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 October 8, 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 Oct 7, 1998 Sep 30, 1998 Oct 8, 1997 Oct 7, 1998 Reserve Bank Credit (1,2) 488,464 + 550 + 37,138 489,464 U.S. government securities Bought outright-system account (3) 446,736 + 496 + 33,516 447,457 Held under repurchase agreements 3,740 - 1,701 - 366 4,538 Federal agency obligations Bought outright 403 0 - 463 403 Held under repurchase agreements 2,811 + 1,640 + 1,670 2,840 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 315 + 178 + 225 3 Seasonal credit 132 - 41 - 144 128 Extended credit 0 0 0 0 Float 294 - 510 + 15 -32 Other F.R. assets 34,034 + 487 + 2,684 34,129 Gold stock 11,044 - 1 - 6 11,044 Special drawing rights certificate account 9,200 0 0 9,200 Treasury currency outstanding 25,986 + 14 + 498 25,986 Total factors supplying reserve funds 534,693 + 563 + 37,629 535,694 Currency in circulation* 493,911 + 1,140 + 34,762 495,865 Treasury cash holdings* 92 - 1 - 164 92 Deposits,other than reserve balances,with F.R.Banks Treasury 5,779 - 1,210 + 378 5,291 Foreign 194 - 7 - 13 196 Service-related balances and adjustments (4) 6,958 - 51 + 3 6,958 Other 423 + 69 + 47 427 Other F.R. liabilities and capital 17,681 + 475 + 1,639 16,898 Total factors, other than reserve balances, absorbing reserve funds 525,038 + 416 + 36,652 525,727 Reserve balances with F.R. Banks (5) 9,655 + 148 + 977 9,967 On October 7, 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 569,016 million, a change of +$ 4,324 million for the week. The total includes the face value of U.S. Treasury strips and other zero coupon bonds. 1 Net of $ 19,600 million daily average, matched sale-purchase transactions outstanding during the latest statement week, of which a net of $ 19,600 million was with foreign official and international accounts. Includes securities loaned--fully secured by U.S. government securities. 2 Net of $ 19,483 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which a net of $ 19,483 million was with foreign official and international accounts. Includes $ 483 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 $ 52 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 $ 262 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 Oct 7, 1998 Sep 30, 1998 Oct 8, 1997 ASSETS Gold certificate account 11,044 0 - 6 Special drawing rights certificate account 9,200 0 0 Coin 409 - 8 - 117 Loans 130 - 925 - 153 Acceptances 0 0 0 Federal agency obligations Bought outright 403 0 - 463 Held under repurchase agreements (1) 2,840 + 741 + 1,118 U.S. government securities Bought outright--Bills 196,216 + 352 + 932 Notes (2) 184,187 + 1 + 21,048 Bonds (3) 67,054 + 1,058 + 12,063 Total bought outright (4) 447,457 + 1,410 + 34,043 Held under repurchase agreements (1) 4,538 - 7,597 - 3,016 Total U.S. government securities 451,995 - 6,187 + 31,027 Total loans and securities 455,368 - 6,370 + 31,529 Items in process of collection (574) 8,040 + 1,586 + 634 Bank premises 1,296 + 1 + 28 Other assets (5) 32,909 - 1,419 + 2,474 TOTAL ASSETS (574) 518,266 - 6,210 + 34,542 LIABILITIES Federal Reserve notes 470,380 + 1,622 + 34,045 Deposits Depository institutions 17,950 - 7,756 - 1,774 U.S. Treasury--general account 5,291 + 340 + 434 Foreign--official accounts 196 - 151 + 32 Other (0) 427 + 78 + 53 Total deposits (0) 23,865 - 7,489 - 1,255 Deferred availability cash items (574) 7,123 + 413 + 509 Other liabilities and accrued dividends (6) 4,506 - 131 - 255 TOTAL LIABILITIES (574) 505,874 - 5,585 + 33,043 CAPITAL ACCOUNTS Capital paid in 5,914 + 4 + 670 Surplus 5,220 0 + 832 Other capital accounts 1,257 - 629 - 3 *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 $ 44 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 $ 7 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Net of $ 19,483 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 483 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 $ 204 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, October 7, 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 26 0 Within 15 days 13,238 - 7,072 2,840 + 741 16 to 90 days 104 0 16 to 90 days 93,791 + 3,147 50 0 Over 90 days 0 0 91 days to 1 year 142,555 - 3,320 85 + 10 Over 1 to 5 years 105,789 0 83 - 10 Over 5 to 10 years 41,628 0 185 0 Over 10 years 54,994 + 1,058 0 0 Total 130 0 Total 451,995 - 6,187 3,243 + 741 1 Includes $ 2,850 million of inflation-indexed securities valued at the original face amount and $ 52 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 October 7, 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 11,044 582 4,204 323 643 807 717 998 358 128 289 530 1,465 Special drawing rights certif. acct. 9,200 530 3,202 282 574 792 602 900 340 123 247 367 1,241 Coin 409 18 20 16 24 44 64 54 19 14 31 53 50 Loans 130 0 1 0 0 0 6 15 23 46 29 1 9 Acceptances 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal agency obligations Bought outright 403 22 149 12 26 32 24 39 14 4 11 18 51 Held under repurchase agreements(1) 2,840 0 2,840 0 0 0 0 0 0 0 0 0 0 U.S. government securities Bought outright--Bills 196,216 10,686 72,726 5,705 12,753 15,457 11,936 18,837 6,895 2,156 5,443 8,922 24,701 Notes (2) 184,187 10,031 68,267 5,355 11,971 14,509 11,204 17,682 6,473 2,023 5,109 8,375 23,187 Bonds (3) 67,054 3,652 24,853 1,950 4,358 5,282 4,079 6,437 2,356 737 1,860 3,049 8,441 Total bought outright(4) 447,457 24,370 165,846 13,009 29,081 35,248 27,219 42,957 15,724 4,916 12,413 20,345 56,329 Held under repurchase agreements(1) 4,538 0 4,538 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 451,995 24,370 170,384 13,009 29,081 35,248 27,219 42,957 15,724 4,916 12,413 20,345 56,329 Total loans and securities 455,368 24,391 173,374 13,021 29,108 35,280 27,249 43,010 15,762 4,966 12,453 20,365 56,389 Items in process of collection 8,613 684 1,083 334 502 668 1,034 554 382 606 497 413 1,856 Bank premises 1,296 93 159 50 157 125 79 107 31 131 54 149 160 Other assets(5) 32,909 1,575 9,892 1,416 1,991 3,943 2,010 3,167 875 832 785 1,537 4,887 Interdistrict settlement account 0 - 2,640 +19,270 - 1,145 - 4,395 - 2,513 - 694 - 1,674 - 2,040 + 734 + 1,292 + 2,623 - 8,818 TOTAL ASSETS 518,839 25,235 211,204 14,297 28,604 39,146 31,062 47,117 15,726 7,534 15,647 26,037 57,230 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 $ 44 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 $ 7 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Net of $ 19,483 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 483 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 $ 204 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 October 7, 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 470,380 22,992 197,852 12,749 26,059 33,509 27,496 42,032 14,242 5,541 14,126 23,439 50,344 Deposits Depository institutions 17,950 958 3,061 643 1,102 2,150 1,299 2,720 717 880 543 1,475 2,401 U.S. Treasury--general account 5,291 0 5,291 0 0 0 0 0 0 0 0 0 0 Foreign--official accounts 196 7 82 8 9 22 9 14 3 5 3 7 26 Other 427 1 103 0 1 101 2 206 0 0 8 1 3 Total deposits 23,865 966 8,537 651 1,112 2,272 1,311 2,940 721 886 554 1,484 2,431 Deferred credit items 7,697 466 753 235 309 639 980 577 327 618 520 373 1,900 Other liabilities and accrued dividends (1) 4,506 252 1,501 163 297 374 307 434 180 86 159 216 539 TOTAL LIABILITIES 506,448 24,675 208,643 13,798 27,777 36,794 30,093 45,983 15,470 7,131 15,359 25,512 55,214 CAPITAL ACCOUNTS Capital paid in 5,914 268 1,186 213 398 1,160 472 545 120 200 138 234 980 Surplus 5,220 254 1,055 273 335 818 338 502 122 189 119 271 945 Other capital accounts 1,257 39 319 13 94 374 159 87 14 14 31 21 92 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 518,839 25,235 211,204 14,297 28,604 39,146 31,062 47,117 15,726 7,534 15,647 26,037 57,230 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 583,371 27,771 238,262 15,959 30,650 42,453 36,557 52,824 17,077 7,321 16,692 29,869 67,937 Less--Held by F.R. Banks 112,991 4,779 40,410 3,210 4,591 8,944 9,061 10,792 2,834 1,780 2,566 6,430 17,594 F.R. notes, net 470,380 22,992 197,852 12,749 26,059 33,509 27,496 42,032 14,242 5,541 14,126 23,439 50,344 Collateral held against F.R. notes Gold certificate account 11,044 Special drawing rights certificate account 9,200 Other eligible assets 0 U.S. govt. and agency securities 450,137 Total collateral 470,380 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.