FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                          December 30, 2004
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           Dec 29, 2004 Dec 22, 2004 Dec 31, 2003 Dec 29, 2004
Federal Reserve Banks

Reserve Bank Credit                                         790,621    +   6,148    +  44,054      790,726
 Securities held outright                                   717,727    +      53    +  51,325      717,813       
    U.S. Treasury (1)                                       717,727    +      53    +  51,325      717,813
       Bills (2)                                            262,892    +      31    +  18,323      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)                             2,298    +      22    +     632        2,306
    Federal agency (2)                                            0            0            0            0      
 Repurchase agreements(4)                                    31,071    +   5,678    -   7,608       33,000
 Loans to depository institutions                                54    -      21    -      11           57
    Primary credit                                                9    -      10    -      23           13
    Secondary credit                                              0            0            0            0
    Seasonal credit                                              45    -      11    +      12           44
 Float                                                        2,496    +   2,043    +   1,316          489
 Other Federal Reserve assets                                39,272    -   1,606    -     970       39,367
Gold stock                                                   11,044    +       1    +       1       11,045
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            36,476    +      14    +   1,008       36,476
       
Total factors supplying reserve funds                       840,340    +   6,162    +  45,061      840,446
                                                                   
Currency in circulation(5)                                  756,941    +   3,283    +  33,235      758,397
Reverse repurchase agreements (6)                            30,132    +   2,058    +   8,497       29,938
   Foreign official and international accounts               30,132    +   2,058    +   8,497       29,938
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          268    +       4    -      51          270
Deposits with F.R.Banks, other than reserve balances         14,971    -     291    -   3,421       16,066       
  U.S. Treasury, general account                              4,631    -     502    -   1,219        5,734
  Foreign official                                               80    -      17    -      19           87
  Service-related                                            10,023    +     261    -   2,102       10,023
     Required clearing balances                              10,023    +     261    -   1,823       10,023
     Adjustments to compensate for float                          0            0    -     278            0
  Other                                                         237    -      33    -      82          221
Other liabilities and capital                                26,619    +     479    +   6,030       26,526

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  828,931    +   5,533    +  44,290      831,197

Reserve balances with Federal Reserve Banks                  11,409    +     630    +     772        9,249
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)         1,335,780    +   5,683    + 269,038    1,340,321
     U.S. Treasury                                        1,062,209    +   2,584    + 206,337    1,063,222
     Federal agency                                         273,571    +   3,099    +  62,702      277,099
  Securities lent to dealers                                  2,050    -   1,303    -   1,036        5,782   


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 Dec 29, 2004     Dec 22, 2004     Dec 31, 2003

Assets
Gold certificate account                                        11,041        +       2        +       2
Special drawing rights certificate account                       2,200                0                0
Coin                                                               717        -       5        -       5
Securities, repurchase agreements, and loans                   750,870        +   1,109        +  40,393
   Securities held outright                                    717,813        +     131        +  51,148
      U.S. Treasury (1)                                        717,813        +     131        +  51,148       
         Bills (2)                                             262,970        +     109        +  18,137
         Notes and bonds, nominal (2)                          436,429                0        +  30,256
         Notes and bonds, inflation-indexed (2)                 16,108                0        +   2,114
         Inflation compensation (3)                              2,306        +      22        +     641
      Federal agency (2)                                             0                0                0
   Repurchase agreements (4)                                    33,000        +   1,000        -  10,750    
   Loans                                                            57        -      22        -       5
Items in process of collection                    (1,018)        6,104        -   1,994        -   1,689
Bank premises                                                    1,787        +      14        +     159
Other assets (5)                                                39,759        +     495        +   1,173
      Total assets                                (1,018)      812,478        -     381        +  40,034
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  722,904        +     987        +  33,147
Reverse repurchase agreements (6)                               29,938        +   1,882        +   4,286
Deposits                                              (0)       27,476        -   2,330        -   2,184       
  Depository institutions                                       21,433        -   3,973        -   1,625
  U.S. Treasury, general account                                 5,734        +   1,687        +      11
  Foreign official                                                  87        -       1        -      75
  Other                                               (0)          221        -      43        -     496
Deferred availability cash items                  (1,018)        5,634        -   1,339        -   1,948
Other liabilities and accrued dividends (7)                      3,193        +      54        +   1,093
      Total liabilities                           (1,018)      789,145        -     747        +  34,395
                          
Capital Accounts
Capital paid in                                                 11,641        +       3        +   2,794
Surplus                                                          8,847                0                0
Other capital accounts                                           2,845        +     363        +   2,845
      Total capital                                             23,333        +     366        +   5,639


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,  December 29, 2004
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              57       54,111   -     296            0           0       33,000       29,938
16 days to 90 days           0      154,406   +     462            0           0            0            0
91 days to 1 year            0      170,856   -      57            0           0     ------      ------
Over 1 to 5 years     ------        208,306   +       8            0           0     ------      ------
Over 5 to 10 years    ------         54,371   +       7            0           0     ------      ------
Over 10 years         ------         75,763   +       8            0           0     ------      ------
                   		 	
All                         57      717,813   +     131            0           0       33,000      29,938

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  December 29, 2004
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                                             717         18         42         55         51         61         84        110         35         21         47         91        104
Securities, repurchase agreements,
      and loans                              750,870     33,710    344,253     21,357     30,672     54,557     48,414     64,677     21,089     15,668     18,866     32,729     64,877
   Securities held outright                  717,813     33,707    311,253     21,350     30,672     54,557     48,407     64,659     21,089     15,656     18,863     32,729     64,871
      U.S. Treasury (1)                      717,813     33,707    311,253     21,350     30,672     54,557     48,407     64,659     21,089     15,656     18,863     32,729     64,871
         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)                  454,843     21,358    197,226     13,528     19,436     34,570     30,673     40,972     13,363      9,921     11,952     20,739     41,105
         Federal agency (2)                        0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements(4)                33,000          0     33,000          0          0          0          0          0          0          0          0          0          0
      Loans                                       57          3          0          8          0          0          7         17          0         12          3          1          6
Items in process of collection                 7,122        358        354        343        507        264        629        491        405        455        614        362      2,341
Bank premises                                  1,787         99        196         53        156        144        277        159         66        123         82        253        179
Other assets(5)                               39,759      1,811     14,137      1,159      2,483      6,320      2,267      3,615      1,042      1,187        812        990      3,937
Interdistrict settlement account                   0    + 3,840    -27,822    + 3,994    -   284    +   674    + 9,555    +   701    + 1,640    -   971    + 1,879    + 1,572    + 5,223
          Total Assets                       813,496     40,446    336,684     27,426     34,141     62,985     62,286     70,887     24,672     16,731     22,668     36,619     77,950

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  December 29, 2004
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             848,985     38,293    337,298     32,638     34,576     65,117     73,178     72,795     25,039     16,418     24,511     41,104     88,017
  Less: notes held by F.R. Banks              126,081      3,976     34,805      7,908      5,228     11,962     16,791      8,811      2,704      1,924      4,347      7,277     20,346
    Federal Reserve notes, net                722,904     34,317    302,493     24,730     29,348     53,155     56,387     63,984     22,335     14,494     20,164     33,827     67,671
Reverse repurchase agreements (1)              29,938      1,406     12,982        890      1,279      2,275      2,019      2,697        880        653        787      1,365      2,706
Deposits                                       27,476      1,487     12,442        654      1,287      2,405      1,772      1,728        675        370        835        726      3,095
  Depository institutions                      21,433      1,483      6,465        652      1,283      2,366      1,770      1,724        672        369        832        725      3,092
  U.S. Treasury, general account                5,734          0      5,734          0          0          0          0          0          0          0          0          0          0
  Foreign official                                 87          2         64          1          2          7          2          3          1          1          1          0          4
  Other                                           221          2        179          0          2         31          0          1          2          0          2          1          0
Deferred availability cash items                6,651        513        587        430        447        459        798        442        174        500        454        257      1,589
Other liabilities and accrued                 
  dividends (2)                                 3,193        201      1,073        117        161        341        242        300        125        100        107        157        270
   
    Total liabilities                         790,163     37,923    329,577     26,822     32,522     58,636     61,218     69,150     24,188     16,117     22,346     36,333     75,331
                              
Capital                    
Capital paid in                                11,641      1,638      3,430        294        795      2,148        516        764        236        254        149        135      1,283
Surplus                                         8,847        448      2,031        259        727      2,074        489        924        228        346        162        111      1,048
Other capital                                   2,845        436      1,647         51         97        127         64         50         20         14         10         40        288
     Total liabilities and capital            813,496     40,446    336,684     27,426     34,141     62,985     62,286     70,887     24,672     16,731     22,668     36,619     77,950
                              

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
                                          Dec 29, 2004
              
Federal Reserve notes outstanding             848,985
   Less: Notes held by F.R. Banks
         not subject to collateralization     126,081
      Federal Reserve Notes to be
         collateralized                       722,904 
Collateral held against Federal Reserve            
   notes                                      722,904
   Gold certificate account                    11,041
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              709,664
   Other assets pledged                             0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         750,813
   Less:face value of securities under
         reverse repurchase agreements         29,952
      U.S. Treasury and agency securities
             eligible to be pledged           720,861
   

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.