Federal Reserve Statistical Release, H.4.1, Factors Affecting Reserve Balances; title with eagle logo links to Statistical Release home page

Release Date: October 1, 1998

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FEDERAL RESERVE
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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
                                                                                            October 1, 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     Sep 30, 1998 Sep 23, 1998  Oct 1, 1997 Sep 30, 1998

Reserve Bank Credit  (1,2)                                  487,952    +   1,875    +  34,710      496,416
  U.S. government securities			        		      		     		   
    Bought outright-system account (3)                      446,239    +   1,429    +  34,594      446,047
    Held under repurchase agreements                          5,441    -     234    -   2,204       12,135
  Federal agency obligations			        		      		     		   
    Bought outright                                             403            0    -     514          403
    Held under repurchase agreements                          1,170    -     350    +     323        2,099
  Acceptances                                                     0            0            0            0
  Loans to depository institutions
  
    Adjustment credit                                           138    +     126    +     132          896
    Seasonal credit                                             172    -       1    -     167          159
    Extended credit                                               0            0            0            0
   Float                                                        842    +     168    +     583       -1,183
   Other F.R. assets                                         33,547    +     739    +   1,964       35,861
Gold stock                                                   11,045    -       1    -       5       11,044
Special drawing rights certificate account                    9,200            0            0        9,200
Treasury currency outstanding                                25,972    +      14    +     510       25,972
        Total factors supplying reserve funds               534,168    +   1,889    +  35,215      542,631
						        		      		     		   
Currency in circulation*                                    492,771    +     376    +  35,567      494,221
Treasury cash holdings*                                          93    -       1    -     162           92
Deposits,other than reserve balances,with F.R.Banks     		      		     		   
  Treasury                                                    6,989    -     154    +     303        4,952
  Foreign                                                       201    +      36    +       9          347
  Service-related balances and adjustments (4)                7,012    +      63    +       6        7,012
  Other                                                         353    -      17    -      25          349
Other F.R. liabilities and capital                           17,206    +      38    +   1,078       17,654
        Total factors, other than reserve balances,     		      		     		   
        absorbing reserve funds                             524,625    +     341    +  36,775      524,626

Reserve balances with F.R. Banks  (5)                         9,543    +   1,548    -   1,560       18,005
						       		      		     		    
On September 30, 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    564,692 million, a change of 
 +$  5,744 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $     19,642 million daily average, matched sale-purchase transactions outstanding during the 
   latest statement week, of which a net of $     19,642 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $     19,835 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week, of which a net of $     19,835 million was with foreign official and international 
   accounts.  Includes $        858 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 
   $         51 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Consists of required clearing balances of $      6,703 million and adjustments of $        309 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
                                                           Sep 30, 1998     Sep 23, 1998      Oct 1, 1997
                ASSETS
Gold certificate account                                        11,044        -       2        -       6
Special drawing rights certificate account                       9,200                0                0
Coin                                                               417        +       6        -     108
					      
Loans                                                            1,055        +     870        +     751
Acceptances                                                          0                0                0
Federal agency obligations		      
  Bought outright                                                  403                0        -     463
  Held under repurchase agreements (1)                           2,099        +      24        +   1,553
U.S. government securities		      
  Bought outright--Bills                                       195,864        -     987        +     948
                   Notes (2)                                   184,186        +   1,210        +  21,048
                   Bonds (3)                                    65,996        +      20        +  11,005
    Total bought outright (4)                                  446,047        +     243        +  33,001
  Held under repurchase agreements (1)                          12,135        +   3,505        +   6,190
     Total U.S. government securities                          458,182        +   3,748        +  39,191
       Total loans and securities                              461,738        +   4,642        +  41,032
					      
Items in process of collection                      (513)        6,454        -     733        -     922
Bank premises                                                    1,295        -       2        +      27
Other assets (5)                                                34,328        +   2,155        +   3,772
                TOTAL ASSETS                        (513)      524,476        +   6,066        +  43,795
					      
                LIABILITIES
Federal Reserve notes                                          468,759        +     887        +  34,618
Deposits		 		     
  Depository institutions                                       25,706        +   6,381        +   6,318
  U.S. Treasury--general account                                 4,952        -   2,556        +   1,249
  Foreign--official accounts                                       347        +     181        +     130
    Other                                             (0)          349        -      39        -      51
      Total deposits                                  (0)       31,353        +   3,966        +   7,646
Deferred availability cash items                    (513)        6,711        +     510        -     205
Other liabilities and accrued dividends (6)                      4,637        -     124        -     203
                TOTAL LIABILITIES                   (513)      511,460        +   5,239        +  41,856
					      
                CAPITAL ACCOUNTS
Capital paid in                                                  5,910        -       2        +     680
Surplus                                                          5,220                0        +     832
Other capital accounts                                           1,886        +     828        +     427

*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 
   $         44 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 
   $          7 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Net of $     19,835 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $        858 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 $        198 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, September 30, 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        973          0     Within 15 days          20,310   +   2,633      2,099   +      24
16 to 90 days          82          0     16 to 90 days           90,644   -   2,071         50           0
Over 90 days            0          0     91 days to 1 year      145,875   +   1,692         75           0
                                         Over 1 to 5 years      105,789   +   1,143         93           0
                                         Over 5 to 10 years      41,628   +     351        185           0
                                         Over 10 years           53,936           0          0           0
    Total           1,055          0         Total              458,182   +   3,748      2,502   +      24

1  Includes $      2,850 million of inflation-indexed securities valued at the original face amount and 
   $         51 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 September 30, 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                      11,044        582      4,204        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                                             417         18         22         17         26         43         66         55         19         15         31         54         51
				       
Loans                                          1,055          0          0          1          0         30        340        551         33         50         34          1         16
Acceptances                                        0          0          0          0          0          0          0          0          0          0          0          0          0
Federal agency obligations	       
  Bought outright                                403         22        149         12         26         32         24         39         14          4         11         18         51
  Held under repurchase agreements(1)          2,099          0      2,099          0          0          0          0          0          0          0          0          0          0
U.S. government securities	       
  Bought outright--Bills                     195,864     10,667     72,595      5,694     12,730     15,429     11,915     18,803      6,883      2,152      5,433      8,906     24,657
                   Notes (2)                 184,186     10,031     68,267      5,355     11,971     14,509     11,204     17,682      6,473      2,023      5,109      8,375     23,187
                   Bonds (3)                  65,996      3,594     24,461      1,919      4,289      5,199      4,015      6,336      2,319        725      1,831      3,001      8,308
     Total bought outright(4)                446,047     24,293    165,323     12,968     28,990     35,137     27,133     42,821     15,675      4,900     12,374     20,281     56,152
  Held under repurchase agreements(1)         12,135          0     12,135          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             458,182     24,293    177,458     12,968     28,990     35,137     27,133     42,821     15,675      4,900     12,374     20,281     56,152
       Total loans and securities            461,738     24,315    179,706     12,981     29,016     35,199     27,497     43,411     15,721      4,955     12,419     20,301     56,218
				       
Items in process of collection                 6,967        420        739        214        321        538        807        553        165        630        340        385      1,856
Bank premises                                  1,295         93        159         50        157        125         79        107         31        131         54        149        160
Other assets(5)                               34,328      1,536     11,805      1,391      1,939      3,884      1,967      3,085        847        825        764      1,501      4,785
Interdistrict settlement account                   0    - 1,974    +20,852    -   147    - 3,964    - 3,635    -   710    - 4,378    - 2,047    +   410    + 1,129    + 2,347    - 7,882
          TOTAL ASSETS                       524,989     25,519    220,688     15,112     28,711     37,754     31,024     44,731     15,434      7,217     15,272     25,633     57,894

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 
   $         44 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 
   $          7 million of compensation that adjusts for the effects of inflation on the principal of such 
   securities.
4  Net of $     19,835 million matched sale-purchase transactions outstanding at the end of the latest 
   statement week.  Includes $        858 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 $        198 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 September 30, 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                        468,759     23,025    198,669     12,651     26,110     33,300     27,541     40,433     14,213      5,516     13,776     23,377     50,148
Deposits			      	      
  Depository institutions                     25,706      1,213     11,812      1,540        988      1,011      1,227      1,904        469        523        669      1,174      3,175
  U.S. Treasury--general account               4,952          0      4,952          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     347          7        232          8          9         22          9         14          3          5          3          7         26
  Other                                          348          1        105          1          1         24          2        199          2          0          9          1          3
    Total deposits                            31,353      1,222     17,101      1,548        999      1,058      1,238      2,117        474        529        681      1,182      3,204
Deferred credit items                          7,224        420        670        207        445        544        932        539        297        658        359        288      1,863
Other liabilities and accrued	      	      
  dividends (1)                                4,637        257      1,582        166        294        383        310        446        183         87        161        219        548
    TOTAL LIABILITIES                        511,972     24,924    218,022     14,572     27,848     35,285     30,021     43,535     15,167      6,790     14,978     25,066     55,763
				      	      
       CAPITAL ACCOUNTS		      	      
Capital paid in                                5,910        268      1,186        213        398      1,158        472        545        119        200        138        234        980
Surplus                                        5,220        254      1,055        273        335        818        338        502        122        189        119        271        945
Other capital accounts                         1,886         74        424         54        129        493        193        149         27         38         38         62        206
     TOTAL LIABILITIES AND CAPITAL    	      
        ACCOUNTS                             524,989     25,519    220,688     15,112     28,711     37,754     31,024     44,731     15,434      7,217     15,272     25,633     57,894
				      	      
FEDERAL RESERVE AGENTS' ACCOUNTS      	      
				      	      
F.R. notes outstanding                       580,575     27,855    237,437     15,888     30,625     42,392     36,448     51,304     17,155      7,313     16,401     29,830     67,928
  Less--Held by F.R. Banks                   111,817      4,830     38,768      3,237      4,514      9,092      8,907     10,870      2,942      1,797      2,625      6,453     17,780
  F.R. notes, net                            468,759     23,025    198,669     12,651     26,110     33,300     27,541     40,433     14,213      5,516     13,776     23,377     50,148
Collateral held against F.R. notes    	      
   Gold certificate account                   11,044
   Special drawing rights	      	      
     certificate account                       9,200
   Other eligible assets                           0
   U.S. govt. and agency securities          448,515
     Total collateral                        468,759

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.


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Last update: October 1, 1998