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 May 14, 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 May 13, 1998 May 6, 1998 May 14, 1997 May 13, 1998 Reserve Bank Credit (1,2) 469,128 - 4,645 + 18,934 471,369 U.S. government securities Bought outright-system account (3) 434,600 - 3,054 + 29,748 437,644 Held under repurchase agreements 0 - 2,247 - 11,330 0 Federal agency obligations Bought outright 551 0 - 1,420 551 Held under repurchase agreements 0 - 279 - 450 0 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 153 + 129 + 137 10 Seasonal credit 73 + 4 - 82 79 Extended credit 0 0 0 0 Float 1,093 + 551 + 1,031 264 Other F.R. assets 32,659 + 253 + 1,300 32,820 Gold stock 11,048 0 - 3 11,048 Special drawing rights certificate account 9,200 0 0 9,200 Treasury currency outstanding 25,872 + 14 + 619 25,872 Total factors supplying reserve funds 515,248 - 4,631 + 19,550 517,489 Currency in circulation* 478,436 + 1,333 + 30,365 479,285 Treasury cash holdings* 248 - 23 - 68 248 Deposits,other than reserve balances,with F.R.Banks Treasury 6,055 - 2,386 - 8,605 5,127 Foreign 166 + 6 - 5 155 Service-related balances and adjustments (4) 6,647 - 106 - 495 6,647 Other 377 - 7 + 29 373 Other F.R. liabilities and capital 16,691 - 77 + 1,529 16,168 Total factors, other than reserve balances, absorbing reserve funds 508,620 - 1,261 + 22,749 508,003 Reserve balances with F.R. Banks (5) 6,628 - 3,370 - 3,199 9,485 On May 13, 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 606,862 million, a change of +$ 1,071 million for the week. The total includes the face value of U.S. Treasury strips and other zero coupon bonds. 1 Net of $ 23,601 million daily average, matched sale-purchase transactions outstanding during the latest statement week, of which a net of $ 17,135 million was with foreign official and international accounts. Includes securities loaned--fully secured by U.S. government securities. 2 Net of $ 20,556 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which a net of $ 16,136 million was with foreign official and international accounts. Includes $ 130 million securities loaned--fully secured U.S. government securities. 3 Includes $ 2,450 million of inflation-indexed securities valued at the original face amount and $ 30 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Consists of required clearing balances of $ 6,447 million and adjustments of $ 200 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 May 13, 1998 May 6, 1998 May 14, 1997 ASSETS Gold certificate account 11,048 0 - 3 Special drawing rights certificate account 9,200 0 0 Coin 449 - 8 - 143 Loans 89 + 20 - 101 Acceptances 0 0 0 Federal agency obligations Bought outright 551 0 - 1,420 Held under repurchase agreements (1) 0 0 - 414 U.S. government securities Bought outright--Bills 195,143 - 38 - 672 Notes (2) 180,588 + 1 + 22,818 Bonds (3) 61,914 0 + 8,997 Total bought outright (4) 437,644 - 37 + 31,144 Held under repurchase agreements (1) 0 0 - 11,596 Total U.S. government securities 437,644 - 37 + 19,548 Total loans and securities 438,284 - 17 + 17,613 Items in process of collection (482) 6,749 - 1,794 + 528 Bank premises 1,287 + 2 + 44 Other assets (5) 31,379 + 336 + 940 TOTAL ASSETS (482) 498,395 - 1,481 + 18,979 LIABILITIES Federal Reserve notes 454,110 + 429 + 29,403 Deposits Depository institutions 16,120 - 1,608 - 548 U.S. Treasury--general account 5,127 + 1,020 - 11,710 Foreign--official accounts 155 + 1 - 3 Other 373 - 2 + 18 Total deposits 21,776 - 589 - 12,244 Deferred availability cash items (482) 6,341 - 1,040 + 653 Other liabilities and accrued dividends (6) 4,771 - 31 - 240 TOTAL LIABILITIES (482) 486,999 - 1,230 + 17,572 CAPITAL ACCOUNTS Capital paid in 5,563 + 76 + 755 Surplus 5,220 0 + 725 Other capital accounts 613 - 328 - 73 *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 $ 29 million of compensation that adjusts for the effects of inflation on the principal of such securities. 3 Includes $ 400 million of inflation-indexed securities valued at the original face amount and $ 1 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Net of $ 20,556 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 130 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 $ 183 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, May 13, 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 20 0 Within 15 days 13,312 + 395 0 0 16 to 90 days 69 0 16 to 90 days 87,861 - 663 50 + 50 Over 90 days 0 0 91 days to 1 year 146,298 + 230 125 - 50 Over 1 to 5 years 98,773 0 126 0 Over 5 to 10 years 40,623 0 225 0 Over 10 years 50,777 0 25 0 Total 89 0 Total 437,644 - 37 551 0 1 Includes $ 2,450 million of inflation-indexed securities valued at the original face amount and $ 30 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 May 13, 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 11,048 582 4,208 323 643 807 717 998 358 128 289 530 1,465 Special drawing rights certif. acct. 9,200 530 3,202 282 574 792 602 900 340 123 247 367 1,241 Coin 449 24 27 38 28 49 46 60 18 21 41 34 63 Loans 89 0 0 1 0 5 5 21 10 24 12 0 11 Acceptances 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal agency obligations Bought outright 551 30 204 16 36 43 33 53 19 6 15 25 69 Held under repurchase agreements(1) 0 0 0 0 0 0 0 0 0 0 0 0 0 U.S. government securities Bought outright--Bills 195,143 10,628 72,328 5,674 12,683 15,372 11,871 18,734 6,858 2,144 5,413 8,873 24,566 Notes (2) 180,588 9,835 66,933 5,250 11,737 14,226 10,985 17,337 6,346 1,984 5,010 8,211 22,734 Bonds (3) 61,914 3,372 22,948 1,800 4,024 4,877 3,766 5,944 2,176 680 1,718 2,815 7,794 Total bought outright(4) 437,644 23,835 162,209 12,724 28,444 34,475 26,622 42,015 15,379 4,808 12,141 19,899 55,094 Held under repurchase agreements(1) 0 0 0 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 437,644 23,835 162,209 12,724 28,444 34,475 26,622 42,015 15,379 4,808 12,141 19,899 55,094 Total loans and securities 438,284 23,865 162,413 12,741 28,479 34,524 26,661 42,088 15,409 4,838 12,168 19,924 55,174 Items in process of collection 7,230 503 846 329 317 469 810 591 335 589 497 350 1,591 Bank premises 1,287 93 157 50 144 126 82 107 31 132 54 150 160 Other assets(5) 31,379 1,531 9,277 1,285 1,928 3,786 1,933 3,045 853 796 765 1,482 4,697 Interdistrict settlement account 0 -2,058 +11,828 -176 -983 -3,623 +278 -1,575 -629 +184 +1,401 +3,048 -7,695 TOTAL ASSETS 498,877 25,070 191,958 14,872 31,131 36,930 31,130 46,215 16,717 6,812 15,462 25,886 56,696 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 $ 29 million of compensation that adjusts for the effects of inflation on the principal of such securities. 3 Includes $ 400 million of inflation-indexed securities valued at the original face amount and $ 1 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Net of $ 20,556 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 130 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 $ 183 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 May 13, 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 454,110 22,587 179,755 12,983 28,724 32,908 26,891 42,025 15,373 5,417 13,962 23,258 50,227 Deposits Depository institutions 16,120 1,281 2,113 935 969 1,127 2,421 1,958 633 377 611 1,531 2,165 U.S. Treasury--general account 5,127 0 5,127 0 0 0 0 0 0 0 0 0 0 Foreign--official accounts 155 7 40 8 9 22 9 14 3 5 3 7 26 Other 373 1 104 1 3 78 1 183 0 0 2 1 0 Total deposits 21,776 1,289 7,384 943 982 1,227 2,431 2,155 636 382 616 1,539 2,191 Deferred credit items 6,823 434 803 217 339 538 736 490 278 543 443 320 1,681 Other liabilities and accrued dividends (1) 4,771 266 1,573 175 308 399 324 467 186 89 167 231 587 TOTAL LIABILITIES 487,481 24,576 189,514 14,318 30,353 35,072 30,383 45,137 16,473 6,431 15,188 25,349 54,686 CAPITAL ACCOUNTS Capital paid in 5,563 214 1,156 267 385 981 369 528 116 191 134 234 989 Surplus 5,220 254 1,055 273 335 818 338 502 122 189 119 271 945 Other capital accounts 613 26 233 14 57 59 40 48 6 2 21 32 76 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 498,877 25,070 191,958 14,872 31,131 36,930 31,130 46,215 16,717 6,812 15,462 25,886 56,696 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 563,638 26,754 224,375 15,578 31,864 39,988 35,623 50,946 17,662 7,059 16,249 28,794 68,746 Less--Held by F.R. Banks 109,528 4,167 44,620 2,594 3,140 7,080 8,732 8,921 2,289 1,642 2,288 5,536 18,518 F.R. notes, net 454,110 22,587 179,755 12,983 28,724 32,908 26,891 42,025 15,373 5,417 13,962 23,258 50,227 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 433,862 Total collateral 454,110 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.