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 2, 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 Dec 31, 1997 Dec 24, 1997 Jan 1, 1997 Dec 31, 1997 Reserve Bank Credit (1,2) 476,190 + 4,584 + 28,545 489,969 U.S. government securities Bought outright-system account (3) 430,866 + 1,669 + 38,484 430,736 Held under repurchase agreements 9,917 + 2,647 - 6,673 21,188 Federal agency obligations Bought outright 685 0 - 1,540 685 Held under repurchase agreements 1,502 + 19 + 149 2,652 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 673 + 581 + 633 2,001 Seasonal credit 64 - 14 + 7 35 Extended credit 0 0 0 0 Float 696 - 164 - 1,900 649 Other F.R. assets 31,787 - 154 - 614 32,025 Gold stock 11,048 - 1 0 11,047 Special drawing rights certificate account 9,200 0 - 518 9,200 Treasury currency outstanding 25,644 + 14 + 663 25,644 Total factors supplying reserve funds 522,082 + 4,597 + 28,690 535,860 Currency in circulation* 481,584 + 4,437 + 31,702 482,428 Treasury cash holdings* 229 - 1 - 20 225 Deposits,other than reserve balances,with F.R.Banks Treasury 4,758 - 243 - 1,568 5,444 Foreign 213 + 57 + 43 457 Service-related balances and adjustments (4) 6,957 - 30 + 71 6,957 Other 365 + 31 - 71 900 Other F.R. liabilities and capital 16,223 - 120 + 1,882 15,500 Total factors, other than reserve balances, absorbing reserve funds 510,329 + 4,132 + 32,038 511,911 Reserve balances with F.R. Banks (5) 11,753 + 465 - 3,349 23,949 On December 31, 1997, the face amount of marketable U.S. government securities held in custody by the Federal Reserve Banks for foreign official and international accounts was 602,834 million, a change of -$ 542 million for the week. The total includes the face value of U.S. Treasury strips and other zero coupon bonds. 1 Net of $ 16,896 million daily average, matched sale-purchase transactions outstanding during the latest statement week, of which a net of $ 16,896 million was with foreign official and international accounts. Includes securities loaned--fully secured by U.S. government securities. 2 Net of $ 17,027 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which a net of $ 17,027 million was with foreign official and international accounts. Includes $ 887 million securities loaned--fully secured U.S. government securities. 3 Includes $ 1650 million of inflation-indexed securities valued at the original face amount and $ 23 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Consists of required clearing balances of $ 6,686 million and adjustments of $ 271 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 Dec 31, 1997 Dec 24, 1997 Jan 1, 1997 ASSETS Gold certificate account 11,047 - 1 - 1 Special drawing rights certificate account 9,200 0 - 518 Coin 460 - 25 - 131 Loans 2,035 + 1,939 + 1,950 Acceptances 0 0 0 Federal agency obligations Bought outright 685 0 - 1,540 Held under repurchase agreements (1) 2,652 + 750 + 1,040 U.S. government securities Bought outright--Bills 197,123 - 1,324 + 6,476 Notes (2) 174,206 + 1 + 23,284 Bonds 59,407 0 + 10,068 Total bought outright (3) 430,736 - 1,324 + 39,828 Held under repurchase agreements (1) 21,188 + 14,065 + 1,217 Total U.S. government securities 451,924 + 12,741 + 41,045 Total loans and securities 457,295 + 15,431 + 42,495 Items in process of collection (578) 7,800 - 3,084 - 4,960 Bank premises 1,272 + 1 + 39 Other assets (4) 30,773 + 384 - 216 TOTAL ASSETS (578) 517,847 + 12,705 + 36,707 LIABILITIES Federal Reserve notes 457,469 + 1,837 + 30,947 Deposits Depository institutions 30,838 + 10,742 + 6,314 U.S. Treasury--general account 5,444 + 495 - 2,298 Foreign--official accounts 457 + 300 + 290 Other 900 + 603 + 7 Total deposits 37,639 + 12,140 + 4,314 Deferred availability cash items (578) 7,239 - 631 - 224 Other liabilities and accrued dividends (5) 4,846 - 86 + 114 TOTAL LIABILITIES (578) 507,193 + 13,260 + 35,151 CAPITAL ACCOUNTS Capital paid in 5,433 - 9 + 832 Surplus 5,220 + 832 + 725 Other capital accounts 0 - 1,377 0 *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 $ 1650 million of inflation-indexed securities valued at the original face amount and $ 23 million of compensation that adjusts for the effects of inflation on the principal of such securities. 3 Net of $ 17,027 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 887 million securities loaned--fully secured by U.S. government securities. 4 Includes assets denominated in foreign currencies, revalued monthly at market exchange rates. Includes special investment account at Chicago of $ 63 million in Treasury bills maturing within 90 days. 5 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, December 31, 1997 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 2,014 0 Within 15 days 34,147 + 14,240 2,652 + 750 16 to 90 days 21 0 16 to 90 days 95,648 + 48 60 0 Over 90 days 0 0 91 days to 1 year 137,886 - 374 192 0 Over 1 to 5 years 95,028 - 1,173 153 0 Over 5 to 10 years 40,907 0 255 0 Over 10 years 48,308 0 25 0 Total 2,035 0 Total 451,924 + 12,741 3,337 + 750 1 Includes $ 1650 million of inflation-indexed securities valued at the original face amount and $ 23 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 December 31, 1997 Millions of dollars Kansas San Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco ASSETS Gold certificate account 11,047 624 3,934 350 669 965 723 1,069 401 147 286 459 1,420 Special drawing rights certif. acct. 9,200 530 3,202 282 574 792 602 900 340 123 247 367 1,241 Coin 460 23 20 53 27 64 45 52 15 20 36 37 68 Loans 2,035 21 1,465 16 0 0 163 13 4 5 13 0 335 Acceptances 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal agency obligations Bought outright 685 42 221 23 47 65 46 73 27 10 20 25 86 Held under repurchase agreements(1) 2,652 0 2,652 0 0 0 0 0 0 0 0 0 0 U.S. government securities Bought outright--Bills 197,123 12,017 63,760 6,590 13,635 18,756 13,154 21,026 7,851 2,745 5,629 7,159 24,801 Notes (2) 174,206 10,620 56,347 5,824 12,050 16,575 11,625 18,582 6,938 2,426 4,974 6,327 21,918 Bonds 59,407 3,622 19,215 1,986 4,109 5,652 3,964 6,337 2,366 827 1,696 2,157 7,474 Total bought outright(3) 430,736 26,259 139,322 14,400 29,794 40,983 28,743 45,944 17,156 5,999 12,299 15,643 54,194 Held under repurchase agreements(1) 21,188 0 21,188 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 451,924 26,259 160,510 14,400 29,794 40,983 28,743 45,944 17,156 5,999 12,299 15,643 54,194 Total loans and securities 457,295 26,322 164,848 14,438 29,842 41,048 28,952 46,031 17,186 6,014 12,332 15,668 54,615 Items in process of collection 8,378 441 1,026 222 352 474 1,287 773 93 701 440 359 2,210 Bank premises 1,272 94 156 51 132 126 78 108 31 132 55 150 159 Other assets(4) 30,773 1,334 9,825 1,399 1,848 2,335 2,340 3,211 863 585 978 1,371 4,685 Interdistrict settlement account 0 -3,621 +16,310 -163 -1,888 -8,464 +793 -5,705 -534 -1,206 +880 +5,258 -1,659 TOTAL ASSETS 518,425 25,747 199,321 16,631 31,556 37,339 34,820 46,438 18,395 6,516 15,252 23,669 62,740 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 $ 1650 million of inflation-indexed securities valued at the original face amount and $ 23 million of compensation that adjusts for the effects of inflation on the principal of such securities. 3 Net of $ 17,027 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 887 million securities loaned--fully secured by U.S. government securities. 4 Includes assets denominated in foreign currencies, revalued monthly at market exchange rates. Includes special investment account at Chicago of $ 63 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 December 31, 1997 Millions of dollars Kansas San Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco LIABILITIES Federal Reserve notes 457,469 22,984 179,316 13,970 28,441 32,459 30,390 40,531 16,422 4,792 13,541 20,007 54,617 Deposits Depository institutions 30,838 1,544 9,257 1,720 1,815 2,062 2,081 3,570 1,244 629 761 2,479 3,677 U.S. Treasury--general account 5,444 0 5,444 0 0 0 0 0 0 0 0 0 0 Foreign--official accounts 457 5 346 9 9 10 13 17 4 3 5 8 28 Other 900 2 359 10 54 81 101 125 28 4 63 13 61 Total deposits 37,639 1,551 15,406 1,739 1,879 2,152 2,195 3,712 1,275 636 829 2,500 3,765 Deferred credit items 7,817 412 794 184 235 650 1,210 679 252 610 473 424 1,893 Other liabilities and accrued dividends (1) 4,846 283 1,643 181 316 427 328 487 197 96 164 184 540 TOTAL LIABILITIES 507,771 25,231 197,158 16,074 30,871 35,688 34,123 45,409 18,147 6,134 15,007 23,115 60,815 CAPITAL ACCOUNTS Capital paid in 5,433 262 1,108 284 349 833 359 527 127 194 127 283 980 Surplus 5,220 254 1,055 273 335 818 338 502 122 189 119 271 945 Other capital accounts 0 0 0 0 0 0 0 0 0 0 0 0 0 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 518,425 25,747 199,321 16,631 31,556 37,339 34,820 46,438 18,395 6,516 15,252 23,669 62,740 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 549,600 27,943 209,843 16,784 31,706 39,172 38,413 47,119 18,568 6,480 15,339 26,054 72,179 Less--Held by F.R. Banks 92,131 4,959 30,527 2,815 3,265 6,713 8,023 6,589 2,145 1,689 1,798 6,047 17,562 F.R. notes, net 457,469 22,984 179,316 13,970 28,441 32,459 30,390 40,531 16,422 4,792 13,541 20,007 54,617 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 437,222 Total collateral 457,469 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.