Reserve Bank credit, related items, and

reserve balances of depository institutions

at Federal Reserve Banks

Reserve Bank credit 783,308 + 2,628 + 45,056 782,994

Securities held outright 717,825 + 3 + 50,998 717,825

U.S. Treasury1 717,825 + 3 + 50,998 717,825

Bills2 262,970 0 + 17,950 262,970

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 2,317 + 2 + 678 2,318

Federal agency2 0 0 0 0

Repurchase agreements4 24,786 + 1,893 - 5,821 22,500

Loans to depository institutions 53 - 12 - 170 61

Primary credit 35 - 10 - 177 42

Secondary credit 0 0 0 0

Seasonal credit 19 - 1 + 8 19

Float 943 + 300 + 1,119 3,188

Other Federal Reserve assets 39,702 + 445 - 1,069 39,420

Gold stock 11,045 0 + 2 11,045

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

Treasury currency outstanding5 36,533 + 14 + 1,006 36,533

Total factors supplying reserve funds 833,086 + 2,643 + 46,064 832,772

Currency in circulation5 748,943 - 1,181 + 37,739 748,954

Reverse repurchase agreements6 27,580 - 2,384 + 7,583 27,594

Foreign official and international accounts 27,580 - 2,384 + 7,583 27,594

Dealers 0 0 0 0

Treasury cash holdings 257 - 16 - 77 296

Deposits with F.R. Banks, other than reserve balances 14,802 - 262 - 3,804 15,202

U.S. Treasury, general account 4,781 - 364 - 2,593 5,142

Foreign official 81 + 2 - 5 79

Service-related 9,594 + 1 - 1,138 9,594

Required clearing balances 9,593 0 - 591 9,593

Adjustments to compensate for float 2 + 2 - 546 2

Other 346 + 99 - 68 387

Other liabilities and capital 26,279 + 574 + 6,159 25,976

Total factors, other than reserve balances,

absorbing reserve funds 817,861 - 3,268 + 47,600 818,022

Reserve balances with Federal Reserve Banks 15,225 + 5,911 - 1,536 14,749

Memo (off-balance-sheet items):

Marketable securities held in custody for foreign

 official and international accounts2,7 1,343,578 - 7,478 + 238,476 1,346,982

U.S. Treasury 1,068,838 - 2,722 + 183,870 1,073,699

Federal agency 274,740 - 4,756 + 54,606 273,283

Securities lent to dealers 2,164 - 505 + 971 2,057

FEDERAL RESERVE statistical release

 January 20, 2005

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

 Jan 19, 2005 Week ended

 Jan 19, 2005 Jan 12, 2005 Jan 21, 2004
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 11,041 0 + 2

Special drawing rights certificate account 2,200 0 0

Coin 751 + 14 - 28

Securities, repurchase agreements, and loans 740,387 + 4,264 + 31,423

Securities held outright 717,825 + 2 + 50,993

U.S. Treasury1 717,825 + 2 + 50,993

Bills2 262,970 0 + 17,942

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

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

Inflation compensation3 2,318 + 2 + 682

Federal agency2 0 0 0

Repurchase agreements4 22,500 + 4,250 - 19,500

Loans 61 + 11 - 71

Items in process of collection (1,260) 12,550 + 4,556 - 201

Bank premises 1,779 + 3 + 135

Other assets5 39,837 - 324 + 496

Total assets (1,260) 808,544 + 8,512 + 31,827

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 713,464 - 387 + 36,839

Reverse repurchase agreements6 27,594 + 363 + 7,859

Deposits ( 0 ) 32,148 + 6,116 - 16,668

Depository institutions 26,540 + 5,831 - 14,004

U.S. Treasury, general account 5,142 + 191 - 2,598

Foreign official 79 - 9 - 37

Other ( 0 ) 387 + 103 - 29

Deferred availability cash items (1,260) 9,362 + 2,639 - 2,046

Other liabilities and accrued dividends7 2,784 - 19 + 542

Total liabilities (1,260) 785,352 + 8,712 + 26,527

Capital accounts

Capital paid in 12,015 + 7 + 3,140

Surplus 10,946 - 7 + 2,099

Other capital accounts 231 - 200 + 61

Total capital 23,192 - 200 + 5,300

H.4.1

2. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Wednesday

 Jan 21, 2004

Eliminations from

consolidation Wednesday

 Jan 19, 2005

Wednesday

 Jan 12, 2005

3. Maturity Distribution of Loans and Securities, January 19, 2005

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 61 56,493 + 10,040 0 0 22,500 27,594

16 days to 90 days 0 154,007 - 9,088 0 0 0 0

91 days to 1 year 0 170,089 + 224 0 0 . . . . . . 

Over 1 year to 5 years . . . 209,683 + 1,413 0 0 . . . . . . 

Over 5 years to 10 years . . . 51,786 - 2,587 0 0 . . . . . . 

Over 10 years . . . 75,767 + 1 0 0 . . . . . . 

All 61 717,825 + 2 0 0 22,500 27,594

Assets, liabilities, and capital

Maturity
H.4.1

4. Statement of Condition of Each Federal Reserve Bank on January 19, 2005Millions 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.

 11,041 2,200 751 740,387 717,825 717,825 262,970 454,855 0 22,500 61 13,810 1,779 39,837 0 809,804

Assets, liabilities, and capital

 4,651 874 46 333,776 311,259 311,259 114,027 197,231 0 22,500 17 1,035 196 14,223 -17,682 337,119

 494 115 19 33,707 33,707 33,707 12,348 21,359 0 0 0 926 100 1,817 + 2,756 39,934

 382 83 55 21,358 21,350 21,350 7,821 13,529 0 0 8 649 53 1,157 + 3,204 26,941

 452 104 54 30,673 30,673 30,673 11,237 19,436 0 0 0 1,044 157 2,473 + 307 35,263

 819 147 68 54,560 54,558 54,558 19,987 34,571 0 0 2 744 144 6,289 - 946 61,825

 894 166 85 48,408 48,408 48,408 17,734 30,674 0 0 0 1,371 277 2,305 + 8,513 62,019

 924 212 119 64,673 64,661 64,661 23,688 40,973 0 0 12 1,587 158 3,608 - 994 70,287

 325 71 35 21,089 21,089 21,089 7,726 13,363 0 0 0 755 67 1,041 + 943 24,326

 2   15,6 15,6 15,6 5,7 9,9    6 1 1,1 - 1,2 16,6
 852,385

 138,921 713,464 713,464 11,041 2,200 700,224 0 740,325 27,609 712,716

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.

 852,385 138,921 713,464 27,594 32,148 26,540 5,142 79 387 10,622 2,784 786,612 12,015 10,946 231 809,804

 38,591 4,624 33,968 1,296 1,183 1,175 0 2 6 778 155 37,379 1,638 916 2 39,934

 341,123 41,103 300,020 11,965 16,087 10,664 5,142 56 225 1,068 987 330,127 3,430 3,430 133 337,119

 32,534 8,214 24,320 821 537 536 0 1 0 569 101 26,348 297 294 2 26,941

 34,320 5,597 28,723 1,179 1,864 1,861 0 2 1 1,444 147 33,357 1,067 839 0 35,263

 64,728 12,626 52,102 2,097 2,298 2,141 0 7 150 800 252 57,549 2,148 2,127 0 61,825

 73,762 18,189 55,572 1,861 2,348 2,346 0 2 0 1,055 222 61,057 426 516 20 62,019

 72,834 9,587 63,247 2,486 2,200 2,196 0 3 0 510 263 68,706 785 763 32 70,287

 24,900 3,058 21,842 811 608 605 0 1 2 307 108 23,675 399 236 16 24,326

 16,4 2,0 14,4 6 4 4    6  16,1 2 2  16,6

H.4.1

4. Statement of Condition of Each Federal Reserve Bank on January 19, 2005 (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

 Jan 19, 2005

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.