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 March 11, 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 Mar 10, 1999 Mar 3, 1999 Mar 11, 1998 Mar 10, 1999 Reserve Bank Credit (1,2) 507,167 + 3,260 + 39,683 514,575 U.S. government securities Bought outright-system account (3) 462,738 + 1,421 + 32,403 463,621 Held under repurchase agreements 5,832 + 1,027 + 2,982 9,498 Federal agency obligations Bought outright 332 - 4 - 335 311 Held under repurchase agreements 2,739 - 739 + 324 5,402 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 5 - 7 + 2 4 Seasonal credit 14 0 - 5 12 Extended credit 0 0 0 0 Float 1,096 + 1,453 + 538 897 Other F.R. assets 34,411 + 107 + 3,773 34,831 Gold stock 11,047 0 - 2 11,047 Special drawing rights certificate account 8,343 - 857 - 857 8,200 Treasury currency outstanding 26,396 + 14 + 741 26,396 Total factors supplying reserve funds 552,952 + 2,416 + 39,564 560,217 Currency in circulation* 513,745 + 1,364 + 39,942 515,145 Treasury cash holdings* 131 + 10 - 114 131 Deposits,other than reserve balances,with F.R.Banks Treasury 5,087 + 113 + 220 4,722 Foreign 190 + 2 + 31 165 Service-related balances and adjustments (4) 6,962 - 72 - 164 6,961 Other 251 - 3 - 125 250 Other F.R. liabilities and capital 16,855 + 335 + 446 16,982 Total factors, other than reserve balances, absorbing reserve funds 543,221 + 1,750 + 40,235 544,357 Reserve balances with F.R. Banks (5) 9,732 + 667 - 670 15,860 On March 10, 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 596,990 million, a change of -$ 5,159 million for the week. The total includes the face value of U.S. Treasury strips and other zero coupon bonds. 1 Net of $ 16,411 million daily average, matched sale-purchase transactions outstanding during the latest statement week, of which a net of $ 16,411 million was with foreign official and international accounts. Includes securities loaned--fully secured by U.S. government securities. 2 Net of $ 16,334 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which a net of $ 16,334 million was with foreign official and international accounts. Includes $ 170 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 $ 80 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Consists of required clearing balances of $ 6,578 million and adjustments of $ 383 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 Mar 10, 1999 Mar 3, 1999 Mar 11, 1998 ASSETS Gold certificate account 11,047 0 - 3 Special drawing rights certificate account 8,200 - 1,000 - 1,000 Coin 441 + 6 - 110 Loans 16 - 1 - 2 Acceptances 0 0 0 Federal agency obligations Bought outright 311 - 25 - 314 Held under repurchase agreements (1) 5,402 + 3,355 + 1,983 U.S. government securities Bought outright--Bills 199,366 + 47 + 3,740 Notes (2) 191,474 + 348 + 15,310 Bonds (3) 72,781 + 1,228 + 12,049 Total bought outright (4) 463,621 + 1,623 + 31,100 Held under repurchase agreements (1) 9,498 + 3,936 + 2,558 Total U.S. government securities 473,119 + 5,559 + 33,658 Total loans and securities 478,847 + 8,887 + 35,324 Items in process of collection (585) 8,235 - 1,824 + 1,080 Bank premises 1,302 0 + 23 Other assets (5) 33,558 + 734 + 3,805 TOTAL ASSETS (585) 541,630 + 6,804 + 39,120 LIABILITIES Federal Reserve notes 489,322 + 1,228 + 39,203 Deposits Depository institutions 22,857 + 6,333 - 1,971 U.S. Treasury--general account 4,722 - 328 + 166 Foreign--official accounts 165 - 20 + 6 Other (0) 250 - 15 - 129 Total deposits (0) 27,994 + 5,971 - 1,928 Deferred availability cash items (585) 7,332 - 1,120 + 893 Other liabilities and accrued dividends (6) 4,403 + 316 - 437 TOTAL LIABILITIES (585) 529,051 + 6,395 + 37,731 CAPITAL ACCOUNTS Capital paid in 6,074 - 2 + 646 Surplus 5,937 + 43 + 717 Other capital accounts 568 + 368 + 26 *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 $ 12 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Net of $ 16,334 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 170 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, March 10, 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 4 0 Within 15 days 17,348 - 1,725 5,402 + 3,330 16 to 90 days 12 0 16 to 90 days 105,319 + 508 0 0 Over 90 days 0 0 91 days to 1 year 135,160 + 5,200 106 0 Over 1 to 5 years 109,848 + 1 30 0 Over 5 to 10 years 46,594 + 348 175 0 Over 10 years 58,851 + 1,228 0 0 Total 16 0 Total 473,119 + 5,559 5,713 + 3,330 1 Includes $ 4,087 million of inflation-indexed securities valued at the original face amount and $ 80 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 March 10, 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 11,047 582 4,207 323 643 807 717 998 358 128 289 530 1,465 Special drawing rights certif. acct. 8,200 406 3,215 247 396 683 596 725 232 103 231 451 915 Coin 441 26 17 38 26 62 50 48 16 21 33 44 60 Loans 16 0 0 0 0 0 4 2 6 1 3 0 0 Acceptances 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal agency obligations Bought outright 311 17 115 9 20 24 19 30 11 3 9 14 39 Held under repurchase agreements(1) 5,402 0 5,402 0 0 0 0 0 0 0 0 0 0 U.S. government securities Bought outright--Bills 199,366 10,858 73,893 5,796 12,957 15,705 12,128 19,139 7,006 2,190 5,531 9,065 25,098 Notes (2) 191,474 10,428 70,968 5,567 12,444 15,083 11,648 18,382 6,729 2,104 5,312 8,706 24,104 Bonds (3) 72,781 3,964 26,976 2,116 4,730 5,733 4,427 6,987 2,558 800 2,019 3,309 9,162 Total bought outright(4) 463,621 25,250 171,837 13,479 30,132 36,521 28,202 44,508 16,292 5,093 12,861 21,080 58,364 Held under repurchase agreements(1) 9,498 0 9,498 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 473,119 25,250 181,335 13,479 30,132 36,521 28,202 44,508 16,292 5,093 12,861 21,080 58,364 Total loans and securities 478,847 25,267 186,852 13,488 30,152 36,546 28,225 44,541 16,309 5,097 12,873 21,094 58,403 Items in process of collection 8,819 571 1,076 403 401 556 1,191 856 274 692 476 307 2,017 Bank premises 1,302 94 158 50 157 125 86 106 32 130 53 148 163 Other assets(5) 33,558 1,527 10,452 1,007 2,072 4,992 2,132 3,023 826 805 805 1,297 4,620 Interdistrict settlement account 0 + 2,792 - 1,307 + 2,461 - 4,476 - 1,518 + 465 + 5,410 + 1,113 + 1,444 + 1,482 + 1,141 - 9,006 TOTAL ASSETS 542,214 31,265 204,669 18,017 29,370 42,253 33,462 55,706 19,160 8,421 16,241 25,011 58,637 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 $ 12 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Net of $ 16,334 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 170 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 March 10, 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 489,322 27,718 189,345 16,725 26,781 36,229 29,884 49,784 17,580 6,256 14,579 22,779 51,661 Deposits Depository institutions 22,857 2,273 5,092 468 1,169 2,450 1,454 3,633 814 1,006 717 1,201 2,578 U.S. Treasury--general account 4,722 0 4,722 0 0 0 0 0 0 0 0 0 0 Foreign--official accounts 165 7 49 4 10 30 10 14 3 5 3 6 24 Other 250 0 90 1 3 130 5 1 6 1 12 1 2 Total deposits 27,994 2,280 9,954 473 1,182 2,610 1,470 3,648 823 1,012 732 1,208 2,604 Deferred credit items 7,917 437 1,001 309 296 601 958 630 331 663 457 347 1,887 Other liabilities and accrued dividends (1) 4,403 238 1,563 152 277 352 297 413 169 84 152 207 500 TOTAL LIABILITIES 529,636 30,673 201,863 17,659 28,535 39,793 32,609 54,475 18,903 8,014 15,921 24,540 56,652 CAPITAL ACCOUNTS Capital paid in 6,074 284 1,305 169 401 1,234 413 595 120 209 157 225 963 Surplus 5,937 267 1,208 177 399 1,227 418 583 121 198 140 227 972 Other capital accounts 568 40 293 13 36 0 22 54 16 0 23 20 51 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 542,214 31,265 204,669 18,017 29,370 42,253 33,462 55,706 19,160 8,421 16,241 25,011 58,637 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 648,379 32,724 252,253 19,467 31,140 51,082 44,990 61,491 21,065 8,825 19,033 33,208 73,101 Less--Held by F.R. Banks 159,057 5,006 62,908 2,742 4,359 14,852 15,106 11,707 3,484 2,569 4,454 10,429 21,440 F.R. notes, net 489,322 27,718 189,345 16,725 26,781 36,229 29,884 49,784 17,580 6,256 14,579 22,779 51,661 Collateral held against F.R. notes Gold certificate account 11,047 Special drawing rights certificate account 8,200 Other eligible assets 0 U.S. govt. and agency securities 470,075 Total collateral 489,322 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.