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 June 18, 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 Jun 17, 1998 Jun 10, 1998 Jun 18, 1997 Jun 17, 1998 Reserve Bank Credit (1,2) 477,649 + 5,048 + 30,162 482,628 U.S. government securities Bought outright-system account (3) 442,202 + 1,668 + 35,007 442,164 Held under repurchase agreements 2,060 + 2,060 - 4,271 6,678 Federal agency obligations Bought outright 551 0 - 946 551 Held under repurchase agreements 814 + 814 + 155 1,237 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 71 - 41 + 61 33 Seasonal credit 157 + 25 - 64 166 Extended credit 0 0 0 0 Float 930 + 127 - 348 285 Other F.R. assets 30,864 + 395 + 567 31,514 Gold stock 11,048 0 - 2 11,048 Special drawing rights certificate account 9,200 0 0 9,200 Treasury currency outstanding 25,942 + 14 + 632 25,942 Total factors supplying reserve funds 523,838 + 5,062 + 30,792 528,817 Currency in circulation* 481,743 + 178 + 29,929 482,474 Treasury cash holdings* 207 - 17 - 137 204 Deposits,other than reserve balances,with F.R.Banks Treasury 6,982 + 1,951 + 151 8,273 Foreign 159 - 3 - 12 176 Service-related balances and adjustments (4) 6,761 + 172 - 385 6,761 Other 337 + 1 - 36 326 Other F.R. liabilities and capital 16,913 + 204 + 1,715 16,709 Total factors, other than reserve balances, absorbing reserve funds 513,101 + 2,485 + 31,223 514,923 Reserve balances with F.R. Banks (5) 10,737 + 2,577 - 431 13,894 On June 17, 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 595,350 million, a change of -$ 7,817 million for the week. The total includes the face value of U.S. Treasury strips and other zero coupon bonds. 1 Net of $ 16,003 million daily average, matched sale-purchase transactions outstanding during the latest statement week, of which a net of $ 16,003 million was with foreign official and international accounts. Includes securities loaned--fully secured by U.S. government securities. 2 Net of $ 16,042 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which a net of $ 16,042 million was with foreign official and international accounts. Includes $ 289 million securities loaned--fully secured U.S. government securities. 3 Includes $ 2,450 million of inflation-indexed securities valued at the original face amount and $ 35 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Consists of required clearing balances of $ 6,448 million and adjustments of $ 312 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 Jun 17, 1998 Jun 10, 1998 Jun 18, 1997 ASSETS Gold certificate account 11,048 0 - 2 Special drawing rights certificate account 9,200 0 0 Coin 407 + 10 - 103 Loans 199 - 671 - 77 Acceptances 0 0 0 Federal agency obligations Bought outright 551 0 - 946 Held under repurchase agreements (1) 1,237 + 1,237 + 271 U.S. government securities Bought outright--Bills 199,657 + 2,923 + 4,542 Notes (2) 180,592 + 1 + 21,172 Bonds (3) 61,914 0 + 8,998 Total bought outright (4) 442,164 + 2,924 + 34,712 Held under repurchase agreements (1) 6,678 + 6,678 - 2,533 Total U.S. government securities 448,842 + 9,602 + 32,179 Total loans and securities 450,829 + 10,168 + 31,428 Items in process of collection (535) 8,361 + 1,437 + 1,179 Bank premises 1,293 + 1 + 45 Other assets (5) 30,185 + 905 + 660 TOTAL ASSETS (535) 511,324 + 12,521 + 33,207 LIABILITIES Federal Reserve notes 457,144 - 230 + 29,130 Deposits Depository institutions 21,793 + 8,933 + 2,483 U.S. Treasury--general account 8,273 + 3,186 - 777 Foreign--official accounts 176 + 24 + 9 Other 326 - 20 - 45 Total deposits 30,568 + 12,123 + 1,670 Deferred availability cash items (535) 6,903 + 575 + 638 Other liabilities and accrued dividends (6) 4,802 - 19 - 56 TOTAL LIABILITIES (535) 499,417 + 12,449 + 31,382 CAPITAL ACCOUNTS Capital paid in 5,786 - 2 + 895 Surplus 5,220 0 + 725 Other capital accounts 900 + 74 + 205 *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 $ 33 million of compensation that adjusts for the effects of inflation on the principal of such securities. 3 Includes $ 400 million of inflation-indexed securities valued at the original face amount and $ 2 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Net of $ 16,042 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 289 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 $ 152 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, June 17, 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 187 0 Within 15 days 18,465 + 10,809 1,262 + 1,262 16 to 90 days 12 0 16 to 90 days 94,535 - 1,399 98 + 23 Over 90 days 0 0 91 days to 1 year 144,264 + 190 100 - 48 Over 1 to 5 years 97,785 0 103 0 Over 5 to 10 years 43,015 + 1 200 0 Over 10 years 50,778 0 25 0 Total 199 0 Total 448,842 + 9,602 1,788 + 1,237 1 Includes $ 2,450 million of inflation-indexed securities valued at the original face amount and $ 35 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 June 17, 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 11,048 582 4,208 323 643 807 717 998 358 128 289 530 1,465 Special drawing rights certif. acct. 9,200 530 3,202 282 574 792 602 900 340 123 247 367 1,241 Coin 407 15 22 21 25 43 56 54 22 18 36 41 55 Loans 199 0 0 0 0 0 8 60 21 62 25 3 20 Acceptances 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal agency obligations Bought outright 551 30 204 16 36 43 33 53 19 6 15 25 69 Held under repurchase agreements(1) 1,237 0 1,237 0 0 0 0 0 0 0 0 0 0 U.S. government securities Bought outright--Bills 199,657 10,874 74,001 5,805 12,976 15,728 12,145 19,167 7,016 2,193 5,539 9,078 25,134 Notes (2) 180,592 9,835 66,935 5,250 11,737 14,226 10,986 17,337 6,346 1,984 5,010 8,211 22,734 Bonds (3) 61,914 3,372 22,948 1,800 4,024 4,877 3,766 5,944 2,176 680 1,718 2,815 7,794 Total bought outright(4) 442,164 24,081 163,884 12,855 28,737 34,831 26,897 42,449 15,538 4,858 12,266 20,105 55,663 Held under repurchase agreements(1) 6,678 0 6,678 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 448,842 24,081 170,562 12,855 28,737 34,831 26,897 42,449 15,538 4,858 12,266 20,105 55,663 Total loans and securities 450,829 24,111 172,003 12,872 28,773 34,875 26,939 42,561 15,578 4,925 12,306 20,132 55,753 Items in process of collection 8,896 971 1,084 359 539 525 827 633 323 661 531 560 1,883 Bank premises 1,293 94 158 50 149 126 83 108 31 131 54 149 160 Other assets(5) 30,185 1,424 9,309 1,293 1,804 3,618 1,811 2,830 786 767 708 1,395 4,442 Interdistrict settlement account 0 -2,074 +11,668 -487 -1,543 -2,436 +70 -1,453 -585 +560 +1,628 +2,893 -8,240 TOTAL ASSETS 511,859 25,653 201,653 14,712 30,964 38,349 31,105 46,630 16,854 7,313 15,799 26,068 56,758 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 $ 33 million of compensation that adjusts for the effects of inflation on the principal of such securities. 3 Includes $ 400 million of inflation-indexed securities valued at the original face amount and $ 2 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Net of $ 16,042 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 289 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 $ 152 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 June 17, 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 457,144 22,425 183,751 12,881 28,373 32,483 27,391 41,574 15,350 5,477 14,094 23,200 50,143 Deposits Depository institutions 21,793 1,944 4,615 889 1,114 2,717 1,689 2,774 774 781 730 1,642 2,125 U.S. Treasury--general account 8,273 0 8,273 0 0 0 0 0 0 0 0 0 0 Foreign--official accounts 176 7 61 8 9 22 9 14 3 5 3 7 26 Other 326 1 67 1 4 62 1 153 0 0 1 33 2 Total deposits 30,568 1,952 13,016 897 1,127 2,801 1,700 2,940 778 786 735 1,682 2,153 Deferred credit items 7,438 463 784 207 370 595 758 558 288 578 530 431 1,876 Other liabilities and accrued dividends (1) 4,802 266 1,636 172 303 398 321 462 183 91 164 226 579 TOTAL LIABILITIES 499,952 25,106 199,187 14,156 30,174 36,278 30,170 45,535 16,599 6,933 15,523 25,539 54,751 CAPITAL ACCOUNTS Capital paid in 5,786 264 1,163 267 385 1,033 464 537 122 191 135 235 991 Surplus 5,220 254 1,055 273 335 818 338 502 122 189 119 271 945 Other capital accounts 900 29 247 16 69 221 134 57 12 1 22 23 71 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 511,859 25,653 201,653 14,712 30,964 38,349 31,105 46,630 16,854 7,313 15,799 26,068 56,758 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 567,083 26,376 229,765 15,396 31,410 39,595 35,793 50,368 17,559 7,145 16,295 29,267 68,113 Less--Held by F.R. Banks 109,940 3,950 46,014 2,515 3,037 7,111 8,402 8,794 2,209 1,668 2,201 6,067 17,970 F.R. notes, net 457,144 22,425 183,751 12,881 28,373 32,483 27,391 41,574 15,350 5,477 14,094 23,200 50,143 Collateral held against F.R. notes Gold certificate account 11,048 Special drawing rights certificate account 9,200 Other eligible assets 0 U.S. govt. and agency securities 436,896 Total collateral 457,144 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.