Reserve Bank credit, related items, and

reserve balances of depository institutions

at 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. Treasury1 717,827 + 2 + 50,798 717,827

Bills2 262,970 0 + 17,739 262,970

Notes and bonds, nominal2 436,429 0 + 30,256 436,429

Notes and bonds, inflation-indexed2 16,108 0 + 2,114 16,108

Inflation compensation3 2,319 + 2 + 689 2,320

Federal agency2 0 0 0 0

Repurchase agreements4 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 outstanding5 36,547 + 14 + 1,000 36,547

Total factors supplying reserve funds 830,349 - 2,737 + 53,376 836,293

Currency in circulation5 746,989 - 1,954 + 37,496 747,490

Reverse repurchase agreements6 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 accounts2,7 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

FEDERAL RESERVE statistical release

 January 27, 2005

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

 Jan 26, 2005 Week ended

 Jan 26, 2005 Jan 19, 2005 Jan 28, 2004
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 11,041 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. Treasury1 717,827 + 2 + 50,767

Bills2 262,970 0 + 17,704

Notes and bonds, nominal2 436,429 0 + 30,256

Notes and bonds, inflation-indexed2 16,108 0 + 2,114

Inflation compensation3 2,320 + 2 + 694

Federal agency2 0 0 0

Repurchase agreements4 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 assets5 40,209 + 372 + 400

Total assets (750) 808,862 + 318 + 52,701

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 711,992 - 1,472 + 35,727

Reverse repurchase agreements6 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 dividends7 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

H.4.1

2. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Wednesday

 Jan 28, 2004

Eliminations from

consolidation Wednesday

 Jan 26, 2005

Wednesday

 Jan 19, 2005

3. Maturity Distribution of Loans and Securities, January 26, 2005

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 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 year to 5 years . . . 209,684 + 1 0 0 . . . . . . 

Over 5 years 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

Assets, liabilities, and capital

Maturity
H.4.1

4. Statement of Condition of Each Federal Reserve Bank on January 26, 2005Millions 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.

 11,041 2,200 785 746,646 717,827 717,827 262,970 454,857 0 28,750 69 6,954 1,778 40,209 0 809,612

Assets, liabilities, and capital

 4,651 874 48 340,012 311,259 311,259 114,027 197,232 0 28,750 3 471 196 14,378 -23,905 336,726

 494 115 20 33,711 33,707 33,707 12,348 21,359 0 0 3 305 100 1,836 + 3,640 40,221

 382 83 59 21,358 21,350 21,350 7,821 13,529 0 0 8 260 53 1,168 + 3,912 27,276

 452 104 54 30,673 30,673 30,673 11,237 19,436 0 0 0 606 157 2,495 - 370 34,171

 819 147 72 54,558 54,558 54,558 19,987 34,571 0 0 0 207 143 6,305 + 2,388 64,639

 894 166 91 48,409 48,408 48,408 17,734 30,674 0 0 0 891 276 2,341 + 8,350 61,418

 924 212 122 64,675 64,661 64,661 23,688 40,973 0 0 15 385 157 3,641 + 287 70,403

 325 71 36 21,089 21,089 21,089 7,726 13,363 0 0 0 300 67 1,053 + 1,346 24,287

 2   15,6 15,6 15,6 5,7 9,9    4 1 1,1 - 1,0 16,6
 852,819

 140,827 711,992 711,992 11,041 2,200 698,751 0 746,577 31,093 715,485

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.

 852,819 140,827 711,992 31,074 33,368 27,858 5,117 76 317 6,910 2,836 786,179 12,020 10,994 420 809,612

 39,380 4,935 34,444 1,459 1,167 1,144 0 2 22 418 162 37,650 1,638 924 8 40,221

 341,618 42,263 299,355 13,474 15,129 9,783 5,117 53 175 711 996 329,664 3,430 3,430 202 336,726

 32,789 8,279 24,511 924 797 796 0 1 0 337 103 26,673 297 294 12 27,276

 34,250 5,685 28,565 1,328 1,594 1,591 0 2 1 608 152 32,247 1,067 858 0 34,171

 64,625 12,481 52,143 2,362 4,983 4,863 0 7 113 581 269 60,338 2,151 2,148 2 64,639

 73,445 18,218 55,228 2,096 1,917 1,915 0 2 0 972 222 60,434 426 516 43 61,418

 72,707 9,689 63,019 2,799 2,285 2,281 0 3 0 428 265 68,795 786 763 58 70,403

 24,903 2,973 21,930 913 515 513 0 1 1 161 111 23,631 399 236 21 24,287

 16,4 1,9 14,4 6 4 4    5  16,0 2 2  16,6

H.4.1

4. Statement of Condition of Each Federal Reserve Bank on January 26, 2005 (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

 Jan 26, 2005

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.