Reserve Bank credit, related items, and

reserve balances of depository institutions

at Federal Reserve Banks

Reserve Bank credit 767,481 - 938 + 49,875 763,507

Securities held outright 697,024 + 1,461 + 41,034 698,161

U.S. Treasury1 697,024 + 1,461 + 41,044 698,161

Bills2 255,913 + 553 + 14,511 257,053

Notes and bonds, nominal2 424,141 + 914 + 24,546 424,141

Notes and bonds, inflation-indexed2 14,862 0 + 1,408 14,862

Inflation compensation3 2,107 - 6 + 578 2,105

Federal agency2 0 0 - 10 0

Repurchase agreements4 31,286 - 2,214 + 9,000 26,500

Loans to depository institutions 592 + 334 + 356 255

Primary credit 352 + 332 + 279 15

Secondary credit 0 0 0 0

Seasonal credit 240 + 2 + 77 240

Float -268 - 742 - 554 -402

Other Federal Reserve assets 38,847 + 223 + 38 38,993

Gold stock 11,043 0 0 11,043

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

Treasury currency outstanding5 36,185 + 14 + 921 36,185

Total factors supplying reserve funds 816,909 - 924 + 50,796 812,936

Currency in circulation5 737,438 - 2,637 + 41,474 737,875

Reverse repurchase agreements6 24,814 + 107 + 4,269 24,556

Foreign official and international accounts 24,814 + 107 + 4,269 24,556

Dealers 0 0 0 0

Treasury cash holdings 312 - 10 - 24 300

Deposits with F.R. Banks, other than reserve balances 17,502 + 1,661 - 1,903 15,339

U.S. Treasury, general account 6,979 + 1,718 - 561 4,845

Foreign official 81 - 3 - 21 78

Service-related 10,165 - 59 - 1,329 10,165

Required clearing balances 10,165 - 59 - 1,061 10,165

Adjustments to compensate for float 0 0 - 268 0

Other 278 + 5 + 8 252

Other liabilities and capital 23,223 - 48 + 2,468 23,151

Total factors, other than reserve balances,

absorbing reserve funds 803,289 - 927 + 46,283 801,222

Reserve balances with Federal Reserve Banks 13,620 + 3 + 4,513 11,714

Memo (off-balance-sheet items):

Marketable securities held in custody for foreign

 official and international accounts2,7 1,290,191 - 1,183 + 326,834 1,289,292

U.S. Treasury 1,047,563 - 194 + 272,768 1,047,480

Federal agency 242,628 - 988 + 54,067 241,812

Securities lent to dealers 995 - 702 + 380 1,840

FEDERAL RESERVE statistical release

 September 23, 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

 Sep 22, 2004 Week ended

 Sep 22, 2004 Sep 15, 2004 Sep 24, 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 773 + 3 - 76

Securities, repurchase agreements, and loans 724,916 - 6,590 + 42,571

Securities held outright 698,161 + 2,458 + 42,158

U.S. Treasury1 698,161 + 2,458 + 42,168

Bills2 257,053 + 1,664 + 15,639

Notes and bonds, nominal2 424,141 + 800 + 24,546

Notes and bonds, inflation-indexed2 14,862 0 + 1,408

Inflation compensation3 2,105 - 6 + 575

Federal agency2 0 0 - 10

Repurchase agreements4 26,500 - 9,000 + 500

Loans 255 - 48 - 86

Items in process of collection (907) 5,294 - 940 - 1,241

Bank premises 1,723 + 1 + 128

Other assets5 37,447 + 532 - 74

Total assets (907) 783,391 - 6,994 + 41,307

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 702,759 - 1,658 + 39,445

Reverse repurchase agreements6 24,556 + 233 + 5,755

Deposits ( 0 ) 27,087 - 5,406 - 5,121

Depository institutions 21,913 - 2,622 - 3,114

U.S. Treasury, general account 4,845 - 2,781 - 1,992

Foreign official 78 - 1 - 4

Other ( 0 ) 252 0 - 10

Deferred availability cash items (907) 5,838 - 435 - 1,274

Other liabilities and accrued dividends7 2,685 + 36 + 440

Total liabilities (907) 762,926 - 7,230 + 39,245

Capital accounts

Capital paid in 10,501 + 22 + 1,743

Surplus 8,847 0 + 467

Other capital accounts 1,117 + 214 - 148

Total capital 20,466 + 237 + 2,063

H.4.1

2. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Wednesday

 Sep 24, 2003

Eliminations from

consolidation Wednesday

 Sep 22, 2004

Wednesday

 Sep 15, 2004

3. Maturity Distribution of Loans and Securities, September 22, 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 246 54,069 - 702 0 0 26,500 24,556

16 days to 90 days 8 152,191 + 2,029 0 0 0 0

91 days to 1 year 0 165,875 + 338 0 0 . . . . . . 

Over 1 year to 5 years . . . 199,511 - 2 0 0 . . . . . . 

Over 5 years to 10 years . . . 50,203 + 398 0 0 . . . . . . 

Over 10 years . . . 76,312 + 397 0 0 . . . . . . 

All 255 698,161 + 2,458 0 0 26,500 24,556

Assets, liabilities, and capital

Maturity
H.4.1

4. Statement of Condition of Each Federal Reserve Bank on September 22, 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 2,200 773 724,916 698,161 698,161 257,053 441,108 0 26,500 255 6,200 1,723 37,447 0 784,298

Assets, liabilities, and capital

 4,649 874 42 329,232 302,732 302,732 111,462 191,270 0 26,500 0 484 191 13,457 -33,451 315,478

 494 115 21 32,784 32,784 32,784 12,071 20,713 0 0 0 308 97 1,695 + 3,210 38,725

 382 83 41 20,775 20,765 20,765 7,645 13,120 0 0 10 378 51 1,126 + 3,724 26,560

 452 104 45 29,833 29,833 29,833 10,984 18,849 0 0 1 371 154 2,303 + 16 33,279

 819 147 77 53,063 53,063 53,063 19,537 33,526 0 0 0 242 144 5,874 + 718 61,085

 894 166 86 47,097 47,082 47,082 17,335 29,747 0 0 15 484 279 2,131 +11,609 62,745

 924 212 100 62,958 62,889 62,889 23,155 39,734 0 0 69 546 142 3,374 - 1,370 66,887

 325 71 53 20,541 20,511 20,511 7,552 12,959 0 0 30 389 59 975 + 1,489 23,903

 2   15,3 15,2 15,2 5,6 9,6    3 1 1,1 - 5 16,7
 829,099

 126,340 702,759 702,759 11,039 2,200 689,520 0 724,661 24,567 700,094

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.

 829,099 126,340 702,759 24,556 27,087 21,913 4,845 78 252 6,745 2,685 763,832 10,501 8,847 1,117 784,298

 38,233 4,545 33,688 1,153 1,087 1,084 0 2 1 427 158 36,513 1,634 448 130 38,725

 318,605 34,134 284,471 10,648 14,346 9,275 4,845 55 171 644 867 310,976 2,159 2,031 312 315,478

 32,894 8,845 24,049 730 629 628 0 1 0 466 104 25,978 285 259 39 26,560

 35,057 5,860 29,197 1,049 948 944 0 2 2 403 135 31,732 762 727 58 33,279

 63,951 11,778 52,173 1,866 2,159 2,080 0 7 72 390 275 56,864 2,089 2,074 58 61,085

 73,505 16,039 57,466 1,656 1,521 1,518 0 2 2 818 222 61,683 517 489 55 62,745

 68,425 8,391 60,034 2,212 1,742 1,738 0 3 0 554 253 64,795 1,025 924 143 66,887

 25,295 3,505 21,789 721 604 602 0 1 1 188 114 23,416 238 228 20 23,903

 16,2 1,6 14,5 5 4 4    5  16,0 2 3  16,7

H.4.1

4. Statement of Condition of Each Federal Reserve Bank on September 22, 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

 Sep 22, 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.