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

Release Date: October 8, 1998

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FEDERAL RESERVE
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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
                                                                                            October 8, 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      Oct 7, 1998 Sep 30, 1998  Oct 8, 1997  Oct 7, 1998

Reserve Bank Credit  (1,2)                                  488,464    +     550    +  37,138      489,464
  U.S. government securities			        		      		     		   
    Bought outright-system account (3)                      446,736    +     496    +  33,516      447,457
    Held under repurchase agreements                          3,740    -   1,701    -     366        4,538
  Federal agency obligations			        		      		     		   
    Bought outright                                             403            0    -     463          403
    Held under repurchase agreements                          2,811    +   1,640    +   1,670        2,840
  Acceptances                                                     0            0            0            0
  Loans to depository institutions
  
    Adjustment credit                                           315    +     178    +     225            3
    Seasonal credit                                             132    -      41    -     144          128
    Extended credit                                               0            0            0            0
   Float                                                        294    -     510    +      15          -32
   Other F.R. assets                                         34,034    +     487    +   2,684       34,129
Gold stock                                                   11,044    -       1    -       6       11,044
Special drawing rights certificate account                    9,200            0            0        9,200
Treasury currency outstanding                                25,986    +      14    +     498       25,986
        Total factors supplying reserve funds               534,693    +     563    +  37,629      535,694
						        		      		     		   
Currency in circulation*                                    493,911    +   1,140    +  34,762      495,865
Treasury cash holdings*                                          92    -       1    -     164           92
Deposits,other than reserve balances,with F.R.Banks     		      		     		   
  Treasury                                                    5,779    -   1,210    +     378        5,291
  Foreign                                                       194    -       7    -      13          196
  Service-related balances and adjustments (4)                6,958    -      51    +       3        6,958
  Other                                                         423    +      69    +      47          427
Other F.R. liabilities and capital                           17,681    +     475    +   1,639       16,898
        Total factors, other than reserve balances,     		      		     		   
        absorbing reserve funds                             525,038    +     416    +  36,652      525,727

Reserve balances with F.R. Banks  (5)                         9,655    +     148    +     977        9,967
						       		      		     		    
On    October 7, 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    569,016 million, a change of 
 +$  4,324 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $     19,600 million daily average, matched sale-purchase transactions outstanding during the 
   latest statement week, of which a net of $     19,600 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $     19,483 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week, of which a net of $     19,483 million was with foreign official and international 
   accounts.  Includes $        483 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 
   $         52 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Consists of required clearing balances of $      6,696 million and adjustments of $        262 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
                                                            Oct 7, 1998     Sep 30, 1998      Oct 8, 1997
                ASSETS
Gold certificate account                                        11,044                0        -       6
Special drawing rights certificate account                       9,200                0                0
Coin                                                               409        -       8        -     117
					      
Loans                                                              130        -     925        -     153
Acceptances                                                          0                0                0
Federal agency obligations		      
  Bought outright                                                  403                0        -     463
  Held under repurchase agreements (1)                           2,840        +     741        +   1,118
U.S. government securities		      
  Bought outright--Bills                                       196,216        +     352        +     932
                   Notes (2)                                   184,187        +       1        +  21,048
                   Bonds (3)                                    67,054        +   1,058        +  12,063
    Total bought outright (4)                                  447,457        +   1,410        +  34,043
  Held under repurchase agreements (1)                           4,538        -   7,597        -   3,016
     Total U.S. government securities                          451,995        -   6,187        +  31,027
       Total loans and securities                              455,368        -   6,370        +  31,529
					      
Items in process of collection                      (574)        8,040        +   1,586        +     634
Bank premises                                                    1,296        +       1        +      28
Other assets (5)                                                32,909        -   1,419        +   2,474
                TOTAL ASSETS                        (574)      518,266        -   6,210        +  34,542
					      
                LIABILITIES
Federal Reserve notes                                          470,380        +   1,622        +  34,045
Deposits		 		     
  Depository institutions                                       17,950        -   7,756        -   1,774
  U.S. Treasury--general account                                 5,291        +     340        +     434
  Foreign--official accounts                                       196        -     151        +      32
    Other                                             (0)          427        +      78        +      53
      Total deposits                                  (0)       23,865        -   7,489        -   1,255
Deferred availability cash items                    (574)        7,123        +     413        +     509
Other liabilities and accrued dividends (6)                      4,506        -     131        -     255
                TOTAL LIABILITIES                   (574)      505,874        -   5,585        +  33,043
					      
                CAPITAL ACCOUNTS
Capital paid in                                                  5,914        +       4        +     670
Surplus                                                          5,220                0        +     832
Other capital accounts                                           1,257        -     629        -       3

*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 
   $         44 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 $     19,483 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $        483 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 $        204 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,    October 7, 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         26          0     Within 15 days          13,238   -   7,072      2,840   +     741
16 to 90 days         104          0     16 to 90 days           93,791   +   3,147         50           0
Over 90 days            0          0     91 days to 1 year      142,555   -   3,320         85   +      10
                                         Over 1 to 5 years      105,789           0         83   -      10
                                         Over 5 to 10 years      41,628           0        185           0
                                         Over 10 years           54,994   +   1,058          0           0
    Total             130          0         Total              451,995   -   6,187      3,243   +     741

1  Includes $      2,850 million of inflation-indexed securities valued at the original face amount and 
   $         52 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    October 7, 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                      11,044        582      4,204        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                                             409         18         20         16         24         44         64         54         19         14         31         53         50
				       
Loans                                            130          0          1          0          0          0          6         15         23         46         29          1          9
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)          2,840          0      2,840          0          0          0          0          0          0          0          0          0          0
U.S. government securities	       
  Bought outright--Bills                     196,216     10,686     72,726      5,705     12,753     15,457     11,936     18,837      6,895      2,156      5,443      8,922     24,701
                   Notes (2)                 184,187     10,031     68,267      5,355     11,971     14,509     11,204     17,682      6,473      2,023      5,109      8,375     23,187
                   Bonds (3)                  67,054      3,652     24,853      1,950      4,358      5,282      4,079      6,437      2,356        737      1,860      3,049      8,441
     Total bought outright(4)                447,457     24,370    165,846     13,009     29,081     35,248     27,219     42,957     15,724      4,916     12,413     20,345     56,329
  Held under repurchase agreements(1)          4,538          0      4,538          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             451,995     24,370    170,384     13,009     29,081     35,248     27,219     42,957     15,724      4,916     12,413     20,345     56,329
       Total loans and securities            455,368     24,391    173,374     13,021     29,108     35,280     27,249     43,010     15,762      4,966     12,453     20,365     56,389
				       
Items in process of collection                 8,613        684      1,083        334        502        668      1,034        554        382        606        497        413      1,856
Bank premises                                  1,296         93        159         50        157        125         79        107         31        131         54        149        160
Other assets(5)                               32,909      1,575      9,892      1,416      1,991      3,943      2,010      3,167        875        832        785      1,537      4,887
Interdistrict settlement account                   0    - 2,640    +19,270    - 1,145    - 4,395    - 2,513    -   694    - 1,674    - 2,040    +   734    + 1,292    + 2,623    - 8,818
          TOTAL ASSETS                       518,839     25,235    211,204     14,297     28,604     39,146     31,062     47,117     15,726      7,534     15,647     26,037     57,230

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 
   $         44 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 $     19,483 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $        483 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 $        204 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    October 7, 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                        470,380     22,992    197,852     12,749     26,059     33,509     27,496     42,032     14,242      5,541     14,126     23,439     50,344
Deposits			      	      
  Depository institutions                     17,950        958      3,061        643      1,102      2,150      1,299      2,720        717        880        543      1,475      2,401
  U.S. Treasury--general account               5,291          0      5,291          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     196          7         82          8          9         22          9         14          3          5          3          7         26
  Other                                          427          1        103          0          1        101          2        206          0          0          8          1          3
    Total deposits                            23,865        966      8,537        651      1,112      2,272      1,311      2,940        721        886        554      1,484      2,431
Deferred credit items                          7,697        466        753        235        309        639        980        577        327        618        520        373      1,900
Other liabilities and accrued	      	      
  dividends (1)                                4,506        252      1,501        163        297        374        307        434        180         86        159        216        539
    TOTAL LIABILITIES                        506,448     24,675    208,643     13,798     27,777     36,794     30,093     45,983     15,470      7,131     15,359     25,512     55,214
				      	      
       CAPITAL ACCOUNTS		      	      
Capital paid in                                5,914        268      1,186        213        398      1,160        472        545        120        200        138        234        980
Surplus                                        5,220        254      1,055        273        335        818        338        502        122        189        119        271        945
Other capital accounts                         1,257         39        319         13         94        374        159         87         14         14         31         21         92
     TOTAL LIABILITIES AND CAPITAL    	      
        ACCOUNTS                             518,839     25,235    211,204     14,297     28,604     39,146     31,062     47,117     15,726      7,534     15,647     26,037     57,230
				      	      
FEDERAL RESERVE AGENTS' ACCOUNTS      	      
				      	      
F.R. notes outstanding                       583,371     27,771    238,262     15,959     30,650     42,453     36,557     52,824     17,077      7,321     16,692     29,869     67,937
  Less--Held by F.R. Banks                   112,991      4,779     40,410      3,210      4,591      8,944      9,061     10,792      2,834      1,780      2,566      6,430     17,594
  F.R. notes, net                            470,380     22,992    197,852     12,749     26,059     33,509     27,496     42,032     14,242      5,541     14,126     23,439     50,344
Collateral held against F.R. notes    	      
   Gold certificate account                   11,044
   Special drawing rights	      	      
     certificate account                       9,200
   Other eligible assets                           0
   U.S. govt. and agency securities          450,137
     Total collateral                        470,380

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: October 8, 1998