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 January 28, 1999 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 Jan 27, 1999 Jan 20, 1999 Jan 28, 1998 Jan 27, 1999 Reserve Bank Credit (1,2) 500,951 - 5,020 + 35,568 506,917 U.S. government securities Bought outright-system account (3) 452,725 - 93 + 24,262 454,538 Held under repurchase agreements 6,281 - 10 + 3,385 9,891 Federal agency obligations Bought outright 337 - 1 - 348 336 Held under repurchase agreements 3,226 - 2,821 + 2,803 4,027 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 105 + 83 + 18 7 Seasonal credit 5 0 - 11 5 Extended credit 0 0 0 0 Float 1,370 - 2,807 + 783 424 Other F.R. assets 36,904 + 629 + 4,676 37,690 Gold stock 11,046 0 + 1 11,046 Special drawing rights certificate account 9,200 0 0 9,200 Treasury currency outstanding 26,323 + 14 + 675 26,323 Total factors supplying reserve funds 547,520 - 5,006 + 36,244 553,487 Currency in circulation* 506,737 - 2,232 + 36,591 506,835 Treasury cash holdings* 88 + 2 - 131 98 Deposits,other than reserve balances,with F.R.Banks Treasury 6,963 - 333 - 13 7,038 Foreign 184 + 3 + 18 168 Service-related balances and adjustments (4) 7,867 + 395 + 283 7,866 Other 237 + 25 - 106 217 Other F.R. liabilities and capital 16,840 - 32 + 757 16,610 Total factors, other than reserve balances, absorbing reserve funds 538,916 - 2,172 + 37,399 538,832 Reserve balances with F.R. Banks (5) 8,604 - 2,834 - 1,155 14,654 On January 27, 1999, the face amount of marketable U.S. government securities held in custody by the Federal Reserve Banks for foreign official and international accounts was 600,443 million, a change of -$ 4,713 million for the week. The total includes the face value of U.S. Treasury strips and other zero coupon bonds. 1 Net of $ 19,852 million daily average, matched sale-purchase transactions outstanding during the latest statement week, of which a net of $ 18,980 million was with foreign official and international accounts. Includes securities loaned--fully secured by U.S. government securities. 2 Net of $ 18,038 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which a net of $ 18,038 million was with foreign official and international accounts. Includes $ 117 million securities loaned--fully secured U.S. government securities. 3 Includes $ 4,087 million of inflation-indexed securities valued at the original face amount and $ 79 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Consists of required clearing balances of $ 6,819 million and adjustments of $ 1,047 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 Jan 27, 1999 Jan 20, 1999 Jan 28, 1998 ASSETS Gold certificate account 11,046 0 + 1 Special drawing rights certificate account 9,200 0 0 Coin 439 + 29 - 94 Loans 12 - 67 - 15 Acceptances 0 0 0 Federal agency obligations Bought outright 336 - 2 - 349 Held under repurchase agreements (1) 4,027 + 69 + 3,267 U.S. government securities Bought outright--Bills 197,662 + 670 + 2,820 Notes (2) 187,403 0 + 13,676 Bonds (3) 69,474 0 + 10,067 Total bought outright (4) 454,538 + 670 + 26,563 Held under repurchase agreements (1) 9,891 + 3,751 + 913 Total U.S. government securities 464,429 + 4,421 + 27,476 Total loans and securities 468,804 + 4,421 + 30,378 Items in process of collection (549) 7,289 - 8,989 - 891 Bank premises 1,301 0 + 27 Other assets (5) 36,350 + 1,227 + 4,190 TOTAL ASSETS (549) 534,429 - 3,312 + 33,613 LIABILITIES Federal Reserve notes 481,049 - 1,766 + 35,924 Deposits Depository institutions 22,563 + 3,104 - 3,863 U.S. Treasury--general account 7,038 - 429 + 192 Foreign--official accounts 168 - 9 + 9 Other 217 + 11 - 117 Total deposits 29,985 + 2,677 - 3,778 Deferred availability cash items (549) 6,785 - 4,207 + 711 Other liabilities and accrued dividends (6) 4,192 - 35 - 443 TOTAL LIABILITIES (549) 522,011 - 3,330 + 32,413 CAPITAL ACCOUNTS Capital paid in 5,955 - 9 + 478 Surplus 5,952 0 + 732 Other capital accounts 511 + 27 - 10 *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 $ 3,267 million of inflation-indexed securities valued at the original face amount and $ 68 million of compensation that adjusts for the effects of inflation on the principal of such securities. 3 Includes $ 820 million of inflation-indexed securities valued at the original face amount and $ 11 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Net of $ 18,038 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 117 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 $ 0 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, January 27, 1999 Holdings of securities include securitites held under repurchase agreements, which are classified according to remaining maturity. Millions of dollars U.S. government Federal agency Loans Acceptances securities (1) obligations Weekly Weekly Holdings changes Holdings changes Within 15 days 12 0 Within 15 days 23,513 + 6,970 4,027 + 657 16 to 90 days 0 0 16 to 90 days 97,932 - 2,164 25 - 590 Over 90 days 0 0 91 days to 1 year 135,053 - 385 81 + 6 Over 1 to 5 years 107,040 0 55 - 6 Over 5 to 10 years 45,222 0 175 0 Over 10 years 55,669 0 0 0 Total 12 0 Total 464,429 + 4,421 4,363 + 67 1 Includes $ 4,087 million of inflation-indexed securities valued at the original face amount and $ 79 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 January 27, 1999 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 439 21 17 31 20 67 61 44 23 18 29 47 61 Loans 12 1 0 0 0 0 0 3 2 0 1 0 5 Acceptances 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal agency obligations Bought outright 336 18 124 10 22 26 20 32 12 4 9 15 42 Held under repurchase agreements(1) 4,027 0 4,027 0 0 0 0 0 0 0 0 0 0 U.S. government securities Bought outright--Bills 197,662 10,765 73,261 5,747 12,847 15,571 12,024 18,976 6,946 2,172 5,483 8,987 24,883 Notes (2) 187,403 10,206 69,459 5,448 12,180 14,763 11,400 17,991 6,586 2,059 5,199 8,521 23,592 Bonds (3) 69,474 3,784 25,750 2,020 4,515 5,473 4,226 6,670 2,441 763 1,927 3,159 8,746 Total bought outright(4) 454,538 24,755 168,470 13,215 29,542 35,806 27,650 43,637 15,973 4,994 12,609 20,667 57,221 Held under repurchase agreements(1) 9,891 0 9,891 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 464,429 24,755 178,361 13,215 29,542 35,806 27,650 43,637 15,973 4,994 12,609 20,667 57,221 Total loans and securities 468,804 24,775 182,513 13,225 29,563 35,832 27,670 43,672 15,987 4,997 12,619 20,682 57,268 Items in process of collection 7,839 530 924 380 422 533 773 672 341 565 491 395 1,813 Bank premises 1,301 94 158 50 158 125 83 106 32 130 54 149 162 Other assets(5) 36,350 1,706 11,686 1,519 2,160 4,264 2,173 3,203 944 895 851 1,661 5,289 Interdistrict settlement account 0 +1,534 -1,494 +1,369 -5,372 +4,911 +2,316 +4,081 +948 +872 +1,013 +1,010 -11,188 TOTAL ASSETS 534,978 29,772 201,210 17,179 28,168 47,332 34,395 53,677 18,973 7,729 15,592 24,841 56,111 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 $ 3,267 million of inflation-indexed securities valued at the original face amount and $ 68 million of compensation that adjusts for the effects of inflation on the principal of such securities. 3 Includes $ 820 million of inflation-indexed securities valued at the original face amount and $ 11 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Net of $ 18,038 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 117 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 $ 0 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 January 27, 1999 Millions of dollars Kansas San Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco LIABILITIES Federal Reserve notes 481,049 27,303 185,066 15,897 25,600 40,019 30,757 47,929 17,118 6,064 14,016 22,272 49,007 Deposits Depository institutions 22,563 1,209 4,102 473 1,152 3,685 1,581 3,623 1,087 631 710 1,500 2,811 U.S. Treasury--general account 7,038 0 7,038 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 217 0 108 1 4 79 5 1 3 0 12 2 1 Total deposits 29,985 1,216 11,301 481 1,165 3,787 1,595 3,638 1,094 636 725 1,509 2,838 Deferred credit items 7,334 466 753 288 305 676 897 499 344 533 406 382 1,785 Other liabilities and accrued dividends (1) 4,192 234 1,467 149 267 337 278 398 163 85 148 197 470 TOTAL LIABILITIES 522,560 29,219 198,586 16,815 27,337 44,819 33,527 52,463 18,720 7,318 15,295 24,360 54,100 CAPITAL ACCOUNTS Capital paid in 5,955 260 1,215 176 401 1,238 418 585 119 203 142 224 974 Surplus 5,952 267 1,208 177 399 1,238 418 583 121 202 140 227 972 Other capital accounts 511 25 201 12 32 37 31 45 14 5 14 29 65 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 534,978 29,772 201,210 17,179 28,168 47,332 34,395 53,677 18,973 7,729 15,592 24,841 56,111 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 623,737 32,121 238,933 18,924 29,700 51,067 44,855 59,405 20,237 7,765 17,793 33,456 69,481 Less--Held by F.R. Banks 142,688 4,817 53,868 3,027 4,101 11,048 14,098 11,476 3,119 1,701 3,778 11,184 20,474 F.R. notes, net 481,049 27,303 185,066 15,897 25,600 40,019 30,757 47,929 17,118 6,064 14,016 22,272 49,007 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 460,803 Total collateral 481,049 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.