Reserve Bank credit, related items, and

reserve balances of depository institutions

at 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. Treasury1 717,674 + 85 + 51,640 717,682

Bills2 262,861 + 63 + 18,664 262,861

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 2,276 + 22 + 606 2,284

Federal agency2 0 0 0 0

Repurchase agreements4 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 outstanding5 36,462 + 14 + 1,002 36,462

Total factors supplying reserve funds 834,180 + 1,821 + 45,972 841,656

Currency in circulation5 753,658 + 2,497 + 35,013 757,393

Reverse repurchase agreements6 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 accounts2,7 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

FEDERAL RESERVE statistical release

 December 23, 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 22, 2004 Week ended

 Dec 22, 2004 Dec 15, 2004 Dec 24, 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 722 - 1 - 25

Securities, repurchase agreements, and loans 749,761 + 3,294 + 46,870

Securities held outright 717,682 + 21 + 51,466

U.S. Treasury1 717,682 + 21 + 51,466

Bills2 262,861 0 + 18,480

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

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

Inflation compensation3 2,284 + 22 + 616

Federal agency2 0 0 0

Repurchase agreements4 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 assets5 39,264 + 332 + 767

Total assets (803) 812,859 + 4,301 + 44,967

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 721,917 + 4,406 + 33,167

Reverse repurchase agreements6 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 dividends7 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

H.4.1

2. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Wednesday

 Dec 24, 2003

Eliminations from

consolidation Wednesday

 Dec 22, 2004

Wednesday

 Dec 15, 2004

3. Maturity Distribution of Loans and Securities, December 22, 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 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 year to 5 years . . . 208,298 + 8 0 0 . . . . . . 

Over 5 years 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

Assets, liabilities, and capital

Maturity
H.4.1

4. Statement of Condition of Each Federal Reserve Bank on December 22, 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 2,200 722 749,761 717,682 717,682 262,861 454,821 0 32,000 79 8,902 1,773 39,264 0 813,662

Assets, liabilities, and capital

 4,649 874 39 343,197 311,197 311,197 113,980 197,216 0 32,000 0 500 195 13,945 -25,195 338,205

 494 115 18 33,705 33,701 33,701 12,343 21,357 0 0 5 528 99 1,786 + 3,440 40,185

 382 83 55 21,353 21,346 21,346 7,818 13,527 0 0 7 386 53 1,145 + 4,230 27,687

 452 104 52 30,667 30,667 30,667 11,232 19,435 0 0 0 784 155 2,452 - 672 33,993

 819 147 63 54,547 54,547 54,547 19,979 34,568 0 0 0 395 144 6,263 - 78 62,299

 894 166 83 48,411 48,399 48,399 17,727 30,672 0 0 12 846 277 2,231 + 9,819 62,726

 924 212 109 64,658 64,648 64,648 23,678 40,970 0 0 11 690 160 3,580 + 574 70,907

 325 71 36 21,085 21,085 21,085 7,723 13,362 0 0 0 459 64 1,027 + 1,449 24,515

 2   15,6 15,6 15,6 5,7 9,9    5 1 1,1 - 1,0 16,6
 850,737

 128,820 721,917 721,917 11,039 2,200 708,678 0 749,682 28,082 721,601

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.

 850,737 128,820 721,917 28,056 29,806 25,406 4,047 88 264 7,777 3,139 790,695 11,638 8,847 2,482 813,662

 38,352 4,123 34,229 1,317 1,271 1,262 0 2 7 671 197 37,685 1,638 448 413 40,185

 337,710 35,650 302,060 12,166 15,299 11,007 4,047 65 180 736 1,063 331,324 3,437 2,031 1,413 338,205

 32,704 7,872 24,833 834 814 813 0 1 0 488 117 27,086 294 259 48 27,687

 34,638 5,446 29,193 1,199 1,337 1,333 0 2 1 499 159 32,387 795 727 84 33,993

 65,243 12,279 52,964 2,132 2,080 2,002 0 7 71 496 328 58,001 2,138 2,074 86 62,299

 73,512 16,959 56,554 1,892 2,056 2,054 0 2 0 925 240 61,667 516 489 55 62,726

 72,928 9,107 63,821 2,527 2,043 2,039 0 3 1 499 295 69,184 764 924 35 70,907

 25,080 2,812 22,268 824 645 642 0 1 2 176 121 24,034 236 228 16 24,515

 16,4 1,9 14,4 6 3 3    5  16,0 2 3  16,6

H.4.1

4. Statement of Condition of Each Federal Reserve Bank on December 22, 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 22, 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.