FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                           January 20, 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           Jan 19, 2005 Jan 12, 2005 Jan 21, 2004 Jan 19, 2005
Federal Reserve Banks

Reserve Bank Credit                                         783,308    +   2,628    +  45,056      782,994
 Securities held outright                                   717,825    +       3    +  50,998      717,825       
    U.S. Treasury (1)                                       717,825    +       3    +  50,998      717,825
       Bills (2)                                            262,970            0    +  17,950      262,970
       Notes and bonds, nominal (2)                         436,429            0    +  30,256      436,429
       Notes and bonds, inflation-indexed (2)                16,108            0    +   2,114       16,108
       Inflation compensation (3)                             2,317    +       2    +     678        2,318
    Federal agency (2)                                            0            0            0            0      
 Repurchase agreements(4)                                    24,786    +   1,893    -   5,821       22,500
 Loans to depository institutions                                53    -      12    -     170           61
    Primary credit                                               35    -      10    -     177           42
    Secondary credit                                              0            0            0            0
    Seasonal credit                                              19    -       1    +       8           19
 Float                                                          943    +     300    +   1,119        3,188
 Other Federal Reserve assets                                39,702    +     445    -   1,069       39,420
Gold stock                                                   11,045            0    +       2       11,045
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            36,533    +      14    +   1,006       36,533
       
Total factors supplying reserve funds                       833,086    +   2,643    +  46,064      832,772
                                                                   
Currency in circulation(5)                                  748,943    -   1,181    +  37,739      748,954
Reverse repurchase agreements (6)                            27,580    -   2,384    +   7,583       27,594
   Foreign official and international accounts               27,580    -   2,384    +   7,583       27,594
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          257    -      16    -      77          296
Deposits with F.R.Banks, other than reserve balances         14,802    -     262    -   3,804       15,202       
  U.S. Treasury, general account                              4,781    -     364    -   2,593        5,142
  Foreign official                                               81    +       2    -       5           79
  Service-related                                             9,594    +       1    -   1,138        9,594
     Required clearing balances                               9,593            0    -     591        9,593
     Adjustments to compensate for float                          2    +       2    -     546            2
  Other                                                         346    +      99    -      68          387
Other liabilities and capital                                26,279    +     574    +   6,159       25,976

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  817,861    -   3,268    +  47,600      818,022

Reserve balances with Federal Reserve Banks                  15,225    +   5,911    -   1,536       14,749
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)         1,343,578    -   7,478    + 238,476    1,346,982
     U.S. Treasury                                        1,068,838    -   2,722    + 183,870    1,073,699
     Federal agency                                         274,740    -   4,756    +  54,606      273,283
  Securities lent to dealers                                  2,164    -     505    +     971        2,057   


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 Jan 19, 2005     Jan 12, 2005     Jan 21, 2004

Assets
Gold certificate account                                        11,041                0        +       2
Special drawing rights certificate account                       2,200                0                0
Coin                                                               751        +      14        -      28
Securities, repurchase agreements, and loans                   740,387        +   4,264        +  31,423
   Securities held outright                                    717,825        +       2        +  50,993
      U.S. Treasury (1)                                        717,825        +       2        +  50,993       
         Bills (2)                                             262,970                0        +  17,942
         Notes and bonds, nominal (2)                          436,429                0        +  30,256
         Notes and bonds, inflation-indexed (2)                 16,108                0        +   2,114
         Inflation compensation (3)                              2,318        +       2        +     682
      Federal agency (2)                                             0                0                0
   Repurchase agreements (4)                                    22,500        +   4,250        -  19,500    
   Loans                                                            61        +      11        -      71
Items in process of collection                    (1,260)       12,550        +   4,556        -     201
Bank premises                                                    1,779        +       3        +     135
Other assets (5)                                                39,837        -     324        +     496
      Total assets                                (1,260)      808,544        +   8,512        +  31,827
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  713,464        -     387        +  36,839
Reverse repurchase agreements (6)                               27,594        +     363        +   7,859
Deposits                                              (0)       32,148        +   6,116        -  16,668       
  Depository institutions                                       26,540        +   5,831        -  14,004
  U.S. Treasury, general account                                 5,142        +     191        -   2,598
  Foreign official                                                  79        -       9        -      37
  Other                                               (0)          387        +     103        -      29
Deferred availability cash items                  (1,260)        9,362        +   2,639        -   2,046
Other liabilities and accrued dividends (7)                      2,784        -      19        +     542
      Total liabilities                           (1,260)      785,352        +   8,712        +  26,527
                          
Capital Accounts
Capital paid in                                                 12,015        +       7        +   3,140
Surplus                                                         10,946        -       7        +   2,099
Other capital accounts                                             231        -     200        +      61
      Total capital                                             23,192        -     200        +   5,300


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,   January 19, 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              61       56,493   +  10,040            0           0       22,500       27,594
16 days to 90 days           0      154,007   -   9,088            0           0            0            0
91 days to 1 year            0      170,089   +     224            0           0     ------      ------
Over 1 to 5 years     ------        209,683   +   1,413            0           0     ------      ------
Over 5 to 10 years    ------         51,786   -   2,587            0           0     ------      ------
Over 10 years         ------         75,767   +       1            0           0     ------      ------
                   		 	
All                         61      717,825   +       2            0           0       22,500      27,594

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   January 19, 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                      11,041        494      4,651        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                                             751         19         46         55         54         68         85        119         35         22         47         86        114
Securities, repurchase agreements,
      and loans                              740,387     33,707    333,776     21,358     30,673     54,560     48,408     64,673     21,089     15,661     18,864     32,729     64,890
   Securities held outright                  717,825     33,707    311,259     21,350     30,673     54,558     48,408     64,661     21,089     15,657     18,863     32,729     64,872
      U.S. Treasury (1)                      717,825     33,707    311,259     21,350     30,673     54,558     48,408     64,661     21,089     15,657     18,863     32,729     64,872
         Bills (2)                           262,970     12,348    114,027      7,821     11,237     19,987     17,734     23,688      7,726      5,736      6,910     11,990     23,765
         Notes and bonds(3)                  454,855     21,359    197,231     13,529     19,436     34,571     30,674     40,973     13,363      9,921     11,953     20,739     41,107
         Federal agency (2)                        0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements(4)                22,500          0     22,500          0          0          0          0          0          0          0          0          0          0
      Loans                                       61          0         17          8          0          2          0         12          0          4          1          0         18
Items in process of collection                13,810        926      1,035        649      1,044        744      1,371      1,587        755        647      1,218        631      3,203
Bank premises                                  1,779        100        196         53        157        144        277        158         67        123         82        256        167
Other assets(5)                               39,837      1,817     14,223      1,157      2,473      6,289      2,305      3,608      1,041      1,180        815        999      3,929
Interdistrict settlement account                   0    + 2,756    -17,682    + 3,204    +   307    -   946    + 8,513    -   994    +   943    - 1,219    + 1,218    +   934    + 2,966
          Total Assets                       809,804     39,934    337,119     26,941     35,263     61,825     62,019     70,287     24,326     16,661     22,612     36,258     76,558

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   January 19, 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             852,385     38,591    341,123     32,534     34,320     64,728     73,762     72,834     24,900     16,434     24,565     40,807     87,787
  Less: notes held by F.R. Banks              138,921      4,624     41,103      8,214      5,597     12,626     18,189      9,587      3,058      2,023      4,648      7,512     21,740
    Federal Reserve notes, net                713,464     33,968    300,020     24,320     28,723     52,102     55,572     63,247     21,842     14,411     19,917     33,295     66,047
Reverse repurchase agreements (1)              27,594      1,296     11,965        821      1,179      2,097      1,861      2,486        811        602        725      1,258      2,494
Deposits                                       32,148      1,183     16,087        537      1,864      2,298      2,348      2,200        608        454        961        863      2,746
  Depository institutions                      26,540      1,175     10,664        536      1,861      2,141      2,346      2,196        605        453        959        862      2,742
  U.S. Treasury, general account                5,142          0      5,142          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                                           387          6        225          0          1        150          0          0          2          0          1          0          0
Deferred availability cash items               10,622        778      1,068        569      1,444        800      1,055        510        307        601        601        415      2,473
Other liabilities and accrued                 
  dividends (2)                                 2,784        155        987        101        147        252        222        263        108         85         94        142        229
   
    Total liabilities                         786,612     37,379    330,127     26,348     33,357     57,549     61,057     68,706     23,675     16,154     22,298     35,973     73,989
                              
Capital                    
Capital paid in                                12,015      1,638      3,430        297      1,067      2,148        426        785        399        253        154        135      1,283
Surplus                                        10,946        916      3,430        294        839      2,127        516        763        236        254        153        135      1,283
Other capital                                     231          2        133          2          0          0         20         32         16          0          7         16          4
     Total liabilities and capital            809,804     39,934    337,119     26,941     35,263     61,825     62,019     70,287     24,326     16,661     22,612     36,258     76,558
                              

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
                                          Jan 19, 2005
              
Federal Reserve notes outstanding             852,385
   Less: Notes held by F.R. Banks
         not subject to collateralization     138,921
      Federal Reserve Notes to be
         collateralized                       713,464 
Collateral held against Federal Reserve            
   notes                                      713,464
   Gold certificate account                    11,041
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              700,224
   Other assets pledged                             0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         740,325
   Less:face value of securities under
         reverse repurchase agreements         27,609
      U.S. Treasury and agency securities
             eligible to be pledged           712,716
   

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.