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 May 15, 1997 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 May 14, 1997 May 7, 1997 May 15, 1996 May 14, 1997 Reserve Bank Credit (1,2) 450,198 - 10,725 + 34,935 453,279 U.S. government securities Bought outright-system account (3) 404,852 + 1,372 + 25,580 406,500 Held under repurchase agreements 11,330 - 11,520 + 10,603 11,596 Federal agency obligations Bought outright 1,970 0 - 474 1,970 Held under repurchase agreements 450 - 422 + 448 414 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 16 - 49 - 11 19 Seasonal credit 154 + 15 + 63 172 Extended credit 0 0 0 0 Float 47 - 49 - 820 1043 Other F.R. assets 31,378 - 72 - 454 31,564 Gold stock 11,052 0 0 11,051 Special drawing rights certificate account 9,200 0 - 968 9,200 Treasury currency outstanding 25,257 + 14 + 851 25,257 Total factors supplying reserve funds 495,706 - 10,711 + 34,818 498,787 Currency in circulation* 448,076 + 1,382 + 28,620 449,051 Treasury cash holdings* 316 + 6 + 51 322 Deposits,other than reserve balances,with F.R.Banks Treasury 14,661 - 9,238 + 8,988 16,838 Foreign 171 - 4 - 14 158 Service-related balances and adjustments (4) 7,143 - 10 + 880 7,143 Other 348 - 8 - 34 355 Other F.R. liabilities and capital 15,163 + 133 + 2,233 15,001 Total factors, other than reserve balances, absorbing reserve funds 485,877 - 7,739 + 40,724 488,868 Reserve balances with F.R. Banks (5) 9,829 - 2,972 - 5,906 9,919 On May 14, 1997, the face amount of marketable U.S. government securities held in custody by the Federal Reserve Banks for foreign official and international accounts was $ 640,941 million, a change of - $ 2,458 million for the week. The total includes the face value of U.S. Treasury strips and other zero coupon bonds. 1 Net of $ 13,465 million daily average, matched sale-purchase transactions outstanding during the latest statement week, of which a net of $ 13,465 million was with foreign official and international accounts. Includes securities loaned--fully secured by U.S. government securities. 2 Net of $ 13,194 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which a net of $ 13,194 million was with foreign official and international accounts. Includes $ 30 million securities loaned--fully secured U.S. government securities. 3 Includes $ 750 million of inflation-indexed securities valued at the original face amount and $ 6 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Consists of required clearing balances of $ 6,877 million and adjustments of $ 266 million to compensate for float. 5 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 May 14, 1997 May 7, 1997 May 15, 1996 ASSETS Gold certificate account 11,051 0 0 Special drawing rights certificate account 9,200 0 - 968 Coin 591 - 17 + 16 Loans 191 - 239 + 65 Acceptances 0 0 0 Federal agency obligations Bought outright 1,970 0 - 474 Held under repurchase agreements (1) 414 - 1,510 + 399 U.S. government securities Bought outright--Bills 195,815 + 156 + 12,226 Notes (2) 157,769 + 1,690 + 7,667 Bonds 52,916 + 529 + 6,473 Total bought outright (3) 406,500 + 2,374 + 26,367 Held under repurchase agreements (1) 11,596 - 11,660 + 6,507 Total U.S. government securities 418,096 - 9,286 + 32,874 Total loans and securities 420,671 - 11,034 + 32,864 Items in process of collection (397) 6,221 - 284 - 48 Bank premises 1,243 + 4 + 72 Other assets (4) 30,439 + 111 + 1,412 TOTAL ASSETS (397) 479,416 - 11,221 + 33,348 LIABILITIES Federal Reserve notes 424,707 + 738 + 27,820 Deposits Depository institutions 16,669 - 8,509 - 9,572 U.S. Treasury--general account 16,838 - 2,862 + 12,758 Foreign--official accounts 158 - 18 - 71 Other 355 + 10 - 20 Total deposits 34,020 - 11,379 + 3,095 Deferred availability cash items (397) 5,688 - 394 + 143 Other liabilities and accrued dividends (5) 5,012 - 348 + 786 TOTAL LIABILITIES (397) 469,427 - 11,383 + 31,844 CAPITAL ACCOUNTS Capital paid in 4,808 + 10 + 758 Surplus 4,496 0 + 529 Other capital accounts 685 + 152 + 217 *Figures in parentheses are the eliminations made in the consolidation process. 1 Does not include U.S. government and federal agency securities resold under matched sale-purchase transactions to foreign official and international accounts of which $ 0 million was outstanding at the end of the latest statement week. 2 Includes $ 750 million of inflation-indexed securities valued at the original face amount and $ 6 million of compensation that adjusts for the effects of inflation on the principal of such securities. 3 Net of $ 13,194 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 30 million securities loaned--fully secured by U.S. government securities. 4 Includes assets denominated in foreign currencies, revalued monthly at market exchange rates. Includes special investment account at Chicago of $ 113 million in Treasury bills maturing within 90 days. 5 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, MAY 14, 1997 Acceptances and securities held under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. Millions of dollars U.S. government Federal agency Loans Acceptances securities (1) obligations Weekly Weekly Holdings changes Holdings changes Within 15 day 64 0 Within 15 days 29,416 - 6,612 414 - 1510 16 days to 90 127 0 16 days to 90 days 86,553 - 4,743 768 0 Over 90 days 0 0 91 days to 1 year 126,174 + 233 315 0 Over 1 year to 5 years 95,102 + 1,102 416 0 Over 5 years to 10 years 37,746 + 734 447 0 Over 10 years 43,105 0 25 0 Total 191 0 Total 418,096 - 9,286 2384 - 1510 1 Includes $ 750 million of inflation-indexed securities valued at the original face amount and $ 6 million of compensation that adjusts for the effects of inflation on the principal of such securities. Components may not add to totals due to rounding. H.4.1 (b) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MAY 14, 1997 Millions of dollars Kansas San Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco ASSETS Gold certificate account 11,051 624 3,938 350 669 965 723 1,069 401 147 286 459 1,420 Special drawing rights certif. acct. 9,200 530 3,202 282 574 792 602 900 340 123 247 367 1,241 Coin 591 15 29 67 27 90 62 76 27 28 52 44 75 Loans 191 13 0 1 0 0 6 32 30 67 22 2 18 Acceptances 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal agency obligations Bought outright 1,970 120 637 66 136 187 131 210 78 27 56 72 248 Held under repurchase agreements(1) 414 0 414 0 0 0 0 0 0 0 0 0 0 U.S. government securities Bought outright--Bills 195,815 11,937 63,336 6,546 13,545 18,631 13,067 20,887 7,799 2,727 5,591 7,111 24,637 Notes (2) 157,769 9,618 51,031 5,274 10,913 15,011 10,528 16,828 6,284 2,197 4,505 5,730 19,850 Bonds 52,916 3,226 17,116 1,769 3,660 5,035 3,531 5,644 2,108 737 1,511 1,922 6,658 Total bought outright(3) 406,500 24,781 131,483 13,590 28,118 38,677 27,126 43,359 16,190 5,661 11,607 14,763 51,144 Held under repurchase agreements(1) 11,596 0 11,596 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 418,096 24,781 143,079 13,590 28,118 38,677 27,126 43,359 16,190 5,661 11,607 14,763 51,144 Total loans and securities 420,671 24,915 144,130 13,656 28,254 38,865 27,263 43,602 16,298 5,755 11,685 14,836 51,411 Items in process of collection 6,618 383 892 254 261 484 751 701 238 481 320 419 1,433 Bank premises 1,243 95 153 50 112 127 73 109 30 127 56 152 160 Other assets(4) 30,439 1,328 9,115 1,422 1,877 2,403 2,395 3,312 874 580 1,005 1,397 4,731 Interdistrict settlement account -0 -1912 15126 -1235 -2154 -4662 -5140 -3559 -2012 -745 -940 3908 3323 TOTAL ASSETS 479,814 25,978 176,586 14,846 29,620 39,063 26,729 46,209 16,198 6,497 12,711 21,582 63,794 1 Does not include U.S. government and federal agency securities resold under matched sale-purchase transactions to foreign official and international accounts, of which $ 0 was outstanding at the end of the latest statement week. 2 Includes $ 750 million of inflation-indexed securities valued at the original face amount and $ 6 million of compensation that adjusts for the effects of inflation on the principal of such securities. 3 Net of $ 13,194 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 30 million securities loaned--fully secured by U.S. government securities. 4 Includes assets denominated in foreign currencies, revalued monthly at market exchange rates. Includes special investment account at Chicago of $ 113 million in Treasury bills maturing within 90 days. Components may not add to totals due to rounding. H.4.1 (c) STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MAY 14, 1997 Millions of dollars Kansas San Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco LIABILITIES Federal Reserve notes 424,707 23,813 152,501 13,114 27,721 35,699 22,854 41,708 15,018 5,057 11,292 19,210 56,721 Deposits Depository institutions 16,669 1,102 2,377 721 719 1,542 1,834 2,197 514 596 548 1,352 3,167 U.S. Treasury--general account 16,838 0 16,838 0 0 0 0 0 0 0 0 0 0 Foreign--official accounts 158 5 47 9 9 10 13 17 4 3 5 8 28 Other 355 0 111 1 3 115 4 116 0 1 1 2 1 Total deposits 34,020 1,108 19,372 730 731 1,667 1,851 2,330 518 600 554 1,361 3,195 Deferred credit items 6,086 350 780 231 251 535 717 514 211 499 322 282 1,394 Other liabilities and accrued dividends (1) 5,012 293 1,643 191 322 442 349 512 204 103 173 197 583 TOTAL LIABILITIES 469,825 25,563 174,296 14,266 29,025 38,343 25,771 45,064 15,951 6,259 12,342 21,050 61,892 CAPITAL ACCOUNTS Capital paid in 4,808 195 1,075 288 284 341 474 554 115 117 180 261 924 Surplus 4,496 168 1,023 268 286 310 415 524 112 104 171 250 865 Other capital accounts 685 51 192 24 25 69 70 67 20 16 19 20 112 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 479,814 25,978 176,586 14,846 29,620 39,063 26,729 46,209 16,198 6,497 12,711 21,582 63,794 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 531,412 29,820 196,712 16,170 30,645 42,162 31,292 49,301 17,757 6,462 13,114 24,808 73,170 Less--Held by F.R. Banks 106,705 6,006 44,211 3,056 2,924 6,463 8,438 7,593 2,739 1,406 1,822 5,598 16,449 F.R. notes, net 424,707 23,813 152,501 13,114 27,721 35,699 22,854 41,708 15,018 5,057 11,292 19,210 56,721 Collateral held against F.R. notes Gold certificate account 11,051 Special drawing rights certificate account 9,200 Other eligible assets 0 U.S. govt. and agency securities 404,456 Total collateral 424,707 1 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.