FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                           December 9, 2004
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            Dec 8, 2004  Dec 1, 2004 Dec 10, 2003  Dec 8, 2004
Federal Reserve Banks

Reserve Bank Credit                                         784,133    -   1,381    +  52,927      789,104
 Securities held outright                                   715,618    +   3,650    +  50,130      717,072       
    U.S. Treasury (1)                                       715,618    +   3,650    +  50,139      717,072
       Bills (2)                                            262,729    +   1,171    +  19,095      262,733
       Notes and bonds, nominal (2)                         434,987    +   2,461    +  28,814      436,429
       Notes and bonds, inflation-indexed (2)                15,683            0    +   1,689       15,683
       Inflation compensation (3)                             2,218    +      18    +     540        2,226
    Federal agency (2)                                            0            0    -       9            0      
 Repurchase agreements(4)                                    28,071    -   5,572    +   2,178       30,500
 Loans to depository institutions                                55    -      18    +      18           53
    Primary credit                                                3    -       3    -      10            2
    Secondary credit                                              0            0            0            0
    Seasonal credit                                              51    -      16    +      27           51
 Float                                                          145    +     252    -     606        1,381
 Other Federal Reserve assets                                40,244    +     306    +   1,207       40,098
Gold stock                                                   11,043            0            0       11,043
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            36,434    +      14    +     991       36,434
       
Total factors supplying reserve funds                       833,810    -   1,367    +  53,918      838,781
                                                                   
Currency in circulation(5)                                  751,417    -   2,448    +  39,620      752,616
Reverse repurchase agreements (6)                            28,393    +     307    +   8,929       28,171
   Foreign official and international accounts               28,393    +     307    +   8,929       28,171
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          262    -      17    -      64          279
Deposits with F.R.Banks, other than reserve balances         15,435    -     200    -   1,903       15,199       
  U.S. Treasury, general account                              4,986    -     231    +      12        4,831
  Foreign official                                              144    +      56    +      64           77
  Service-related                                            10,027            0    -   1,974       10,026
     Required clearing balances                              10,027            0    -   1,824       10,026
     Adjustments to compensate for float                          0            0    -     150            0
  Other                                                         278    -      25    -       6          265
Other liabilities and capital                                25,717    +     189    +   4,919       25,347

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  821,224    -   2,169    +  51,502      821,612

Reserve balances with Federal Reserve Banks                  12,586    +     801    +   2,416       17,169
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)         1,329,272    +   6,638    + 284,317    1,330,533
     U.S. Treasury                                        1,063,510    +   1,295    + 229,221    1,062,785
     Federal agency                                         265,761    +   5,342    +  55,096      267,748
  Securities lent to dealers                                  2,764    +   1,177    +     782        3,404   


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  Dec 8, 2004      Dec 1, 2004     Dec 10, 2003

Assets
Gold certificate account                                        11,039                0                0
Special drawing rights certificate account                       2,200                0                0
Coin                                                               710        +       7        -      44
Securities, repurchase agreements, and loans                   747,624        +     927        +  52,732
   Securities held outright                                    717,072        +   4,181        +  51,462
      U.S. Treasury (1)                                        717,072        +   4,181        +  51,462       
         Bills (2)                                             262,733        +     256        +  18,966
         Notes and bonds, nominal (2)                          436,429        +   3,903        +  30,256
         Notes and bonds, inflation-indexed (2)                 15,683                0        +   1,689
         Inflation compensation (3)                              2,226        +      21        +     550
      Federal agency (2)                                             0                0                0
   Repurchase agreements (4)                                    30,500        -   3,250        +   1,250    
   Loans                                                            53        -       3        +      21
Items in process of collection                      (896)        8,309        +     306        -   1,148
Bank premises                                                    1,756        +       4        +     148
Other assets (5)                                                38,375        +     215        +     845
      Total assets                                  (896)      810,013        +   1,460        +  52,532
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  717,167        -   1,060        +  38,643
Reverse repurchase agreements (6)                               28,171        +     632        +   9,207
Deposits                                              (0)       32,400        +   1,954        +     577       
  Depository institutions                                       27,228        +   2,448        +     892
  U.S. Treasury, general account                                 4,831        -     433        -     331
  Foreign official                                                  77        -       7        -       6
  Other                                               (0)          265        -      53        +      24
Deferred availability cash items                    (896)        6,927        -     173        -     727
Other liabilities and accrued dividends (7)                      3,118        +      83        +     762
      Total liabilities                             (896)      787,784        +   1,438        +  48,464
                          
Capital Accounts
Capital paid in                                                 11,611        +      67        +   2,787
Surplus                                                          8,847                0        +     467
Other capital accounts                                           1,771        -      44        +     814
      Total capital                                             22,229        +      23        +   4,068


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,   December 8, 2004
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              18       42,470   -      94            0           0       26,500       28,171
16 days to 90 days          34      163,759   +   1,378            0           0        4,000            0
91 days to 1 year            0      172,907   +     472            0           0     ------      ------
Over 1 to 5 years     ------        208,282   +   2,412            0           0     ------      ------
Over 5 to 10 years    ------         54,009   +       6            0           0     ------      ------
Over 10 years         ------         75,644   +       7            0           0     ------      ------
                   		 	
All                         53      717,072   +   4,181            0           0       30,500      28,171

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   December 8, 2004
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                      11,039        494      4,649        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                                             710         20         43         57         52         57         73        102         36         22         46        104         97
Securities, repurchase agreements,
      and loans                              747,624     33,675    341,432     21,331     30,641     54,501     48,365     64,603     21,067     15,657     18,850     32,697     64,806
   Securities held outright                  717,072     33,672    310,932     21,327     30,641     54,501     48,357     64,593     21,067     15,640     18,843     32,695     64,804
      U.S. Treasury (1)                      717,072     33,672    310,932     21,327     30,641     54,501     48,357     64,593     21,067     15,640     18,843     32,695     64,804
         Bills (2)                           262,733     12,337    113,925      7,814     11,227     19,969     17,718     23,667      7,719      5,731      6,904     11,979     23,744
         Notes and bonds(3)                  454,339     21,335    197,007     13,513     19,414     34,532     30,639     40,926     13,348      9,910     11,939     20,716     41,060
         Federal agency (2)                        0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements(4)                30,500          0     30,500          0          0          0          0          0          0          0          0          0          0
      Loans                                       53          3          0          4          0          0          8         11          0         17          7          2          2
Items in process of collection                 9,204        523        611        455        926        590      1,095        649        508        483        671        365      2,330
Bank premises                                  1,756         99        193         53        154        144        277        146         64        123         79        245        179
Other assets(5)                               38,375      1,740     13,584      1,153      2,417      6,184      2,172      3,481        990      1,150        777        935      3,793
Interdistrict settlement account                   0    + 5,452    -25,896    + 3,985    - 1,111    + 1,599    + 9,134    +   174    + 1,235    - 1,152    + 1,322    + 1,422    + 3,835
          Total Assets                       810,909     42,118    335,490     27,499     33,635     64,040     62,176     70,291     24,295     16,532     22,114     36,391     76,328

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   December 8, 2004
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             846,549     38,122    333,254     32,718     34,745     65,634     73,086     72,919     25,156     16,527     24,528     41,378     88,481
  Less: notes held by F.R. Banks              129,382      4,375     32,499      8,214      5,707     12,602     17,322      9,521      2,991      2,170      4,721      7,749     21,511
    Federal Reserve notes, net                717,167     33,746    300,755     24,504     29,039     53,032     55,764     63,398     22,165     14,357     19,807     33,629     66,970
Reverse repurchase agreements (1)              28,171      1,323     12,215        838      1,204      2,141      1,900      2,538        828        614        740      1,284      2,546
Deposits                                       32,400      3,780     14,281        762      1,136      3,906      2,361      1,892        541        375        660        724      1,983
  Depository institutions                      27,228      3,776      9,223        761      1,133      3,819      2,360      1,889        535        374        658        723      1,979
  U.S. Treasury, general account                4,831          0      4,831          0          0          0          0          0          0          0          0          0          0
  Foreign official                                 77          2         53          1          2          7          2          3          1          1          1          0          4
  Other                                           265          2        175          0          1         80          0          0          5          0          1          0          0
Deferred availability cash items                7,823        624        761        688        501        399        895        480        164        487        483        319      2,023
Other liabilities and accrued                 
  dividends (2)                                 3,118        194      1,046        115        159        344        239        281        120         99        105        157        258
   
    Total liabilities                         788,679     39,667    329,059     26,907     32,038     59,823     61,159     68,589     23,818     15,932     21,795     36,113     73,780
                              
Capital                    
Capital paid in                                11,611      1,638      3,426        294        794      2,139        503        763        236        255        150        133      1,281
Surplus                                         8,847        448      2,031        259        727      2,074        489        924        228        346        162        111      1,048
Other capital                                   1,771        365        975         39         75          4         25         14         13          0          7         34        219
     Total liabilities and capital            810,909     42,118    335,490     27,499     33,635     64,040     62,176     70,291     24,295     16,532     22,114     36,391     76,328
                              

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
                                           Dec 8, 2004
              
Federal Reserve notes outstanding             846,549
   Less: Notes held by F.R. Banks
         not subject to collateralization     129,382
      Federal Reserve Notes to be
         collateralized                       717,167 
Collateral held against Federal Reserve            
   notes                                      717,167
   Gold certificate account                    11,039
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              703,928
   Other assets pledged                             0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         747,572
   Less:face value of securities under
         reverse repurchase agreements         28,224
      U.S. Treasury and agency securities
             eligible to be pledged           719,347
   

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.