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

Release Date: January 21, 1999

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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
                                                                                           January 21, 1999
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     Jan 20, 1999 Jan 13, 1999 Jan 21, 1998 Jan 20, 1999

Reserve Bank Credit  (1,2)                                  505,971    +   5,519    +  39,532      505,498
  U.S. government securities			        		      		     		
    Bought outright-system account (3)                      452,818    -   1,872    +  23,100      453,868
    Held under repurchase agreements                          6,291    +   2,471    +   4,371        6,140
  Federal agency obligations			        		      		     		
    Bought outright                                             338            0    -     347          338
    Held under repurchase agreements                          6,046    +   2,790    +   5,644        3,958
  Acceptances                                                     0            0            0            0
  Loans to depository institutions

    Adjustment credit                                            22    -     675    -     342           75
    Seasonal credit                                               4    -       1    -      11            3
    Extended credit                                               0            0            0            0
   Float                                                      4,176    +   2,494    +   2,384        4,679
   Other F.R. assets                                         36,276    +     312    +   4,733       36,436
Gold stock                                                   11,046            0            0       11,046
Special drawing rights certificate account                    9,200            0            0        9,200
Treasury currency outstanding                                26,309    +      14    +     672       26,309
        Total factors supplying reserve funds               552,526    +   5,533    +  40,204      552,053
						        		      		     		
Currency in circulation*                                    508,969    -   2,508    +  36,426      508,628
Treasury cash holdings*                                          86    +       1    -     142           86
Deposits,other than reserve balances,with F.R.Banks     		      		     		
  Treasury                                                    7,296    +   1,873    -   1,852        7,466
  Foreign                                                       181    -       8    +      21          177
  Service-related balances and adjustments (4)                7,472    -     420    +      94        7,472
  Other                                                         212    +       5    -     117          206
Other F.R. liabilities and capital                           16,871    -       3    +     745       16,626
        Total factors, other than reserve balances,     		      		     		
        absorbing reserve funds                             541,088    -   1,059    +  35,175      540,661

Reserve balances with F.R. Banks  (5)                        11,439    +   6,592    +   5,028       11,392
						       		      		     		
On   January 20, 1999, the face amount of marketable U.S. government securities held in custody by the
Federal Reserve Banks for foreign official and international accounts was 605,156 million, a change of
 +$ 5,057 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $ 19,829 million daily average, matched sale-purchase transactions outstanding during the
   latest statement week, of which a net of $ 19,829 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $ 18,708 million matched sale-purchase transactions outstanding at the end of the latest
   statement week, of which a net of $ 18,708 million was with foreign official and international
   accounts.  Includes $ 297 million securities loaned--fully secured U.S. government securities.
3  Includes $ 4,087 million of inflation-indexed securities valued at the original face amount and
   $ 79 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Consists of required clearing balances of $ 6,820 million and adjustments of $ 652 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
                                                           Jan 20, 1999     Jan 13, 1999     Jan 21, 1998
                ASSETS
Gold certificate account                                        11,046                0                0
Special drawing rights certificate account                       9,200                0                0
Coin                                                               410        +      24        -     100
					
Loans                                                               78        -      73        -     303
Acceptances                                                          0                0                0
Federal agency obligations		
  Bought outright                                                  338                0        -     347
  Held under repurchase agreements (1)                           3,958        -     514        +   2,602
U.S. government securities		
  Bought outright--Bills                                       196,992        -   2,051        +     574
                   Notes (2)                                   187,403        -     492        +  13,675
                   Bonds (3)                                    69,474                0        +  10,067
    Total bought outright (4)                                  453,868        -   2,543        +  24,316
  Held under repurchase agreements (1)                           6,140        +   2,440        -     131
     Total U.S. government securities                          460,008        -     103        +  24,185
       Total loans and securities                              464,382        -     690        +  26,136
					
Items in process of collection                      (630)       16,278        +   6,165        +   4,298
Bank premises                                                    1,300        +       1        +      26
Other assets (5)                                                35,124        +     344        +   4,161
                TOTAL ASSETS                        (630)      537,740        +   5,843        +  34,522
					
                LIABILITIES
Federal Reserve notes                                          482,814        -   1,642        +  35,350
Deposits		 		
  Depository institutions                                       19,459        +   1,729        +   5,536
  U.S. Treasury--general account                                 7,466        +   2,460        -   7,963
  Foreign--official accounts                                       177        -      37        +      16
    Other                                                          206        +       6        -     125
      Total deposits                                            27,308        +   4,159        -   2,537
Deferred availability cash items                    (630)       10,991        +   3,313        +   1,011
Other liabilities and accrued dividends (6)                      4,226        +      32        -     491
                TOTAL LIABILITIES                   (630)      525,340        +   5,862        +  33,333
					
                CAPITAL ACCOUNTS
Capital paid in                                                  5,964        +       4        +     493
Surplus                                                          5,952                0        +     732
Other capital accounts                                             484        -      23        -      35

*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 $ 3,267 million of inflation-indexed securities valued at the original face amount and
   $ 68 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
   $ 11 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Net of $ 18,708 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $ 297 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 $ 0 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,   January 20, 1999
Holdings of securities include securitites held under repurchase agreements, which are classified according
to remaining maturity.

Millions of dollars
                                                                 U.S. government         Federal agency
                    Loans   Acceptances                           securities (1)           obligations
                                                                           Weekly                 Weekly
                                                               Holdings    changes    Holdings    changes
Within 15 days         78          0     Within 15 days          16,543   +   3,791      3,370   -   1,104
16 to 90 days           0          0     16 to 90 days          100,096   -   3,000        615   +     590
Over 90 days            0          0     91 days to 1 year      135,438   -     604         75           0
                                         Over 1 to 5 years      107,040   -     690         61           0
                                         Over 5 to 10 years      45,222   +     400        175           0
                                         Over 10 years           55,669           0          0           0
    Total              78          0         Total              460,008   -     103      4,296   -     514

1  Includes $ 4,087 million of inflation-indexed securities valued at the original face amount and
   $ 79 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   January 20, 1999
Millions of dollars
                                                                                                                                                            Kansas                 San
                                               Total     Boston   New York Philadelphia Cleveland   Richmond   Atlanta    Chicago   St. Louis  Minneapolis   City      Dallas   Francisco
         ASSETS
Gold certificate account                      11,046        582      4,206        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                                             410         23         16         30         19         60         51         43         21         17         28         44         58
				
Loans                                             78         25          0          1          0          0          0         32          2          0          3          0         15
Acceptances                                        0          0          0          0          0          0          0          0          0          0          0          0          0
Federal agency obligations	
  Bought outright                                338         18        125         10         22         27         21         32         12          4          9         15         42
  Held under repurchase agreements(1)          3,958          0      3,958          0          0          0          0          0          0          0          0          0          0
U.S. government securities	
  Bought outright--Bills                     196,992     10,729     73,013      5,727     12,803     15,518     11,983     18,912      6,923      2,164      5,465      8,957     24,799
                   Notes (2)                 187,403     10,206     69,459      5,448     12,180     14,763     11,400     17,991      6,586      2,059      5,199      8,521     23,592
                   Bonds (3)                  69,474      3,784     25,750      2,020      4,515      5,473      4,226      6,670      2,441        763      1,927      3,159      8,746
     Total bought outright(4)                453,868     24,719    168,222     13,196     29,498     35,753     27,609     43,572     15,950      4,986     12,591     20,637     57,136
  Held under repurchase agreements(1)          6,140          0      6,140          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             460,008     24,719    174,362     13,196     29,498     35,753     27,609     43,572     15,950      4,986     12,591     20,637     57,136
       Total loans and securities            464,382     24,762    178,445     13,206     29,520     35,780     27,630     43,637     15,964      4,990     12,603     20,652     57,194
				
Items in process of collection                16,908      1,125      2,144      1,008      1,159      1,543      1,600      1,532        486      1,038      1,119        793      3,361
Bank premises                                  1,300         94        158         50        158        125         83        107         31        130         54        148        162
Other assets(5)                               35,124      1,681     10,712      1,509      2,139      4,225      2,149      3,170        933        888        837      1,644      5,236
Interdistrict settlement account                   0       +754     +7,974       +597     -5,775     +2,921     +1,837     +2,083       +183       +542       +789       +402    -12,307
          TOTAL ASSETS                       538,371     29,551    206,857     17,006     28,438     46,253     34,669     52,469     18,316      7,856     15,965     24,581     56,410

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 $ 3,267 million of inflation-indexed securities valued at the original face amount and
   $ 68 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
   $ 11 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Net of $ 18,708 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $ 297 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 $ 0 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   January 20, 1999
Millions of dollars
                                                                                                                                                            Kansas                 San
                                               Total     Boston   New York Philadelphia Cleveland   Richmond   Atlanta    Chicago   St. Louis  Minneapolis   City      Dallas   Francisco
       LIABILITIES
Federal Reserve notes                        482,814     26,832    187,839     15,616     25,599     40,381     30,860     47,833     16,616      6,057     14,166     22,265     48,750
Deposits			      	
  Depository institutions                     19,459      1,269      5,929        537      1,016      1,949      1,573      2,055        713        478        601      1,165      2,176
  U.S. Treasury--general account               7,466          0      7,466          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     177          7         62          8          9         22          9         14          3          5          3          7         26
  Other                                          206          0        104          3          4         71          4          1          3          0         12          3          1
    Total deposits                            27,308      1,276     13,561        547      1,029      2,042      1,586      2,070        719        483        616      1,175      2,204
Deferred credit items                         11,621        644      1,370        324        710        987      1,079        946        562        825        739        457      2,977
Other liabilities and accrued	      	
  dividends (1)                                4,226        238      1,461        152        270        335        282        405        165         82        146        214        476
    TOTAL LIABILITIES                        525,971     28,991    204,232     16,640     27,608     43,745     33,806     51,255     18,062      7,448     15,667     24,111     54,406
				      	
       CAPITAL ACCOUNTS		      	
Capital paid in                                5,964        267      1,215        176        401      1,238        418        585        119        203        142        227        974
Surplus                                        5,952        267      1,208        177        399      1,238        418        583        121        202        140        227        972
Other capital accounts                           484         25        201         14         31         33         27         45         14          4         16         15         58
     TOTAL LIABILITIES AND CAPITAL    	
        ACCOUNTS                             538,371     29,551    206,857     17,006     28,438     46,253     34,669     52,469     18,316      7,856     15,965     24,581     56,410
				      	
FEDERAL RESERVE AGENTS' ACCOUNTS      	
				      	
F.R. notes outstanding                       621,030     31,575    239,871     18,589     29,548     51,011     44,357     58,954     19,683      7,748     17,810     33,356     68,527
  Less--Held by F.R. Banks                   138,216      4,742     52,032      2,972      3,948     10,630     13,497     11,121      3,067      1,691      3,644     11,091     19,778
  F.R. notes, net                            482,814     26,832    187,839     15,616     25,599     40,381     30,860     47,833     16,616      6,057     14,166     22,265     48,750
Collateral held against F.R. notes    	
   Gold certificate account                   11,046
   Special drawing rights	      	
     certificate account                       9,200
   Other eligible assets                           0
   U.S. govt. and agency securities          462,569
     Total collateral                        482,814

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: January 21, 1999