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 August 6, 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 Aug 5, 1998 Jul 29, 1998 Aug 6, 1997 Aug 5, 1998 Reserve Bank Credit (1,2) 480,678 + 1,561 + 33,098 479,542 U.S. government securities Bought outright-system account (3) 441,092 + 1,132 + 32,518 441,908 Held under repurchase agreements 4,636 - 291 - 423 530 Federal agency obligations Bought outright 526 0 - 543 526 Held under repurchase agreements 1,275 + 600 + 737 1,955 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 58 + 46 - 45 299 Seasonal credit 238 - 4 - 138 237 Extended credit 0 0 0 0 Float 92 + 30 - 363 1,584 Other F.R. assets 32,761 + 48 + 1,353 32,504 Gold stock 11,046 - 1 - 5 11,046 Special drawing rights certificate account 9,200 0 0 9,200 Treasury currency outstanding 25,920 + 14 + 544 25,920 Total factors supplying reserve funds 526,844 + 1,574 + 33,636 525,709 Currency in circulation* 486,964 + 1,255 + 31,589 488,531 Treasury cash holdings* 140 - 40 - 169 138 Deposits,other than reserve balances,with F.R.Banks Treasury 5,234 + 118 + 38 5,045 Foreign 161 - 13 - 28 168 Service-related balances and adjustments (4) 6,979 + 244 - 384 6,979 Other 292 + 40 - 58 346 Other F.R. liabilities and capital 16,824 - 201 + 2,006 16,503 Total factors, other than reserve balances, absorbing reserve funds 516,594 + 1,403 + 32,994 517,710 Reserve balances with F.R. Banks (5) 10,250 + 171 + 642 7,999 On August 5, 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 593,333 million, a change of +$ 340 million for the week. The total includes the face value of U.S. Treasury strips and other zero coupon bonds. 1 Net of $ 16,112 million daily average, matched sale-purchase transactions outstanding during the latest statement week, of which a net of $ 16,112 million was with foreign official and international accounts. Includes securities loaned--fully secured by U.S. government securities. 2 Net of $ 16,046 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which a net of $ 16,046 million was with foreign official and international accounts. Includes $ 176 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 $ 44 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Consists of required clearing balances of $ 6,745 million and adjustments of $ 234 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 Aug 5, 1998 Jul 29, 1998 Aug 6, 1997 ASSETS Gold certificate account 11,046 0 - 4 Special drawing rights certificate account 9,200 0 0 Coin 412 - 1 - 67 Loans 536 + 284 + 121 Acceptances 0 0 0 Federal agency obligations Bought outright 526 0 - 520 Held under repurchase agreements (1) 1,955 + 845 + 1,737 U.S. government securities Bought outright--Bills 199,653 - 496 + 3,286 Notes (2) 178,887 + 1 + 18,363 Bonds (3) 63,367 + 1,049 + 9,106 Total bought outright (4) 441,908 + 554 + 30,755 Held under repurchase agreements (1) 530 - 7,881 - 3,221 Total U.S. government securities 442,438 - 7,327 + 27,534 Total loans and securities 445,454 - 6,198 + 28,873 Items in process of collection (485) 8,382 + 2,128 + 528 Bank premises 1,289 + 1 + 29 Other assets (5) 31,252 - 774 + 1,012 TOTAL ASSETS (485) 507,035 - 4,843 + 30,369 LIABILITIES Federal Reserve notes 463,161 + 1,501 + 30,719 Deposits Depository institutions 14,302 - 7,317 - 2,093 U.S. Treasury--general account 5,045 - 139 - 902 Foreign--official accounts 168 + 10 - 19 Other 346 + 85 - 3 Total deposits 19,860 - 7,362 - 3,018 Deferred availability cash items (485) 7,511 + 1,269 + 896 Other liabilities and accrued dividends (6) 4,633 - 162 - 95 TOTAL LIABILITIES (485) 495,165 - 4,755 + 28,503 CAPITAL ACCOUNTS Capital paid in 5,841 + 22 + 738 Surplus 5,220 0 + 805 Other capital accounts 809 - 111 + 323 *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 $ 39 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 $ 16,046 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 176 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 $ 118 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, August 5, 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 359 0 Within 15 days 17,753 + 405 2,005 + 845 16 to 90 days 177 0 16 to 90 days 89,281 - 8,691 48 0 Over 90 days 0 0 91 days to 1 year 143,445 + 995 114 0 Over 1 to 5 years 96,711 - 1,086 104 0 Over 5 to 10 years 43,018 0 185 0 Over 10 years 52,231 + 1,049 25 0 Total 536 0 Total 442,438 - 7,327 2,481 + 845 1 Includes $ 2,850 million of inflation-indexed securities valued at the original face amount and $ 44 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 August 5, 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 412 9 21 15 26 41 69 58 23 15 29 52 55 Loans 536 125 0 0 0 60 7 136 43 91 31 2 40 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) 1,955 0 1,955 0 0 0 0 0 0 0 0 0 0 U.S. government securities Bought outright--Bills 199,653 10,874 74,000 5,805 12,976 15,728 12,145 19,167 7,016 2,193 5,539 9,078 25,134 Notes (2) 178,887 9,743 66,303 5,201 11,626 14,092 10,882 17,173 6,286 1,965 4,962 8,134 22,520 Bonds (3) 63,367 3,451 23,486 1,842 4,118 4,992 3,855 6,083 2,227 696 1,758 2,881 7,977 Total bought outright(4) 441,908 24,067 163,789 12,848 28,721 34,811 26,882 42,424 15,529 4,855 12,259 20,093 55,631 Held under repurchase agreements(1) 530 0 530 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 442,438 24,067 164,319 12,848 28,721 34,811 26,882 42,424 15,529 4,855 12,259 20,093 55,631 Total loans and securities 445,454 24,221 166,469 12,863 28,755 34,912 26,921 42,611 15,590 4,952 12,305 20,119 55,737 Items in process of collection 8,867 584 1,075 279 260 817 997 703 309 690 444 548 2,162 Bank premises 1,289 93 159 50 152 125 76 108 31 131 54 149 160 Other assets(5) 31,252 1,518 9,277 1,349 1,914 3,776 1,925 2,959 844 793 757 1,472 4,667 Interdistrict settlement account 0 -3,101 +18,342 +660 -2,835 -2,191 -734 -4,101 -1,200 +171 +1,154 +2,215 -8,381 TOTAL ASSETS 507,520 24,436 202,752 15,821 29,490 39,080 30,573 44,236 16,295 7,002 15,279 25,451 57,105 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 $ 39 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 $ 16,046 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 176 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 $ 118 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 August 5, 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 463,161 22,376 190,649 13,423 27,123 34,675 26,954 40,468 15,005 5,533 13,734 22,868 50,353 Deposits Depository institutions 14,302 720 2,000 1,422 986 894 1,484 1,503 559 407 610 1,455 2,262 U.S. Treasury--general account 5,045 0 5,045 0 0 0 0 0 0 0 0 0 0 Foreign--official accounts 168 7 53 8 9 22 9 14 3 5 3 7 26 Other 346 2 125 0 1 89 1 120 0 0 7 0 1 Total deposits 19,860 729 7,223 1,430 996 1,005 1,495 1,637 563 412 621 1,462 2,288 Deferred credit items 7,996 527 879 233 285 916 879 592 292 585 487 381 1,941 Other liabilities and accrued dividends (1) 4,633 262 1,551 168 298 374 313 454 181 87 163 224 559 TOTAL LIABILITIES 495,650 23,894 200,303 15,253 28,701 36,970 29,641 43,151 16,040 6,617 15,004 24,935 55,141 CAPITAL ACCOUNTS Capital paid in 5,841 266 1,178 286 391 1,049 466 538 123 195 137 232 978 Surplus 5,220 254 1,055 273 335 818 338 502 122 189 119 271 945 Other capital accounts 809 23 215 9 63 243 127 45 10 1 19 13 41 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 507,520 24,436 202,752 15,821 29,490 39,080 30,573 44,236 16,295 7,002 15,279 25,451 57,105 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 571,137 26,667 233,281 15,957 30,566 41,382 35,794 49,812 17,589 7,230 15,999 29,233 67,626 Less--Held by F.R. Banks 107,977 4,291 42,631 2,535 3,444 6,707 8,840 9,344 2,584 1,697 2,265 6,365 17,273 F.R. notes, net 463,161 22,376 190,649 13,423 27,123 34,675 26,954 40,468 15,005 5,533 13,734 22,868 50,353 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 442,914 Total collateral 463,161 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.