FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                         September 16, 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           Sep 15, 2004  Sep 8, 2004 Sep 17, 2003 Sep 15, 2004
Federal Reserve Banks

Reserve Bank Credit                                         768,420    +   3,980    +  46,765      769,926
 Securities held outright                                   695,563    +     692    +  39,796      695,703       
    U.S. Treasury (1)                                       695,563    +     692    +  39,806      695,703
       Bills (2)                                            255,360    +      12    +  14,177      255,389
       Notes and bonds, nominal (2)                         423,227    +     686    +  23,632      423,341
       Notes and bonds, inflation-indexed (2)                14,862            0    +   1,408       14,862
       Inflation compensation (3)                             2,113    -       6    +     588        2,111
    Federal agency (2)                                            0            0    -      10            0      
 Repurchase agreements(4)                                    33,500    +   2,571    +   5,607       35,500
 Loans to depository institutions                               258    -       9    +      96          303
    Primary credit                                               20    -      11    +      16           57
    Secondary credit                                              0            0            0            0
    Seasonal credit                                             238    +       2    +      80          246
 Float                                                          472    +     199    +     705         -130
 Other Federal Reserve assets                                38,627    +     527    +     561       38,550
Gold stock                                                   11,043            0            0       11,043
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            36,171    +      14    +     916       36,171
       
Total factors supplying reserve funds                       817,834    +   3,994    +  47,681      819,341
                                                                   
Currency in circulation(5)                                  740,075    -   1,127    +  43,851      739,509
Reverse repurchase agreements (6)                            24,707    +   1,186    +   4,262       24,323
   Foreign official and international accounts               24,707    +   1,186    +   4,262       24,323
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          322    +       1    -      11          314
Deposits with F.R.Banks, other than reserve balances         15,841    +     320    -   2,223       18,182       
  U.S. Treasury, general account                              5,261    +     351    -     823        7,626
  Foreign official                                               84    +       6    -     145           79
  Service-related                                            10,224    -       1    -   1,257       10,224
     Required clearing balances                              10,224    -       1    -     995       10,224
     Adjustments to compensate for float                          0            0    -     262            0
  Other                                                         273    -      35    +       4          252
Other liabilities and capital                                23,271    +     207    +   2,683       22,879

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  804,216    +     588    +  48,561      805,206

Reserve balances with Federal Reserve Banks                  13,618    +   3,406    -     880       14,134
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)         1,291,374    +     450    + 326,906    1,293,491
     U.S. Treasury                                        1,047,757    +     964    + 272,940    1,051,356
     Federal agency                                         243,616    -     515    +  53,965      242,135
  Securities lent to dealers                                  1,697    +     184    +     140        1,450   


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 Sep 15, 2004      Sep 8, 2004     Sep 17, 2003

Assets
Gold certificate account                                        11,039                0                0
Special drawing rights certificate account                       2,200                0                0
Coin                                                               770                0        -      78
Securities, repurchase agreements, and loans                   731,506        +   3,218        +  46,139
   Securities held outright                                    695,703        +     834        +  39,750
      U.S. Treasury (1)                                        695,703        +     834        +  39,760       
         Bills (2)                                             255,389        +      41        +  14,022
         Notes and bonds, nominal (2)                          423,341        +     800        +  23,746
         Notes and bonds, inflation-indexed (2)                 14,862                0        +   1,408
         Inflation compensation (3)                              2,111        -       6        +     585
      Federal agency (2)                                             0                0        -      10
   Repurchase agreements (4)                                    35,500        +   2,500        +   6,250    
   Loans                                                           303        -     115        +     138
Items in process of collection                      (941)        6,234        -   2,846        -     923
Bank premises                                                    1,722        +       4        +     131
Other assets (5)                                                36,915        +     160        +     282
      Total assets                                  (941)      790,385        +     536        +  45,550
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  704,417        -   2,980        +  41,490
Reverse repurchase agreements (6)                               24,323        +     441        +   5,351
Deposits                                              (1)       32,493        +   4,099        -   2,330       
  Depository institutions                                       24,535        +     189        -   2,499
  U.S. Treasury, general account                                 7,626        +   3,925        +     379
  Foreign official                                                  79        -       1        -     191
  Other                                               (1)          252        -      14        -      20
Deferred availability cash items                    (940)        6,273        -     916        -   1,616
Other liabilities and accrued dividends (7)                      2,649        -      21        +     445
      Total liabilities                             (941)      770,156        +     624        +  43,341
                          
Capital Accounts
Capital paid in                                                 10,479        +      25        +   1,724
Surplus                                                          8,847                0        +     467
Other capital accounts                                             903        -     114        +      18
      Total capital                                             20,229        -      88        +   2,208


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, September 15, 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             127       54,771   +   6,484            0           0       35,500       24,323
16 days to 90 days         176      150,162   -   7,104            0           0            0            0
91 days to 1 year            0      165,537   +     660            0           0     ------      ------
Over 1 to 5 years     ------        199,513   +     797            0           0     ------      ------
Over 5 to 10 years    ------         49,805   -       2            0           0     ------      ------
Over 10 years         ------         75,915   -       2            0           0     ------      ------
                   		 	
All                        303      695,703   +     834            0           0       35,500      24,323

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 September 15, 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                                             770         20         36         42         46         76         85        105         53         23         52        126        105
Securities, repurchase agreements,
      and loans                              731,506     32,668    337,166     20,752     29,728     52,876     46,935     62,735     20,479     15,259     18,310     31,724     62,874
   Securities held outright                  695,703     32,668    301,666     20,692     29,728     52,876     46,916     62,668     20,439     15,174     18,282     31,721     62,873
      U.S. Treasury (1)                      695,703     32,668    301,666     20,692     29,728     52,876     46,916     62,668     20,439     15,174     18,282     31,721     62,873
         Bills (2)                           255,389     11,992    110,740      7,596     10,913     19,411     17,223     23,005      7,503      5,570      6,711     11,644     23,080
         Notes and bonds(3)                  440,314     20,676    190,926     13,096     18,815     33,466     29,694     39,663     12,936      9,604     11,571     20,076     39,793
         Federal agency (2)                        0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements(4)                35,500          0     35,500          0          0          0          0          0          0          0          0          0          0
      Loans                                      303          0          0         60          0          0         19         68         40         85         28          3          2
Items in process of collection                 7,175        433        648        335        415        189        642        434        431        447        451        325      2,423
Bank premises                                  1,722         97        190         51        154        145        279        142         58        124         76        225        180
Other assets(5)                               36,915      1,667     13,246      1,111      2,274      5,838      2,096      3,323        958      1,093        759        930      3,619
Interdistrict settlement account                   0    + 3,896    -39,118    + 3,889    +   686    + 2,240    +12,484    +    74    + 1,706    -   448    + 2,076    + 3,352    + 9,162
          Total Assets                       791,326     39,392    317,692     26,645     33,858     62,331     63,581     67,949     24,081     16,746     22,093     37,305     79,653

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 September 15, 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             827,759     38,553    318,366     32,792     35,124     63,695     72,970     68,125     25,320     16,205     24,549     42,675     89,384
  Less: notes held by F.R. Banks              123,342      4,347     33,337      8,796      5,665     11,517     15,597      7,867      3,400      1,665      4,656      8,002     18,494
    Federal Reserve notes, net                704,417     34,207    285,029     23,996     29,459     52,179     57,373     60,258     21,920     14,540     19,892     34,673     70,891
Reverse repurchase agreements (1)              24,323      1,142     10,547        723      1,039      1,849      1,640      2,191        715        531        639      1,109      2,198
Deposits                                       32,494      1,157     16,142        714      1,275      3,370      2,555      2,639        652        413        761        820      1,996
  Depository institutions                      24,535      1,153      8,296        713      1,271      3,284      2,551      2,636        650        412        759        820      1,993
  U.S. Treasury, general account                7,626          0      7,626          0          0          0          0          0          0          0          0          0          0
  Foreign official                                 79          2         56          1          2          7          2          3          1          1          1          0          4
  Other                                           253          3        164          0          2         79          3          0          1          0          1          0          0
Deferred availability cash items                7,214        542        680        533        431        469        742        543        201        562        384        287      1,841
Other liabilities and accrued                 
  dividends (2)                                 2,649        156        851        101        133        285        217        246        115         88         98        143        217
   
    Total liabilities                         771,097     37,204    313,249     26,067     32,336     58,151     62,527     65,876     23,602     16,134     21,774     37,032     77,143
                              
Capital                    
Capital paid in                                10,479      1,634      2,144        285        762      2,089        517      1,025        233        263        149        130      1,248
Surplus                                         8,847        448      2,031        259        727      2,074        489        924        228        346        162        111      1,048
Other capital                                     903        106        268         35         33         17         48        123         18          3          7         32        213
     Total liabilities and capital            791,326     39,392    317,692     26,645     33,858     62,331     63,581     67,949     24,081     16,746     22,093     37,305     79,653
                              

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
                                          Sep 15, 2004
              
Federal Reserve notes outstanding             827,759
   Less: Notes held by F.R. Banks
         not subject to collateralization     123,342
      Federal Reserve Notes to be
         collateralized                       704,417 
Collateral held against Federal Reserve            
   notes                                      704,417
   Gold certificate account                    11,039
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              691,178
   Other assets pledged                             0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         731,203
   Less:face value of securities under
         reverse repurchase agreements         24,333
      U.S. Treasury and agency securities
             eligible to be pledged           706,870
   

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.