FEDERAL RESERVE Statistical Release

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
                                                                                          November 26, 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           Nov 24, 2004 Nov 17, 2004 Nov 26, 2003 Nov 24, 2004
Federal Reserve Banks

Reserve Bank Credit                                         779,872    +   1,289    +  50,680      790,416
 Securities held outright                                   711,264    +   1,996    +  47,765      711,595       
    U.S. Treasury (1)                                       711,264    +   1,996    +  47,775      711,595
       Bills (2)                                            260,864    +   1,132    +  17,670      261,190
       Notes and bonds, nominal (2)                         432,526    +     856    +  27,315      432,526
       Notes and bonds, inflation-indexed (2)                15,683            0    +   2,229       15,683
       Inflation compensation (3)                             2,191    +       9    +     562        2,196
    Federal agency (2)                                            0            0    -      10            0      
 Repurchase agreements(4)                                    28,607    +   1,500    +   1,214       39,000
 Loans to depository institutions                                76    -     435    +      30           72
    Primary credit                                                5    -     426            0            1
    Secondary credit                                              0            0            0            0
    Seasonal credit                                              71    -       9    +      29           71
 Float                                                          510    -     243    +     448           90
 Other Federal Reserve assets                                39,414    -   1,529    +   1,222       39,658
Gold stock                                                   11,043            0            0       11,043
Special drawing rights certificate account                    2,200            0            0        2,200
Treasury currency outstanding (5)                            36,377    +      14    +     973       36,377
       
Total factors supplying reserve funds                       829,491    +   1,302    +  51,651      840,035
                                                                   
Currency in circulation(5)                                  749,783    +   1,358    +  40,958      754,255
Reverse repurchase agreements (6)                            27,655    +     306    +   9,427       28,084
   Foreign official and international accounts               27,655    +     306    +   9,427       28,084
   Dealers                                                        0            0            0            0
Treasury cash holdings                                          293    -       7    -      14          283
Deposits with F.R.Banks, other than reserve balances         14,759    -     452    -   2,975       14,918       
  U.S. Treasury, general account                              4,419    -     405    -     804        4,575
  Foreign official                                               82    -      11    -       3           84
  Service-related                                             9,963            0    -   2,201        9,963
     Required clearing balances                               9,963            0    -   1,885        9,963
     Adjustments to compensate for float                          0            0    -     316            0
  Other                                                         294    -      37    +      31          296
Other liabilities and capital                                25,367    +     825    +   4,695       25,191

Total factors, other than reserve balances,                                        
   absorbing reserve funds                                  817,858    +   2,032    +  52,091      822,732

Reserve balances with Federal Reserve Banks                  11,634    -     728    -     438       17,304
                                                                

Memo (off-balance-sheet items):
  Marketable securities held in custody for foreign
         official and international accounts(2,7)         1,316,747    +   3,038    + 288,243    1,319,141
     U.S. Treasury                                        1,061,211    -   1,062    + 242,453    1,060,830
     Federal agency                                         255,535    +   4,099    +  45,789      258,311
  Securities lent to dealers                                  4,319    +   2,293    +   2,650          457   


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 Nov 24, 2004     Nov 17, 2004     Nov 26, 2003

Assets
Gold certificate account                                        11,039                0                0
Special drawing rights certificate account                       2,200                0                0
Coin                                                               739        -      17        -      38
Securities, repurchase agreements, and loans                   750,667        +  16,451        +  52,599
   Securities held outright                                    711,595        +   1,461        +  47,070
      U.S. Treasury (1)                                        711,595        +   1,461        +  47,080       
         Bills (2)                                             261,190        +   1,451        +  17,937
         Notes and bonds, nominal (2)                          432,526                0        +  26,353
         Notes and bonds, inflation-indexed (2)                 15,683                0        +   2,229
         Inflation compensation (3)                              2,196        +      10        +     562
      Federal agency (2)                                             0                0        -      10
   Repurchase agreements (4)                                    39,000        +  15,000        +   5,500    
   Loans                                                            72        -      10        +      29
Items in process of collection                    (1,014)        7,047        -   1,181        -     260
Bank premises                                                    1,753        +       6        +     148
Other assets (5)                                                37,958        +     635        +   1,094
      Total assets                                (1,014)      811,403        +  15,894        +  53,544
                          
Liabilities
Federal Reserve notes net of FR Bank holdings                  718,896        +   5,360        +  39,870
Reverse repurchase agreements (6)                               28,084        +     355        +  10,129
Deposits                                              (0)       32,275        +  10,210        -     679       
  Depository institutions                                       27,320        +  10,495        +      81
  U.S. Treasury, general account                                 4,575        -     276        -     802
  Foreign official                                                  84        -       1        +       2
  Other                                               (0)          296        -       8        +      41
Deferred availability cash items                  (1,014)        6,957        -     315        -     563
Other liabilities and accrued dividends (7)                      3,008        +      82        +     672
      Total liabilities                           (1,014)      789,219        +  15,690        +  49,428
                          
Capital Accounts
Capital paid in                                                 11,571        +      25        +   2,743
Surplus                                                          8,847                0        +     467
Other capital accounts                                           1,765        +     177        +     905
      Total capital                                             22,184        +     203        +   4,116


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,  November 24, 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              66       51,078   -      79            0           0       35,000       28,084
16 days to 90 days           6      150,884   -      39            0           0        4,000            0
91 days to 1 year            0      173,321   +   1,570            0           0     ------      ------
Over 1 to 5 years     ------        206,678   +       3            0           0     ------      ------
Over 5 to 10 years    ------         54,001   +       3            0           0     ------      ------
Over 10 years         ------         75,633   +       3            0           0     ------      ------
                   		 	
All                         72      711,595   +   1,461            0           0       39,000      28,084

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  November 24, 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                                             739         22         47         57         54         59         73        103         38         22         45        113        105
Securities, repurchase agreements,
      and loans                              750,667     33,415    347,557     21,169     30,407     54,084     47,998     64,123     20,906     15,538     18,713     32,447     64,310
   Securities held outright                  711,595     33,415    308,557     21,165     30,407     54,084     47,988     64,099     20,906     15,521     18,699     32,445     64,309
      U.S. Treasury (1)                      711,595     33,415    308,557     21,165     30,407     54,084     47,988     64,099     20,906     15,521     18,699     32,445     64,309
         Bills (2)                           261,190     12,265    113,256      7,768     11,161     19,852     17,614     23,528      7,674      5,697      6,864     11,909     23,605
         Notes and bonds(3)                  450,405     21,150    195,302     13,396     19,246     34,233     30,374     40,572     13,232      9,824     11,836     20,536     40,704
         Federal agency (2)                        0          0          0          0          0          0          0          0          0          0          0          0          0
      Repurchase agreements(4)                39,000          0     39,000          0          0          0          0          0          0          0          0          0          0
      Loans                                       72          0          0          5          0          0         10         24          0         17         13          2          1
Items in process of collection                 8,061        351        336        589        659        528        621        543        355        559        921        366      2,232
Bank premises                                  1,753         99        193         52        154        144        278        147         63        123         79        244        178
Other assets(5)                               37,958      1,728     13,412      1,057      2,399      6,159      2,151      3,451      1,002      1,148        771        917      3,763
Interdistrict settlement account                   0    + 3,070    -33,640    + 4,598    -   132    + 2,561    +10,583    + 1,057    + 1,744    -   715    + 1,388    + 2,236    + 7,250
          Total Assets                       812,417     39,293    333,428     27,987     34,097     64,502     62,764     70,560     24,505     16,922     22,286     36,946     79,127

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  November 24, 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             841,267     37,686    327,685     32,850     34,676     65,720     73,331     72,645     25,210     16,491     24,544     41,585     88,845
  Less: notes held by F.R. Banks              122,372      4,108     29,894      8,196      5,473     12,501     16,640      9,017      2,918      1,980      4,659      7,414     19,572
    Federal Reserve notes, net                718,896     33,578    297,790     24,654     29,203     53,219     56,691     63,629     22,292     14,511     19,884     34,171     69,274
Reverse repurchase agreements (1)              28,084      1,319     12,178        835      1,200      2,135      1,894      2,530        825        613        738      1,281      2,538
Deposits                                       32,275      1,197     15,689      1,072      1,365      4,076      1,881      1,939        628        388        728        710      2,600
  Depository institutions                      27,320      1,189     10,869      1,071      1,362      3,975      1,878      1,936        621        386        726        709      2,597
  U.S. Treasury, general account                4,575          0      4,575          0          0          0          0          0          0          0          0          0          0
  Foreign official                                 84          2         61          1          2          7          2          3          1          1          1          0          4
  Other                                           296          7        184          0          1         93          1          0          7          0          1          1          0
Deferred availability cash items                7,970        587        675        708        558        459        965        436        154        688        505        344      1,891
Other liabilities and accrued                 
  dividends (2)                                 3,008        186      1,000        113        155        330        234        272        124         97        104        149        245
   
    Total liabilities                         790,233     36,867    327,332     27,383     32,481     60,219     61,665     68,805     24,023     16,296     21,959     36,656     76,548
                              
Capital                    
Capital paid in                                11,571      1,637      3,425        293        790      2,098        528        763        236        263        150        132      1,258
Surplus                                         8,847        448      2,031        259        727      2,074        489        924        228        346        162        111      1,048
Other capital                                   1,765        340        641         53         99        111         82         68         18         18         15         48        273
     Total liabilities and capital            812,417     39,293    333,428     27,987     34,097     64,502     62,764     70,560     24,505     16,922     22,286     36,946     79,127
                              

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
                                          Nov 24, 2004
              
Federal Reserve notes outstanding             841,267
   Less: Notes held by F.R. Banks
         not subject to collateralization     122,372
      Federal Reserve Notes to be
         collateralized                       718,896 
Collateral held against Federal Reserve            
   notes                                      718,896
   Gold certificate account                    11,039
   Special drawing rights                 
     certificate account                        2,200
   U.S. Treasury and agency securities   
     pledged (1)                              705,657
   Other assets pledged                             0

Memo:
Total U.S. Treasury and agency 
       securities (1)                         750,595
   Less:face value of securities under
         reverse repurchase agreements         28,154
      U.S. Treasury and agency securities
             eligible to be pledged           722,441
   

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.