Federal Reserve Statistical Release, H.4.1, Factors Affecting Reserve Balances; title with eagle logo links to Statistical Release home page

Release Date: October 22, 1998

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FEDERAL RESERVE
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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
                                                                                           October 22, 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     Oct 21, 1998 Oct 14, 1998 Oct 22, 1997 Oct 21, 1998

Reserve Bank Credit  (1,2)                                  490,871    +   2,213    +  35,554      492,341
  U.S. government securities			        		      		     		
    Bought outright-system account (3)                      447,289    -     384    +  32,204      448,032
    Held under repurchase agreements                          4,096    +   1,424    -   1,890        4,115
  Federal agency obligations			        		      		     		
    Bought outright                                             388    -      13    -     367          388
    Held under repurchase agreements                          4,415    +   1,338    +   3,439        5,488
  Acceptances                                                     0            0            0            0
  Loans to depository institutions

    Adjustment credit                                             4    -      27    -      29            0
    Seasonal credit                                              99    -      11    -     109           94
    Extended credit                                               0            0            0            0
   Float                                                       -142    -     721    -     608         -230
   Other F.R. assets                                         34,722    +     606    +   2,914       34,453
Gold stock                                                   11,044            0    -       6       11,044
Special drawing rights certificate account                    9,200            0            0        9,200
Treasury currency outstanding                                26,014    +      14    +     474       26,014
        Total factors supplying reserve funds               537,128    +   2,227    +  36,022      538,598
						        		      		     		
Currency in circulation*                                    497,168    -     143    +  35,654      497,571
Treasury cash holdings*                                          92            0    -     148           91
Deposits,other than reserve balances,with F.R.Banks     		      		     		
  Treasury                                                    5,322    -     158    -     205        4,842
  Foreign                                                       209    -     112    +      10          177
  Service-related balances and adjustments (4)                6,954    -     103    +      81        6,954
  Other                                                         408    -       9    +      33          398
Other F.R. liabilities and capital                           17,218    +     140    +   1,117       17,025
        Total factors, other than reserve balances,     		      		     		
        absorbing reserve funds                             527,370    -     385    +  36,542      527,058

Reserve balances with F.R. Banks  (5)                         9,759    +   2,612    -     520       11,540
						       		      		     		
On   October 21, 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 575,818 million, a change of
 +$ 3,908 million for the week.  The total includes the face value of U.S. Treasury strips and other zero
coupon bonds.
1  Net of $ 19,055 million daily average, matched sale-purchase transactions outstanding during the
   latest statement week, of which a net of $ 19,055 million was with foreign official and international
   accounts.  Includes securities loaned--fully secured by U.S. government securities.
2  Net of $ 18,313 million matched sale-purchase transactions outstanding at the end of the latest
   statement week, of which a net of $ 18,313 million was with foreign official and international
   accounts.  Includes $ 772 million securities loaned--fully secured U.S. government securities.
3  Includes $ 3,250 million of inflation-indexed securities valued at the original face amount and
   $ 58 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Consists of required clearing balances of $ 6,668 million and adjustments of $ 286 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
                                                           Oct 21, 1998     Oct 14, 1998     Oct 22, 1997
                ASSETS
Gold certificate account                                        11,044                0        -       7
Special drawing rights certificate account                       9,200                0                0
Coin                                                               413        +       1        -     106
					
Loans                                                               95        -     115        -     122
Acceptances                                                          0                0                0
Federal agency obligations		
  Bought outright                                                  388                0        -     358
  Held under repurchase agreements (1)                           5,488        +     918        +   3,866
U.S. government securities		
  Bought outright--Bills                                       197,387        +     942        +   1,056
                   Notes (2)                                   183,591        -     597        +  20,516
                   Bonds (3)                                    67,055                0        +  10,996
    Total bought outright (4)                                  448,032        +     346        +  32,567
  Held under repurchase agreements (1)                           4,115        +   2,070        -   8,399
     Total U.S. government securities                          452,147        +   2,416        +  24,168
       Total loans and securities                              458,117        +   3,218        +  27,554
					
Items in process of collection                      (634)        6,965        -   4,635        -     141
Bank premises                                                    1,296                0        +      23
Other assets (5)                                                33,178        +     180        +   2,137
                TOTAL ASSETS                        (634)      520,213        -   1,236        +  29,460
					
                LIABILITIES
Federal Reserve notes                                          472,061        -     894        +  35,257
Deposits		 		
  Depository institutions                                       18,773        +   2,393        -   6,783
  U.S. Treasury--general account                                 4,842        -      53        -     744
  Foreign--official accounts                                       177        -      12        -      28
    Other                                                          398                0        +      33
      Total deposits                                            24,190        +   2,329        -   7,522
Deferred availability cash items                    (634)        6,937        -   2,818        +     622
Other liabilities and accrued dividends (6)                      4,588        +     138        -     383
                TOTAL LIABILITIES                   (634)      507,776        -   1,245        +  27,974
					
                CAPITAL ACCOUNTS
Capital paid in                                                  5,916        +       1        +     657
Surplus                                                          5,220                0        +     832
Other capital accounts                                           1,300        +       8        -       3

*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 $ 2,450 million of inflation-indexed securities valued at the original face amount and
   $ 50 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
   $ 8 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Net of $ 18,313 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $ 772 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 $ 170 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,   October 21, 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         88          0     Within 15 days          13,874   -   3,178      5,488   +     918
16 to 90 days           6          0     16 to 90 days           94,188   +     235         50           0
Over 90 days            0          0     91 days to 1 year      141,674   +   5,359         85           0
                                         Over 1 to 5 years      105,383   -     406         68           0
                                         Over 5 to 10 years      42,033   +     405        185           0
                                         Over 10 years           54,994           0          0           0
    Total              95          0         Total              452,147   +   2,416      5,876   +     918

1  Includes $ 3,250 million of inflation-indexed securities valued at the original face amount and
   $ 58 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   October 21, 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                      11,044        582      4,204        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                                             413         21         18         17         18         47         65         58         20         16         32         48         52
				
Loans                                             95          1          0          0          0          0          2         11         18         36         25          1          0
Acceptances                                        0          0          0          0          0          0          0          0          0          0          0          0          0
Federal agency obligations	
  Bought outright                                388         21        144         11         25         31         24         37         14          4         11         18         49
  Held under repurchase agreements(1)          5,488          0      5,488          0          0          0          0          0          0          0          0          0          0
U.S. government securities	
  Bought outright--Bills                     197,387     10,750     73,159      5,739     12,829     15,549     12,007     18,949      6,936      2,168      5,476      8,975     24,848
                   Notes (2)                 183,591      9,999     68,046      5,338     11,932     14,462     11,168     17,625      6,452      2,017      5,093      8,348     23,112
                   Bonds (3)                  67,055      3,652     24,853      1,950      4,358      5,282      4,079      6,437      2,356        737      1,860      3,049      8,441
     Total bought outright(4)                448,032     24,401    166,059     13,026     29,119     35,293     27,254     43,012     15,745      4,922     12,429     20,371     56,402
  Held under repurchase agreements(1)          4,115          0      4,115          0          0          0          0          0          0          0          0          0          0
     Total U.S. govt. securities             452,147     24,401    170,174     13,026     29,119     35,293     27,254     43,012     15,745      4,922     12,429     20,371     56,402
       Total loans and securities            458,117     24,423    175,805     13,037     29,144     35,324     27,280     43,060     15,776      4,963     12,464     20,390     56,450
				
Items in process of collection                 7,599        511        811        310        298        468        860        809        383        625        493        304      1,726
Bank premises                                  1,296         93        158         50        157        125         80        107         31        131         54        149        161
Other assets(5)                               33,178      1,598      9,924      1,429      2,019      3,978      2,035      3,172        889        838        796      1,556      4,943
Interdistrict settlement account                   0     -1,638    +18,269       -717     -4,448     -1,518       -755     -2,473     -2,051       +670     +1,172     +2,954     -9,465
          TOTAL ASSETS                       520,847     26,121    212,392     14,732     28,405     40,024     30,884     46,631     15,747      7,494     15,547     26,299     56,573

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 $ 2,450 million of inflation-indexed securities valued at the original face amount and
   $ 50 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
   $ 8 million of compensation that adjusts for the effects of inflation on the principal of such
   securities.
4  Net of $ 18,313 million matched sale-purchase transactions outstanding at the end of the latest
   statement week.  Includes $ 772 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 $ 170 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   October 21, 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                        472,061     22,949    198,926     13,166     25,792     34,434     27,254     41,823     14,295      5,590     13,951     23,655     50,224
Deposits			      	
  Depository institutions                     18,773      1,903      3,602        658      1,125      2,031      1,487      2,343        690        764        703      1,541      1,926
  U.S. Treasury--general account               4,842          0      4,842          0          0          0          0          0          0          0          0          0          0
  Foreign--official accounts                     177          7         63          8          9         22          9         14          3          5          3          7         26
  Other                                          398          4        104          1          3         96          5        171          2          0          8          2          3
    Total deposits                            24,190      1,914      8,610        667      1,137      2,149      1,501      2,528        696        770        714      1,551      1,955
Deferred credit items                          7,571        442        708        234        359        647        909        705        317        639        434        352      1,826
Other liabilities and accrued	      	
  dividends (1)                                4,588        254      1,570        164        289        375        309        436        181         89        158        216        547
    TOTAL LIABILITIES                        508,410     25,559    209,814     14,230     27,577     37,606     29,973     45,492     15,489      7,088     15,256     25,774     54,552
				      	
       CAPITAL ACCOUNTS		      	
Capital paid in                                5,916        268      1,186        213        398      1,223        410        546        120        200        138        234        980
Surplus                                        5,220        254      1,055        273        335        818        338        502        122        189        119        271        945
Other capital accounts                         1,300         41        336         16         95        377        162         91         16         17         34         21         97
     TOTAL LIABILITIES AND CAPITAL    	
        ACCOUNTS                             520,847     26,121    212,392     14,732     28,405     40,024     30,884     46,631     15,747      7,494     15,547     26,299     56,573
				      	
FEDERAL RESERVE AGENTS' ACCOUNTS      	
				      	
F.R. notes outstanding                       586,916     27,860    239,763     16,345     30,341     43,144     37,142     52,788     17,013      7,346     16,599     30,137     68,437
  Less--Held by F.R. Banks                   114,855      4,911     40,836      3,180      4,549      8,710      9,888     10,965      2,717      1,756      2,648      6,482     18,213
  F.R. notes, net                            472,061     22,949    198,926     13,166     25,792     34,434     27,254     41,823     14,295      5,590     13,951     23,655     50,224
Collateral held against F.R. notes    	
   Gold certificate account                   11,044
   Special drawing rights	      	
     certificate account                       9,200
   Other eligible assets                           0
   U.S. govt. and agency securities          451,817
     Total collateral                        472,061

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.

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Last update: October 22, 1998