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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 20, 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 19, 2000 Jan 12, 2000 Jan 20, 1999 Jan 19, 2000

Reserve Bank Credit                                         571,881    -  17,707    +  65,900      568,812
  U.S. government securities (1)
    Bought outright-system account (2,3)                    494,824    +  10,129    +  42,006      496,110
    Held under repurchase agreements                              0            0    -   6,291            0
  Federal agency obligations (1)
    Bought outright                                             181            0    -     157          181
    Held under repurchase agreements                              0            0    -   6,046            0
  Repurchase agreements -- triparty (4)                      40,754    -  26,667    +  40,754       34,610
  Acceptances                                                     0            0            0            0
  Loans to depository institutions
    Adjustment credit                                           242    -     614    +     220          127
    Seasonal credit                                              28    -       3    +      24           32
    Special Liquidity Facility                                   16    -     111    +      16           13
    Extended credit                                               0            0            0            0
   Float                                                        407    -     632    -   3,780        2,339
   Other F.R. assets                                         35,430    +     192    -     845       35,401
Gold stock                                                   11,048            0    +       2       11,048
Special drawing rights certificate account                    6,200            0    -   3,000        6,200
Treasury currency outstanding                                27,790    +      14    +   1,457       27,790
        Total factors supplying reserve funds               616,919    -  17,693    +  64,359      613,850

Currency in circulation*                                    581,264    -  17,638    +  72,271      577,439
Reverse repurchase agreements -- triparty (4)                     0            0            0            0
Treasury cash holdings*                                         121            0    +      35          121
Deposits,other than reserve balances,with F.R.Banks
  Treasury                                                    5,390    +      64    -   1,906        3,716
  Foreign                                                       101    +      27    -      80           80
  Service-related balances and adjustments (5)                7,472    -     494    +       4        7,472
  Other                                                         250    +      59    +      38          256
Other F.R. liabilities and capital                           18,446    +     258    +   1,575       18,187
        Total factors, other than reserve balances,
        absorbing reserve funds                             613,044    -  17,724    +  71,936      607,271

Reserve balances with F.R. Banks  (6)                         3,875    +      32    -   7,577        6,578

On   January 19, 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 $    624,319 million, a change of $  -   3,533 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 $     22,211 million (daily average over statement week) and $     20,647 million (outstanding on
   Wednesday statement date) matched sale-purchase transactions, of which $     21,211 million (daily average)
   and $     20,647 million (outstanding on Wednesday statement date) were with foreign official and international
   accounts.  Includes securities loans of $        927 million (daily average) and $      2,572 million
   (outstanding on Wednesday statement date) that are fully collateralized by other U.S. government securities.
3  Includes $      5,792 million of inflation-indexed securities valued at the original face amount and
   $        230 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 $      7,075 million and adjustments of $        397 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.

Worksheet for H.4.1 (a)

CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS
Millions of Dollars
                                                                                    Change Since
                                                  *          Wednesday        Wednesday        Wednesday
                                                           Jan 19, 2000     Jan 12, 2000     Jan 20, 1999
                ASSETS
Gold certificate account                                        11,048                0        +       2
Special drawing rights certificate account                       6,200                0        -   3,000
Coin                                                               292        +      54        -     118
Loans                                                              171        -     830        +      93
Acceptances                                                          0                0                0
Repurchase agreements -- triparty (1)                           34,610        -  28,285        +  34,610
Federal agency obligations (2)
  Bought outright                                                  181                0        -     157
  Held under repurchase agreements                                   0                0        -   3,958
U.S. government securities (2)
  Bought outright--Bills                                       195,052        +  10,780        -   1,940
                   Notes (3)                                   218,079        -     389        +  30,676
                   Bonds (4)                                    82,979                0        +  13,505
    Total bought outright (5)                                  496,110        +  10,391        +  42,242
  Held under repurchase agreements (1)                               0                0        -   6,140
     Total U.S. government securities                          496,110        +  10,391        +  36,102
       Total loans and securities                              531,072        -  18,723        +  66,690

Items in process of collection                    (1,064)       13,894        +   5,967        -   2,384
Bank premises                                                    1,367        +       1        +      67
Other assets (6)                                                34,147        +      51        -     977
                TOTAL ASSETS                      (1,064)      598,020        -  12,652        +  60,280

                LIABILITIES
Federal Reserve notes                                          550,063        -  12,078        +  67,249
Reverse repurchase agreements -- triparty (1)                        0                0                0
Deposits
  Depository institutions                                       14,654        -   2,605        -   4,805
  U.S. Treasury--general account                                 3,716        -   1,738        -   3,750
  Foreign--official accounts                                        80        -      30        -      97
    Other                                             (0)          256        +      27        +      50
      Total deposits                                  (0)       18,706        -   4,344        -   8,602
Deferred availability cash items                  (1,064)       11,064        +   3,603        +      73
Other liabilities and accrued dividends (7)                      4,514        -       1        +     288
                TOTAL LIABILITIES                 (1,064)      584,347        -  12,821        +  59,007

                CAPITAL ACCOUNTS
Capital paid in                                                  6,643        +     201        +     679
Surplus                                                          6,432                0        +     480
Other capital accounts                                             598        -      32        +     114

*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 $      4,254 million of inflation-indexed securities valued at the original face amount and
   $        180 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
   $         50 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
5  Net of $     20,647 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes securities loans of $      2,572 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 19, 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             159       15,541   +   1,030            6           0       28,595           0
16 to 90 days               13       98,302   +   9,832           35           0        6,015           0
91 days to 1 year            0      141,916   +     725           10           0     ------      ------
Over 1 to 5 years                   124,169           0           10           0     ------      ------
Over 5 to 10 years                   49,910   -   1,198          120           0     ------      ------
Over 10 years                        66,271           0            0           0     ------      ------
                   		 	
Total                      171      496,110   +  10,391          181           0       34,610           0

1  Includes $      5,792 million of inflation-indexed securities valued at the original face amount and
   $        230 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 19, 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                                             292          7         10         13         19         48         32         48         17         14         21         24         41

Loans                                            171          4          0          0          0          9         12         18         90          7         24          2          5
Acceptances                                        0          0          0          0          0          0          0          0          0          0          0          0          0
Repurchase Agreements -- triparty(1)          34,610          0     34,610          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                     195,052     10,087     77,679      5,842     11,291     14,674     11,873     18,319      6,416      2,333      5,849      9,719     20,971
                   Notes (3)                 218,079     11,278     86,849      6,532     12,623     16,406     13,274     20,482      7,173      2,608      6,540     10,866     23,447
                   Bonds (4)                  82,979      4,291     33,046      2,485      4,803      6,242      5,051      7,793      2,730        992      2,488      4,135      8,922
     Total bought outright(5)                496,110     25,655    197,573     14,859     28,717     37,322     30,198     46,595     16,319      5,933     14,877     24,720     53,340
  Held under repurchase agreements                 0          0          0          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             496,110     25,655    197,573     14,859     28,717     37,322     30,198     46,595     16,319      5,933     14,877     24,720     53,340
       Total loans and securities            531,072     25,669    232,256     14,865     28,728     37,344     30,220     46,630     16,415      5,943     14,907     24,731     53,365

Items in process of collection                14,958        738      1,912        672        830      1,205      1,728      1,231        676        905        860        593      3,608
Bank premises                                  1,367         93        165         50        158        125        147        107         32        128         51        146        165
Other assets(5)                               34,147      1,538     11,490        999      2,029      4,660      2,131      3,030        866        770        860      1,453      4,322
Interdistrict settlement account                   0    + 5,088    - 9,304    + 5,135    -   621    - 5,126    + 5,843    +13,252    + 2,697    - 4,539    +   594    -14,817    + 1,799
          TOTAL ASSETS                       599,084     33,972    243,394     22,240     32,007     39,606     41,275     65,840     21,214      3,439     17,781     13,045     65,271

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 $      4,254 million of inflation-indexed securities valued at the original face amount and  $        180 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  $         50 million
   of compensation that adjusts for the effects of inflation on the principal of such securities.
5  Net of $     20,647 million matched sale-purchase transactions outstanding at the end of the latest statement week.
   Includes securities loans of $      2,572 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 19, 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                         550,063     31,624    229,680     20,681     28,696     32,747     37,626     62,205     19,523      1,726     16,308     11,413     57,832
Reverse repurchase agreements--triparty(1)          0          0          0          0          0          0          0          0          0          0          0          0          0
Deposits
  Depository institutions                      14,654        884      3,548        478      1,277      2,077      1,149      1,070        672        454        428        490      2,127
  U.S. Treasury--general account                3,716          0      3,716          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                       80          1         56          1          2          6          2          3          1          1          1          1          5
  Other                                           256          0        144          1          5         95          1          1          1          0          3          3          2
    Total deposits                             18,706        885      7,464        479      1,284      2,178      1,152      1,075        673        456        431        495      2,134
Deferred credit items                          12,128        610      1,575        498        842        913      1,188        921        507        688        502        459      3,425
Other liabilities and accrued
  dividends (2)                                 4,514        247      1,604        166        266        366        317        432        171         92        166        231        457
    TOTAL LIABILITIES                         585,411     33,366    240,323     21,824     31,088     36,204     40,284     64,633     20,875      2,962     17,407     12,598     63,848

       CAPITAL ACCOUNTS
Capital paid in                                 6,643        290      1,479        200        445      1,676        482        579        160        237        179        211        706
Surplus                                         6,432        290      1,325        199        444      1,691        460        578        158        235        179        211        660
Other capital accounts                            598         26        267         17         30         35         49         50         21          6         16         26         56
     TOTAL LIABILITIES AND CAPITAL
        ACCOUNTS                              599,084     33,972    243,394     22,240     32,007     39,606     41,275     65,840     21,214      3,439     17,781     13,045     65,271

FEDERAL RESERVE AGENTS' ACCOUNTS

F.R. notes outstanding                        815,736     42,376    324,602     30,805     38,525     54,526     61,797     78,395     26,219     11,270     24,222     36,312     86,686
  Less--Held by F.R. Banks                    265,673     10,753     94,923     10,124      9,830     21,779     24,171     16,189      6,695      9,544      7,913     24,898     28,854
  F.R. notes, net                             550,063     31,624    229,680     20,681     28,696     32,747     37,626     62,205     19,523      1,726     16,308     11,413     57,832
Collateral held against F.R. notes
   Gold certificate account                    11,048
   Special drawing rights
     certificate account                        6,200
   Other eligible assets                        1,914
   U.S. govt. and agency securities(3)        530,901
     Total collateral                         550,063

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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