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 December 17, 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 Dec 16, 1998 Dec 9, 1998 Dec 17, 1997 Dec 16, 1998 Reserve Bank Credit (1,2) 503,135 + 7,118 + 36,446 503,861 U.S. government securities Bought outright-system account (3) 454,019 - 511 + 23,600 455,035 Held under repurchase agreements 6,909 + 3,400 + 4,009 5,702 Federal agency obligations Bought outright 338 - 30 - 347 338 Held under repurchase agreements 6,380 + 3,135 + 5,582 7,181 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 25 + 23 - 253 145 Seasonal credit 13 + 1 - 71 14 Extended credit 0 0 0 0 Float 598 - 169 + 113 740 Other F.R. assets 34,853 + 1,269 + 3,814 34,707 Gold stock 11,041 0 - 8 11,041 Special drawing rights certificate account 9,200 0 0 9,200 Treasury currency outstanding 26,149 + 14 + 547 26,149 Total factors supplying reserve funds 549,524 + 7,132 + 36,985 550,250 Currency in circulation* 507,706 + 1,013 + 34,625 509,843 Treasury cash holdings* 87 - 11 - 144 84 Deposits,other than reserve balances,with F.R.Banks Treasury 6,324 + 1,289 - 6 8,628 Foreign 195 + 41 + 25 170 Service-related balances and adjustments (4) 6,705 - 40 - 98 6,705 Other 290 - 56 - 89 263 Other F.R. liabilities and capital 17,113 + 614 + 921 16,965 Total factors, other than reserve balances, absorbing reserve funds 538,419 + 2,850 + 35,234 542,657 Reserve balances with F.R. Banks (5) 11,105 + 4,282 + 1,751 7,593 On December 16, 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 597,588 million, a change of +$ 1,405 million for the week. The total includes the face value of U.S. Treasury strips and other zero coupon bonds. 1 Net of $ 19,044 million daily average, matched sale-purchase transactions outstanding during the latest statement week, of which a net of $ 19,044 million was with foreign official and international accounts. Includes securities loaned--fully secured by U.S. government securities. 2 Net of $ 18,029 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which a net of $ 18,029 million was with foreign official and international accounts. Includes $ 222 million securities loaned--fully secured U.S. government securities. 3 Includes $ 3,687 million of inflation-indexed securities valued at the original face amount and $ 75 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Consists of required clearing balances of $ 6,559 million and adjustments of $ 145 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 Dec 16, 1998 Dec 9, 1998 Dec 17, 1997 ASSETS Gold certificate account 11,041 0 - 8 Special drawing rights certificate account 9,200 0 0 Coin 399 + 14 - 97 Loans 159 + 142 - 819 Acceptances 0 0 0 Federal agency obligations Bought outright 338 - 30 - 347 Held under repurchase agreements (1) 7,181 + 3,695 + 5,301 U.S. government securities Bought outright--Bills 197,671 + 258 + 736 Notes (2) 187,891 + 2 + 13,687 Bonds (3) 69,473 0 + 10,066 Total bought outright (4) 455,035 + 260 + 24,489 Held under repurchase agreements (1) 5,702 + 805 - 3,713 Total U.S. government securities 460,737 + 1,065 + 20,776 Total loans and securities 468,415 + 4,871 + 24,911 Items in process of collection (630) 8,751 + 378 + 736 Bank premises 1,296 + 1 + 29 Other assets (5) 33,497 + 404 + 2,642 TOTAL ASSETS (630) 532,600 + 5,669 + 28,212 LIABILITIES Federal Reserve notes 484,177 + 1,977 + 33,710 Deposits Depository institutions 14,662 - 1,356 - 7,785 U.S. Treasury--general account 8,628 + 4,429 + 1,135 Foreign--official accounts 170 + 14 + 16 Other 263 - 64 - 118 Total deposits 23,722 + 3,024 - 6,752 Deferred availability cash items (630) 7,735 + 352 + 309 Other liabilities and accrued dividends (6) 4,477 + 120 - 464 TOTAL LIABILITIES (630) 520,112 + 5,473 + 26,804 CAPITAL ACCOUNTS Capital paid in 5,942 + 5 + 586 Surplus 5,220 0 + 832 Other capital accounts 1,325 + 191 - 10 *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 $ 2,867 million of inflation-indexed securities valued at the original face amount and $ 64 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 $ 10 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Net of $ 18,029 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 222 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 $ 55 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, December 16, 1998 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 157 0 Within 15 days 12,481 - 2,650 4,553 + 3,665 16 to 90 days 2 0 16 to 90 days 102,763 - 1,808 2,655 + 25 Over 90 days 0 0 91 days to 1 year 137,657 + 5,520 75 - 25 Over 1 to 5 years 107,349 + 1 61 + 10 Over 5 to 10 years 44,820 + 1 175 - 10 Over 10 years 55,668 0 0 0 Total 159 0 Total 460,737 + 1,065 7,519 + 3,665 1 Includes $ 3,687 million of inflation-indexed securities valued at the original face amount and $ 75 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 December 16, 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 11,041 582 4,201 323 643 807 717 998 358 128 289 530 1,465 Special drawing rights certif. acct. 9,200 530 3,202 282 574 792 602 900 340 123 247 367 1,241 Coin 399 29 18 23 17 55 52 42 20 17 28 43 55 Loans 159 0 0 3 0 19 0 113 1 4 8 0 11 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) 7,181 0 7,181 0 0 0 0 0 0 0 0 0 0 U.S. government securities Bought outright--Bills 197,671 10,766 73,265 5,747 12,847 15,571 12,024 18,977 6,946 2,172 5,484 8,988 24,884 Notes (2) 187,891 10,233 69,640 5,463 12,212 14,801 11,430 18,038 6,603 2,064 5,212 8,543 23,653 Bonds (3) 69,473 3,784 25,749 2,020 4,515 5,473 4,226 6,670 2,441 763 1,927 3,159 8,746 Total bought outright(4) 455,035 24,782 168,654 13,230 29,574 35,845 27,680 43,684 15,991 4,999 12,623 20,690 57,283 Held under repurchase agreements(1) 5,702 0 5,702 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 460,737 24,782 174,356 13,230 29,574 35,845 27,680 43,684 15,991 4,999 12,623 20,690 57,283 Total loans and securities 468,415 24,801 181,662 13,242 29,596 35,891 27,701 43,830 16,004 5,007 12,641 20,705 57,336 Items in process of collection 9,382 673 1,092 475 323 661 963 886 426 589 648 489 2,156 Bank premises 1,296 94 158 51 156 125 81 107 31 131 54 149 162 Other assets(5) 33,497 1,580 10,379 1,461 2,014 3,996 2,026 3,043 872 846 786 1,552 4,941 Interdistrict settlement account 0 +8 +7,745 +1,618 -5,156 +3,573 +3,900 -1,918 -2,283 +1,063 +1,036 +1,271 -10,857 TOTAL ASSETS 533,230 28,298 208,457 17,475 28,166 45,900 36,042 47,887 15,769 7,903 15,729 25,105 56,500 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 $ 2,867 million of inflation-indexed securities valued at the original face amount and $ 64 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 $ 10 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Net of $ 18,029 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 222 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 $ 55 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 December 16, 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 484,177 25,888 192,284 15,954 25,878 40,520 32,411 43,850 14,408 6,071 14,060 22,858 49,995 Deposits Depository institutions 14,662 1,093 2,330 582 844 1,686 1,399 1,674 539 729 714 1,130 1,940 U.S. Treasury--general account 8,628 0 8,628 0 0 0 0 0 0 0 0 0 0 Foreign--official accounts 170 7 55 8 9 22 9 14 3 5 3 7 26 Other 263 0 106 2 3 68 4 56 2 1 19 1 2 Total deposits 23,722 1,101 11,119 591 856 1,776 1,412 1,744 544 736 736 1,139 1,968 Deferred credit items 8,365 505 885 309 320 750 1,057 665 390 609 485 377 2,013 Other liabilities and accrued dividends (1) 4,477 245 1,548 158 284 371 298 425 172 87 154 210 525 TOTAL LIABILITIES 520,742 27,739 205,836 17,012 27,338 43,416 35,178 46,684 15,515 7,503 15,435 24,585 54,501 CAPITAL ACCOUNTS Capital paid in 5,942 266 1,209 175 398 1,237 417 579 120 202 140 227 971 Surplus 5,220 254 1,055 273 335 818 338 502 122 189 119 271 945 Other capital accounts 1,325 39 357 16 94 428 108 122 13 9 35 22 84 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 533,230 28,298 208,457 17,475 28,166 45,900 36,042 47,887 15,769 7,903 15,729 25,105 56,500 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 613,352 30,354 240,287 18,484 29,731 50,616 44,400 54,390 17,295 7,746 17,253 33,927 68,869 Less--Held by F.R. Banks 129,175 4,466 48,003 2,531 3,853 10,097 11,989 10,539 2,887 1,675 3,193 11,068 18,874 F.R. notes, net 484,177 25,888 192,284 15,954 25,878 40,520 32,411 43,850 14,408 6,071 14,060 22,858 49,995 Collateral held against F.R. notes Gold certificate account 11,041 Special drawing rights certificate account 9,200 Other eligible assets 0 U.S. govt. and agency securities 463,937 Total collateral 484,177 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.