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 23, 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 22, 1998 Jul 15, 1998 Jul 23, 1997 Jul 22, 1998 Reserve Bank Credit (1,2) 476,932 - 4,578 + 30,549 476,547 U.S. government securities Bought outright-system account (3) 440,121 - 1,676 + 29,303 436,103 Held under repurchase agreements 2,593 - 2,512 + 880 4,661 Federal agency obligations Bought outright 526 0 - 684 526 Held under repurchase agreements 840 - 280 + 677 1,956 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 150 + 149 + 123 4 Seasonal credit 223 + 28 - 124 239 Extended credit 0 0 0 0 Float 482 + 89 - 84 784 Other F.R. assets 31,997 - 376 + 457 32,274 Gold stock 11,046 0 - 3 11,046 Special drawing rights certificate account 9,200 0 0 9,200 Treasury currency outstanding 25,892 + 14 + 533 25,892 Total factors supplying reserve funds 523,071 - 4,564 + 31,078 522,686 Currency in circulation* 485,690 - 915 + 30,490 486,517 Treasury cash holdings* 188 - 6 - 147 178 Deposits,other than reserve balances,with F.R.Banks Treasury 5,155 - 16 - 57 4,426 Foreign 169 + 7 + 1 195 Service-related balances and adjustments (4) 6,967 + 104 - 326 6,967 Other 264 - 28 - 47 247 Other F.R. liabilities and capital 16,752 - 85 + 1,408 16,513 Total factors, other than reserve balances, absorbing reserve funds 515,186 - 940 + 31,324 515,043 Reserve balances with F.R. Banks (5) 7,885 - 3,624 - 245 7,642 On July 22, 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 592,068 million, a change of +$ 5,412 million for the week. The total includes the face value of U.S. Treasury strips and other zero coupon bonds. 1 Net of $ 16,781 million daily average, matched sale-purchase transactions outstanding during the latest statement week, of which a net of $ 16,781 million was with foreign official and international accounts. Includes securities loaned--fully secured by U.S. government securities. 2 Net of $ 20,799 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which a net of $ 20,799 million was with foreign official and international accounts. Includes $ 80 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 $ 42 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Consists of required clearing balances of $ 6,641 million and adjustments of $ 327 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 22, 1998 Jul 15, 1998 Jul 23, 1997 ASSETS Gold certificate account 11,046 0 - 4 Special drawing rights certificate account 9,200 0 0 Coin 405 + 10 - 66 Loans 243 + 35 - 123 Acceptances 0 0 0 Federal agency obligations Bought outright 526 0 - 684 Held under repurchase agreements (1) 1,956 - 469 + 1,766 U.S. government securities Bought outright--Bills 194,900 - 4,785 - 191 Notes (2) 178,886 + 1 + 18,361 Bonds (3) 62,318 0 + 8,056 Total bought outright (4) 436,103 - 4,784 + 26,227 Held under repurchase agreements (1) 4,661 - 4,831 + 3,011 Total U.S. government securities 440,764 - 9,615 + 29,238 Total loans and securities 443,489 - 10,049 + 30,197 Items in process of collection (459) 7,656 + 126 + 1,232 Bank premises 1,294 0 + 35 Other assets (5) 31,086 - 684 + 695 TOTAL ASSETS (459) 504,177 - 10,596 + 32,089 LIABILITIES Federal Reserve notes 461,208 - 625 + 30,089 Deposits Depository institutions 15,267 - 8,440 + 599 U.S. Treasury--general account 4,426 - 883 - 516 Foreign--official accounts 195 + 14 + 32 Other 247 - 32 - 61 Total deposits 20,135 - 9,342 + 55 Deferred availability cash items (459) 6,321 - 554 + 570 Other liabilities and accrued dividends (6) 4,530 - 106 - 45 TOTAL LIABILITIES (459) 492,194 - 10,626 + 30,669 CAPITAL ACCOUNTS Capital paid in 5,822 + 7 + 743 Surplus 5,220 0 + 725 Other capital accounts 940 + 23 - 48 *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 $ 37 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 $ 5 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Net of $ 20,799 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 80 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 $ 44 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 22, 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 220 0 Within 15 days 19,394 - 499 1,956 - 469 16 to 90 days 23 0 16 to 90 days 92,596 - 1,456 98 0 Over 90 days 0 0 91 days to 1 year 136,779 - 7,662 109 0 Over 1 to 5 years 97,797 0 109 0 Over 5 to 10 years 43,017 0 185 0 Over 10 years 51,181 0 25 0 Total 243 0 Total 440,764 - 9,615 2,482 - 469 1 Includes $ 2,850 million of inflation-indexed securities valued at the original face amount and $ 42 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 22, 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 11,046 582 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 405 11 22 16 26 40 64 56 23 17 29 51 52 Loans 243 0 0 0 0 0 7 31 36 98 33 3 35 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) 1,956 0 1,956 0 0 0 0 0 0 0 0 0 0 U.S. government securities Bought outright--Bills 194,900 10,615 72,238 5,666 12,667 15,353 11,856 18,711 6,849 2,141 5,407 8,862 24,535 Notes (2) 178,886 9,743 66,302 5,201 11,626 14,092 10,882 17,173 6,286 1,965 4,962 8,134 22,519 Bonds (3) 62,318 3,394 23,097 1,812 4,050 4,909 3,791 5,983 2,190 685 1,729 2,833 7,845 Total bought outright(4) 436,103 23,751 161,638 12,679 28,344 34,354 26,529 41,867 15,325 4,791 12,098 19,829 54,900 Held under repurchase agreements(1) 4,661 0 4,661 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 440,764 23,751 166,299 12,679 28,344 34,354 26,529 41,867 15,325 4,791 12,098 19,829 54,900 Total loans and securities 443,489 23,780 168,449 12,694 28,378 34,395 26,567 41,949 15,380 4,894 12,146 19,856 55,001 Items in process of collection 8,115 503 804 277 543 448 853 879 338 653 538 472 1,808 Bank premises 1,294 93 158 50 152 125 81 108 31 132 54 149 160 Other assets(5) 31,086 1,492 9,441 1,338 1,887 3,752 1,893 2,844 827 791 744 1,463 4,612 Interdistrict settlement account 0 -2,873 +14,133 +197 -2,237 -1,997 +369 -2,951 -1,017 +258 +1,397 +2,601 -7,880 TOTAL ASSETS 504,635 24,118 200,415 15,178 29,966 38,363 31,147 44,781 16,280 6,995 15,445 25,488 56,460 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 $ 37 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 $ 5 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Net of $ 20,799 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 80 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 $ 44 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 22, 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 461,208 22,177 188,448 13,384 27,376 34,230 27,293 40,497 15,018 5,520 13,837 23,026 50,402 Deposits Depository institutions 15,267 666 2,638 848 1,207 1,119 1,784 2,138 573 393 699 1,372 1,829 U.S. Treasury--general account 4,426 0 4,426 0 0 0 0 0 0 0 0 0 0 Foreign--official accounts 195 7 80 8 9 22 9 14 3 5 3 7 26 Other 247 1 103 1 2 88 1 45 0 1 2 1 1 Total deposits 20,135 674 7,248 857 1,219 1,230 1,795 2,197 577 400 705 1,380 1,856 Deferred credit items 6,779 467 702 201 290 447 811 551 246 607 462 343 1,653 Other liabilities and accrued dividends (1) 4,530 255 1,552 163 286 359 304 438 176 87 159 215 536 TOTAL LIABILITIES 492,653 23,572 197,950 14,604 29,171 36,265 30,203 43,683 16,018 6,613 15,163 24,964 54,447 CAPITAL ACCOUNTS Capital paid in 5,822 264 1,163 285 390 1,040 466 538 123 191 137 231 993 Surplus 5,220 254 1,055 273 335 818 338 502 122 189 119 271 945 Other capital accounts 940 28 246 16 69 240 140 58 17 2 26 22 75 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 504,635 24,118 200,415 15,178 29,966 38,363 31,147 44,781 16,280 6,995 15,445 25,488 56,460 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 570,074 26,484 232,009 15,941 30,630 41,249 36,073 49,533 17,603 7,279 16,073 29,268 67,934 Less--Held by F.R. Banks 108,866 4,307 43,560 2,557 3,254 7,019 8,780 9,036 2,585 1,759 2,235 6,242 17,532 F.R. notes, net 461,208 22,177 188,448 13,384 27,376 34,230 27,293 40,497 15,018 5,520 13,837 23,026 50,402 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 440,962 Total collateral 461,208 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.