FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                             March 24, 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           Mar 23, 2005 Mar 16, 2005 Mar 24, 2004 Mar 23, 2005
Federal Reserve Banks

Reserve Bank Credit                                         783,495    -   1,865    +  52,219      778,455
 Securities held outright                                   717,522    +      10    +  44,004      717,526       
    U.S. Treasury (1)                                       717,522    +      10    +  44,004      717,526
       Bills (2)                                            263,005            0    +  16,536      263,005
       Notes and bonds, nominal (2)                         433,096            0    +  22,179      433,096
       Notes and bonds, inflation-indexed (2)                19,108            0    +   4,644       19,108
       Inflation compensation (3)                             2,312    +      10    +     644        2,316
    Federal agency (2)                                            0            0            0            0      
 Repurchase agreements(4)                                    25,964    -   2,143    +   7,178       19,250
 Loans to depository institutions                                43    -       1    -      19           43
    Primary credit                                                5    -       3    -      21            0
    Secondary credit                                              0            0            0            0
    Seasonal credit                                              38    +       3    +       2           43
 Float                                                         -721    +      12    +      58        1,086
 Other Federal Reserve assets                                40,687    +     257    +     997       40,549
Gold stock                                                   11,042            0    -       3       11,042
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            36,532    +      14    +     798       36,532
       
Total factors supplying reserve funds                       833,269    -   1,850    +  53,014      828,228
                                                                   
Currency in circulation(5)                                  751,984    +      59    +  37,832      753,105
Reverse repurchase agreements (6)                            26,048    +     683    +   6,809       24,491
   Foreign official and international accounts               26,048    +     683    +   6,809       24,491
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          257    +       5    -      82          274
Deposits with F.R.Banks, other than reserve balances         14,041    -   1,254    -   2,218       13,732       
  U.S. Treasury, general account                              4,968    -     150    -     403        4,677
  Foreign official                                               88            0    +       8           83
  Service-related                                             8,733    -     821    -   1,818        8,733
     Required clearing balances                               8,733    -     821    -   1,676        8,733
     Adjustments to compensate for float                          0            0    -     142            0
  Other                                                         252    -     283    -       4          239
Other liabilities and capital                                27,975    -     153    +   7,011       27,480

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  820,303    -     663    +  49,351      819,082

Reserve balances with Federal Reserve Banks                  12,965    -   1,188    +   3,662        9,146
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)         1,388,686    +   3,747    + 212,502    1,391,290
     U.S. Treasury                                        1,085,472    +     324    + 148,821    1,085,236
     Federal agency                                         303,213    +   3,422    +  63,680      306,054
  Securities lent to dealers                                  2,690    +     867    +     949        4,354   


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 Mar 23, 2005     Mar 16, 2005     Mar 24, 2004

Assets
Gold certificate account                                        11,037                0        -       4
Special drawing rights certificate account                       2,200                0                0
Coin                                                               730        -      16        -     104
Securities, repurchase agreements, and loans                   736,819        -  11,005        +  43,026
   Securities held outright                                    717,526        +      11        +  43,531
      U.S. Treasury (1)                                        717,526        +      11        +  43,531       
         Bills (2)                                             263,005                0        +  16,536
         Notes and bonds, nominal (2)                          433,096                0        +  21,708
         Notes and bonds, inflation-indexed (2)                 19,108                0        +   4,644
         Inflation compensation (3)                              2,316        +      10        +     642
      Federal agency (2)                                             0                0                0
   Repurchase agreements (4)                                    19,250        -  11,000        -     500    
   Loans                                                            43        -      15        -       5
Items in process of collection                      (978)        7,721        +   1,067        +   3,094
Bank premises                                                    1,801        +       4        +     146
Other assets (5)                                                38,582        -     147        +     339
      Total assets                                  (978)      798,889        -  10,098        +  46,496
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  717,572        -     211        +  37,125
Reverse repurchase agreements (6)                               24,491        -     448        +   4,504
Deposits                                              (0)       22,691        -   8,682        -   2,756       
  Depository institutions                                       17,693        -   8,598        -   3,023
  U.S. Treasury, general account                                 4,677        -      69        +     273
  Foreign official                                                  83        +       1        +       3
  Other                                               (0)          239        -      15        -       8
Deferred availability cash items                    (978)        6,655        -     400        +     850
Other liabilities and accrued dividends (7)                      3,180        +      92        +     915
      Total liabilities                             (978)      774,589        -   9,650        +  40,638
                          
Capital Accounts
Capital paid in                                                 12,558        +      22        +   3,594
Surplus                                                         11,200        -      47        +   2,353
Other capital accounts                                             542        -     424        -      89
      Total capital                                             24,300        -     449        +   5,859


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,     March 23, 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              39       54,765   -      32            0           0       19,250       24,491
16 days to 90 days           4      163,118   -     490            0           0            0            0
91 days to 1 year            0      159,615   +     522            0           0     ------      ------
Over 1 to 5 years     ------        212,802   +       4            0           0     ------      ------
Over 5 to 10 years    ------         50,283   +       2            0           0     ------      ------
Over 10 years         ------         76,943   +       5            0           0     ------      ------
                   		 	
All                         43      717,526   +      11            0           0       19,250      24,491

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     March 23, 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        494      4,647        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                                             730         22         49         63         54         59         71        119         32         24         49         68        119
Securities, repurchase agreements,
      and loans                              736,819     33,693    330,379     21,341     30,660     54,535     48,388     64,656     21,084     15,667     18,855     32,716     64,845
   Securities held outright                  717,526     33,693    311,129     21,341     30,660     54,535     48,388     64,634     21,080     15,650     18,855     32,716     64,845
      U.S. Treasury (1)                      717,526     33,693    311,129     21,341     30,660     54,535     48,388     64,634     21,080     15,650     18,855     32,716     64,845
         Bills (2)                           263,005     12,350    114,042      7,822     11,238     19,990     17,736     23,691      7,727      5,736      6,911     11,992     23,769
         Notes and bonds(3)                  454,520     21,343    197,086     13,519     19,422     34,546     30,652     40,942     13,353      9,914     11,944     20,724     41,076
         Federal agency (2)                        0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements(4)                19,250          0     19,250          0          0          0          0          0          0          0          0          0          0
      Loans                                       43          0          0          0          0          0          0         22          4         17          0          0          0
Items in process of collection                 8,699        402        394        290      1,322        550      1,467        590        365        319        459        441      2,099
Bank premises                                  1,801        104        201         53        157        143        275        170         65        122         83        260        167
Other assets(5)                               38,582      3,329     14,969      1,126      2,580      5,071      1,986      2,662        873        785        673        927      3,601
Interdistrict settlement account                   0    + 2,672    -24,741    + 8,277    -   326    + 1,416    + 6,190    +   572    + 1,191    -   693    + 1,340    +   439    + 3,663
          Total Assets                       799,867     40,831    326,772     31,615     35,003     62,741     59,438     69,905     24,005     16,472     21,827     35,474     75,783

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     March 23, 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             854,914     40,016    339,578     35,556     35,431     65,601     72,993     72,685     24,729     16,355     24,390     40,311     87,269
  Less: notes held by F.R. Banks              137,342      4,716     40,511      7,837      5,279     12,707     19,708      9,173      3,049      1,878      4,684      7,418     20,381
    Federal Reserve notes, net                717,572     35,300    299,067     27,719     30,153     52,894     53,284     63,512     21,679     14,477     19,706     32,893     66,888
Reverse repurchase agreements (1)              24,491      1,150     10,620        728      1,047      1,861      1,652      2,206        720        534        644      1,117      2,213
Deposits                                       22,691        974      8,150      1,923      1,043      2,299      2,179      1,763        594        377        671        606      2,113
  Depository institutions                      17,693        967      3,250      1,922      1,038      2,230      2,177      1,760        590        376        669        605      2,108
  U.S. Treasury, general account                4,677          0      4,677          0          0          0          0          0          0          0          0          0          0
  Foreign official                                 83          5         55          1          4          7          2          3          1          1          1          0          4
  Other                                           239          2        168          0          1         62          0          0          3          0          1          0          0
Deferred availability cash items                7,632        643        776        537        526        514      1,125        507        152        483        390        406      1,574
Other liabilities and accrued                 
  dividends (2)                                 3,180        184      1,118        110        171        320        234        300        121         96        101        156        270
   
    Total liabilities                         775,567     38,250    319,730     31,017     32,939     57,888     58,475     68,288     23,267     15,967     21,512     35,177     73,057
                              
Capital                    
Capital paid in                                12,558      1,554      3,492        300      1,099      2,539        429        817        404        254        155        143      1,372
Surplus                                        11,200      1,027      3,430        294        964      2,148        516        763        236        252        153        135      1,283
Other capital                                     542          0        120          4          0        166         19         37         98          0          7         19         71
     Total liabilities and capital            799,867     40,831    326,772     31,615     35,003     62,741     59,438     69,905     24,005     16,472     21,827     35,474     75,783
                              

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
                                          Mar 23, 2005
              
Federal Reserve notes outstanding             854,914
   Less: Notes held by F.R. Banks
         not subject to collateralization     137,342
      Federal Reserve Notes to be
         collateralized                       717,572 
Collateral held against Federal Reserve            
   notes                                      717,572
   Gold certificate account                    11,037
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              704,334
   Other assets pledged                             0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         736,776
   Less:face value of securities under
         reverse repurchase agreements         24,510
      U.S. Treasury and agency securities
             eligible to be pledged           712,266
   

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.