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 26, 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 25, 1998 Feb 18, 1998 Feb 26, 1997 Feb 25, 1998 Reserve Bank Credit (1,2) 466,237 + 1,506 + 30,231 476,236 U.S. government securities Bought outright-system account (3) 428,618 + 481 + 35,653 429,189 Held under repurchase agreements 5,743 + 2,944 - 3,688 12,080 Federal agency obligations Bought outright 675 0 - 1,356 675 Held under repurchase agreements 442 - 174 - 710 1,610 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 15 - 63 - 22 4 Seasonal credit 13 + 1 - 11 13 Extended credit 0 0 0 0 Float 245 - 234 - 248 1,227 Other F.R. assets 30,486 - 1,448 + 614 31,438 Gold stock 11,049 + 1 - 2 11,050 Special drawing rights certificate account 9,200 0 - 200 9,200 Treasury currency outstanding 25,718 + 14 + 623 25,718 Total factors supplying reserve funds 512,203 + 1,521 + 30,652 522,203 Currency in circulation* 472,853 - 200 + 30,945 473,257 Treasury cash holdings* 229 + 2 - 37 241 Deposits,other than reserve balances,with F.R.Banks Treasury 4,400 - 569 - 25 4,398 Foreign 172 + 8 - 38 194 Service-related balances and adjustments (4) 6,956 - 84 - 122 6,956 Other 371 - 33 + 43 374 Other F.R. liabilities and capital 16,139 - 15 + 1,746 15,931 Total factors, other than reserve balances, absorbing reserve funds 501,120 - 890 + 32,513 501,350 Reserve balances with F.R. Banks (5) 11,083 + 2,411 - 1,861 20,853 On February 25, 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 606,419 million, a change of -$ 291 million for the week. The total includes the face value of U.S. Treasury strips and other zero coupon bonds. 1 Net of $ 16,663 million daily average, matched sale-purchase transactions outstanding during the latest statement week, of which a net of $ 16,663 million was with foreign official and international accounts. Includes securities loaned--fully secured by U.S. government securities. 2 Net of $ 16,093 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which a net of $ 16,093 million was with foreign official and international accounts. Includes $ 140 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 $ 6,745 million and adjustments of $ 211 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 25, 1998 Feb 18, 1998 Feb 26, 1997 ASSETS Gold certificate account 11,050 + 2 - 1 Special drawing rights certificate account 9,200 0 - 200 Coin 569 - 10 - 151 Loans 17 + 2 - 12 Acceptances 0 0 0 Federal agency obligations Bought outright 675 0 - 1,337 Held under repurchase agreements (1) 1,610 + 540 - 718 U.S. government securities Bought outright--Bills 196,057 + 1,188 + 4,589 Notes (2) 172,400 - 1 + 20,735 Bonds 60,732 0 + 10,450 Total bought outright (3) 429,189 + 1,188 + 35,774 Held under repurchase agreements (1) 12,080 + 7,778 - 2,736 Total U.S. government securities 441,269 + 8,966 + 33,038 Total loans and securities 443,571 + 9,508 + 30,971 Items in process of collection (484) 7,199 - 6,971 + 927 Bank premises 1,276 - 1 + 31 Other assets (4) 30,054 + 1,271 + 601 TOTAL ASSETS (484) 502,918 + 3,799 + 32,176 LIABILITIES Federal Reserve notes 448,349 - 872 + 29,780 Deposits Depository institutions 27,475 + 8,524 + 800 U.S. Treasury--general account 4,398 - 302 - 832 Foreign--official accounts 194 + 24 + 6 Other 374 - 31 + 38 Total deposits 32,440 + 8,215 + 13 Deferred availability cash items (484) 6,198 - 3,542 + 715 Other liabilities and accrued dividends (5) 4,716 + 1 + 140 TOTAL LIABILITIES (484) 491,704 + 3,802 + 30,649 CAPITAL ACCOUNTS Capital paid in 5,478 + 4 + 757 Surplus 5,220 0 + 746 Other capital accounts 517 - 7 + 24 *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 $ 16,093 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 140 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 $ 182 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 25, 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 12 0 Within 15 days 26,410 + 9,119 1,660 + 590 16 to 90 days 5 0 16 to 90 days 91,811 - 462 44 - 50 Over 90 days 0 0 91 days to 1 year 139,269 + 310 150 0 Over 1 to 5 years 94,305 0 151 0 Over 5 to 10 years 39,841 0 255 0 Over 10 years 49,633 0 25 0 Total 17 0 Total 441,269 + 8,966 2,285 + 540 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 25, 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 11,050 624 3,937 350 669 965 723 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 569 33 26 67 36 72 55 76 20 23 34 48 80 Loans 17 1 0 0 0 0 5 2 2 3 4 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) 1,610 0 1,610 0 0 0 0 0 0 0 0 0 0 U.S. government securities Bought outright--Bills 196,057 11,952 63,415 6,554 13,561 18,654 13,083 20,912 7,809 2,730 5,598 7,120 24,667 Notes (2) 172,400 10,510 55,763 5,763 11,925 16,403 11,504 18,389 6,866 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) 429,189 26,164 138,822 14,348 29,687 40,836 28,640 45,779 17,094 5,977 12,255 15,587 53,999 Held under repurchase agreements(1) 12,080 0 12,080 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 441,269 26,164 150,902 14,348 29,687 40,836 28,640 45,779 17,094 5,977 12,255 15,587 53,999 Total loans and securities 443,571 26,206 152,730 14,371 29,734 40,900 28,690 45,853 17,123 5,990 12,279 15,611 54,084 Items in process of collection 7,682 414 1,273 240 366 478 780 704 269 553 435 430 1,739 Bank premises 1,276 94 155 51 137 126 79 107 31 132 55 150 159 Other assets(4) 30,054 1,455 9,126 1,252 1,802 3,740 1,828 2,901 807 791 704 1,281 4,369 Interdistrict settlement account 0 -3,838 +21,612 -1,450 -1,632 -10,135 +219 -4,392 -1,809 -1,124 +996 +7,607 -6,054 TOTAL ASSETS 503,402 25,518 192,060 15,162 31,687 36,938 32,975 47,219 17,183 6,635 15,035 25,952 57,037 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 $ 16,093 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 140 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 $ 182 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 25, 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 448,349 22,275 175,963 12,314 28,919 31,911 28,833 41,007 15,635 5,005 13,463 23,179 49,844 Deposits Depository institutions 27,475 2,017 6,957 1,823 1,401 2,241 2,295 3,835 837 671 753 1,711 2,933 U.S. Treasury--general account 4,398 0 4,398 0 0 0 0 0 0 0 0 0 0 Foreign--official accounts 194 7 79 8 9 22 9 14 3 5 3 7 26 Other 374 1 101 1 3 71 3 187 0 0 3 2 1 Total deposits 32,440 2,025 11,534 1,832 1,413 2,335 2,308 4,036 841 676 760 1,721 2,960 Deferred credit items 6,682 388 752 194 312 552 769 615 266 475 368 300 1,692 Other liabilities and accrued dividends (1) 4,716 282 1,481 183 309 435 332 490 197 99 167 186 554 TOTAL LIABILITIES 492,187 24,971 189,730 14,522 30,953 35,233 32,242 46,148 16,939 6,255 14,759 25,386 55,050 CAPITAL ACCOUNTS Capital paid in 5,478 263 1,114 317 358 839 362 525 115 189 136 275 985 Surplus 5,220 254 1,055 273 335 818 338 502 122 189 119 271 945 Other capital accounts 517 31 162 50 41 48 32 43 7 2 22 20 58 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 503,402 25,518 192,060 15,162 31,687 36,938 32,975 47,219 17,183 6,635 15,035 25,952 57,037 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 548,745 27,386 206,814 16,197 32,349 38,669 37,515 49,788 18,018 6,584 15,860 28,843 70,722 Less--Held by F.R. Banks 100,395 5,111 30,850 3,883 3,431 6,757 8,682 8,781 2,383 1,579 2,397 5,664 20,878 F.R. notes, net 448,349 22,275 175,963 12,314 28,919 31,911 28,833 41,007 15,635 5,005 13,463 23,179 49,844 Collateral held against F.R. notes Gold certificate account 11,050 Special drawing rights certificate account 9,200 Other eligible assets 0 U.S. govt. and agency securities 428,099 Total collateral 448,349 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.