Reserve Bank credit, related items, and

reserve balances of depository institutions

at Federal Reserve Banks

Reserve Bank credit 782,668 - 1,463 + 50,834 787,884

Securities held outright 717,589 + 1,971 + 51,696 717,661

U.S. Treasury1 717,589 + 1,971 + 51,696 717,661

Bills2 262,798 + 69 + 18,746 262,861

Notes and bonds, nominal2 436,429 + 1,442 + 30,256 436,429

Notes and bonds, inflation-indexed2 16,108 + 425 + 2,114 16,108

Inflation compensation3 2,254 + 36 + 580 2,262

Federal agency2 0 0 0 0

Repurchase agreements4 24,821 - 3,250 - 750 28,750

Loans to depository institutions 61 + 6 + 24 56

Primary credit 5 + 2 0 1

Secondary credit 0 0 0 0

Seasonal credit 56 + 5 + 24 55

Float -240 - 383 - 1,125 676

Other Federal Reserve assets 40,436 + 192 + 988 40,742

Gold stock 11,043 0 0 11,043

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

Treasury currency outstanding5 36,448 + 14 + 996 36,448

Total factors supplying reserve funds 832,359 - 1,449 + 51,831 837,575

Currency in circulation5 751,161 - 256 + 37,621 752,977

Reverse repurchase agreements6 27,462 - 931 + 9,246 27,846

Foreign official and international accounts 27,462 - 931 + 9,496 27,846

Dealers 0 0 - 250 0

Treasury cash holdings 277 + 15 - 46 263

Deposits with F.R. Banks, other than reserve balances 15,167 - 267 - 2,755 15,170

U.S. Treasury, general account 5,047 + 61 - 575 5,019

Foreign official 87 - 57 - 2 115

Service-related 9,773 - 253 - 2,197 9,773

Required clearing balances 9,762 - 264 - 2,087 9,762

Adjustments to compensate for float 11 + 11 - 111 11

Other 259 - 19 + 18 262

Other liabilities and capital 25,683 - 34 + 4,850 25,941

Total factors, other than reserve balances,

absorbing reserve funds 819,749 - 1,474 + 48,915 822,197

Reserve balances with Federal Reserve Banks 12,610 + 25 + 2,916 15,378

Memo (off-balance-sheet items):

Marketable securities held in custody for foreign

 official and international accounts2,7 1,326,089 - 3,183 + 272,070 1,329,358

U.S. Treasury 1,057,137 - 6,373 + 216,105 1,059,657

Federal agency 268,952 + 3,191 + 55,964 269,701

Securities lent to dealers 2,972 + 208 + 1,341 4,922

FEDERAL RESERVE statistical release

 December 16, 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 15, 2004 Week ended

 Dec 15, 2004 Dec 8, 2004 Dec 17, 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 723 + 13 - 39

Securities, repurchase agreements, and loans 746,467 - 1,157 + 55,463

Securities held outright 717,661 + 589 + 51,708

U.S. Treasury1 717,661 + 589 + 51,708

Bills2 262,861 + 128 + 18,748

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

Notes and bonds, inflation-indexed2 16,108 + 425 + 2,114

Inflation compensation3 2,262 + 36 + 590

Federal agency2 0 0 0

Repurchase agreements4 28,750 - 1,750 + 3,750

Loans 56 + 3 + 6

Items in process of collection (868) 7,435 - 874 - 2,676

Bank premises 1,762 + 6 + 152

Other assets5 38,932 + 557 + 844

Total assets (868) 808,558 - 1,455 + 53,746

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 717,511 + 344 + 35,863

Reverse repurchase agreements6 27,846 - 325 + 10,189

Deposits ( 0 ) 30,501 - 1,899 + 3,991

Depository institutions 25,104 - 2,124 + 6,369

U.S. Treasury, general account 5,019 + 188 - 2,436

Foreign official 115 + 38 + 32

Other ( 0 ) 262 - 3 + 26

Deferred availability cash items (868) 6,759 - 168 - 1,573

Other liabilities and accrued dividends7 3,109 - 9 + 779

Total liabilities (868) 785,726 - 2,058 + 49,249

Capital accounts

Capital paid in 11,640 + 29 + 2,801

Surplus 8,847 0 + 467

Other capital accounts 2,345 + 574 + 1,228

Total capital 22,832 + 603 + 4,496

H.4.1

2. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Wednesday

 Dec 17, 2003

Eliminations from

consolidation Wednesday

 Dec 15, 2004

Wednesday

 Dec 8, 2004

3. Maturity Distribution of Loans and Securities, December 15, 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 18 42,923 + 453 0 0 24,750 27,846

16 days to 90 days 38 164,367 + 608 0 0 4,000 0

91 days to 1 year 0 171,974 - 933 0 0 . . . . . . 

Over 1 year to 5 years . . . 208,290 + 8 0 0 . . . . . . 

Over 5 years to 10 years . . . 54,358 + 349 0 0 . . . . . . 

Over 10 years . . . 75,748 + 104 0 0 . . . . . . 

All 56 717,661 + 589 0 0 28,750 27,846

Assets, liabilities, and capital

Maturity
H.4.1

4. Statement of Condition of Each Federal Reserve Bank on December 15, 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 2,200 723 746,467 717,661 717,661 262,861 454,799 0 28,750 56 8,303 1,762 38,932 0 809,425

Assets, liabilities, and capital

 4,649 874 42 339,937 311,187 311,187 113,980 197,207 0 28,750 0 419 195 13,788 -25,476 334,429

 494 115 18 33,701 33,699 33,699 12,343 21,356 0 0 2 433 99 1,769 + 4,025 40,654

 382 83 55 21,351 21,345 21,345 7,818 13,527 0 0 6 358 53 1,166 + 4,555 28,003

 452 104 52 30,666 30,666 30,666 11,232 19,434 0 0 0 711 155 2,434 + 1,262 35,836

 819 147 59 54,545 54,545 54,545 19,979 34,567 0 0 0 420 144 6,253 - 891 61,496

 894 166 80 48,405 48,397 48,397 17,727 30,671 0 0 8 1,086 277 2,209 + 8,805 61,922

 924 212 107 64,657 64,646 64,646 23,678 40,968 0 0 12 558 150 3,533 + 260 70,401

 325 71 37 21,084 21,084 21,084 7,723 13,362 0 0 0 376 64 1,016 + 1,443 24,415

 2   15,6 15,6 15,6 5,7 9,9    5 1 1,1 - 1,1 16,6
 849,669

 132,158 717,511 717,511 11,039 2,200 704,272 0 746,411 27,884 718,526

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.

 849,669 132,158 717,511 27,846 30,501 25,104 5,019 115 262 7,627 3,109 786,593 11,640 8,847 2,345 809,425

 38,245 4,425 33,820 1,308 2,279 2,272 0 2 6 572 196 38,175 1,638 448 394 40,654

 335,673 34,525 301,148 12,075 12,718 7,431 5,019 92 176 750 1,051 327,742 3,437 2,031 1,219 334,429

 32,793 8,072 24,721 828 1,215 1,214 0 1 0 519 114 27,397 294 259 53 28,003

 34,707 5,676 29,032 1,190 3,360 3,356 0 2 1 485 159 34,225 795 727 89 35,836

 65,390 12,742 52,649 2,116 1,638 1,557 0 7 73 458 335 57,195 2,140 2,074 87 61,496

 73,746 17,789 55,957 1,878 1,879 1,877 0 2 0 914 237 60,865 516 489 52 61,922

 72,976 9,574 63,402 2,508 2,021 2,017 0 3 0 440 281 68,652 764 924 61 70,401

 25,128 3,025 22,103 818 698 693 0 1 3 178 123 23,921 236 228 31 24,415

 16,4 2,0 14,3 6 4 4    5  16,0 2 3  16,6

H.4.1

4. Statement of Condition of Each Federal Reserve Bank on December 15, 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 15, 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.