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 September 3, 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 Sep 2, 1998 Aug 26, 1998 Sep 3, 1997 Sep 2, 1998 Reserve Bank Credit (1,2) 483,860 + 2,866 + 29,974 483,288 U.S. government securities Bought outright-system account (3) 442,322 + 44 + 32,737 441,976 Held under repurchase agreements 5,050 + 2,237 - 5,432 5,110 Federal agency obligations Bought outright 451 0 - 560 451 Held under repurchase agreements 3,425 - 213 + 1,261 3,076 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 12 + 8 - 150 4 Seasonal credit 234 - 20 - 177 217 Extended credit 0 0 0 0 Float 638 + 216 + 328 701 Other F.R. assets 31,729 + 594 + 1,966 31,753 Gold stock 11,046 + 2 - 4 11,046 Special drawing rights certificate account 9,200 0 0 9,200 Treasury currency outstanding 25,976 + 14 + 562 25,976 Total factors supplying reserve funds 530,083 + 2,883 + 30,532 529,510 Currency in circulation* 488,776 + 940 + 28,997 491,069 Treasury cash holdings* 94 + 1 - 182 92 Deposits,other than reserve balances,with F.R.Banks Treasury 5,400 + 495 + 269 5,372 Foreign 166 - 1 - 42 191 Service-related balances and adjustments (4) 6,871 - 299 - 182 6,871 Other 365 - 8 + 21 362 Other F.R. liabilities and capital 17,135 + 58 + 1,058 16,990 Total factors, other than reserve balances, absorbing reserve funds 518,806 + 1,186 + 29,939 520,947 Reserve balances with F.R. Banks (5) 11,277 + 1,697 + 593 8,563 On September 2, 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 566,887 million, a change of -$ 6,690 million for the week. The total includes the face value of U.S. Treasury strips and other zero coupon bonds. 1 Net of $ 18,179 million daily average, matched sale-purchase transactions outstanding during the latest statement week, of which a net of $ 18,179 million was with foreign official and international accounts. Includes securities loaned--fully secured by U.S. government securities. 2 Net of $ 18,525 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which a net of $ 18,525 million was with foreign official and international accounts. Includes $ 314 million securities loaned--fully secured U.S. government securities. 3 Includes $ 2,850 million of inflation-indexed securities valued at the original face amount and $ 48 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Consists of required clearing balances of $ 6,696 million and adjustments of $ 175 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 Sep 2, 1998 Aug 26, 1998 Sep 3, 1997 ASSETS Gold certificate account 11,046 + 1 - 4 Special drawing rights certificate account 9,200 0 0 Coin 410 - 4 - 66 Loans 221 - 39 - 186 Acceptances 0 0 0 Federal agency obligations Bought outright 451 0 - 510 Held under repurchase agreements (1) 3,076 - 1,888 + 1,730 U.S. government securities Bought outright--Bills 197,174 - 901 + 1,980 Notes (2) 178,827 + 1,522 + 19,031 Bonds (3) 65,975 0 + 10,984 Total bought outright (4) 441,976 + 621 + 31,995 Held under repurchase agreements (1) 5,110 - 4,162 - 5,820 Total U.S. government securities 447,086 - 3,541 + 26,175 Total loans and securities 450,833 - 5,468 + 27,209 Items in process of collection (530) 8,311 + 1,775 - 2,349 Bank premises 1,293 - 1 + 29 Other assets (5) 30,491 + 110 + 2,062 TOTAL ASSETS (530) 511,585 - 3,587 + 26,881 LIABILITIES Federal Reserve notes 465,594 + 1,955 + 28,999 Deposits Depository institutions 15,373 - 8,259 - 2,198 U.S. Treasury--general account 5,372 + 1,041 + 371 Foreign--official accounts 191 + 29 + 25 Other 362 - 3 + 5 Total deposits 21,298 - 7,193 - 1,797 Deferred availability cash items (530) 7,702 + 1,560 - 1,519 Other liabilities and accrued dividends (6) 4,698 - 152 - 205 TOTAL LIABILITIES (530) 499,292 - 3,830 + 25,477 CAPITAL ACCOUNTS Capital paid in 5,865 0 + 702 Surplus 5,220 0 + 725 Other capital accounts 1,207 + 242 - 23 *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 $ 2,050 million of inflation-indexed securities valued at the original face amount and $ 41 million of compensation that adjusts for the effects of inflation on the principal of such securities. 3 Includes $ 800 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 Net of $ 18,525 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 314 million securities loaned--fully secured by U.S. government securities. 5 Includes assets denominated in foreign currencies, revalued monthly at market exchange rates. Includes special investment account at Chicago of $ 167 million in Treasury bills maturing within 90 days. 6 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, September 2, 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 60 0 Within 15 days 13,326 - 6,511 3,124 - 1,888 16 to 90 days 161 0 16 to 90 days 93,050 + 966 5 + 5 Over 90 days 0 0 91 days to 1 year 143,965 + 775 120 - 5 Over 1 to 5 years 101,535 + 1,228 93 0 Over 5 to 10 years 41,276 0 185 0 Over 10 years 53,935 0 0 0 Total 221 0 Total 447,086 - 3,541 3,527 - 1,888 1 Includes $ 2,850 million of inflation-indexed securities valued at the original face amount and $ 48 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 September 2, 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 11,046 582 4,206 323 643 807 717 998 358 128 289 530 1,465 Special drawing rights certif. acct. 9,200 530 3,202 282 574 792 602 900 340 123 247 367 1,241 Coin 410 12 25 13 25 41 69 59 20 14 26 54 53 Loans 221 0 0 2 0 0 8 35 39 83 29 1 23 Acceptances 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal agency obligations Bought outright 451 25 167 13 29 35 27 43 16 5 12 20 57 Held under repurchase agreements(1) 3,076 0 3,076 0 0 0 0 0 0 0 0 0 0 U.S. government securities Bought outright--Bills 197,174 10,739 73,081 5,733 12,815 15,532 11,994 18,929 6,929 2,166 5,470 8,965 24,822 Notes (2) 178,827 9,739 66,280 5,199 11,622 14,087 10,878 17,168 6,284 1,965 4,961 8,131 22,512 Bonds (3) 65,975 3,593 24,453 1,918 4,288 5,197 4,013 6,334 2,318 725 1,830 3,000 8,305 Total bought outright(4) 441,976 24,071 163,814 12,850 28,725 34,816 26,886 42,430 15,532 4,856 12,261 20,096 55,639 Held under repurchase agreements(1) 5,110 0 5,110 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 447,086 24,071 168,924 12,850 28,725 34,816 26,886 42,430 15,532 4,856 12,261 20,096 55,639 Total loans and securities 450,833 24,096 172,167 12,865 28,754 34,852 26,922 42,509 15,586 4,944 12,302 20,118 55,719 Items in process of collection 8,841 503 1,100 351 414 636 1,002 622 377 704 644 299 2,189 Bank premises 1,293 93 159 50 156 126 77 108 31 131 54 149 161 Other assets(5) 30,491 1,443 9,255 1,316 1,828 3,677 1,865 2,882 792 786 720 1,416 4,513 Interdistrict settlement account 0 -1,133 +17,584 +32 -3,652 -2,181 -468 -3,641 -1,717 +292 +986 +1,998 -8,100 TOTAL ASSETS 512,115 26,125 207,698 15,232 28,742 38,750 30,785 44,437 15,787 7,121 15,268 24,930 57,241 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 $ 2,050 million of inflation-indexed securities valued at the original face amount and $ 41 million of compensation that adjusts for the effects of inflation on the principal of such securities. 3 Includes $ 800 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 Net of $ 18,525 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 314 million securities loaned--fully secured by U.S. government securities. 5 Includes assets denominated in foreign currencies, revalued monthly at market exchange rates. Includes special investment account at Chicago of $ 167 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 September 2, 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 465,594 23,528 194,622 13,232 26,366 34,477 27,159 39,722 14,505 5,431 13,518 22,709 50,326 Deposits Depository institutions 15,373 1,299 2,471 923 829 1,074 1,379 2,359 493 556 648 1,101 2,241 U.S. Treasury--general account 5,372 0 5,372 0 0 0 0 0 0 0 0 0 0 Foreign--official accounts 191 7 76 8 9 22 9 14 3 5 3 7 26 Other 362 1 105 1 1 76 1 168 0 0 7 1 1 Total deposits 21,298 1,307 8,024 931 839 1,173 1,389 2,540 497 561 659 1,110 2,267 Deferred credit items 8,232 466 901 313 412 555 958 598 350 633 644 347 2,056 Other liabilities and accrued dividends (1) 4,698 264 1,600 169 299 380 314 456 182 87 163 223 560 TOTAL LIABILITIES 499,822 25,565 205,147 14,645 27,917 36,584 29,820 43,316 15,534 6,712 14,984 24,389 55,209 CAPITAL ACCOUNTS Capital paid in 5,865 267 1,182 287 398 1,051 470 539 120 199 138 235 980 Surplus 5,220 254 1,055 273 335 818 338 502 122 189 119 271 945 Other capital accounts 1,207 39 313 28 93 297 157 79 11 22 27 34 107 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 512,115 26,125 207,698 15,232 28,742 38,750 30,785 44,437 15,787 7,121 15,268 24,930 57,241 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 575,063 27,981 235,359 15,870 30,590 41,882 35,889 49,728 17,360 7,278 16,119 29,412 67,595 Less--Held by F.R. Banks 109,469 4,453 40,737 2,638 4,224 7,405 8,730 10,006 2,855 1,847 2,601 6,703 17,270 F.R. notes, net 465,594 23,528 194,622 13,232 26,366 34,477 27,159 39,722 14,505 5,431 13,518 22,709 50,326 Collateral held against F.R. notes Gold certificate account 11,046 Special drawing rights certificate account 9,200 Other eligible assets 0 U.S. govt. and agency securities 445,348 Total collateral 465,594 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.