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 August 20, 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 Aug 19, 1998 Aug 12, 1998 Aug 20, 1997 Aug 19, 1998 Reserve Bank Credit (1,2) 479,882 - 2,090 + 30,865 478,614 U.S. government securities Bought outright-system account (3) 441,783 - 123 + 32,807 442,059 Held under repurchase agreements 1,949 - 643 - 3,825 1,986 Federal agency obligations Bought outright 451 - 29 - 580 451 Held under repurchase agreements 2,932 - 203 + 951 3,148 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 45 + 43 - 658 0 Seasonal credit 256 + 13 - 129 261 Extended credit 0 0 0 0 Float 398 - 249 - 33 275 Other F.R. assets 32,069 - 899 + 2,333 30,435 Gold stock 11,044 - 1 - 7 11,042 Special drawing rights certificate account 9,200 0 0 9,200 Treasury currency outstanding 25,948 + 14 + 553 25,948 Total factors supplying reserve funds 526,075 - 2,077 + 31,412 524,804 Currency in circulation* 488,220 - 47 + 31,595 488,973 Treasury cash holdings* 132 - 6 - 170 93 Deposits,other than reserve balances,with F.R.Banks Treasury 5,450 + 611 + 1,006 4,372 Foreign 164 - 13 - 62 160 Service-related balances and adjustments (4) 6,865 - 128 - 142 6,865 Other 354 + 24 - 18 378 Other F.R. liabilities and capital 16,846 + 53 + 1,390 16,560 Total factors, other than reserve balances, absorbing reserve funds 518,030 + 494 + 33,600 517,400 Reserve balances with F.R. Banks (5) 8,045 - 2,571 - 2,188 7,404 On August 19, 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 587,438 million, a change of -$ 104 million for the week. The total includes the face value of U.S. Treasury strips and other zero coupon bonds. 1 Net of $ 16,172 million daily average, matched sale-purchase transactions outstanding during the latest statement week, of which a net of $ 16,172 million was with foreign official and international accounts. Includes securities loaned--fully secured by U.S. government securities. 2 Net of $ 15,897 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which a net of $ 15,897 million was with foreign official and international accounts. Includes $ 128 million securities loaned--fully secured U.S. government securities. 3 Includes $ 2,850 million of inflation-indexed securities valued at the original face amount and $ 46 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Consists of required clearing balances of $ 6,741 million and adjustments of $ 124 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 Aug 19, 1998 Aug 12, 1998 Aug 20, 1997 ASSETS Gold certificate account 11,042 - 3 - 9 Special drawing rights certificate account 9,200 0 0 Coin 410 - 3 - 90 Loans 261 + 14 - 5,001 Acceptances 0 0 0 Federal agency obligations Bought outright 451 0 - 580 Held under repurchase agreements (1) 3,148 - 2,987 + 1,467 U.S. government securities Bought outright--Bills 199,803 - 220 + 5,696 Notes (2) 177,116 - 1,771 + 17,322 Bonds (3) 65,140 + 1,772 + 10,148 Total bought outright (4) 442,059 - 219 + 33,165 Held under repurchase agreements (1) 1,986 - 3,769 - 2,764 Total U.S. government securities 444,045 - 3,988 + 30,401 Total loans and securities 447,904 - 6,962 + 26,288 Items in process of collection (456) 7,056 - 323 + 682 Bank premises 1,294 + 2 + 28 Other assets (5) 29,220 - 3,278 + 1,023 TOTAL ASSETS (456) 506,126 - 10,567 + 27,922 LIABILITIES Federal Reserve notes 463,527 - 568 + 31,006 Deposits Depository institutions 14,773 - 9,169 - 4,027 U.S. Treasury--general account 4,372 - 766 - 491 Foreign--official accounts 160 - 3 - 352 Other 378 + 42 + 16 Total deposits 19,683 - 9,896 - 4,855 Deferred availability cash items (456) 6,356 + 74 + 575 Other liabilities and accrued dividends (6) 4,525 - 175 - 114 TOTAL LIABILITIES (456) 494,091 - 10,565 + 26,613 CAPITAL ACCOUNTS Capital paid in 5,853 + 7 + 713 Surplus 5,220 0 + 725 Other capital accounts 962 - 9 - 128 *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 $ 40 million of compensation that adjusts for the effects of inflation on the principal of such securities. 3 Includes $ 800 million of inflation-indexed securities valued at the original face amount and $ 6 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Net of $ 15,897 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 128 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 $ 160 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, August 19, 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 237 0 Within 15 days 18,500 - 4,737 3,148 - 2,987 16 to 90 days 24 0 16 to 90 days 93,717 + 4,452 48 0 Over 90 days 0 0 91 days to 1 year 137,335 - 6,235 114 0 Over 1 to 5 years 100,306 + 3,595 104 0 Over 5 to 10 years 40,972 - 2,046 185 0 Over 10 years 53,214 + 984 0 0 Total 261 0 Total 444,045 - 3,988 3,599 - 2,987 1 Includes $ 2,850 million of inflation-indexed securities valued at the original face amount and $ 46 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 August 19, 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 11,042 582 4,202 323 643 807 717 998 358 128 289 530 1,465 Special drawing rights certif. acct. 9,200 530 3,202 282 574 792 602 900 340 123 247 367 1,241 Coin 410 12 21 13 28 40 72 60 22 13 26 51 52 Loans 261 0 0 0 0 0 7 44 49 94 36 2 29 Acceptances 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal agency obligations Bought outright 451 25 167 13 29 35 27 43 16 5 12 20 57 Held under repurchase agreements(1) 3,148 0 3,148 0 0 0 0 0 0 0 0 0 0 U.S. government securities Bought outright--Bills 199,803 10,882 74,055 5,809 12,986 15,739 12,154 19,181 7,021 2,195 5,543 9,085 25,153 Notes (2) 177,116 9,646 65,647 5,149 11,511 13,952 10,774 17,004 6,224 1,946 4,913 8,053 22,297 Bonds (3) 65,140 3,548 24,143 1,894 4,234 5,131 3,962 6,254 2,289 716 1,807 2,962 8,200 Total bought outright(4) 442,059 24,076 163,845 12,852 28,731 34,823 26,891 42,438 15,535 4,856 12,263 20,100 55,650 Held under repurchase agreements(1) 1,986 0 1,986 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 444,045 24,076 165,831 12,852 28,731 34,823 26,891 42,438 15,535 4,856 12,263 20,100 55,650 Total loans and securities 447,904 24,100 169,146 12,865 28,760 34,858 26,925 42,526 15,600 4,956 12,311 20,122 55,735 Items in process of collection 7,512 451 796 236 304 830 767 564 320 630 449 511 1,653 Bank premises 1,294 93 159 50 156 126 77 107 31 131 54 149 160 Other assets(5) 29,220 1,403 8,520 1,287 1,779 3,613 1,794 2,801 769 770 700 1,378 4,405 Interdistrict settlement account 0 -2,322 +17,639 -3 -3,338 -1,378 -555 -3,051 -1,521 +194 +1,037 +1,797 -8,498 TOTAL ASSETS 506,582 24,850 203,685 15,053 28,905 39,688 30,398 44,906 15,919 6,945 15,114 24,905 56,214 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 $ 40 million of compensation that adjusts for the effects of inflation on the principal of such securities. 3 Includes $ 800 million of inflation-indexed securities valued at the original face amount and $ 6 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Net of $ 15,897 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 128 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 $ 160 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 August 19, 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 463,527 22,861 192,132 13,449 26,644 34,800 26,865 40,433 14,729 5,424 13,656 22,590 49,944 Deposits Depository institutions 14,773 734 2,288 650 899 1,729 1,467 2,198 493 478 536 1,215 2,086 U.S. Treasury--general account 4,372 0 4,372 0 0 0 0 0 0 0 0 0 0 Foreign--official accounts 160 7 45 8 9 22 9 14 3 5 3 7 26 Other 378 1 102 1 9 83 6 161 0 1 10 1 4 Total deposits 19,683 742 6,808 658 918 1,834 1,482 2,373 497 484 549 1,224 2,115 Deferred credit items 6,812 442 712 206 256 572 799 561 260 557 469 348 1,629 Other liabilities and accrued dividends (1) 4,525 255 1,532 164 287 364 305 440 176 88 158 216 540 TOTAL LIABILITIES 494,547 24,300 201,183 14,478 28,105 37,570 29,452 43,806 15,662 6,553 14,833 24,377 54,228 CAPITAL ACCOUNTS Capital paid in 5,853 267 1,180 286 391 1,050 471 539 122 196 137 235 979 Surplus 5,220 254 1,055 273 335 818 338 502 122 189 119 271 945 Other capital accounts 962 30 268 16 74 250 136 59 13 7 25 21 62 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 506,582 24,850 203,685 15,053 28,905 39,688 30,398 44,906 15,919 6,945 15,114 24,905 56,214 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 572,949 27,260 234,617 15,798 30,687 41,828 35,409 50,026 17,463 7,173 16,012 29,263 67,412 Less--Held by F.R. Banks 109,422 4,399 42,485 2,349 4,043 7,028 8,543 9,593 2,734 1,749 2,356 6,673 17,468 F.R. notes, net 463,527 22,861 192,132 13,449 26,644 34,800 26,865 40,433 14,729 5,424 13,656 22,590 49,944 Collateral held against F.R. notes Gold certificate account 11,042 Special drawing rights certificate account 9,200 Other eligible assets 0 U.S. govt. and agency securities 443,285 Total collateral 463,527 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.