FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                               May 19, 2005
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           May 18, 2005 May 11, 2005 May 19, 2004 May 18, 2005
Federal Reserve Banks

Reserve Bank Credit                                         787,559    +   4,316    +  47,065      783,234
 Securities held outright                                   721,611    +   1,014    +  42,037      721,629       
    U.S. Treasury (1)                                       721,611    +   1,014    +  42,037      721,629
       Bills (2)                                            264,284    +     206    +  14,089      264,288
       Notes and bonds, nominal (2)                         435,683    +     769    +  22,603      435,683
       Notes and bonds, inflation-indexed (2)                19,108            0    +   4,644       19,108
       Inflation compensation (3)                             2,535    +      38    +     700        2,549
    Federal agency (2)                                            0            0            0            0      
 Repurchase agreements(4)                                    26,571    +   5,535    +   4,571       23,750
 Loans to depository institutions                               142    +       8    +      37          141
    Primary credit                                                2    -       6            0            4
    Secondary credit                                              0            0            0            0
    Seasonal credit                                             139    +      13    +      35          138
 Float                                                       -1,259    -     602    -     775         -843
 Other Federal Reserve assets                                40,493    -   1,641    +   1,194       38,557
Gold stock                                                   11,041            0    -       4       11,041
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            36,629    +      14    +     746       36,629
       
Total factors supplying reserve funds                       837,429    +   4,329    +  47,807      833,104
                                                                   
Currency in circulation(5)                                  754,372    -     215    +  34,573      754,992
Reverse repurchase agreements (6)                            28,054    +   2,905    +   9,170       26,179
   Foreign official and international accounts               28,054    +   2,905    +   9,170       26,179
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          255    +       1    -      69          260
Deposits with F.R.Banks, other than reserve balances         13,961    -     519    -   1,726       13,807       
  U.S. Treasury, general account                              5,209    +     216    -     124        5,080
  Foreign official                                               84    -      39    -     198          112
  Service-related                                             8,341    -     687    -   1,443        8,341
     Required clearing balances                               8,341    -     687    -   1,443        8,341
     Adjustments to compensate for float                          0            0            0            0
  Other                                                         327    -       9    +      40          273
Other liabilities and capital                                28,820    -      93    +   8,078       28,781

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  825,462    +   2,079    +  50,026      824,019

Reserve balances with Federal Reserve Banks                  11,967    +   2,251    -   2,218        9,086
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)         1,404,084    +   4,724    + 204,328    1,402,467
     U.S. Treasury                                        1,074,207    +     398    + 106,894    1,074,542
     Federal agency                                         329,877    +   4,326    +  97,434      327,924
  Securities lent to dealers                                  3,303    +   1,620    +     881        6,714   


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 May 18, 2005     May 11, 2005     May 19, 2004

Assets
Gold certificate account                                        11,037                0        -       4
Special drawing rights certificate account                       2,200                0                0
Coin                                                               656        -      19        -     101
Securities, repurchase agreements, and loans                   745,520        -   2,184        +  44,541
   Securities held outright                                    721,629        +      64        +  42,011
      U.S. Treasury (1)                                        721,629        +      64        +  42,011       
         Bills (2)                                             264,288        +      25        +  14,058
         Notes and bonds, nominal (2)                          435,683                0        +  22,603
         Notes and bonds, inflation-indexed (2)                 19,108                0        +   4,644
         Inflation compensation (3)                              2,549        +      38        +     705
      Federal agency (2)                                             0                0                0
   Repurchase agreements (4)                                    23,750        -   2,250        +   2,500    
   Loans                                                           141        +       3        +      30
Items in process of collection                      (788)        5,494        -   1,106        -      10
Bank premises                                                    1,815        +       1        +     139
Other assets (5)                                                36,706        -   3,494        +   1,072
      Total assets                                  (788)      803,428        -   6,802        +  45,637
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  719,274        -   1,050        +  32,648
Reverse repurchase agreements (6)                               26,179        +     871        +   7,906
Deposits                                              (0)       22,857        -   6,559        -   2,801       
  Depository institutions                                       17,391        -   6,634        -   3,470
  U.S. Treasury, general account                                 5,080        +      82        +     629
  Foreign official                                                 112        +      33        +      32
  Other                                               (0)          273        -      42        +       7
Deferred availability cash items                    (788)        6,337        -     218        +     109
Other liabilities and accrued dividends (7)                      3,350        +      16        +   1,009
      Total liabilities                             (788)      777,997        -   6,940        +  38,870
                          
Capital Accounts
Capital paid in                                                 12,909        +     138        +   3,829
Surplus                                                         11,393        -      19        +   2,546
Other capital accounts                                           1,128        +      18        +     390
      Total capital                                             25,431        +     138        +   6,766


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,       May 18, 2005
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             136       61,702   -   2,599            0           0       23,750       26,179
16 days to 90 days           5      153,168   -   1,648            0           0            0            0
91 days to 1 year            0      161,583   +   1,482            0           0     ------      ------
Over 1 to 5 years     ------        214,280   +     335            0           0     ------      ------
Over 5 to 10 years    ------         53,621   +   2,477            0           0     ------      ------
Over 10 years         ------         77,275   +      17            0           0     ------      ------
                   		 	
All                        141      721,629   +      64            0           0       23,750      26,179

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       May 18, 2005
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                      11,037        510      4,355        432        453        836        945        928        327        212        318        549      1,172
Special drawing rights certificate acct.       2,200        115        874         83        104        147        166        212         71         30         66         98        234
Coin                                             656         23         33         52         51         48         81        120         35         23         45         51         94
Securities, repurchase agreements,
      and loans                              745,520     36,921    309,901     25,599     30,485     55,072     55,833     65,054     22,406     15,104     20,423     35,544     73,177
   Securities held outright                  721,629     36,921    286,151     25,599     30,485     55,072     55,829     64,986     22,393     15,072     20,411     35,541     73,169
      U.S. Treasury (1)                      721,629     36,921    286,151     25,599     30,485     55,072     55,829     64,986     22,393     15,072     20,411     35,541     73,169
         Bills (2)                           264,288     13,522    104,799      9,375     11,165     20,170     20,447     23,800      8,201      5,520      7,475     13,017     26,797
         Notes and bonds(3)                  457,341     23,399    181,352     16,224     19,320     34,903     35,382     41,186     14,192      9,552     12,936     22,525     46,371
         Federal agency (2)                        0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements(4)                23,750          0     23,750          0          0          0          0          0          0          0          0          0          0
      Loans                                      141          0          0          0          0          0          4         68         14         32         12          2          8
Items in process of collection                 6,282        398        357        259        631        458        770        291        121        343        572        218      1,864
Bank premises                                  1,815        104        200         54        156        143        274        180         62        121         85        269        166
Other assets(5)                               36,706      3,267     13,777      1,063      2,471      4,895      1,987      2,504        874        740        652        902      3,575
Interdistrict settlement account                   0    -   132    - 4,056    + 4,430    +   345    + 2,448    + 2,122    + 1,103    -    42    -   435    -   441    - 3,103    - 2,238
          Total Assets                       804,216     41,205    325,440     31,971     34,696     64,048     62,179     70,393     23,855     16,139     21,719     34,528     78,043

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       May 18, 2005
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             860,122     39,542    338,053     36,268     35,173     66,105     78,864     74,149     24,462     16,363     24,025     40,020     87,098
  Less: notes held by F.R. Banks              140,848      4,384     41,413      7,175      5,385     12,388     22,943      9,892      2,937      2,140      4,598      8,253     19,339
    Federal Reserve notes, net                719,274     35,157    296,640     29,093     29,788     53,718     55,920     64,257     21,524     14,223     19,427     31,768     67,759
Reverse repurchase agreements (1)              26,179      1,339     10,381        929      1,106      1,998      2,025      2,358        812        547        740      1,289      2,654
Deposits                                       22,857      1,276      9,196        793        833      2,523      1,655      1,339        582        330        678        641      3,011
  Depository institutions                      17,391      1,263      3,868        792        827      2,421      1,653      1,336        578        329        677        641      3,006
  U.S. Treasury, general account                5,080          0      5,080          0          0          0          0          0          0          0          0          0          0
  Foreign official                                112          5         84          1          4          7          2          3          1          1          1          0          4
  Other                                           273          8        164          0          2         95          0          1          3          0          1          0          0
Deferred availability cash items                7,125        540        842        411        616        432        957        441        152        429        448        344      1,512
Other liabilities and accrued                 
  dividends (2)                                 3,350        204      1,119        127        179        335        266        311        128        100        107        168        306
   
    Total liabilities                         778,785     38,516    318,178     31,353     32,522     59,006     60,824     68,705     23,198     15,628     21,400     34,211     75,243
                              
Capital                    
Capital paid in                                12,909      1,550      3,616        306      1,124      2,552        661        830        321        253        155        148      1,393
Surplus                                        11,393      1,132      3,430        294      1,049      2,148        516        763        236        254        153        135      1,283
Other capital                                   1,128          7        217         18          0        342        177         95        100          3         10         34        125
     Total liabilities and capital            804,216     41,205    325,440     31,971     34,696     64,048     62,179     70,393     23,855     16,139     21,719     34,528     78,043
                              

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
                                          May 18, 2005
              
Federal Reserve notes outstanding             860,122
   Less: Notes held by F.R. Banks
         not subject to collateralization     140,848
      Federal Reserve Notes to be
         collateralized                       719,274 
Collateral held against Federal Reserve            
   notes                                      719,274
   Gold certificate account                    11,037
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              706,037
   Other assets pledged                             0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         745,379
   Less:face value of securities under
         reverse repurchase agreements         26,198
      U.S. Treasury and agency securities
             eligible to be pledged           719,181
   

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.