Reserve Bank credit, related items, and

reserve balances of depository institutions

at Federal Reserve Banks

Reserve Bank credit 785,515 + 5,644 + 50,539 787,483

Securities held outright 711,968 + 704 + 47,269 712,891

U.S. Treasury1 711,968 + 704 + 47,279 712,891

Bills2 261,558 + 694 + 18,218 262,477

Notes and bonds, nominal2 432,526 0 + 26,353 432,526

Notes and bonds, inflation-indexed2 15,683 0 + 2,151 15,683

Inflation compensation3 2,200 + 9 + 556 2,205

Federal agency2 0 0 - 10 0

Repurchase agreements4 33,643 + 5,036 + 2,964 33,750

Loans to depository institutions 73 - 3 + 38 56

Primary credit 6 + 1 - 3 1

Secondary credit 0 0 0 0

Seasonal credit 67 - 4 + 41 54

Float -106 - 615 - 1,106 902

Other Federal Reserve assets 39,938 + 524 + 1,373 39,884

Gold stock 11,043 0 0 11,043

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

Treasury currency outstanding5 36,391 + 14 + 956 36,391

Total factors supplying reserve funds 835,149 + 5,658 + 51,495 837,117

Currency in circulation5 753,836 + 4,053 + 40,568 753,660

Reverse repurchase agreements6 28,086 + 431 + 9,417 27,539

Foreign official and international accounts 28,086 + 431 + 9,417 27,539

Dealers 0 0 0 0

Treasury cash holdings 279 - 14 - 45 259

Deposits with F.R. Banks, other than reserve balances 15,635 + 876 - 2,526 15,693

U.S. Treasury, general account 5,217 + 798 - 220 5,264

Foreign official 88 + 6 + 2 84

Service-related 10,027 + 64 - 2,332 10,027

Required clearing balances 10,027 + 64 - 1,823 10,027

Adjustments to compensate for float 0 0 - 509 0

Other 303 + 9 + 24 318

Other liabilities and capital 25,528 + 161 + 4,952 25,241

Total factors, other than reserve balances,

absorbing reserve funds 823,364 + 5,506 + 52,366 822,392

Reserve balances with Federal Reserve Banks 11,785 + 152 - 871 14,724

Memo (off-balance-sheet items):

Marketable securities held in custody for foreign

 official and international accounts2,7 1,322,634 + 5,887 + 285,686 1,326,221

U.S. Treasury 1,062,215 + 1,004 + 235,459 1,063,580

Federal agency 260,419 + 4,884 + 50,227 262,641

Securities lent to dealers 1,587 - 2,732 - 440 3,532

FEDERAL RESERVE statistical release

 December 2, 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

 Dec 1, 2004 Week ended

 Dec 1, 2004 Nov 24, 2004 Dec 3, 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 703 - 36 - 41

Securities, repurchase agreements, and loans 746,697 - 3,970 + 57,931

Securities held outright 712,891 + 1,296 + 47,649

U.S. Treasury1 712,891 + 1,296 + 47,659

Bills2 262,477 + 1,287 + 19,092

Notes and bonds, nominal2 432,526 0 + 26,353

Notes and bonds, inflation-indexed2 15,683 0 + 1,689

Inflation compensation3 2,205 + 9 + 525

Federal agency2 0 0 - 10

Repurchase agreements4 33,750 - 5,250 + 10,250

Loans 56 - 16 + 33

Items in process of collection (910) 8,003 + 956 - 1,444

Bank premises 1,752 - 1 + 146

Other assets5 38,160 + 202 + 1,083

Total assets (910) 808,553 - 2,850 + 57,675

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 718,227 - 669 + 38,875

Reverse repurchase agreements6 27,539 - 545 + 8,808

Deposits ( 0 ) 30,446 - 1,829 + 6,013

Depository institutions 24,780 - 2,540 + 5,120

U.S. Treasury, general account 5,264 + 689 + 890

Foreign official 84 0 - 32

Other ( 0 ) 318 + 22 + 36

Deferred availability cash items (910) 7,100 + 143 - 763

Other liabilities and accrued dividends7 3,035 + 27 + 708

Total liabilities (910) 786,346 - 2,873 + 53,641

Capital accounts

Capital paid in 11,544 - 27 + 2,712

Surplus 8,847 0 + 467

Other capital accounts 1,815 + 50 + 854

Total capital 22,206 + 22 + 4,033

H.4.1

2. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Wednesday

 Dec 3, 2003

Eliminations from

consolidation Wednesday

 Dec 1, 2004

Wednesday

 Nov 24, 2004

3. Maturity Distribution of Loans and Securities, December 1, 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 12 42,564 - 8,514 0 0 29,750 27,539

16 days to 90 days 44 162,381 + 11,497 0 0 4,000 0

91 days to 1 year 0 172,435 - 886 0 0 . . . . . . 

Over 1 year to 5 years . . . 205,870 - 808 0 0 . . . . . . 

Over 5 years to 10 years . . . 54,003 + 2 0 0 . . . . . . 

Over 10 years . . . 75,637 + 4 0 0 . . . . . . 

All 56 712,891 + 1,296 0 0 33,750 27,539

Assets, liabilities, and capital

Maturity
H.4.1

4. Statement of Condition of Each Federal Reserve Bank on December 1, 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 2,200 703 746,697 712,891 712,891 262,477 450,414 0 33,750 56 8,912 1,752 38,160 0 809,462

Assets, liabilities, and capital

 4,649 874 43 342,869 309,119 309,119 113,813 195,306 0 33,750 0 437 193 13,478 -31,329 331,214

 494 115 20 33,478 33,476 33,476 12,325 21,150 0 0 2 534 99 1,740 + 3,210 39,690

 382 83 56 21,207 21,203 21,203 7,807 13,396 0 0 4 463 52 1,061 + 5,690 28,994

 452 104 52 30,462 30,462 30,462 11,216 19,246 0 0 0 1,007 154 2,416 - 526 34,121

 819 147 55 54,183 54,183 54,183 19,949 34,233 0 0 0 472 144 6,203 + 1,507 63,531

 894 166 71 48,085 48,076 48,076 17,701 30,375 0 0 9 928 277 2,159 + 9,683 62,262

 924 212 100 64,227 64,216 64,216 23,643 40,573 0 0 10 854 146 3,468 + 495 70,425

 325 71 36 20,944 20,944 20,944 7,711 13,233 0 0 0 400 63 1,006 + 1,692 24,537

 2   15,5 15,5 15,5 5,7 9,8    6 1 1,1 - 8 16,9
 842,585

 124,359 718,227 718,227 11,039 2,200 704,988 0 746,641 27,599 719,042

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.

 842,585 124,359 718,227 27,539 30,446 24,780 5,264 84 318 8,010 3,035 787,256 11,544 8,847 1,815 809,462

 37,854 4,216 33,638 1,293 1,501 1,495 0 2 4 623 186 37,242 1,637 448 363 39,690

 329,523 30,726 298,797 11,941 12,436 6,932 5,264 61 180 733 1,027 324,934 3,425 2,031 824 331,214

 32,782 8,232 24,550 819 2,455 2,454 0 1 0 462 112 28,398 293 259 44 28,994

 34,656 5,530 29,126 1,177 1,107 1,104 0 2 1 952 157 32,519 790 727 85 34,121

 65,643 12,205 53,438 2,093 2,959 2,825 0 7 127 455 335 59,279 2,099 2,074 79 63,531

 73,049 16,833 56,216 1,857 1,962 1,960 0 2 1 943 231 61,210 499 489 65 62,262

 72,621 9,352 63,268 2,481 2,242 2,239 0 3 0 436 273 68,701 763 924 37 70,425

 25,174 2,885 22,288 809 674 670 0 1 4 165 119 24,056 236 228 17 24,537

 16,5 1,9 14,5 6 4 4    5  16,2 2 3  16,9

H.4.1

4. Statement of Condition of Each Federal Reserve Bank on December 1, 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

 Dec 1, 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.