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 20, 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 19, 1999 May 12, 1999 May 20, 1998 May 19, 1999 Reserve Bank Credit (1,2) 518,977 + 4,485 + 44,995 520,147 U.S. government securities Bought outright-system account (3) 476,179 + 1,775 + 34,665 477,335 Held under repurchase agreements 4,079 + 2,117 + 3,658 4,785 Federal agency obligations Bought outright 311 0 - 240 311 Held under repurchase agreements 5,160 + 1,694 + 5,010 5,648 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 33 + 30 + 28 6 Seasonal credit 87 + 5 - 10 95 Extended credit 0 0 0 0 Float 334 - 621 - 412 711 Other F.R. assets 32,794 - 516 + 2,295 31,258 Gold stock 11,049 0 + 1 11,048 Special drawing rights certificate account 8,200 0 - 1,000 8,200 Treasury currency outstanding 26,736 + 14 + 1,008 26,736 Total factors supplying reserve funds 564,962 + 4,499 + 45,004 566,131 Currency in circulation* 523,044 + 693 + 44,711 524,053 Treasury cash holdings* 147 0 - 100 141 Deposits,other than reserve balances,with F.R.Banks Treasury 5,157 - 150 - 271 4,783 Foreign 195 + 14 + 28 188 Service-related balances and adjustments (4) 6,781 - 234 - 1 6,781 Other 293 + 4 - 75 305 Other F.R. liabilities and capital 17,471 + 264 + 1,008 17,244 Total factors, other than reserve balances, absorbing reserve funds 553,087 + 589 + 45,300 553,496 Reserve balances with F.R. Banks (5) 11,875 + 3,910 - 297 12,636 On May 19, 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 599,822 million, a change of +$ 8,017 million for the week. The total includes the face value of U.S. Treasury strips and other zero coupon bonds. 1 Net of $ 18,510 million daily average, matched sale-purchase transactions outstanding during the latest statement week, of which a net of $ 18,510 million was with foreign official and international accounts. Includes securities loaned--fully secured by U.S. government securities. 2 Net of $ 19,058 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which a net of $ 19,058 million was with foreign official and international accounts. Includes $ 1,730 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 $ 110 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Consists of required clearing balances of $ 6,538 million and adjustments of $ 243 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 19, 1999 May 12, 1999 May 20, 1998 ASSETS Gold certificate account 11,048 - 1 0 Special drawing rights certificate account 8,200 0 - 1,000 Coin 406 - 1 - 28 Loans 101 + 20 - 34 Acceptances 0 0 0 Federal agency obligations Bought outright 311 0 - 240 Held under repurchase agreements (1) 5,648 + 2,512 + 4,598 U.S. government securities Bought outright--Bills 196,641 - 1,988 - 3,677 Notes (2) 203,965 + 1,871 + 23,376 Bonds (3) 76,729 + 1,537 + 14,815 Total bought outright (4) 477,335 + 1,421 + 34,515 Held under repurchase agreements (1) 4,785 + 3,322 + 1,840 Total U.S. government securities 482,120 + 4,743 + 36,355 Total loans and securities 488,179 + 7,274 + 40,679 Items in process of collection (591) 8,041 - 291 + 854 Bank premises 1,315 + 4 + 27 Other assets (5) 29,930 - 2,376 + 1,005 TOTAL ASSETS (591) 547,118 + 4,607 + 41,536 LIABILITIES Federal Reserve notes 497,864 + 198 + 43,136 Deposits Depository institutions 19,329 + 3,614 - 3,397 U.S. Treasury--general account 4,783 + 688 + 86 Foreign--official accounts 188 + 10 + 14 Other (0) 305 + 23 - 66 Total deposits (0) 24,605 + 4,334 - 3,363 Deferred availability cash items (591) 7,405 + 34 + 770 Other liabilities and accrued dividends (6) 4,318 - 9 - 397 TOTAL LIABILITIES (591) 534,191 + 4,557 + 40,145 CAPITAL ACCOUNTS Capital paid in 6,213 + 9 + 555 Surplus 5,952 0 + 732 Other capital accounts 762 + 41 + 104 *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 $ 94 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 $ 16 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Net of $ 19,058 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 1,730 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 19, 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 88 0 Within 15 days 17,737 + 40 5,648 + 2,512 16 to 90 days 12 0 16 to 90 days 95,143 + 402 62 0 Over 90 days 0 0 91 days to 1 year 138,833 - 422 79 0 Over 1 to 5 years 120,213 + 3,848 20 0 Over 5 to 10 years 48,528 + 257 150 0 Over 10 years 61,664 + 615 0 0 Total 101 0 Total 482,120 + 4,743 5,959 + 2,512 1 Includes $ 4,740 million of inflation-indexed securities valued at the original face amount and $ 110 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 19, 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 406 18 16 50 20 48 46 48 18 26 27 39 49 Loans 101 4 0 0 0 0 7 23 18 25 14 0 9 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) 5,648 0 5,648 0 0 0 0 0 0 0 0 0 0 U.S. government securities Bought outright--Bills 196,641 10,169 78,311 5,890 11,383 14,793 11,969 18,469 6,468 2,352 5,897 9,798 21,142 Notes (2) 203,965 10,548 81,228 6,109 11,806 15,344 12,415 19,156 6,709 2,439 6,116 10,163 21,930 Bonds (3) 76,729 3,968 30,557 2,298 4,441 5,772 4,670 7,206 2,524 918 2,301 3,823 8,250 Total bought outright(4) 477,335 24,684 190,096 14,297 27,630 35,910 29,055 44,831 15,701 5,709 14,314 23,784 51,321 Held under repurchase agreements(1) 4,785 0 4,785 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 482,120 24,684 194,881 14,297 27,630 35,910 29,055 44,831 15,701 5,709 14,314 23,784 51,321 Total loans and securities 488,179 24,705 200,653 14,307 27,648 35,933 29,081 44,884 15,729 5,738 14,337 23,800 51,364 Items in process of collection 8,632 424 999 339 339 687 946 679 476 689 480 333 2,242 Bank premises 1,315 93 162 50 157 125 95 107 31 130 53 148 165 Other assets(5) 29,930 1,351 9,870 855 1,775 4,224 1,893 2,682 741 700 759 1,227 3,853 Interdistrict settlement account 0 + 1,616 - 8,144 + 5,733 - 900 -10,204 - 2,062 +11,833 + 2,408 - 3,357 + 2,514 + 64 + 498 TOTAL ASSETS 547,709 29,146 211,206 21,900 30,001 32,330 31,319 61,949 19,973 4,168 18,715 26,638 60,365 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 $ 94 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 $ 16 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Net of $ 19,058 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 1,730 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 19, 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 497,864 27,138 198,070 20,530 26,599 27,229 27,363 55,747 18,344 2,356 16,960 24,200 53,327 Deposits Depository institutions 19,329 746 2,770 505 1,963 1,443 1,780 3,926 851 668 788 1,341 2,547 U.S. Treasury--general account 4,783 0 4,783 0 0 0 0 0 0 0 0 0 0 Foreign--official accounts 188 7 72 4 10 30 10 14 3 5 3 6 24 Other 305 0 142 1 3 112 6 5 2 0 27 1 5 Total deposits 24,605 753 7,767 511 1,976 1,585 1,796 3,945 856 673 818 1,348 2,576 Deferred credit items 7,996 436 939 285 359 617 1,006 598 317 622 441 367 2,009 Other liabilities and accrued dividends (1) 4,318 224 1,592 153 248 337 291 397 159 87 154 244 432 TOTAL LIABILITIES 534,783 28,551 208,368 21,479 29,181 29,768 30,456 60,687 19,677 3,739 18,374 26,159 58,344 CAPITAL ACCOUNTS Capital paid in 6,213 285 1,307 202 396 1,265 418 608 141 212 163 227 989 Surplus 5,952 267 1,208 177 399 1,238 418 583 121 202 140 227 972 Other capital accounts 762 43 322 42 25 59 27 71 35 15 38 24 61 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 547,709 29,146 211,206 21,900 30,001 32,330 31,319 61,949 19,973 4,168 18,715 26,638 60,365 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 703,827 32,379 280,172 23,745 32,547 51,344 46,440 68,763 23,243 11,096 22,741 35,555 75,802 Less--Held by F.R. Banks 205,963 5,241 82,102 3,215 5,949 24,114 19,077 13,015 4,899 8,739 5,781 11,355 22,475 F.R. notes, net 497,864 27,138 198,070 20,530 26,599 27,229 27,363 55,747 18,344 2,356 16,960 24,200 53,327 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 478,616 Total collateral 497,864 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.