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 18, 1999 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 17, 1999 Mar 10, 1999 Mar 18, 1998 Mar 17, 1999 Reserve Bank Credit (1,2) 507,626 + 409 + 39,268 508,240 U.S. government securities Bought outright-system account (3) 464,197 + 1,459 + 31,656 464,506 Held under repurchase agreements 4,497 - 1,335 + 2,281 4,495 Federal agency obligations Bought outright 311 - 21 - 314 311 Held under repurchase agreements 3,690 + 951 + 2,212 3,840 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 4 - 1 + 2 1 Seasonal credit 16 + 2 - 4 20 Extended credit 0 0 0 0 Float 75 - 1,071 - 457 177 Other F.R. assets 34,836 + 425 + 3,891 34,892 Gold stock 11,049 + 2 0 11,049 Special drawing rights certificate account 8,200 - 143 - 1,000 8,200 Treasury currency outstanding 26,410 + 14 + 752 26,410 Total factors supplying reserve funds 553,285 + 282 + 39,019 553,899 Currency in circulation* 514,615 + 870 + 40,656 515,610 Treasury cash holdings* 132 + 1 - 124 134 Deposits,other than reserve balances,with F.R.Banks Treasury 6,313 + 1,226 + 19 6,318 Foreign 180 - 10 + 4 173 Service-related balances and adjustments (4) 6,903 - 59 - 73 6,903 Other 261 + 10 - 111 247 Other F.R. liabilities and capital 17,117 + 262 + 939 16,906 Total factors, other than reserve balances, absorbing reserve funds 545,521 + 2,300 + 41,310 546,291 Reserve balances with F.R. Banks (5) 7,764 - 2,018 - 2,291 7,608 On March 17, 1999, the face amount of marketable U.S. government securities held in custody by the Federal Reserve Banks for foreign official and international accounts was 593,457 million, a change of -$ 3,533 million for the week. The total includes the face value of U.S. Treasury strips and other zero coupon bonds. 1 Net of $ 16,776 million daily average, matched sale-purchase transactions outstanding during the latest statement week, of which a net of $ 16,776 million was with foreign official and international accounts. Includes securities loaned--fully secured by U.S. government securities. 2 Net of $ 16,468 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which a net of $ 16,468 million was with foreign official and international accounts. Includes $ 40 million securities loaned--fully secured U.S. government securities. 3 Includes $ 4,087 million of inflation-indexed securities valued at the original face amount and $ 82 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Consists of required clearing balances of $ 6,695 million and adjustments of $ 208 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 17, 1999 Mar 10, 1999 Mar 18, 1998 ASSETS Gold certificate account 11,049 + 2 0 Special drawing rights certificate account 8,200 0 - 1,000 Coin 450 + 9 - 86 Loans 21 + 5 - 5 Acceptances 0 0 0 Federal agency obligations Bought outright 311 0 - 314 Held under repurchase agreements (1) 3,840 - 1,562 + 2,620 U.S. government securities Bought outright--Bills 199,231 - 135 + 3,419 Notes (2) 192,493 + 1,019 + 16,328 Bonds (3) 72,781 0 + 12,049 Total bought outright (4) 464,506 + 885 + 31,798 Held under repurchase agreements (1) 4,495 - 5,003 + 1,494 Total U.S. government securities 469,001 - 4,118 + 33,292 Total loans and securities 473,172 - 5,675 + 35,593 Items in process of collection (631) 7,350 - 885 + 157 Bank premises 1,303 + 1 + 23 Other assets (5) 33,611 + 53 + 3,755 TOTAL ASSETS (631) 535,135 - 6,495 + 38,443 LIABILITIES Federal Reserve notes 489,785 + 463 + 40,032 Deposits Depository institutions 14,138 - 8,719 - 3,829 U.S. Treasury--general account 6,318 + 1,596 + 573 Foreign--official accounts 173 + 8 + 17 Other (0) 247 - 3 - 110 Total deposits (0) 20,877 - 7,117 - 3,347 Deferred availability cash items (631) 7,568 + 236 + 732 Other liabilities and accrued dividends (6) 4,277 - 126 - 415 TOTAL LIABILITIES (631) 522,507 - 6,544 + 37,002 CAPITAL ACCOUNTS Capital paid in 6,077 + 3 + 647 Surplus 5,952 + 15 + 732 Other capital accounts 600 + 32 + 64 *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 $ 3,267 million of inflation-indexed securities valued at the original face amount and $ 70 million of compensation that adjusts for the effects of inflation on the principal of such securities. 3 Includes $ 820 million of inflation-indexed securities valued at the original face amount and $ 12 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Net of $ 16,468 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 40 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 $ 0 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, March 17, 1999 Holdings of securities include securitites held under repurchase agreements, which are classified according to remaining maturity. Millions of dollars U.S. government Federal agency Loans Acceptances securities (1) obligations Weekly Weekly Holdings changes Holdings changes Within 15 days 18 0 Within 15 days 18,333 + 985 3,840 - 1,562 16 to 90 days 3 0 16 to 90 days 99,462 - 5,857 23 + 23 Over 90 days 0 0 91 days to 1 year 134,895 - 265 83 - 23 Over 1 to 5 years 110,865 + 1,017 30 0 Over 5 to 10 years 46,595 + 1 175 0 Over 10 years 58,851 0 0 0 Total 21 0 Total 469,001 - 4,118 4,151 - 1,562 1 Includes $ 4,087 million of inflation-indexed securities valued at the original face amount and $ 82 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 17, 1999 Millions of dollars Kansas San Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco ASSETS Gold certificate account 11,049 582 4,209 323 643 807 717 998 358 128 289 530 1,465 Special drawing rights certif. acct. 8,200 406 3,215 247 396 683 596 725 232 103 231 451 915 Coin 450 26 18 40 26 60 52 51 19 23 32 44 61 Loans 21 2 0 1 0 0 4 5 3 2 4 0 0 Acceptances 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal agency obligations Bought outright 311 17 115 9 20 24 19 30 11 3 9 14 39 Held under repurchase agreements(1) 3,840 0 3,840 0 0 0 0 0 0 0 0 0 0 U.S. government securities Bought outright--Bills 199,231 10,851 73,843 5,792 12,949 15,694 12,119 19,127 7,001 2,189 5,527 9,059 25,081 Notes (2) 192,493 10,484 71,346 5,596 12,511 15,164 11,710 18,480 6,764 2,115 5,340 8,752 24,232 Bonds (3) 72,781 3,964 26,976 2,116 4,730 5,733 4,427 6,987 2,558 800 2,019 3,309 9,162 Total bought outright(4) 464,506 25,298 172,165 13,505 30,189 36,591 28,256 44,593 16,323 5,103 12,886 21,120 58,475 Held under repurchase agreements(1) 4,495 0 4,495 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 469,001 25,298 176,660 13,505 30,189 36,591 28,256 44,593 16,323 5,103 12,886 21,120 58,475 Total loans and securities 473,172 25,317 180,615 13,515 30,210 36,616 28,279 44,628 16,338 5,109 12,898 21,135 58,515 Items in process of collection 7,981 446 1,026 426 372 547 693 704 355 647 515 365 1,885 Bank premises 1,303 94 158 50 157 125 87 106 31 130 53 148 163 Other assets(5) 33,611 1,546 10,299 1,015 2,092 5,020 2,151 3,054 837 809 814 1,311 4,664 Interdistrict settlement account 0 + 1,032 + 4,469 + 2,417 - 4,871 - 3,791 + 1,166 + 3,784 + 640 + 187 + 1,260 + 967 - 7,260 TOTAL ASSETS 535,766 29,449 204,010 18,031 29,026 40,066 33,741 54,049 18,810 7,136 16,092 24,950 60,407 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 $ 3,267 million of inflation-indexed securities valued at the original face amount and $ 70 million of compensation that adjusts for the effects of inflation on the principal of such securities. 3 Includes $ 820 million of inflation-indexed securities valued at the original face amount and $ 12 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Net of $ 16,468 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 40 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 $ 0 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 17, 1999 Millions of dollars Kansas San Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco LIABILITIES Federal Reserve notes 489,785 27,647 190,270 16,912 26,365 35,216 29,927 49,787 17,513 5,765 14,580 22,793 53,010 Deposits Depository institutions 14,138 501 1,944 312 1,136 1,227 1,603 2,063 508 314 492 1,141 2,897 U.S. Treasury--general account 6,318 0 6,318 0 0 0 0 0 0 0 0 0 0 Foreign--official accounts 173 7 57 4 10 30 10 14 3 5 3 6 24 Other 247 0 144 0 2 74 5 1 6 1 10 1 2 Total deposits 20,877 508 8,464 317 1,148 1,332 1,618 2,078 517 319 506 1,147 2,922 Deferred credit items 8,199 464 980 296 409 678 1,050 541 359 556 529 337 1,998 Other liabilities and accrued dividends (1) 4,277 236 1,490 151 270 346 291 406 165 84 148 201 489 TOTAL LIABILITIES 523,138 28,854 201,204 17,677 28,192 37,572 32,886 52,812 18,555 6,724 15,763 24,479 58,418 CAPITAL ACCOUNTS Capital paid in 6,077 284 1,305 170 401 1,234 412 595 120 209 157 225 964 Surplus 5,952 267 1,208 177 399 1,238 418 583 121 202 140 227 972 Other capital accounts 600 43 292 8 33 23 24 59 15 1 31 19 53 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 535,766 29,449 204,010 18,031 29,026 40,066 33,741 54,049 18,810 7,136 16,092 24,950 60,407 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 654,316 32,648 255,242 19,721 31,028 51,244 45,490 61,675 21,167 9,137 19,174 33,245 74,545 Less--Held by F.R. Banks 164,531 5,001 64,972 2,809 4,663 16,027 15,563 11,888 3,654 3,372 4,595 10,452 21,536 F.R. notes, net 489,785 27,647 190,270 16,912 26,365 35,216 29,927 49,787 17,513 5,765 14,580 22,793 53,010 Collateral held against F.R. notes Gold certificate account 11,049 Special drawing rights certificate account 8,200 Other eligible assets 0 U.S. govt. and agency securities 470,536 Total collateral 489,785 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.