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 22, 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 21, 1998 Jan 14, 1998 Jan 22, 1997 Jan 21, 1998 Reserve Bank Credit (1,2) 466,496 - 1,828 + 32,377 472,920 U.S. government securities Bought outright-system account (3) 429,718 - 1,263 + 38,060 429,553 Held under repurchase agreements 1,920 - 1,513 - 3,740 6,271 Federal agency obligations Bought outright 685 0 - 1,365 685 Held under repurchase agreements 403 - 423 - 1,405 1,356 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 364 + 342 + 349 367 Seasonal credit 16 - 5 - 1 15 Extended credit 0 0 0 0 Float 1,818 + 1,086 + 451 2,472 Other F.R. assets 31,574 - 52 + 28 32,202 Gold stock 11,046 0 - 2 11,046 Special drawing rights certificate account 9,200 0 - 518 9,200 Treasury currency outstanding 25,686 + 14 + 665 25,686 Total factors supplying reserve funds 512,428 - 1,814 + 32,522 518,852 Currency in circulation* 472,591 - 2,690 + 30,894 472,422 Treasury cash holdings* 227 - 1 - 20 219 Deposits,other than reserve balances,with F.R.Banks Treasury 9,148 + 3,895 + 2,624 15,430 Foreign 161 - 16 - 53 161 Service-related balances and adjustments (4) 7,380 + 369 - 191 7,380 Other 329 + 76 - 20 330 Other F.R. liabilities and capital 16,127 - 114 + 1,678 15,929 Total factors, other than reserve balances, absorbing reserve funds 505,963 + 1,520 + 34,912 511,871 Reserve balances with F.R. Banks (5) 6,465 - 3,334 - 2,390 6,981 On January 21, 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 603,293 million, a change of +$ 1,003 million for the week. The total includes the face value of U.S. Treasury strips and other zero coupon bonds. 1 Net of $ 16,066 million daily average, matched sale-purchase transactions outstanding during the latest statement week, of which a net of $ 16,066 million was with foreign official and international accounts. Includes securities loaned--fully secured by U.S. government securities. 2 Net of $ 16,231 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which a net of $ 16,231 million was with foreign official and international accounts. Includes $ 60 million securities loaned--fully secured U.S. government securities. 3 Includes $ 2050 million of inflation-indexed securities valued at the original face amount and $ 22 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Consists of required clearing balances of $ 6,727 million and adjustments of $ 653 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 21, 1998 Jan 14, 1998 Jan 22, 1997 ASSETS Gold certificate account 11,046 0 - 2 Special drawing rights certificate account 9,200 0 - 518 Coin 510 + 34 - 141 Loans 382 + 342 + 358 Acceptances 0 0 0 Federal agency obligations Bought outright 685 0 - 1,354 Held under repurchase agreements (1) 1,356 - 860 - 194 U.S. government securities Bought outright--Bills 196,418 - 1,683 + 4,200 Notes (2) 173,728 - 478 + 23,412 Bonds 59,407 0 + 10,068 Total bought outright (3) 429,553 - 2,161 + 37,681 Held under repurchase agreements (1) 6,271 + 806 + 2,025 Total U.S. government securities 435,824 - 1,355 + 39,706 Total loans and securities 438,246 - 1,873 + 38,516 Items in process of collection (602) 11,980 + 4,296 - 850 Bank premises 1,275 0 + 39 Other assets (4) 30,963 - 133 + 573 TOTAL ASSETS (602) 503,219 + 2,324 + 37,616 LIABILITIES Federal Reserve notes 447,464 - 1,567 + 30,091 Deposits Depository institutions 13,923 - 10,225 - 1,398 U.S. Treasury--general account 15,430 + 10,786 + 6,851 Foreign--official accounts 161 + 5 - 8 Other 330 - 7 - 8 Total deposits 29,845 + 559 + 5,437 Deferred availability cash items (602) 9,980 + 3,374 + 470 Other liabilities and accrued dividends (5) 4,718 - 57 + 127 TOTAL LIABILITIES (602) 492,008 + 2,310 + 36,124 CAPITAL ACCOUNTS Capital paid in 5,471 - 1 + 783 Surplus 5,220 0 + 725 Other capital accounts 519 + 16 - 15 *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 $ 2050 million of inflation-indexed securities valued at the original face amount and $ 22 million of compensation that adjusts for the effects of inflation on the principal of such securities. 3 Net of $ 16,231 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 60 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 $ 143 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 21, 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 380 0 Within 15 days 20,312 + 5,359 1,356 - 860 16 to 90 days 1 0 16 to 90 days 93,324 - 6,554 90 0 Over 90 days 0 0 91 days to 1 year 138,437 + 333 162 0 Over 1 to 5 years 94,136 - 892 153 0 Over 5 to 10 years 41,306 + 400 255 0 Over 10 years 48,308 0 25 0 Total 382 0 Total 435,824 - 1,355 2,041 - 860 1 Includes $ 2050 million of inflation-indexed securities valued at the original face amount and $ 22 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 21, 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 510 26 21 55 30 68 54 65 20 21 36 46 68 Loans 382 2 0 3 0 0 5 3 6 0 12 0 351 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) 1,356 0 1,356 0 0 0 0 0 0 0 0 0 0 U.S. government securities Bought outright--Bills 196,418 11,974 63,532 6,566 13,586 18,689 13,107 20,951 7,823 2,735 5,609 7,133 24,713 Notes (2) 173,728 10,591 56,192 5,808 12,017 16,530 11,593 18,531 6,919 2,419 4,961 6,309 21,858 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) 429,553 26,187 138,939 14,360 29,713 40,870 28,664 45,818 17,109 5,982 12,266 15,600 54,045 Held under repurchase agreements(1) 6,271 0 6,271 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 435,824 26,187 145,210 14,360 29,713 40,870 28,664 45,818 17,109 5,982 12,266 15,600 54,045 Total loans and securities 438,246 26,230 146,788 14,386 29,760 40,936 28,715 45,894 17,142 5,992 12,297 15,625 54,482 Items in process of collection 12,582 667 1,684 471 631 1,029 1,064 1,034 306 1,125 796 633 3,142 Bank premises 1,275 94 156 51 134 126 79 108 31 132 55 150 159 Other assets(4) 30,963 1,350 9,440 1,420 1,893 2,414 2,389 3,370 891 594 995 1,458 4,748 Interdistrict settlement account 0 -4,367 +37,991 -2,378 -3,138 -10,653 -2,018 -7,926 -1,910 -1,736 -152 +2,828 -6,540 TOTAL ASSETS 503,821 25,153 203,215 14,637 30,553 35,676 31,607 44,514 17,222 6,398 14,560 21,566 58,719 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 $ 2050 million of inflation-indexed securities valued at the original face amount and $ 22 million of compensation that adjusts for the effects of inflation on the principal of such securities. 3 Net of $ 16,231 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 60 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 $ 143 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 21, 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 447,464 22,613 180,589 12,760 28,262 31,809 28,017 39,378 15,897 4,774 12,892 19,420 51,056 Deposits Depository institutions 13,923 1,106 1,908 706 791 863 1,337 2,558 521 321 597 855 2,361 U.S. Treasury--general account 15,430 0 15,430 0 0 0 0 0 0 0 0 0 0 Foreign--official accounts 161 5 50 9 9 10 13 17 4 3 5 8 28 Other 330 0 104 1 4 63 3 145 1 2 4 1 3 Total deposits 29,845 1,112 17,493 715 804 935 1,353 2,720 526 326 606 865 2,391 Deferred credit items 10,582 596 1,333 356 443 801 1,172 841 356 811 623 522 2,730 Other liabilities and accrued dividends (1) 4,718 288 1,469 185 311 437 332 496 198 98 166 187 550 TOTAL LIABILITIES 492,610 24,609 200,883 14,016 29,820 33,981 30,873 43,434 16,976 6,008 14,287 20,994 56,728 CAPITAL ACCOUNTS Capital paid in 5,471 262 1,108 317 356 833 360 526 115 194 134 283 981 Surplus 5,220 254 1,055 273 335 818 338 502 122 189 119 271 945 Other capital accounts 519 28 168 31 41 44 35 52 8 7 20 18 65 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 503,821 25,153 203,215 14,637 30,553 35,676 31,607 44,514 17,222 6,398 14,560 21,566 58,719 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 548,437 27,982 210,588 16,545 32,045 39,170 37,468 47,453 18,398 6,610 15,147 26,069 70,961 Less--Held by F.R. Banks 100,972 5,369 30,000 3,785 3,784 7,361 9,451 8,075 2,502 1,836 2,256 6,649 19,904 F.R. notes, net 447,464 22,613 180,589 12,760 28,262 31,809 28,017 39,378 15,897 4,774 12,892 19,420 51,056 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 427,219 Total collateral 447,464 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.