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 27, 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 May 26, 1999 May 19, 1999 May 27, 1998 May 26, 1999 Reserve Bank Credit (1,2) 515,213 - 3,741 + 43,246 519,018 U.S. government securities Bought outright-system account (3) 480,308 + 4,129 + 39,725 480,718 Held under repurchase agreements 845 - 3,234 + 845 2,476 Federal agency obligations Bought outright 311 0 - 240 311 Held under repurchase agreements 1,789 - 3,371 + 1,789 3,522 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 8 - 25 - 67 8 Seasonal credit 106 + 19 - 11 110 Extended credit 0 0 0 0 Float 438 + 127 + 143 53 Other F.R. assets 31,408 - 1,387 + 1,062 31,820 Gold stock 11,048 - 1 - 1 11,048 Special drawing rights certificate account 8,200 0 - 1,000 8,200 Treasury currency outstanding 26,750 + 14 + 1,021 26,750 Total factors supplying reserve funds 561,210 - 3,729 + 43,265 565,016 Currency in circulation* 523,695 + 651 + 42,938 526,353 Treasury cash holdings* 142 - 5 - 95 145 Deposits,other than reserve balances,with F.R.Banks Treasury 4,888 - 269 - 291 5,101 Foreign 251 + 56 + 79 211 Service-related balances and adjustments (4) 6,958 + 177 + 220 6,958 Other 269 - 24 - 90 235 Other F.R. liabilities and capital 17,353 - 118 + 848 17,121 Total factors, other than reserve balances, absorbing reserve funds 553,556 + 469 + 43,609 556,124 Reserve balances with F.R. Banks (5) 7,655 - 4,197 - 343 8,892 On May 26, 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 595,315 million, a change of -$ 4,507 million for the week. The total includes the face value of U.S. Treasury strips and other zero coupon bonds. 1 Net of $ 18,351 million daily average, matched sale-purchase transactions outstanding during the latest statement week, of which a net of $ 18,351 million was with foreign official and international accounts. Includes securities loaned--fully secured by U.S. government securities. 2 Net of $ 18,640 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which a net of $ 18,640 million was with foreign official and international accounts. Includes $ 1,249 million securities loaned--fully secured U.S. government securities. 3 Includes $ 4,740 million of inflation-indexed securities valued at the original face amount and $ 113 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Consists of required clearing balances of $ 6,580 million and adjustments of $ 378 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 26, 1999 May 19, 1999 May 27, 1998 ASSETS Gold certificate account 11,048 0 - 1 Special drawing rights certificate account 8,200 0 - 1,000 Coin 381 - 25 - 23 Loans 119 + 18 - 6 Acceptances 0 0 0 Federal agency obligations Bought outright 311 0 - 240 Held under repurchase agreements (1) 3,522 - 2,126 + 3,522 U.S. government securities Bought outright--Bills 197,059 + 418 - 3,081 Notes (2) 206,125 + 2,160 + 25,535 Bonds (3) 77,533 + 804 + 15,619 Total bought outright (4) 480,718 + 3,383 + 38,075 Held under repurchase agreements (1) 2,476 - 2,309 + 2,476 Total U.S. government securities 483,194 + 1,074 + 40,551 Total loans and securities 487,145 - 1,034 + 43,826 Items in process of collection (553) 7,099 - 942 - 3,007 Bank premises 1,316 + 1 + 29 Other assets (5) 30,515 + 585 + 1,372 TOTAL ASSETS (553) 545,704 - 1,414 + 41,196 LIABILITIES Federal Reserve notes 500,129 + 2,265 + 43,091 Deposits Depository institutions 15,982 - 3,347 - 674 U.S. Treasury--general account 5,101 + 318 + 88 Foreign--official accounts 211 + 23 + 32 Other (0) 235 - 70 - 76 Total deposits (0) 21,529 - 3,076 - 630 Deferred availability cash items (553) 6,927 - 478 - 2,089 Other liabilities and accrued dividends (6) 4,185 - 133 - 454 TOTAL LIABILITIES (553) 532,769 - 1,422 + 39,916 CAPITAL ACCOUNTS Capital paid in 6,238 + 25 + 518 Surplus 5,952 0 + 732 Other capital accounts 745 - 17 + 31 *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 $ 3,570 million of inflation-indexed securities valued at the original face amount and $ 96 million of compensation that adjusts for the effects of inflation on the principal of such securities. 3 Includes $ 1,170 million of inflation-indexed securities valued at the original face amount and $ 17 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Net of $ 18,640 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 1,249 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, May 26, 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 106 0 Within 15 days 18,577 + 840 3,570 - 2,078 16 to 90 days 12 0 16 to 90 days 97,933 + 2,790 14 - 48 Over 90 days 0 0 91 days to 1 year 134,250 - 4,583 79 0 Over 1 to 5 years 121,435 + 1,222 20 0 Over 5 to 10 years 48,530 + 2 150 0 Over 10 years 62,469 + 805 0 0 Total 119 0 Total 483,194 + 1,074 3,833 - 2,126 1 Includes $ 4,740 million of inflation-indexed securities valued at the original face amount and $ 113 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 26, 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 11,048 533 4,435 319 566 834 724 993 337 140 313 575 1,279 Special drawing rights certif. acct. 8,200 406 3,215 247 396 683 596 725 232 103 231 451 915 Coin 381 16 14 47 17 45 44 42 19 26 24 42 44 Loans 119 8 0 0 1 0 8 27 24 25 16 0 11 Acceptances 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal agency obligations Bought outright 311 16 124 9 18 23 19 29 10 4 9 15 33 Held under repurchase agreements(1) 3,522 0 3,522 0 0 0 0 0 0 0 0 0 0 U.S. government securities Bought outright--Bills 197,059 10,191 78,478 5,902 11,407 14,825 11,995 18,508 6,482 2,357 5,909 9,819 21,187 Notes (2) 206,125 10,659 82,088 6,174 11,931 15,507 12,547 19,359 6,780 2,465 6,181 10,271 22,162 Bonds (3) 77,533 4,009 30,877 2,322 4,488 5,833 4,719 7,282 2,550 927 2,325 3,863 8,336 Total bought outright(4) 480,718 24,859 191,444 14,398 27,826 36,164 29,261 45,149 15,813 5,749 14,416 23,953 51,685 Held under repurchase agreements(1) 2,476 0 2,476 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 483,194 24,859 193,920 14,398 27,826 36,164 29,261 45,149 15,813 5,749 14,416 23,953 51,685 Total loans and securities 487,145 24,883 197,565 14,408 27,846 36,188 29,287 45,205 15,847 5,778 14,441 23,968 51,729 Items in process of collection 7,653 410 786 311 477 478 838 602 287 569 458 447 1,990 Bank premises 1,316 93 162 50 157 125 97 106 31 130 53 148 165 Other assets(5) 30,515 1,378 10,148 868 1,805 4,258 1,928 2,729 755 709 774 1,253 3,910 Interdistrict settlement account 0 + 1,060 - 5,448 + 6,270 - 2,125 -10,204 - 1,567 + 9,859 + 2,481 - 3,380 + 2,623 - 594 + 1,026 TOTAL ASSETS 546,258 28,780 210,876 22,519 29,139 32,407 31,947 60,262 19,988 4,075 18,916 26,290 61,058 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 $ 3,570 million of inflation-indexed securities valued at the original face amount and $ 96 million of compensation that adjusts for the effects of inflation on the principal of such securities. 3 Includes $ 1,170 million of inflation-indexed securities valued at the original face amount and $ 17 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Net of $ 18,640 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 1,249 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 May 26, 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 500,129 26,906 197,787 21,258 26,580 27,382 28,095 55,449 18,576 2,404 17,265 24,393 54,035 Deposits Depository institutions 15,982 579 2,521 436 1,124 1,503 1,733 2,571 652 635 707 913 2,608 U.S. Treasury--general account 5,101 0 5,101 0 0 0 0 0 0 0 0 0 0 Foreign--official accounts 211 7 95 4 10 30 10 14 3 5 3 6 24 Other 235 0 140 1 3 56 5 1 1 0 20 1 6 Total deposits 21,528 586 7,857 442 1,136 1,588 1,748 2,586 657 640 730 920 2,638 Deferred credit items 7,480 469 921 250 357 492 942 572 306 511 429 308 1,923 Other liabilities and accrued dividends (1) 4,185 223 1,498 152 246 337 291 393 158 87 155 212 431 TOTAL LIABILITIES 533,323 28,185 208,063 22,101 28,320 29,800 31,076 59,001 19,696 3,642 18,579 25,833 59,027 CAPITAL ACCOUNTS Capital paid in 6,238 285 1,308 202 396 1,301 422 608 141 216 163 206 990 Surplus 5,952 267 1,208 177 399 1,238 418 583 121 202 140 227 972 Other capital accounts 745 43 297 39 24 69 31 69 31 15 34 23 70 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 546,258 28,780 210,876 22,519 29,139 32,407 31,947 60,262 19,988 4,075 18,916 26,290 61,058 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 709,370 32,150 282,564 24,290 32,629 51,511 47,412 68,502 23,558 11,154 23,404 35,817 76,381 Less--Held by F.R. Banks 209,241 5,244 84,777 3,032 6,048 24,128 19,317 13,053 4,982 8,750 6,139 11,424 22,346 F.R. notes, net 500,129 26,906 197,787 21,258 26,580 27,382 28,095 55,449 18,576 2,404 17,265 24,393 54,035 Collateral held against F.R. notes Gold certificate account 11,048 Special drawing rights certificate account 8,200 Other eligible assets 0 U.S. govt. and agency securities 480,881 Total collateral 500,129 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.