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 January 15, 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 Jan 14, 1998 Jan 7, 1998 Jan 15, 1997 Jan 14, 1998 Reserve Bank Credit (1,2) 468,372 - 8,621 + 28,807 472,341 U.S. government securities Bought outright-system account (3) 430,981 + 7 + 39,338 431,714 Held under repurchase agreements 3,433 - 6,395 - 7,014 5,465 Federal agency obligations Bought outright 685 0 - 1,394 685 Held under repurchase agreements 826 - 697 - 1,516 2,216 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 22 - 330 - 4 20 Seasonal credit 20 - 3 + 3 20 Extended credit 0 0 0 0 Float 783 - 1,299 - 62 -152 Other F.R. assets 31,622 + 95 - 544 32,373 Gold stock 11,046 - 1 - 2 11,046 Special drawing rights certificate account 9,200 0 - 518 9,200 Treasury currency outstanding 25,672 + 14 + 664 25,672 Total factors supplying reserve funds 514,290 - 8,608 + 28,951 518,258 Currency in circulation* 475,281 - 5,476 + 31,379 473,998 Treasury cash holdings* 228 + 3 - 18 229 Deposits,other than reserve balances,with F.R.Banks Treasury 5,253 + 223 - 258 4,644 Foreign 177 - 67 - 5 157 Service-related balances and adjustments (4) 7,011 + 217 - 194 7,011 Other 252 - 544 - 63 337 Other F.R. liabilities and capital 16,240 + 604 + 1,745 15,971 Total factors, other than reserve balances, absorbing reserve funds 504,443 - 5,040 + 32,585 502,347 Reserve balances with F.R. Banks (5) 9,847 - 3,568 - 3,633 15,911 On January 14, 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 602,290 million, a change of +$ 2,094 million for the week. The total includes the face value of U.S. Treasury strips and other zero coupon bonds. 1 Net of $ 16,032 million daily average, matched sale-purchase transactions outstanding during the latest statement week, of which a net of $ 15,735 million was with foreign official and international accounts. Includes securities loaned--fully secured by U.S. government securities. 2 Net of $ 15,298 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which a net of $ 15,298 million was with foreign official and international accounts. Includes $ 265 million securities loaned--fully secured U.S. government securities. 3 Includes $ 1650 million of inflation-indexed securities valued at the original face amount and $ 23 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Consists of required clearing balances of $ 6,598 million and adjustments of $ 413 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 Jan 14, 1998 Jan 7, 1998 Jan 15, 1997 ASSETS Gold certificate account 11,046 - 2 - 2 Special drawing rights certificate account 9,200 0 - 518 Coin 476 + 28 - 141 Loans 40 + 14 - 105 Acceptances 0 0 0 Federal agency obligations Bought outright 685 0 - 1,370 Held under repurchase agreements (1) 2,216 + 1,469 - 694 U.S. government securities Bought outright--Bills 198,101 + 1,675 + 8,377 Notes (2) 174,206 0 + 23,890 Bonds 59,407 0 + 10,068 Total bought outright (3) 431,714 + 1,675 + 42,335 Held under repurchase agreements (1) 5,465 + 1,190 - 9,183 Total U.S. government securities 437,179 + 2,865 + 33,152 Total loans and securities 440,119 + 4,348 + 30,983 Items in process of collection (399) 7,684 - 4,878 + 364 Bank premises 1,274 + 3 + 39 Other assets (4) 31,096 + 1,028 + 65 TOTAL ASSETS (399) 500,895 + 528 + 30,789 LIABILITIES Federal Reserve notes 449,031 - 4,716 + 30,107 Deposits Depository institutions 24,148 + 6,516 + 1,682 U.S. Treasury--general account 4,644 - 936 - 2,878 Foreign--official accounts 157 - 2 - 15 Other 337 + 138 - 14 Total deposits 29,286 + 5,716 - 1,225 Deferred availability cash items (399) 6,606 - 708 + 368 Other liabilities and accrued dividends (5) 4,775 + 194 - 39 TOTAL LIABILITIES (399) 489,698 + 485 + 29,210 CAPITAL ACCOUNTS Capital paid in 5,473 + 33 + 795 Surplus 5,220 0 + 725 Other capital accounts 503 + 10 + 59 *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 $ 1650 million of inflation-indexed securities valued at the original face amount and $ 23 million of compensation that adjusts for the effects of inflation on the principal of such securities. 3 Net of $ 15,298 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 265 million securities loaned--fully secured by U.S. government securities. 4 Includes assets denominated in foreign currencies, revalued monthly at market exchange rates. Includes special investment account at Chicago of $ 135 million in Treasury bills maturing within 90 days. 5 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, January 14, 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 22 0 Within 15 days 14,953 - 4,302 2,216 + 1,469 16 to 90 days 18 0 16 to 90 days 99,878 + 1,192 90 + 30 Over 90 days 0 0 91 days to 1 year 138,105 + 5,975 162 - 30 Over 1 to 5 years 95,028 0 153 0 Over 5 to 10 years 40,907 0 255 0 Over 10 years 48,308 0 25 0 Total 40 0 Total 437,179 + 2,865 2,901 + 1,469 1 Includes $ 1650 million of inflation-indexed securities valued at the original face amount and $ 23 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 January 14, 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 11,046 624 3,933 350 669 965 723 1,069 401 147 286 459 1,420 Special drawing rights certif. acct. 9,200 530 3,202 282 574 792 602 900 340 123 247 367 1,241 Coin 476 24 20 51 28 66 48 57 19 20 36 43 63 Loans 40 0 0 0 0 0 0 13 6 0 12 0 9 Acceptances 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal agency obligations Bought outright 685 42 221 23 47 65 46 73 27 10 20 25 86 Held under repurchase agreements(1) 2,216 0 2,216 0 0 0 0 0 0 0 0 0 0 U.S. government securities Bought outright--Bills 198,101 12,077 64,076 6,623 13,703 18,849 13,219 21,130 7,890 2,759 5,657 7,194 24,924 Notes (2) 174,206 10,620 56,347 5,824 12,050 16,575 11,625 18,582 6,938 2,426 4,974 6,326 21,918 Bonds 59,407 3,622 19,215 1,986 4,109 5,652 3,964 6,337 2,366 827 1,696 2,157 7,474 Total bought outright(3) 431,714 26,318 139,638 14,433 29,862 41,076 28,809 46,049 17,195 6,012 12,327 15,678 54,317 Held under repurchase agreements(1) 5,465 0 5,465 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 437,179 26,318 145,103 14,433 29,862 41,076 28,809 46,049 17,195 6,012 12,327 15,678 54,317 Total loans and securities 440,119 26,360 147,541 14,455 29,909 41,141 28,854 46,135 17,228 6,022 12,359 15,703 54,411 Items in process of collection 8,083 463 832 222 268 557 997 708 245 671 285 502 2,333 Bank premises 1,274 94 156 51 134 126 78 108 31 132 55 150 159 Other assets(4) 31,096 1,353 9,629 1,422 1,894 2,408 2,394 3,362 892 595 998 1,400 4,749 Interdistrict settlement account 0 -4,091 +32,764 -2,065 -3,073 -9,525 -1,091 -8,242 -1,713 -1,188 +394 +3,111 -5,282 TOTAL ASSETS 501,293 25,358 198,076 14,767 30,404 36,531 32,605 44,097 17,444 6,523 14,659 21,735 59,095 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 $ 1650 million of inflation-indexed securities valued at the original face amount and $ 23 million of compensation that adjusts for the effects of inflation on the principal of such securities. 3 Net of $ 15,298 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 265 million securities loaned--fully secured by U.S. government securities. 4 Includes assets denominated in foreign currencies, revalued monthly at market exchange rates. Includes special investment account at Chicago of $ 135 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 January 14, 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 449,031 22,442 180,942 13,054 28,107 31,803 28,517 39,221 16,010 4,785 13,046 19,108 51,996 Deposits Depository institutions 24,148 1,629 7,780 692 1,008 1,972 2,194 2,564 745 684 780 1,531 2,569 U.S. Treasury--general account 4,644 0 4,644 0 0 0 0 0 0 0 0 0 0 Foreign--official accounts 157 5 46 9 9 10 13 17 4 3 5 8 28 Other 337 1 116 1 4 70 2 137 1 1 2 1 2 Total deposits 29,286 1,635 12,585 701 1,022 2,051 2,209 2,719 749 688 787 1,541 2,599 Deferred credit items 7,005 443 766 219 220 533 804 570 235 561 382 322 1,949 Other liabilities and accrued dividends (1) 4,775 293 1,450 188 321 444 341 506 204 99 171 193 566 TOTAL LIABILITIES 490,097 24,813 195,743 14,161 29,670 34,832 31,872 43,015 17,198 6,134 14,386 21,163 57,110 CAPITAL ACCOUNTS Capital paid in 5,473 262 1,108 317 356 833 360 527 115 194 134 284 982 Surplus 5,220 254 1,055 273 335 818 338 502 122 189 119 271 945 Other capital accounts 503 29 170 16 43 48 34 52 9 6 21 18 59 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 501,293 25,358 198,076 14,767 30,404 36,531 32,605 44,097 17,444 6,523 14,659 21,735 59,095 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 548,053 27,884 210,688 16,604 31,836 39,126 37,759 46,849 18,459 6,582 15,195 25,724 71,348 Less--Held by F.R. Banks 99,022 5,442 29,746 3,550 3,729 7,323 9,242 7,628 2,449 1,796 2,150 6,617 19,351 F.R. notes, net 449,031 22,442 180,942 13,054 28,107 31,803 28,517 39,221 16,010 4,785 13,046 19,108 51,996 Collateral held against F.R. notes Gold certificate account 11,046 Special drawing rights certificate account 9,200 Other eligible assets 0 U.S. govt. and agency securities 428,786 Total collateral 449,031 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.