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`FEDERAL RESERVE
These data are scheduled for release each Thursday.  The exact time of each release will be announced, when
the information is available, on (202) 452-3206.

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of F.R. Banks
                                                                                            January 6, 2000
Millions of dollars
                                                                   Averages of daily figures
      Reserve balances of depository institutions at     Week ended   Change from week ended     Wednesday
 F.R. Banks, Reserve Bank credit, and related items      Jan 5, 2000 Dec 29, 1999  Jan 6, 1999  Jan 5, 2000

Reserve Bank Credit                                         636,928    +  18,141    + 121,176      613,633
  U.S. government securities (1)
    Bought outright-system account (2,3)                    480,862    -   8,308    +  28,541      486,948
    Held under repurchase agreements                              0            0    -  14,991            0
  Federal agency obligations (1)
    Bought outright                                             181            0    -     157          181
    Held under repurchase agreements                              0            0    -   8,174            0
  Repurchase agreements -- triparty (4)                     120,136    +  26,982    + 120,136       91,645
  Acceptances                                                     0            0            0            0
  Loans to depository institutions
    Adjustment credit                                           205    -     156    +     181          117
    Seasonal credit                                              44    -      34    +      32           36
    Special Liquidity Facility                                   52    -     171    +      52           27
    Extended credit                                               0            0            0            0
   Float                                                        475    -     161    -   2,308         -427
   Other F.R. assets                                         34,973    -      11    -   2,136       35,105
Gold stock                                                   11,048            0    +       2       11,048
Special drawing rights certificate account                    6,200            0    -   3,000        6,200
Treasury currency outstanding                                27,762    +      14    +   1,492       27,762
        Total factors supplying reserve funds               681,939    +  18,156    + 119,672      658,644

Currency in circulation*                                    625,646    +   6,565    + 108,752      616,379
Reverse repurchase agreements -- triparty (4)                     0            0            0            0
Treasury cash holdings*                                         111    +       2    +      26          121
Deposits,other than reserve balances,with F.R.Banks
  Treasury                                                   20,943    +   8,805    +  14,951       15,134
  Foreign                                                        76    -      23    -      93           82
  Service-related balances and adjustments (5)                7,866    +      83    +     822        7,867
  Other                                                         956    +     761    -     444          203
Other F.R. liabilities and capital                           17,543    -   1,082    +   1,146       17,587
        Total factors, other than reserve balances,
        absorbing reserve funds                             673,141    +  15,110    + 125,161      657,374

Reserve balances with F.R. Banks  (6)                         8,798    +   3,045    -   5,489        1,270

On    January 5, 2000, the face amount of marketable U.S. government securities held in custody by the
Federal Reserve Banks for foreign official and international accounts was    633,502 million, a change of
 -$  5,454 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Face value of the securities.
2  Net of $     36,283 million (daily average over statement week) and $     30,197 million (outstanding on
   Wednesday statement date) matched sale-purchase transactions, of which $     36,283 million (daily average)
   and $     30,197 million (outstanding on Wednesday statement date) were with foreign official and international
   accounts.  Includes securities loans of $      1,481 million (daily average) and $        615 million
   (outstanding on Wednesday statement date) that are fully collateralized by other U.S. government securities.
3  Includes $      5,476 million of inflation-indexed securities valued at the original face amount and
   $        229 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Cash value of agreements arranged through third-party custodial banks.  These agreements are collateralized
   by U.S. government and federal agency securities.
5  Consists of required clearing balances of $      7,483 million and adjustments of $        384 million to
   compensate for float.
6  Excludes required clearing balances and adjustments to compensate for float.

* Estimated (Treasury's figures).
Components may not add to totals due to rounding.

Note: On January 5, 2000, $    144,000 million of option contracts on repurchase agreements with exercise dates from
January 6, 2000 through January 12, 2000 were outstanding. Of the $    222,950 million of contracts written with
exercise dates from December 30, 1999 through January 5, 2000, $          0 (daily average) and $          0 million (on January 5)
were exercised and are reflected in the repurchase agreement data shown on this release. Further details on these contracts
can be found on the website of the Federal Reserve Bank of New York (http://www.newyorkfed.org/pihome/news/announce).

Worksheet for H.4.1 (a)

CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS
Millions of Dollars
                                                                                    Change Since
                                                  *          Wednesday        Wednesday        Wednesday
                                                            Jan 5, 2000     Dec 29, 1999      Jan 6, 1999
                ASSETS
Gold certificate account                                        11,048                0        +       2
Special drawing rights certificate account                       6,200                0        -   3,000
Coin                                                               200        -       3        -     153
Loans                                                              180        -   2,692        +      72
Acceptances                                                          0                0                0
Repurchase agreements -- triparty (1)                           91,645        -  31,225        +  91,645
Federal agency obligations (2)
  Bought outright                                                  181                0        -     157
  Held under repurchase agreements                                   0                0        -   3,353
U.S. government securities (2)
  Bought outright--Bills                                       185,502        +   3,529        -  12,775
                   Notes (3)                                   218,468        +       2        +  30,573
                   Bonds (4)                                    82,978                0        +  13,504
    Total bought outright (5)                                  486,948        +   3,531        +  31,303
  Held under repurchase agreements (1)                               0                0        -   4,507
     Total U.S. government securities                          486,948        +   3,531        +  26,796
       Total loans and securities                              578,955        -  30,385        + 115,004

Items in process of collection                      (743)        8,359        +   1,434        -   4,701
Bank premises                                                    1,366        +      10        +      66
Other assets (6)                                                33,728        -     105        -     796
                TOTAL ASSETS                        (743)      639,857        -  29,049        + 106,423

                LIABILITIES
Federal Reserve notes                                          588,939        -  11,982        +  99,594
Reverse repurchase agreements -- triparty (1)                        0                0                0
Deposits
  Depository institutions                                       10,139        -   6,590        -   3,626
  U.S. Treasury--general account                                15,134        -  10,789        +  10,174
  Foreign--official accounts                                        82        -     152        -      88
    Other                                             (0)          203        +      20        +      41
      Total deposits                                  (0)       25,558        -  17,511        +   6,501
Deferred availability cash items                    (743)        7,772        +   1,140        -     794
Other liabilities and accrued dividends (7)                      4,261        -     217        +     172
                TOTAL LIABILITIES                   (743)      626,530        -  28,569        + 105,473

                CAPITAL ACCOUNTS
Capital paid in                                                  6,442        +      10        +     482
Surplus                                                          6,432        +     480        +     480
Other capital accounts                                             453        -     969        -      12

*Figures in parentheses are the eliminations made in the consolidation process.
1  Cash value of agreements arranged through third-party custodial banks.
2  Face value of the securities.
3  Includes $      3,938 million of inflation-indexed securities valued at the original face amount and
   $        179 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Includes $      1,538 million of inflation-indexed securities valued at the original face amount and
   $         49 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
5  Net of $     30,197 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes securities loans of $        615 million that are fully collateralized by other
   U.S. government securities.
6  Includes assets denominated in foreign currencies, revalued monthly at market exchange rates.
7  Includes exchange-translation account reflecting the monthly revaluation at market exchange rates of
   foreign exchange commitments.
Components may not add to totals due to rounding.


MATURITY DISTRIBUTION OF LOANS AND SECURITIES,    January 5, 2000
Holdings of securities include securitites held under repurchase agreements, which are classified according
to remaining maturity.

Millions of dollars
                                    U.S. government         Federal agency                      Reverse
                     Loans          securities (1,2)        obligations(2)        Repurchase   Repurchase
                                              Weekly                  Weekly      Agreements   Agreements
                                  Holdings    changes      Holdings    changes    Triparty(3)  Triparty(3)
Within 15 days             129       19,687   +   4,053            0           0       62,040           0
16 to 90 days               39       89,363   +   5,915           31           0       29,605           0
91 days to 1 year           12      136,351   -   4,679           20           0     ------      ------
Over 1 to 5 years                   124,169   -   1,760           10           0     ------      ------
Over 5 to 10 years                   51,107   +       1          120           0     ------      ------
Over 10 years                        66,270           0            0           0     ------      ------
                   		 	
Total                      180      486,948   +   3,531          181           0       91,645           0

1  Includes $      5,476 million of inflation-indexed securities valued at the original face amount and
   $        229 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
2  Includes face value of securities held under repurchase agreements classified by the remaining maturity of
   the agreements.
3  Cash value of agreements arranged through third-party custodial banks classified by remaining maturity of
   the agreements.
Components may not add to totals due to rounding.


H.4.1 (b)

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON    January 5, 2000
Millions of dollars
                                                                                                                                                            Kansas                 San
                                               Total     Boston   New York Philadelphia Cleveland   Richmond   Atlanta    Chicago   St. Louis  Minneapolis   City      Dallas   Francisco
         ASSETS
Gold certificate account                      11,048        533      4,435        319        566        834        724        993        337        140        313        575      1,279
Special drawing rights certif. acct.           6,200        307      2,431        187        299        516        450        549        175         78        175        341        692
Coin                                             200          5         10          8         11         37         18         28         10         12         16         14         29

Loans                                            180         74          2          1          0         11          9         24         21          5         15          4         14
Acceptances                                        0          0          0          0          0          0          0          0          0          0          0          0          0
Repurchase Agreements -- triparty(1)          91,645          0     91,645          0          0          0          0          0          0          0          0          0          0
Federal agency obligations(2)
  Bought outright                                181          9         72          5         10         14         11         17          6          2          5          9         19
  Held under repurchase agreements                 0          0          0          0          0          0          0          0          0          0          0          0          0
U.S. government securities(2)
  Bought outright--Bills                     185,502      9,593     73,875      5,556     10,738     13,955     11,291     17,422      6,102      2,219      5,563      9,243     19,945
                   Notes (3)                 218,468     11,298     87,004      6,543     12,646     16,435     13,298     20,519      7,186      2,613      6,551     10,886     23,489
                   Bonds (4)                  82,978      4,291     33,046      2,485      4,803      6,242      5,051      7,793      2,729        992      2,488      4,135      8,922
     Total bought outright(5)                486,948     25,182    193,925     14,585     28,187     36,633     29,640     45,734     16,018      5,824     14,603     24,263     52,355
  Held under repurchase agreements                 0          0          0          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             486,948     25,182    193,925     14,585     28,187     36,633     29,640     45,734     16,018      5,824     14,603     24,263     52,355
       Total loans and securities            578,955     25,265    285,643     14,591     28,198     36,658     29,660     45,776     16,044      5,831     14,623     24,276     52,389

Items in process of collection                 9,102        576      1,275        255        322        590        877        684        352        598        580        415      2,578
Bank premises                                  1,366         93        164         50        158        125        147        107         32        128         51        146        165
Other assets(5)                               33,728      1,509     11,464      1,009      1,997      4,593      2,101      2,983        835        762        846      1,373      4,256
Interdistrict settlement account                   0    + 8,244    -47,950    + 7,725    + 1,816    - 2,194    +11,949    +19,124    + 4,305    - 3,608    + 2,923    -11,530    + 9,196
          TOTAL ASSETS                       640,599     36,531    257,473     24,144     33,368     41,159     45,927     70,244     22,092      3,941     19,527     15,611     70,583

1  Cash value of agreements arranged through third-party custodial banks.  These agreements are collateralized
   by U.S. government and federal agency securities.
2  Face value of the securities.
3  Includes $      3,938 million of inflation-indexed securities valued at the original face amount and  $        179 million
   of compensation that adjusts for the effects of inflation on the principal of such  securities.
4  Includes $      1,538 million of inflation-indexed securities valued at the original face amount and  $         49 million
   of compensation that adjusts for the effects of inflation on the principal of such securities.
5  Net of $     30,197 million matched sale-purchase transactions outstanding at the end of the latest statement week.
   Includes securities loans of $        615 million that are fully collateralized by other U.S. government securities.
6  Includes assets denominated in foreign currencies, revalued monthly at market exchange rates.

Components may not add to totals due to rounding.


H.4.1 (c)

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON    January 5, 2000
Millions of dollars
                                                                                                                                                            Kansas                 San
                                               Total     Boston   New York Philadelphia Cleveland   Richmond   Atlanta    Chicago   St. Louis  Minneapolis   City      Dallas   Francisco
       LIABILITIES
Federal Reserve notes                         588,939     34,081    235,486     22,882     30,975     35,979     42,367     66,987     20,991      2,524     18,122     14,130     64,415
Reverse repurchase agreements--triparty(1)          0          0          0          0          0          0          0          0          0          0          0          0          0
Deposits
  Depository institutions                      10,139      1,152      1,170        339        866        797      1,360        991        338        303        422        480      1,920
  U.S. Treasury--general account               15,134          0     15,134          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                       82          1         58          1          2          6          2          3          1          1          1          1          5
  Other                                           203          0        138          1          3         34          1          1         19          0          2          3          1
    Total deposits                             25,558      1,154     16,501        341        871        837      1,364        995        358        304        425        484      1,926
Deferred credit items                           8,515        465      1,075        355        358        612        932        662        266        551        453        336      2,447
Other liabilities and accrued
  dividends (2)                                 4,261        234      1,510        157        253        339        297        410        164         87        157        221        432
    TOTAL LIABILITIES                         627,273     35,933    254,572     23,735     32,457     37,767     44,961     69,054     21,779      3,467     19,158     15,171     69,220

       CAPITAL ACCOUNTS
Capital paid in                                 6,442        290      1,325        199        445      1,676        482        578        160        236        179        211        660
Surplus                                         6,432        290      1,325        199        444      1,691        460        578        158        235        179        211        660
Other capital accounts                            453         19        250         11         22         24         24         33         -6          4         12         18         42
     TOTAL LIABILITIES AND CAPITAL
        ACCOUNTS                              640,599     36,531    257,473     24,144     33,368     41,159     45,927     70,244     22,092      3,941     19,527     15,611     70,583

FEDERAL RESERVE AGENTS' ACCOUNTS

F.R. notes outstanding                        821,111     42,760    326,367     30,877     38,877     54,677     61,947     79,247     26,416     11,337     24,574     36,578     87,456
  Less--Held by F.R. Banks                    232,172      8,680     90,880      7,995      7,902     18,698     19,579     12,260      5,424      8,812      6,452     22,448     23,041
  F.R. notes, net                             588,939     34,081    235,486     22,882     30,975     35,979     42,367     66,987     20,991      2,524     18,122     14,130     64,415
Collateral held against F.R. notes
   Gold certificate account                    11,048
   Special drawing rights
     certificate account                        6,200
   Other eligible assets                            0
   U.S. govt. and agency securities(3)        571,691
     Total collateral                         588,939

1  Cash value of agreements arranged through third-party custodial banks.  These agreements are collateralized
   by U.S. government and federal agency securities.
2  Includes exchange translation account reflecting the monthly revaluation at market exchange rates of
   foreign exchange commitments.
3  U.S. government and agency securities bought outright or held under repurchase agreement are valued at face amount.
   Includes cash value of repurchase agreements under triparty arrangements and excludes the par value of securities
   pledged under reverse repurchase agreements.

Components may not add to totals due to rounding.`

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