Federal Reserve Statistical Release, H.4.1, Factors Affecting Reserve Balances; title with eagle logo links to Statistical Release home page

Release Date: September 17, 1998

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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
                                                                                         September 17, 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     Sep 16, 1998  Sep 9, 1998 Sep 17, 1997 Sep 16, 1998

Reserve Bank Credit  (1,2)                                  486,775    +     502    +  35,222      486,617
  U.S. government securities			        		      		     		   
    Bought outright-system account (3)                      442,785    -     750    +  31,867      442,835
    Held under repurchase agreements                          8,038    +   1,888    +     430        9,106
  Federal agency obligations			        		      		     		   
    Bought outright                                             403    -      48    -     523          403
    Held under repurchase agreements                          1,729    -   1,230    +   1,169          795
  Acceptances                                                     0            0            0            0
  Loans to depository institutions
  
    Adjustment credit                                            27    -      35    -      56           31
    Seasonal credit                                             167    -      17    -     207          173
    Extended credit                                               0            0            0            0
   Float                                                        508    +     127    -     189          120
   Other F.R. assets                                         33,117    +     567    +   2,730       33,154
Gold stock                                                   11,045    -       1    -       6       11,045
Special drawing rights certificate account                    9,200            0            0        9,200
Treasury currency outstanding                                25,944    +      14    +     506       25,944
        Total factors supplying reserve funds               532,963    +     514    +  35,721      532,806
						        		      		     		   
Currency in circulation*                                    493,787    +     962    +  35,184      493,960
Treasury cash holdings*                                          92            0    -     167           94
Deposits,other than reserve balances,with F.R.Banks     		      		     		   
  Treasury                                                    5,869    +     473    -     938        6,265
  Foreign                                                       175    +      13    +       9          163
  Service-related balances and adjustments (4)                6,831    -      45    -     169        6,830
  Other                                                         358            0    -       4          357
Other F.R. liabilities and capital                           16,998    -     253    +   1,094       16,734
        Total factors, other than reserve balances,     		      		     		   
        absorbing reserve funds                             524,110    +   1,151    +  35,008      524,404

Reserve balances with F.R. Banks  (5)                         8,853    -     637    +     713        8,402
						       		      		     		    
On September 16, 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 553,835 million, a change of 
 -$ 8,814 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $ 17,717 million daily average, matched sale-purchase transactions outstanding during the 
   latest statement week, of which a net of $ 17,717 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $ 17,668 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week, of which a net of $ 17,668 million was with foreign official and international 
   accounts.  Includes $ 475 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 
   $ 49 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Consists of required clearing balances of $ 6,700 million and adjustments of $ 131 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
                                                           Sep 16, 1998      Sep 9, 1998     Sep 17, 1997
                ASSETS
Gold certificate account                                        11,045        +       1        -       5
Special drawing rights certificate account                       9,200                0                0
Coin                                                               395        -       2        -     111
					      
Loans                                                              203        +      18        -     209
Acceptances                                                          0                0                0
Federal agency obligations		      
  Bought outright                                                  403        -      48        -     523
  Held under repurchase agreements (1)                             795        -   3,309        -     121
U.S. government securities		      
  Bought outright--Bills                                       198,032        -     664        +   3,238
                   Notes (2)                                   178,828        +       1        +  17,345
                   Bonds (3)                                    65,975                0        +  10,984
    Total bought outright (4)                                  442,835        -     664        +  31,567
  Held under repurchase agreements (1)                           9,106        -   1,859        +     181
     Total U.S. government securities                          451,941        -   2,523        +  31,748
       Total loans and securities                              453,342        -   5,862        +  30,895
					      
Items in process of collection                      (462)        7,676        -   2,861        +     875
Bank premises                                                    1,297        +       1        +      30
Other assets (5)                                                31,819        -     386        +   2,514
                TOTAL ASSETS                        (462)      514,774        -   9,109        +  34,198
					      
                LIABILITIES
Federal Reserve notes                                          468,505        -     663        +  34,490
Deposits		 		     
  Depository institutions                                       15,567        -   8,103        +   2,589
  U.S. Treasury--general account                                 6,265        +   1,326        -   4,721
  Foreign--official accounts                                       163        -       8        +       4
    Other                                                          357        +       3        -      15
      Total deposits                                            22,353        -   6,782        -   2,143
Deferred availability cash items                    (462)        7,182        -   1,566        +     760
Other liabilities and accrued dividends (6)                      4,540        -     150        -     175
                TOTAL LIABILITIES                   (462)      502,580        -   9,161        +  32,933
					      
                CAPITAL ACCOUNTS
Capital paid in                                                  5,950        +       5        +     738
Surplus                                                          5,220                0        +     725
Other capital accounts                                           1,023        +      47        -     197

*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 
   $ 42 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 
   $ 7 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Net of $ 17,668 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 475 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 $ 155 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, September 16, 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        188          0     Within 15 days          24,463   +   4,376        795   -   3,357
16 to 90 days          15          0     16 to 90 days           92,841   -     735         50   +      45
Over 90 days            0          0     91 days to 1 year      137,890   -   6,165         75   -      45
                                         Over 1 to 5 years      101,535           0         93           0
                                         Over 5 to 10 years      41,276           0        185           0
                                         Over 10 years           53,935           0          0           0
    Total             203          0         Total              451,941   -   2,523      1,198   -   3,357

1  Includes $ 2,850 million of inflation-indexed securities valued at the original face amount and 
   $ 49 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 September 16, 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                      11,045        582      4,205        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                                             395         14         23         15         23         39         66         55         20         13         27         51         49
				       
Loans                                            203          0          1         13          0          0         17         31         30         64         31          1         15
Acceptances                                        0          0          0          0          0          0          0          0          0          0          0          0          0
Federal agency obligations	       
  Bought outright                                403         22        149         12         26         32         24         39         14          4         11         18         51
  Held under repurchase agreements(1)            795          0        795          0          0          0          0          0          0          0          0          0          0
U.S. government securities	       
  Bought outright--Bills                     198,032     10,785     73,399      5,757     12,871     15,600     12,046     19,011      6,959      2,176      5,494      9,004     24,930
                   Notes (2)                 178,828      9,739     66,281      5,199     11,622     14,087     10,878     17,168      6,284      1,965      4,961      8,131     22,512
                   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)                442,835     24,118    164,133     12,875     28,781     34,884     26,938     42,513     15,562      4,865     12,285     20,135     55,747
  Held under repurchase agreements(1)          9,106          0      9,106          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             451,941     24,118    173,239     12,875     28,781     34,884     26,938     42,513     15,562      4,865     12,285     20,135     55,747
       Total loans and securities            453,342     24,140    174,183     12,899     28,807     34,916     26,979     42,582     15,606      4,934     12,327     20,155     55,813
				       
Items in process of collection                 8,138        590        947        272        411        501        933        681        346        637        484        423      1,913
Bank premises                                  1,297         93        159         50        157        126         79        108         31        131         54        149        161
Other assets(5)                               31,819      1,468     10,244      1,358      1,860      3,726      1,876      2,927        815        788        731      1,441      4,586
Interdistrict settlement account                   0     -1,632    +19,920       -146     -3,666     -2,834       -864     -4,036     -1,800       +240       +870     +2,081     -8,134
          TOTAL ASSETS                       515,236     25,785    212,883     15,054     28,809     38,072     30,388     44,215     15,717      6,994     15,029     25,197     57,094

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 
   $ 42 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 
   $ 7 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Net of $ 17,668 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $ 475 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 $ 155 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 September 16, 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                        468,505     23,565    198,094     12,866     26,476     33,749     26,808     40,112     14,535      5,457     13,593     22,907     50,345
Deposits			      	      
  Depository institutions                     15,567        919      3,523      1,283        905        972      1,434      1,807        436        393        535      1,086      2,274
  U.S. Treasury--general account               6,265          0      6,265          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     163          7         48          8          9         22          9         14          3          5          3          7         26
  Other                                          357          1        109          1          3         72          0        156          0          0         11          2          1
    Total deposits                            22,353        927      9,946      1,291        918      1,067      1,444      1,977        439        398        550      1,095      2,301
Deferred credit items                          7,644        485        799        234        312        567        879        580        310        655        447        451      1,923
Other liabilities and accrued	      	      
  dividends (1)                                4,540        255      1,535        163        287        377        304        440        181         86        157        215        539
    TOTAL LIABILITIES                        503,042     25,232    210,374     14,554     27,993     35,760     29,436     43,110     15,464      6,596     14,748     24,668     55,107
				      	      
       CAPITAL ACCOUNTS		      	      
Capital paid in                                5,950        268      1,181        214        398      1,203        472        543        120        199        138        235        980
Surplus                                        5,220        254      1,055        273        335        818        338        502        122        189        119        271        945
Other capital accounts                         1,023         31        273         14         82        291        142         60         11         10         25         22         62
     TOTAL LIABILITIES AND CAPITAL    	      
        ACCOUNTS                             515,236     25,785    212,883     15,054     28,809     38,072     30,388     44,215     15,717      6,994     15,029     25,197     57,094
				      	      
FEDERAL RESERVE AGENTS' ACCOUNTS      	      
				      	      
F.R. notes outstanding                       577,941     28,112    237,099     15,711     30,674     42,209     35,632     50,369     17,336      7,312     16,282     29,548     67,656
  Less--Held by F.R. Banks                   109,436      4,547     39,005      2,845      4,198      8,460      8,824     10,257      2,801      1,855      2,689      6,642     17,311
  F.R. notes, net                            468,505     23,565    198,094     12,866     26,476     33,749     26,808     40,112     14,535      5,457     13,593     22,907     50,345
Collateral held against F.R. notes    	      
   Gold certificate account                   11,045
   Special drawing rights	      	      
     certificate account                       9,200
   Other eligible assets                           0
   U.S. govt. and agency securities          448,260
     Total collateral                        468,505

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.

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Last update: September 17, 1998