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 March 26, 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 Mar 25, 1998 Mar 18, 1998 Mar 26, 1997 Mar 25, 1998 Reserve Bank Credit (1,2) 466,556 - 1,858 + 28,134 472,819 U.S. government securities Bought outright-system account (3) 432,887 + 346 + 35,181 434,119 Held under repurchase agreements 1,113 - 1,103 - 5,669 5,735 Federal agency obligations Bought outright 625 0 - 1,382 625 Held under repurchase agreements 174 - 1,303 - 1,059 1,045 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 19 + 18 + 6 8 Seasonal credit 26 + 6 - 15 30 Extended credit 0 0 0 0 Float 510 - 77 + 57 -477 Other F.R. assets 31,201 + 255 + 1,017 31,735 Gold stock 11,049 0 - 1 11,049 Special drawing rights certificate account 9,200 0 0 9,200 Treasury currency outstanding 25,774 + 14 + 616 25,774 Total factors supplying reserve funds 512,579 - 1,844 + 28,750 518,842 Currency in circulation* 473,754 - 307 + 30,397 474,518 Treasury cash holdings* 260 + 4 - 48 265 Deposits,other than reserve balances,with F.R.Banks Treasury 5,181 - 1,114 - 196 4,819 Foreign 164 - 12 - 4 159 Service-related balances and adjustments (4) 7,016 + 36 - 53 7,016 Other 357 - 14 - 15 364 Other F.R. liabilities and capital 16,089 - 89 + 1,426 15,914 Total factors, other than reserve balances, absorbing reserve funds 502,821 - 1,496 + 31,507 503,055 Reserve balances with F.R. Banks (5) 9,758 - 348 - 2,757 15,787 On March 25, 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 611,157 million, a change of -$ 2,085 million for the week. The total includes the face value of U.S. Treasury strips and other zero coupon bonds. 1 Net of $ 16,452 million daily average, matched sale-purchase transactions outstanding during the latest statement week, of which a net of $ 16,241 million was with foreign official and international accounts. Includes securities loaned--fully secured by U.S. government securities. 2 Net of $ 15,954 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which a net of $ 15,954 million was with foreign official and international accounts. Includes $ 72 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 $ 6,720 million and adjustments of $ 296 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 Mar 25, 1998 Mar 18, 1998 Mar 26, 1997 ASSETS Gold certificate account 11,049 0 - 1 Special drawing rights certificate account 9,200 0 0 Coin 538 + 2 - 139 Loans 38 + 12 - 23 Acceptances 0 0 0 Federal agency obligations Bought outright 625 0 - 1,370 Held under repurchase agreements (1) 1,045 - 175 - 1,426 U.S. government securities Bought outright--Bills 196,196 + 384 + 4,541 Notes (2) 176,435 + 271 + 21,909 Bonds 61,488 + 756 + 10,089 Total bought outright (3) 434,119 + 1,411 + 36,539 Held under repurchase agreements (1) 5,735 + 2,734 - 5,213 Total U.S. government securities 439,854 + 4,145 + 31,326 Total loans and securities 441,561 + 3,982 + 28,507 Items in process of collection (454) 6,490 - 702 + 471 Bank premises 1,280 0 + 31 Other assets (4) 30,423 + 567 + 1,156 TOTAL ASSETS (454) 500,541 + 3,848 + 30,024 LIABILITIES Federal Reserve notes 449,546 - 207 + 29,381 Deposits Depository institutions 23,590 + 5,624 - 1,802 U.S. Treasury--general account 4,819 - 925 + 399 Foreign--official accounts 159 + 3 - 3 Other 364 + 8 + 2 Total deposits 28,933 + 4,709 - 1,404 Deferred availability cash items (454) 6,148 - 689 + 648 Other liabilities and accrued dividends (5) 4,693 + 1 + 20 TOTAL LIABILITIES (454) 489,320 + 3,814 + 28,646 CAPITAL ACCOUNTS Capital paid in 5,454 + 23 + 700 Surplus 5,220 0 + 725 Other capital accounts 547 + 11 - 46 *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 $ 15,954 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 72 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 $ 194 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, March 25, 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 38 0 Within 15 days 18,845 + 3,328 1,045 - 175 16 to 90 days 0 0 16 to 90 days 93,078 - 520 74 0 Over 90 days 0 0 91 days to 1 year 140,183 + 310 175 0 Over 1 to 5 years 97,246 0 126 0 Over 5 to 10 years 40,125 + 283 225 0 Over 10 years 50,376 + 743 25 0 Total 38 0 Total 439,854 + 4,145 1,670 - 175 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 March 25, 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 11,049 624 3,936 350 669 965 723 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 538 31 29 61 33 68 42 69 15 24 45 40 80 Loans 38 0 0 5 0 0 5 14 3 7 4 0 0 Acceptances 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal agency obligations Bought outright 625 38 202 21 43 59 42 67 25 9 18 23 79 Held under repurchase agreements(1) 1,045 0 1,045 0 0 0 0 0 0 0 0 0 0 U.S. government securities Bought outright--Bills 196,196 11,961 63,460 6,559 13,571 18,667 13,092 20,927 7,814 2,732 5,602 7,125 24,685 Notes (2) 176,435 10,756 57,068 5,898 12,204 16,787 11,774 18,819 7,027 2,457 5,038 6,407 22,198 Bonds 61,488 3,748 19,888 2,056 4,253 5,850 4,103 6,559 2,449 856 1,756 2,233 7,736 Total bought outright(3) 434,119 26,465 140,416 14,513 30,029 41,305 28,969 46,305 17,290 6,046 12,396 15,766 54,619 Held under repurchase agreements(1) 5,735 0 5,735 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 439,854 26,465 146,151 14,513 30,029 41,305 28,969 46,305 17,290 6,046 12,396 15,766 54,619 Total loans and securities 441,561 26,503 147,398 14,539 30,072 41,364 29,016 46,385 17,318 6,062 12,417 15,788 54,698 Items in process of collection 6,945 472 744 283 319 498 768 548 316 528 419 350 1,700 Bank premises 1,280 94 156 50 139 126 80 107 31 132 55 150 159 Other assets(4) 30,423 1,535 8,570 1,300 1,893 3,869 1,913 3,055 857 816 741 1,331 4,543 Interdistrict settlement account 0 -5,168 +26,927 -2,186 -2,212 -9,737 -1,094 -5,177 -2,534 -323 +1,041 +7,449 -6,985 TOTAL ASSETS 500,995 24,621 190,963 14,678 31,486 37,945 32,049 46,957 16,746 7,510 15,251 25,934 56,855 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 $ 15,954 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 72 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 $ 194 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 March 25, 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 449,546 22,260 175,522 12,562 28,962 32,958 28,202 41,889 15,399 5,304 13,580 23,231 49,677 Deposits Depository institutions 23,590 1,192 5,907 1,060 1,129 2,215 2,012 2,771 682 1,198 807 1,609 3,009 U.S. Treasury--general account 4,819 0 4,819 0 0 0 0 0 0 0 0 0 0 Foreign--official accounts 159 7 44 8 9 22 9 14 3 5 3 7 26 Other 364 1 103 0 2 57 1 197 1 0 2 1 1 Total deposits 28,933 1,199 10,873 1,068 1,140 2,295 2,022 2,982 686 1,204 812 1,617 3,036 Deferred credit items 6,602 382 766 226 338 538 757 520 221 521 414 328 1,591 Other liabilities and accrued dividends (1) 4,693 283 1,458 183 310 431 333 488 197 99 167 188 556 TOTAL LIABILITIES 489,774 24,125 188,619 14,039 30,750 36,222 31,314 45,879 16,502 7,127 14,974 25,364 54,860 CAPITAL ACCOUNTS Capital paid in 5,454 211 1,119 319 358 840 363 526 115 190 136 290 985 Surplus 5,220 254 1,055 273 335 818 338 502 122 189 119 271 945 Other capital accounts 547 32 169 48 43 65 34 50 6 3 22 9 65 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 500,995 24,621 190,963 14,678 31,486 37,945 32,049 46,957 16,746 7,510 15,251 25,934 56,855 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 552,573 27,008 212,022 15,875 32,144 39,407 36,809 50,475 17,720 6,667 15,784 28,589 70,075 Less--Held by F.R. Banks 103,027 4,748 36,500 3,313 3,183 6,448 8,607 8,586 2,321 1,363 2,204 5,358 20,398 F.R. notes, net 449,546 22,260 175,522 12,562 28,962 32,958 28,202 41,889 15,399 5,304 13,580 23,231 49,677 Collateral held against F.R. notes Gold certificate account 11,049 Special drawing rights certificate account 9,200 Other eligible assets 0 U.S. govt. and agency securities 429,297 Total collateral 449,546 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.