FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                          December 23, 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 22, 2004 Dec 15, 2004 Dec 24, 2003 Dec 22, 2004
Federal Reserve Banks

Reserve Bank Credit                                         784,475    +   1,807    +  44,970      791,951
 Securities held outright                                   717,674    +      85    +  51,640      717,682       
    U.S. Treasury (1)                                       717,674    +      85    +  51,640      717,682
       Bills (2)                                            262,861    +      63    +  18,664      262,861
       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)                             2,276    +      22    +     606        2,284
    Federal agency (2)                                            0            0            0            0      
 Repurchase agreements(4)                                    25,393    +     572    -   7,786       32,000
 Loans to depository institutions                                75    +      14    +       5           79
    Primary credit                                               19    +      14    -      14           24
    Secondary credit                                              0            0            0            0
    Seasonal credit                                              56            0    +      19           55
 Float                                                          455    +     695    +      42        1,125
 Other Federal Reserve assets                                40,878    +     442    +   1,068       41,064
Gold stock                                                   11,043            0            0       11,043
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            36,462    +      14    +   1,002       36,462
       
Total factors supplying reserve funds                       834,180    +   1,821    +  45,972      841,656
                                                                   
Currency in circulation(5)                                  753,658    +   2,497    +  35,013      757,393
Reverse repurchase agreements (6)                            28,074    +     612    +   8,644       28,056
   Foreign official and international accounts               28,074    +     612    +   8,644       28,056
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          264    -      13    -      55          268
Deposits with F.R.Banks, other than reserve balances         15,262    +      95    -   1,934       14,162       
  U.S. Treasury, general account                              5,133    +      86    +     432        4,047
  Foreign official                                               97    +      10    +       1           88
  Service-related                                             9,762    -      11    -   2,391        9,762
     Required clearing balances                               9,762            0    -   2,083        9,762
     Adjustments to compensate for float                          0    -      11    -     308            0
  Other                                                         270    +      11    +      23          264
Other liabilities and capital                                26,140    +     457    +   5,381       26,106

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  823,398    +   3,649    +  47,049      825,986

Reserve balances with Federal Reserve Banks                  10,781    -   1,828    -   1,078       15,670
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)         1,330,097    +   4,008    + 269,576    1,331,476
     U.S. Treasury                                        1,059,625    +   2,488    + 211,905    1,059,875
     Federal agency                                         270,472    +   1,520    +  57,671      271,601
  Securities lent to dealers                                  3,353    +     381    +   1,290        2,700   


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 22, 2004     Dec 15, 2004     Dec 24, 2003

Assets
Gold certificate account                                        11,039                0                0
Special drawing rights certificate account                       2,200                0                0
Coin                                                               722        -       1        -      25
Securities, repurchase agreements, and loans                   749,761        +   3,294        +  46,870
   Securities held outright                                    717,682        +      21        +  51,466
      U.S. Treasury (1)                                        717,682        +      21        +  51,466       
         Bills (2)                                             262,861                0        +  18,480
         Notes and bonds, nominal (2)                          436,429                0        +  30,256
         Notes and bonds, inflation-indexed (2)                 16,108                0        +   2,114
         Inflation compensation (3)                              2,284        +      22        +     616
      Federal agency (2)                                             0                0                0
   Repurchase agreements (4)                                    32,000        +   3,250        -   4,500    
   Loans                                                            79        +      23        -      96
Items in process of collection                      (803)        8,098        +     663        -   2,798
Bank premises                                                    1,773        +      11        +     150
Other assets (5)                                                39,264        +     332        +     767
      Total assets                                  (803)      812,859        +   4,301        +  44,967
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  721,917        +   4,406        +  33,167
Reverse repurchase agreements (6)                               28,056        +     210        +   8,292
Deposits                                              (0)       29,806        -     695        -     487       
  Depository institutions                                       25,406        +     302        +     164
  U.S. Treasury, general account                                 4,047        -     972        -     623
  Foreign official                                                  88        -      27        -      40
  Other                                               (0)          264        +       2        +      11
Deferred availability cash items                    (803)        6,973        +     214        -   1,589
Other liabilities and accrued dividends (7)                      3,139        +      30        +     772
      Total liabilities                             (803)      789,892        +   4,166        +  40,155
                          
Capital Accounts
Capital paid in                                                 11,638        -       2        +   2,795
Surplus                                                          8,847                0        +     467
Other capital accounts                                           2,482        +     137        +   1,551
      Total capital                                             22,967        +     135        +   4,813


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 22, 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              79       54,407   +  11,484            0           0       32,000       28,056
16 days to 90 days           0      153,944   -  10,423            0           0            0            0
91 days to 1 year            0      170,913   -   1,061            0           0     ------      ------
Over 1 to 5 years     ------        208,298   +       8            0           0     ------      ------
Over 5 to 10 years    ------         54,364   +       6            0           0     ------      ------
Over 10 years         ------         75,755   +       7            0           0     ------      ------
                   		 	
All                         79      717,682   +      21            0           0       32,000      28,056

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 22, 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                      11,039        494      4,649        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                                             722         18         39         55         52         63         83        109         36         22         46         92        107
Securities, repurchase agreements,
      and loans                              749,761     33,705    343,197     21,353     30,667     54,547     48,411     64,658     21,085     15,668     18,865     32,724     64,882
   Securities held outright                  717,682     33,701    311,197     21,346     30,667     54,547     48,399     64,648     21,085     15,654     18,859     32,723     64,859
      U.S. Treasury (1)                      717,682     33,701    311,197     21,346     30,667     54,547     48,399     64,648     21,085     15,654     18,859     32,723     64,859
         Bills (2)                           262,861     12,343    113,980      7,818     11,232     19,979     17,727     23,678      7,723      5,733      6,908     11,985     23,756
         Notes and bonds(3)                  454,821     21,357    197,216     13,527     19,435     34,568     30,672     40,970     13,362      9,920     11,952     20,738     41,104
         Federal agency (2)                        0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements(4)                32,000          0     32,000          0          0          0          0          0          0          0          0          0          0
      Loans                                       79          5          0          7          0          0         12         11          0         15          5          1         23
Items in process of collection                 8,902        528        500        386        784        395        846        690        459        537        665        534      2,580
Bank premises                                  1,773         99        195         53        155        144        277        160         64        123         80        245        179
Other assets(5)                               39,264      1,786     13,945      1,145      2,452      6,263      2,231      3,580      1,027      1,172        800        976      3,886
Interdistrict settlement account                   0    + 3,440    -25,195    + 4,230    -   672    -    78    + 9,819    +   574    + 1,449    - 1,077    + 1,758    + 1,564    + 4,188
          Total Assets                       813,662     40,185    338,205     27,687     33,993     62,299     62,726     70,907     24,515     16,694     22,581     36,758     77,112

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 22, 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             850,737     38,352    337,710     32,704     34,638     65,243     73,512     72,928     25,080     16,449     24,575     41,229     88,316
  Less: notes held by F.R. Banks              128,820      4,123     35,650      7,872      5,446     12,279     16,959      9,107      2,812      1,999      4,439      7,267     20,868
    Federal Reserve notes, net                721,917     34,229    302,060     24,833     29,193     52,964     56,554     63,821     22,268     14,450     20,135     33,962     67,448
Reverse repurchase agreements (1)              28,056      1,317     12,166        834      1,199      2,132      1,892      2,527        824        612        737      1,279      2,536
Deposits                                       29,806      1,271     15,299        814      1,337      2,080      2,056      2,043        645        344        815        738      2,364
  Depository institutions                      25,406      1,262     11,007        813      1,333      2,002      2,054      2,039        642        343        813        737      2,360
  U.S. Treasury, general account                4,047          0      4,047          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                                           264          7        180          0          1         71          0          1          2          0          1          1          0
Deferred availability cash items                7,777        671        736        488        499        496        925        499        176        582        466        337      1,903
Other liabilities and accrued                 
  dividends (2)                                 3,139        197      1,063        117        159        328        240        295        121         99        105        153        263
   
    Total liabilities                         790,695     37,685    331,324     27,086     32,387     58,001     61,667     69,184     24,034     16,087     22,259     36,468     74,513
                              
Capital                    
Capital paid in                                11,638      1,638      3,437        294        795      2,138        516        764        236        254        150        134      1,283
Surplus                                         8,847        448      2,031        259        727      2,074        489        924        228        346        162        111      1,048
Other capital                                   2,482        413      1,413         48         84         86         55         35         16          8         10         45        268
     Total liabilities and capital            813,662     40,185    338,205     27,687     33,993     62,299     62,726     70,907     24,515     16,694     22,581     36,758     77,112
                              

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 22, 2004
              
Federal Reserve notes outstanding             850,737
   Less: Notes held by F.R. Banks
         not subject to collateralization     128,820
      Federal Reserve Notes to be
         collateralized                       721,917 
Collateral held against Federal Reserve            
   notes                                      721,917
   Gold certificate account                    11,039
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              708,678
   Other assets pledged                             0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         749,682
   Less:face value of securities under
         reverse repurchase agreements         28,082
      U.S. Treasury and agency securities
             eligible to be pledged           721,601
   

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.