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 January 21, 1999 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 Jan 20, 1999 Jan 13, 1999 Jan 21, 1998 Jan 20, 1999 Reserve Bank Credit (1,2) 505,971 + 5,519 + 39,532 505,498 U.S. government securities Bought outright-system account (3) 452,818 - 1,872 + 23,100 453,868 Held under repurchase agreements 6,291 + 2,471 + 4,371 6,140 Federal agency obligations Bought outright 338 0 - 347 338 Held under repurchase agreements 6,046 + 2,790 + 5,644 3,958 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 22 - 675 - 342 75 Seasonal credit 4 - 1 - 11 3 Extended credit 0 0 0 0 Float 4,176 + 2,494 + 2,384 4,679 Other F.R. assets 36,276 + 312 + 4,733 36,436 Gold stock 11,046 0 0 11,046 Special drawing rights certificate account 9,200 0 0 9,200 Treasury currency outstanding 26,309 + 14 + 672 26,309 Total factors supplying reserve funds 552,526 + 5,533 + 40,204 552,053 Currency in circulation* 508,969 - 2,508 + 36,426 508,628 Treasury cash holdings* 86 + 1 - 142 86 Deposits,other than reserve balances,with F.R.Banks Treasury 7,296 + 1,873 - 1,852 7,466 Foreign 181 - 8 + 21 177 Service-related balances and adjustments (4) 7,472 - 420 + 94 7,472 Other 212 + 5 - 117 206 Other F.R. liabilities and capital 16,871 - 3 + 745 16,626 Total factors, other than reserve balances, absorbing reserve funds 541,088 - 1,059 + 35,175 540,661 Reserve balances with F.R. Banks (5) 11,439 + 6,592 + 5,028 11,392 On January 20, 1999, the face amount of marketable U.S. government securities held in custody by the Federal Reserve Banks for foreign official and international accounts was 605,156 million, a change of +$ 5,057 million for the week. The total includes the face value of U.S. Treasury strips and other zero coupon bonds. 1 Net of $ 19,829 million daily average, matched sale-purchase transactions outstanding during the latest statement week, of which a net of $ 19,829 million was with foreign official and international accounts. Includes securities loaned--fully secured by U.S. government securities. 2 Net of $ 18,708 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which a net of $ 18,708 million was with foreign official and international accounts. Includes $ 297 million securities loaned--fully secured U.S. government securities. 3 Includes $ 4,087 million of inflation-indexed securities valued at the original face amount and $ 79 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Consists of required clearing balances of $ 6,820 million and adjustments of $ 652 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 Jan 20, 1999 Jan 13, 1999 Jan 21, 1998 ASSETS Gold certificate account 11,046 0 0 Special drawing rights certificate account 9,200 0 0 Coin 410 + 24 - 100 Loans 78 - 73 - 303 Acceptances 0 0 0 Federal agency obligations Bought outright 338 0 - 347 Held under repurchase agreements (1) 3,958 - 514 + 2,602 U.S. government securities Bought outright--Bills 196,992 - 2,051 + 574 Notes (2) 187,403 - 492 + 13,675 Bonds (3) 69,474 0 + 10,067 Total bought outright (4) 453,868 - 2,543 + 24,316 Held under repurchase agreements (1) 6,140 + 2,440 - 131 Total U.S. government securities 460,008 - 103 + 24,185 Total loans and securities 464,382 - 690 + 26,136 Items in process of collection (630) 16,278 + 6,165 + 4,298 Bank premises 1,300 + 1 + 26 Other assets (5) 35,124 + 344 + 4,161 TOTAL ASSETS (630) 537,740 + 5,843 + 34,522 LIABILITIES Federal Reserve notes 482,814 - 1,642 + 35,350 Deposits Depository institutions 19,459 + 1,729 + 5,536 U.S. Treasury--general account 7,466 + 2,460 - 7,963 Foreign--official accounts 177 - 37 + 16 Other 206 + 6 - 125 Total deposits 27,308 + 4,159 - 2,537 Deferred availability cash items (630) 10,991 + 3,313 + 1,011 Other liabilities and accrued dividends (6) 4,226 + 32 - 491 TOTAL LIABILITIES (630) 525,340 + 5,862 + 33,333 CAPITAL ACCOUNTS Capital paid in 5,964 + 4 + 493 Surplus 5,952 0 + 732 Other capital accounts 484 - 23 - 35 *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 $ 3,267 million of inflation-indexed securities valued at the original face amount and $ 68 million of compensation that adjusts for the effects of inflation on the principal of such securities. 3 Includes $ 820 million of inflation-indexed securities valued at the original face amount and $ 11 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Net of $ 18,708 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 297 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 $ 0 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, January 20, 1999 Holdings of securities include securitites held under repurchase agreements, which are classified according to remaining maturity. Millions of dollars U.S. government Federal agency Loans Acceptances securities (1) obligations Weekly Weekly Holdings changes Holdings changes Within 15 days 78 0 Within 15 days 16,543 + 3,791 3,370 - 1,104 16 to 90 days 0 0 16 to 90 days 100,096 - 3,000 615 + 590 Over 90 days 0 0 91 days to 1 year 135,438 - 604 75 0 Over 1 to 5 years 107,040 - 690 61 0 Over 5 to 10 years 45,222 + 400 175 0 Over 10 years 55,669 0 0 0 Total 78 0 Total 460,008 - 103 4,296 - 514 1 Includes $ 4,087 million of inflation-indexed securities valued at the original face amount and $ 79 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 January 20, 1999 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 23 16 30 19 60 51 43 21 17 28 44 58 Loans 78 25 0 1 0 0 0 32 2 0 3 0 15 Acceptances 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal agency obligations Bought outright 338 18 125 10 22 27 21 32 12 4 9 15 42 Held under repurchase agreements(1) 3,958 0 3,958 0 0 0 0 0 0 0 0 0 0 U.S. government securities Bought outright--Bills 196,992 10,729 73,013 5,727 12,803 15,518 11,983 18,912 6,923 2,164 5,465 8,957 24,799 Notes (2) 187,403 10,206 69,459 5,448 12,180 14,763 11,400 17,991 6,586 2,059 5,199 8,521 23,592 Bonds (3) 69,474 3,784 25,750 2,020 4,515 5,473 4,226 6,670 2,441 763 1,927 3,159 8,746 Total bought outright(4) 453,868 24,719 168,222 13,196 29,498 35,753 27,609 43,572 15,950 4,986 12,591 20,637 57,136 Held under repurchase agreements(1) 6,140 0 6,140 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 460,008 24,719 174,362 13,196 29,498 35,753 27,609 43,572 15,950 4,986 12,591 20,637 57,136 Total loans and securities 464,382 24,762 178,445 13,206 29,520 35,780 27,630 43,637 15,964 4,990 12,603 20,652 57,194 Items in process of collection 16,908 1,125 2,144 1,008 1,159 1,543 1,600 1,532 486 1,038 1,119 793 3,361 Bank premises 1,300 94 158 50 158 125 83 107 31 130 54 148 162 Other assets(5) 35,124 1,681 10,712 1,509 2,139 4,225 2,149 3,170 933 888 837 1,644 5,236 Interdistrict settlement account 0 +754 +7,974 +597 -5,775 +2,921 +1,837 +2,083 +183 +542 +789 +402 -12,307 TOTAL ASSETS 538,371 29,551 206,857 17,006 28,438 46,253 34,669 52,469 18,316 7,856 15,965 24,581 56,410 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 $ 3,267 million of inflation-indexed securities valued at the original face amount and $ 68 million of compensation that adjusts for the effects of inflation on the principal of such securities. 3 Includes $ 820 million of inflation-indexed securities valued at the original face amount and $ 11 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Net of $ 18,708 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 297 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 $ 0 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 January 20, 1999 Millions of dollars Kansas San Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco LIABILITIES Federal Reserve notes 482,814 26,832 187,839 15,616 25,599 40,381 30,860 47,833 16,616 6,057 14,166 22,265 48,750 Deposits Depository institutions 19,459 1,269 5,929 537 1,016 1,949 1,573 2,055 713 478 601 1,165 2,176 U.S. Treasury--general account 7,466 0 7,466 0 0 0 0 0 0 0 0 0 0 Foreign--official accounts 177 7 62 8 9 22 9 14 3 5 3 7 26 Other 206 0 104 3 4 71 4 1 3 0 12 3 1 Total deposits 27,308 1,276 13,561 547 1,029 2,042 1,586 2,070 719 483 616 1,175 2,204 Deferred credit items 11,621 644 1,370 324 710 987 1,079 946 562 825 739 457 2,977 Other liabilities and accrued dividends (1) 4,226 238 1,461 152 270 335 282 405 165 82 146 214 476 TOTAL LIABILITIES 525,971 28,991 204,232 16,640 27,608 43,745 33,806 51,255 18,062 7,448 15,667 24,111 54,406 CAPITAL ACCOUNTS Capital paid in 5,964 267 1,215 176 401 1,238 418 585 119 203 142 227 974 Surplus 5,952 267 1,208 177 399 1,238 418 583 121 202 140 227 972 Other capital accounts 484 25 201 14 31 33 27 45 14 4 16 15 58 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 538,371 29,551 206,857 17,006 28,438 46,253 34,669 52,469 18,316 7,856 15,965 24,581 56,410 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 621,030 31,575 239,871 18,589 29,548 51,011 44,357 58,954 19,683 7,748 17,810 33,356 68,527 Less--Held by F.R. Banks 138,216 4,742 52,032 2,972 3,948 10,630 13,497 11,121 3,067 1,691 3,644 11,091 19,778 F.R. notes, net 482,814 26,832 187,839 15,616 25,599 40,381 30,860 47,833 16,616 6,057 14,166 22,265 48,750 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 462,569 Total collateral 482,814 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.