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

Release Date: May 28, 1998

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FEDERAL RESERVE
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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 28, 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 27, 1998 May 20, 1998 May 28, 1997 May 27, 1998

Reserve Bank Credit  (1,2)                                  471,997    -   1,989    +  29,290      474,465
  U.S. government securities			        		      		     		   
    Bought outright-system account (3)                      440,583    -     930    +  34,527      442,643
    Held under repurchase agreements                              0    -     421    -   4,889            0
  Federal agency obligations			        		      		     		   
    Bought outright                                             551            0    -   1,420          551
    Held under repurchase agreements                              0    -     150    -     631            0
  Acceptances                                                     0            0            0            0
  Loans to depository institutions		        		      		     		   
    Adjustment credit                                            75    +      69    +      57            1
    Seasonal credit                                             117    +      20    -      92          124
    Extended credit                                               0            0            0            0
   Float                                                        324    -     425    +     279          657
   Other F.R. assets                                         30,346    -     152    +   1,459       30,490
Gold stock                                                   11,049            0    -       3       11,049
Special drawing rights certificate account                    9,200            0            0        9,200
Treasury currency outstanding                                25,900    +      14    +     626       25,900
        Total factors supplying reserve funds               518,145    -   1,975    +  29,913      520,614
						        		      		     		   
Currency in circulation*                                    480,928    +   2,438    +  30,076      482,307
Treasury cash holdings*                                         237    -      10    -      91          226
Deposits,other than reserve balances,with F.R.Banks     		      		     		   
  Treasury                                                    5,179    -     248    +     126        5,013
  Foreign                                                       172    +       4    -      14          179
  Service-related balances and adjustments (4)                6,739    -      44    -     319        6,739
  Other                                                         359    -      10    -      10          311
Other F.R. liabilities and capital                           16,505    +      43    +   1,497       16,294
        Total factors, other than reserve balances,     		      		     		   
        absorbing reserve funds                             510,119    +   2,172    +  31,266      511,070

Reserve balances with F.R. Banks  (5)                         8,026    -   4,147    -   1,353        9,544
						       		      		     		    
On       May 27, 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 606,305 million, a change of 
 -$ 2,395 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $ 17,619 million daily average, matched sale-purchase transactions outstanding during the 
   latest statement week, of which a net of $ 15,796 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $ 15,560 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week, of which a net of $ 15,560 million was with foreign official and international 
   accounts.  Includes $ 280 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 
   $ 31 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Consists of required clearing balances of $ 6,422 million and adjustments of $ 318 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 27, 1998     May 20, 1998     May 28, 1997
                ASSETS
Gold certificate account                                        11,049                0        -       2
Special drawing rights certificate account                       9,200                0                0
Coin                                                               404        -      30        -     122
					      
Loans                                                              125        -      10        -     101
Acceptances                                                          0                0                0
Federal agency obligations		      
  Bought outright                                                  551                0        -   1,420
  Held under repurchase agreements (1)                               0        -   1,050        -     827
U.S. government securities		      
  Bought outright--Bills                                       200,140        -     178        +   4,533
                   Notes (2)                                   180,590        +       1        +  22,819
                   Bonds (3)                                    61,914                0        +   8,998
    Total bought outright (4)                                  442,643        -     177        +  36,350
  Held under repurchase agreements (1)                               0        -   2,945        -   5,213
     Total U.S. government securities                          442,643        -   3,122        +  31,137
       Total loans and securities                              443,319        -   4,182        +  28,789
					      
Items in process of collection                      (469)       10,106        +   2,919        +   1,326
Bank premises                                                    1,287        -       1        +      43
Other assets (5)                                                29,143        +     218        +   1,217
                TOTAL ASSETS                        (469)      504,508        -   1,075        +  31,251
					      
                LIABILITIES
Federal Reserve notes                                          457,038        +   2,310        +  29,088
Deposits		 		     
  Depository institutions                                       16,656        -   6,069        -     488
  U.S. Treasury--general account                                 5,013        +     317        +     189
  Foreign--official accounts                                       179        +       5        -      44
    Other                                                          311        -      61        -      59
      Total deposits                                            22,159        -   5,808        -     402
Deferred availability cash items                    (469)        9,016        +   2,381        +   1,071
Other liabilities and accrued dividends (6)                      4,639        -      76        -     160
                TOTAL LIABILITIES                   (469)      492,853        -   1,194        +  29,597
					      
                CAPITAL ACCOUNTS
Capital paid in                                                  5,720        +      62        +     894
Surplus                                                          5,220                0        +     725
Other capital accounts                                             714        +      56        +      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 $ 2,050 million of inflation-indexed securities valued at the original face amount and 
   $ 30 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 $ 15,560 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 280 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 $ 155 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 27, 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        116          0     Within 15 days          16,211   -   1,536          0   -   1,050
16 to 90 days           9          0     16 to 90 days           96,740   +   4,800         50           0
Over 90 days            0          0     91 days to 1 year      139,033   -   6,387        125           0
                                         Over 1 to 5 years       96,868           0        126           0
                                         Over 5 to 10 years      43,013           0        225           0
                                         Over 10 years           50,777           0         25           0
    Total             125          0         Total              442,643   -   3,122        551   -   1,050

1  Includes $ 2,450 million of inflation-indexed securities valued at the original face amount and 
   $ 31 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 27, 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                      11,049        582      4,209        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                                             404         21         24         29         22         41         48         51         19         18         39         35         57
				       
Loans                                            125          0          0          1          0          0          5         30         15         44         18          0         13
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                     200,140     10,900     74,180      5,819     13,008     15,766     12,175     19,214      7,033      2,199      5,552      9,100     25,195
                   Notes (2)                 180,590      9,835     66,934      5,250     11,737     14,226     10,985     17,337      6,346      1,984      5,010      8,211     22,734
                   Bonds (3)                  61,914      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)                442,643     24,107    164,061     12,869     28,769     34,869     26,926     42,495     15,555      4,863     12,279     20,126     55,723
  Held under repurchase agreements(1)              0          0          0          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             442,643     24,107    164,061     12,869     28,769     34,869     26,926     42,495     15,555      4,863     12,279     20,126     55,723
       Total loans and securities            443,319     24,137    164,265     12,886     28,804     34,912     26,965     42,577     15,589      4,913     12,312     20,151     55,805
				       
Items in process of collection                10,575        653      1,011        470        529      1,204      1,003        805        471        860        824        403      2,343
Bank premises                                  1,287         93        157         50        144        126         82        107         31        132         54        150        160
Other assets(5)                               29,143      1,407      8,476      1,223      1,783      3,611      1,797      2,804        774        772        704      1,380      4,412
Interdistrict settlement account                   0     -2,544    +13,245       -317     -1,615     -3,645       +229     -2,183       -834       +142     +1,420     +3,571     -7,470
          TOTAL ASSETS                       504,976     24,880    194,589     14,948     30,885     37,848     31,443     46,060     16,748      7,088     15,889     26,586     58,013

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 
   $ 30 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 $ 15,560 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 280 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 $ 155 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 27, 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                        457,038     22,561    180,560     13,127     28,577     32,960     27,678     41,813     15,379      5,480     14,096     23,800     51,009
Deposits			      	      
  Depository institutions                     16,656      1,014      3,910        779        785      1,371      1,756      1,762        566        414        643      1,594      2,063
  U.S. Treasury--general account               5,013          0      5,013          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     179          7         64          8          9         22          9         14          3          5          3          7         26
  Other                                          311          1        139          1          3         43        -38        156          0          1          1          1          1
    Total deposits                            22,159      1,022      9,127        787        797      1,437      1,728      1,933        570        419        648      1,602      2,090
Deferred credit items                          9,485        545        921        310        425      1,060        857        781        375        719        709        434      2,347
Other liabilities and accrued	      	      
  dividends (1)                                4,639        259      1,527        170        298        393        321        453        181         89        162        223        563
    TOTAL LIABILITIES                        493,322     24,387    192,135     14,394     30,097     35,850     30,584     44,980     16,505      6,707     15,615     26,059     56,009
				      	      
       CAPITAL ACCOUNTS		      	      
Capital paid in                                5,720        214      1,161        268        385      1,036        457        532        116        191        135        235        990
Surplus                                        5,220        254      1,055        273        335        818        338        502        122        189        119        271        945
Other capital accounts                           714         25        238         13         67        144         63         45          5          2         21         22         70
     TOTAL LIABILITIES AND CAPITAL    	      
        ACCOUNTS                             504,976     24,880    194,589     14,948     30,885     37,848     31,443     46,060     16,748      7,088     15,889     26,586     58,013
				      	      
FEDERAL RESERVE AGENTS' ACCOUNTS      	      
				      	      
F.R. notes outstanding                       565,846     26,589    226,630     15,655     31,549     39,775     36,051     50,594     17,607      7,085     16,421     29,264     68,628
  Less--Held by F.R. Banks                   108,807      4,028     46,070      2,528      2,972      6,815      8,373      8,781      2,227      1,605      2,325      5,464     17,619
  F.R. notes, net                            457,038     22,561    180,560     13,127     28,577     32,960     27,678     41,813     15,379      5,480     14,096     23,800     51,009
Collateral held against F.R. notes    	      
   Gold certificate account                   11,049
   Special drawing rights	      	      
     certificate account                       9,200
   Other eligible assets                           0
   U.S. govt. and agency securities          436,790
     Total collateral                        457,038

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: May 28, 1998