Reserve Bank credit, related items, and

reserve balances of depository institutions

at 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. Treasury1 721,611 + 1,014 + 42,037 721,629

Bills2 264,284 + 206 + 14,089 264,288

Notes and bonds, nominal2 435,683 + 769 + 22,603 435,683

Notes and bonds, inflation-indexed2 19,108 0 + 4,644 19,108

Inflation compensation3 2,535 + 38 + 700 2,549

Federal agency2 0 0 0 0

Repurchase agreements4 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 outstanding5 36,629 + 14 + 746 36,629

Total factors supplying reserve funds 837,429 + 4,329 + 47,807 833,104

Currency in circulation5 754,372 - 215 + 34,573 754,992

Reverse repurchase agreements6 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 accounts2,7 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

FEDERAL RESERVE statistical release

 May 19, 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

 May 18, 2005 Week ended

 May 18, 2005 May 11, 2005 May 19, 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 11,037 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. Treasury1 721,629 + 64 + 42,011

Bills2 264,288 + 25 + 14,058

Notes and bonds, nominal2 435,683 0 + 22,603

Notes and bonds, inflation-indexed2 19,108 0 + 4,644

Inflation compensation3 2,549 + 38 + 705

Federal agency2 0 0 0

Repurchase agreements4 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 assets5 36,706 - 3,494 + 1,072

Total assets (788) 803,428 - 6,802 + 45,637

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 719,274 - 1,050 + 32,648

Reverse repurchase agreements6 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 dividends7 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

H.4.1

2. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Wednesday

 May 19, 2004

Eliminations from

consolidation Wednesday

 May 18, 2005

Wednesday

 May 11, 2005

3. Maturity Distribution of Loans and Securities, May 18, 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 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 year to 5 years . . . 214,280 + 335 0 0 . . . . . . 

Over 5 years 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

Assets, liabilities, and capital

Maturity
H.4.1

4. Statement of Condition of Each Federal Reserve Bank on May 18, 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.

 11,037 2,200 656 745,520 721,629 721,629 264,288 457,341 0 23,750 141 6,282 1,815 36,706 0 804,216

Assets, liabilities, and capital

 4,355 874 33 309,901 286,151 286,151 104,799 181,352 0 23,750 0 357 200 13,777 - 4,056 325,440

 510 115 23 36,921 36,921 36,921 13,522 23,399 0 0 0 398 104 3,267 - 132 41,205

 432 83 52 25,599 25,599 25,599 9,375 16,224 0 0 0 259 54 1,063 + 4,430 31,971

 453 104 51 30,485 30,485 30,485 11,165 19,320 0 0 0 631 156 2,471 + 345 34,696

 836 147 48 55,072 55,072 55,072 20,170 34,903 0 0 0 458 143 4,895 + 2,448 64,048

 945 166 81 55,833 55,829 55,829 20,447 35,382 0 0 4 770 274 1,987 + 2,122 62,179

 928 212 120 65,054 64,986 64,986 23,800 41,186 0 0 68 291 180 2,504 + 1,103 70,393

 327 71 35 22,406 22,393 22,393 8,201 14,192 0 0 14 121 62 874 - 42 23,855

 2   15,1 15,0 15,0 5,5 9,5    3 1 7 - 4 16,1
 860,122

 140,848 719,274 719,274 11,037 2,200 706,037 0 745,379 26,198 719,181

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.

 860,122 140,848 719,274 26,179 22,857 17,391 5,080 112 273 7,125 3,350 778,785 12,909 11,393 1,128 804,216

 39,542 4,384 35,157 1,339 1,276 1,263 0 5 8 540 204 38,516 1,550 1,132 7 41,205

 338,053 41,413 296,640 10,381 9,196 3,868 5,080 84 164 842 1,119 318,178 3,616 3,430 217 325,440

 36,268 7,175 29,093 929 793 792 0 1 0 411 127 31,353 306 294 18 31,971

 35,173 5,385 29,788 1,106 833 827 0 4 2 616 179 32,522 1,124 1,049 0 34,696

 66,105 12,388 53,718 1,998 2,523 2,421 0 7 95 432 335 59,006 2,552 2,148 342 64,048

 78,864 22,943 55,920 2,025 1,655 1,653 0 2 0 957 266 60,824 661 516 177 62,179

 74,149 9,892 64,257 2,358 1,339 1,336 0 3 1 441 311 68,705 830 763 95 70,393

 24,462 2,937 21,524 812 582 578 0 1 3 152 128 23,198 321 236 100 23,855

 16,3 2,1 14,2 5 3 3    4 1 15,6 2 2  16,1

H.4.1

4. Statement of Condition of Each Federal Reserve Bank on May 18, 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

 May 18, 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.