Federal Reserve Statistical Release, H.4.1, Factors Affecting Reserve Balances; title with eagle logo links to Statistical Release home page

Release Date: October 15, 1998

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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

                                                                                               October 15, 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 14, 1998   Oct 7, 1998  Oct 15, 1997  Oct 14, 1998
 ________________________________________________________________________________________________________________
 Reserve Bank credit 1 2                                      488,655    +      200    +   34,663       491,308
   U.S. government securities
     Bought outright--system account                          447,673    +      937    +   34,402       447,687
     Held under repurchase agreements                           2,672    -    1,068    -    3,480         2,045
   Federal agency obligations
     Bought outright                                              400    -        2    -      432           388
     Held under repurchase agreements                           3,077    +      267    +    1,821         4,570
   Acceptances                                                      0             0             0             0
   Loans to depository institutions
     Adjustment credit                                             31    -      284    +       24           101
     Seasonal credit                                              110    -       22    -      122           109
     Extended credit                                                0             0             0             0
   Float                                                          575    +      290    -       43         2,172
   Other F.R. assets                                           34,116    +       82    +    2,493        34,236
 Gold stock                                                    11,044             0    -        6        11,044
 Special drawing rights certificate account                     9,200             0             0         9,200
 Treasury currency outstanding                                 26,000    +       14    +      486        26,000
                                                         --------------------------------------------------------
         Total factors supplying reserve funds                534,898    +      214    +   35,143       537,551

 Currency in circulation*                                     497,311    +    3,400    +   35,544       498,451
 Treasury cash holdings*                                           92             0    -      150            92
 Deposits, other than reserve balances, with F.R. Banks
   Treasury                                                     5,480    -      300    +      370         4,895
   Foreign                                                        321    +      127    +      145           189
   Service-related balances and adjustments 3                   7,057    +       98    +       51         7,057
   Other                                                          417    -        6    +       35           397
 Other F.R. liabilities and capital                            17,078    -      603    +    1,236        16,878
                                                         --------------------------------------------------------
         Total factors, other than reserve balances,
         absorbing reserve funds                              527,755    +    2,717    +   37,231       527,959

 Reserve balances with F.R. Banks 4                             7,143    -    2,503    -    2,088         9,593
 ----------------------------------------------------------------------------------------------------------------
 On    October 14, 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 $     571,910 million, a change of + $     2,894 million for the week.  The total includes the face
 value of U.S. Treasury strips and other zero coupon bonds.
 1 Net of $    19,268 million, daily average, matched sale-purchase transactions outstanding during the latest statement week, of which
   a net of $    19,268 million was with foreign official and international accounts.  Includes securities loaned--fully secured by U.S.
   government securities.
 2 Net of $    19,255 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which a net of
   $    19,255 million was with foreign official and international accounts.  Includes $       599 million securities loaned--fully
   secured U.S. government securities.
 3 Consists of required clearing balances of $     6,667 million and adjustments of $       390 million to compensate for float.
 4 Excludes required clearing balances and adjustments to compensate for float.

 * Estimated (Treasury's figures).
 Components may not add to totals due to rounding.
1


 Worksheet for H.4.1 (a)


 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS
 Millions of dollars
 ----------------------------------------------------------------------------------------------------------------
                                                                                           Change since
                                                        *            Wednesday       Wednesday       Wednesday
                                                                   Oct 14, 1998     Oct 7, 1998    Oct 15, 1997
                                                 ----------------------------------------------------------------
                     ASSETS
 Gold certificate account                                               11,044               0      -        6
 Special drawing rights certificate account                              9,200               0               0
 Coin                                                                      411      +        2      -      112

 Loans                                                                     210      +       80      -       28
 Acceptances                                                                 0               0               0
 Federal agency obligations
   Bought outright                                                         388      -       15      -      373
   Held under repurchase agreements 1                                    4,570      +    1,730      +    3,665
 U.S. government securities
   Bought outright--Bills                                              196,445      +      229      +    1,344
                    Notes                                              184,188      +        1      +   21,113
                    Bonds                                               67,054               0      +   10,995
                                                                    ----------      ----------      ----------
     Total bought outright 2                                           447,687      +      229      +   33,453
   Held under repurchase agreements 1                                    2,045      -    2,493      -    4,995
                                                                    ----------      ----------      ----------
       Total U.S. government securities                                449,732      -    2,264      +   28,458
                                                                    ----------      ----------      ----------
         Total loans and securities                                    454,899      -      469      +   31,722

 Items in process of collection                          (505)          11,600      +    3,560      -      699
 Bank premises                                                           1,296               0      +       25
 Other assets 3                                                         32,999      +       90      +    1,976
                                                                    ----------      ----------      ----------
           TOTAL ASSETS                                  (505)         521,449      +    3,183      +   32,906

                   LIABILITIES
 Federal Reserve notes                                                 472,955      +    2,574      +   34,883
 Deposits
   Depository institutions                                              16,380      -    1,570      -    2,724
   U.S. Treasury--general account                                        4,895      -      396      -      279
   Foreign--official accounts                                              189      -        7      +       25
   Other                                                                   397      -       29      +       17
                                                                    ----------      ----------      ----------
     Total deposits                                                     21,861      -    2,004      -    2,961
 Deferred availability cash items                        (505)           9,755      +    2,632      -      295
 Other liabilities and accrued dividends 4                               4,451      -       55      -      231
                                                                    ----------      ----------      ----------
           TOTAL LIABILITIES                             (505)         509,022      +    3,147      +   31,396

                CAPITAL ACCOUNTS
 Capital paid in                                                         5,915               0      +      663
 Surplus                                                                 5,220               0      +      832
 Other capital accounts                                                  1,292      +       35      +       15
 ----------------------------------------------------------------------------------------------------------------
 * 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 Net of $    19,255 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes
   $       599 million securities loaned--fully secured by U.S. government securities.
 3 Includes assets denominated in foreign currencies, revalued monthly at market exchange rates. Includes special investment account
   at Chicago of $       170 million in Treasury bills maturing within 90 days.
 4 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 14, 1998
 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
                                                                           securities           obligations
                                                                     --------------------------------------------
                       Loans    Acceptances                                        Weekly               Weekly
                                                                       Holdings    changes   Holdings   changes
 ----------------------------------------------------------------------------------------------------------------
 Within 15 days             113          0  Within 15 days                17,052 +    3,814      4,570 +    1,730
 16 days to 90 days          97          0  16 days to 90 days            93,953 +      162         50          0
 Over 90 days                 0          0  91 days to 1 year            136,315 -    6,240         85          0
                                            Over 1 year to 5 years       105,789          0         68 -       15
                                            Over 5 years to 10 years      41,629          0        185          0
                                            Over 10 years                 54,994          0          0          0
                     ---------- ----------                            ---------- ---------- ---------- ----------
   Total                    210          0    Total                      449,732 -    2,264      4,958 +    1,715
 ----------------------------------------------------------------------------------------------------------------
 Components may not add to totals due to rounding.
1

 H.4.1 (b)

 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON OCTOBER 14, 1998
 Millions of dollars
 ----------------------------------------------------------------------------------------------------------------------------------------------------------
                                    |   Total   | Boston | New York|  Phila. | Cleve.| Rich. |Atlanta| Chicago |S.Louis| Minneap.|KansasC| Dallas|San Fran.
                                    -----------------------------------------------------------------------------------------------------------------------
           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                                        411       19        19        16      21      44      66        58      20        15      31      52        51

 Loans                                       210        0         0         0       0       0       3        14      22        40      27       1       104
 Acceptances                                   0        0         0         0       0       0       0         0       0         0       0       0         0
 Federal agency obligations
   Bought outright                           388       21       144        11      25      31      24        37      14         4      11      18        49
   Held under repurchase agreements 1      4,570        0     4,570         0       0       0       0         0       0         0       0       0         0
 U.S. government securities
   Bought outright--Bills                196,445   10,699    72,810     5,711  12,767  15,475  11,950    18,859   6,903     2,158   5,449   8,932    24,730
                    Notes                184,188   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                 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 2             447,687   24,382   165,931    13,016  29,096  35,266  27,233    42,979  15,732     4,918  12,419  20,356    56,358
   Held under repurchase agreements 1      2,045        0     2,045         0       0       0       0         0       0         0       0       0         0
                                    -----------------------------------------------------------------------------------------------------------------------
       Total U.S. govt. securities       449,732   24,382   167,976    13,016  29,096  35,266  27,233    42,979  15,732     4,918  12,419  20,356    56,358
                                    -----------------------------------------------------------------------------------------------------------------------
         Total loans and securities      454,899   24,403   172,689    13,027  29,122  35,297  27,260    43,029  15,767     4,963  12,456  20,375    56,511

 Items in process of collection           12,105      718     1,368       684     798     879   1,232       768     450       981     814     600     2,813
 Bank premises                             1,296       93       159        50     157     125      79       107      31       131      54     149       160
 Other assets 3                           32,999    1,594     9,758     1,425   2,013   3,972   2,040     3,165     886       838     794   1,553     4,958
 Interdistrict settlement account              0   -2,622   +22,043    -1,137  -4,498  -3,629    -746    -1,547  -2,127      +287    +902  +2,414    -9,342
                                    -----------------------------------------------------------------------------------------------------------------------
           TOTAL ASSETS                  521,954   25,317   213,442    14,671  28,830  38,288  31,250    47,478  15,726     7,465  15,588  26,041    57,858
                                    -----------------------------------------------------------------------------------------------------------------------
 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 Net of $    19,255 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $       599 million
   securities loaned--fully secured by U.S. government securities.
 3 Includes assets denominated in foreign currencies, revalued monthly at market exchange rates. Includes special investment account at Chicago of
   $       170 million in Treasury bills maturing within 90 days.

 Components may not add to totals due to rounding.
1

 H.4.1 (c)

 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON OCTOBER 14, 1998
 Millions of dollars
 ----------------------------------------------------------------------------------------------------------------------------------------------------------
                                    |   Total   | Boston | New York|  Phila. | Cleve.| Rich. |Atlanta| Chicago |S.Louis| Minneap.|KansasC| Dallas|San Fran.
                                    -----------------------------------------------------------------------------------------------------------------------     
        LIABILITIES
 Federal Reserve notes                   472,955   23,117   199,552    12,912  26,114  33,655  27,378    42,309  14,298     5,546  14,032  23,574    50,469
 Deposits
   Depository institutions                16,380      856     3,669       783   1,201     875   1,481     2,676     590       556     482   1,224     1,986
   U.S. Treasury--general account          4,895        0     4,895         0       0       0       0         0       0         0       0       0         0
   Foreign--official accounts                189        7        74         8       9      22       9        14       3         5       3       7        26
   Other                                     397        3       106         1       3      98       3       172       0         0       8       1         3
                                    -----------------------------------------------------------------------------------------------------------------------
     Total deposits                       21,861      866     8,744       792   1,213     996   1,494     2,862     594       561     494   1,232     2,015
 Deferred credit items                    10,260      526     1,082       307     392     911   1,100       744     400       868     617     494     2,821
 Other liabilities and accrued
   dividends 1                             4,451      247     1,502       162     282     365     304       428     178        84     156     210       532
                                    -----------------------------------------------------------------------------------------------------------------------
     TOTAL LIABILITIES                   509,527   24,755   210,879    14,171  28,001  35,926  30,276    46,343  15,469     7,059  15,298  25,512    55,837

        CAPITAL ACCOUNTS
 Capital paid in                           5,915      268     1,186       213     398   1,161     472       546     120       200     138     234       980
 Surplus                                   5,220      254     1,055       273     335     818     338       502     122       189     119     271       945
 Other capital accounts                    1,292       40       321        14      96     383     164        88      16        17      33      24        96
                                    -----------------------------------------------------------------------------------------------------------------------
       ACCOUNTS                          521,954   25,317   213,442    14,671  28,830  38,288  31,250    47,478  15,726     7,465  15,588  26,041    57,858

 ----------------------------------------------------------------------------------------------------------------------------------------------------------
 FEDERAL RESERVE AGENTS' ACCOUNTS

 F.R. notes outstanding                  585,227   27,815   239,803    16,056  30,631  42,345  36,686    52,981  17,024     7,292  16,688  29,886    68,019
   Less--Held by F.R. Banks              112,272    4,698    40,251     3,144   4,517   8,690   9,308    10,672   2,727     1,746   2,656   6,312    17,550
                                    -----------------------------------------------------------------------------------------------------------------------
   F.R. notes, net                       472,955   23,117   199,552    12,912  26,114  33,655  27,378    42,309  14,298     5,546  14,032  23,574    50,469
 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      452,711
                                     ------------
     Total collateral                    472,955
                                    -----------------------------------------------------------------------------------------------------------------------
 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.


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Last update: October 15, 1998