FEDERAL RESERVE
These data are scheduled for release each Thursday.  The exact time of each release will be announced, when
the information is available, on (202) 452-3206.

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of F.R. Banks
                                                                                          December 23, 1999
Millions of dollars
                                                                   Averages of daily figures
      Reserve balances of depository institutions at     Week ended   Change from week ended     Wednesday
 F.R. Banks, Reserve Bank credit, and related items     Dec 22, 1999 Dec 15, 1999 Dec 23, 1998 Dec 22, 1999

Reserve Bank Credit                                         594,453    +  10,339    +  90,222      603,677
  U.S. government securities (1)
    Bought outright-system account (2,3)                    494,597    -   1,137    +  41,486      494,391
    Held under repurchase agreements                              0            0    -   8,098            0
  Federal agency obligations (1)
    Bought outright                                             181            0    -     157          181
    Held under repurchase agreements                              0            0    -   5,767            0
  Repurchase agreements -- triparty (4)                      64,415    +  11,072    +  64,415       73,085
  Acceptances                                                     0            0            0            0
  Loans to depository institutions
    Adjustment credit                                            83    -      84    +      75          112
    Seasonal credit                                              80    +      20    +      64           78
    Special Liquidity Facility                                   25    -      18    +      25           28
    Extended credit                                               0            0            0            0
   Float                                                        644    +      11    -   1,103        1,117
   Other F.R. assets                                         34,428    +     476    -     719       34,684
Gold stock                                                   11,049            0    +       8       11,048
Special drawing rights certificate account                    6,200    -     857    -   3,000        6,200
Treasury currency outstanding                                27,734    +      14    +   1,499       27,734
        Total factors supplying reserve funds               639,435    +   9,496    +  88,729      648,659

Currency in circulation*                                    602,343    +  10,425    +  90,890      611,625
Reverse repurchase agreements -- triparty (4)                     0            0            0            0
Treasury cash holdings*                                         109    +       1    +      25          109
Deposits,other than reserve balances,with F.R.Banks
  Treasury                                                    6,206    +     933    +     772        4,741
  Foreign                                                        58    -     156    -     136           88
  Service-related balances and adjustments (5)                7,770    +     432    +     793        7,770
  Other                                                         213    -       9    -      18          210
Other F.R. liabilities and capital                           18,663    +      20    +   1,466       18,372
        Total factors, other than reserve balances,
        absorbing reserve funds                             635,362    +  11,645    +  93,792      642,915

Reserve balances with F.R. Banks  (6)                         4,073    -   2,150    -   5,063        5,744

On  December 22, 1999, the face amount of marketable U.S. government securities held in custody by the
Federal Reserve Banks for foreign official and international accounts was    625,577 million, a change of
 +$    995 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Face value of the securities.
2  Net of $     20,421 million (daily average over statement week) and $     21,865 million (outstanding on
   Wednesday statement date) matched sale-purchase transactions, of which $     20,421 million (daily average)
   and $     21,865 million (outstanding on Wednesday statement date) were with foreign official and international
   accounts.  Includes securities loans of $        551 million (daily average) and $        507 million
   (outstanding on Wednesday statement date) that are fully collateralized by other U.S. government securities.
3  Includes $      5,476 million of inflation-indexed securities valued at the original face amount and
   $        225 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Cash value of agreements arranged through third-party custodial banks.  These agreements are collateralized
   by U.S. government and federal agency securities.
5  Consists of required clearing balances of $      7,424 million and adjustments of $        346 million to
   compensate for float.
6  Excludes required clearing balances and adjustments to compensate for float.

* Estimated (Treasury's figures).
Components may not add to totals due to rounding.

Note: on  December 22, 1999, option contracts on repurchase agreements were outstanding as follows:
$    113,850 million with exercise dates from December 23, 1999 through December 29, 1999;
$    222,950 million with exercise dates from December 30, 1999 through January 5, 2000; and
$    144,000 million with exercise dates from January 6, 2000 through January 12, 2000.  Further details on these contracts
can be found on the website of the Federal Reserve Bank of New York (<A HREF="http://www.newyorkfed.org/pihome/news/announce">http://www.newyorkfed.org/pihome/news/announce</A>).

Worksheet for H.4.1 (a)

CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS
Millions of Dollars
                                                                                    Change Since
                                                  *          Wednesday        Wednesday        Wednesday
                                                           Dec 22, 1999     Dec 15, 1999     Dec 23, 1998
                ASSETS
Gold certificate account                                        11,048        -       1        +       7
Special drawing rights certificate account                       6,200                0        -   3,000
Coin                                                               238        +       7        -     154
Loans                                                              218        -   1,101        +     176
Acceptances                                                          0                0                0
Repurchase agreements -- triparty (1)                           73,085        +  12,420        +  73,085
Federal agency obligations (2)
  Bought outright                                                  181                0        -     157
  Held under repurchase agreements                                   0                0        -   5,742
U.S. government securities (2)
  Bought outright--Bills                                       193,834        -   3,360        -   3,457
                   Notes (3)                                   217,580        +   2,824        +  29,687
                   Bonds (4)                                    82,977                0        +  13,504
    Total bought outright (5)                                  494,391        -     536        +  39,734
  Held under repurchase agreements (1)                               0                0        -   7,845
     Total U.S. government securities                          494,391        -     536        +  31,889
       Total loans and securities                              567,876        +  10,784        +  99,253

Items in process of collection                      (787)        8,896        -      29        -   2,636
Bank premises                                                    1,356        +       1        +      59
Other assets (6)                                                33,343        +     550        -     856
                TOTAL ASSETS                        (787)      628,957        +  11,312        +  92,673

                LIABILITIES
Federal Reserve notes                                          584,238        +  14,191        +  94,256
Reverse repurchase agreements -- triparty (1)                        0                0                0
Deposits
  Depository institutions                                       13,327        +     500        -   3,697
  U.S. Treasury--general account                                 4,741        -   3,036        +     904
  Foreign--official accounts                                        88        -     408        -      87
    Other                                            (10)          210        -      14        +      35
      Total deposits                                 (10)       18,366        -   2,957        -   2,845
Deferred availability cash items                    (777)        7,980        +      53        -     142
Other liabilities and accrued dividends (7)                      4,605        -      11        +     157
                TOTAL LIABILITIES                   (787)      615,190        +  11,276        +  91,427

                CAPITAL ACCOUNTS
Capital paid in                                                  6,425        +      27        +     477
Surplus                                                          5,952                0        +     732
Other capital accounts                                           1,390        +       9        +      38

*Figures in parentheses are the eliminations made in the consolidation process.
1  Cash value of agreements arranged through third-party custodial banks.
2  Face value of the securities.
3  Includes $      3,938 million of inflation-indexed securities valued at the original face amount and
   $        177 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Includes $      1,538 million of inflation-indexed securities valued at the original face amount and
   $         48 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
5  Net of $     21,865 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes securities loans of $        507 million that are fully collateralized by other
   U.S. government securities.
6  Includes assets denominated in foreign currencies, revalued monthly at market exchange rates.
7  Includes exchange-translation account reflecting the monthly revaluation at market exchange rates of
   foreign exchange commitments.
Components may not add to totals due to rounding.


MATURITY DISTRIBUTION OF LOANS AND SECURITIES,  December 22, 1999
Holdings of securities include securitites held under repurchase agreements, which are classified according
to remaining maturity.

Millions of dollars
                                    U.S. government         Federal agency                      Reverse
                     Loans          securities (1,2)        obligations(2)        Repurchase   Repurchase
                                              Weekly                  Weekly      Agreements   Agreements
                                  Holdings    changes      Holdings    changes    Triparty(3)  Triparty(3)
Within 15 days             204       12,871   +   1,980            0           0       21,725           0
16 to 90 days                7       97,667   -   5,150           31           0       51,360           0
91 days to 1 year            8      141,435   +   1,260           20           0     ------      ------
Over 1 to 5 years                   125,044   +   1,373           10           0     ------      ------
Over 5 to 10 years                   51,105   +       1          120           0     ------      ------
Over 10 years                        66,269           0            0           0     ------      ------
                   		 	
Total                      218      494,391   -     536          181           0       73,085           0

1  Includes $      5,476 million of inflation-indexed securities valued at the original face amount and
   $        225 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
2  Includes face value of securities held under repurchase agreements classified by the remaining maturity of
   the agreements.
3  Cash value of agreements arranged through third-party custodial banks classified by remaining maturity of
   the agreements.
Components may not add to totals due to rounding.


H.4.1 (b)

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON  December 22, 1999
Millions of dollars
                                                                                                                                                            Kansas                 San
                                               Total     Boston   New York Philadelphia Cleveland   Richmond   Atlanta    Chicago   St. Louis  Minneapolis   City      Dallas   Francisco
         ASSETS
Gold certificate account                      11,048        533      4,435        319        566        834        724        993        337        140        313        575      1,279
Special drawing rights certif. acct.           6,200        307      2,431        187        299        516        450        549        175         78        175        341        692
Coin                                             238          5         12         11         15         39         27         32         11         13         19         18         37

Loans                                            218         56          0          9          0         10         10         41         29         22         20          6         16
Acceptances                                        0          0          0          0          0          0          0          0          0          0          0          0          0
Repurchase Agreements -- triparty(1)          73,085          0     73,085          0          0          0          0          0          0          0          0          0          0
Federal agency obligations(2)
  Bought outright                                181          9         72          5         10         14         11         17          6          2          5          9         19
  Held under repurchase agreements                 0          0          0          0          0          0          0          0          0          0          0          0          0
U.S. government securities(2)
  Bought outright--Bills                     193,834     10,024     77,194      5,806     11,220     14,582     11,799     18,205      6,376      2,318      5,813      9,658     20,840
                   Notes (3)                 217,580     11,252     86,650      6,517     12,595     16,369     13,244     20,435      7,157      2,602      6,525     10,841     23,393
                   Bonds (4)                  82,977      4,291     33,045      2,485      4,803      6,242      5,051      7,793      2,729        992      2,488      4,135      8,921
     Total bought outright(5)                494,391     25,566    196,889     14,808     28,618     37,193     30,093     46,433     16,263      5,913     14,826     24,634     53,155
  Held under repurchase agreements                 0          0          0          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             494,391     25,566    196,889     14,808     28,618     37,193     30,093     46,433     16,263      5,913     14,826     24,634     53,155
       Total loans and securities            567,876     25,632    270,046     14,822     28,628     37,217     30,114     46,491     16,298      5,937     14,851     24,649     53,191

Items in process of collection                 9,682        566      1,199        431        406        760        843        692        439        539        714        435      2,658
Bank premises                                  1,356         93        165         50        156        124        139        107         32        128         51        146        165
Other assets(5)                               33,343      1,494     11,210      1,005      1,956      4,588      2,087      2,967        825        760        839      1,363      4,248
Interdistrict settlement account                   0    + 8,208    -44,266    + 7,270    + 1,306    - 2,399    +11,463    +19,372    + 4,308    - 3,706    + 2,691    -12,377    + 8,130
          TOTAL ASSETS                       629,744     36,838    245,232     24,095     33,332     41,679     45,846     71,204     22,425      3,889     19,653     15,150     70,401

1  Cash value of agreements arranged through third-party custodial banks.  These agreements are collateralized
   by U.S. government and federal agency securities.
2  Face value of the securities.
3  Includes $      3,938 million of inflation-indexed securities valued at the original face amount and  $        177 million
   of compensation that adjusts for the effects of inflation on the principal of such  securities.
4  Includes $      1,538 million of inflation-indexed securities valued at the original face amount and  $         48 million
   of compensation that adjusts for the effects of inflation on the principal of such securities.
5  Net of $     21,865 million matched sale-purchase transactions outstanding at the end of the latest statement week.
   Includes securities loans of $        507 million that are fully collateralized by other U.S. government securities.
6  Includes assets denominated in foreign currencies, revalued monthly at market exchange rates.

Components may not add to totals due to rounding.


H.4.1 (c)

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON  December 22, 1999
Millions of dollars
                                                                                                                                                            Kansas                 San
                                               Total     Boston   New York Philadelphia Cleveland   Richmond   Atlanta    Chicago   St. Louis  Minneapolis   City      Dallas   Francisco
       LIABILITIES
Federal Reserve notes                         584,238     34,149    231,837     22,775     30,903     35,933     42,643     66,865     21,164      2,523     18,240     13,576     63,631
Reverse repurchase agreements--triparty(1)          0          0          0          0          0          0          0          0          0          0          0          0          0
Deposits
  Depository institutions                      13,327      1,365      2,838        350        763      1,115        929      1,962        485        299        472        552      2,198
  U.S. Treasury--general account                4,741          0      4,741          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                       88          1         64          1          2          6          2          3          1          1          1          1          5
  Other                                           220          0        138          2          4         57          1          1          1          0          2          2         12
    Total deposits                             18,376      1,366      7,781        352        769      1,179        932      1,966        486        300        475        555      2,214
Deferred credit items                           8,757        467      1,051        390        480        744      1,003        726        267        499        407        323      2,400
Other liabilities and accrued
  dividends (2)                                 4,605        251      1,619        165        273        405        319        437        172         95        166        234        468
    TOTAL LIABILITIES                         615,977     36,234    242,287     23,682     32,425     38,261     44,897     69,995     22,090      3,418     19,288     14,687     68,714

       CAPITAL ACCOUNTS
Capital paid in                                 6,425        289      1,325        199        439      1,691        460        578        158        235        177        210        660
Surplus                                         5,952        267      1,208        177        399      1,238        418        583        121        202        140        227        972
Other capital accounts                          1,390         47        411         37         70        489         71         48         56         34         48         25         55
     TOTAL LIABILITIES AND CAPITAL
        ACCOUNTS                              629,744     36,838    245,232     24,095     33,332     41,679     45,846     71,204     22,425      3,889     19,653     15,150     70,401

FEDERAL RESERVE AGENTS' ACCOUNTS

F.R. notes outstanding                        823,577     42,865    326,809     30,996     38,983     54,915     62,373     79,437     26,510     11,379     24,645     36,807     87,857
  Less--Held by F.R. Banks                    239,339      8,716     94,972      8,221      8,081     18,982     19,730     12,572      5,346      8,856      6,405     23,232     24,226
  F.R. notes, net                             584,238     34,149    231,837     22,775     30,903     35,933     42,643     66,865     21,164      2,523     18,240     13,576     63,631
Collateral held against F.R. notes
   Gold certificate account                    11,048
   Special drawing rights
     certificate account                        6,200
   Other eligible assets                            0
   U.S. govt. and agency securities(3)        566,990
     Total collateral                         584,238

1  Cash value of agreements arranged through third-party custodial banks.  These agreements are collateralized
   by U.S. government and federal agency securities.
2  Includes exchange translation account reflecting the monthly revaluation at market exchange rates of
   foreign exchange commitments.
3  U.S. government and agency securities bought outright or held under repurchase agreement are valued at face amount.
   Includes cash value of repurchase agreements under triparty arrangements and excludes the par value of securities
   pledged under reverse repurchase agreements.

Components may not add to totals due to rounding.