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 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 Mar 18, 1998 Mar 11, 1998 Mar 19, 1997 Mar 18, 1998 Reserve Bank Credit (1,2) 468,414 + 928 + 30,146 469,339 U.S. government securities Bought outright-system account (3) 432,541 + 2,206 + 35,459 432,708 Held under repurchase agreements 2,216 - 634 - 5,027 3,001 Federal agency obligations Bought outright 625 - 43 - 1,387 625 Held under repurchase agreements 1,478 - 937 + 512 1,220 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 2 - 1 - 297 2 Seasonal credit 20 + 2 - 14 23 Extended credit 0 0 0 0 Float 588 + 28 + 78 594 Other F.R. assets 30,945 + 308 + 823 31,165 Gold stock 11,049 0 - 1 11,049 Special drawing rights certificate account 9,200 0 0 9,200 Treasury currency outstanding 25,760 + 14 + 618 25,760 Total factors supplying reserve funds 514,423 + 942 + 30,763 515,348 Currency in circulation* 474,061 + 167 + 30,481 474,719 Treasury cash holdings* 256 + 11 - 47 259 Deposits,other than reserve balances,with F.R.Banks Treasury 6,294 + 1,427 - 1,184 5,745 Foreign 176 + 17 + 10 156 Service-related balances and adjustments (4) 6,981 - 148 - 48 6,981 Other 372 - 5 - 48 357 Other F.R. liabilities and capital 16,178 - 231 + 1,545 15,879 Total factors, other than reserve balances, absorbing reserve funds 504,317 + 1,238 + 30,709 504,095 Reserve balances with F.R. Banks (5) 10,106 - 295 + 54 11,253 On March 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 613,242 million, a change of +$ 2,993 million for the week. The total includes the face value of U.S. Treasury strips and other zero coupon bonds. 1 Net of $ 16,504 million daily average, matched sale-purchase transactions outstanding during the latest statement week, of which a net of $ 16,504 million was with foreign official and international accounts. Includes securities loaned--fully secured by U.S. government securities. 2 Net of $ 16,338 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which a net of $ 16,338 million was with foreign official and international accounts. Includes $ 210 million securities loaned--fully secured U.S. government securities. 3 Includes $ 2050 million of inflation-indexed securities valued at the original face amount and $ 21 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Consists of required clearing balances of $ 6,734 million and adjustments of $ 247 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 18, 1998 Mar 11, 1998 Mar 19, 1997 ASSETS Gold certificate account 11,049 - 1 - 1 Special drawing rights certificate account 9,200 0 0 Coin 536 - 15 - 154 Loans 26 + 8 - 1,168 Acceptances 0 0 0 Federal agency obligations Bought outright 625 0 - 1,387 Held under repurchase agreements (1) 1,220 - 2,199 + 15 U.S. government securities Bought outright--Bills 195,812 + 186 + 4,531 Notes (2) 176,165 + 1 + 21,638 Bonds 60,732 0 + 9,333 Total bought outright (3) 432,708 + 187 + 35,502 Held under repurchase agreements (1) 3,001 - 3,939 - 6,888 Total U.S. government securities 435,709 - 3,752 + 28,614 Total loans and securities 437,579 - 5,943 + 26,075 Items in process of collection (448) 7,193 + 37 + 814 Bank premises 1,280 + 1 + 31 Other assets (4) 29,856 + 104 + 708 TOTAL ASSETS (448) 496,692 - 5,817 + 27,472 LIABILITIES Federal Reserve notes 449,753 - 366 + 29,713 Deposits Depository institutions 17,967 - 6,862 - 1,279 U.S. Treasury--general account 5,745 + 1,189 - 3,291 Foreign--official accounts 156 - 3 - 7 Other 357 - 22 - 55 Total deposits 24,224 - 5,698 - 4,632 Deferred availability cash items (448) 6,836 + 398 + 1,010 Other liabilities and accrued dividends (5) 4,692 - 149 - 4 TOTAL LIABILITIES (448) 485,505 - 5,814 + 26,087 CAPITAL ACCOUNTS Capital paid in 5,430 + 3 + 673 Surplus 5,220 0 + 706 Other capital accounts 536 - 6 + 5 *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 $ 21 million of compensation that adjusts for the effects of inflation on the principal of such securities. 3 Net of $ 16,338 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 210 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 $ 174 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, March 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 26 0 Within 15 days 15,517 + 917 1,220 - 2,199 16 to 90 days 0 0 16 to 90 days 93,598 - 4,905 74 0 Over 90 days 0 0 91 days to 1 year 139,873 + 235 175 0 Over 1 to 5 years 97,246 0 126 0 Over 5 to 10 years 39,842 0 225 0 Over 10 years 49,633 0 25 0 Total 26 0 Total 435,709 - 3,752 1,845 - 2,199 1 Includes $ 2050 million of inflation-indexed securities valued at the original face amount and $ 21 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 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 11,049 624 3,936 350 669 965 723 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 536 33 27 64 35 70 44 71 16 24 31 41 81 Loans 26 0 0 0 0 0 5 11 0 7 1 0 2 Acceptances 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal agency obligations Bought outright 625 38 202 21 43 59 42 67 25 9 18 23 79 Held under repurchase agreements(1) 1,220 0 1,220 0 0 0 0 0 0 0 0 0 0 U.S. government securities Bought outright--Bills 195,812 11,937 63,335 6,546 13,545 18,631 13,067 20,886 7,799 2,727 5,591 7,111 24,636 Notes (2) 176,165 10,739 56,981 5,889 12,186 16,761 11,756 18,791 7,016 2,453 5,030 6,398 22,164 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) 432,708 26,379 139,960 14,466 29,931 41,171 28,875 46,155 17,234 6,026 12,356 15,714 54,442 Held under repurchase agreements(1) 3,001 0 3,001 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 435,709 26,379 142,961 14,466 29,931 41,171 28,875 46,155 17,234 6,026 12,356 15,714 54,442 Total loans and securities 437,579 26,417 144,383 14,487 29,974 41,230 28,921 46,232 17,259 6,041 12,375 15,737 54,522 Items in process of collection 7,641 421 1,057 290 359 480 969 612 287 542 293 474 1,858 Bank premises 1,280 94 156 50 139 126 80 107 31 132 55 150 159 Other assets(4) 29,856 1,497 8,411 1,280 1,854 3,817 1,876 2,974 836 807 724 1,310 4,471 Interdistrict settlement account 0 -4,757 +26,916 -2,331 -1,985 -9,688 -1,110 -5,175 -2,328 -957 +1,169 +7,382 -7,135 TOTAL ASSETS 497,140 24,859 188,089 14,472 31,619 37,792 32,104 46,789 16,842 6,859 15,179 25,919 56,617 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 $ 21 million of compensation that adjusts for the effects of inflation on the principal of such securities. 3 Net of $ 16,338 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 210 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 $ 174 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 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 449,753 22,342 175,247 12,603 28,998 32,737 28,627 41,757 15,409 5,221 13,557 23,309 49,945 Deposits Depository institutions 17,967 1,311 2,148 815 1,206 2,283 1,504 2,692 727 637 744 1,549 2,351 U.S. Treasury--general account 5,745 0 5,745 0 0 0 0 0 0 0 0 0 0 Foreign--official accounts 156 7 41 8 9 22 9 14 3 5 3 7 26 Other 357 1 107 0 3 62 2 177 0 0 3 1 1 Total deposits 24,224 1,319 8,040 823 1,218 2,368 1,515 2,883 730 643 749 1,557 2,378 Deferred credit items 7,284 416 1,044 219 353 544 889 574 259 514 427 309 1,736 Other liabilities and accrued dividends (1) 4,692 288 1,417 186 314 439 335 496 199 100 168 190 561 TOTAL LIABILITIES 485,953 24,365 185,748 13,832 30,883 36,088 31,366 45,709 16,597 6,478 14,902 25,365 54,620 CAPITAL ACCOUNTS Capital paid in 5,430 211 1,114 317 358 840 363 526 115 190 136 275 985 Surplus 5,220 254 1,055 273 335 818 338 502 122 189 119 271 945 Other capital accounts 536 29 173 51 42 46 37 52 8 2 22 8 67 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 497,140 24,859 188,089 14,472 31,619 37,792 32,104 46,789 16,842 6,859 15,179 25,919 56,617 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 551,759 27,052 210,504 16,019 32,215 39,260 37,097 50,308 17,776 6,615 15,835 28,673 70,406 Less--Held by F.R. Banks 102,006 4,710 35,257 3,415 3,216 6,523 8,470 8,551 2,367 1,393 2,278 5,364 20,461 F.R. notes, net 449,753 22,342 175,247 12,603 28,998 32,737 28,627 41,757 15,409 5,221 13,557 23,309 49,945 Collateral held against F.R. notes Gold certificate account 11,049 Special drawing rights certificate account 9,200 Other eligible assets 0 U.S. govt. and agency securities 429,504 Total collateral 449,753 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.