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 May 13, 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 May 12, 1999 May 5, 1999 May 13, 1998 May 12, 1999 Reserve Bank Credit (1,2) 514,492 - 5,997 + 45,394 515,303 U.S. government securities Bought outright-system account (3) 474,404 + 833 + 39,804 475,914 Held under repurchase agreements 1,962 - 7,193 + 1,962 1,463 Federal agency obligations Bought outright 311 0 - 240 311 Held under repurchase agreements 3,466 + 566 + 3,466 3,136 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 3 - 7 - 150 2 Seasonal credit 82 + 15 + 9 79 Extended credit 0 0 0 0 Float 955 + 471 - 114 732 Other F.R. assets 33,310 - 681 + 657 33,665 Gold stock 11,049 - 1 + 1 11,049 Special drawing rights certificate account 8,200 0 - 1,000 8,200 Treasury currency outstanding 26,648 + 14 + 921 26,648 Total factors supplying reserve funds 560,389 - 5,984 + 45,316 561,200 Currency in circulation* 522,277 + 1,753 + 43,985 523,760 Treasury cash holdings* 147 - 17 - 101 147 Deposits,other than reserve balances,with F.R.Banks Treasury 5,307 - 2,581 - 748 4,095 Foreign 181 - 29 + 15 178 Service-related balances and adjustments (4) 7,015 + 227 + 371 7,015 Other 289 + 18 - 88 282 Other F.R. liabilities and capital 17,207 - 46 + 516 17,204 Total factors, other than reserve balances, absorbing reserve funds 552,424 - 674 + 43,951 552,681 Reserve balances with F.R. Banks (5) 7,965 - 5,311 + 1,365 8,518 On May 12, 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 591,805 million, a change of -$ 3,986 million for the week. The total includes the face value of U.S. Treasury strips and other zero coupon bonds. 1 Net of $ 17,354 million daily average, matched sale-purchase transactions outstanding during the latest statement week, of which a net of $ 17,354 million was with foreign official and international accounts. Includes securities loaned--fully secured by U.S. government securities. 2 Net of $ 17,071 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which a net of $ 17,071 million was with foreign official and international accounts. Includes $ 435 million securities loaned--fully secured U.S. government securities. 3 Includes $ 4,740 million of inflation-indexed securities valued at the original face amount and $ 107 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Consists of required clearing balances of $ 6,537 million and adjustments of $ 478 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 May 12, 1999 May 5, 1999 May 13, 1998 ASSETS Gold certificate account 11,049 0 + 1 Special drawing rights certificate account 8,200 0 - 1,000 Coin 407 - 4 - 42 Loans 81 - 9 - 8 Acceptances 0 0 0 Federal agency obligations Bought outright 311 0 - 240 Held under repurchase agreements (1) 3,136 + 648 + 3,136 U.S. government securities Bought outright--Bills 198,629 - 391 + 3,486 Notes (2) 202,094 + 2,371 + 21,506 Bonds (3) 75,192 + 461 + 13,278 Total bought outright (4) 475,914 + 2,440 + 38,270 Held under repurchase agreements (1) 1,463 - 8,242 + 1,463 Total U.S. government securities 477,377 - 5,802 + 39,733 Total loans and securities 480,905 - 5,162 + 42,621 Items in process of collection (533) 8,332 - 2,415 + 1,583 Bank premises 1,311 0 + 24 Other assets (5) 32,306 - 365 + 927 TOTAL ASSETS (533) 542,511 - 7,945 + 44,116 LIABILITIES Federal Reserve notes 497,666 + 1,338 + 43,556 Deposits Depository institutions 15,715 - 7,217 - 405 U.S. Treasury--general account 4,095 - 904 - 1,032 Foreign--official accounts 178 + 11 + 23 Other (0) 282 - 1 - 91 Total deposits (0) 20,271 - 8,109 - 1,505 Deferred availability cash items (533) 7,371 - 1,372 + 1,030 Other liabilities and accrued dividends (6) 4,327 - 84 - 444 TOTAL LIABILITIES (533) 529,634 - 8,229 + 42,635 CAPITAL ACCOUNTS Capital paid in 6,204 + 17 + 641 Surplus 5,952 0 + 732 Other capital accounts 721 + 267 + 108 *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 $ 3,570 million of inflation-indexed securities valued at the original face amount and $ 91 million of compensation that adjusts for the effects of inflation on the principal of such securities. 3 Includes $ 1,170 million of inflation-indexed securities valued at the original face amount and $ 15 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Net of $ 17,071 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 435 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, May 12, 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 26 0 Within 15 days 17,697 - 5,449 3,136 + 648 16 to 90 days 55 0 16 to 90 days 94,741 - 3,109 62 + 25 Over 90 days 0 0 91 days to 1 year 139,255 + 409 79 0 Over 1 to 5 years 116,365 + 1,217 20 0 Over 5 to 10 years 48,271 + 724 150 - 25 Over 10 years 61,049 + 406 0 0 Total 81 0 Total 477,377 - 5,802 3,447 + 648 1 Includes $ 4,740 million of inflation-indexed securities valued at the original face amount and $ 107 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 May 12, 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 11,049 533 4,436 319 566 834 724 993 337 140 313 575 1,279 Special drawing rights certif. acct. 8,200 406 3,215 247 396 683 596 725 232 103 231 451 915 Coin 407 21 18 49 21 48 43 50 17 26 28 39 47 Loans 81 8 0 1 0 0 8 19 11 21 9 0 4 Acceptances 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal agency obligations Bought outright 311 16 124 9 18 23 19 29 10 4 9 15 33 Held under repurchase agreements(1) 3,136 0 3,136 0 0 0 0 0 0 0 0 0 0 U.S. government securities Bought outright--Bills 198,629 10,272 79,103 5,949 11,498 14,943 12,090 18,655 6,534 2,376 5,956 9,897 21,356 Notes (2) 202,094 10,451 80,483 6,053 11,698 15,203 12,301 18,981 6,648 2,417 6,060 10,070 21,728 Bonds (3) 75,192 3,888 29,945 2,252 4,352 5,657 4,577 7,062 2,473 899 2,255 3,747 8,084 Total bought outright(4) 475,914 24,611 189,531 14,254 27,548 35,803 28,968 44,698 15,655 5,692 14,272 23,714 51,169 Held under repurchase agreements(1) 1,463 0 1,463 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 477,377 24,611 190,994 14,254 27,548 35,803 28,968 44,698 15,655 5,692 14,272 23,714 51,169 Total loans and securities 480,905 24,635 194,253 14,265 27,566 35,826 28,995 44,747 15,676 5,716 14,290 23,729 51,206 Items in process of collection 8,866 361 1,490 336 313 463 883 686 302 662 529 502 2,340 Bank premises 1,311 93 160 50 157 125 94 107 31 130 53 148 164 Other assets(5) 32,306 1,478 10,759 925 1,916 4,407 2,050 2,912 824 732 833 1,349 4,121 Interdistrict settlement account 0 + 1,511 - 4,090 + 5,354 - 1,959 - 8,837 - 1,988 + 9,780 + 2,146 - 3,714 + 2,033 - 717 + 480 TOTAL ASSETS 543,044 29,037 210,241 21,545 28,976 33,549 31,397 60,000 19,566 3,795 18,310 26,075 60,553 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 $ 3,570 million of inflation-indexed securities valued at the original face amount and $ 91 million of compensation that adjusts for the effects of inflation on the principal of such securities. 3 Includes $ 1,170 million of inflation-indexed securities valued at the original face amount and $ 15 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Net of $ 17,071 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 435 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 May 12, 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 497,666 27,273 197,845 20,239 26,457 27,746 27,965 55,478 18,211 2,250 16,711 24,080 53,410 Deposits Depository institutions 15,715 478 2,762 454 1,105 2,213 1,314 2,224 586 438 650 897 2,594 U.S. Treasury--general account 4,095 0 4,095 0 0 0 0 0 0 0 0 0 0 Foreign--official accounts 178 7 62 4 10 30 10 14 3 5 3 6 24 Other 282 0 140 1 3 112 6 2 5 0 11 1 1 Total deposits 20,271 485 7,059 459 1,117 2,355 1,330 2,240 595 444 665 903 2,618 Deferred credit items 7,904 456 970 273 330 549 943 623 302 591 442 368 2,058 Other liabilities and accrued dividends (1) 4,327 228 1,543 156 254 345 297 406 162 87 158 249 443 TOTAL LIABILITIES 530,168 28,442 207,417 21,127 28,158 30,996 30,536 58,747 19,269 3,371 17,975 25,600 58,529 CAPITAL ACCOUNTS Capital paid in 6,204 285 1,308 202 394 1,265 416 608 140 212 162 227 984 Surplus 5,952 267 1,208 177 399 1,238 418 583 121 202 140 227 972 Other capital accounts 721 43 308 40 25 50 26 62 36 10 32 21 67 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 543,044 29,037 210,241 21,545 28,976 33,549 31,397 60,000 19,566 3,795 18,310 26,075 60,553 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 697,001 32,369 276,881 23,349 32,247 51,324 46,288 68,421 22,680 10,638 22,174 35,119 75,512 Less--Held by F.R. Banks 199,335 5,096 79,036 3,110 5,790 23,578 18,323 12,942 4,469 8,387 5,463 11,039 22,102 F.R. notes, net 497,666 27,273 197,845 20,239 26,457 27,746 27,965 55,478 18,211 2,250 16,711 24,080 53,410 Collateral held against F.R. notes Gold certificate account 11,049 Special drawing rights certificate account 8,200 Other eligible assets 0 U.S. govt. and agency securities 478,417 Total collateral 497,666 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.