FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                           January 13, 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 12, 2005  Jan 5, 2005 Jan 14, 2004 Jan 12, 2005
Federal Reserve Banks

Reserve Bank Credit                                         780,682    -  10,975    +  51,196      777,138
 Securities held outright                                   717,822    +       3    +  51,024      717,823       
    U.S. Treasury (1)                                       717,822    +       3    +  51,024      717,823
       Bills (2)                                            262,970            0    +  17,989      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)                             2,315    +       3    +     666        2,316
    Federal agency (2)                                            0            0            0            0      
 Repurchase agreements(4)                                    22,893    -  10,321    +   1,750       18,250
 Loans to depository institutions                                65    +      12    +      20           50
    Primary credit                                               45    +      26    +       6           27
    Secondary credit                                              0            0            0            0
    Seasonal credit                                              20    -      15    +      14           23
 Float                                                          645    -     317    +     316        1,272
 Other Federal Reserve assets                                39,257    -     350    -   1,915       39,743
Gold stock                                                   11,045            0    +       2       11,045
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            36,519    +      14    +   1,011       36,519
       
Total factors supplying reserve funds                       830,446    -  10,961    +  52,209      826,902
                                                                   
Currency in circulation(5)                                  750,124    -   4,974    +  36,974      749,388
Reverse repurchase agreements (6)                            29,964    +      62    +   9,521       27,231
   Foreign official and international accounts               29,964    +      62    +  10,485       27,231
   Dealers                                                        0            0    -     964            0
Treasury cash holdings                                          273    +       2    -      51          250
Deposits with F.R.Banks, other than reserve balances         15,064    -   1,758    -     741       14,917       
  U.S. Treasury, general account                              5,145    -     505    +     259        4,951
  Foreign official                                               79    -      95    -       8           88
  Service-related                                             9,593    -     425    -     942        9,593
     Required clearing balances                               9,593    -     425    -     589        9,593
     Adjustments to compensate for float                          0            0    -     352            0
  Other                                                         247    -     733    -      51          284
Other liabilities and capital                                25,705    -     383    +   5,023       26,195

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  821,129    -   7,051    +  50,723      817,981

Reserve balances with Federal Reserve Banks                   9,316    -   3,910    +   1,485        8,921
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)         1,351,056    +   6,846    + 268,125    1,341,811
     U.S. Treasury                                        1,071,560    +   4,415    + 205,930    1,064,598
     Federal agency                                         279,496    +   2,431    +  62,194      277,213
  Securities lent to dealers                                  2,669    -   2,938    +     213        3,941   


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 12, 2005      Jan 5, 2005     Jan 14, 2004

Assets
Gold certificate account                                        11,041                0        +       2
Special drawing rights certificate account                       2,200                0                0
Coin                                                               737        +      18        -      15
Securities, repurchase agreements, and loans                   736,123        -  16,242        +  45,311
   Securities held outright                                    717,823        +       2        +  51,025
      U.S. Treasury (1)                                        717,823        +       2        +  51,025       
         Bills (2)                                             262,970                0        +  17,985
         Notes and bonds, nominal (2)                          436,429                0        +  30,256
         Notes and bonds, inflation-indexed (2)                 16,108                0        +   2,114
         Inflation compensation (3)                              2,316        +       3        +     670
      Federal agency (2)                                             0                0                0
   Repurchase agreements (4)                                    18,250        -  16,250        -   5,750    
   Loans                                                            50        +       6        +      36
Items in process of collection                      (813)        7,994        -   1,547        +     427
Bank premises                                                    1,776        +       2        +     151
Other assets (5)                                                40,161        +     534        +     457
      Total assets                                  (813)      800,032        -  17,235        +  46,333
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  713,851        -   4,630        +  36,411
Reverse repurchase agreements (6)                               27,231        -   1,416        +   6,510
Deposits                                              (0)       26,032        -  10,898        -   1,278       
  Depository institutions                                       20,709        -  11,109        -     794
  U.S. Treasury, general account                                 4,951        +     160        -     447
  Foreign official                                                  88        -       5        +       7
  Other                                               (0)          284        +      55        -      44
Deferred availability cash items                    (813)        6,723        -     966        -   1,184
Other liabilities and accrued dividends (7)                      2,803        +      58        +     623
      Total liabilities                             (813)      776,640        -  17,853        +  41,081
                          
Capital Accounts
Capital paid in                                                 12,008        +     162        +   3,133
Surplus                                                         10,953        +     133        +   2,106
Other capital accounts                                             431        +     322        +      12
      Total capital                                             23,392        +     618        +   5,251


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 12, 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              38       46,453   +     229            0           0       18,250       27,231
16 days to 90 days          12      163,095   +     317            0           0            0            0
91 days to 1 year            0      169,865   -     546            0           0     ------      ------
Over 1 to 5 years     ------        208,270           0            0           0     ------      ------
Over 5 to 10 years    ------         54,373           0            0           0     ------      ------
Over 10 years         ------         75,766           0            0           0     ------      ------
                   		 	
All                         50      717,823   +       2            0           0       18,250      27,231

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 12, 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                                             737         18         46         55         52         67         81        117         34         23         46         89        108
Securities, repurchase agreements,
      and loans                              736,123     33,712    329,520     21,357     30,673     54,558     48,408     64,668     21,089     15,661     18,864     32,729     64,886
   Securities held outright                  717,823     33,707    311,258     21,350     30,673     54,558     48,408     64,660     21,089     15,657     18,863     32,729     64,872
      U.S. Treasury (1)                      717,823     33,707    311,258     21,350     30,673     54,558     48,408     64,660     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)                  454,853     21,359    197,230     13,528     19,436     34,571     30,674     40,972     13,363      9,921     11,953     20,739     41,106
         Federal agency (2)                        0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements(4)                18,250          0     18,250          0          0          0          0          0          0          0          0          0          0
      Loans                                       50          5         12          7          0          0          0          7          0          4          1          0         14
Items in process of collection                 8,807        532        474        373        665        464        732        735        402        535      1,118        348      2,428
Bank premises                                  1,776        100        196         53        157        144        277        159         67        123         82        252        167
Other assets(5)                               40,161      1,832     14,305      1,170      2,496      6,351      2,319      3,647      1,053      1,195        822      1,007      3,965
Interdistrict settlement account                   0    + 2,702    -14,756    + 3,731    -   901    -   991    + 7,460    -   774    + 1,125    - 1,314    +   731    +   846    + 2,140
          Total Assets                       800,845     39,506    335,309     27,204     33,698     61,560     60,338     69,688     24,166     16,469     22,031     35,893     74,983

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 12, 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             850,690     38,429    340,560     32,502     34,417     64,887     72,733     72,976     24,914     16,484     24,438     40,827     87,522
  Less: notes held by F.R. Banks              136,839      4,516     39,392      8,181      5,584     12,561     17,995      9,552      3,000      2,042      4,563      7,657     21,797
    Federal Reserve notes, net                713,851     33,914    301,168     24,321     28,833     52,326     54,738     63,424     21,914     14,442     19,875     33,170     65,725
Reverse repurchase agreements (1)              27,231      1,279     11,808        810      1,164      2,070      1,836      2,453        800        594        716      1,242      2,461
Deposits                                       26,032      1,052     13,507        893      1,052      1,994      1,651      1,529        530        358        638        715      2,113
  Depository institutions                      20,709      1,049      8,337        892      1,048      1,864      1,649      1,525        528        357        636        714      2,109
  U.S. Treasury, general account                4,951          0      4,951          0          0          0          0          0          0          0          0          0          0
  Foreign official                                 88          2         65          1          2          7          2          3          1          1          1          0          4
  Other                                           284          2        154          0          1        122          0          0          2          0          1          0          0
Deferred availability cash items                7,536        556        766        477        598        608        906        422        164        473        388        333      1,845
Other liabilities and accrued                 
  dividends (2)                                 2,803        153        983        102        147        260        220        269        110         88         95        144        230
   
    Total liabilities                         777,453     36,954    328,233     26,604     31,794     57,257     59,351     68,097     23,519     15,955     21,712     35,603     72,374
                              
Capital                    
Capital paid in                                12,008      1,638      3,430        294      1,066      2,148        424        785        398        253        154        135      1,283
Surplus                                        10,953        905      3,430        294        838      2,148        516        763        236        254        152        135      1,283
Other capital                                     431         10        217         13          0          6         47         42         13          7         13         20         43
     Total liabilities and capital            800,845     39,506    335,309     27,204     33,698     61,560     60,338     69,688     24,166     16,469     22,031     35,893     74,983
                              

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 12, 2005
              
Federal Reserve notes outstanding             850,690
   Less: Notes held by F.R. Banks
         not subject to collateralization     136,839
      Federal Reserve Notes to be
         collateralized                       713,851 
Collateral held against Federal Reserve            
   notes                                      713,851
   Gold certificate account                    11,041
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              700,611
   Other assets pledged                             0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         736,073
   Less:face value of securities under
         reverse repurchase agreements         27,247
      U.S. Treasury and agency securities
             eligible to be pledged           708,826
   

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.