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 July 9, 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 Jul 8, 1998 Jul 1, 1998 Jul 9, 1997 Jul 8, 1998 Reserve Bank Credit (1,2) 479,440 - 12,286 + 29,616 478,933 U.S. government securities Bought outright-system account (3) 440,354 - 231 + 29,170 440,328 Held under repurchase agreements 4,637 - 10,315 + 1,062 4,894 Federal agency obligations Bought outright 526 - 14 - 711 526 Held under repurchase agreements 815 - 650 - 698 469 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 4 - 190 - 17 1 Seasonal credit 196 + 7 - 98 202 Extended credit 0 0 0 0 Float 779 + 395 + 24 203 Other F.R. assets 32,129 - 1,288 + 883 32,310 Gold stock 11,047 0 - 2 11,047 Special drawing rights certificate account 9,200 0 0 9,200 Treasury currency outstanding 25,984 + 14 + 640 25,984 Total factors supplying reserve funds 525,671 - 12,272 + 30,254 525,164 Currency in circulation* 486,268 + 3,945 + 28,206 487,919 Treasury cash holdings* 201 - 3 - 146 195 Deposits,other than reserve balances,with F.R.Banks Treasury 5,956 - 12,761 + 2,054 4,934 Foreign 176 + 3 + 4 149 Service-related balances and adjustments (4) 7,088 + 69 - 426 7,088 Other 301 - 15 - 23 275 Other F.R. liabilities and capital 16,747 - 345 + 1,575 16,577 Total factors, other than reserve balances, absorbing reserve funds 516,736 - 9,108 + 31,246 517,137 Reserve balances with F.R. Banks (5) 8,934 - 3,164 - 992 8,027 On July 8, 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 589,691 million, a change of -$ 9,883 million for the week. The total includes the face value of U.S. Treasury strips and other zero coupon bonds. 1 Net of $ 17,855 million daily average, matched sale-purchase transactions outstanding during the latest statement week, of which a net of $ 17,855 million was with foreign official and international accounts. Includes securities loaned--fully secured by U.S. government securities. 2 Net of $ 17,881 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which a net of $ 17,881 million was with foreign official and international accounts. Includes $ 120 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 $ 38 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Consists of required clearing balances of $ 6,631 million and adjustments of $ 457 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 Jul 8, 1998 Jul 1, 1998 Jul 9, 1997 ASSETS Gold certificate account 11,047 0 - 2 Special drawing rights certificate account 9,200 0 0 Coin 377 - 12 - 82 Loans 203 - 510 - 195 Acceptances 0 0 0 Federal agency obligations Bought outright 526 0 - 711 Held under repurchase agreements (1) 469 + 54 - 1,001 U.S. government securities Bought outright--Bills 197,818 - 194 + 3,047 Notes (2) 180,595 + 1 + 19,473 Bonds (3) 61,915 0 + 7,654 Total bought outright (4) 440,328 - 193 + 30,173 Held under repurchase agreements (1) 4,894 - 6,712 + 1,479 Total U.S. government securities 445,222 - 6,905 + 31,652 Total loans and securities 446,420 - 7,361 + 29,746 Items in process of collection (436) 6,727 - 1,777 - 1,261 Bank premises 1,294 + 4 + 42 Other assets (5) 31,068 - 468 + 876 TOTAL ASSETS (436) 506,134 - 9,614 + 29,319 LIABILITIES Federal Reserve notes 462,507 + 2,787 + 28,362 Deposits Depository institutions 15,330 - 8,159 - 602 U.S. Treasury--general account 4,934 - 2,932 + 288 Foreign--official accounts 149 - 17 - 21 Other 275 - 38 - 28 Total deposits 20,689 - 11,146 - 362 Deferred availability cash items (436) 6,361 - 1,284 - 156 Other liabilities and accrued dividends (6) 4,637 - 96 - 54 TOTAL LIABILITIES (436) 494,194 - 9,739 + 27,789 CAPITAL ACCOUNTS Capital paid in 5,811 + 2 + 748 Surplus 5,220 0 + 725 Other capital accounts 908 + 123 + 56 *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 $ 36 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 $ 17,881 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 120 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 $ 110 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, July 8, 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 57 0 Within 15 days 15,381 - 5,075 469 + 54 16 to 90 days 146 0 16 to 90 days 94,275 + 235 98 0 Over 90 days 0 0 91 days to 1 year 143,627 - 2,067 104 0 Over 1 to 5 years 98,145 0 99 0 Over 5 to 10 years 43,016 0 200 0 Over 10 years 50,778 0 25 0 Total 203 0 Total 445,222 - 6,905 995 + 54 1 Includes $ 2,450 million of inflation-indexed securities valued at the original face amount and $ 38 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 July 8, 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 11,047 582 4,207 323 643 807 717 998 358 128 289 530 1,465 Special drawing rights certif. acct. 9,200 530 3,202 282 574 792 602 900 340 123 247 367 1,241 Coin 377 11 20 14 25 38 57 51 21 16 30 43 50 Loans 203 0 0 1 0 0 5 27 26 85 26 2 32 Acceptances 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal agency obligations Bought outright 526 29 195 15 34 41 32 50 18 6 15 24 66 Held under repurchase agreements(1) 469 0 469 0 0 0 0 0 0 0 0 0 0 U.S. government securities Bought outright--Bills 197,818 10,774 73,320 5,751 12,857 15,583 12,033 18,991 6,952 2,173 5,488 8,995 24,903 Notes (2) 180,595 9,836 66,936 5,251 11,737 14,226 10,986 17,337 6,346 1,984 5,010 8,211 22,735 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) 440,328 23,981 163,203 12,802 28,618 34,687 26,786 42,272 15,474 4,837 12,215 20,021 55,432 Held under repurchase agreements(1) 4,894 0 4,894 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 445,222 23,981 168,097 12,802 28,618 34,687 26,786 42,272 15,474 4,837 12,215 20,021 55,432 Total loans and securities 446,420 24,010 168,761 12,818 28,652 34,728 26,822 42,350 15,518 4,928 12,255 20,047 55,530 Items in process of collection 7,163 491 672 219 333 527 725 503 297 554 479 420 1,944 Bank premises 1,294 94 158 50 152 125 81 108 31 132 54 149 160 Other assets(5) 31,068 1,473 9,610 1,326 1,860 3,715 1,870 2,876 814 787 733 1,440 4,564 Interdistrict settlement account 0 -2,630 +12,401 +14 -1,177 -2,707 +97 -2,294 -755 +332 +1,359 +2,543 -7,183 TOTAL ASSETS 506,570 24,561 199,032 15,045 31,062 38,026 30,971 45,492 16,624 7,000 15,447 25,540 57,770 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 $ 36 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 $ 17,881 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 120 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 $ 110 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 July 8, 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 462,507 22,570 186,880 13,110 28,196 33,896 27,744 41,447 15,352 5,580 14,047 23,108 50,577 Deposits Depository institutions 15,330 744 2,360 993 1,426 1,058 1,234 1,882 567 443 530 1,297 2,797 U.S. Treasury--general account 4,934 0 4,934 0 0 0 0 0 0 0 0 0 0 Foreign--official accounts 149 7 34 8 9 22 9 14 3 5 3 7 26 Other 275 1 104 0 4 45 5 111 0 1 2 1 1 Total deposits 20,689 752 7,433 1,001 1,440 1,126 1,248 2,006 571 449 535 1,306 2,823 Deferred credit items 6,797 430 702 195 340 540 729 487 265 504 424 376 1,804 Other liabilities and accrued dividends (1) 4,637 262 1,563 168 298 373 313 454 182 85 163 223 553 TOTAL LIABILITIES 494,630 24,014 196,578 14,474 30,274 35,935 30,034 44,394 16,370 6,619 15,169 25,013 55,758 CAPITAL ACCOUNTS Capital paid in 5,811 264 1,163 285 385 1,034 464 538 122 191 136 235 993 Surplus 5,220 254 1,055 273 335 818 338 502 122 189 119 271 945 Other capital accounts 908 29 236 13 68 239 135 58 11 2 23 20 75 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 506,570 24,561 199,032 15,045 31,062 38,026 30,971 45,492 16,624 7,000 15,447 25,540 57,770 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 567,723 26,410 231,326 15,425 31,016 40,272 35,934 49,864 17,359 7,174 16,113 29,118 67,713 Less--Held by F.R. Banks 105,216 3,840 44,447 2,315 2,820 6,376 8,190 8,417 2,007 1,594 2,066 6,010 17,135 F.R. notes, net 462,507 22,570 186,880 13,110 28,196 33,896 27,744 41,447 15,352 5,580 14,047 23,108 50,577 Collateral held against F.R. notes Gold certificate account 11,047 Special drawing rights certificate account 9,200 Other eligible assets 0 U.S. govt. and agency securities 442,260 Total collateral 462,507 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.