Reserve Bank credit, related items, and

reserve balances of depository institutions

at Federal Reserve Banks

Reserve Bank credit 791,658 + 1,033 + 48,359 793,421

Securities held outright 717,819 + 92 + 51,115 717,821

U.S. Treasury1 717,819 + 92 + 51,115 717,821

Bills2 262,970 + 78 + 18,093 262,970

Notes and bonds, nominal2 436,429 0 + 30,256 436,429

Notes and bonds, inflation-indexed2 16,108 0 + 2,114 16,108

Inflation compensation3 2,312 + 14 + 653 2,313

Federal agency2 0 0 0 0

Repurchase agreements4 33,214 + 2,143 - 1,465 34,500

Loans to depository institutions 53 - 1 + 29 44

Primary credit 19 + 10 + 7 21

Secondary credit 0 0 0 0

Seasonal credit 35 - 10 + 24 23

Float 963 - 1,537 - 385 1,852

Other Federal Reserve assets 39,607 + 335 - 938 39,204

Gold stock 11,045 + 1 + 2 11,045

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

Treasury currency outstanding5 36,490 + 14 + 1,002 36,490

Total factors supplying reserve funds 841,392 + 1,048 + 49,362 843,155

Currency in circulation5 755,083 - 1,858 + 33,922 753,980

Reverse repurchase agreements6 29,902 - 230 + 7,425 28,647

Foreign official and international accounts 29,902 - 230 + 7,782 28,647

Dealers 0 0 - 357 0

Treasury cash holdings 271 + 3 - 50 276

Deposits with F.R. Banks, other than reserve balances 16,822 + 1,851 - 1,261 15,131

U.S. Treasury, general account 5,650 + 1,019 + 331 4,791

Foreign official 174 + 94 + 79 93

Service-related 10,018 - 5 - 2,004 10,018

Required clearing balances 10,018 - 5 - 1,812 10,018

Adjustments to compensate for float 0 0 - 192 0

Other 980 + 743 + 333 229

Other liabilities and capital 26,088 - 531 + 5,963 25,519

Total factors, other than reserve balances,

absorbing reserve funds 828,165 - 766 + 45,998 823,553

Reserve balances with Federal Reserve Banks 13,227 + 1,814 + 3,364 19,602

Memo (off-balance-sheet items):

Marketable securities held in custody for foreign

 official and international accounts2,7 1,344,210 + 8,430 + 271,550 1,347,153

U.S. Treasury 1,067,145 + 4,936 + 205,141 1,067,470

Federal agency 277,065 + 3,494 + 66,409 279,683

Securities lent to dealers 5,607 + 3,557 + 2,407 2,789

FEDERAL RESERVE statistical release

 January 6, 2005

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

 Jan 5, 2005 Week ended

 Jan 5, 2005 Dec 29, 2004 Jan 7, 2004
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 11,041 0 + 2

Special drawing rights certificate account 2,200 0 0

Coin 719 + 2 - 6

Securities, repurchase agreements, and loans 752,365 + 1,495 + 61,634

Securities held outright 717,821 + 8 + 51,101

U.S. Treasury1 717,821 + 8 + 51,101

Bills2 262,970 0 + 18,073

Notes and bonds, nominal2 436,429 0 + 30,256

Notes and bonds, inflation-indexed2 16,108 0 + 2,114

Inflation compensation3 2,313 + 7 + 658

Federal agency2 0 0 0

Repurchase agreements4 34,500 + 1,500 + 10,500

Loans 44 - 13 + 33

Items in process of collection (1,060) 9,541 + 3,437 - 1,700

Bank premises 1,774 - 13 + 150

Other assets5 39,627 - 132 + 468

Total assets (1,060) 817,267 + 4,789 + 60,549

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 718,481 - 4,423 + 35,090

Reverse repurchase agreements6 28,647 - 1,291 + 9,060

Deposits ( 1 ) 36,930 + 9,454 + 11,850

Depository institutions 31,818 + 10,385 + 11,962

U.S. Treasury, general account 4,791 - 943 - 124

Foreign official 93 + 6 + 9

Other ( 1 ) 229 + 8 + 4

Deferred availability cash items (1,060) 7,689 + 2,055 - 590

Other liabilities and accrued dividends7 2,745 - 448 + 643

Total liabilities (1,060) 794,493 + 5,348 + 56,055

Capital accounts

Capital paid in 11,846 + 205 + 2,995

Surplus 10,820 + 1,973 + 1,973

Other capital accounts 109 - 2,736 - 474

Total capital 22,774 - 559 + 4,493

H.4.1

2. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Wednesday

 Jan 7, 2004

Eliminations from

consolidation Wednesday

 Jan 5, 2005

Wednesday

 Dec 29, 2004

3. Maturity Distribution of Loans and Securities, January 5, 2005

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 29 46,224 - 7,887 0 0 34,500 28,647

16 days to 90 days 15 162,778 + 8,372 0 0 0 0

91 days to 1 year 0 170,411 - 445 0 0 . . . . . . 

Over 1 year to 5 years . . . 208,270 - 36 0 0 . . . . . . 

Over 5 years to 10 years . . . 54,373 + 2 0 0 . . . . . . 

Over 10 years . . . 75,766 + 3 0 0 . . . . . . 

All 44 717,821 + 8 0 0 34,500 28,647

Assets, liabilities, and capital

Maturity
H.4.1

4. Statement of Condition of Each Federal Reserve Bank on January 5, 2005Millions 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.

 11,041 2,200 719 752,365 717,821 717,821 262,970 454,851 0 34,500 44 10,602 1,774 39,627 0 818,327

Assets, liabilities, and capital

 4,651 874 43 345,778 311,257 311,257 114,027 197,229 0 34,500 21 527 196 14,124 -24,128 342,064

 494 115 18 33,710 33,707 33,707 12,348 21,359 0 0 3 489 99 1,799 + 3,134 39,857

 382 83 55 21,355 21,350 21,350 7,821 13,528 0 0 6 462 53 1,153 + 4,253 27,796

 452 104 51 30,673 30,673 30,673 11,237 19,436 0 0 0 904 157 2,468 - 501 34,307

 819 147 63 54,558 54,558 54,558 19,987 34,571 0 0 0 407 144 6,279 + 2,574 64,990

 894 166 81 48,409 48,408 48,408 17,734 30,674 0 0 2 978 277 2,286 + 9,286 62,377

 924 212 113 64,669 64,660 64,660 23,688 40,972 0 0 8 1,142 159 3,595 - 478 70,334

 325 71 34 21,089 21,089 21,089 7,726 13,363 0 0 0 636 67 1,036 + 1,080 24,338

 2   15,6 15,6 15,6 5,7 9,9    6 1 1,1 - 1,0 16,7
 848,675

 130,193 718,481 718,481 11,041 2,200 705,241 0 752,321 28,665 723,656

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.

 848,675 130,193 718,481 28,647 36,931 31,818 4,791 93 230 8,749 2,745 795,553 11,846 10,820 109 818,327

 38,274 4,216 34,058 1,345 1,200 1,196 0 2 2 578 146 37,327 1,638 890 3 39,857

 338,117 36,322 301,795 12,422 19,149 14,129 4,791 70 159 805 966 335,137 3,430 3,430 68 342,064

 32,577 8,027 24,550 852 1,222 1,221 0 1 0 485 99 27,209 294 293 0 27,796

 34,484 5,356 29,127 1,224 1,118 1,115 0 2 0 813 144 32,427 1,066 810 4 34,307

 64,992 12,203 52,789 2,177 4,879 4,811 0 7 61 646 259 60,750 2,148 2,092 0 64,990

 72,925 17,387 55,538 1,932 2,794 2,792 0 2 0 948 214 61,425 424 516 12 62,377

 72,808 9,056 63,752 2,580 1,702 1,699 0 3 1 498 262 68,795 784 755 0 70,334

 24,979 2,884 22,096 842 643 640 0 1 2 177 108 23,865 236 236 2 24,338

 16,4 1,9 14,4 6 3 3    8  16,2 2 2  16,7

H.4.1

4. Statement of Condition of Each Federal Reserve Bank on January 5, 2005 (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

 Jan 5, 2005

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.