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 November 27, 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 Nov 25, 1998 Nov 18, 1998 Nov 26, 1997 Nov 25, 1998 Reserve Bank Credit (1,2) 494,178 - 1,042 + 33,694 499,143 U.S. government securities Bought outright-system account (3) 452,826 + 2,392 + 32,915 454,525 Held under repurchase agreements 3,004 - 1,079 - 4,396 3,830 Federal agency obligations Bought outright 372 - 1 - 313 368 Held under repurchase agreements 2,691 - 1,524 + 956 4,662 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 84 + 12 + 80 126 Seasonal credit 23 - 9 - 77 19 Extended credit 0 0 0 0 Float 651 + 177 + 931 559 Other F.R. assets 34,526 - 1,010 + 3,598 35,053 Gold stock 11,041 - 1 - 9 11,040 Special drawing rights certificate account 9,200 0 0 9,200 Treasury currency outstanding 26,107 + 14 + 510 26,107 Total factors supplying reserve funds 540,526 - 1,029 + 34,195 545,490 Currency in circulation* 503,865 + 1,302 + 35,589 506,708 Treasury cash holdings* 98 + 11 - 146 99 Deposits,other than reserve balances,with F.R.Banks Treasury 5,026 + 224 + 24 4,881 Foreign 179 + 1 + 11 252 Service-related balances and adjustments (4) 6,795 + 17 - 17 6,795 Other 389 - 21 + 50 356 Other F.R. liabilities and capital 17,042 - 178 + 898 16,852 Total factors, other than reserve balances, absorbing reserve funds 533,394 + 1,357 + 36,409 535,943 Reserve balances with F.R. Banks (5) 7,132 - 2,385 - 2,214 9,547 On November 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 596,157 million, a change of +$ 4,970 million for the week. The total includes the face value of U.S. Treasury strips and other zero coupon bonds. 1 Net of $ 18,586 million daily average, matched sale-purchase transactions outstanding during the latest statement week, of which a net of $ 18,586 million was with foreign official and international accounts. Includes securities loaned--fully secured by U.S. government securities. 2 Net of $ 18,533 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which a net of $ 18,533 million was with foreign official and international accounts. Includes $ 90 million securities loaned--fully secured U.S. government securities. 3 Includes $ 3,687 million of inflation-indexed securities valued at the original face amount and $ 69 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Consists of required clearing balances of $ 6,548 million and adjustments of $ 246 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 Nov 25, 1998 Nov 18, 1998 Nov 26, 1997 ASSETS Gold certificate account 11,040 - 1 - 11 Special drawing rights certificate account 9,200 0 0 Coin 399 - 5 - 97 Loans 146 + 106 + 44 Acceptances 0 0 0 Federal agency obligations Bought outright 368 - 5 - 317 Held under repurchase agreements (1) 4,662 + 399 + 3,800 U.S. government securities Bought outright--Bills 197,167 + 812 + 2,111 Notes (2) 187,887 + 1,242 + 20,718 Bonds (3) 69,472 + 855 + 11,279 Total bought outright (4) 454,525 + 2,908 + 34,108 Held under repurchase agreements (1) 3,830 + 200 - 8,191 Total U.S. government securities 458,355 + 3,108 + 25,917 Total loans and securities 463,530 + 3,608 + 29,443 Items in process of collection (653) 7,631 - 1,115 + 1,134 Bank premises 1,295 0 + 19 Other assets (5) 34,160 + 1,417 + 3,803 TOTAL ASSETS (653) 527,256 + 3,904 + 34,292 LIABILITIES Federal Reserve notes 481,100 + 3,315 + 34,478 Deposits Depository institutions 16,705 + 1,014 - 2,846 U.S. Treasury--general account 4,881 + 161 + 918 Foreign--official accounts 252 + 38 + 59 Other (-1) 356 - 50 + 32 Total deposits (-1) 22,193 + 1,163 - 1,836 Deferred availability cash items (654) 7,111 - 567 + 690 Other liabilities and accrued dividends (6) 4,428 - 44 - 425 TOTAL LIABILITIES (653) 514,832 + 3,867 + 32,907 CAPITAL ACCOUNTS Capital paid in 5,908 - 27 + 590 Surplus 5,220 0 + 832 Other capital accounts 1,296 + 64 - 36 *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 $ 2,867 million of inflation-indexed securities valued at the original face amount and $ 60 million of compensation that adjusts for the effects of inflation on the principal of such securities. 3 Includes $ 820 million of inflation-indexed securities valued at the original face amount and $ 9 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Net of $ 18,533 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 90 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 $ 146 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, November 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 143 0 Within 15 days 14,629 + 937 4,692 + 424 16 to 90 days 3 0 16 to 90 days 96,504 + 255 2 - 30 Over 90 days 0 0 91 days to 1 year 138,884 - 180 100 0 Over 1 to 5 years 107,855 + 528 51 0 Over 5 to 10 years 44,817 + 870 185 0 Over 10 years 55,666 + 698 0 0 Total 146 0 Total 458,355 + 3,108 5,030 + 394 1 Includes $ 3,687 million of inflation-indexed securities valued at the original face amount and $ 69 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 November 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 11,040 582 4,200 323 643 807 717 998 358 128 289 530 1,465 Special drawing rights certif. acct. 9,200 530 3,202 282 574 792 602 900 340 123 247 367 1,241 Coin 399 27 19 20 16 51 56 45 20 13 31 45 56 Loans 146 0 0 0 5 1 0 123 3 7 8 0 0 Acceptances 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal agency obligations Bought outright 368 20 136 11 24 29 22 35 13 4 10 17 46 Held under repurchase agreements(1) 4,662 0 4,662 0 0 0 0 0 0 0 0 0 0 U.S. government securities Bought outright--Bills 197,167 10,738 73,078 5,732 12,814 15,532 11,994 18,928 6,929 2,166 5,470 8,965 24,821 Notes (2) 187,887 10,233 69,639 5,463 12,211 14,801 11,429 18,038 6,603 2,064 5,212 8,543 23,653 Bonds (3) 69,472 3,784 25,749 2,020 4,515 5,473 4,226 6,669 2,441 763 1,927 3,159 8,746 Total bought outright(4) 454,525 24,754 168,465 13,215 29,541 35,805 27,649 43,635 15,973 4,993 12,609 20,667 57,219 Held under repurchase agreements(1) 3,830 0 3,830 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 458,355 24,754 172,295 13,215 29,541 35,805 27,649 43,635 15,973 4,993 12,609 20,667 57,219 Total loans and securities 463,530 24,774 177,094 13,225 29,569 35,835 27,672 43,793 15,989 5,004 12,627 20,683 57,265 Items in process of collection 8,284 702 1,166 277 408 672 735 586 275 650 521 468 1,824 Bank premises 1,295 93 158 51 155 125 81 107 31 131 54 149 161 Other assets(5) 34,160 1,592 10,417 1,450 2,042 4,060 2,042 3,455 878 868 794 1,564 4,999 Interdistrict settlement account 0 -1,463 +12,964 +1,245 -4,402 +2,353 -1,533 -1,310 -2,021 +456 +663 +2,314 -9,264 TOTAL ASSETS 527,909 26,837 209,220 16,873 29,005 44,694 30,371 48,573 15,870 7,373 15,225 26,120 57,749 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 $ 2,867 million of inflation-indexed securities valued at the original face amount and $ 60 million of compensation that adjusts for the effects of inflation on the principal of such securities. 3 Includes $ 820 million of inflation-indexed securities valued at the original face amount and $ 9 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Net of $ 18,533 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 90 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 $ 146 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 November 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 481,100 24,513 196,716 15,453 26,130 39,284 26,877 42,927 14,492 5,689 13,857 24,171 50,991 Deposits Depository institutions 16,705 968 2,475 543 1,448 1,757 1,291 3,385 614 544 446 841 2,393 U.S. Treasury--general account 4,881 0 4,881 0 0 0 0 0 0 0 0 0 0 Foreign--official accounts 252 7 137 8 9 22 9 14 3 5 3 7 26 Other 355 0 97 1 2 79 6 150 4 1 11 1 2 Total deposits 22,192 976 7,589 551 1,459 1,859 1,307 3,550 621 550 460 849 2,422 Deferred credit items 7,765 540 838 250 305 666 1,025 523 329 639 465 374 1,813 Other liabilities and accrued dividends (1) 4,428 247 1,484 159 284 378 298 425 173 85 156 210 528 TOTAL LIABILITIES 515,485 26,275 206,627 16,413 28,178 42,187 29,507 47,425 15,616 6,964 14,938 25,604 55,753 CAPITAL ACCOUNTS Capital paid in 5,908 268 1,205 175 398 1,237 419 553 120 202 138 223 970 Surplus 5,220 254 1,055 273 335 818 338 502 122 189 119 271 945 Other capital accounts 1,296 41 333 13 93 453 107 94 13 18 30 21 81 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 527,909 26,837 209,220 16,873 29,005 44,694 30,371 48,573 15,870 7,373 15,225 26,120 57,749 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 600,250 28,978 240,368 18,090 30,021 48,748 37,894 53,157 17,139 7,507 16,741 33,251 68,357 Less--Held by F.R. Banks 119,150 4,465 43,652 2,638 3,890 9,464 11,017 10,229 2,646 1,819 2,884 9,080 17,366 F.R. notes, net 481,100 24,513 196,716 15,453 26,130 39,284 26,877 42,927 14,492 5,689 13,857 24,171 50,991 Collateral held against F.R. notes Gold certificate account 11,040 Special drawing rights certificate account 9,200 Other eligible assets 0 U.S. govt. and agency securities 460,860 Total collateral 481,100 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.