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 30, 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 29, 1998 Jul 22, 1998 Jul 30, 1997 Jul 29, 1998 Reserve Bank Credit (1,2) 479,153 + 2,221 + 31,714 484,484 U.S. government securities Bought outright-system account (3) 439,960 - 162 + 30,137 441,354 Held under repurchase agreements 4,928 + 2,334 + 1,612 8,411 Federal agency obligations Bought outright 526 0 - 684 526 Held under repurchase agreements 674 - 166 + 324 1,110 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 12 - 138 - 204 2 Seasonal credit 243 + 20 - 135 249 Extended credit 0 0 0 0 Float 92 - 390 - 34 -457 Other F.R. assets 32,719 + 723 + 698 33,289 Gold stock 11,047 0 - 3 11,047 Special drawing rights certificate account 9,200 0 0 9,200 Treasury currency outstanding 25,906 + 14 + 538 25,906 Total factors supplying reserve funds 525,306 + 2,236 + 32,249 530,637 Currency in circulation* 485,709 + 19 + 31,315 487,012 Treasury cash holdings* 181 - 7 - 140 141 Deposits,other than reserve balances,with F.R.Banks Treasury 5,115 - 40 + 238 5,184 Foreign 174 + 4 + 2 158 Service-related balances and adjustments (4) 6,735 - 233 - 626 6,735 Other 252 - 12 - 63 262 Other F.R. liabilities and capital 17,025 + 273 + 1,355 16,754 Total factors, other than reserve balances, absorbing reserve funds 515,191 + 5 + 32,081 516,246 Reserve balances with F.R. Banks (5) 10,115 + 2,231 + 168 14,390 On July 29, 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 592,993 million, a change of +$ 925 million for the week. The total includes the face value of U.S. Treasury strips and other zero coupon bonds. 1 Net of $ 16,943 million daily average, matched sale-purchase transactions outstanding during the latest statement week, of which a net of $ 16,943 million was with foreign official and international accounts. Includes securities loaned--fully secured by U.S. government securities. 2 Net of $ 15,550 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which a net of $ 15,550 million was with foreign official and international accounts. Includes $ 108 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 $ 43 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Consists of required clearing balances of $ 6,641 million and adjustments of $ 94 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 29, 1998 Jul 22, 1998 Jul 30, 1997 ASSETS Gold certificate account 11,047 0 - 4 Special drawing rights certificate account 9,200 0 0 Coin 413 + 8 - 64 Loans 251 + 8 - 1,428 Acceptances 0 0 0 Federal agency obligations Bought outright 526 0 - 684 Held under repurchase agreements (1) 1,110 - 846 + 135 U.S. government securities Bought outright--Bills 200,149 + 5,249 + 5,943 Notes (2) 178,886 + 1 + 18,362 Bonds (3) 62,318 0 + 8,057 Total bought outright (4) 441,354 + 5,250 + 32,362 Held under repurchase agreements (1) 8,411 + 3,750 - 516 Total U.S. government securities 449,765 + 9,000 + 31,846 Total loans and securities 451,651 + 8,163 + 29,870 Items in process of collection (428) 6,253 - 1,403 + 521 Bank premises 1,288 - 6 + 30 Other assets (5) 32,026 + 940 + 953 TOTAL ASSETS (428) 511,878 + 7,702 + 31,304 LIABILITIES Federal Reserve notes 461,660 + 451 + 30,798 Deposits Depository institutions 21,618 + 6,351 - 1,366 U.S. Treasury--general account 5,184 + 758 + 32 Foreign--official accounts 158 - 37 - 12 Other 262 + 14 - 55 Total deposits 27,222 + 7,087 - 1,401 Deferred availability cash items (428) 6,242 - 79 + 693 Other liabilities and accrued dividends (6) 4,796 + 266 - 134 TOTAL LIABILITIES (428) 499,920 + 7,726 + 29,956 CAPITAL ACCOUNTS Capital paid in 5,819 - 3 + 732 Surplus 5,220 0 + 725 Other capital accounts 919 - 21 - 108 *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 $ 38 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 $ 5 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Net of $ 15,550 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 108 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 $ 84 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 29, 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 229 0 Within 15 days 17,348 - 2,046 1,160 - 796 16 to 90 days 23 0 16 to 90 days 97,971 + 5,375 48 - 50 Over 90 days 0 0 91 days to 1 year 142,449 + 5,670 114 + 5 Over 1 to 5 years 97,797 0 104 - 5 Over 5 to 10 years 43,018 0 185 0 Over 10 years 51,181 0 25 0 Total 251 0 Total 449,765 + 9,000 1,636 - 846 1 Includes $ 2,850 million of inflation-indexed securities valued at the original face amount and $ 43 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 29, 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 413 10 23 15 27 42 70 57 22 16 28 49 54 Loans 251 0 0 1 0 0 7 41 35 99 34 3 31 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) 1,110 0 1,110 0 0 0 0 0 0 0 0 0 0 U.S. government securities Bought outright--Bills 200,149 10,901 74,183 5,819 13,008 15,767 12,175 19,215 7,034 2,199 5,552 9,101 25,196 Notes (2) 178,886 9,743 66,303 5,201 11,626 14,092 10,882 17,173 6,286 1,965 4,962 8,134 22,520 Bonds (3) 62,318 3,394 23,098 1,812 4,050 4,909 3,791 5,983 2,190 685 1,729 2,834 7,845 Total bought outright(4) 441,354 24,037 163,584 12,832 28,685 34,767 26,848 42,371 15,510 4,849 12,243 20,068 55,561 Held under repurchase agreements(1) 8,411 0 8,411 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 449,765 24,037 171,995 12,832 28,685 34,767 26,848 42,371 15,510 4,849 12,243 20,068 55,561 Total loans and securities 451,651 24,066 173,299 12,848 28,719 34,809 26,887 42,462 15,564 4,954 12,292 20,094 55,658 Items in process of collection 6,682 538 654 219 345 491 663 500 304 577 397 309 1,685 Bank premises 1,288 93 159 50 152 125 75 108 31 131 54 149 160 Other assets(5) 32,026 1,511 10,139 1,348 1,906 3,773 1,918 2,915 839 795 754 1,470 4,658 Interdistrict settlement account 0 -2,624 +14,096 -141 -2,012 -1,902 -285 -2,759 -949 +744 +1,198 +2,020 -7,386 TOTAL ASSETS 512,307 24,706 205,778 14,944 30,354 38,938 30,647 45,181 16,508 7,468 15,259 24,989 57,535 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 $ 38 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 $ 5 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Net of $ 15,550 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 108 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 $ 84 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 29, 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 461,660 22,144 189,429 13,306 27,261 34,415 27,037 40,424 15,033 5,531 13,705 22,958 50,418 Deposits Depository institutions 21,618 1,267 6,280 708 1,663 1,434 1,566 2,628 741 900 724 988 2,718 U.S. Treasury--general account 5,184 0 5,184 0 0 0 0 0 0 0 0 0 0 Foreign--official accounts 158 7 43 8 9 22 9 14 3 5 3 7 26 Other 262 1 104 0 3 58 1 85 0 0 7 1 1 Total deposits 27,222 1,275 11,612 716 1,675 1,515 1,577 2,727 745 906 734 997 2,745 Deferred credit items 6,670 474 617 181 321 510 776 477 289 561 375 284 1,805 Other liabilities and accrued dividends (1) 4,796 264 1,659 167 301 389 320 458 185 89 167 225 570 TOTAL LIABILITIES 500,348 24,156 203,316 14,370 29,557 36,829 29,710 44,086 16,252 7,087 14,982 24,465 55,538 CAPITAL ACCOUNTS Capital paid in 5,819 266 1,163 287 390 1,049 465 538 123 191 137 231 978 Surplus 5,220 254 1,055 273 335 818 338 502 122 189 119 271 945 Other capital accounts 919 31 244 14 71 242 133 55 12 2 21 22 73 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 512,307 24,706 205,778 14,944 30,354 38,938 30,647 45,181 16,508 7,468 15,259 24,989 57,535 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 570,576 26,560 232,707 15,937 30,596 41,350 35,954 49,697 17,542 7,262 16,031 29,184 67,756 Less--Held by F.R. Banks 108,916 4,417 43,278 2,631 3,336 6,936 8,917 9,273 2,509 1,731 2,325 6,225 17,338 F.R. notes, net 461,660 22,144 189,429 13,306 27,261 34,415 27,037 40,424 15,033 5,531 13,705 22,958 50,418 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 441,413 Total collateral 461,660 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.