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 July 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 Jul 1, 1998 Jun 24, 1998 Jul 2, 1997 Jul 1, 1998 Reserve Bank Credit (1,2) 491,832 + 11,321 + 35,325 487,345 U.S. government securities Bought outright-system account (3) 440,584 - 1,314 + 30,738 440,522 Held under repurchase agreements 14,953 + 10,809 + 3,301 11,606 Federal agency obligations Bought outright 540 - 11 - 882 526 Held under repurchase agreements 1,465 + 982 + 634 415 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 194 + 188 - 231 516 Seasonal credit 188 + 9 - 116 197 Extended credit 0 0 0 0 Float 490 - 848 - 118 784 Other F.R. assets 33,418 + 1,505 + 1,998 32,780 Gold stock 11,047 - 2 - 2 11,047 Special drawing rights certificate account 9,200 0 0 9,200 Treasury currency outstanding 25,970 + 14 + 634 25,970 Total factors supplying reserve funds 538,049 + 11,333 + 35,957 533,562 Currency in circulation* 482,322 + 999 + 28,778 485,096 Treasury cash holdings* 204 0 - 140 204 Deposits,other than reserve balances,with F.R.Banks Treasury 18,717 + 5,948 + 6,140 7,866 Foreign 172 + 8 - 5 166 Service-related balances and adjustments (4) 7,020 + 61 - 539 7,020 Other 316 - 17 - 8 313 Other F.R. liabilities and capital 17,092 + 212 + 1,624 16,548 Total factors, other than reserve balances, absorbing reserve funds 525,844 + 7,212 + 35,851 517,213 Reserve balances with F.R. Banks (5) 12,205 + 4,121 + 105 16,349 On July 1, 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 599,574 million, a change of +$ 3,851 million for the week. The total includes the face value of U.S. Treasury strips and other zero coupon bonds. 1 Net of $ 17,623 million daily average, matched sale-purchase transactions outstanding during the latest statement week, of which a net of $ 17,623 million was with foreign official and international accounts. Includes securities loaned--fully secured by U.S. government securities. 2 Net of $ 17,687 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which a net of $ 17,687 million was with foreign official and international accounts. Includes $ 122 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 $ 37 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Consists of required clearing balances of $ 6,573 million and adjustments of $ 447 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 Jul 1, 1998 Jun 24, 1998 Jul 2, 1997 ASSETS Gold certificate account 11,047 - 2 - 2 Special drawing rights certificate account 9,200 0 0 Coin 389 - 22 - 84 Loans 713 + 518 - 725 Acceptances 0 0 0 Federal agency obligations Bought outright 526 - 25 - 711 Held under repurchase agreements (1) 415 - 765 - 1,310 U.S. government securities Bought outright--Bills 198,013 - 975 + 1,936 Notes (2) 180,594 + 1 + 19,472 Bonds (3) 61,915 0 + 7,653 Total bought outright (4) 440,522 - 974 + 29,061 Held under repurchase agreements (1) 11,606 + 111 + 8,246 Total U.S. government securities 452,128 - 863 + 37,307 Total loans and securities 453,781 - 1,135 + 34,561 Items in process of collection (525) 8,504 + 2,108 - 412 Bank premises 1,290 - 1 + 40 Other assets (5) 31,536 - 339 + 1,867 TOTAL ASSETS (525) 515,748 + 610 + 35,970 LIABILITIES Federal Reserve notes 459,720 + 2,876 + 27,423 Deposits Depository institutions 23,490 + 10,830 + 3,757 U.S. Treasury--general account 7,866 - 14,598 + 2,613 Foreign--official accounts 166 + 11 - 6 Other 313 - 12 - 27 Total deposits 31,834 - 3,768 + 6,336 Deferred availability cash items (525) 7,645 + 1,620 + 634 Other liabilities and accrued dividends (6) 4,733 - 7 - 46 TOTAL LIABILITIES (525) 503,933 + 721 + 34,348 CAPITAL ACCOUNTS Capital paid in 5,809 + 19 + 754 Surplus 5,220 0 + 725 Other capital accounts 786 - 130 + 144 *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 $ 35 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 $ 17,687 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 122 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 $ 145 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, July 1, 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 560 0 Within 15 days 20,456 - 5,753 415 - 790 16 to 90 days 153 0 16 to 90 days 94,040 - 3,128 98 0 Over 90 days 0 0 91 days to 1 year 145,693 + 7,659 104 + 4 Over 1 to 5 years 98,145 + 359 99 - 4 Over 5 to 10 years 43,016 + 1 200 0 Over 10 years 50,778 0 25 0 Total 713 0 Total 452,128 - 863 941 - 790 1 Includes $ 2,450 million of inflation-indexed securities valued at the original face amount and $ 37 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 July 1, 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 11,047 582 4,207 323 643 807 717 998 358 128 289 530 1,465 Special drawing rights certif. acct. 9,200 530 3,202 282 574 792 602 900 340 123 247 367 1,241 Coin 389 11 22 15 25 40 56 54 19 17 33 45 53 Loans 713 0 1 5 40 1 5 30 492 84 26 2 28 Acceptances 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal agency obligations Bought outright 526 29 195 15 34 41 32 50 18 6 15 24 66 Held under repurchase agreements(1) 415 0 415 0 0 0 0 0 0 0 0 0 0 U.S. government securities Bought outright--Bills 198,013 10,784 73,392 5,757 12,869 15,598 12,045 19,010 6,958 2,175 5,493 9,003 24,927 Notes (2) 180,594 9,836 66,935 5,251 11,737 14,226 10,986 17,337 6,346 1,984 5,010 8,211 22,735 Bonds (3) 61,915 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) 440,522 23,992 163,275 12,808 28,631 34,702 26,797 42,291 15,481 4,840 12,220 20,030 55,456 Held under repurchase agreements(1) 11,606 0 11,606 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 452,128 23,992 174,881 12,808 28,631 34,702 26,797 42,291 15,481 4,840 12,220 20,030 55,456 Total loans and securities 453,781 24,020 175,492 12,828 28,705 34,744 26,834 42,372 15,991 4,929 12,261 20,056 55,550 Items in process of collection 9,030 563 871 294 440 577 1,111 775 383 687 563 423 2,343 Bank premises 1,290 94 159 50 148 125 81 108 31 131 54 149 160 Other assets(5) 31,536 1,455 10,258 1,316 1,839 3,688 1,847 2,877 804 782 724 1,422 4,522 Interdistrict settlement account 0 -1,667 +8,355 +130 -968 -2,132 +575 -1,777 -970 +666 +1,919 +3,093 -7,225 TOTAL ASSETS 516,273 25,588 202,566 15,238 31,407 38,642 31,823 46,306 16,956 7,464 16,089 26,084 58,110 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 $ 35 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 $ 17,687 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 122 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 $ 145 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 July 1, 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 459,720 22,509 185,282 13,101 28,165 32,717 27,664 41,368 15,357 5,574 14,051 23,350 50,581 Deposits Depository institutions 23,490 1,715 4,269 1,165 1,775 2,753 2,094 2,592 844 775 994 1,588 2,927 U.S. Treasury--general account 7,866 0 7,866 0 0 0 0 0 0 0 0 0 0 Foreign--official accounts 166 7 51 8 9 22 9 14 3 5 3 7 26 Other 313 1 101 2 2 53 2 146 0 1 3 1 1 Total deposits 31,834 1,723 12,287 1,174 1,787 2,828 2,105 2,751 847 781 1,000 1,596 2,954 Deferred credit items 8,171 549 910 233 377 656 813 648 313 643 601 395 2,034 Other liabilities and accrued dividends (1) 4,733 266 1,632 168 301 376 315 458 184 87 163 224 559 TOTAL LIABILITIES 504,458 25,047 200,111 14,675 30,629 36,578 30,898 45,225 16,702 7,084 15,815 25,565 56,129 CAPITAL ACCOUNTS Capital paid in 5,809 264 1,163 285 385 1,034 464 538 122 191 137 235 991 Surplus 5,220 254 1,055 273 335 818 338 502 122 189 119 271 945 Other capital accounts 786 23 237 6 58 212 123 41 11 0 18 13 45 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 516,273 25,588 202,566 15,238 31,407 38,642 31,823 46,306 16,956 7,464 16,089 26,084 58,110 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 567,090 26,295 230,998 15,424 31,085 39,343 36,032 49,886 17,408 7,187 16,163 29,252 68,018 Less--Held by F.R. Banks 107,370 3,786 45,716 2,323 2,920 6,625 8,368 8,518 2,050 1,613 2,112 5,902 17,437 F.R. notes, net 459,720 22,509 185,282 13,101 28,165 32,717 27,664 41,368 15,357 5,574 14,051 23,350 50,581 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 439,472 Total collateral 459,720 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.