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 July 16, 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 Jul 15, 1998 Jul 8, 1998 Jul 16, 1997 Jul 15, 1998 Reserve Bank Credit (1,2) 481,522 + 2,084 + 30,842 487,212 U.S. government securities Bought outright-system account (3) 441,798 + 1,444 + 30,679 440,887 Held under repurchase agreements 5,105 + 468 + 66 9,492 Federal agency obligations Bought outright 526 0 - 697 526 Held under repurchase agreements 1,121 + 305 + 25 2,425 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 1 - 3 - 9 3 Seasonal credit 195 - 1 - 108 204 Extended credit 0 0 0 0 Float 399 - 378 + 202 650 Other F.R. assets 32,378 + 249 + 684 33,025 Gold stock 11,047 - 1 - 3 11,047 Special drawing rights certificate account 9,200 0 0 9,200 Treasury currency outstanding 25,878 + 14 + 527 25,878 Total factors supplying reserve funds 527,647 + 2,097 + 31,366 533,337 Currency in circulation* 486,605 + 457 + 29,735 487,127 Treasury cash holdings* 194 - 7 - 151 189 Deposits,other than reserve balances,with F.R.Banks Treasury 5,171 - 785 + 252 5,309 Foreign 163 - 13 - 27 180 Service-related balances and adjustments (4) 6,864 - 225 - 616 6,864 Other 292 - 8 - 29 279 Other F.R. liabilities and capital 16,837 + 90 + 1,478 16,589 Total factors, other than reserve balances, absorbing reserve funds 516,126 - 491 + 30,642 516,538 Reserve balances with F.R. Banks (5) 11,521 + 2,588 + 724 16,799 On July 15, 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 586,656 million, a change of -$ 3,035 million for the week. The total includes the face value of U.S. Treasury strips and other zero coupon bonds. 1 Net of $ 16,225 million daily average, matched sale-purchase transactions outstanding during the latest statement week, of which a net of $ 16,225 million was with foreign official and international accounts. Includes securities loaned--fully secured by U.S. government securities. 2 Net of $ 16,014 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which a net of $ 16,014 million was with foreign official and international accounts. Includes $ 150 million securities loaned--fully secured U.S. government securities. 3 Includes $ 2,850 million of inflation-indexed securities valued at the original face amount and $ 41 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Consists of required clearing balances of $ 6,631 million and adjustments of $ 233 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 Jul 15, 1998 Jul 8, 1998 Jul 16, 1997 ASSETS Gold certificate account 11,047 - 1 - 2 Special drawing rights certificate account 9,200 0 0 Coin 395 + 18 - 73 Loans 208 + 4 - 125 Acceptances 0 0 0 Federal agency obligations Bought outright 526 0 - 684 Held under repurchase agreements (1) 2,425 + 1,956 + 1,925 U.S. government securities Bought outright--Bills 199,685 + 1,867 + 2,738 Notes (2) 178,885 - 1,710 + 18,360 Bonds (3) 62,317 + 402 + 8,056 Total bought outright (4) 440,887 + 559 + 29,154 Held under repurchase agreements (1) 9,492 + 4,598 + 4,652 Total U.S. government securities 450,379 + 5,157 + 33,806 Total loans and securities 453,537 + 7,117 + 34,923 Items in process of collection (468) 7,531 + 803 + 290 Bank premises 1,294 0 + 35 Other assets (5) 31,770 + 702 + 1,517 TOTAL ASSETS (468) 514,773 + 8,639 + 36,689 LIABILITIES Federal Reserve notes 461,833 - 674 + 29,512 Deposits Depository institutions 23,707 + 8,377 + 6,843 U.S. Treasury--general account 5,309 + 376 - 1,252 Foreign--official accounts 180 + 31 - 85 Other 279 + 4 - 37 Total deposits 29,477 + 8,788 + 5,469 Deferred availability cash items (468) 6,874 + 513 + 287 Other liabilities and accrued dividends (6) 4,636 - 1 - 27 TOTAL LIABILITIES (468) 502,820 + 8,626 + 35,241 CAPITAL ACCOUNTS Capital paid in 5,815 + 4 + 741 Surplus 5,220 0 + 725 Other capital accounts 918 + 9 - 17 *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 $ 37 million of compensation that adjusts for the effects of inflation on the principal of such securities. 3 Includes $ 800 million of inflation-indexed securities valued at the original face amount and $ 4 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Net of $ 16,014 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 150 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 $ 69 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, July 15, 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 55 0 Within 15 days 19,893 + 4,512 2,425 + 1,956 16 to 90 days 153 0 16 to 90 days 94,052 - 223 98 0 Over 90 days 0 0 91 days to 1 year 144,441 + 814 109 + 5 Over 1 to 5 years 97,796 - 349 109 + 10 Over 5 to 10 years 43,017 0 185 - 15 Over 10 years 51,181 + 402 25 0 Total 208 0 Total 450,379 + 5,157 2,951 + 1,956 1 Includes $ 2,850 million of inflation-indexed securities valued at the original face amount and $ 41 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 July 15, 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 11,047 582 4,207 323 643 807 717 998 358 128 289 530 1,465 Special drawing rights certif. acct. 9,200 530 3,202 282 574 792 602 900 340 123 247 367 1,241 Coin 395 11 22 16 25 41 61 54 22 16 29 45 52 Loans 208 0 0 0 3 0 5 30 26 88 28 2 26 Acceptances 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal agency obligations Bought outright 526 29 195 15 34 41 32 50 18 6 15 24 66 Held under repurchase agreements(1) 2,425 0 2,425 0 0 0 0 0 0 0 0 0 0 U.S. government securities Bought outright--Bills 199,685 10,875 74,011 5,806 12,978 15,730 12,147 19,170 7,017 2,194 5,539 9,079 25,138 Notes (2) 178,885 9,742 66,302 5,201 11,626 14,092 10,882 17,173 6,286 1,965 4,962 8,134 22,519 Bonds (3) 62,317 3,394 23,097 1,812 4,050 4,909 3,791 5,983 2,190 685 1,729 2,833 7,845 Total bought outright(4) 440,887 24,012 163,411 12,818 28,654 34,731 26,820 42,326 15,493 4,844 12,230 20,046 55,502 Held under repurchase agreements(1) 9,492 0 9,492 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 450,379 24,012 172,903 12,818 28,654 34,731 26,820 42,326 15,493 4,844 12,230 20,046 55,502 Total loans and securities 453,537 24,040 175,522 12,833 28,692 34,772 26,856 42,406 15,538 4,937 12,273 20,073 55,594 Items in process of collection 7,999 611 765 233 503 548 866 456 375 691 520 516 1,915 Bank premises 1,294 94 158 50 152 125 81 108 31 132 54 149 160 Other assets(5) 31,770 1,473 10,311 1,328 1,864 3,725 1,872 2,847 814 789 734 1,440 4,574 Interdistrict settlement account 0 -1,630 +9,139 -118 -1,303 -579 -14 -1,695 -650 +508 +1,430 +2,246 -7,332 TOTAL ASSETS 515,241 25,711 203,326 14,947 31,151 40,232 31,041 46,074 16,828 7,324 15,576 25,365 57,668 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 $ 37 million of compensation that adjusts for the effects of inflation on the principal of such securities. 3 Includes $ 800 million of inflation-indexed securities valued at the original face amount and $ 4 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Net of $ 16,014 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 150 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 $ 69 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 July 15, 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 461,833 22,433 188,065 13,171 27,953 34,150 27,220 41,169 15,233 5,553 13,920 22,819 50,148 Deposits Depository institutions 23,707 2,009 4,990 828 1,618 3,010 1,724 2,619 872 751 790 1,418 3,079 U.S. Treasury--general account 5,309 0 5,309 0 0 0 0 0 0 0 0 0 0 Foreign--official accounts 180 7 66 8 9 22 9 14 3 5 3 7 26 Other 279 1 103 0 4 90 4 70 0 1 4 1 1 Total deposits 29,477 2,017 10,468 835 1,631 3,123 1,737 2,703 875 757 798 1,426 3,106 Deferred credit items 7,343 458 707 204 485 505 838 661 285 545 420 374 1,860 Other liabilities and accrued dividends (1) 4,636 257 1,616 164 292 364 308 443 179 88 162 217 545 TOTAL LIABILITIES 503,288 25,166 200,856 14,374 30,361 38,142 30,103 44,976 16,573 6,943 15,299 24,836 55,659 CAPITAL ACCOUNTS Capital paid in 5,815 264 1,163 285 385 1,034 466 538 122 191 137 235 993 Surplus 5,220 254 1,055 273 335 818 338 502 122 189 119 271 945 Other capital accounts 918 27 251 15 69 237 134 58 11 1 21 22 71 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 515,241 25,711 203,326 14,947 31,151 40,232 31,041 46,074 16,828 7,324 15,576 25,365 57,668 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 569,062 26,621 232,080 15,470 30,953 40,880 35,722 49,823 17,525 7,276 16,061 29,085 67,568 Less--Held by F.R. Banks 107,228 4,188 44,015 2,299 2,999 6,730 8,502 8,654 2,292 1,722 2,142 6,266 17,420 F.R. notes, net 461,833 22,433 188,065 13,171 27,953 34,150 27,220 41,169 15,233 5,553 13,920 22,819 50,148 Collateral held against F.R. notes Gold certificate account 11,047 Special drawing rights certificate account 9,200 Other eligible assets 0 U.S. govt. and agency securities 441,587 Total collateral 461,833 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.