Reserve Bank credit, related items, and

reserve balances of depository institutions

at Federal Reserve Banks

Reserve Bank credit 768,420 + 3,980 + 46,765 769,926

Securities held outright 695,563 + 692 + 39,796 695,703

U.S. Treasury1 695,563 + 692 + 39,806 695,703

Bills2 255,360 + 12 + 14,177 255,389

Notes and bonds, nominal2 423,227 + 686 + 23,632 423,341

Notes and bonds, inflation-indexed2 14,862 0 + 1,408 14,862

Inflation compensation3 2,113 - 6 + 588 2,111

Federal agency2 0 0 - 10 0

Repurchase agreements4 33,500 + 2,571 + 5,607 35,500

Loans to depository institutions 258 - 9 + 96 303

Primary credit 20 - 11 + 16 57

Secondary credit 0 0 0 0

Seasonal credit 238 + 2 + 80 246

Float 472 + 199 + 705 -130

Other Federal Reserve assets 38,627 + 527 + 561 38,550

Gold stock 11,043 0 0 11,043

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

Treasury currency outstanding5 36,171 + 14 + 916 36,171

Total factors supplying reserve funds 817,834 + 3,994 + 47,681 819,341

Currency in circulation5 740,075 - 1,127 + 43,851 739,509

Reverse repurchase agreements6 24,707 + 1,186 + 4,262 24,323

Foreign official and international accounts 24,707 + 1,186 + 4,262 24,323

Dealers 0 0 0 0

Treasury cash holdings 322 + 1 - 11 314

Deposits with F.R. Banks, other than reserve balances 15,841 + 320 - 2,223 18,182

U.S. Treasury, general account 5,261 + 351 - 823 7,626

Foreign official 84 + 6 - 145 79

Service-related 10,224 - 1 - 1,257 10,224

Required clearing balances 10,224 - 1 - 995 10,224

Adjustments to compensate for float 0 0 - 262 0

Other 273 - 35 + 4 252

Other liabilities and capital 23,271 + 207 + 2,683 22,879

Total factors, other than reserve balances,

absorbing reserve funds 804,216 + 588 + 48,561 805,206

Reserve balances with Federal Reserve Banks 13,618 + 3,406 - 880 14,134

Memo (off-balance-sheet items):

Marketable securities held in custody for foreign

 official and international accounts2,7 1,291,374 + 450 + 326,906 1,293,491

U.S. Treasury 1,047,757 + 964 + 272,940 1,051,356

Federal agency 243,616 - 515 + 53,965 242,135

Securities lent to dealers 1,697 + 184 + 140 1,450

FEDERAL RESERVE statistical release

 September 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

 Sep 15, 2004 Week ended

 Sep 15, 2004 Sep 8, 2004 Sep 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 770 0 - 78

Securities, repurchase agreements, and loans 731,506 + 3,218 + 46,139

Securities held outright 695,703 + 834 + 39,750

U.S. Treasury1 695,703 + 834 + 39,760

Bills2 255,389 + 41 + 14,022

Notes and bonds, nominal2 423,341 + 800 + 23,746

Notes and bonds, inflation-indexed2 14,862 0 + 1,408

Inflation compensation3 2,111 - 6 + 585

Federal agency2 0 0 - 10

Repurchase agreements4 35,500 + 2,500 + 6,250

Loans 303 - 115 + 138

Items in process of collection (941) 6,234 - 2,846 - 923

Bank premises 1,722 + 4 + 131

Other assets5 36,915 + 160 + 282

Total assets (941) 790,385 + 536 + 45,550

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 704,417 - 2,980 + 41,490

Reverse repurchase agreements6 24,323 + 441 + 5,351

Deposits ( 1 ) 32,493 + 4,099 - 2,330

Depository institutions 24,535 + 189 - 2,499

U.S. Treasury, general account 7,626 + 3,925 + 379

Foreign official 79 - 1 - 191

Other ( 1 ) 252 - 14 - 20

Deferred availability cash items (940) 6,273 - 916 - 1,616

Other liabilities and accrued dividends7 2,649 - 21 + 445

Total liabilities (941) 770,156 + 624 + 43,341

Capital accounts

Capital paid in 10,479 + 25 + 1,724

Surplus 8,847 0 + 467

Other capital accounts 903 - 114 + 18

Total capital 20,229 - 88 + 2,208

H.4.1

2. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Wednesday

 Sep 17, 2003

Eliminations from

consolidation Wednesday

 Sep 15, 2004

Wednesday

 Sep 8, 2004

3. Maturity Distribution of Loans and Securities, September 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 127 54,771 + 6,484 0 0 35,500 24,323

16 days to 90 days 176 150,162 - 7,104 0 0 0 0

91 days to 1 year 0 165,537 + 660 0 0 . . . . . . 

Over 1 year to 5 years . . . 199,513 + 797 0 0 . . . . . . 

Over 5 years to 10 years . . . 49,805 - 2 0 0 . . . . . . 

Over 10 years . . . 75,915 - 2 0 0 . . . . . . 

All 303 695,703 + 834 0 0 35,500 24,323

Assets, liabilities, and capital

Maturity
H.4.1

4. Statement of Condition of Each Federal Reserve Bank on September 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 2,200 770 731,506 695,703 695,703 255,389 440,314 0 35,500 303 7,175 1,722 36,915 0 791,326

Assets, liabilities, and capital

 4,649 874 36 337,166 301,666 301,666 110,740 190,926 0 35,500 0 648 190 13,246 -39,118 317,692

 494 115 20 32,668 32,668 32,668 11,992 20,676 0 0 0 433 97 1,667 + 3,896 39,392

 382 83 42 20,752 20,692 20,692 7,596 13,096 0 0 60 335 51 1,111 + 3,889 26,645

 452 104 46 29,728 29,728 29,728 10,913 18,815 0 0 0 415 154 2,274 + 686 33,858

 819 147 76 52,876 52,876 52,876 19,411 33,466 0 0 0 189 145 5,838 + 2,240 62,331

 894 166 85 46,935 46,916 46,916 17,223 29,694 0 0 19 642 279 2,096 +12,484 63,581

 924 212 105 62,735 62,668 62,668 23,005 39,663 0 0 68 434 142 3,323 + 74 67,949

 325 71 53 20,479 20,439 20,439 7,503 12,936 0 0 40 431 58 958 + 1,706 24,081

 2   15,2 15,1 15,1 5,5 9,6    4 1 1,0 - 4 16,7
 827,759

 123,342 704,417 704,417 11,039 2,200 691,178 0 731,203 24,333 706,870

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.

 827,759 123,342 704,417 24,323 32,494 24,535 7,626 79 253 7,214 2,649 771,097 10,479 8,847 903 791,326

 38,553 4,347 34,207 1,142 1,157 1,153 0 2 3 542 156 37,204 1,634 448 106 39,392

 318,366 33,337 285,029 10,547 16,142 8,296 7,626 56 164 680 851 313,249 2,144 2,031 268 317,692

 32,792 8,796 23,996 723 714 713 0 1 0 533 101 26,067 285 259 35 26,645

 35,124 5,665 29,459 1,039 1,275 1,271 0 2 2 431 133 32,336 762 727 33 33,858

 63,695 11,517 52,179 1,849 3,370 3,284 0 7 79 469 285 58,151 2,089 2,074 17 62,331

 72,970 15,597 57,373 1,640 2,555 2,551 0 2 3 742 217 62,527 517 489 48 63,581

 68,125 7,867 60,258 2,191 2,639 2,636 0 3 0 543 246 65,876 1,025 924 123 67,949

 25,320 3,400 21,920 715 652 650 0 1 1 201 115 23,602 233 228 18 24,081

 16,2 1,6 14,5 5 4 4    5  16,1 2 3  16,7

H.4.1

4. Statement of Condition of Each Federal Reserve Bank on September 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

 Sep 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.