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 December 26, 1997 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 Dec 24, 1997 Dec 17, 1997 Dec 25, 1996 Dec 24, 1997 Reserve Bank Credit (1,2) 471,597 + 4,898 + 30,090 475,558 U.S. government securities Bought outright-system account (3) 429,198 - 1,221 + 36,543 432,059 Held under repurchase agreements 7,270 + 4,370 - 4,638 7,123 Federal agency obligations Bought outright 685 0 - 1,540 685 Held under repurchase agreements 1,483 + 685 + 528 1,902 Acceptances 0 0 0 0 Loans to depository institutions Adjustment credit 92 - 186 - 27 21 Seasonal credit 78 - 6 + 8 75 Extended credit 0 0 0 0 Float 851 + 362 - 473 2,083 Other F.R. assets 31,941 + 895 - 312 31,611 Gold stock 11,049 0 + 1 11,048 Special drawing rights certificate account 9,200 0 - 518 9,200 Treasury currency outstanding 25,630 + 14 + 662 25,630 Total factors supplying reserve funds 517,476 + 4,912 + 30,234 521,437 Currency in circulation* 477,146 + 4,051 + 30,869 480,548 Treasury cash holdings* 229 - 2 - 20 229 Deposits,other than reserve balances,with F.R.Banks Treasury 5,001 - 1,329 - 693 4,949 Foreign 156 - 14 - 45 157 Service-related balances and adjustments (4) 6,988 + 183 + 69 6,988 Other 333 - 46 + 33 296 Other F.R. liabilities and capital 16,343 + 151 + 1,773 16,141 Total factors, other than reserve balances, absorbing reserve funds 506,196 + 2,995 + 31,987 509,308 Reserve balances with F.R. Banks (5) 11,280 + 1,917 - 1,753 12,129 On December 24, 1997, the face amount of marketable U.S. government securities held in custody by the Federal Reserve Banks for foreign official and international accounts was 603,376 million, a change of -$ 12,474 million for the week. The total includes the face value of U.S. Treasury strips and other zero coupon bonds. 1 Net of $ 17,135 million daily average, matched sale-purchase transactions outstanding during the latest statement week, of which a net of $ 17,135 million was with foreign official and international accounts. Includes securities loaned--fully secured by U.S. government securities. 2 Net of $ 15,702 million matched sale-purchase transactions outstanding at the end of the latest statement week, of which a net of $ 15,702 million was with foreign official and international accounts. Includes $ 326 million securities loaned--fully secured U.S. government securities. 3 Includes $ 1650 million of inflation-indexed securities valued at the original face amount and $ 22 million of compensation that adjusts for the effects of inflation on the principal of such securities. 4 Consists of required clearing balances of $ 6,653 million and adjustments of $ 335 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 Dec 24, 1997 Dec 17, 1997 Dec 25, 1996 ASSETS Gold certificate account 11,048 - 1 0 Special drawing rights certificate account 9,200 0 - 518 Coin 485 - 11 - 135 Loans 96 - 882 - 9 Acceptances 0 0 0 Federal agency obligations Bought outright 685 0 - 1,540 Held under repurchase agreements (1) 1,902 + 22 + 947 U.S. government securities Bought outright--Bills 198,447 + 1,512 + 3,327 Notes (2) 174,205 + 1 + 23,283 Bonds 59,407 0 + 10,068 Total bought outright (3) 432,059 + 1,513 + 36,679 Held under repurchase agreements (1) 7,123 - 2,292 - 4,785 Total U.S. government securities 439,182 - 779 + 31,894 Total loans and securities 441,865 - 1,639 + 31,291 Items in process of collection (497) 10,884 + 2,869 + 190 Bank premises 1,271 + 4 + 39 Other assets (4) 30,388 - 467 - 728 TOTAL ASSETS (497) 505,142 + 754 + 30,139 LIABILITIES Federal Reserve notes 455,632 + 5,165 + 31,141 Deposits Depository institutions 20,097 - 2,350 - 813 U.S. Treasury--general account 4,949 - 2,543 - 1,530 Foreign--official accounts 157 + 3 - 57 Other 296 - 85 + 32 Total deposits 25,499 - 4,975 - 2,369 Deferred availability cash items (497) 7,870 + 444 - 97 Other liabilities and accrued dividends (5) 4,932 - 9 + 225 TOTAL LIABILITIES (497) 493,933 + 625 + 28,899 CAPITAL ACCOUNTS Capital paid in 5,443 + 86 + 842 Surplus 4,389 0 + 528 Other capital accounts 1,377 + 42 - 131 *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 $ 1650 million of inflation-indexed securities valued at the original face amount and $ 22 million of compensation that adjusts for the effects of inflation on the principal of such securities. 3 Net of $ 15,702 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 326 million securities loaned--fully secured by U.S. government securities. 4 Includes assets denominated in foreign currencies, revalued monthly at market exchange rates. Includes special investment account at Chicago of $ 157 million in Treasury bills maturing within 90 days. 5 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, December 24, 1997 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 96 0 Within 15 days 19,907 + 2,217 1,902 + 22 16 to 90 days 0 0 16 to 90 days 95,600 - 2,887 60 0 Over 90 days 0 0 91 days to 1 year 138,259 - 110 192 0 Over 1 to 5 years 96,202 + 1 153 0 Over 5 to 10 years 40,906 0 255 0 Over 10 years 48,308 0 25 0 Total 96 0 Total 439,182 - 779 2,587 + 22 1 Includes $ 1650 million of inflation-indexed securities valued at the original face amount and $ 22 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 December 24, 1997 Millions of dollars Kansas San Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco ASSETS Gold certificate account 11,048 624 3,935 350 669 965 723 1,069 401 147 286 459 1,420 Special drawing rights certif. acct. 9,200 530 3,202 282 574 792 602 900 340 123 247 367 1,241 Coin 485 26 21 53 30 68 47 56 17 21 38 40 70 Loans 96 1 0 1 0 0 4 9 10 32 30 0 8 Acceptances 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal agency obligations Bought outright 685 42 221 23 47 65 46 73 27 10 20 25 86 Held under repurchase agreements(1) 1,902 0 1,902 0 0 0 0 0 0 0 0 0 0 U.S. government securities Bought outright--Bills 198,447 12,098 64,188 6,634 13,727 18,882 13,243 21,167 7,904 2,764 5,667 7,207 24,968 Notes (2) 174,205 10,620 56,347 5,824 12,050 16,575 11,625 18,582 6,938 2,426 4,974 6,326 21,918 Bonds 59,407 3,622 19,215 1,986 4,109 5,652 3,964 6,337 2,366 827 1,696 2,157 7,474 Total bought outright(3) 432,059 26,339 139,750 14,444 29,886 41,109 28,832 46,085 17,208 6,017 12,337 15,691 54,360 Held under repurchase agreements(1) 7,123 0 7,123 0 0 0 0 0 0 0 0 0 0 Total U.S. govt. securities 439,182 26,339 146,873 14,444 29,886 41,109 28,832 46,085 17,208 6,017 12,337 15,691 54,360 Total loans and securities 441,865 26,382 148,996 14,468 29,933 41,174 28,882 46,167 17,246 6,058 12,387 15,716 54,454 Items in process of collection 11,381 559 1,139 401 507 761 1,758 1,143 262 1,133 388 703 2,627 Bank premises 1,271 94 156 50 131 126 78 108 31 133 55 150 159 Other assets(4) 30,388 1,333 8,999 1,421 1,903 2,370 2,381 3,360 889 595 996 1,398 4,744 Interdistrict settlement account 0 -3,647 +25,798 -700 -3,086 -9,493 +42 -7,231 -1,529 -1,550 +893 +3,327 -2,825 TOTAL ASSETS 505,639 25,901 192,247 16,326 30,661 36,762 34,513 45,572 17,657 6,660 15,289 22,161 61,890 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 $ 1650 million of inflation-indexed securities valued at the original face amount and $ 22 million of compensation that adjusts for the effects of inflation on the principal of such securities. 3 Net of $ 15,702 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes $ 326 million securities loaned--fully secured by U.S. government securities. 4 Includes assets denominated in foreign currencies, revalued monthly at market exchange rates. Includes special investment account at Chicago of $ 157 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 December 24, 1997 Millions of dollars Kansas San Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco LIABILITIES Federal Reserve notes 455,632 22,920 178,671 13,851 28,294 32,248 30,449 40,210 16,391 4,767 13,535 19,960 54,336 Deposits Depository institutions 20,097 1,785 3,632 1,454 975 1,629 1,979 2,883 551 604 773 1,058 2,773 U.S. Treasury--general account 4,949 0 4,949 0 0 0 0 0 0 0 0 0 0 Foreign--official accounts 157 5 46 9 9 10 13 17 4 3 5 8 28 Other 296 1 95 1 2 30 2 158 1 0 1 2 2 Total deposits 25,499 1,791 8,722 1,464 986 1,669 1,995 3,058 556 608 780 1,068 2,803 Deferred credit items 8,367 414 966 249 314 700 931 715 240 794 496 368 2,179 Other liabilities and accrued dividends (1) 4,932 298 1,549 189 331 454 343 510 204 102 171 193 588 TOTAL LIABILITIES 494,430 25,423 189,908 15,753 29,925 35,072 33,718 44,493 17,391 6,272 14,982 21,589 59,906 CAPITAL ACCOUNTS Capital paid in 5,443 262 1,108 284 358 833 359 527 127 194 127 284 980 Surplus 4,389 164 999 262 279 303 405 512 109 101 167 244 845 Other capital accounts 1,377 53 233 27 99 555 31 40 29 93 14 43 159 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 505,639 25,901 192,247 16,326 30,661 36,762 34,513 45,572 17,657 6,660 15,289 22,161 61,890 FEDERAL RESERVE AGENTS' ACCOUNTS F.R. notes outstanding 551,126 27,999 210,100 16,844 31,799 39,277 38,616 47,244 18,618 6,515 15,394 26,171 72,549 Less--Held by F.R. Banks 95,494 5,079 31,429 2,994 3,505 7,029 8,167 7,034 2,227 1,747 1,859 6,211 18,213 F.R. notes, net 455,632 22,920 178,671 13,851 28,294 32,248 30,449 40,210 16,391 4,767 13,535 19,960 54,336 Collateral held against F.R. notes Gold certificate account 11,048 Special drawing rights certificate account 9,200 Other eligible assets 0 U.S. govt. and agency securities 435,384 Total collateral 455,632 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.