FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                          December 16, 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 15, 2004  Dec 8, 2004 Dec 17, 2003 Dec 15, 2004
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. Treasury (1)                                       717,589    +   1,971    +  51,696      717,661
       Bills (2)                                            262,798    +      69    +  18,746      262,861
       Notes and bonds, nominal (2)                         436,429    +   1,442    +  30,256      436,429
       Notes and bonds, inflation-indexed (2)                16,108    +     425    +   2,114       16,108
       Inflation compensation (3)                             2,254    +      36    +     580        2,262
    Federal agency (2)                                            0            0            0            0      
 Repurchase agreements(4)                                    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 outstanding (5)                            36,448    +      14    +     996       36,448
       
Total factors supplying reserve funds                       832,359    -   1,449    +  51,831      837,575
                                                                   
Currency in circulation(5)                                  751,161    -     256    +  37,621      752,977
Reverse repurchase agreements (6)                            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 accounts(2,7)         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   


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 15, 2004      Dec 8, 2004     Dec 17, 2003

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. Treasury (1)                                        717,661        +     589        +  51,708       
         Bills (2)                                             262,861        +     128        +  18,748
         Notes and bonds, nominal (2)                          436,429                0        +  30,256
         Notes and bonds, inflation-indexed (2)                 16,108        +     425        +   2,114
         Inflation compensation (3)                              2,262        +      36        +     590
      Federal agency (2)                                             0                0                0
   Repurchase agreements (4)                                    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 assets (5)                                                38,932        +     557        +     844
      Total assets                                  (868)      808,558        -   1,455        +  53,746
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  717,511        +     344        +  35,863
Reverse repurchase agreements (6)                               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 dividends (7)                      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


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 15, 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              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 to 5 years     ------        208,290   +       8            0           0     ------      ------
Over 5 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

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 15, 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                                             723         18         42         55         52         59         80        107         37         21         48        102        101
Securities, repurchase agreements,
      and loans                              746,467     33,701    339,937     21,351     30,666     54,545     48,405     64,657     21,084     15,671     18,868     32,723     64,858
   Securities held outright                  717,661     33,699    311,187     21,345     30,666     54,545     48,397     64,646     21,084     15,653     18,859     32,722     64,857
      U.S. Treasury (1)                      717,661     33,699    311,187     21,345     30,666     54,545     48,397     64,646     21,084     15,653     18,859     32,722     64,857
         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)                  454,799     21,356    197,207     13,527     19,434     34,567     30,671     40,968     13,362      9,920     11,951     20,737     41,102
         Federal agency (2)                        0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements(4)                28,750          0     28,750          0          0          0          0          0          0          0          0          0          0
      Loans                                       56          2          0          6          0          0          8         12          0         18          9          1          1
Items in process of collection                 8,303        433        419        358        711        420      1,086        558        376        549        650        347      2,395
Bank premises                                  1,762         99        195         53        155        144        277        150         64        123         79        245        179
Other assets(5)                               38,932      1,769     13,788      1,166      2,434      6,253      2,209      3,533      1,016      1,164        790        955      3,856
Interdistrict settlement account                   0    + 4,025    -25,476    + 4,555    + 1,262    -   891    + 8,805    +   260    + 1,443    - 1,115    + 1,608    + 1,407    + 4,117
          Total Assets                       809,425     40,654    334,429     28,003     35,836     61,496     61,922     70,401     24,415     16,661     22,411     36,403     76,796

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 15, 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             849,669     38,245    335,673     32,793     34,707     65,390     73,746     72,976     25,128     16,457     24,594     41,343     88,615
  Less: notes held by F.R. Banks              132,158      4,425     34,525      8,072      5,676     12,742     17,789      9,574      3,025      2,085      4,674      7,717     21,853
    Federal Reserve notes, net                717,511     33,820    301,148     24,721     29,032     52,649     55,957     63,402     22,103     14,372     19,920     33,626     66,761
Reverse repurchase agreements (1)              27,846      1,308     12,075        828      1,190      2,116      1,878      2,508        818        607        732      1,270      2,517
Deposits                                       30,501      2,279     12,718      1,215      3,360      1,638      1,879      2,021        698        406        878        768      2,642
  Depository institutions                      25,104      2,272      7,431      1,214      3,356      1,557      1,877      2,017        693        404        876        767      2,639
  U.S. Treasury, general account                5,019          0      5,019          0          0          0          0          0          0          0          0          0          0
  Foreign official                                115          2         92          1          2          7          2          3          1          1          1          0          4
  Other                                           262          6        176          0          1         73          0          0          3          0          1          1          0
Deferred availability cash items                7,627        572        750        519        485        458        914        440        178        562        452        293      2,004
Other liabilities and accrued                 
  dividends (2)                                 3,109        196      1,051        114        159        335        237        281        123         97        103        154        259
   
    Total liabilities                         786,593     38,175    327,742     27,397     34,225     57,195     60,865     68,652     23,921     16,044     22,085     36,111     74,183
                              
Capital                    
Capital paid in                                11,640      1,638      3,437        294        795      2,140        516        764        236        255        150        134      1,282
Surplus                                         8,847        448      2,031        259        727      2,074        489        924        228        346        162        111      1,048
Other capital                                   2,345        394      1,219         53         89         87         52         61         31         16         14         47        282
     Total liabilities and capital            809,425     40,654    334,429     28,003     35,836     61,496     61,922     70,401     24,415     16,661     22,411     36,403     76,796
                              

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 15, 2004
              
Federal Reserve notes outstanding             849,669
   Less: Notes held by F.R. Banks
         not subject to collateralization     132,158
      Federal Reserve Notes to be
         collateralized                       717,511 
Collateral held against Federal Reserve            
   notes                                      717,511
   Gold certificate account                    11,039
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              704,272
   Other assets pledged                             0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         746,411
   Less:face value of securities under
         reverse repurchase agreements         27,884
      U.S. Treasury and agency securities
             eligible to be pledged           718,526
   

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.