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 March 5, 1998 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 Mar 4, 1998 Feb 25, 1998 Mar 5, 1997 Mar 4, 1998 Reserve Bank Credit (1,2) 466,373 + 227 + 31,211 465,125 U.S. government securities Bought outright-system account (3) 428,922 + 304 + 36,807 429,091 Held under repurchase agreements 4,000 - 1,743 - 5,190 3,098 Federal agency obligations Bought outright 675 0 - 1,337 675 Held under repurchase agreements 2,008 + 1,565 + 648 1,415 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 2 - 13 - 12 2 Seasonal credit 14 + 1 - 14 16 Extended credit 0 0 0 0 Float 124 - 27 - 781 399 Other F.R. assets 30,629 + 141 + 1,089 30,429 Gold stock 11,050 + 1 - 1 11,049 Special drawing rights certificate account 9,200 0 - 171 9,200 Treasury currency outstanding 25,732 + 14 + 621 25,732 Total factors supplying reserve funds 512,354 + 242 + 31,659 511,106 Currency in circulation* 472,861 + 8 + 30,496 474,356 Treasury cash holdings* 241 + 12 - 38 243 Deposits,other than reserve balances,with F.R.Banks Treasury 5,447 + 1,047 + 299 4,778 Foreign 216 + 45 + 8 242 Service-related balances and adjustments (4) 7,029 + 73 - 324 7,029 Other 370 - 2 - 1 380 Other F.R. liabilities and capital 16,197 + 58 + 2,045 15,908 Total factors, other than reserve balances, absorbing reserve funds 502,361 + 1,241 + 32,484 502,937 Reserve balances with F.R. Banks (5) 9,993 - 999 - 825 8,169 On March 4, 1998, the face amount of marketable U.S. government securities held in custody by the Federal Reserve Banks for foreign official and international accounts was 609,177 million, a change of +$ 2,758 million for the week. The total includes the face value of U.S. Treasury strips and other zero coupon bonds. 1 Net of $ 16,359 million daily average, matched sale-purchase transactions outstanding during the latest statement week, of which a net of $ 16,359 million was with foreign official and international accounts. Includes securities loaned--fully secured by U.S. government securities. 2 Net of $ 16,190 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which a net of $ 16,190 million was with foreign official and international accounts. Includes $ 71 million securities loaned--fully secured U.S. government securities. 3 Includes $ 2050 million of inflation-indexed securities valued at the original face amount and $ 20 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Consists of required clearing balances of $ 6,781 million and adjustments of $ 248 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 Mar 4, 1998 Feb 25, 1998 Mar 5, 1997 ASSETS Gold certificate account 11,049 0 - 1 Special drawing rights certificate account 9,200 0 0 Coin 565 - 4 - 151 Loans 18 + 1 - 10 Acceptances 0 0 0 Federal agency obligations Bought outright 675 0 - 1,337 Held under repurchase agreements (1) 1,415 - 195 + 780 U.S. government securities Bought outright--Bills 195,959 - 98 + 4,515 Notes (2) 172,400 0 + 20,735 Bonds 60,732 0 + 10,450 Total bought outright (3) 429,091 - 98 + 35,699 Held under repurchase agreements (1) 3,098 - 8,982 - 3,926 Total U.S. government securities 432,189 - 9,080 + 31,773 Total loans and securities 434,297 - 9,274 + 31,206 Items in process of collection (450) 8,130 + 931 - 151 Bank premises 1,276 0 + 32 Other assets (4) 29,068 - 986 + 798 TOTAL ASSETS (450) 493,586 - 9,332 + 31,733 LIABILITIES Federal Reserve notes 449,433 + 1,083 + 29,894 Deposits Depository institutions 15,346 - 12,128 - 417 U.S. Treasury--general account 4,778 + 381 - 461 Foreign--official accounts 242 + 48 + 78 Other 380 + 6 - 38 Total deposits 20,747 - 11,694 - 838 Deferred availability cash items (450) 7,498 + 1,300 + 613 Other liabilities and accrued dividends (5) 4,558 - 158 + 85 TOTAL LIABILITIES (450) 482,236 - 9,468 + 29,754 CAPITAL ACCOUNTS Capital paid in 5,479 + 2 + 748 Surplus 5,220 0 + 780 Other capital accounts 650 + 133 + 450 *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 $ 2050 million of inflation-indexed securities valued at the original face amount and $ 20 million of compensation that adjusts for the effects of inflation on the principal of such securities. 3 Net of $ 16,190 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 71 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 $ 187 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, March 4, 1998 Acceptances and securities held under repurchase agreements are classified as maturing within 15 days in accordance with maximum majority of the agreements. Millions of dollars U.S. government Federal agency Loans Acceptances securities (1) obligations Weekly Weekly Holdings changes Holdings changes Within 15 days 2 0 Within 15 days 17,394 - 9,016 1,465 - 195 16 to 90 days 16 0 16 to 90 days 97,786 + 5,975 44 0 Over 90 days 0 0 91 days to 1 year 132,552 - 6,717 150 0 Over 1 to 5 years 94,983 + 678 151 0 Over 5 to 10 years 39,841 0 255 0 Over 10 years 49,633 0 25 0 Total 18 0 Total 432,189 - 9,080 2,090 - 195 1 Includes $ 2050 million of inflation-indexed securities valued at the original face amount and $ 20 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 March 4, 1998 Millions of dollars Kansas San Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco ASSETS Gold certificate account 11,049 624 3,936 350 669 965 723 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 565 33 27 66 36 71 52 75 19 24 33 47 82 Loans 18 0 0 0 0 0 5 6 0 4 1 0 2 Acceptances 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal agency obligations Bought outright 675 41 218 23 47 64 45 72 27 9 19 24 85 Held under repurchase agreements(1) 1,415 0 1,415 0 0 0 0 0 0 0 0 0 0 U.S. government securities Bought outright--Bills 195,959 11,946 63,383 6,551 13,555 18,645 13,076 20,902 7,805 2,729 5,595 7,117 24,655 Notes (2) 172,400 10,510 55,763 5,763 11,925 16,403 11,504 18,389 6,866 2,401 4,923 6,261 21,691 Bonds 60,732 3,702 19,644 2,030 4,201 5,778 4,053 6,478 2,419 846 1,734 2,206 7,641 Total bought outright(3) 429,091 26,159 138,790 14,345 29,681 40,827 28,634 45,769 17,090 5,976 12,252 15,583 53,987 Held under repurchase agreements(1) 3,098 0 3,098 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 432,189 26,159 141,888 14,345 29,681 40,827 28,634 45,769 17,090 5,976 12,252 15,583 53,987 Total loans and securities 434,297 26,200 143,521 14,368 29,727 40,891 28,683 45,847 17,117 5,989 12,273 15,607 54,074 Items in process of collection 8,580 481 952 264 414 564 1,214 618 374 751 481 346 2,121 Bank premises 1,276 94 156 50 137 126 79 107 31 132 55 150 159 Other assets(4) 29,068 1,457 8,075 1,255 1,806 3,751 1,830 2,912 809 799 704 1,286 4,383 Interdistrict settlement account 0 -4,870 +27,914 -2,338 -2,021 -10,939 -639 -5,647 -1,963 -1,320 +1,144 +6,997 -6,317 TOTAL ASSETS 494,036 24,549 187,783 14,298 31,343 36,221 32,545 45,881 17,128 6,645 15,223 25,259 57,162 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 $ 2050 million of inflation-indexed securities valued at the original face amount and $ 20 million of compensation that adjusts for the effects of inflation on the principal of such securities. 3 Net of $ 16,190 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 71 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 $ 187 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 March 4, 1998 Millions of dollars Kansas San Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco LIABILITIES Federal Reserve notes 449,433 22,364 176,384 12,406 29,139 32,181 28,735 41,190 15,720 5,043 13,529 23,049 49,693 Deposits Depository institutions 15,346 901 1,758 844 779 1,238 1,750 2,296 667 380 777 1,087 2,869 U.S. Treasury--general account 4,778 0 4,778 0 0 0 0 0 0 0 0 0 0 Foreign--official accounts 242 7 127 8 9 22 9 14 3 5 3 7 26 Other 380 1 102 0 0 65 8 195 1 2 4 1 0 Total deposits 20,747 909 6,765 852 788 1,325 1,768 2,505 670 387 785 1,096 2,896 Deferred credit items 7,948 444 891 215 368 564 974 614 297 731 467 371 2,011 Other liabilities and accrued dividends (1) 4,558 280 1,383 182 305 424 325 481 193 96 164 184 542 TOTAL LIABILITIES 482,686 23,997 185,423 13,654 30,601 34,495 31,802 44,790 16,880 6,258 14,945 24,701 55,142 CAPITAL ACCOUNTS Capital paid in 5,479 263 1,114 317 358 840 363 525 115 190 136 275 985 Surplus 5,220 254 1,055 273 335 818 338 502 122 189 119 271 945 Other capital accounts 650 35 191 54 49 69 42 64 11 9 24 12 90 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 494,036 24,549 187,783 14,298 31,343 36,221 32,545 45,881 17,128 6,645 15,223 25,259 57,162 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 549,622 27,323 208,712 16,118 32,396 38,701 37,214 49,783 17,967 6,569 15,816 28,675 70,347 Less--Held by F.R. Banks 100,189 4,959 32,328 3,713 3,257 6,520 8,479 8,594 2,248 1,526 2,287 5,626 20,654 F.R. notes, net 449,433 22,364 176,384 12,406 29,139 32,181 28,735 41,190 15,720 5,043 13,529 23,049 49,693 Collateral held against F.R. notes Gold certificate account 11,049 Special drawing rights certificate account 9,200 Other eligible assets 0 U.S. govt. and agency securities 429,183 Total collateral 449,433 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.