                    33,750        -   5,250        +  10,250    
   Loans                                                            56        -      16        +      33
Items in process of collection                      (910)        8,003        +     956        -   1,444
Bank premises                                                    1,752        -       1        +     146
Other assets (5)                                                38,160        +     202        +   1,083
      Total assets                                  (910)      808,553        -   2,850        +  57,675
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  718,227        -     669        +  38,875
Reverse repurchase agreements (6)                               27,539        -     545        +   8,808
Deposits                                              (0)       30,446        -   1,829        +   6,013       
  Depository institutions                                       24,780        -   2,540        +   5,120
  U.S. Treasury, general account                                 5,264        +     689        +     890
  Foreign official                                                  84                0        -      32
  Other                                               (0)          318        +      22        +      36
Deferred availability cash items                    (910)        7,100        +     143        -     763
Other liabilities and accrued dividends (7)                      3,035        +      27        +     708
      Total liabilities                             (910)      786,346        -   2,873        +  53,641
                          
Capital Accounts
Capital paid in                                                 11,544        -      27        +   2,712
Surplus                                                          8,847                0        +     467
Other capital accounts                                           1,815        +      50        +     854
      Total capital                                             22,206        +      22        +   4,033


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,   December 1, 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              12       42,564   -   8,514            0           0       29,750       27,539
16 days to 90 days          44      162,381   +  11,497            0           0        4,000            0
91 days to 1 year            0      172,435   -     886            0           0     ------      ------
Over 1 to 5 years     ------        205,870   -     808            0           0     ------      ------
Over 5 to 10 years    ------         54,003   +       2            0           0     ------      ------
Over 10 years         ------         75,637   +       4            0           0     ------      ------
                   		 	
All                         56      712,891   +   1,296            0           0       33,750      27,539

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   December 1, 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                                             703         20         43         56         52         55         71        100         36         21         46        106         97
Securities, repurchase agreements,
      and loans                              746,697     33,478    342,869     21,207     30,462     54,183     48,085     64,227     20,944     15,567     18,743     32,506     64,427
   Securities held outright                  712,891     33,476    309,119     21,203     30,462     54,183     48,076     64,216     20,944     15,549     18,734     32,504     64,426
      U.S. Treasury (1)                      712,891     33,476    309,119     21,203     30,462     54,183     48,076     64,216     20,944     15,549     18,734     32,504     64,426
         Bills (2)                           262,477     12,325    113,813      7,807     11,216     19,949     17,701     23,643      7,711      5,725      6,897     11,968     23,721
         Notes and bonds(3)                  450,414     21,150    195,306     13,396     19,246     34,233     30,375     40,573     13,233      9,824     11,836     20,537     40,705
         Federal agency (2)                        0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements(4)                33,750          0     33,750          0          0          0          0          0          0          0          0          0          0
      Loans                                       56          2          0          4          0          0          9         10          0         18         10          2          1
Items in process of collection                 8,912        534        437        463      1,007        472        928        854        400        612        562        344      2,299
Bank premises                                  1,752         99        193         52        154        144        277        146         63        123         79        244        178
Other assets(5)                               38,160      1,740     13,478      1,061      2,416      6,203      2,159      3,468      1,006      1,154        773        920      3,784
Interdistrict settlement account                   0    + 3,210    -31,329    + 5,690    -   526    + 1,507    + 9,683    +   495    + 1,692    -   806    + 1,899    + 2,131    + 6,353
          Total Assets                       809,462     39,690    331,214     28,994     34,121     63,531     62,262     70,425     24,537     16,918     22,469     36,873     78,428

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   December 1, 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             842,585     37,854    329,523     32,782     34,656     65,643     73,049     72,621     25,174     16,517     24,497     41,516     88,755
  Less: notes held by F.R. Banks              124,359      4,216     30,726      8,232      5,530     12,205     16,833      9,352      2,885      1,956      4,573      7,501     20,348
    Federal Reserve notes, net                718,227     33,638    298,797     24,550     29,126     53,438     56,216     63,268     22,288     14,561     19,923     34,015     68,406
Reverse repurchase agreements (1)              27,539      1,293     11,941        819      1,177      2,093      1,857      2,481        809        601        724      1,256      2,489
Deposits                                       30,446      1,501     12,436      2,455      1,107      2,959      1,962      2,242        674        448        968        863      2,829
  Depository institutions                      24,780      1,495      6,932      2,454      1,104      2,825      1,960      2,239        670        447        967        862      2,825
  U.S. Treasury, general account                5,264          0      5,264          0          0          0          0          0          0          0          0          0          0
  Foreign official                                 84          2         61          1          2          7          2          3          1          1          1          0          4
  Other                                           318          4        180          0          1        127          1          0          4          0          1          0          0
Deferred availability cash items                8,010        623        733        462        952        455        943        436        165        594        433        313      1,902
Other liabilities and accrued                 
  dividends (2)                                 3,035        186      1,027        112        157        335        231        273        119         95        102        149        247
   
    Total liabilities                         787,256     37,242    324,934     28,398     32,519     59,279     61,210     68,701     24,056     16,299     22,150     36,596     75,872
                              
Capital                    
Capital paid in                                11,544      1,637      3,425        293        790      2,099        499        763        236        262        150        132      1,258
Surplus                                         8,847        448      2,031        259        727      2,074        489        924        228        346        162        111      1,048
Other capital                                   1,815        363        824         44         85         79         65         37         17         11          7         35        249
     Total liabilities and capital            809,462     39,690    331,214     28,994     34,121     63,531     62,262     70,425     24,537     16,918     22,469     36,873     78,428
                              

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
                                           Dec 1, 2004
              
Federal Reserve notes outstanding             842,585
   Less: Notes held by F.R. Banks
         not subject to collateralization     124,359
      Federal Reserve Notes to be
         collateralized                       718,227 
Collateral held against Federal Reserve            
   notes                                      718,227
   Gold certificate account                    11,039
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              704,988
   Other assets pledged                             0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         746,641
   Less:face value of securities under
         reverse repurchase agreements         27,599
      U.S. Treasury and agency securities
             eligible to be pledged           719,042
   

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.