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 August 27, 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 Aug 26, 1998 Aug 19, 1998 Aug 27, 1997 Aug 26, 1998 Reserve Bank Credit (1,2) 481,047 + 1,165 + 30,297 488,282 U.S. government securities Bought outright-system account (3) 442,278 + 495 + 33,287 441,355 Held under repurchase agreements 2,812 + 864 - 5,879 9,272 Federal agency obligations Bought outright 451 0 - 580 451 Held under repurchase agreements 3,638 + 706 + 2,269 4,964 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 4 - 42 - 70 1 Seasonal credit 254 - 1 - 153 259 Extended credit 0 0 0 0 Float 475 + 78 + 196 324 Other F.R. assets 31,135 - 934 + 1,227 31,656 Gold stock 11,044 0 - 7 11,046 Special drawing rights certificate account 9,200 0 0 9,200 Treasury currency outstanding 25,962 + 14 + 558 25,962 Total factors supplying reserve funds 527,253 + 1,179 + 30,848 534,489 Currency in circulation* 487,836 - 384 + 31,401 489,094 Treasury cash holdings* 93 - 39 - 190 94 Deposits,other than reserve balances,with F.R.Banks Treasury 4,905 - 545 + 38 4,331 Foreign 167 + 3 - 31 162 Service-related balances and adjustments (4) 7,170 + 305 + 89 7,170 Other 373 + 20 + 8 365 Other F.R. liabilities and capital 17,077 + 231 + 1,125 16,899 Total factors, other than reserve balances, absorbing reserve funds 517,620 - 409 + 32,441 518,115 Reserve balances with F.R. Banks (5) 9,633 + 1,588 - 1,593 16,374 On August 26, 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 573,577 million, a change of -$ 13,861 million for the week. The total includes the face value of U.S. Treasury strips and other zero coupon bonds. 1 Net of $ 16,701 million daily average, matched sale-purchase transactions outstanding during the latest statement week, of which a net of $ 16,701 million was with foreign official and international accounts. Includes securities loaned--fully secured by U.S. government securities. 2 Net of $ 17,625 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which a net of $ 17,625 million was with foreign official and international accounts. Includes $ 265 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 $ 47 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Consists of required clearing balances of $ 6,741 million and adjustments of $ 429 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 Aug 26, 1998 Aug 19, 1998 Aug 27, 1997 ASSETS Gold certificate account 11,046 + 4 - 5 Special drawing rights certificate account 9,200 0 0 Coin 414 + 4 - 78 Loans 260 - 1 - 178 Acceptances 0 0 0 Federal agency obligations Bought outright 451 0 - 580 Held under repurchase agreements (1) 4,964 + 1,816 + 2,614 U.S. government securities Bought outright--Bills 198,075 - 1,728 + 3,988 Notes (2) 177,305 + 189 + 17,510 Bonds (3) 65,975 + 835 + 10,983 Total bought outright (4) 441,355 - 704 + 32,482 Held under repurchase agreements (1) 9,272 + 7,286 - 6,841 Total U.S. government securities 450,627 + 6,582 + 25,641 Total loans and securities 456,301 + 8,397 + 27,497 Items in process of collection (509) 6,535 - 521 - 7 Bank premises 1,294 0 + 29 Other assets (5) 30,381 + 1,162 + 1,207 TOTAL ASSETS (509) 515,172 + 9,045 + 28,643 LIABILITIES Federal Reserve notes 463,639 + 112 + 29,930 Deposits Depository institutions 23,632 + 8,859 - 1,536 U.S. Treasury--general account 4,331 - 41 - 869 Foreign--official accounts 162 + 2 0 Other 365 - 13 - 10 Total deposits 28,491 + 8,808 - 2,416 Deferred availability cash items (509) 6,143 - 214 + 45 Other liabilities and accrued dividends (6) 4,849 + 324 - 187 TOTAL LIABILITIES (509) 503,122 + 9,030 + 27,372 CAPITAL ACCOUNTS Capital paid in 5,864 + 11 + 714 Surplus 5,220 0 + 725 Other capital accounts 965 + 3 - 168 *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 $ 41 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 $ 6 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Net of $ 17,625 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. 5 Includes assets denominated in foreign currencies, revalued monthly at market exchange rates. Includes special investment account at Chicago of $ 167 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, August 26, 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 234 0 Within 15 days 19,836 + 1,336 5,012 + 1,864 16 to 90 days 26 0 16 to 90 days 92,084 - 1,633 0 - 48 Over 90 days 0 0 91 days to 1 year 143,190 + 5,855 125 + 11 Over 1 to 5 years 100,306 0 93 - 11 Over 5 to 10 years 41,275 + 303 185 0 Over 10 years 53,935 + 720 0 0 Total 260 0 Total 450,627 + 6,582 5,415 + 1,816 1 Includes $ 2,850 million of inflation-indexed securities valued at the original face amount and $ 47 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 August 26, 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 11,046 582 4,206 323 643 807 717 998 358 128 289 530 1,465 Special drawing rights certif. acct. 9,200 530 3,202 282 574 792 602 900 340 123 247 367 1,241 Coin 414 12 22 12 27 42 74 60 21 13 27 51 52 Loans 260 0 0 0 0 0 7 47 48 91 38 2 28 Acceptances 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal agency obligations Bought outright 451 25 167 13 29 35 27 43 16 5 12 20 57 Held under repurchase agreements(1) 4,964 0 4,964 0 0 0 0 0 0 0 0 0 0 U.S. government securities Bought outright--Bills 198,075 10,788 73,415 5,759 12,873 15,603 12,049 19,016 6,961 2,176 5,495 9,006 24,935 Notes (2) 177,305 9,656 65,716 5,155 11,524 13,967 10,786 17,022 6,231 1,948 4,919 8,062 22,320 Bonds (3) 65,975 3,593 24,453 1,918 4,288 5,197 4,013 6,334 2,318 725 1,830 3,000 8,305 Total bought outright(4) 441,355 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) 9,272 0 9,272 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 450,627 24,037 172,856 12,832 28,685 34,767 26,848 42,371 15,510 4,849 12,243 20,068 55,561 Total loans and securities 456,301 24,062 177,987 12,845 28,714 34,803 26,882 42,461 15,573 4,945 12,294 20,090 55,645 Items in process of collection 7,044 480 965 204 348 508 633 524 255 549 438 367 1,772 Bank premises 1,294 93 159 50 156 126 77 108 31 131 54 149 161 Other assets(5) 30,381 1,436 9,311 1,305 1,819 3,649 1,833 2,865 792 777 716 1,404 4,475 Interdistrict settlement account 0 -1,099 +13,146 +145 -2,969 -1,369 +711 -3,118 -1,350 +976 +1,088 +1,930 -8,090 TOTAL ASSETS 515,680 26,095 208,998 15,167 29,312 39,358 31,530 44,798 16,019 7,643 15,152 24,887 56,721 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 $ 41 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 $ 6 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Net of $ 17,625 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. 5 Includes assets denominated in foreign currencies, revalued monthly at market exchange rates. Includes special investment account at Chicago of $ 167 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 August 26, 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 463,639 22,986 193,290 13,390 26,285 34,638 27,112 39,693 14,454 5,456 13,576 22,646 50,114 Deposits Depository institutions 23,632 1,836 6,380 841 1,589 1,551 2,303 2,890 857 1,165 726 1,137 2,359 U.S. Treasury--general account 4,331 0 4,331 0 0 0 0 0 0 0 0 0 0 Foreign--official accounts 162 7 47 8 9 22 9 14 3 5 3 7 26 Other 365 1 101 1 3 80 1 168 0 0 7 2 1 Total deposits 28,491 1,843 10,859 849 1,601 1,653 2,313 3,071 861 1,171 736 1,146 2,386 Deferred credit items 6,651 447 636 181 313 563 835 478 266 530 395 340 1,667 Other liabilities and accrued dividends (1) 4,849 266 1,706 170 302 384 324 458 184 92 166 227 572 TOTAL LIABILITIES 503,631 25,542 206,492 14,590 28,500 37,238 30,584 43,700 15,765 7,248 14,873 24,359 54,739 CAPITAL ACCOUNTS Capital paid in 5,864 267 1,180 287 401 1,050 470 539 120 199 138 235 979 Surplus 5,220 254 1,055 273 335 818 338 502 122 189 119 271 945 Other capital accounts 965 33 272 17 75 252 138 57 12 7 22 22 57 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 515,680 26,095 208,998 15,167 29,312 39,358 31,530 44,798 16,019 7,643 15,152 24,887 56,721 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 574,623 27,580 234,856 15,906 30,579 41,923 36,013 49,681 17,427 7,316 16,171 29,441 67,730 Less--Held by F.R. Banks 110,983 4,594 41,566 2,515 4,295 7,285 8,902 9,988 2,973 1,860 2,595 6,794 17,616 F.R. notes, net 463,639 22,986 193,290 13,390 26,285 34,638 27,112 39,693 14,454 5,456 13,576 22,646 50,114 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 443,394 Total collateral 463,639 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.