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 May 7, 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 May 6, 1998 Apr 29, 1998 May 7, 1997 May 6, 1998 Reserve Bank Credit (1,2) 473,803 - 7,637 + 12,880 470,839 U.S. government securities Bought outright-system account (3) 437,654 - 1,926 + 34,174 437,682 Held under repurchase agreements 2,247 - 5,211 - 20,602 0 Federal agency obligations Bought outright 551 - 8 - 1,420 551 Held under repurchase agreements 279 - 257 - 593 0 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 24 + 9 - 41 1 Seasonal credit 69 + 16 - 71 68 Extended credit 0 0 0 0 Float 573 + 128 + 477 281 Other F.R. assets 32,406 - 388 + 956 32,257 Gold stock 11,048 0 - 3 11,048 Special drawing rights certificate account 9,200 0 0 9,200 Treasury currency outstanding 25,858 + 14 + 616 25,858 Total factors supplying reserve funds 519,910 - 7,623 + 13,493 516,945 Currency in circulation* 477,103 + 1,193 + 30,410 478,834 Treasury cash holdings* 271 - 6 - 39 248 Deposits,other than reserve balances,with F.R.Banks Treasury 8,442 - 9,502 - 15,457 4,107 Foreign 160 - 12 - 14 154 Service-related balances and adjustments (4) 6,753 - 51 - 398 6,753 Other 384 + 18 + 28 375 Other F.R. liabilities and capital 16,769 + 464 + 1,739 16,450 Total factors, other than reserve balances, absorbing reserve funds 509,882 - 7,895 + 16,269 506,921 Reserve balances with F.R. Banks (5) 10,028 + 272 - 2,776 10,024 On May 6, 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 605,791 million, a change of +$ 1,761 million for the week. The total includes the face value of U.S. Treasury strips and other zero coupon bonds. 1 Net of $ 20,545 million daily average, matched sale-purchase transactions outstanding during the latest statement week, of which a net of $ 16,769 million was with foreign official and international accounts. Includes securities loaned--fully secured by U.S. government securities. 2 Net of $ 20,518 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which a net of $ 16,993 million was with foreign official and international accounts. Includes $ 90 million securities loaned--fully secured U.S. government securities. 3 Includes $ 2,450 million of inflation-indexed securities valued at the original face amount and $ 29 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Consists of required clearing balances of $ 6,483 million and adjustments of $ 270 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 May 6, 1998 Apr 29, 1998 May 7, 1997 ASSETS Gold certificate account 11,048 0 - 3 Special drawing rights certificate account 9,200 0 0 Coin 457 0 - 152 Loans 69 + 9 - 360 Acceptances 0 0 0 Federal agency obligations Bought outright 551 0 - 1,420 Held under repurchase agreements (1) 0 - 1,808 - 1,924 U.S. government securities Bought outright--Bills 195,181 - 4,725 - 478 Notes (2) 180,587 + 1 + 24,507 Bonds (3) 61,913 0 + 9,526 Total bought outright (4) 437,682 - 4,724 + 33,556 Held under repurchase agreements (1) 0 - 26,047 - 23,256 Total U.S. government securities 437,682 - 30,771 + 10,300 Total loans and securities 438,301 - 32,570 + 6,595 Items in process of collection (435) 8,543 + 800 + 2,038 Bank premises 1,285 0 + 46 Other assets (5) 31,043 - 2,944 + 715 TOTAL ASSETS (435) 499,877 - 34,714 + 9,240 LIABILITIES Federal Reserve notes 453,681 + 1,755 + 29,712 Deposits Depository institutions 17,729 + 356 - 7,449 U.S. Treasury--general account 4,107 - 37,694 - 15,592 Foreign--official accounts 154 - 46 - 22 Other 375 + 32 + 30 Total deposits 22,365 - 37,351 - 23,033 Deferred availability cash items (435) 7,381 + 567 + 1,298 Other liabilities and accrued dividends (6) 4,802 - 36 - 558 TOTAL LIABILITIES (435) 488,229 - 35,065 + 7,419 CAPITAL ACCOUNTS Capital paid in 5,487 + 12 + 689 Surplus 5,220 0 + 725 Other capital accounts 941 + 339 + 407 *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 $ 28 million of compensation that adjusts for the effects of inflation on the principal of such securities. 3 Includes $ 400 million of inflation-indexed securities valued at the original face amount and $ 1 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Net of $ 20,518 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 90 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 $ 180 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, May 6, 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 7 0 Within 15 days 12,917 - 28,386 0 - 1,808 16 to 90 days 62 0 16 to 90 days 88,524 - 8,690 0 0 Over 90 days 0 0 91 days to 1 year 146,068 + 6,548 175 0 Over 1 to 5 years 98,772 - 243 126 0 Over 5 to 10 years 40,623 0 225 0 Over 10 years 50,777 0 25 0 Total 69 0 Total 437,682 - 30,771 551 - 1,808 1 Includes $ 2,450 million of inflation-indexed securities valued at the original face amount and $ 29 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 May 6, 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 11,048 582 4,208 323 643 807 717 998 358 128 289 530 1,465 Special drawing rights certif. acct. 9,200 530 3,202 282 574 792 602 900 340 123 247 367 1,241 Coin 457 25 29 40 27 51 44 60 18 22 41 35 65 Loans 69 0 0 1 0 0 5 19 10 21 12 0 1 Acceptances 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal agency obligations Bought outright 551 30 204 16 36 43 33 53 19 6 15 25 69 Held under repurchase agreements(1) 0 0 0 0 0 0 0 0 0 0 0 0 0 U.S. government securities Bought outright--Bills 195,181 10,630 72,342 5,675 12,685 15,375 11,873 18,738 6,859 2,144 5,414 8,875 24,571 Notes (2) 180,587 9,835 66,933 5,250 11,737 14,226 10,985 17,337 6,346 1,984 5,010 8,211 22,734 Bonds (3) 61,913 3,372 22,948 1,800 4,024 4,877 3,766 5,944 2,176 680 1,718 2,815 7,794 Total bought outright(4) 437,682 23,837 162,222 12,725 28,446 34,478 26,625 42,018 15,381 4,808 12,142 19,901 55,099 Held under repurchase agreements(1) 0 0 0 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 437,682 23,837 162,222 12,725 28,446 34,478 26,625 42,018 15,381 4,808 12,142 19,901 55,099 Total loans and securities 438,301 23,867 162,427 12,742 28,482 34,521 26,663 42,090 15,411 4,836 12,169 19,926 55,169 Items in process of collection 8,978 528 1,031 338 562 732 1,110 626 359 643 588 410 2,051 Bank premises 1,285 93 158 50 142 126 82 107 31 132 54 149 159 Other assets(5) 31,043 1,513 9,151 1,275 1,908 3,758 1,910 3,013 841 795 755 1,467 4,658 Interdistrict settlement account 0 -1,864 +10,663 -304 -767 -3,735 -118 -889 -790 +460 +1,415 +2,637 -6,708 TOTAL ASSETS 500,312 25,274 190,869 14,745 31,571 37,052 31,010 46,906 16,568 7,138 15,557 25,522 58,100 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 $ 28 million of compensation that adjusts for the effects of inflation on the principal of such securities. 3 Includes $ 400 million of inflation-indexed securities valued at the original face amount and $ 1 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Net of $ 20,518 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 90 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 $ 180 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 May 6, 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 453,681 22,484 178,670 13,054 28,930 32,963 27,310 42,186 15,270 5,382 13,828 23,275 50,327 Deposits Depository institutions 17,729 1,454 3,035 688 1,152 1,066 1,745 2,405 570 660 819 970 3,165 U.S. Treasury--general account 4,107 0 4,107 0 0 0 0 0 0 0 0 0 0 Foreign--official accounts 154 7 39 8 9 22 9 14 3 5 3 7 26 Other 375 2 100 1 1 84 1 181 0 0 2 1 3 Total deposits 22,365 1,463 7,281 696 1,162 1,173 1,755 2,600 574 666 824 979 3,194 Deferred credit items 7,816 558 813 269 375 735 851 541 283 603 456 416 1,916 Other liabilities and accrued dividends (1) 4,802 268 1,591 175 311 394 325 469 187 90 168 233 593 TOTAL LIABILITIES 488,664 24,772 188,355 14,194 30,777 35,265 30,241 45,796 16,314 6,741 15,276 24,903 56,030 CAPITAL ACCOUNTS Capital paid in 5,487 211 1,156 266 375 857 369 528 116 191 134 295 989 Surplus 5,220 254 1,055 273 335 818 338 502 122 189 119 271 945 Other capital accounts 941 37 302 13 84 112 62 80 17 18 28 52 136 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 500,312 25,274 190,869 14,745 31,571 37,052 31,010 46,906 16,568 7,138 15,557 25,522 58,100 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 561,661 26,777 222,350 15,605 31,902 39,918 35,836 51,003 17,582 6,963 16,031 28,694 69,000 Less--Held by F.R. Banks 107,980 4,293 43,680 2,551 2,972 6,955 8,526 8,817 2,311 1,581 2,203 5,418 18,673 F.R. notes, net 453,681 22,484 178,670 13,054 28,930 32,963 27,310 42,186 15,270 5,382 13,828 23,275 50,327 Collateral held against F.R. notes Gold certificate account 11,048 Special drawing rights certificate account 9,200 Other eligible assets 0 U.S. govt. and agency securities 433,433 Total collateral 453,681 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.