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 June 25, 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 Jun 24, 1998 Jun 17, 1998 Jun 25, 1997 Jun 24, 1998 Reserve Bank Credit (1,2) 480,511 + 2,936 + 30,257 488,218 U.S. government securities Bought outright-system account (3) 441,898 - 304 + 32,148 441,495 Held under repurchase agreements 4,144 + 2,083 - 3,284 11,495 Federal agency obligations Bought outright 551 0 - 946 551 Held under repurchase agreements 483 - 331 + 26 1,180 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 6 - 65 - 63 3 Seasonal credit 180 + 23 - 115 193 Extended credit 0 0 0 0 Float 1,338 + 481 + 1,365 179 Other F.R. assets 31,913 + 1,049 + 1,126 33,122 Gold stock 11,049 + 2 0 11,049 Special drawing rights certificate account 9,200 0 0 9,200 Treasury currency outstanding 25,956 + 14 + 633 25,956 Total factors supplying reserve funds 526,716 + 2,952 + 30,890 534,423 Currency in circulation* 481,323 - 419 + 29,795 482,184 Treasury cash holdings* 204 - 3 - 141 204 Deposits,other than reserve balances,with F.R.Banks Treasury 12,769 + 5,787 + 901 22,464 Foreign 164 + 5 - 44 154 Service-related balances and adjustments (4) 6,959 + 198 - 163 6,959 Other 333 - 4 - 5 325 Other F.R. liabilities and capital 16,880 - 33 + 1,686 16,667 Total factors, other than reserve balances, absorbing reserve funds 518,632 + 5,531 + 32,029 528,957 Reserve balances with F.R. Banks (5) 8,085 - 2,579 - 1,139 5,466 On June 24, 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 595,723 million, a change of +$ 373 million for the week. The total includes the face value of U.S. Treasury strips and other zero coupon bonds. 1 Net of $ 16,308 million daily average, matched sale-purchase transactions outstanding during the latest statement week, of which a net of $ 16,308 million was with foreign official and international accounts. Includes securities loaned--fully secured by U.S. government securities. 2 Net of $ 16,712 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which a net of $ 16,712 million was with foreign official and international accounts. Includes $ 186 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 $ 36 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Consists of required clearing balances of $ 6,573 million and adjustments of $ 386 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 Jun 24, 1998 Jun 17, 1998 Jun 25, 1997 ASSETS Gold certificate account 11,049 + 1 0 Special drawing rights certificate account 9,200 0 0 Coin 411 + 3 - 85 Loans 196 - 4 - 506 Acceptances 0 0 0 Federal agency obligations Bought outright 551 0 - 946 Held under repurchase agreements (1) 1,180 - 57 - 220 U.S. government securities Bought outright--Bills 198,987 - 670 + 3,247 Notes (2) 180,593 + 1 + 19,531 Bonds (3) 61,915 0 + 8,998 Total bought outright (4) 441,495 - 668 + 31,776 Held under repurchase agreements (1) 11,495 + 4,817 - 1,645 Total U.S. government securities 452,990 + 4,149 + 30,131 Total loans and securities 454,916 + 4,088 + 28,459 Items in process of collection (513) 6,396 - 1,966 + 434 Bank premises 1,291 - 2 + 39 Other assets (5) 31,875 + 1,690 + 1,618 TOTAL ASSETS (513) 515,138 + 3,814 + 30,466 LIABILITIES Federal Reserve notes 456,844 - 300 + 28,493 Deposits Depository institutions 12,660 - 9,133 - 3,091 U.S. Treasury--general account 22,464 + 14,191 + 3,179 Foreign--official accounts 154 - 22 - 314 Other 325 - 2 - 12 Total deposits 35,603 + 5,034 - 238 Deferred availability cash items (513) 6,025 - 878 + 710 Other liabilities and accrued dividends (6) 4,741 - 61 - 119 TOTAL LIABILITIES (513) 503,212 + 3,795 + 28,846 CAPITAL ACCOUNTS Capital paid in 5,789 + 3 + 741 Surplus 5,220 0 + 725 Other capital accounts 916 + 16 + 155 *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 $ 34 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 $ 2 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Net of $ 16,712 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 186 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 $ 156 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, June 24, 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 172 0 Within 15 days 26,209 + 7,744 1,205 - 57 16 to 90 days 23 0 16 to 90 days 97,168 + 2,633 98 0 Over 90 days 0 0 91 days to 1 year 138,034 - 6,230 100 0 Over 1 to 5 years 97,786 0 103 0 Over 5 to 10 years 43,015 + 1 200 0 Over 10 years 50,778 0 25 0 Total 196 0 Total 452,990 + 4,149 1,731 - 57 1 Includes $ 2,450 million of inflation-indexed securities valued at the original face amount and $ 36 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 June 24, 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 411 18 23 19 25 42 56 56 22 17 34 42 56 Loans 196 0 0 1 0 0 11 33 27 69 27 2 26 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) 1,180 0 1,180 0 0 0 0 0 0 0 0 0 0 U.S. government securities Bought outright--Bills 198,987 10,837 73,753 5,785 12,933 15,675 12,105 19,103 6,993 2,186 5,520 9,048 25,050 Notes (2) 180,593 9,836 66,935 5,250 11,737 14,226 10,986 17,337 6,346 1,984 5,010 8,211 22,734 Bonds (3) 61,915 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) 441,495 24,045 163,636 12,836 28,694 34,778 26,857 42,384 15,515 4,850 12,247 20,074 55,579 Held under repurchase agreements(1) 11,495 0 11,495 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 452,990 24,045 175,131 12,836 28,694 34,778 26,857 42,384 15,515 4,850 12,247 20,074 55,579 Total loans and securities 454,916 24,075 176,515 12,852 28,730 34,822 26,901 42,470 15,561 4,926 12,290 20,101 55,674 Items in process of collection 6,908 575 713 238 352 449 754 545 301 531 472 359 1,619 Bank premises 1,291 93 159 50 148 125 81 108 31 131 54 149 160 Other assets(5) 31,875 1,464 10,425 1,325 1,852 3,717 1,862 2,909 808 787 730 1,432 4,563 Interdistrict settlement account 0 -3,041 +18,997 -779 -2,075 -4,336 -489 -2,593 -908 +443 +1,323 +2,180 -8,722 TOTAL ASSETS 515,651 24,297 214,242 14,310 30,249 36,419 30,483 45,393 16,513 7,086 15,439 25,161 56,056 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 $ 34 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 $ 2 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Net of $ 16,712 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 186 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 $ 156 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 June 24, 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 456,844 22,383 184,937 12,681 28,238 32,471 27,172 41,298 15,350 5,525 13,987 23,053 49,749 Deposits Depository institutions 12,660 664 1,989 689 585 837 1,377 1,824 472 580 535 1,027 2,079 U.S. Treasury--general account 22,464 0 22,464 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 325 1 102 1 4 55 1 157 0 0 3 1 1 Total deposits 35,603 672 24,594 697 598 914 1,388 1,995 475 586 541 1,035 2,106 Deferred credit items 6,538 433 645 208 326 543 669 548 247 505 471 322 1,620 Other liabilities and accrued dividends (1) 4,741 265 1,601 170 299 394 320 457 188 89 164 223 571 TOTAL LIABILITIES 503,725 23,753 211,777 13,756 29,461 34,323 29,549 44,298 16,259 6,705 15,163 24,634 54,047 CAPITAL ACCOUNTS Capital paid in 5,789 264 1,163 267 385 1,033 464 537 122 191 136 235 991 Surplus 5,220 254 1,055 273 335 818 338 502 122 189 119 271 945 Other capital accounts 916 27 246 13 67 245 132 56 10 2 21 22 73 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 515,651 24,297 214,242 14,310 30,249 36,419 30,483 45,393 16,513 7,086 15,439 25,161 56,056 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 567,476 26,299 231,006 15,296 31,363 39,483 35,827 50,251 17,539 7,183 16,258 29,124 67,846 Less--Held by F.R. Banks 110,633 3,916 46,069 2,616 3,125 7,012 8,655 8,953 2,189 1,658 2,271 6,072 18,097 F.R. notes, net 456,844 22,383 184,937 12,681 28,238 32,471 27,172 41,298 15,350 5,525 13,987 23,053 49,749 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 436,594 Total collateral 456,844 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.