Reserve Bank credit, related items, and

reserve balances of depository institutions

at Federal Reserve Banks

Reserve Bank credit 784,133 - 1,381 + 52,927 789,104

Securities held outright 715,618 + 3,650 + 50,130 717,072

U.S. Treasury1 715,618 + 3,650 + 50,139 717,072

Bills2 262,729 + 1,171 + 19,095 262,733

Notes and bonds, nominal2 434,987 + 2,461 + 28,814 436,429

Notes and bonds, inflation-indexed2 15,683 0 + 1,689 15,683

Inflation compensation3 2,218 + 18 + 540 2,226

Federal agency2 0 0 - 9 0

Repurchase agreements4 28,071 - 5,572 + 2,178 30,500

Loans to depository institutions 55 - 18 + 18 53

Primary credit 3 - 3 - 10 2

Secondary credit 0 0 0 0

Seasonal credit 51 - 16 + 27 51

Float 145 + 252 - 606 1,381

Other Federal Reserve assets 40,244 + 306 + 1,207 40,098

Gold stock 11,043 0 0 11,043

Special drawing rights certificate account 2,200 0 0 2,200

Treasury currency outstanding5 36,434 + 14 + 991 36,434

Total factors supplying reserve funds 833,810 - 1,367 + 53,918 838,781

Currency in circulation5 751,417 - 2,448 + 39,620 752,616

Reverse repurchase agreements6 28,393 + 307 + 8,929 28,171

Foreign official and international accounts 28,393 + 307 + 8,929 28,171

Dealers 0 0 0 0

Treasury cash holdings 262 - 17 - 64 279

Deposits with F.R. Banks, other than reserve balances 15,435 - 200 - 1,903 15,199

U.S. Treasury, general account 4,986 - 231 + 12 4,831

Foreign official 144 + 56 + 64 77

Service-related 10,027 0 - 1,974 10,026

Required clearing balances 10,027 0 - 1,824 10,026

Adjustments to compensate for float 0 0 - 150 0

Other 278 - 25 - 6 265

Other liabilities and capital 25,717 + 189 + 4,919 25,347

Total factors, other than reserve balances,

absorbing reserve funds 821,224 - 2,169 + 51,502 821,612

Reserve balances with Federal Reserve Banks 12,586 + 801 + 2,416 17,169

Memo (off-balance-sheet items):

Marketable securities held in custody for foreign

 official and international accounts2,7 1,329,272 + 6,638 + 284,317 1,330,533

U.S. Treasury 1,063,510 + 1,295 + 229,221 1,062,785

Federal agency 265,761 + 5,342 + 55,096 267,748

Securities lent to dealers 2,764 + 1,177 + 782 3,404

FEDERAL RESERVE statistical release

 December 9, 2004

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Averages of daily figures

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.

Change from week ended Wednesday

 Dec 8, 2004 Week ended

 Dec 8, 2004 Dec 1, 2004 Dec 10, 2003
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. 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.

Assets

Gold certificate account 11,039 0 0

Special drawing rights certificate account 2,200 0 0

Coin 710 + 7 - 44

Securities, repurchase agreements, and loans 747,624 + 927 + 52,732

Securities held outright 717,072 + 4,181 + 51,462

U.S. Treasury1 717,072 + 4,181 + 51,462

Bills2 262,733 + 256 + 18,966

Notes and bonds, nominal2 436,429 + 3,903 + 30,256

Notes and bonds, inflation-indexed2 15,683 0 + 1,689

Inflation compensation3 2,226 + 21 + 550

Federal agency2 0 0 0

Repurchase agreements4 30,500 - 3,250 + 1,250

Loans 53 - 3 + 21

Items in process of collection (896) 8,309 + 306 - 1,148

Bank premises 1,756 + 4 + 148

Other assets5 38,375 + 215 + 845

Total assets (896) 810,013 + 1,460 + 52,532

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 717,167 - 1,060 + 38,643

Reverse repurchase agreements6 28,171 + 632 + 9,207

Deposits ( 0 ) 32,400 + 1,954 + 577

Depository institutions 27,228 + 2,448 + 892

U.S. Treasury, general account 4,831 - 433 - 331

Foreign official 77 - 7 - 6

Other ( 0 ) 265 - 53 + 24

Deferred availability cash items (896) 6,927 - 173 - 727

Other liabilities and accrued dividends7 3,118 + 83 + 762

Total liabilities (896) 787,784 + 1,438 + 48,464

Capital accounts

Capital paid in 11,611 + 67 + 2,787

Surplus 8,847 0 + 467

Other capital accounts 1,771 - 44 + 814

Total capital 22,229 + 23 + 4,068

H.4.1

2. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Wednesday

 Dec 10, 2003

Eliminations from

consolidation Wednesday

 Dec 8, 2004

Wednesday

 Dec 1, 2004

3. Maturity Distribution of Loans and Securities, December 8, 2004

Millions of dollars

 Federal agency

securities

Weekly

changes Holdings

 U.S. Treasury

securities1

Holdings Weekly

changes

Loans Repurchase

agreements2

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.

Reverse

repurchase

agreements2

Within 15 days 18 42,470 - 94 0 0 26,500 28,171

16 days to 90 days 34 163,759 + 1,378 0 0 4,000 0

91 days to 1 year 0 172,907 + 472 0 0 . . . . . . 

Over 1 year to 5 years . . . 208,282 + 2,412 0 0 . . . . . . 

Over 5 years to 10 years . . . 54,009 + 6 0 0 . . . . . . 

Over 10 years . . . 75,644 + 7 0 0 . . . . . . 

All 53 717,072 + 4,181 0 0 30,500 28,171

Assets, liabilities, and capital

Maturity
H.4.1

4. Statement of Condition of Each Federal Reserve Bank on December 8, 2004Millions of dollars

Total Boston Cleveland Richmond Atlanta Chicago St. Louis New York Philadelphia Minneap

AssetsGold certificate accountSpecial drawing rights certificate acct.CoinSecurities, repurchase agreements,

and loans

Securities held outright

U.S. Treasury1

Bills2Notes and bonds3

Federal agency2

Repurchase agreements4Loans

Items in process of collectionBank premisesOther assets5Interdistrict settlement account

Total assets

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 sec

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.

 11,039 2,200 710 747,624 717,072 717,072 262,733 454,339 0 30,500 53 9,204 1,756 38,375 0 810,909

Assets, liabilities, and capital

 4,649 874 43 341,432 310,932 310,932 113,925 197,007 0 30,500 0 611 193 13,584 -25,896 335,490

 494 115 20 33,675 33,672 33,672 12,337 21,335 0 0 3 523 99 1,740 + 5,452 42,118

 382 83 57 21,331 21,327 21,327 7,814 13,513 0 0 4 455 53 1,153 + 3,985 27,499

 452 104 52 30,641 30,641 30,641 11,227 19,414 0 0 0 926 154 2,417 - 1,111 33,635

 819 147 57 54,501 54,501 54,501 19,969 34,532 0 0 0 590 144 6,184 + 1,599 64,040

 894 166 73 48,365 48,357 48,357 17,718 30,639 0 0 8 1,095 277 2,172 + 9,134 62,176

 924 212 102 64,603 64,593 64,593 23,667 40,926 0 0 11 649 146 3,481 + 174 70,291

 325 71 36 21,067 21,067 21,067 7,719 13,348 0 0 0 508 64 990 + 1,235 24,295

 2   15,6 15,6 15,6 5,7 9,9    4 1 1,1 - 1,1 16,5
 846,549

 129,382 717,167 717,167 11,039 2,200 703,928 0 747,572 28,224 719,347

Total Boston Cleveland Richmond Atlanta Chicago St. Louis New York Philadelphia Minneap

LiabilitiesFederal Reserve notes outstanding

Less: notes held by F.R. Banks

Federal Reserve notes, net

Reverse repurchase agreements1

Deposits

Depository institutionsU.S. Treasury, general accountForeign officialOther

Deferred availability cash itemsOther liabilities and accrued

dividends2

Total liabilities

CapitalCapital paid inSurplusOther capital

Total liabilities and capital

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.

 846,549 129,382 717,167 28,171 32,400 27,228 4,831 77 265 7,823 3,118 788,679 11,611 8,847 1,771 810,909

 38,122 4,375 33,746 1,323 3,780 3,776 0 2 2 624 194 39,667 1,638 448 365 42,118

 333,254 32,499 300,755 12,215 14,281 9,223 4,831 53 175 761 1,046 329,059 3,426 2,031 975 335,490

 32,718 8,214 24,504 838 762 761 0 1 0 688 115 26,907 294 259 39 27,499

 34,745 5,707 29,039 1,204 1,136 1,133 0 2 1 501 159 32,038 794 727 75 33,635

 65,634 12,602 53,032 2,141 3,906 3,819 0 7 80 399 344 59,823 2,139 2,074 4 64,040

 73,086 17,322 55,764 1,900 2,361 2,360 0 2 0 895 239 61,159 503 489 25 62,176

 72,919 9,521 63,398 2,538 1,892 1,889 0 3 0 480 281 68,589 763 924 14 70,291

 25,156 2,991 22,165 828 541 535 0 1 5 164 120 23,818 236 228 13 24,295

 16,5 2,1 14,3 6 3 3    4  15,9 2 3  16,5

H.4.1

4. Statement of Condition of Each Federal Reserve Bank on December 8, 2004 (continued)Millions of dollars

Assets, liabilities, and capital

Federal Reserve notes outstanding

Less: Notes held by F.R. Banks

not subject to collateralization

Federal Reserve notes to be collateralized

Collateral held against Federal Reserve notes

Gold certificate accountSpecial drawing rights certificate accountU.S. Treasury and agency securities pledged1Other assets pledged

Memo:Total U.S. Treasury and agency securities1

Less: face value of securities under

reverse repurchase agreements

U.S. Treasury and agency securities

eligible to be pledged

5. Collateral Held against Federal Reserve Notes:Federal Reserve Agents' AccountsMillions of dollarsFederal Reserve notes and collateral Wednesday

 Dec 8, 2004

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 ofinflation-indexed securities, and cash value of repurchase agreements.