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 February 19, 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 Feb 18, 1998 Feb 11, 1998 Feb 19, 1997 Feb 18, 1998 Reserve Bank Credit (1,2) 464,706 + 3,425 + 30,262 467,712 U.S. government securities Bought outright-system account (3) 428,138 + 1,045 + 36,256 428,001 Held under repurchase agreements 2,799 + 2,526 - 4,212 4,302 Federal agency obligations Bought outright 675 - 7 - 1,364 675 Held under repurchase agreements 617 + 454 - 1,170 1,070 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 78 + 52 + 60 3 Seasonal credit 12 + 3 - 10 12 Extended credit 0 0 0 0 Float 479 - 476 + 21 3,490 Other F.R. assets 31,909 - 173 + 680 30,159 Gold stock 11,047 + 1 - 3 11,048 Special drawing rights certificate account 9,200 0 - 200 9,200 Treasury currency outstanding 25,704 + 14 + 625 25,704 Total factors supplying reserve funds 510,657 + 3,440 + 30,684 513,663 Currency in circulation* 473,053 + 2,477 + 30,876 474,118 Treasury cash holdings* 227 + 4 - 35 227 Deposits,other than reserve balances,with F.R.Banks Treasury 4,969 - 93 - 33 4,699 Foreign 164 + 1 - 1 170 Service-related balances and adjustments (4) 7,040 - 79 0 7,040 Other 404 - 18 + 47 405 Other F.R. liabilities and capital 16,154 + 14 + 1,881 15,933 Total factors, other than reserve balances, absorbing reserve funds 502,010 + 2,305 + 32,734 502,592 Reserve balances with F.R. Banks (5) 8,648 + 1,135 - 2,051 11,071 On February 18, 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 606,710 million, a change of +$ 6,225 million for the week. The total includes the face value of U.S. Treasury strips and other zero coupon bonds. 1 Net of $ 17,145 million daily average, matched sale-purchase transactions outstanding during the latest statement week, of which a net of $ 17,145 million was with foreign official and international accounts. Includes securities loaned--fully secured by U.S. government securities. 2 Net of $ 17,281 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which a net of $ 17,281 million was with foreign official and international accounts. Includes $ 265 million securities loaned--fully secured U.S. government securities. 3 Includes $ 2050 million of inflation-indexed securities valued at the original face amount and $ 20 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Consists of required clearing balances of $ 6,751 million and adjustments of $ 289 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 Feb 18, 1998 Feb 11, 1998 Feb 19, 1997 ASSETS Gold certificate account 11,048 + 1 - 3 Special drawing rights certificate account 9,200 0 - 200 Coin 580 + 2 - 150 Loans 15 - 1 - 15 Acceptances 0 0 0 Federal agency obligations Bought outright 675 0 - 1,364 Held under repurchase agreements (1) 1,070 - 70 + 506 U.S. government securities Bought outright--Bills 194,869 - 1,479 + 2,790 Notes (2) 172,401 - 1,326 + 21,061 Bonds 60,732 + 1,325 + 10,943 Total bought outright (3) 428,001 - 1,480 + 34,793 Held under repurchase agreements (1) 4,302 + 2,387 - 4,088 Total U.S. government securities 432,303 + 907 + 30,705 Total loans and securities 434,063 + 836 + 29,832 Items in process of collection (353) 14,170 + 6,170 + 3,200 Bank premises 1,277 0 + 34 Other assets (4) 28,783 - 2,392 + 414 TOTAL ASSETS (353) 499,119 + 4,618 + 33,127 LIABILITIES Federal Reserve notes 449,221 + 1,735 + 30,586 Deposits Depository institutions 18,951 - 795 + 816 U.S. Treasury--general account 4,699 + 299 - 872 Foreign--official accounts 170 + 19 + 7 Other 405 + 3 + 76 Total deposits 24,225 - 475 + 27 Deferred availability cash items (353) 9,740 + 3,397 + 753 Other liabilities and accrued dividends (5) 4,715 - 44 + 114 TOTAL LIABILITIES (353) 487,902 + 4,613 + 31,479 CAPITAL ACCOUNTS Capital paid in 5,474 + 2 + 770 Surplus 5,220 0 + 776 Other capital accounts 524 + 3 + 102 *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 $ 20 million of compensation that adjusts for the effects of inflation on the principal of such securities. 3 Net of $ 17,281 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. 4 Includes assets denominated in foreign currencies, revalued monthly at market exchange rates. Includes special investment account at Chicago of $ 175 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, February 18, 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 9 0 Within 15 days 17,291 + 3,461 1,070 - 70 16 to 90 days 6 0 16 to 90 days 92,274 - 2,031 94 0 Over 90 days 0 0 91 days to 1 year 138,959 - 204 150 0 Over 1 to 5 years 94,305 - 179 151 0 Over 5 to 10 years 39,841 - 1,465 255 0 Over 10 years 49,633 + 1,325 25 0 Total 15 0 Total 432,303 + 907 1,745 - 70 1 Includes $ 2050 million of inflation-indexed securities valued at the original face amount and $ 20 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 February 18, 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 11,048 624 3,935 350 669 965 723 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 580 35 25 67 36 72 57 77 23 23 35 51 79 Loans 15 0 0 1 0 0 5 2 0 1 5 0 0 Acceptances 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal agency obligations Bought outright 675 41 218 23 47 64 45 72 27 9 19 24 85 Held under repurchase agreements(1) 1,070 0 1,070 0 0 0 0 0 0 0 0 0 0 U.S. government securities Bought outright--Bills 194,869 11,880 63,030 6,515 13,479 18,541 13,004 20,786 7,761 2,714 5,564 7,077 24,518 Notes (2) 172,401 10,510 55,763 5,764 11,925 16,403 11,504 18,389 6,867 2,401 4,923 6,261 21,691 Bonds 60,732 3,702 19,644 2,030 4,201 5,778 4,053 6,478 2,419 846 1,734 2,206 7,641 Total bought outright(3) 428,001 26,092 138,437 14,308 29,605 40,723 28,561 45,653 17,047 5,961 12,221 15,543 53,849 Held under repurchase agreements(1) 4,302 0 4,302 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 432,303 26,092 142,739 14,308 29,605 40,723 28,561 45,653 17,047 5,961 12,221 15,543 53,849 Total loans and securities 434,063 26,133 144,028 14,332 29,652 40,787 28,611 45,727 17,074 5,971 12,246 15,568 53,934 Items in process of collection 14,523 814 2,012 746 985 1,381 1,841 1,122 535 926 768 739 2,653 Bank premises 1,277 94 156 50 138 126 79 107 32 132 55 150 159 Other assets(4) 28,783 1,435 8,077 1,239 1,780 3,709 1,806 2,865 794 785 692 1,269 4,332 Interdistrict settlement account 0 -3,738 +28,293 -2,300 -1,990 -11,119 -1,585 -5,370 -2,059 -1,552 +947 +6,860 -6,387 TOTAL ASSETS 499,473 25,927 189,727 14,767 31,844 36,714 32,133 46,498 17,139 6,555 15,275 25,463 57,431 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 $ 20 million of compensation that adjusts for the effects of inflation on the principal of such securities. 3 Net of $ 17,281 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. 4 Includes assets denominated in foreign currencies, revalued monthly at market exchange rates. Includes special investment account at Chicago of $ 175 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 February 18, 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 449,221 22,451 177,318 12,336 29,114 31,813 28,315 41,173 15,781 4,939 13,484 22,826 49,672 Deposits Depository institutions 18,951 2,079 2,531 1,266 1,242 1,910 1,581 2,729 536 416 679 1,315 2,668 U.S. Treasury--general account 4,699 0 4,699 0 0 0 0 0 0 0 0 0 0 Foreign--official accounts 170 7 56 8 9 22 9 14 3 5 3 7 26 Other 405 1 134 1 3 74 4 178 1 0 2 3 4 Total deposits 24,226 2,087 7,420 1,274 1,254 2,006 1,594 2,921 540 422 685 1,326 2,697 Deferred credit items 10,093 556 1,196 333 428 766 1,159 836 376 716 663 548 2,515 Other liabilities and accrued dividends (1) 4,715 289 1,456 186 313 433 334 496 199 98 167 187 556 TOTAL LIABILITIES 488,255 25,382 187,391 14,129 31,109 35,019 31,402 45,427 16,895 6,176 14,998 24,887 55,441 CAPITAL ACCOUNTS Capital paid in 5,474 263 1,109 317 357 834 361 522 115 189 136 287 984 Surplus 5,220 254 1,055 273 335 818 338 502 122 189 119 271 945 Other capital accounts 524 29 172 48 42 44 32 47 6 1 22 19 61 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 499,473 25,927 189,727 14,767 31,844 36,714 32,133 46,498 17,139 6,555 15,275 25,463 57,431 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 549,015 27,562 207,527 16,229 32,520 38,711 37,085 49,850 18,129 6,552 15,908 28,656 70,287 Less--Held by F.R. Banks 99,794 5,111 30,209 3,893 3,406 6,898 8,770 8,677 2,348 1,613 2,424 5,830 20,615 F.R. notes, net 449,221 22,451 177,318 12,336 29,114 31,813 28,315 41,173 15,781 4,939 13,484 22,826 49,672 Collateral held against F.R. notes Gold certificate account 11,048 Special drawing rights certificate account 9,200 Other eligible assets 0 U.S. govt. and agency securities 428,974 Total collateral 449,221 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.