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 December 3, 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 Dec 2, 1998 Nov 25, 1998 Dec 3, 1997 Dec 2, 1998 Reserve Bank Credit (1,2) 501,454 + 7,276 + 34,394 498,928 U.S. government securities Bought outright-system account (3) 454,398 + 1,572 + 34,456 454,213 Held under repurchase agreements 5,714 + 2,709 - 6,862 5,020 Federal agency obligations Bought outright 368 - 4 - 317 368 Held under repurchase agreements 5,291 + 2,600 + 3,125 2,967 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 34 - 50 - 10 111 Seasonal credit 16 - 7 - 74 13 Extended credit 0 0 0 0 Float 728 + 77 + 362 1,690 Other F.R. assets 34,905 + 378 + 3,713 34,547 Gold stock 11,040 - 1 - 10 11,041 Special drawing rights certificate account 9,200 0 0 9,200 Treasury currency outstanding 26,121 + 14 + 523 26,121 Total factors supplying reserve funds 547,815 + 7,290 + 34,906 545,289 Currency in circulation* 506,913 + 3,048 + 35,043 507,669 Treasury cash holdings* 100 + 1 - 134 100 Deposits,other than reserve balances,with F.R.Banks Treasury 5,304 + 279 + 542 4,382 Foreign 207 + 27 + 33 171 Service-related balances and adjustments (4) 7,212 + 417 + 35 7,212 Other 363 - 26 - 47 360 Other F.R. liabilities and capital 16,804 - 238 + 1,202 16,253 Total factors, other than reserve balances, absorbing reserve funds 536,903 + 3,509 + 36,674 536,146 Reserve balances with F.R. Banks (5) 10,912 + 3,780 - 1,768 9,143 On December 2, 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 595,379 million, a change of -$ 778 million for the week. The total includes the face value of U.S. Treasury strips and other zero coupon bonds. 1 Net of $ 18,660 million daily average, matched sale-purchase transactions outstanding during the latest statement week, of which a net of $ 18,660 million was with foreign official and international accounts. Includes securities loaned--fully secured by U.S. government securities. 2 Net of $ 18,846 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which a net of $ 18,846 million was with foreign official and international accounts. Includes $ 50 million securities loaned--fully secured U.S. government securities. 3 Includes $ 3,687 million of inflation-indexed securities valued at the original face amount and $ 71 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Consists of required clearing balances of $ 6,548 million and adjustments of $ 664 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 Dec 2, 1998 Nov 25, 1998 Dec 3, 1997 ASSETS Gold certificate account 11,041 + 1 - 10 Special drawing rights certificate account 9,200 0 0 Coin 377 - 22 - 106 Loans 124 - 22 - 67 Acceptances 0 0 0 Federal agency obligations Bought outright 368 0 - 317 Held under repurchase agreements (1) 2,967 - 1,695 + 1,942 U.S. government securities Bought outright--Bills 196,853 - 313 + 2,549 Notes (2) 187,888 + 1 + 20,718 Bonds (3) 69,472 0 + 11,279 Total bought outright (4) 454,213 - 312 + 34,545 Held under repurchase agreements (1) 5,020 + 1,190 - 12,927 Total U.S. government securities 459,233 + 878 + 21,618 Total loans and securities 462,691 - 839 + 23,176 Items in process of collection (497) 9,257 + 1,626 + 1,073 Bank premises 1,294 - 1 + 30 Other assets (5) 33,330 - 830 + 3,302 TOTAL ASSETS (497) 527,190 - 66 + 27,466 LIABILITIES Federal Reserve notes 482,025 + 925 + 34,100 Deposits Depository institutions 16,130 - 574 - 8,746 U.S. Treasury--general account 4,382 - 499 + 171 Foreign--official accounts 171 - 81 - 2 Other 360 + 4 + 30 Total deposits 21,043 - 1,150 - 8,547 Deferred availability cash items (497) 7,869 + 758 + 1,043 Other liabilities and accrued dividends (6) 4,376 - 51 - 523 TOTAL LIABILITIES (497) 515,314 + 482 + 26,072 CAPITAL ACCOUNTS Capital paid in 5,936 + 28 + 621 Surplus 5,209 - 11 + 823 Other capital accounts 732 - 564 - 50 *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 $ 2,867 million of inflation-indexed securities valued at the original face amount and $ 61 million of compensation that adjusts for the effects of inflation on the principal of such securities. 3 Includes $ 820 million of inflation-indexed securities valued at the original face amount and $ 9 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Net of $ 18,846 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 50 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, December 2, 1998 Acceptances and securities held under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity 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 111 0 Within 15 days 13,380 - 1,250 2,997 - 1,695 16 to 90 days 12 0 16 to 90 days 99,594 + 3,090 2 0 Over 90 days 0 0 91 days to 1 year 138,427 - 457 100 0 Over 1 to 5 years 107,348 - 507 51 0 Over 5 to 10 years 44,818 + 1 185 0 Over 10 years 55,667 0 0 0 Total 124 0 Total 459,233 + 878 3,335 - 1,695 1 Includes $ 3,687 million of inflation-indexed securities valued at the original face amount and $ 71 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 December 2, 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 11,041 582 4,201 323 643 807 717 998 358 128 289 530 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 26 19 21 15 48 50 43 18 14 27 41 55 Loans 124 0 1 0 0 8 100 1 2 4 8 0 0 Acceptances 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal agency obligations Bought outright 368 20 136 11 24 29 22 35 13 4 10 17 46 Held under repurchase agreements(1) 2,967 0 2,967 0 0 0 0 0 0 0 0 0 0 U.S. government securities Bought outright--Bills 196,853 10,721 72,962 5,723 12,794 15,507 11,975 18,898 6,918 2,163 5,461 8,951 24,781 Notes (2) 187,888 10,233 69,639 5,463 12,211 14,801 11,429 18,038 6,603 2,064 5,212 8,543 23,653 Bonds (3) 69,472 3,784 25,749 2,020 4,515 5,473 4,226 6,669 2,441 763 1,927 3,159 8,746 Total bought outright(4) 454,213 24,737 168,350 13,206 29,521 35,780 27,630 43,605 15,962 4,990 12,600 20,652 57,180 Held under repurchase agreements(1) 5,020 0 5,020 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 459,233 24,737 173,370 13,206 29,521 35,780 27,630 43,605 15,962 4,990 12,600 20,652 57,180 Total loans and securities 462,691 24,757 176,474 13,216 29,544 35,817 27,753 43,641 15,976 4,998 12,618 20,669 57,226 Items in process of collection 9,754 598 853 453 476 796 1,638 841 412 736 451 522 1,977 Bank premises 1,294 93 158 50 155 125 81 107 31 131 54 148 162 Other assets(5) 33,330 1,549 10,487 1,479 1,978 3,953 1,994 3,036 856 840 771 1,524 4,864 Interdistrict settlement account 0 -1,087 +13,278 +1,069 -4,749 +2,177 -1,226 -2,208 -1,932 +488 +1,096 +2,658 -9,565 TOTAL ASSETS 527,687 27,049 208,671 16,893 28,637 44,515 31,609 47,358 16,060 7,458 15,553 26,460 57,424 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 $ 2,867 million of inflation-indexed securities valued at the original face amount and $ 61 million of compensation that adjusts for the effects of inflation on the principal of such securities. 3 Includes $ 820 million of inflation-indexed securities valued at the original face amount and $ 9 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Net of $ 18,846 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 50 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 December 2, 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 482,025 24,785 195,976 15,341 26,160 39,813 27,898 43,131 14,557 5,700 13,894 23,935 50,833 Deposits Depository institutions 16,130 1,012 3,396 643 1,025 1,177 1,399 1,943 685 568 707 1,440 2,136 U.S. Treasury--general account 4,382 0 4,382 0 0 0 0 0 0 0 0 0 0 Foreign--official accounts 171 7 56 8 9 22 9 14 3 5 3 7 26 Other 360 0 104 2 1 71 15 111 17 12 21 1 6 Total deposits 21,043 1,019 7,937 653 1,036 1,270 1,423 2,068 705 585 731 1,449 2,168 Deferred credit items 8,366 475 812 306 372 652 1,170 634 381 698 503 368 1,994 Other liabilities and accrued dividends (1) 4,376 242 1,467 156 287 382 297 419 173 85 153 208 507 TOTAL LIABILITIES 515,810 26,521 206,193 16,456 27,855 42,116 30,789 46,252 15,817 7,068 15,281 25,960 55,502 CAPITAL ACCOUNTS Capital paid in 5,936 268 1,208 175 398 1,237 419 576 120 202 138 223 971 Surplus 5,209 254 1,055 263 335 818 338 502 122 188 119 270 945 Other capital accounts 732 6 216 0 48 344 62 27 1 0 15 6 7 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 527,687 27,049 208,671 16,893 28,637 44,515 31,609 47,358 16,060 7,458 15,553 26,460 57,424 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 603,378 29,282 240,553 18,124 29,993 49,149 39,239 53,530 17,098 7,488 16,777 33,658 68,489 Less--Held by F.R. Banks 121,353 4,497 44,577 2,783 3,833 9,335 11,341 10,399 2,540 1,788 2,882 9,723 17,655 F.R. notes, net 482,025 24,785 195,976 15,341 26,160 39,813 27,898 43,131 14,557 5,700 13,894 23,935 50,833 Collateral held against F.R. notes Gold certificate account 11,041 Special drawing rights certificate account 9,200 Other eligible assets 0 U.S. govt. and agency securities 461,785 Total collateral 482,025 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.